我为各位领导汇报一下我们最新颁发的这个新报告关于您的时代的一个最新的一个公司深度那么首先的话呢我们还是先简单这个汇报一下我们对于整体领导的一个观点包括对于理念整个板块的一个观点 那么首先的话您的时代在今年其实我们也看到在这个年初开始其实整体股价还是有了比较明显的这样的一个修复然后一直到这个二季度其实整体股价还是表现的比较亮眼那么这个无论说是这个大家看到其实今年一季度啊您的盈利整体表现还是环比比较稳定以及包括像这个 公司也没有经历比较大的这个这个年量的一些影响嘛然后整体的利润表现还是比较坚挺的然后大家对于整体今年的业绩包括明年的预期都有比较明显的修复所以说股价上整体呈现的也比较明显的这样的一个反弹但是其实这两个月以来嘛其实整个公司的股价也是有 比较明显的这样的一个回调其实也是大家担心几个原因那我们觉得这几个原因的话可能在未来一段时间会逐渐消去那么现在也会是您的一个比较合适的一个买入的一个时间那么具体体现为几个方面第一个就是说这个大家比较担心的其实就是理念行业顶级度的一个问题 因为整体这个我们看理念板块无论说是宁德还是包括像义伟、克拉利、裕能在年初的这一波反弹当中其实都是跟随着整个行业的一个排产逐步往上走环比逐越 ...

大家好欢迎参加国信电信赢得时代深度报告解读会议目前早餐会者均处于静音状态下面开始播报声明声明播报完毕后主讲人可以直接开始发言谢谢 本次会议为国信证券白名单会议仅面向国信证券的专业投资机构客户或受邀客户会议嘉宾发言内容仅代表其个人观点会议内容不构成对任何人的投资建议敬请会议参会者充分了解各类投资风险根据自身情况自主做出投资决策并自行承担投资风险本次会议禁止录音录像未经国信证券事先 不当传播会议内容或违反上述要求的国姓证券保留追究相关方法律责任的权利 亲爱的各位投资人大家晚上好我是国际明星组的分析师李全今天由我为各位领导汇报一下我们最新外发的这个深度报告关于宁德时代的一个最新的一个公司深度那么首先的话呢我们还是先简单这个汇报一下我们对于整体宁德的一个观点包括对于理念整个板块的一个观点 那么首先的话您的时代在今年其实我们也看到在这个年初开始其实整体股价还是有了比较明显的这样的一个修复然后一直到这个二季度其实整体股价还是表现的比较亮眼那么这个无论说是这个大家看到是今年一季度您的盈利整体表现还是环比比较稳定以及包括像这个 公司也没有经历比较大的这个这个年酿的一些影响嘛然后整体的利润表现还是比较坚挺的然后大家对于整体今年 ...

平高电气、德业股份、比亚迪、宁德时代 20240624_ 原文 2024 年 06 月 25 日 08:26 发言人 00:00 本次电话会议仅服务于国泰君安证券正式签约客户,会议音频及文字记录的内容仅供国泰君安 证券客户内部学习使用,不得外发,并且必须经国泰君安证券研究所审核后方可留存。国泰君 安证券未授权任何媒体转发此次电话会议相关内容,未经允许和授权转载、转发均属侵权。国 泰君安证券将保留追究其法律责任的权利。国泰君安证券不承担因转载、转发引起的任何损失 及责任。 发言人 00:46 市场有风险投资需谨慎,提醒广大投资者谨慎做出投资决策。大家好,欢迎参加国泰君安证券 国君电信电话会议,目前所有参会者处于静音状态,下面有请主持人讲话,谢谢。各位投资者, 大家晚上好啊,非常高兴大家能够参加我们的电话会议。今天是我们每周团的第 15 期,我们今 天来继续汇报一下我们在当前时间点的技术重点推荐的这个行业标的和方向。近期市场我们找 到了一些往后看是有超预期,有上行能力的这些相关的标的和方向。那么今天来给大家逐一汇 报。 发言人 01:34 首先想给大家汇报一下我们近期今天的第五个业主。公司在海外的销售出现了非常多 ...

本次电话会议仅服务于国泰居安证券正式签约客户会议音频及文字记录的内容仅供国泰居安证券客户内部学习使用不得外发并且必须经国泰居安证券研究所审核后方可留存国泰居安证券未授权任何媒体转发此次电话会议相关内容未经允许和授权 转载转发均属侵权国泰居安证券将保留追究其法律责任的权利国泰居安证券不承担因转载转发引起的任何损失及责任市场有风险投资需谨慎提请广大投资者谨慎做出投资决策大家好欢迎参加国泰居安证券国军电信电话会议 目前所有参会者均处于静音状态下面有请主持人讲话谢谢 各位投资者大家晚上好非常高兴大家能够参加我们的电话会议今天是我们美洲团的第15期我们今天来继续汇报一下我们在当前时间点进入重点推荐的行业标的和方向近期市场我们找到了一些往后看是有超预期有上行能力的相关的标的和方向那么今天来给大家逐一汇报那么首先想给大家汇报一下我们近期 那么公司呢在海外的这个销售啊出现了非常多的一些超越性的进展那么进行的也有一些新的信息啊我们这里呢就给大家分享一下啊有请我们团队的猪潘啊来给大家做一个汇报猪潘嗯庞老师好呃各位这个领导好我我我这边给大家汇报一下我们关于德叶的一个最新的观点吧呃就是德叶其实他的二季度的一个 这个出货的表现非常超我 ...

