好的 最近各位投资人大家晚上好我是长安通讯分析师黄天勇那么今天晚上的话重点给大家汇报一下我们博通这块整个公司的业务的一个情况他们最近刚发布了他们24财年最后一个季度的情况那么再加上整个从博通的 它的业绩尤其是它的一些业绩会上的一些指引超于其次对吧然后带来的股价的大涨那么对A股这块的一些投资的启示OK那博通的话我们先讲一下这个公司我们在8月份的时候就发了深度报告那么当时的话在电话会里我们也讲就非常看好博通的投资机会 那确实也如我们所料普通在后续的走势上面也持续的股价上面也持续创新高应该叫我们8月份发的时候应该又涨了30%可能这样一个幅度那么从它的整个的业务布局上面我们先把普通的大概业务布局简单过一下因为可能有些领导 那些没有看过的人普通的业务环节业务设计环节是比较多的他们自己的话分成两个大块一个是半导体的解决方案另外一个就是所谓的技术设计软件其中包括他们售购的WeaveWell那么大家其实可能关注度比较高的还是围绕在半导体的 那么它的办公体具体的话分成网络无线存储还有宽带以及工业等几个细分的环节那么但其实从现在看到的行业发展上来看除了网络这一块在高速增长以外其实其他的几个部分整体上都是 就是说从前景展望上面来说 ...

Summary of Conference Call Company and Industry - The conference call primarily discusses the operations and strategic direction of a company involved in cross-border e-commerce and logistics services, referred to as "家层国际" (Family International) [1][2][5]. Core Points and Arguments - **Business Model Transformation**: The company has shifted its business model from traditional logistics to a high-performance service model, focusing on integration with top global and domestic enterprises [1][2]. - **Market Positioning**: The company is well-prepared to compete in a highly competitive industry, leveraging strong partnerships and a robust service capability developed through previous collaborations [2][5]. - **Cross-Border E-commerce Growth**: The cross-border e-commerce sector has shown significant growth, with import and export volumes reaching 1.88 trillion yuan, reflecting an 11.9% year-on-year increase [5][6]. - **Future Market Potential**: Projections indicate that the market could exceed 10 trillion yuan by 2025, highlighting the substantial growth potential in the logistics and e-commerce sectors [6]. - **Technological Advancements**: The company is investing in low-altitude drone logistics, which is expected to enhance delivery efficiency and expand service capabilities [4][3]. - **Strategic Infrastructure Development**: The company has established various logistics centers, including a 600,000 square meter facility in Nansha, which is crucial for its operational strategy [10][19]. - **Client Relationships**: The company is focusing on building long-term relationships with major clients like Pinduoduo and Tmall, which are expected to contribute significantly to revenue growth [16][15]. Other Important but Possibly Overlooked Content - **Investment in Technology**: The company is enhancing its technological capabilities to meet the high efficiency and responsiveness required in cross-border logistics [8][9]. - **Operational Challenges**: There are ongoing discussions about the operational challenges faced in maintaining service quality and efficiency amidst rapid growth [18][17]. - **Financial Projections**: The company anticipates a revenue increase of approximately 300 to 400 million yuan in the coming year, with a gross margin expected to be around 15% [16][19]. - **Funding and Capital Expenditure**: The company has sufficient capital for future projects, with significant investments planned for 2025 and 2026, estimated at around 3.8 billion yuan [19][20]. - **Shareholder Returns**: The company plans to maintain a consistent dividend policy, with a payout ratio expected to remain around 66-67% in the coming years [26][27]. This summary encapsulates the key insights from the conference call, focusing on the company's strategic direction, market positioning, and operational developments within the cross-border e-commerce and logistics industry.

Summary of Conference Call Company and Industry - The conference call discusses the performance of the construction machinery industry, specifically focusing on excavators, cranes, and concrete machinery in both domestic (China) and overseas markets. Key Points and Arguments Market Performance - As of Q4, the overseas growth rate for excavators and cranes is slightly faster than in Q3, with an overall frame rate of 20-25% for overseas markets compared to 22% in Q3 [1][2] - Domestic excavator growth is around 30%, with large excavators remaining stable or slightly increasing [2][7] - Indonesia shows significant improvement, with over 10% growth expected for the year, while Europe also shows positive trends [3][4] Product Category Insights - The crane segment is performing better than excavators and concrete machinery overseas, with cranes contributing significantly to growth in the European and American markets [3][4] - The competitive landscape for starter engines is less intense than for excavators, suggesting smoother market entry if product lines are expanded [5] Financial Performance - Q4 gross margins are expected to be lower than Q3 due to annual adjustments and dealer rebates, with historical trends indicating a decrease [6] - The overall annual growth forecast is around 15%, with domestic performance slightly better than expected and overseas performance slightly worse [7] Future Outlook - The domestic excavator market is projected to grow by about 10% next year, with small excavators expected to perform well [8] - Concrete machinery is expected to stabilize or see slight growth, while the crane segment is anticipated to improve due to cost management and product line adjustments [9][11] Mining Equipment - The mining equipment segment is highlighted as a growing market, with excavators holding a significant share [12][13] - The company aims to enhance its presence in the mining sector, focusing on integrated solutions for large clients [15] Regional Insights - The North American market is identified as a significant opportunity, although the company currently holds a low market share [39] - The European market is expected to perform better than the American market, with a focus on small and medium-sized equipment [25][22] Challenges and Risks - The company faces challenges in the North American market due to high competition and inventory management issues [22][24] - The overall global market is expected to see slight declines, but the company aims to improve its market share through strategic initiatives [39][40] Innovations and Trends - The company is investing in electric and intelligent machinery, with a focus on overseas markets where demand is growing faster than in China [32][30] - The integration of software and management systems is crucial for enhancing customer satisfaction and service efficiency [20][21] Other Important Content - The call emphasizes the importance of after-market services in the mining sector, which typically offers higher margins compared to new equipment sales [19] - The company is actively working on improving its organizational structure and management systems to better serve overseas markets [16][20]

