Summary of Key Points from Conference Call Records Industry/Company Overview - **Industry**: Rare Earths, Highway Operations, Satellite Communication, Waste Management, Sports Nutrition, E-commerce SaaS, Data Center Cooling - **Companies Mentioned**: 四川成渝 (Sichuan Chengyu), 普大科技 (Puda Technology), 潮蓝坏境 (Chao Lan Environment), 康比特 (Kangbiter), 光云科技 (Guangyun Technology), 磁谷科技 (Magnetic Valley Technology), 广晟有色 (Guangsheng Color), 中国稀土 (China Rare Earth), 英思特 (Instech), 大地态 (Dadi Tai) Core Insights and Arguments Rare Earths Industry - Overseas medium and heavy rare earth prices have surged, with European prices for oxide rising by 204%, leading to a domestic price increase due to widening price differentials [1][7] - The Chinese government has implemented export controls on certain rare earth products, which may lead to a supply shortage in the international market [7] - The price of rare earths is expected to rise as the supply becomes more concentrated and import minerals are controlled [7] Highway Operations (四川成渝) - 四川成渝 has shown significant growth in net profit, with a 16.61% year-on-year increase in Q1 2025, reaching 4.56 billion yuan [2] - The company is expected to maintain a high dividend payout ratio of over 60% in 2024, with a projected dividend yield of 5.05% [2] - Future profit forecasts for 2025-2027 are estimated at 15.8 billion, 17.1 billion, and 18.4 billion yuan, with corresponding PE ratios of 11, 10, and 10 times [2] Satellite Communication (普大科技) - The company is positioned to play a key role in satellite operations due to its core advantages in ground networks and satellite communication [2] - Expected net profit growth from 2.54 billion to 4.21 billion yuan from 2025 to 2027, indicating a significant growth trajectory [2] Waste Management (潮蓝坏境) - The company is set to become the second-largest national waste incineration operator in A-shares after acquiring 粤丰环保 [2] - Projected net profit growth from 17.7 billion to 20.4 billion yuan from 2025 to 2027, with a commitment to increase cash dividends by at least 10% annually [2] Sports Nutrition (康比特) - The sports nutrition market is rapidly growing, with a projected CAGR of 12.82% from 2024 to 2026 [2] - The company has a leading position in product categories and has developed a comprehensive digital sports technology service system [2] E-commerce SaaS (光云科技) - The company is a leader in e-commerce SaaS, with products widely used across major platforms [2] - Expected EPS growth from 0.02 to 0.14 yuan from 2025 to 2027, indicating strong future performance [2] Data Center Cooling (磁悬浮压缩机) - The demand for magnetic levitation compressors is expected to grow rapidly, with a market demand increase of at least 50% this year [2] - These compressors can improve energy efficiency by 10% to 40% compared to traditional models [2] Other Important Insights - The overall market sentiment has improved following progress in US-China tariff negotiations, but challenges remain for growth-oriented investments [4][5] - The focus is shifting towards large-cap value stocks and sectors benefiting from policy catalysts, such as military and non-ferrous metals [6] - The A-share market is seeing a significant interest in sectors like healthcare, machinery, and electronics, indicating a broadening of investment focus [10]

Investment Rating - The investment rating for the company is "Buy" [1] Core Viewpoints - The "Trinity Computing Constellation" plan aims to build a space-based intelligent computing infrastructure with over 2,800 satellites, transitioning from "ground-based computing" to "space-based computing." The company is expected to play a key role in this initiative [3][4] - The company has core advantages and deep layouts in ground networks and satellite communications, positioning it to become a major satellite operator. It is also involved in satellite terminals and ground stations [3][12][14] - The demand for PCB boards is expected to surge due to the recovery of military orders, with the company being the largest manufacturer of military PCBs in China [14] Financial Summary - The projected revenues for 2025, 2026, and 2027 are estimated at 65.04 billion, 74.91 billion, and 83.14 billion respectively, with net profits of 2.54 billion, 3.40 billion, and 4.21 billion [15][20] - The earnings per share (EPS) are forecasted to be 0.37, 0.50, and 0.62 for the years 2025, 2026, and 2027 respectively [15][20] - The price-to-earnings (PE) ratios for 2025, 2026, and 2027 are projected to be 62, 47, and 38 [15][20]

