Summary of Geely Automobile Conference Call Company Overview - **Company**: Geely Automobile - **Key Event**: Privatization of Zeekr and acquisition of Lynk & Co shares Core Points and Arguments - **Privatization of Zeekr**: Geely announced a non-binding offer to privatize Zeekr at $2.566 per share, representing a 13% premium based on the average price over the last 30 trading days. This move aims to enhance internal integration and reduce costs, especially given the low valuation of Zeekr in the US market [2][3] - **Acquisition of Lynk & Co**: Geely completed a 100% acquisition of both Zeekr and Lynk & Co, which is expected to improve operational efficiency and resource integration [2][4] - **Sales Performance**: During the May Day holiday, Geely's sales increased by approximately 10% year-on-year, driven by the popularity of the Galaxy series models, which have received positive customer feedback for their spaciousness and high configuration [2][5] - **Development Stages**: Geely has undergone five development stages, from establishment and listing to technological transformation, launching popular models, and now focusing on strategic integration and brand consolidation through the Taizhou Declaration [2][8] - **Vehicle Platforms**: Geely utilizes multiple vehicle platforms (BMA, CMA, SEA, GEA) to support diverse vehicle production, providing a flexible development foundation [2][10] - **Upcoming Technology Launch**: Geely plans to launch a super electric hybrid system by the end of Q3 2025, alongside the Zeekr 9X, which is expected to significantly enhance market performance [2][11] - **Valuation Analysis**: Despite shrinking profit margins in domestic fuel vehicles, Geely's overall market value has a potential upside of 50%, considering overseas profits, revenue from Galaxy and Zeekr, and investment returns [2][23] Additional Important Content - **Market Trends**: The overall market is expected to recover in the coming months, particularly in the new energy vehicle sector, supporting Geely's new vehicle cycle [2][7] - **Brand Integration**: The integration of brands like Geometry into Galaxy and the merger of Lynk & Co with Zeekr are part of Geely's strategy to optimize resource allocation and improve operational efficiency [2][12][16] - **Competitive Position**: Geely claims to possess comparable technology to BYD and emphasizes the importance of governance and technological iteration over individual model sales [2][17] - **Future Product Plans**: Geely plans to launch five new models this year, including the Starry 8 and Star越 7, to address gaps in fuel vehicle offerings [2][19] - **Lynk & Co's New Energy Strategy**: Lynk & Co has achieved over 60% penetration in the new energy sector and is set to release a hybrid version of a large sedan [2][21] - **Profitability Outlook**: In extreme scenarios, Geely's domestic fuel vehicle profits could drop to around 12 billion RMB, but overall market capitalization could reach 230 billion RMB, indicating significant upside potential [2][23]