Investment Rating - The report maintains a "Buy" rating for CATL, Miniso, Hitachi Construction Machinery, and TBO Tek, indicating a positive outlook for these companies [4][6][7]. Core Insights - Listed Chinese corporates returned over Rmb2 trillion to shareholders in the past three years through dividends and buybacks, supported by strong policy initiatives and low payout ratios [2][8]. - CATL is positioned to benefit from the global electrification trend due to its upgraded battery product mix and resilient market share, despite facing cost inflation in Europe [4][6]. - Miniso's management is focused on consistent entrepreneurship and long-term growth, with a year-to-date same-store sales growth tracking around 100% [6][7]. - TBO Tek is expected to achieve a 21% CAGR in revenues from FY24 to FY30, driven by a large and fragmented total addressable market (TAM) [6][7]. Summary by Sections China Shareholder Returns - The report emphasizes the strong position of Chinese companies to return cash to shareholders, with a focus on improving payout ratios and fiscal revenue [2][8]. - The construction of a China Shareholder Returns Portfolio includes three equity cohorts: Stable Cash Cows, Dividend/Buyback Surprise Candidates, and Select Central/Local SOEs [2]. CATL Insights - CATL's efficient production lines and supply-chain advantages are expected to sustain its cost competitiveness in the European market [4][6]. - The company has a 12-month target price of Rmb304, reflecting its growth potential in the battery sector [4]. Miniso Insights - Miniso's store upgrades are driving sales growth, with management optimistic about performance despite challenging consumption conditions [6][7]. - The 12-month target price for Miniso is set at US$31.20/HK$61 [6]. Hitachi Construction Machinery Insights - Hitachi Construction Machinery is expected to see growth in mid-sized and large construction machinery, particularly in the Americas [6][7]. - The company has a 12-month target price of ¥5,250, indicating a bullish outlook [6]. TBO Tek Insights - TBO Tek's business model is characterized by strong execution, asset-light balance sheet, and low competition risks, positioning it as a steady earnings compounder [6][7]. - The 12-month target price for TBO Tek is Rs1,970, reflecting its growth potential in the travel distribution sector [6].

Summary of the Conference Call on CATL Company Overview - The conference call focused on CATL (Contemporary Amperex Technology Co., Limited), a leading battery manufacturer in China, particularly in the context of recent geopolitical tensions and market dynamics affecting the company [1][2]. Key Points and Arguments Geopolitical Impact - Following a proposal for sanctions against CATL by U.S. lawmakers on June 6, the company's stock experienced a decline of approximately 10% [1]. - The current pricing reflects a sufficient discount for short-term pessimism regarding CATL's prospects [1]. Market Outlook - Despite the geopolitical tensions, the overall outlook for CATL remains positive, driven by several factors: - The impact of U.S. sanctions and tariffs on Chinese electronic companies is viewed as a short-term disturbance, with actual policy implementation being crucial [2]. - Recent tariff increases on battery imports are delayed until 2026, indicating the U.S. market's reliance on Chinese lithium iron phosphate battery manufacturers [2]. Financial Performance - CATL's fundamentals and performance are considered solid, with expectations of a recovery in profitability as production capacity utilization improves and prices stabilize in Q2 [3]. - The company is projected to achieve a net profit of over 50 billion yuan for the year, with a price-to-earnings (PE) ratio of around 16, which is relatively low historically [4][5]. Competitive Landscape - The competitive environment in the domestic market is perceived to be better than previously anticipated, reducing concerns about price wars and market saturation [6][7]. - The current PE ratio of 16 suggests limited downside potential, reinforcing a buy recommendation for CATL [7]. Production and Orders - Concerns regarding CATL's production and order volumes in the second half of the year, particularly in relation to BYD's new vehicle orders, are addressed. However, CATL is expected to see a clear increase in production capacity and order fulfillment [11]. - Key domestic clients, including brands like Wanjie and Li Auto, are expected to maintain stable order volumes, mitigating potential impacts from competitors [11]. International Expansion - CATL is actively expanding its overseas energy storage business, with a notable increase in international orders anticipated in the second half of the year [12]. - The company is focusing on direct engagement with overseas clients, which is expected to enhance visibility and growth in the energy storage segment [19]. Future Projections - For 2024, CATL's net profit is projected to reach approximately 60 billion yuan, driven by domestic electric vehicle penetration and continued growth in overseas energy storage [15][22]. - The company is expected to maintain its profitability per watt, with no decline anticipated, supported by new product launches and an increasing market share [22]. Additional Insights - The geopolitical tensions between the U.S. and China are acknowledged as a significant factor influencing market sentiment, but the overall industry outlook remains optimistic [14][20]. - The European market's carbon peak goals and potential economic recovery post-interest rate cuts are highlighted as critical areas to watch for CATL's growth [19][20]. This summary encapsulates the key insights from the conference call regarding CATL's current position, market dynamics, and future outlook, providing a comprehensive overview for potential investors and stakeholders.

