目前所有参会者均处于静音状态下面开始播报声明本次会议服务于要请参会的广大投资者会因评论及文字记录的内容仅供参会者内部使用不得公开发布维尔股份为授权人和媒体转发本次会议相关内容未经允许和授权的转载转发均属侵权维尔股份将保留追究其法律责任的权利维尔股份不承担因转载转发而产生的任何损失和责任 最近的各位投资者大家好我是欢策电子会议室的经纪客户的同事跟内星人一起五二股份的这样会议五二股份一直是我们的核心重点和特级公司 没看到就是昨天晚上VL的话也是发布了半个情报很清晰的是我们看到了那个我们BIOS和QRVL部分营收创意势增高这个也是我们那个VL过去几年一直持续高强度研发投入 带来的新产品开疆措土的一个结果我们看到利润的话也是在继续保持高增的状态所以我们的三大业务包括CIS显示性的方案进攻性的方案的话都在保持一个协同发展的一个新的成长周期所以今天的话我们也是非常荣幸威尔的核心团队包括我们的余董事长 王总经理还有吴总 贾总 任总 徐总一起来跟大家进行关于八点报的节目以及未来的业务发展情况下面欢迎我们围绕的核心管理团队谢谢尊敬的各位投资人大家早上好 感谢各位在早上帮我们参加维尔骨顿2024年半年度的业绩交流会我是公司的总策 ...

Financial Data and Key Metrics Changes - The company reported a record high net profit of 1.07 billion in the first half of the year, marking a new quarterly high for net profit [1] - The increase in aluminum ingot prices in April and May positively impacted profits, while June saw a decline in prices [2] - The sales volume in the second quarter increased by approximately 36,000 tons compared to the previous quarter, contributing significantly to profit growth [3] - Financial expenses improved in the second quarter compared to the first, with a foreign exchange gain of around 30 million due to the depreciation of the RMB [3] Business Line Data and Key Metrics Changes - The company increased its use of recycled aluminum by approximately 40,000 tons in the second quarter compared to the first quarter, which contributed positively to profit [3] - The overall cost decreased by about 140 per ton in the second quarter, benefiting from lower gas and electricity prices [5] Market Data and Key Metrics Changes - The company maintained a stable production and sales level of around 110,000 to 125,000 tons in June and July, indicating a smooth transition through the off-season [6] - The company expects to achieve an annual production and sales target of 1.45 million tons without significant issues [6] Company Strategy and Development Direction - The company is focusing on new product development, including battery casings and water energy boards, which are steadily increasing market share [7] - The company plans to use 900,000 to 1 million tons of recycled aluminum this year, with expectations of higher usage in the second half [13] Management Comments on Operating Environment and Future Outlook - Management noted that the second quarter's profit growth was supported by rising aluminum prices and the elimination of the price gap between domestic and foreign markets [16] - The company has a solid profit margin of around 1,100 per ton, which has been stress-tested against various market pressures [19] Other Important Information - The company has not seen significant impacts from recent policy changes regarding tax refunds for recycled aluminum, viewing them as beneficial for industry development [21][23] - The company has experienced an increase in accounts receivable due to expanded production and sales volumes [33] Q&A Session Summary Question: What is the profitability of the subsidiary companies? - The profitability of the subsidiary companies varies, with one subsidiary showing a net profit margin of 3.5% due to its complete industrial chain [8][9] Question: How is the production capacity of the new materials subsidiary? - The new materials subsidiary has achieved a production capacity of 11,000 tons in the first half of the year, meeting its targets [10] Question: What are the expectations for annual production and sales targets? - The company aims for an annual production and sales target of approximately 1.45 million tons, with expectations for the second half to outperform the first [12] Question: What is the impact of recent policy changes on recycled aluminum usage? - Recent policies have not significantly impacted the company, and the changes are seen as beneficial for encouraging participation in recycled aluminum recovery [21][23] Question: How has the export market changed? - The company has seen a shift in export markets, with increased exports to Southeast Asia and a decrease to the EU due to anti-dumping measures [29] Question: What are the trends in demand across different sectors? - Demand remains strong in manufacturing sectors, particularly for products related to mechanical processing and smart equipment manufacturing [31]

会议要点 1、公司的市场地位与扩张策略 公司是达美乐品牌在中国的唯一特许经营商。尽管达美乐在国际上是成熟的披萨龙头品牌 但在中国市场仍处于早期阶段，未来成长空间巨大。达势股份正处于门店加速扩张和同店 增长韧性强的黄金时期，基本面表现优秀。 自 2017 年管理层换血后，达势股份的扩张步伐加快。新任 CEO 王怡具备丰富的本土化管 理经验，并在上任后扩大了特许经营区域至整个中国大陆及港澳地区。这一战略调整使得 达势股份从 2018 年开始门店数量迅速增加，从 188 家增至 2023 年底的 768 家。 2、披萨行业的市场现状与竞争格局 国内披萨市场规模约为四五百亿元，并以双位数年化增长率扩张。疫情加速了外卖市场的 渗透，披萨外卖市场规模自 2020 年起反超堂食，且在一线和新一线城市的消费占比达到 63.5%。低线城市的披萨渗透率较低，未来增长潜力大。 披萨行业的连锁化率已达 90%，形成了必胜客为主导的"一超多强"格局。由于披萨行业 投资回收期较长，个体经营难以实现大规模连锁化，导致连锁品牌较少。头部品牌如必胜 客、尊宝、达美乐每年仍在快速拓展门店，市场份额向头部品牌集中。 3、公司的财务表现与未来展望 ...