Core Viewpoints - The segmented fields show differentiated growth: semiconductor materials grow at 50%, new energy materials at 52%, and biomedical materials at 87%, while traditional structural materials maintain a stable growth of 8-10% [2] - Emerging fields are rapidly rising: AI servers with high-frequency materials grow at 60%, new energy vehicles with MLCC at 100%, foldable screens with UTG glass at 30%, and hydrogen energy with a 60% localization rate for proton exchange membranes [2] - The industrial chain is changing: semiconductor materials are developed in a bundled manner with "wafer factories + material factories," while new energy materials involve a three-in-one integration of car manufacturers, battery factories, and material suppliers [2] Market Analysis - The Chinese innovative materials market has formed a diversified tiered structure, reaching a total scale of 6 trillion yuan in 2024, with a forecast to exceed 10 trillion yuan in 2025. The segmented fields show differentiated growth: semiconductor materials (50% growth), new energy materials (52%), and biomedical materials (87%) constitute three major growth poles, while traditional structural materials grow steadily at 8-10% [10][11] - The application field is being restructured, with traditional applications (aerospace, automotive manufacturing) dropping from 65% in 2019 to 48% in 2023, while emerging fields like AI servers (CCL usage growth of 60%), new energy vehicles (MLCC demand growth of 100%), and foldable screens (UTG glass demand growth of 30%) are rapidly rising [10] Competitive Landscape and Industrial Chain Evolution - The industry concentration is accelerating, showing a dual-track pattern of "national teams leading + private specialization." China National Building Material Group, as a representative of "national materials," has achieved breakthroughs in carbon fiber and silicon nitride ceramics, with R&D investment exceeding 10 billion yuan in 2023 [12] - The collaborative model in the industrial chain is innovating significantly. In the semiconductor materials field, a "wafer factory + material factory" bundled development model has formed, while new energy materials show a three-in-one R&D model involving car manufacturers, battery factories, and material suppliers [12] Future Market Space - The innovative materials market in China is expected to reach 10 trillion yuan by 2025 and exceed 30 trillion yuan by 2030, maintaining a CAGR of 18%. The growth engines come from deepening domestic substitution, technological iteration dividends, and the expansion of emerging applications [19] - Key areas to focus on include high-end photoresists, aerospace engine materials, solid-state batteries, high-temperature superconducting materials, perovskite photovoltaic materials, high-frequency materials, MLCC, UTG glass, silicon-carbon anodes, AI + new materials, and biodegradable materials [10][19] Policy Environment and Institutional Innovation - The national strategic layout provides strong support, with the Ministry of Industry and Information Technology clarifying key development directions for frontier materials, and local governments increasing support, such as Guangdong Province establishing a 10 billion yuan new materials industry fund [15] - The policy combination has shown significant effects, with the first application insurance compensation mechanism covering 80% of key materials, reducing R&D risks for enterprises by 30% [15] Technological Innovation and Industry Upgrade - The materials genome engineering is revolutionizing the R&D model, significantly shortening the development cycle of new materials [16] - Breakthroughs in production processes are reshaping cost curves, with significant reductions in unit costs and improvements in yield rates for various materials [16] Investment Strategy Recommendations - Focus on three major tracks: high-end semiconductor materials, new energy materials, and biomedical materials. Risk control should pay attention to technological route risks and the competitive landscape of leading enterprises [25][26] - The certainty of domestic substitution is high, with significant opportunities in solid-state electrolytes and superconducting materials [26]

Industry Background - The innovative materials sector is a cornerstone for China's manufacturing transformation, evolving from strategic support to a key pillar of national competitiveness. By 2024, the industry scale is projected to exceed 60 trillion yuan, maintaining a 20% annual growth rate, making it the fastest-growing new materials market globally [2] - The "14th Five-Year Plan" identifies innovative materials as a core area of strategic emerging industries, with the release of the "Guidance Directory for the First Batch of Key New Materials Application Demonstration (2024 Edition)" covering 299 new materials, providing clear guidance for industry development [2] - The industry is entering a quality upgrade phase, with the localization rate of semiconductor materials increasing from 15% in 2020 to 25% in 2024, while lithium iron phosphate cathode materials in the new energy sector have reached a 95% localization rate, supporting companies like CATL and BYD with over 60% global market share [2] Market Status Analysis - The Chinese innovative materials market has formed a diversified tiered structure, with an overall scale reaching 60 trillion yuan in 2024 and expected to surpass 100 trillion yuan by 2025. Key growth areas include semiconductor materials (50% growth), new energy materials (52%), and biomedical materials (87%), while traditional structural materials grow steadily at 8-10% [4] - The regional distribution shows the Yangtze River Delta (45% share in semiconductor materials), the Pearl River Delta (leading in new energy materials), and the Beijing-Tianjin-Hebei region (cluster advantage in biomedical materials) [4] Competitive Landscape and Industry Chain Evolution - The industry concentration is accelerating, characterized by a dual-track model of "national teams leading + specialized private enterprises." China National Building Material Group has made breakthroughs in carbon fiber and silicon nitride ceramics, with R&D investment exceeding 10 billion yuan in 2023 [7] - The semiconductor materials sector has developed a "wafer factory + material factory" collaborative development model, while new energy materials show a "vehicle manufacturers + battery factories + material suppliers" integrated R&D approach [7] Policy Environment and Institutional Innovation - National strategic layouts provide strong support, with the Ministry of Industry and Information Technology outlining key development directions for frontier materials, including superconductors and graphene [9] - The establishment of a standard system that aligns with international standards is accelerating, with China National Building Material Group participating in the formulation of 52 ISO international standards [9] Future Forecast Analysis - The Chinese innovative materials market is expected to experience structural growth, reaching 100 trillion yuan by 2025 and exceeding 300 trillion yuan by 2030, with a CAGR of 18%. Growth drivers include deepening domestic substitution, technological iteration benefits, and the expansion of emerging applications [14] - The future five years will focus on four major technological breakthroughs: extreme performance, intelligent upgrades, green manufacturing, and cross-border integration [15] Investment Strategy Recommendations - Key investment areas include semiconductor materials, new energy materials, and biomedical materials, with a focus on technological breakthroughs and capacity releases [20]

