阳光电源、盛弘股份、东方电子 20241009 摘要 | --- | --- | |-------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------ ...

本次电话会议为闭门会议未经尖峰证券许可不得通过任何途径向会议录音或寄要的向第三方提供或传播尖峰证券对违反上述要求的行为主体保留追究及法律责任的权利 各位领导好,我是天风电信的吴培林。今天我的一个动态推荐的话是三个票,一个是阳光电源,一个是深红股份,还有一个是东方电子。首先我们先看这个阳光电源,总结来看的话,我们觉得核心的一个推荐逻辑还是在于从短期来看中东等亚非拉大储的一个需求起量,以及欧美开启降息周期会对公司的一个二次年下半年以及二五年。 能够有一个EPS向上的一个可能性然后第二个从中期层面去看的话我们会看好公司的EPS持续超预期以及这个流动性提升带来的一个估值重塑的一个弹性我们先看这个24年的一个业绩情况从公司重要业务的一个业绩分布来看我们预计公司24年一边期这一块会合计出货158个G瓦这里面的话第一面是105个G瓦其中三分之二是海外然后单位净利的话在0.36元每瓦 工商业家互用的话,合计在53个G瓦单位,净利在0.38元每瓦。合计的一个净利润的话,逆变期这一块是58个亿。储能系统这一块的话,我们预计大储全年出货22个G瓦时,这里面18个G瓦时是海外。对应过来,大储的一个平均单价的话是在1块1毛3每瓦时。预 ...

刘元海：电子半导体可能迎来一波大行情，持续到 2025 年 要点如下: 1、未来 3 到 5 年甚至更长时间，科技股有望成为 A 股市场很重 要的一条投资主线。 2、汽车智能化产业有可能在 2025 年会进入到 ChatGPT 时刻…… 2025 年 A 股市场汽车智能化行情有可能会复制 2021 年 A 股市 场新能源汽车电动化的那一波行情 3、站在这个时间内，A 股电子半导体的行情有可能是一波比较 大级别的行情，行情有望持续到 2025 年。4、从下半年到明年, A 股上市公司利润增速回升的概率较大。我们认为可以在别人恐 惧时稍微贪婪一些。 5、如果明年国内 A 股的算力光模块公司 2025 年的业绩如市场 预期兑现，从我的经验来看，这些公司的估值可能从现在 15 倍 左右提升到明年 20 倍甚至 25 倍。 内容分享: 科技股是未来几年投资主线，看好三大方向 问：请刘博分享一下您的投资理念、选股逻辑以及选股策略。 答：我从事投资研究差不多有 20 年了，我的投资理念基本上可 以定义为产业趋势的投资经理。 为什么会有这样的投资理念呢？因为从我的投资经验来看，在 A 股市场赚大钱的行业，通常具有明显的产业趋 ...

我是鸿泽研究科技组的分析师陈旭昆我们这篇的录演或者这篇报告是关于第二季度的我这边覆盖了消费电子终端以及教育的产业跟踪接下来我会跟大家展开一些我这边所对应的终端品牌行业以及我们调研的一些结果和结论然后会后也会开放讨论欢迎大家来提问我们一起去探讨一些问题 我们先简单的说一下我们这次的核心观点第一点就是在手机与PC端这两个重要的端口的消费的一个复苏情况我们看到的是在二级度消费电子是这两个端口是整体的维持持续复苏全球的话手机出货量增长是在7%左右的这样一个 字幕由Amara.org社区提供 主要的拉动我们看到的是中国的出货量拉动其实是比整体全球要更快一点的然后剩下的话我们看到这些品牌表现的话最快的还是小米在PC方面的话PC上面可以总结为一句话就是中国的出货量其实是在向下落了整体全球大盘的一个突出的程度 在整个全球来看的话如果除去中国的复苏节奏的话大约是有5%的增长加上中国疫情的话是2%同时我们也看到了在二季度其实在终端厂商里面比如说苹果等一些其他厂商也发布了自己对于AI手机一些AI专应用的展望以及进展并且落居到了新的试用版本上我们这边也看了一些大概的一些特别视频包括我们从海外看到 第二部分是以教育为主的学习机以及整体 ...

Key Points Industry and Company Involved - **Industry**: Technology, specifically consumer electronics and AIOT (Artificial Intelligence of Things) - **Company**: ASUSTeK Computer Inc. (ASUS), a leading technology company [1] Core Views and Arguments - **Focus on TWS (True Wireless Stereo) Market**: ASUS has been a leader in the TWS market and is looking to expand its presence in the AIOT sector. - **AIOT Strategy**: The company aims to leverage its TWS expertise to become a major player in the AIOT industry. - **Market Opportunity**: The AIOT market is expected to grow significantly, presenting a substantial opportunity for ASUS. [2] Other Important Content - **Silent Participants**: The meeting started with all participants in mute mode, indicating a formal and structured discussion. - **Host Introduction**: The host introduced the topic and purpose of the meeting, emphasizing the importance of the AIOT market. [3]

Summary of Conference Call Transcript Company or Industry Involved - The transcript does not specify a particular company or industry, as it only contains a placeholder text. Core Points and Arguments - No core points or arguments are provided in the transcript, as it consists solely of a placeholder. Other Important but Possibly Overlooked Content - The transcript does not contain any additional content or details that could be summarized. Since the provided content does not contain any relevant information regarding a specific company or industry, no key points can be extracted.

