本次电话会议仅服务于长江证券研究所白名单客户未经长江证券事先书面许可任何机构或个人不得以任何形式对外公布、复制、刊载、转载、转发、引用本次会议相关内容否则由此造成的一切后果及法律责任由该机构或个人承担长江证券保留追究其法律责任的权利 各位投资者早上好那非常感谢大家这个早上就是收听我们这个一南看车这样的这个系列活动了然后我们这期的话是主要聊这个星宇股份因为这个在当下的话就是整个星宇其实一直以来都是我们市场非常关注的这个公司 尤其从这个车灯的这个格局来看的话整个公司其实是有望走出这样类似于像这个长期服药这样的一个竞争力和这个战斗力而且从这个车灯这个产品品类来看的话就一直是一个就是自然在不断升级的一个产品的细分市场 包括现在DB的话可能也在接近25%左右的一个渗透率,然后DRP车灯的话也开始在一些重点,一些高端车型逐渐的这个上车,那对于心理来说的话,其实大家在过去最大的一个问题就还是来自于这个整个公司的客户结构的一个转型, 同时在这个客户结构转型中带动的这个也牵连起公司在这个营业能力包括财务应收账款就现金流上的一些这个新的一些问题但我们认为在当下来看的话整个公司其实客户转型在二季度随着这个华为直选系列的这个车型逐步 ...

迈向智能世界系列 企业数字化转型投入产出关系研究报告 ——数字化转型助力高质量发展 企业数字化转型投入产出关系研究报告 序言 李培根 自从上世纪80年代后期开始，我一直关注企业信息化、数字化问题。由于参加过不少这方 面的学术和专业活动，自然也被视为“专家”。近30余年的时间内，不时被企业人士问到，在 信息化、数字化方面的投入会带来怎样的效益？多长时间内可以看到效益？每每碰到这样的问 题，我只能给予一个不算错误但自己也不满意的回答：在数字化方面的投入要产生效益有一个 过程，长远而言，效益肯定是明显的。这回答，不痛不痒，其实是搪塞！ 直到几年前，我看到Erik Brynjolfsson教授（先后在麻省理工学院和斯坦福大学任教）等人 的文章，声称企业在IT资本中投入1美元，大约能带来10美元的市值增长，而在其他类型资产中 的投入只能带来约1美元的回报。他们也说过企业在IT资本（硬件和软件）中每投入1美元，就 要额外花费9美元让技术真正发挥作用，其中包括技术的实施成本（15%），以及组织能力的变 革提升（75%），例如培训相关人员新的技能，重构新的生产流程以及新的商业模式等等。最 ...

问界M7上市八个月后，累计大数据已突破18万台。新款M7在上市后开启了交付，预计六月份整体交付 量会继续增长。 本纪要由AI生成 内容以同名音频为准 请勿外传，仅供个人学习使用 如有问题联系公众号讯息社 对于问界系列今年全年交付表现的观点是，随着车型升级和爆款车型落地，有望为公司贡献核心业绩弹 性。问界的商业模式已跑通，未来还将探索豪华和超豪华需求，重塑中国豪华车品牌结构，带动整车和 零部件业务持续上行。 再叙爆款背后的华为智选长期成长性20240602_智能速览 2024年06月03日 13:48 关键词 本纪要由AI生成 内容以同名音频为准 请勿外传，仅供个人学习使用 如有问题联系公众号讯息社 华为智选 DS9 鸿蒙智行 豪华车 智能化 白名单客户 法律责任 交付量 自动驾驶 激光雷达 性价比 消费升 级 汽车板块 消费结构 首购 增购 换购 电动智能化 自主品牌 国产替代 要点回顾 华为智选新车M7 ultra与DS9在市场表现上有哪些值得关注的特点？华为智选新车M7 ultra和DS9有哪 些主要亮点？ 本纪要由AI生成 内容以同名音频为准 请勿外传，仅供个人学习使用 如有问题联系公众号讯息社本纪要由 ...

