HDV充电需求模型 零排放货运行动学习资料请勿外传 蓝色：加州 Blue：California 实线 7-8级牵引车 Solid line： Class7-8 tractor 虚线 ：4-8级作业卡车; Dash line: Class4-8 Vocational truck 图中体现了《先进卡车法规》和《先进车队法规》 The figure considered both CA's ACT and ACF 实线：7-8级牵引车；Solid line: Class7-8 trctor 虚线：4-8级作业卡车; Dash line: Class4-8 Vocational truck 图中体现了第三阶段重型车温室气体排放法规 The figure considered US HDV GHG standard Phase III 通货膨胀抑制法案（IRA）提供了丰厚的补贴 Source: ICCT study. https://theicct.org/publication/ infrastructure-deployment-mhdv-may23/ 场站 / 私人地点 公共 | --- | --- | |--- ...

**Industry/Company Involved**: Semiconductor industry, specifically SMIC (0981.HK) **Key Points**: * **Revenue and Margin Recovery**: SMIC's revenue and margin are expected to continue recovering, driven by a healthier inventory level and localization trend. However, the continuous capacity expansion, increasing supply of mature nodes, rising competition, and geopolitical risks remain concerns. * **Demand Outlook**: The company's demand outlook is positive, with a gradual recovery expected in the industrial and automotive segments in 2H24E, as inventory digestion completes. * **Gross Margin**: SMIC's gross margin is expected to gradually recover, impacted by the increased D&A burden due to continuous capacity expansions. * **Target Price**: Goldman Sachs raises its 12-month target price for SMIC's H-share by 14% to HK$33.4, based on a 34x 2025E P/E multiple. The A-share target price is raised by 14% to Rmb83.9, based on a 273% premium over the H-share target price. * **Earnings Forecast**: The company's revenue forecasts are raised by around 1% each year in 2025E-29E, and gross margin is expected to increase by 0.2~0.3ppts on higher utilization rates. * **Rating**: Goldman Sachs maintains a Neutral rating on SMIC (A/H). * **Key Risks**: Better-/weaker-than-expected demand in smartphones and consumer electronics, faster-/slower-than-expected end-market diversification, and restricted access to certain equipment/material supply due to SMIC's inclusion on the US BIS Entity List. **Additional Important Points**: * **Utilization Rates**: SMIC's utilization rates are expected to recover gradually, as shown in Exhibit 9. * **Inventory Days**: Inventory days for China's electronics manufacturing industry returned to 51 days in October 2024, in line with historical levels, supporting demand recovery. * **Earnings Revision Summary**: Exhibit 3 provides a summary of earnings revisions for SMIC. * **Valuation**: SMIC's stock is trading at around its historical average P/E, which is considered reasonable considering its solid long-term growth prospects and market weakness in the near term. * **M&A Rank**: SMIC has a M&A rank of 3, indicating a low probability of being acquired. * **Quantum Database**: Goldman Sachs' proprietary database, Quantum, provides access to detailed financial statement histories, forecasts, and ratios for in-depth analysis of SMIC and other companies. **Source**: Goldman Sachs Research, SMIC (0981.HK) Research Report

会议即将开始请稍后 大家好欢迎参加华经电子在谈EC设计钢琴怎么看电话会议目前所有参会者均处于静态下面开始播报名字声明本次会议为华经证券客户开发设计在任何情形下都不构成对会议参加者的投资建议敬请会议参加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 本次会议内容的知识产权仅为华欣证券所有未经华欣证券事先书面许可任何机构和或个人不得以任何形式转发翻版复制发布或引用会议全部或部分内容亦不得从未经华欣证券书面授权的任何机构个人或其运营的媒体平台接收翻版复制或引用会议的全部或部分内容 不得制作会议纪要对外发送擅自制作会议纪要引起不当传播的后果自负反全所有违者必究跟进的各位投资者大家晚上好我是华星电子团队分析师王海为那今天主要跟各位领导再次汇报我们对于整个IC设计板块当前的一个观点那其实在 两周前我们也重度也重新给各位领导汇报过就是我们就是全球海外大厂的一个就是对于明年整体的市场需求的一个看法然后也给大家就是分不同的应用领域去做了一些分析 那今天呢就我们再次从这个就是需求的维度啊然后包括我们总结看到的一些啊财务数据的维度来给各位领导做一个啊设计板块的深度汇报那么从整个IC设计板块来说的话就是啊公司营 ...