主办单位： 高工钠电、高工产业研究院（GGII） 总冠名： 众钠能源 会议时间： 6月9日 6月会议预告 2025高工钠电 产业峰会 会议地点： 苏州香格里拉大酒店（苏州虎丘区塔园路168号） 2025高工固态电池 技术与应用峰会 主办单位： 高工锂电、高工储能、高工产业研究院（GGII） 总冠名： 利元亨 会议时间： 6月10日 会议地点： 苏州香格里拉大酒店（苏州虎丘区塔园路168号） 一季度，在下游超预期的市场需求下，包括磷酸铁锂材料在内的价格出现小幅反弹。但随着近期碳 酸锂价格快速下跌，磷酸铁锂材料价格也受到波及。 根据市场数据，仅 4 月份，碳酸锂价格下跌幅度就接近 10% ，其中 4 月 7 日遭受特朗普关税 危机影响，对于碳酸锂、磷酸铁锂在内主要材料冲击明显。 不过从价格波动幅度来看， 4 月份以来的价格冲击主要影响更上游的锂盐材料，磷酸铁锂价格影 响幅度相对较小，其降幅基本在 5% 以内。 这也展示出了，经过一季度的价格调整，磷酸铁锂厂商挺价情绪仍在。部分磷酸铁锂厂商为改变增 收不增利的情况下也迫切希望保持稳定的材料价格。 归根结底，磷酸铁锂厂商在维持材料价格稳定，其主要维持加工费的稳定。近年 ...

Core Viewpoint - The introduction of the old-for-new national subsidy policy in 2024 is expected to stimulate a rebound in domestic home appliance consumption, particularly in the water purifier market, which is projected to experience significant growth due to increasing health and diverse consumer demands [1][3]. Market Overview - The water purifier market in China has shown a volatile yet overall high growth trend, with retail sales expected to reach 240 billion yuan in 2024, marking a year-on-year growth of 17.2% [2][3]. - In 2022, the retail sales of water purifiers were 185 billion yuan, a decline of 18.7% year-on-year, but the market rebounded in 2023 and 2024 with growth rates of 11% and 17.2%, respectively [2]. Consumer Demand and Market Penetration - The penetration rate of water purifiers in China is significantly lower than in developed countries, with only 23% compared to over 80% in the US, Europe, Japan, and South Korea [3]. - The demand for water purifiers is driven by a shift in consumer preferences towards health and safety, alongside technological advancements in product features [2][3]. Competitive Landscape - The water purifier market is becoming increasingly competitive, with leading brands like Angel and Qinyuan leveraging technology upgrades and B-end services to gain market share [3][4]. - Traditional home appliance manufacturers such as Haier and Midea are also entering the water purifier market, utilizing their existing advantages [3]. Commercial Water Purification Demand - There is a growing demand for commercial water purification solutions, particularly in the restaurant and public office sectors, which presents new growth opportunities for the industry [5][6]. - The commercial water purification market is evolving from hardware sales to a service-oriented model, integrating real-time monitoring and data analytics to enhance customer relationships [7]. Future Trends - The market is expected to focus on personalized drinking water needs, with a trend towards high-end, intelligent water purifiers [4]. - The shift towards a service model in the B-end market is anticipated to enhance user satisfaction and drive digital transformation in the office ecosystem [7].