证券研究所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先封证券研究所保留追究相关方法律责任的权利 哎各位投资者大家晚上好非常感谢大家宝贵的时间来参加那个激光雷达的交流啊然后会议开始之前还是强调一下会议纪录不希望有任何的需要或者流露流传出来然后这场电话会的话会是我跟丁宇共同那个组织完成啊那呃专家那边在能听到我们的声音吗啊主任你好可以哦好的啊那我们就直接开始吧那个呃可能第一个大块还是想 请您现在先介绍一下就是我们主流的这几个激光雷达的这个价格的一个情况啊然后包括今年我们了解就是成本软也下降比较明显吗啊一个就是能不能针对不同的型号把价格给我们做个展望啊然后第二个的话就是成本下降的一个情况在今年的一些变化吧也给我们做个展望这是第一个大的问题啊嗯嗯嗯好的好的好谢谢主任啊 呃因为那个中小投资团激光雷达在那个从去年开始爆料以后今年应该整体也会处于一个呃这个一个翻倍也在能够出货量啊那呃目前的话基本上就是整个头部嘛现在这个格局就能锁定下来的啊就是是从那个核赛当然还有华为啊目前这个出货的这个整体呢还是说速成这边像以这个MVP MR这两款型号核三那 ...

各位投资者各位朋友上午好我是国军建筑王岐层今天上午我们非常荣幸的再次邀请到我们的老朋友山东路桥李总和周总给我们就山东路桥就这个花寨和基建做一个深圳的交流啊可以分三个环节我起个头然后呢呃周总把这个山东路桥做个介绍在后面是交流环节呃这次我们在深圳开策略会啊大概三千五百人报名还是非常火爆我们建筑组的话在 线上和线下结合请了iPhone家建筑公司在本周给大家做一个集中式的交流方便大家去集中式的了解前期的财政政策和这两天的年度金融会议的政策对于这个建筑公司威光的影响也是建筑公司谈一谈自己的感受和未来的判断结合自己的财务数据和这个经营情况今天我们这一场是山东路桥下午还有这个阿扬国际的灯光化学首先我们是邀请这个朱总把这个山东路桥做个介绍朱总有请 各位投资人上午好下面由我来简单介绍一下我们这个山东路桥的一个基本情况我们山东路桥呢是这个公路工程市政工程施工设计的这么一个三特三甲的资质企业拥有向这个公路工程施工总承包特级向市政公用工程施工总承包特级等相应的这种施工配套资质同时呢我们也有具这个对外援助承包项目的这个总承包的这个企业资格整体来说呢公司的整个这个业务竞标能力和这个工程的承担能力是极强的 公司这个具有多年的这个路桥项目承 ...

那么我们国内很难有这方面非常亮的出来在短阶段内很难但是接下来的话跟因为AI的强势的往前就高歌猛进的形势一定会连续带动一定会连续带动这个产品的强势的利好我是这么看的 明白明白,然后我可能就是问了,因为其实现在RavenMana是没有在中国大陆提供服务嘛,产品没有上架,然后就是这个app你可能都下载不下来,就是在国区的这个服务里面。 对然后可能它也留给了一定坏的部分可能国内的很多用户是没有办法体验到但是对产业端好的部分在于其实你也是留给了一个很大的市场给国内的这些玩家去迭代然后去打磨我们的一个产品对然后我想说再跟您请教一下其实刚刚听您下来就觉得会比较相对 可能重要的一个就是AI可能包括结合图像这个多模态的能力或者说这个大模型的一个介入的一个能力然后可能出来的这个AI的体验就是您是不是觉得是相对来说比较重要的一个点如果在现阶段的这个音频驱动的这个产品来讲因为其实我个人的感觉就是可能在任何赛道在渗透率提升的一个过程当中 其实会推动这个渗透是快速提升的往往是一款非常尽量级就是可能他技术端没有特别的牛但是呢他有用户思维然后把做的很均衡就是把成本然后以及体验就是使用的门槛做的很低然后在这样的一个情况之下他往往会有一个这个很 ...