shuinu9870 shuinu9870 shuinu9870 更多一手调研纪要和研报数据加V： 更多一手调研纪要和研报数据加V： 更多一手调研纪要和研报数据加V： 本文档仅供上海信鱼私募基金管理有限公司18860455898研究使用，请勿外传 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 shuinu9870 shuinu9870 更多一手调研纪要和研报数据加V： shuinu9870 更多一手调研纪要和研报数据加V： 10 November 2024 | 8:24PM HKT SMIC (0981.HK): Improving product mix to support Rev/ GM in 4Q24; capacity expansion continues shuinu9870 3Q24 earnings call: SMIC delivered +14% QoQ revenue growth and higher-than-expected gross margin of 20.5% (up 6.5ppts QoQ) in 3Q24, thanks to 更多一手调研纪要和研报数据加 ...

我们第三期重磅启动这一期是我们的第四期这一期我们将聚焦到CXO到底有没有出ICU这个主题然后来分析研判这个CXO市场的一个机遇和挑战这一次我们非常重磅的邀请到了来自智商证券的大健康组的首席分析师孙健以及方证证券医药资深分析师许瑞 还有我们非常资深的有20多年产业经验的真格生物的CEO陈建新以及招眼生物的集团副总裁临床事业部总经理顾静良顾总来做交流首先我们请许睿老师来给我们做CXO市场的挑战和机遇分析有请许睿老师 各位线上的领导们投资者们大家上午好,我是方程顺券的一二行业分析师许瑞,那么很高兴今天在借助这个线上的这个平台给大家分享我们对于一些商务行业的一些思考。 我主要是在公司内部的主要是负责这个医药行业板块里面细分的这个药品相关的这个研究那么CXO的这个报告呢也是我们此前对于整个CXO当下的这个情况以及下一个五年展望做出了一定的这样的一个分享那么接下来就给您让我们汇报这样的一个整个的一个PPT的内容那么我们的标题是 中国CXO行业的下一个五年全球化和新增量定存的这样的一个高质量发展的一个阶段那么 从投资逻辑来看我们中国的CXO企业经历了大概四个发展阶段大致可以分为2015年以前2015年到2020年2020年 ...