Core Viewpoint - The mechanical industry experienced significant fluctuations in April due to factors such as reciprocal tariffs, with traditional engineering machinery and high-speed rail equipment performing well [1][3]. Investment Highlights - In April, the CITIC mechanical sector declined by 6.33%, underperforming the CSI 300 index, which fell by 2.58%, resulting in a 3.75 percentage point lag, ranking 28th among 30 CITIC primary industries [2]. - Only two sub-industries, semiconductor equipment and engineering machinery, recorded positive returns, with respective increases of 2.68% and 0.23%, while sectors like aerial work vehicles and service robots saw significant declines [2]. Industry Insights and Recommendations - The market's significant fluctuations in April were influenced by reciprocal tariffs, leading to a notable pullback in technology growth sectors, while engineering machinery, mining metallurgy machinery, oil and gas equipment, and high-speed rail equipment showed strong performance [3]. - The company recommends focusing on traditional engineering machinery with stable earnings and high dividend yields, specifically highlighting SANY Heavy Industry and XCMG, as well as high-speed rail equipment leaders like Siveco [3]. - The report also suggests attention to the wind and photovoltaic industries due to the 136 document's impact, recommending wind turbine bearing leader Xinqianglian [3].

欣旺达电子股份有限公司投资者关系活动记录表 编号：2025-002 | 投资者关系活动 | □特定对象调研 □分析师会议 | | --- | --- | | 类别 | □媒体采访 □业绩说明会 | | | □新闻发布会 □路演活动 | | | □现场参观 | | | ■其他 电话会议 | | 参与单位名称及 | 申万菱信、浙商证券、三峡资本、财通证券、浦银国际、国海证券、 | | 人员姓名 | 中泰证券、中信证券、太平洋证券、天风证券、东吴证券、花旗、开 | | | 源证券、西部证券、中金公司、瑞银、摩根大通、中银国际、民生证 | | | 券、易方达基金、泰康资管、大家资产、彬元资本等其他多家机构。 | | 时间 | 2025 年 4 月 28 日 | | 地点 | 公司会议室 | | 上市公司接待人 | 董事会秘书：曾玓 | | 员姓名 | 财务总监：刘杰 | | | 一、公司介绍 | | | 1、公司领导介绍公司 2025 年第一季度业绩的基本情况 | | | 答：公司 2025 年第一季度实现营业收入 122.89 亿元，同比增长 | | | 11.97%；归属于上市公司股东的净利润为3.86亿元，同比 ...

Core Insights - The display driver chip market is undergoing significant transformation due to intense capital movements, with China holding 76% of global display panel capacity and a localization rate of 34% for driver chips [1][2] - The industry is facing pressures from technological iterations, geopolitical factors, and a capital downturn, making mergers and acquisitions a necessity rather than an option [1][3] - The market is experiencing a bifurcation between high-end competition and price wars, leading to a decline in overall market prices and profits [1][3] Market Dynamics - The global driver chip industry has seen a "boom and bust" cycle, with a peak in 2021 due to chip shortages, followed by a decline in 2022-2023 due to weak consumer demand [1][2] - The demand for AI chips is expected to boost wafer foundry utilization rates, but display driver chip prices remain under pressure as the market shifts towards inventory competition [1][2] Technological Trends - OLED driver chips are advancing towards 22nm processes to meet the demands for lower power consumption and smaller sizes in high-end smartphones [2][4] - The integration of TDDI chips is increasing in the automotive and tablet markets, with low power consumption and high integration becoming key R&D focuses [6][7] Competitive Landscape - The gross margin for leading global driver chip companies has decreased from 50% in 2021 to 40% in 2023, while the average gross margin for Chinese companies is below 20% [3][4] - Price wars have reached critical levels, threatening the survival of many companies in the industry [3][4] Mergers and Acquisitions - The sale of MagnaChip's OLED driver business exemplifies the trend of technology exchange, as companies focus on core competencies amid declining market shares [8][9] - Taiwanese company ILI Technology's acquisition of MediaTek's TCON assets highlights a strategy of enhancing competitiveness through integration [9] - The anxiety in the industry is reflected in the struggles of Chinese companies to secure funding and navigate technological barriers, leading to a wave of mergers and acquisitions [9][10] Industry Evolution - The reshaping of the driver chip industry signifies a shift from "scale expansion" to "value reconstruction," where technological depth and ecosystem integration are crucial for survival [10][11] - Companies must not only focus on domestic substitution but also on building an irreplaceable ecological position in the technology race [10][11]