就是他具备自主的学习和适应能力也就是说他第一次的时候他可能会出现一个脚底打滑但是他在第二次的时候他就几乎就不会再去犯之前的错误了他能够像我们人和其他的高级动物一样他具备了自主的学习和进化的能力这是他的第二个亮点 那么第三个亮点的话呢也是我们就是大家非常关注的就是他使用的这样的一个端对端的神经网络的架构他具备的显著的优势啊呃因为特斯拉的话呢他是端对端网络或者说这个呃极简系统的这种推崇者啊所以说他比较愿意使用呃最 简单的这种网络端对端的这种方式去实现机器人的所有的这个功能那么这一次的话呢就是说它是没有实现所谓的全部的这种复杂的功能它只是在机器人的行走和平衡的这个任务上面使用了所谓的端对端的这个神经网络那么这样的这种神经网络的话呢它可以我们可以把它当作是一个小模型运动的一个小模型 那这样的这种小模型的话它就具备非常强的这种我们称之为叫实时的反应能力这也是就是说它在快要摔倒的时候能很快做出反应防止它就是把这个摔倒这个过程成为既定的事实那么亮点的话是以上的三点那么在难点方面的话主要我们给它归纳成两点吧 第一点的话就是说它还是需要有一个所谓的这种复杂地形的这种适应和进化能力因为人形机器人或者说我们说现在大部分的这种机器人 ...

Good afternoon and thank you for standing by. My name is Abby and I will be your conference operator today. At this time, I would like to welcome everyone to the Costco Wholesale Corporation first quarter fiscal 2025 conference call. All lines have been placed on mute to prevent any background noise. After the speaker's remarks, there will be a question and answer session. If you would like to ask a question during that time, simply press the star key followed by the number one on your telephone keypad. If ...

Key Points Industry/Company Involved - **Company**: Anhui Heli Co., Ltd. (Anhui Heli) - **Industry**: Industrial vehicles, particularly forklifts and related technologies Core Views and Arguments - **Low Valuation**: Anhui Heli is currently facing valuation pressure due to the expected increase in US tariffs. However, there are several positive factors including the trend of telecommunication, expected depreciation of the RMB, and stable steel prices. The company's valuation is considered low, especially considering the potential impact of US tariffs. - **Doc ID**: [1], [2], [5] - **Smartification**: Anhui Heli has significant potential in the era of smartification, particularly in the field of intelligent logistics. The company has made early investments in intelligent logistics and has strong capabilities in ATM systems and project execution. Collaboration with Huawei is expected to further enhance its software capabilities. - **Doc ID**: [8], [10], [11] - **Market Expectations**: The market has not fully recognized the potential of Anhui Heli in the era of smartification, particularly in the field of intelligent logistics and intelligent mobile robots. - **Doc ID**: [8], [9], [10] Other Important Points - **Tariff Scenarios**: Three scenarios were considered for the impact of US tariffs on Anhui Heli's performance. The most conservative scenario resulted in a significant decline in net profit, while the optimistic scenario suggested a minimal impact. - **Doc ID**: [3], [4], [7] - **Market Segments**: Anhui Heli's revenue and profit growth were analyzed for different market segments, including the US, non-US overseas markets, and domestic markets. - **Doc ID**: [3], [4], [5], [7] - **Intelligent Logistics Market**: The market for intelligent logistics is expected to grow rapidly, with a significant increase in the ASP of mobile robots. - **Doc ID**: [13]

因为他不是上海公司的设计员做的主牵头方不是上市公司所以基本上我们看不到像有一些城市讲的上海的规划 就是热度跟其他的一些城市还是有一定的区别的那么当然我们需要有部分的城建设计院参与这个项目也不是作为唯一的一个牵头方所以在整个的内容当中在信息当中大家可能也很难看到基本上也就是聊天的时候会聊起来这个事 然后在一些各个区域也有一些参与的项目未来可能随着上海市的地控经济平台公司的成立之后在上海的一些地控经济的项目会在今年的年底或者说在明年的年初会有一个比较好的进展然后我们在外地也参与了一些项目比如说像广州黄埔区的 地控经济加PGR加无人驾驶的这样的一个项目那个也是我们作为设计师共同成包进行参与的但是这个项目装造已经比较早了规模也比较小 然后像江阴他们的通用航空机场这个是我们好多年以前就造好的然后像在上海上海比较有代表性的或者说比较大的一个地控经济相关的机场实际上是龙华机场是在过去的几年我们所有股份作为一个重要的力量对它进行建设但是当然建设到一半它没有完全建完 就是原来的规划没有全部做完就停下来了这个可能也跟当时的一些通用航空的政策包括上海的龙华机场它实际上不是上海的它还是国家民航总局的相关的问题的处理还是有一定的关系的 ...