核电单次核准超预期，四代核电已出鞘，当前怎么看 20240820_原文 2024 年 08 月 20 日 23:27 发言人 00:01 大家好，欢迎参加方正机械核电单子核准超预期，四代核电已出鞘，那目前怎么看？电话会议目前所有参 会者均处于静音状态，下面开始播报名次声明，声明完毕后，主持人可以直接开始发言，谢谢。本次会议 仅面向方正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容信息。未经方正证券事先书面许可，任何机 构或个人年纪录音制作纪要转发、转载、传播、复制、编辑、修改等涉嫌违反上述情形的，我们将保留一 切法律权利。感谢您的理解和支持，谢谢。好，谢谢惠助理。 发言人 00:49 然后各位尊敬投资者大家好，我是方证券研所副所长李永静。感谢大家持续对我们方正这个军工机械团队 的支持。然后今天继续由我和赵露分析师赵露一块给大家去汇报一下这个核电的情况。因为我们在上周的 时候，刚请专家跟大家做了交流和预判，大家也很多同事也都听了这次我们在上周的核电的重大的推荐， 这也是我们持续从去年年底一直看好，和这个板块。尤其是在去年 ...

Summary of the Conference Call for Jinjing Technology's Semi-Annual Report Company Overview - **Company**: Jinjing Technology - **Date of Conference Call**: August 20, 2024 Key Points Financial Performance - **Revenue**: The company's revenue for the first half of 2024 showed a decline compared to the same period last year, primarily due to a decrease in average selling prices despite stable sales volumes in certain segments [3][6] - **Profitability**: Overall profit margins improved slightly due to a larger decrease in costs compared to the revenue decline, particularly in the chemical products segment [6][37] - **Segment Performance**: - **Glass Segment**: Revenue remained stable year-on-year, with a notable increase in gross margins by over 10% [4][11] - **Chemical Products**: Experienced a revenue decline, but gross margins improved due to significant cost reductions [6][37] - **Photovoltaic Glass**: Achieved a substantial increase in gross margins, attributed to both domestic and international sales [5][10] Market Dynamics - **Pricing Strategy**: The pricing for overseas contracts is relatively stable, with slight annual fluctuations based on long-term agreements [8][10] - **Demand Outlook**: The demand for glass products, particularly in the construction sector, remains closely tied to the real estate market, which is currently underperforming [26][27] - **Production Adjustments**: The company is considering production adjustments, including potential line switches to higher-margin products like ultra-white glass, but is cautious about market supply pressures [18][19] Industry Trends - **Capacity Management**: The industry is experiencing a gradual reduction in capacity, with some companies planning maintenance shutdowns to manage supply [22][24] - **Future Projections**: The overall market outlook remains cautious, with expectations of continued low demand in the short term, particularly influenced by real estate investment trends [43][44] Strategic Initiatives - **Acquisition**: The company has acquired a 50% stake in Saint-Gobain, which is seen as a strategic move to strengthen its market position amid a challenging industry environment [35][36] - **Product Development**: There is a focus on developing differentiated products to enhance profitability, including high-end glass products and potential overseas production capabilities [27][41] Additional Insights - **Cost Management**: The company has successfully reduced costs in raw materials, which has positively impacted profit margins despite revenue challenges [38][39] - **Long-term Vision**: The management emphasizes a commitment to innovation and adapting production lines to meet changing market demands, particularly in high-value segments [28][41] This summary encapsulates the essential insights from the conference call, highlighting Jinjing Technology's financial performance, market dynamics, strategic initiatives, and industry trends.