Summary of Conference Call Notes Company and Industry Overview - The conference call discusses two companies: **中石科技 (Zhongshi Technology)** and **科润智控 (Kerun Intelligent Control)**, focusing on the electromagnetic shielding and thermal management industry, particularly in relation to AI PCs, smartphones, and transformer manufacturing [21][31]. Key Points and Arguments Zhongshi Technology 1. **Market Position and Growth**: Zhongshi Technology has established itself as a qualified supplier for Huawei, focusing on thermal management solutions for smartphones, AI PCs, and optical modules. The global market for AI Phone thermal materials is projected to reach **99.2 billion yuan** by 2026, with significant growth in the AI PC segment expected [21][24]. 2. **Financial Projections**: The company is expected to achieve net profits of **1.4 billion yuan** in 2024, **2.1 billion yuan** in 2025, and **3 billion yuan** in 2026, reflecting year-on-year growth rates of **83.26%**, **53.16%**, and **45.88%** respectively [22][30]. 3. **Production Capacity Expansion**: A new production base in Thailand is being established to enhance capacity and meet growing demand for various thermal management products, including graphite films and thermal interface materials [30][31]. 4. **Technological Advancements**: The company has developed advanced materials such as high-performance graphite and phase change materials, which are crucial for managing heat in electronic devices [28][30]. 5. **Risk Factors**: Potential risks include currency fluctuations and increased market competition [21][22]. Kerun Intelligent Control 1. **Market Demand**: Kerun Intelligent Control is positioned as a leading player in the transformer market, benefiting from increased domestic investment in power grids. The company has secured multiple contracts with the State Grid, indicating strong demand for its products [31][32]. 2. **Financial Outlook**: Projected net profits for Kerun are **0.95 billion yuan** in 2024, **1.54 billion yuan** in 2025, and **1.87 billion yuan** in 2026, with growth rates of **30%**, **62%**, and **22%** respectively [31][32]. 3. **Global Expansion**: The company is actively expanding its marketing network internationally, targeting emerging markets such as Nigeria, Pakistan, and Vietnam, which are expected to contribute significantly to revenue growth [31][33]. 4. **Production Capacity and Innovation**: Kerun is investing in production capacity expansion to meet the rising demand for transformers and related equipment, including smart grid solutions and energy storage systems [32][34]. Additional Important Information - **AI and Thermal Management**: The rise of AI technologies is driving demand for advanced thermal management solutions across various sectors, including consumer electronics and data centers [24][25]. - **Client Base**: Zhongshi Technology's major clients include leading companies in telecommunications and consumer electronics, with the top five clients accounting for **56.78%** of annual sales [25][30]. - **Investment in R&D**: Both companies are focusing on research and development to enhance their product offerings and maintain competitive advantages in their respective markets [28][34]. This summary encapsulates the critical insights from the conference call, highlighting the growth potential and strategic initiatives of Zhongshi Technology and Kerun Intelligent Control within their industries.

Financial Data and Key Metrics Changes - The company reported a revenue of approximately 10 million yuan from the MR industry chain, indicating a new revenue stream [4] - The automotive sector revenue grew by about 200% year-on-year, reflecting strong demand and successful client acquisition [5] Business Line Data and Key Metrics Changes - The company has entered the MR industry chain through RF and acoustic capabilities, with expected revenue growth from this segment [4] - In the robotics sector, the company holds a 24% stake in Erzhi Robotics, which is expanding into health and education markets [5] - The company has developed automated production lines for leading global electric vehicle manufacturers, contributing to significant revenue growth [5] Market Data and Key Metrics Changes - The company has established partnerships with major clients, including Huawei, for testing equipment, indicating a strong market presence [4][11] - The company’s products are widely used in aerospace applications, including major projects like the "Shenzhou" spacecraft and "Beidou" satellite navigation system [10][19] Company Strategy and Development Direction - The company is focusing on enhancing its military product innovation, with successful development of various guided rocket series and ground equipment [8] - The company is also expanding its capabilities in hydrogen energy technology, which is expected to become a new economic growth point [6][15] Management Comments on Operating Environment and Future Outlook - Management highlighted the ongoing construction of fundraising projects, with expectations to achieve production targets in the next 2-3 years [17] - The company is committed to increasing its market share in high-speed connectors and backplane connectors, responding to market demands [11] Other Important Information - The company has maintained long-term stable relationships with major state-owned military groups and communication giants [18][19] - The company is actively pursuing strategic investments and partnerships to enhance its technological capabilities and market reach [13][14] Q&A Session Summary Question: Does the company produce high-speed connectors for NVIDIA's GB200? - The company confirmed its involvement in this field and plans to continue investing in product development to meet customer needs and expand market share [11]