Key Points Industry Overview 1. **PCB Industry in 2023**: The PCB industry experienced a challenging yet opportunistic year in 2023. Despite a decline in global PCB sales, growth in specific areas like AI servers and HDI high-density interconnect boards stood out. Competition was intense, particularly in the automotive PCB sector, while the widespread adoption of 5G smartphones was expected to drive market demand recovery in the coming years. The rise of personal computers and high-end servers presented potential opportunities for the PCB industry, especially for mainland manufacturers actively entering the AIPC field and seeking growth in the server market, particularly in AI computing. However, challenges remained in the high-end PCB market, including material procurement and production lines, despite the strong potential of the AI server market. Overall, the PCB industry was expected to achieve significant expansion in the coming years, driven by the growing demand for high-speed network communication PCB boards. [1] 2. **Market Dynamics**: The PCB industry in 2023 was relatively flat, with global PCB sales decreasing slightly. However, growth in areas such as AI servers and HDI high-density interconnect boards became highlights. Competition was intense, especially in the automotive PCB sector, while the widespread adoption of 5G smartphones was expected to drive market demand recovery in the coming years. [1] 3. **Growth Drivers**: The rise of AIPC and the growing demand for high-end servers presented significant opportunities for the PCB industry. Mainland manufacturers, such as Shenghong Electronics and Guanghe, were actively exploring the AIPC field, while the rapid growth in server demand, particularly in AI computing, offered major development opportunities for PCB manufacturers. [2] Market Segments 4. **AI Server Market**: The AI server market was experiencing strong growth, with NVIDIA's server production running at full capacity and sales expected to reach $2 billion to $4 billion. The BT whiteboard market decreased by 16% due to intense competition, and domestic substitution was expected to take two to three years. [2] 5. **High-End PCB Market**: The high-end PCB market, particularly in the laser module field, was experiencing a shortage of supply due to high technical barriers. A few companies with technical advantages dominated the market, and orders were expected to continue until 2025. [3] 6. **M3F Technical Board Market**: There were very few domestic manufacturers of M3F technical boards due to a lack of production lines, experience, and reliance on imported equipment. This led to a high concentration of demand for eight-generation laser modules in a few manufacturers, and the production of such high-end products involved high risks and challenges. [4] 7. **ABF Substrate Market**: The ABF substrate market was currently dominated by Korean, Taiwanese, and Japanese companies, and mainland China faced challenges in material procurement. Although several domestic companies were developing ABF films, it was difficult to produce high-end products on a large scale in the short term. [5] Company Performance 8. **Huawei**: Huawei's demand for PCBs was driving the high-end PCB market, and the tight capacity led to price increases. [3] 9. **NVIDIA**: NVIDIA's server production was running at full capacity, with sales expected to reach $2 billion to $4 billion. [2] 10. **Shanghai Huali**: Shanghai Huali, with its strong production capacity, HDI technology, and battlefield capabilities, particularly in AI-related product areas, achieved excellent performance throughout the year. [7] Future Outlook 11. **AIPC Market**: It was expected that mainland PCB manufacturers would face significant opportunities in the AIPC market by 2025 or 2026, particularly for those old brands that had long focused on desktop motherboard manufacturing. [8] 12. **800G/1.6T High-End Switch Market**: The 800G/1.6T high-end switch market was expected to heat up rapidly and become a future competitive focus. These switches required a high number of PCB layers, such as 28 to 40 layers, and companies with rich experience and production capacity, such as Shanghai Huali and Huali Electronics, would occupy an important position in the market. [11]

对话产业链大佬 - PCB 和 IC 载板行业近况分享 20240814_原文 2024 年 08 月 15 日 01:09 发言人 00:00 OKOK 好的，各位把这个记一下。各位投资者晚上好，我是东吴香港的张一凡。非常感谢大家百忙中来参 加本次会议，本次会议就是主要围绕 PCB 行业展开，也是请到了行业内非常资深的 PCB 研发专家做一个分 享。首先会分为两个环节，首先是专家大概介绍 40 分钟，然后留 20 分钟左右给各位投资者就关心的问题 进行提问互动。请专家开始分享吧。 发言人 00:26 OKOK，首先我把中国 PCB 的产能的情况，包括 PCB 行业中的竞争主要局，我跟大家分分享一下。就是说 2023 年相当于是在整个 PCP 行业是比较淡季的一年。主要就是说 2023 年我们的全球 PCP 的销售额，大 概应该有有 700 691 1 亿美金，大概就是 5000 亿人民币。中国大陆应该是占了一半，按 50%去计算， 大概中国大陆只有 200，就是 2500 亿人民币，相当于是这这个比 2022 年应该少了百分少了一些，少了 一部分。那个产能的需求慢慢在下降，特别是消费性 PCD 这种低端的消 ...