Investment Rating - The report suggests a positive investment outlook for the photovoltaic industry, emphasizing the transition from extensive expansion to technology-driven high-quality development [3][59]. Core Insights - The photovoltaic industry is undergoing a transformation driven by policy and technological innovation, with a focus on short-term opportunities related to the Q2 installation surge and long-term advancements in technologies such as BC and HJT [3][59]. - The report highlights the importance of leading silicon material companies that possess cost advantages and development potential, such as Tongwei Co. and GCL-Poly Energy [3][59]. - Specialized battery companies are expected to benefit from increased demand for batteries due to the growth of local photovoltaic manufacturing capacity overseas, with companies like Junda Co. being highlighted [3][59]. - New technologies, particularly BC and HJT, are identified as key areas for investment, with companies like Aiko Solar and Maiwei Co. expected to gain from these advancements [3][59]. Summary by Sections Current Status - The photovoltaic market is experiencing continuous growth driven by strong demand, with a projected domestic installation of 277.6 GW in 2024, maintaining its position as the global leader in cumulative installed capacity [8][30]. - The supply side is facing challenges, including a significant supply-demand imbalance expected to persist into 2024 [6][30]. Future Outlook - The report anticipates a new cycle of growth driven by anti-involution policies and technological innovation, with a focus on high-quality development [5][30]. - The global photovoltaic market is expected to maintain growth, with emerging markets in Latin America and the Middle East showing strong demand [13][30]. New Markets - The report emphasizes the high growth potential in overseas markets, particularly in the Middle East and Africa, where countries are increasingly investing in photovoltaic projects [51][53]. - India is projected to see significant growth in photovoltaic installations, with annual additions expected to reach 28-38 GW [55][56].

Core Viewpoint - The price of anode materials is expected to rebound further by 2025, driven by a recovery in processing fees for anode material companies, which will help restore their gross margins [1][5]. Price Trends - Recently, the prices of anode materials have been rising, with low-end and mid-range artificial graphite prices increasing by approximately 500 yuan per ton, while high-end artificial graphite has also seen a slight increase [2][3]. - Since Q4 2024, artificial graphite prices have maintained a continuous upward trend, with low-end prices rising over 5% and mid-range prices approaching a 10% increase [3]. - In contrast to other lithium battery materials like lithium carbonate and lithium iron phosphate, which have shown slight price declines since February, the price momentum for artificial graphite anodes is more pronounced [3]. Cost Structure - The significant price increases in raw materials such as petroleum coke and needle coke have contributed to the rising costs of artificial graphite anodes, with petroleum coke prices rising by 40% and needle coke by over 20% in February [3]. - These raw materials account for about 20% of the cost structure of artificial graphite anodes, indicating that to maintain profit levels, the selling price must increase by approximately 8% for a 40% rise in petroleum coke and at least 4% for a 20% rise in needle coke [3][4]. Market Dynamics - The sentiment among anode material companies to raise prices has been influenced by the need to recover profitability after significant price declines over the past two years [5]. - Despite some recovery in downstream demand, the impact of price-raising sentiment on artificial graphite anode prices is limited due to an oversupply in the graphite market and insufficient order increases compared to supply levels [6]. Future Outlook - Looking ahead, the potential for price increases in materials will be limited due to the industry's long-term demand for cost reduction and efficiency improvements [7]. - Companies will need to focus on technological advancements, transition to high-end products, and enhance supply chain collaboration to lower costs [7]. - There is also a need to explore emerging application fields and adapt products to seize new market opportunities [7].