Financial Data and Key Metrics Changes - The report indicates a significant growth in the global smart audio glasses market, with a shipment volume of 3.43 million units in 2022, representing a year-on-year increase of 58.6% and a market size of $910 million [6][7] - The compound annual growth rate (CAGR) for smart audio glasses shipments is projected to reach 13.6% from 2022 to 2030, with expected shipments exceeding 5.03 million units by 2025 and reaching 9.51 million units by 2030 [6][7] Business Line Data and Key Metrics Changes - The report highlights the cost structure of smart audio glasses, with the total hardware cost amounting to $75, which accounts for approximately 45.73% of the total cost [7] - The breakdown of core costs includes $55 for SOC chips, $11 for ROM+RAM, and $9 for camera components, indicating a focus on optimizing hardware costs [7] Market Data and Key Metrics Changes - The report notes that the smart audio glasses market is becoming increasingly competitive, with major players like Meta, Huawei, and Xiaomi entering the market with innovative products [6][7] - Meta's Ray-Ban Meta glasses have shown strong sales performance, exceeding production rates, while other competitors are also launching advanced features in their products [6][7] Company Strategy and Development Direction - The industry is shifting towards AI audio glasses as a more accessible entry point for consumers, allowing them to transition from traditional glasses to smart glasses before adopting AR technology [6][7] - Companies are encouraged to focus on supply chain integration and technological advancements to capitalize on the growing demand for smart wearable devices [7] Management Comments on Operating Environment and Future Outlook - The management emphasizes the importance of AI integration in audio glasses, which enhances user experience and market appeal [6][7] - There is a recognition of the risks associated with technological evolution and market demand, suggesting a cautious approach to future investments [8] Other Important Information - The report provides a detailed analysis of the competitive landscape, highlighting the unique features and pricing strategies of various smart audio glasses [6][7] - It also outlines potential risks, including the uncertainty of technological advancements and market acceptance [8] Q&A Session Summary Question: What are the growth prospects for smart audio glasses? - The market is expected to grow significantly, with a projected CAGR of 13.6% from 2022 to 2030, driven by increasing consumer demand and technological advancements [6][7] Question: How do the costs of smart audio glasses compare to traditional AR glasses? - Smart audio glasses have a lower production cost, making them more accessible to consumers, with prices starting at around $499 compared to AR glasses priced at $1,999 [6][7]

Summary of Conference Call Industry and Company Involved - The report focuses on the consumer electronics and education industries, specifically covering terminal brands and related research findings [1] Core Points and Arguments - The analysis is conducted by the research team at Hongze, led by analyst Chen Xukun, who discusses the second quarter performance and insights [1] - The presentation includes findings from industry tracking and surveys related to terminal brands in the consumer electronics sector [1] Other Important but Possibly Overlooked Content - The call invites open discussion and questions from participants, indicating a collaborative approach to exploring issues within the industry [1]

Summary of Conference Call Company or Industry Involved - The conference call pertains to Hongze Research, which is a private research organization. Core Points and Arguments - The meeting was a closed-door session, limited to invited guests only, indicating a focus on confidentiality and exclusivity of the information shared [1]. Other Important but Possibly Overlooked Content - Any dissemination of the meeting content or related information without written permission from Hongze Research is strictly prohibited, highlighting the importance of intellectual property and proprietary information [1]. - Hongze Research reserves the right to pursue legal action against any unauthorized infringement, which underscores the seriousness of compliance with their confidentiality policies [1]. - The organization disclaims any responsibility for losses or liabilities arising from unauthorized sharing of the meeting content, emphasizing the potential risks involved in information dissemination [1].

半年报呢也是比之前预计的这个时间局是提前发了的那半年报的情况呢我们看到也是非常的就是有很多亮眼的地方那比如说二级队的这个基因业绩的话是同比实现了一些扭亏的情况然后包括车载光学也是实现了高增 尤其是车载镜头这一块增长还是非常非常快的那最近市场对自动驾驶这一块关注也非常高RoboTax这个落地对整个自动驾驶的需求也是持续往上去抬升的那我们今天就先欢迎卢总为我们介绍一下公司半年报以及公司车载房企这一块的业务的情况稍后再是我们的提问环节有请卢总 非常感谢方总组织这个策略会那个线上的沟通会那现在我先简单介绍一下公司的上半年的经营情况那因为我们中报里面呢相对来讲把那个业务都拆分了一下光学呢上半年总共是营收21.5个亿 它目前已经成为公司组营里面占比最大的一块业务了那初工显示上半年它的营收规模是第11个亿然后代工那一块是12个亿那我们光学这一块呢拆分项呢主要是我们在高清广角这一块 大概有高清广角这一块大概有1.3个亿车载光学这一边车载镜头加模组要近十个亿从目前来看应该是超过我们的预期因为我们一季度只有不到四个亿三个多亿所以二季度它单季基本上已经有五百亿了 手机镜头手机光学这一块也是近9个亿啊智能感知那块大概有几千万吧啊总体 ...