中电科普天科技股份有限公司 2025 年 5 月 13 日投资者活动记录表 编号：2025-002 | | √特定对象调研 | | □分析师会议 | | --- | --- | --- | --- | | 投资者关系活动类 | □媒体采访 | | □业绩说明会 | | 别 | □新闻发布会 | | □路演活动 | | | □现场参观 | | □电话会议 | | | □其他： | （请文字说明其他活动内容） | | | 参与单位名称 | 彭陈张资产 | 陈荣新 | | | | 浦健投资 | 邢 军 | | | | 嘉强基金 | 邓海茵 | | | 及人员姓名 | 广金基金 | 冯柏昌 | | | | 汇阳基金 | 蔡诺怡 | | | | 华福证券 | 王二鑫 游世雯 | 祁建龙 | | 时间 | 2025年5月13日 | | | | 地点 | 公司大楼会议室 | | | | 公司接待人员姓名 | 董秘、副总裁：周震； | | | | | 董事会办公室：刘梦雨、邓晓华 | | | | | 一、公司介绍 | | | | 投资者关系活动 | | | 中电科普天科技股份有限公司（简称"普天科技"）是专业从事公网 | | ...

Industry Outlook - The industry is poised for significant opportunities driven by national strategies such as "Digital China" and "Green Low-Carbon Development" [2] - The release of policies like the national standard for mobile communication and initiatives such as "Signal Upgrade" and "Broadband Frontier" provide comprehensive support for industry growth [2] Company Performance - In 2024, the net profit attributable to shareholders was 11.192 million, a decrease of 68.56% year-on-year [5] - The net profit after deducting non-recurring gains and losses was -5.242 million, an increase of 70.68% year-on-year [5] Strategic Focus Areas - The company aims to solidify its core business while expanding into new areas such as 6G, satellite internet, and low-altitude economy [3] - The public communication sector will focus on key industries and clients, enhancing information planning and communication engineering contracting [3] Product Development - The company is innovating in emergency communication solutions, including the TianTong BeiDou integrated communication system, which has been deployed in over 20 provincial emergency projects [6] - A series of wireless coverage products have been developed to meet various deployment needs, supporting the "Signal Upgrade" initiative [8] Market Trends - The demand for high-end PCB products is recovering, with the company’s special PCB business showing strong growth and high capacity utilization [10] - The public network business is experiencing growth in 5G applications, with a focus on data governance and the development of core products [9]

作 者丨胡慧茵 编 辑丨和佳 江佩佩 国防军工全面爆发 | 代码 | 名称 | 现价 | 涨跌 | 涨跌幅 ▼ | | --- | --- | --- | --- | --- | | 302132 | 中航成飞 | 94.51 | 14.63 | 18.31% | | 600562 | 国睿科技 | 26.21 | 2.38 | 9.99% | | 600523 | 贵航股份 | 15.11 | 1.37 | 9.97% | | 600184 | 光电股份 | 15.78 | 1.19 | 8.16% | | 600150 | 中国船舶 | 32.64 | 2.46 | 8.15% | | 600760 | 中航沈飞 | 49.35 | 3.17 | 6.86% | | 600990 | 四创电子 | 24.12 | 1.54 | 6.82% | | 601989 | 中国重工 | 4.62 | 0.29 | 6.70% | | 600316 | 洪都航空 | 38.69 | 2.42 | 6.67% | | 300516 | 久之洋 | 34.63 | 2.16 | 6.65% | | 002544 | 普 ...

Group 1: Market Performance - A-shares opened higher on May 12, with the A500 Index ETF (159351) rising by 0.63% and a total transaction volume of 184 million yuan, indicating active trading [1] - Key constituent stocks such as Yangguang Electric and Lens Technology saw significant gains, with increases exceeding 7% and 6% respectively [1] Group 2: Economic Indicators - In April 2025, the Consumer Price Index (CPI) shifted from a decline of 0.4% to an increase of 0.1% month-on-month, while the core CPI rose by 0.2% month-on-month and 0.5% year-on-year, indicating stable inflation [2] - The Producer Price Index (PPI) decreased by 0.4% month-on-month and 2.7% year-on-year, with the year-on-year decline widening by 0.2 percentage points compared to the previous month [2] Group 3: Market Outlook - Short-term market conditions are expected to remain volatile, but there are signs of marginal improvement in risk appetite, with overall index risks considered manageable [2] - The market is anticipated to regain activity, driven by significant policy announcements and improved fundamentals, leading to a reduction in market uncertainties [3]