更多资料加入知识星球：水木调研纪要 关注公众号：水木纪要 Goldman Equity Sachs Research 11 June 2024 7:45PM HKT CATL (300750.SZ) 研报数据加V：shuinu987 300750.SZ 12m Price Target: Rmb304.00Price: Rmb188.77Upside: 61.0% Eric Shen 852-2978-7954leric.s n@gs.cor 报数据加V Intensified EV price competition is leading to concerns around CATL and Tesla supply contract renewal in 2025. Some investors see downside risk for CATL, arguing that it enjoys unsustainable price premiums on batteriesysupplied to Tesla. However, we see these concerns as overstated ...

Summary of Conference Call Company/Industry Involved - The conference call is related to the animal securities research industry, specifically addressing institutional investors and invited clients [1] Core Points and Arguments - The content of the call emphasizes that the opinions expressed by third-party experts are personal views and do not constitute investment advice regarding specific securities at particular price points or market conditions [1] Other Important but Possibly Overlooked Content - The call includes a reminder that unauthorized recording, forwarding, or interpretation of the information presented is strictly prohibited, highlighting the confidentiality and exclusivity of the information shared [1]

Summary of CATL Conference Call Company Overview - CATL is a leading player in the lithium battery industry, recognized for its robust cash flow and significant net profit, making it a focal point in the market [2][3]. Key Insights - **Cash Flow and Valuation**: The report emphasizes CATL's cash flow situation and projects its market value over the next decade under various scenarios, highlighting the company's profitability and market share in different market environments [2][3]. - **Competitive Advantages**: CATL has established competitive advantages in cost control and technological barriers, which are crucial for navigating changes in industry conditions [2][3]. - **Future Growth Potential**: The company is expected to maintain a healthy cash flow, with free cash flow showing rapid growth, driven by pre-tax profits and strong capital management [5][10]. - **Market Share**: CATL currently holds a 37% share of the global power market, with potential for further growth through technological innovation and market expansion [3][8]. Industry Dynamics - **Electric Vehicle Market Trends**: The report discusses the trend of automakers developing their own battery technologies to enhance competitiveness and reduce costs, which poses challenges for smaller companies [4]. - **Self-Developed Batteries**: Major players like BYD and Tesla are leading in self-developed battery technology, while smaller firms face significant challenges due to scale and funding limitations [4]. - **Material Prices and Profitability**: The analysis includes the impact of raw material prices and throughput rates on profitability, with expectations of a 30%-40% decrease in material costs, enhancing CATL's profit margins [9][10]. Financial Performance - **Cash Flow Growth**: CATL's cash flow has seen a compound annual growth rate of 70.2%, increasing from approximately 20 billion in 2021 to 60 billion recently [10]. - **DCF Valuation**: The DCF model indicates that even under pessimistic scenarios, CATL's market value is projected to be around 1.1 trillion, suggesting significant growth potential [11]. Risks and Challenges - **Industry Growth Slowdown**: Despite the strong financial performance, CATL faces pressures from industry growth slowdowns and capital expenditure challenges [5][6]. - **Competition from Self-Developed Batteries**: The increasing trend of automakers developing their own batteries could lead to a potential loss of market share for CATL [8]. Conclusion - CATL is positioned as a strong investment opportunity due to its solid cash flow, competitive advantages, and growth potential in the electric vehicle market, despite facing challenges from industry dynamics and competition [2][3][5].

更多资料加入知识星球：水木调研纪要 关注公众号：水木纪要 2024 年 5 月 19 日 | 下午 6:18 香港时间 宁德时代(300750.SZ) 优质电池带来诱人的投资机会；估值 周期性低点。初始评级为买入 ： s h u i n u 9 8 7 0 加 V 据 数 报 研 和 要 沉文斌 研 纪 300750.SZ 1 2个月目标价： 3 04.00元现价： 2 03.00元上涨空间： 4 9.8% 调 +852‑2978‑7954 | eric.s手hen@gs.com 高盛（亚洲）有限多责任一公司 更 ： s h u i n u 9 8 7 高+Q0 8 盛i 5y 2 （i ‑n 2 亚g 9 7 洲W 8‑ ）e 有6i 4 限2 6 责 | 任 qi 公y ...