1、晶圆厂产能与投入情况 当前晶圆厂规划产能为 95K，但实际产出约为 87K，主要受限于 HBT 和 CIS 模块 的产能未完全恢复。预计在八月达到 90K 以上的产出。产能爬升从去年年底开 始，二季度接近 90K，景气度最高的是 BCD，占比超过 25K。存储和高压、低压 MOS 的投片量也显著增加。 2、代工价格与涨幅 代工价格普遍上涨，BCD 部分涨幅较大，国内客户涨价较为激进，国外大客户 相对保守。e tox 部分上月已提升超过 10 个点，显示驱动部分预计本月内涨幅 在 10 到 15 个点之间。Q2 折扣移除后，ASP 环比增长约 5%，但实际营收体现 有滞后性，预计三季度末才能完全反映涨价效果。 3、各平台客户需求与产能分配 BCD 部分主要客户为 MPS，需求量 23K，但实际分配 16K。英吉星和艾维的需求 也未完全满足，主要因产能平衡问题。存储部分客户包括赵毅创新、紫光和聚 动，需求量较高，但实际分配略低于需求，MCU 和智能卡应用部分客户众多， 需求稳定。 CIS 部分主要客户为格科微，当前需求量 9K 到 10K，较年初有所回落。显示驱 动部分需求较高，但产能和价格谈判仍在进行中。 ...

大家好欢迎参加华复电子扬州关注晶圆长假动物率提升及IC涨价电话会议目前所有参会者均处于静音状态下面开始播报名字声明声明播报完毕后主持人可以直接开始发言谢谢 本次会议仅面向华福证券的专业投资机构客户或受邀客户第三方专家发言内容仅代表其个人观点所有信息或观点不构成投资建议根据监管规定会议不得交流敏感内幕信息未经华福证券事先书面许可任何机构或个人严禁录音制作纪要转发转载传播复制编辑修改等涉嫌违反上述情形等我们将保留一切法律权利感谢您的理解和支持谢谢 好的那个各位投资者大家下午好我是华福证券电子行业首席分析师杨宗今天由我跟大家分享一下关于半导体行业的一些最新的一些行业动态就是建议大家关注一下这个半导体行业的驾动率的提升 那主要是指的是地缘厂商的这个加动力的提升以及一部分的这个芯片设计IC设计的这些公司都已经开始有这个涨价的这个迹象主要是这两个点那首先当然整个加动力的这个提升我先跟大家做一个简要的这个汇报 那确实自2024年年初以来整个的这个半导体行业加班率呈现一个逐渐缓慢回升的这个态势那2024年的这个一季度的话基本上已经开始就是全球的这个客户对货意愿有所上升 并且提前拉货还将继续 包括像我们在中芯国际和华红他们的一 ...

公开交流活动未经中泰证券授权请勿对外传播本次会议的内容包括但不限于视频音频文字记录内容等信息感谢您的理解与配合中泰证券对违反上述要求的行为保留追究法律责任的权利市场有风险投资需谨慎本会议信息仅供参考不代表任何投资建议本公司不对任何人因使用本会议中的信息所引致的任何损失负担任何责任 各位投资者大家早上好我是中泰电子的王建宏欢迎大家参加我们这个每日八点这个行业更新啊今天给大家汇报的是这个模拟IC板块的一个更新我们都知道这个6月19号然后这个科创板改革八条措施时发布就其中有一条是这个更大力度的支持这个并购重组然后这个事呢它是显著利好模拟IC板块的这个竞争格局改善尤其是利好就是说上市公司 因为我们都知道这个某些板块呢大家可能说这个市场存在分歧最大的地方就在于竞争格局啊未来能不能向好啊因为对这个问题的回答呢他决定了说这个行业长期能不能走出有盈利的大公司竟然决定了就是市场是否愿意对当下的这些商业公司啊进行这个啊就尤其是优质的商业公司是否愿意进行长期定价啊因为在下行周期的话 它的那个盈利能力还是暂时受到了影响大家去更多对未来进行展望的时候竞争格局能否收敛这个点其实是最重要的对然后那这个支持并购重组这件事情它就会促进这些公司 ...