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Qijing Machinery (603677.SH): The overall home appliance component business increased year-on-year in the first half of the year compared to last year.
Qijing Machinery (603677.SH) recently stated during a reception for institutional investors that in the first quarter of 2024, the company's domestic sales of home appliance components increased year-on-year, while exports declined. From the current situation, home appliance component business exports are expected to recover in the second quarter of 2024, and overall, the home appliance component business is expected to show a year-on-year growth for the first half of 2024 compared to last year.
Qijing Machinery (603677.SH): Currently not engaging in raw material hedging trades.
Qijing Machinery (603677.SH) recently stated during a visit from institutional investors that the company is currently not engaging in hedging trading of raw materials. Under normal circumstances, the company prepares raw materials that can satisfy around one month of production needs based on actual demands. In addition, based on its analysis of raw material price trends, the company signs supply agreements with its suppliers ahead of time, increases procurement quantities, and locks in some of the raw material procurement prices.
Qijing Machinery (603677.SH): The new factory in Thailand is expected to be completed in August.
Qijing Machinery (603677.SH) recently stated during an institutional investor reception that the company will launch the construction project of a new factory in Thailand in 2023 and officially commence construction in December 2023. According to the latest information, the company expects to complete the construction of the new factory in August. After completion, on the basis of ensuring the supply of existing customer orders, Qijing Industrial will gradually transfer the related production capacity of the currently leased plant to the new factory, and the company will increase output as per customer requirements in the future.
Qijing Machinery (603677.SH): The clutch production capacity utilization rate in the first quarter was above 80%.
Qijing Machinery (603677.SH) recently stated during a reception for institutional investors that in the first quarter of 2024, the company's clutch capacity utilization rate will be above 80%. The utilization rate of auto parts production is at a higher level, and the utilization rate of electric tool production exceeds 40%, which has recovered compared with the same period last year.
Qijing Machinery (603677.SH): The company's profitability level is relatively stable.
Qijing Machinery (603677.SH) recently stated during a reception for institutional investors that among the company's three main businesses, the gross margin of both the electric tool parts business and the auto parts business are relatively high, while the gross margin of the home appliance parts business is relatively low. In recent years, the company has invested more in the auto parts business, where the gross margin is largely affected by project production, at around 15%-20%. Overall, the company's profitability level is relatively stable.
Qijing Machinery (603677.SH): Auto parts' existing customers mainly consist of HUSCO, BorgWarner, Schaeffler, and other world-renowned first-tier auto parts suppliers.
On July 19th, Gelonghui reported that an investor asked Qijing Machinery (603677.SH) on the investor interaction platform, 'Which customers are supplied with auto parts produced by the company?' The company replied that its existing customers for auto parts are mainly world-renowned first-tier suppliers such as HUSCO, BorgWarner, and Schaeffler.
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