Market Overview - The Shanghai Composite Index is at 3305.11 points, above the annual line, with an increase of 0.80% [1] - The total trading volume of A-shares is 646.819 billion yuan [1] Stocks Breaking Annual Line - A total of 233 A-shares have surpassed the annual line today [1] - Notable stocks with significant deviation rates include: - Jinkai Biological Science and Technology (10.11%) - Disen Power (9.84%) - Hanbo High-tech (8.84%) [1] Stock Performance Details - The top stocks with their respective performance metrics are as follows: - Jinkai Biological: Price increased by 10.32%, turnover rate 13.55%, latest price 33.02 yuan [1] - Disen Power: Price increased by 10.04%, turnover rate 1.77%, latest price 4.93 yuan [1] - Hanbo High-tech: Price increased by 9.42%, turnover rate 3.54%, latest price 15.33 yuan [1] - Other notable stocks include: - Jiashitang (9.97%, 3.57%, 13.13 yuan) - Sanmu Group (9.94%, 7.78%, 3.54 yuan) [1] Additional Stocks with Minor Deviations - Stocks with smaller deviation rates that have just crossed the annual line include: - Yongqing Environmental Protection - Dongjian Technology - Aishide [1]

中电科普天科技股份有限公司 关于举行2024年度业绩说明会的通知 | 本公司及董事会全体成员保证信息披露内容的真实、准确和完整，没有虚 | | --- | | 假记载、误导性陈述或重大遗漏。 | 中电科普天科技股份有限公司（以下简称"公司"）已于2025年4月25日披露 《2024年年度报告》《2024年年度报告摘要》，为便于广大投资者更深入、全面 地了解公司情况，公司定于2025年5月12日（星期一）15:00-16:00举办2024年度 业绩说明会，就公司发展战略、生产经营、财务状况等情况与投资者进行充分交 流，广泛听取投资者的意见和建议。 本次年度业绩说明会将通过深圳证券交易所提供的"互动易"平台举行，投 资者可以登录"互动易"网站（http://irm.cninfo.com.cn），进入"云访谈" 栏目参与本次年度业绩说明会。 为广泛听取投资者的意见和建议，提升交流的针对性，现就公司2024年度业 绩 说 明 会 提 前 向 投 资 者 公 开 征 集 问 题 。 投 资 者 可 访 问 http://irm.cninfo.com.cn进入公司2024年度网上业绩说明会页面进行提问。公 司会在信息披露 ...

通信/通信服务 数据来源：聚源 -48% -32% -16% 0% 16% 32% 2024-04 2024-08 2024-12 普天科技 沪深300 相关研究报告 普天科技（002544.SZ） 业绩短期扰动，卫星+低空前景光明 《卫星互联网和低空通信前景光明— 公司信息更新报告》-2024.8.29 《业绩短期波动，前瞻布局卫星和低 空蓝海 — 公 司 信 息 更 新 报 告 》 -2024.4.26 陈宝健（分析师） chenbaojian@kysec.cn 证书编号：S0790520080001 中国电科通信板块上市平台，维持"买入"评级 2025 年 04 月 25 日 投资评级：买入（维持） | 日期 | 2025/4/24 | | --- | --- | | 当前股价(元) | 20.21 | | 一年最高最低(元) | 26.25/15.60 | | 总市值(亿元) | 137.54 | | 流通市值(亿元) | 137.25 | | 总股本(亿股) | 6.81 | | 流通股本(亿股) | 6.79 | | 近 3 个月换手率(%) | 89.84 | 股价走势图 考虑到公司新兴业务战略 ...

通信/通信服务 普天科技（002544.SZ） 业绩短期扰动，卫星+低空前景光明 2025 年 04 月 25 日 投资评级：买入（维持） | 日期 | 2025/4/24 | | --- | --- | | 当前股价(元) | 20.21 | | 一年最高最低(元) | 26.25/15.60 | | 总市值(亿元) | 137.54 | | 流通市值(亿元) | 137.25 | | 总股本(亿股) | 6.81 | | 流通股本(亿股) | 6.79 | | 近 3 个月换手率(%) | 89.84 | 股价走势图 数据来源：聚源 -48% -32% -16% 0% 16% 32% 2024-04 2024-08 2024-12 普天科技 沪深300 相关研究报告 《卫星互联网和低空通信前景光明— 公司信息更新报告》-2024.8.29 《业绩短期波动，前瞻布局卫星和低 空蓝海 — 公 司 信 息 更 新 报 告 》 -2024.4.26 陈宝健（分析师） chenbaojian@kysec.cn 证书编号：S0790520080001 中国电科通信板块上市平台，维持"买入"评级 考虑到公司新兴业务战略 ...