Financial Data and Key Metrics Changes - The company reported a significant increase in revenue, with a year-over-year growth of 20% [7] - Net profit margin improved to 15%, up from 12% in the previous year, indicating better cost management [7] Business Line Data and Key Metrics Changes - The optical lens segment saw a 25% increase in sales, driven by higher demand in the automotive and consumer electronics sectors [52] - The drone application services segment expanded rapidly, contributing to 30% of total revenue, reflecting the growing low-altitude economy [45] Market Data and Key Metrics Changes - The company maintained a strong market position, being the largest supplier of camera lenses for action cameras globally [7] - Market share in the automotive lens sector increased to 35%, bolstered by partnerships with major automotive manufacturers [14] Company Strategy and Development Direction - The company is focusing on technological innovation and expanding its product range to enhance competitiveness in the optical and electronic sectors [52] - Strategic partnerships with leading tech firms like Huawei are being pursued to strengthen market presence in smart monitoring and autonomous driving [52][14] Management Comments on Operating Environment and Future Outlook - Management expressed optimism about future growth, citing strong demand in the drone and automotive sectors as key drivers [45] - The company acknowledged potential challenges in supply chain disruptions but remains committed to maintaining production efficiency [7] Other Important Information - The company is actively involved in the development of AI and machine vision technologies, positioning itself as a core supplier in these emerging fields [56] - Recent regulatory scrutiny regarding stock trading practices has been addressed, with management ensuring compliance and transparency [4] Q&A Session Summary Question: What are the growth prospects in the drone application services market? - Management highlighted that the drone application services segment is expected to grow significantly, driven by increasing demand in various industries such as agriculture and emergency services [45] Question: How is the company addressing supply chain challenges? - The company is implementing strategic sourcing and inventory management practices to mitigate potential disruptions and ensure steady production [7] Question: What role does technological innovation play in the company's strategy? - Technological innovation is central to the company's strategy, with ongoing investments in R&D to develop advanced optical products and enhance product offerings [52]

Financial Data and Key Metrics Changes - The company reported a significant increase in passenger turnover, with a year-on-year rise of 34.93% in April [12] - The operational capacity for passenger transport also saw a year-on-year increase of 20.06% in April [12] Business Line Data and Key Metrics Changes - The company is actively expanding its smart transportation services, focusing on digital solutions for urban rail systems and integrating various technologies for enhanced operational efficiency [13][14] - The company has developed an intelligent inspection robot for urban rail systems, which can reduce inspection workload by over 80% [14] Market Data and Key Metrics Changes - The company is exploring opportunities in the low-altitude economy and is in the process of conducting research and negotiations for specific business ventures in this area [20] Company Strategy and Development Direction - The company is implementing a strategy that combines smart transportation with semiconductor technology, aiming to create a synergistic ecosystem that promotes innovation and application [21] - The focus is on building a comprehensive digital management solution for various sectors, including transportation and energy [13] Management Comments on Operating Environment and Future Outlook - Management emphasized the importance of leveraging data resources and cloud computing to enhance operational efficiency and service offerings [4][7] - The company is committed to developing customized data services and solutions to meet the evolving needs of its clients [4] Other Important Information - The company has established strategic partnerships with major players like Huawei to enhance its offerings in smart city and data center projects [17] - The company is also focusing on artificial intelligence and big data technologies to drive its product development and service delivery [21] Q&A Session Summary Question: What are the company's plans for the low-altitude economy? - The company is currently researching and negotiating specific business opportunities in the low-altitude economy sector [20] Question: How does the company plan to integrate its smart transportation services? - The company aims to create a vertical integration of services that combines vehicle-road-cloud collaboration with low-altitude and satellite systems [13]

Financial Data and Key Metrics Changes - The company has established a three-layer AI technology system in the construction industry, which includes AI large models, tool platforms, and product application layers, enhancing its competitive edge in the market [2][5] - The digital cost management business has shown significant competitive advantages in the domestic market, primarily offering SaaS solutions [2] Business Line Data and Key Metrics Changes - The company focuses on providing digital new cost and consulting solutions, leveraging its expertise in engineering cost management to expand its service offerings [2] - The main business includes construction coatings, wood coatings, waterproof materials, and integrated boards, indicating a diverse product portfolio [4] Market Data and Key Metrics Changes - The real estate sector has seen a strong performance, with multiple companies, including滨江集团, experiencing significant stock price increases [6][7] - The copper cable high-speed connection concept stocks have shown resilience, with companies like创益通 and华脉科技 achieving stock price surges [6] Company Strategy and Development Direction - The company aims to provide comprehensive digital building lifecycle solutions, focusing on specialized applications in the construction engineering field supported by industrial big data and financial services [5] - The strategic focus includes expanding into AI-driven solutions and enhancing service offerings to construction stakeholders [2] Management Comments on Operating Environment and Future Outlook - Management highlighted the explosive growth of AI and its impact on the server market, indicating a positive outlook for products related to high-speed data transmission [8] - The company is positioned to benefit from the increasing demand for advanced communication technologies, particularly in military and aerospace applications [8] Other Important Information - The company has established partnerships with major clients like中兴通讯 and华为, indicating strong market relationships and potential for growth in the telecommunications sector [8] - The company’s products are crucial for various applications, including smart consumer electronics and military hardware, showcasing its diverse market reach [8] Q&A Session Summary Question: What is the company's outlook on AI integration in its products? - The company is optimistic about the integration of AI technologies, which is expected to enhance the quality of professional content output across various construction sectors [2] Question: How does the company plan to maintain its competitive edge in the construction industry? - The company plans to leverage its established AI technology system and expand its SaaS offerings to provide tailored solutions for construction stakeholders [2]

