大家好 我是北京农商银行金融市场部交易员杨城很高兴今天能在万德和各位小伙伴对近期债市进行交流和分享资金方面 今日央行开展1000亿七天逆回购操作中标利率为1.8今天200亿逆回购到期 单日净投放为800亿 民进跨越资金面偏紧周一到周四公开市场净融出3120亿政府债净缴款747亿本周一为七地跨越首日第二007加权由上周五1.95上升至2.01 2007加权由上周五2.04上升至2.3周中资金面延续偏紧态势整体来看大行融出减量基金、理财、信托有资金融出部分中小行融资需求旺盛表现在跨越价格方面截至昨日收盘第2007加权均价2.1333较上周五上行18.6BP 2007加权均价2.2972 较上周五上行25.5BP存单一级方面本周全市场存单到期规模7977亿发行端市场情绪较好周一到周四全市场发行总量为5427亿其中国股行发行量占比在59% 发行价格方面受二级市场利率下行的因素影响本周发行价较上周下行约3-5BP借贷市场方面本周前两日借贷需求旺盛日均成交超2000亿周三受到跨季和收益率波动的影响借贷成交量也有所下降回落至近1700亿 活跃券方面,全市场成交量较高的债券为240205、240004、230023和2400 ...

Key Points Summary Industry and Company Overview 1. **Overall Industry Performance**: The industry experienced a downturn in Q1, particularly in the new energy sector and the automotive sector, with significant price declines. [1] 2. **Yanjie Technology Performance**: Yanjie Technology's performance remained stable year-on-year in Q1, with significant growth in production and sales volume. Q2 orders are at a historical high, and some products have started to increase prices. [1] Sub-industry Outlook 3. **Sub-industry Performance**: The automotive and home appliance sectors are growing rapidly, while the photovoltaic energy storage sector is in a period of adjustment. The intelligent terminal and industrial sectors are showing signs of recovery. [2] 4. **Product Pricing Trends**: Mid-voltage product lines have entered a pricing cycle, while high-voltage product lines are still in a period of price decline and inventory reduction. [2] Market Demand and Supply 5. **Production Capacity**: The 8-inch production line is nearly fully operational, with potential for price increases. The 12-inch production line has not yet reached full capacity. [3] Overseas Market 6. **Overseas Market Performance**: The overseas market inventory has been depleted in Q2, with a year-on-year increase of about 10%. It is expected to recover more significantly in the second half of the year, with higher gross margins. [4] Q2 and Q3 Outlook 7. **Revenue Growth**: Q2 revenue is expected to grow by 15%-20%, with improved gross margins, potentially reaching a historical high. Q3 order visibility is about two months, with expected improvement, mainly driven by the photovoltaic and energy storage sectors. [5] Product Details 8. **Automotive Business**: The automotive business accounted for about 12%-13% of revenue last year and has grown to 15% this year. The mid-voltage product line has low domestic localization rate and significant growth potential. The high-voltage product line is heavily affected by the return of international leading enterprises. [5] 9. **Core Competitiveness**: The company's core competitiveness lies in market and customer accumulation, as well as production and manufacturing capabilities. It has a large number of leading customers and overseas direct sales channels, and has strong IDM manufacturing capabilities to achieve the best cost and price performance. [7] Investment and Development Direction 10. **Focus Areas**: The automotive and home appliance sectors are growing rapidly and will be the key areas of growth in the next few years. Yanjie Technology will continue to increase investment in these areas in the next few years. [6] Pricing and Gross Margin 11. **Product Pricing**: Some products have started to increase prices, mainly focusing on low gross margin and high demand products. Contract manufacturing prices have decreased, improving gross margins. [9] IGBT and Silicon Carbide Products 12. **IGBT and Silicon Carbide Products**: IGBT and silicon carbide products have been mass-produced in the automotive sector, with significant growth potential. [10] Q&A Session 13. **Sub-industry Performance**: The automotive and home appliance sectors are growing rapidly, while the photovoltaic energy storage sector is in a period of adjustment. The intelligent terminal and industrial sectors are showing signs of recovery. [8] 14. **Product Mix**: The mid-voltage product line accounts for about two-thirds of the company's products, while the high-voltage product line accounts for about one-third. [9] 15. **Overseas Market Performance**: The overseas market inventory has been depleted in Q2, with a year-on-year increase of about 10%. It is expected to recover more significantly in the second half of the year, with higher gross margins. [9] 16. **Revenue Growth**: Q2 revenue is expected to grow by 15%-20%, with improved gross margins, potentially reaching a historical high. Q3 order visibility is about two months, with expected improvement, mainly driven by the photovoltaic and energy storage sectors. [10] 17. **Automotive Business**: The automotive business accounted for about 12%-13% of revenue last year and has grown to 15% this year. The mid-voltage product line has low domestic localization rate and significant growth potential. The high-voltage product line is heavily affected by the return of international leading enterprises. [11] 18. **Product Pricing**: Some products have started to increase prices, mainly focusing on low gross margin and high demand products. Contract manufacturing prices have decreased, improving gross margins. [16] 19. **Core Competitiveness**: The company's core competitiveness lies in market and customer accumulation, as well as production and manufacturing capabilities. It has a large number of leading customers and overseas direct sales channels, and has strong IDM manufacturing capabilities to achieve the best cost and price performance. [19] 20. **IGBT Market**: The IGBT market is expected to see a price reversal in the future. IGBT and silicon carbide-based technologies will coexist in the long term. [23] 21. **Product Pricing**: Diodes and some MOSFETs are most likely to increase in price. The price increase of diodes is expected to be more than 10%, and negotiations with some customers have been completed. [24] 22. **Gross Margin Outlook**: Gross margins are expected to improve significantly in the second quarter, but the rise in non-ferrous metal prices has increased costs. [25] 23. **Production Capacity**: The company's capacity utilization rate is basically above 95%, and the utilization rate of the photovoltaic encapsulation line is above 80%. Marginal capacity growth is expected this year. [25] 24. **Power Semiconductor Market Outlook**: The basic market structure of the power semiconductor market has been established. Companies going public have more opportunities to grow, while non-listed companies are difficult to grow. IDM companies with vertical integration and rich product types have more competitive advantages. Pure contract manufacturing companies are more volatile and have limited scale. [26] 25. **Silicon Carbide Products in Automotive Applications**: Silicon carbide products have been launched in the automotive sector and are currently undergoing testing. Although they perform well in low-speed conditions, they still have shortcomings in high-speed and high-frequency environments and need further improvement to reach the performance level of IGBT. [27] 26. **Silicon Carbide Cost Reduction Drivers**: The driving forces for the cost reduction of silicon carbide products include technology improvement, yield improvement, and scale effects. The cost of silicon carbide substrates was about 10,000 yuan two years ago and has now dropped to about 4,000 yuan, and it is expected to drop to about 1,000 yuan in the future, which will significantly promote the promotion and application of silicon carbide. [28]

他山之石可以攻玉 顺势而为可破千军 —— 2024有色金属矿业效能报告 顺为咨询： 时间：2024年6月 顺为咨询 l 北京 目录/CONTENTS ...