Summary of the Conference Call on Tianmu Lake Company Overview - Tianmu Lake is a comprehensive tourism service provider located in the Yangtze River Delta, established in 1992, initially starting with two six-person speedboats [2][3] - The company operates three national 5A scenic spots: Shanshui Garden, Nanshan Bamboo Sea, and Yushui Hot Spring, along with a theme park and two hotel series [3][4] Industry Insights - The tourism industry in China has shifted towards higher-value leisure and vacation travel, particularly in the Yangtze River Delta, which has a strong demand-supply dynamic [5][6] - The region's consumer base is large and affluent, with per capita income and GDP levels significantly above the national average [6] Company Performance and Strategy - The company has capitalized on the recovery of domestic consumption and tourism, achieving operational performance that has surpassed pre-pandemic levels in terms of visitor numbers and total revenue [4] - Despite the overall positive trend, there is a noted consumer downgrade affecting the company's product positioning, leading to some pressure on visitor traffic [7][12] - The company is expected to benefit from new projects and potential mergers and acquisitions following the entry of state-owned capital, which could provide new growth opportunities [7][9][11] Future Projects and Developments - Ongoing projects include the Animal Kingdom and Nanshan Xiaozhai Phase II, which are part of Jiangsu Province's key cultural and tourism industry initiatives [10] - The Animal Kingdom project is anticipated to combine amusement park and zoo elements, representing a significant future attraction [11] - The company aims to enhance its market competitiveness and operational efficiency through collaboration with its new state-owned shareholder [9][12] Conclusion - The report highlights Tianmu Lake's historical development, its strategic positioning in the Yangtze River Delta, and the potential benefits from state-owned investment and new projects, indicating a promising outlook for becoming a national leader in leisure tourism [13]

鼎龙股份 20240820_原文 2024 年 08 月 20 日 23:27 发言人 00:00 人可直接发言，谢谢。本次会议为中国国际金融股份有限公司中金公司闭门会议，仅限受邀嘉宾参会。未 经中金公司和演讲嘉宾书面许可，任何机构和个人不得以任何形式将会议内容和相关信息对外公布、转发 转载、传播、复制、编辑、修改等。如有上述违法行为，中兴公司保留追究相关方法律责任的权利。This meeting is a close to door meeting of china international capital CoOperation limited C, I, C, C, and only invited, get allowed to attend without the written formation of C, I, C, C. And at the speaker, no organization or individual is allowed to punish forward, reprint, disseminate, copy, I did or modify the main com ...

The meeting is ready to start. 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 呃各位投资者大家呃晚上好我是那个城阳电信行业的分析师呃然后欢迎大家收听我们本期的这个深度群演然后本期的话我们主要呃想汇报一下这个主要是来汇报一下国电南瑞的一个呃整个的目前我们的一个观点包括公司整体的一个推荐的一个逻辑呃那呃南瑞的话那么作为国网呃或者说作为建立设备板块里面 那么龙头的这个白马龙头标记的话那么公司过去也持续证明了自身的一个整体的一个增长的一个持续性包括持续增长的这样的一个能力然后公司整体的竞争优势的话也得到了长时间的这样的一个验证那这样当然前点的话就是我们认为或者说市场对于 公司的整个的一个成长能力其实探讨的也比较多啊然后我们本期报告的话主要还是想从这个短期也就是今年的维度包括中长期的一个维度啊去对整个的一个成长能力去做这样的一个分析和探讨 整体的话 我们认为短期从今年的维度来看的话 公司的主要的企业业务基 ...

For your participation,the meeting is ready to start.Please remain on the line. 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 各位投资者下午好我是长江汽车高一南然后今天非常有幸跟大家分享一下我们汽车的整个框架的这样的一个培训我们这块今天的话可能会花一个多小时为大家从整车跟零部件两大块去做一个分解 首先是整车的投资框架我们从车的话整个会从几个维度一个是整车的本身包括它的一个对于整个板块的节奏然后第二方面就是经典的投资的整车框架 第二呢就是说这个在新能源后时代下的话我们对整车去看细分以及包括后面的一个这个研究的这个思路跟框架以及包括从智能化的这个渗透率的逻辑再去看这个行业的几个点的话去看整个整车的一个投资研究思路首先本身的话从汽车板块来看的话从历史来看板块的涨跌幅它的相对收益其实跟行业的景气度确实有极高的一个相关性 那可以看到行业尤其是增速开始编辑在提 ...

本次会议为中国国际金融股份有限公司中金公司闭门会议仅限受邀嘉宾参会未经中金公司和演讲嘉宾书面许可任何机构和个人不得以任何形式将会议内容和相关信息独白公布转发转载传播复制编辑修改等如有上述违法行为中金公司保留追究相关方法律责任的权利 这次会议是中国国际资产合作组织CICC的闭门会议只有邀请客人能够参加而没有CICC和评论员的签名允许任何组织或人员不得删除、翻载、複制、複制、複制、複制、複制、複制、複制、複制、複制、複制、複制、複制、複制、複制、複制、複制、複制、複制、複制、複制、複制、複制、複制、複制、複制、複制、複制、複制、� 各位投资者晚上好我是中金公司银行分析师林奇今天欢迎大家参加我们银行高五系投资指南银行上涨的逻辑报告的一个会议的汇报 那这个报告呢其实也是回答最近我们收到这个最多的投资者的一个问题就是大家看到其实银行股相对于市场是有一个比较明显的一个超额收益的那这个超额收益呢市场普遍的还是觉得这个可能资金面的因素更大一些但是也有很多投资者会关心说这个上涨到底有没有基本面的支撑因为如果说一个没有基本面支撑的这个上涨的话那它可能是 难以持续的所以这次报告我们其实就主要回答这个问题我们其实是从去年的年中开始提 ...