Financial Data and Key Metrics Changes - The company has maintained stable operations over the past decade, focusing on acquisitions, restructuring, and product development to enhance its core business and asset quality [17] - The company has consistently paid cash dividends for 15 years, with a total cash dividend of 703 million yuan over the past decade [17] Business Line Data and Key Metrics Changes - The company is actively involved in the supply of components for Huawei's intelligent driving system, including the MDC liquid cooling plate and DriveONE radiator, with normal supply operations [11][12] - The company has a diverse product range, including micro switches and control devices, which are widely used in various aircraft models [10] Market Data and Key Metrics Changes - The company has achieved a silver rating in the supplier evaluation for Chengfei, indicating a strong position in the aviation market [15] - The company is involved in the supply of products for major aircraft manufacturers, including C919, and has established normal supply relationships [15] Company Strategy and Development Direction - The company is focusing on the development of low-altitude economy and is actively participating in research and industrialization related to low-altitude flying vehicles [3][8] - The company aims to leverage its existing expertise to collaborate with related enterprises and expand its business in the aviation sector [8] Management's Comments on Operating Environment and Future Outlook - Management emphasizes the importance of maintaining confidentiality with clients while striving for objective communication about the company's operations [2] - The company is committed to meeting customer needs and enhancing its capabilities to support the growth of its key clients, particularly Huawei [14] Other Important Information - The company is exploring opportunities in the electric and hybrid aircraft sectors, indicating a forward-looking approach to emerging technologies [2][3] - The company has a unique position in the aviation industry, being the only domestic manufacturer that integrates electric motors, reducers, and electric valves [9] Q&A Session Summary Question: Is the company involved in supplying components for the C919 aircraft? - The company is a supplier of related aviation products and is actively participating in the C919 project [1] Question: Why is there a lack of promotion in the aviation sector? - The company adheres to confidentiality agreements with clients and focuses on objective promotion without following trends [2] Question: What products does the company supply to Huawei? - The company supplies various thermal management products, including MCU radiators and MDC liquid cooling plates, to Huawei [12][16] Question: What is the company's strategy regarding low-altitude economy? - The company is actively involved in research and development related to low-altitude flying vehicles and aims to expand its business in this area [3][8] Question: How does the company ensure stable supply to major clients? - The company maintains normal supply operations and is committed to meeting the needs of its key clients [11][15]

Summary of Key Points from the Conference Call Industry and Company Involved - **Industry**: Telecommunications and Computing Power Market - **Company**: Huawei Core Insights and Arguments 1. **Huawei's Role in Computing Power Development**: Huawei is recognized for its significant contribution to accelerating computing power development within the telecommunications industry, particularly in the context of AI and the "East Data West Computing" initiative [4][5][8] 2. **Market Performance**: Despite the rise in the Shanghai Composite Index and Shenzhen Component Index, the telecommunications sector has remained stable, with notable performance in AI computing power indices [4][5] 3. **Investment Strategy**: The conference emphasized the importance of selecting companies with strong performance support, clear order drivers, and technological advantages, particularly those capable of winning large procurement projects [5][11] 4. **Government Procurement Impact**: The Chinese government's large-scale procurement activities have significantly influenced the computing power market, with cloud services and data center equipment growth exceeding 50% [6][12] 5. **Differentiation in Computing Power Development**: There is a clear distinction between China and the U.S. in computing power development, with China focusing on applying computing power to the real economy, such as manufacturing, while the U.S. emphasizes general applications like AI creativity [12][14] 6. **China Mobile's Achievements**: China Mobile has established multiple large data centers, achieving a computing power scale of 11 exaFLOPS and successfully deploying 8,000 servers [14][15] 7. **Investment Opportunities in Satellite Communications**: The satellite communications sector is highlighted as a key area for investment, with China leading in satellite internet technology despite existing challenges [16][17] Other Important but Possibly Overlooked Content 1. **Apple's AI Investment**: Apple plans to invest over $100 billion in AI computing power over the next five years, indicating strong confidence in the AI market and its potential in China [16] 2. **Emerging Companies to Watch**: Companies such as Zhongjin Xuchuang and Tianzhu Communication are recommended for their strong performance and market positioning within the Huawei supply chain [17] 3. **Overall Market Trends**: The discussion reflects key trends in technology development and investment opportunities, particularly in the computing power market and telecommunications sector, providing valuable insights for investors [6][8]