Summary of the Conference Call on the Lubricant Additives Industry Industry Overview - The conference call discusses the lubricant additives industry in China, particularly in the context of the US-China trade tensions and the impact of tariffs and the pandemic on the market dynamics [1][2][3]. Key Points and Arguments Market Dynamics - Domestic lubricant blending plants are accelerating the localization of raw materials to reduce costs due to tariff and pandemic pressures [1]. - Tariff increases have significantly raised the costs of high-end lubricants that use imported additives, prompting blending plants to consider domestic alternatives [1][2]. - The Chinese lubricant additives market is substantial, with foreign brands holding a significant market share, but there is a clear trend towards domestic substitution [1][2][22]. Market Segmentation - The domestic lubricant blending plants are categorized into four main types: foreign-funded, state-owned, private, and emerging enterprises. Foreign brands account for approximately 17%-18% of the market, while state-owned brands hold about 30% [1][8]. - Major players like Sinopec and PetroChina have substantial annual demands for lubricant additives but remain highly dependent on four major suppliers [1][21]. Price Changes and Cost Pressures - The price of key additives like detergents has surged due to tariff impacts, with prices rising from approximately 17,000-18,000 RMB per ton to 27,000-28,000 RMB, reflecting a significant increase of 10,000 RMB per ton [2]. - Despite rising costs for single additives, the prices of domestic compound additives have not seen widespread increases due to their high profit margins [2][4]. Strategic Responses - Companies are focusing on enhancing supply chain management and optimizing procurement channels to cope with international supply chain uncertainties [4]. - The industry is witnessing a shift from producing single components to focusing on compound additives, with companies like Ruifeng New Materials successfully transitioning [2][3][4]. Regulatory and Certification Importance - API certification is crucial for lubricant companies, as it enhances product quality and market competitiveness, although it also incurs high costs [1][47]. Future Trends - The market is expected to see continued growth in domestic production capabilities, with companies like Ruifeng and Wuxi Southern leading the way in innovation and market share expansion [44][51]. - The ongoing trade tensions and tariff adjustments are likely to accelerate the domestic substitution process, particularly for state-owned enterprises [23][24]. Additional Important Insights - The lubricant additives market in China is estimated to have a capacity of around 800,000 to 900,000 tons, with foreign brands, especially the top four, holding about 65% of the market share [22]. - The impact of tariffs on the cost structure of lubricant products is significant, with potential increases in production costs leading to higher retail prices [30][32]. - The competitive landscape is evolving, with domestic companies increasingly challenging established foreign brands through cost-effective and high-quality products [44][45][57]. This summary encapsulates the critical insights and developments within the lubricant additives industry as discussed in the conference call, highlighting the challenges and strategic responses of key players in the market.

Summary of Conference Call Industry Overview - The conference call primarily discusses the chemical industry, focusing on the production and pricing of dual-agent and single-agent materials, particularly in the context of PCB (Printed Circuit Board) manufacturing and related applications. Key Points and Arguments Pricing Trends - The price of a specific material has increased from 32,000 yuan per ton to approximately 63,000 yuan per ton, effectively doubling since March 2025, indicating a significant upward trend in pricing [1] - The price of single-agent materials has also risen, with a notable increase of 43% from 11,000 yuan per ton in July 2024 to 11,475 yuan per ton currently [1] Production Costs and Margins - The production cost for single-agent materials is currently around 9,700 yuan per ton, yielding a gross profit of approximately 1,700 yuan per ton [1] - The production of dual-agent materials is subject to specific technical barriers, with production conditions such as reaction temperature and chemical ratios affecting yield and quality [2] Market Dynamics - The increase in dual-agent pricing is attributed to supply-side constraints, including potential production halts from certain manufacturers and overall market demand stability [3][10] - The dual-agent market is characterized by high-value applications, including light-curing materials and electronic chemicals, which are expected to drive future demand [4] Production Capacity - Various manufacturers are mentioned, including Chifeng Ruiyang with a capacity of nearly 40,000 tons and Yun Tianhua with a capacity of 10,000 tons, indicating a competitive landscape with varying production capabilities [5][6] - The overall production capacity for single-agent materials in China is estimated at around 300,000 tons, with actual production levels around 240,000 to 250,000 tons [7] Export and Domestic Consumption - Approximately 2,000 tons of dual-agent materials are exported annually, primarily to Japan and Taiwan, highlighting the international demand for these products [9] - The domestic PCB market is experiencing growth, with expectations of increased production and consumption of dual-agent materials [21] Future Outlook - The market is projected to grow at a rate of about 10% annually, driven by the increasing demand for high-end PCB applications and the ongoing trend of domestic production replacing imports [20][22] - The potential for new entrants in the market is limited due to high technical barriers and the established dominance of existing players, particularly in high-end PCB manufacturing [26][27] Challenges and Risks - Environmental regulations and seasonal production constraints, particularly in northern China during winter, pose risks to supply stability [10][11] - The market is sensitive to price fluctuations, and significant increases could lead to customers seeking alternative materials if prices rise excessively [18] Additional Important Content - The discussion highlights the importance of technical expertise in producing dual-agent materials, with not all manufacturers capable of producing both single and dual agents effectively [8] - The call emphasizes the need for ongoing monitoring of market conditions and production capabilities to navigate potential supply chain disruptions and pricing volatility [30]

证券代码：838971 证券简称：天马新材 公告编号：2025-054 河南天马新材料股份有限公司 投资者关系活动记录表 本公司及董事会全体成员保证公告内容的真实、准确和完整，没有虚假记载、 误导性陈述或者重大遗漏，并对其内容的真实性、准确性和完整性承担个别及连 带法律责任。 一、 投资者关系活动类别 □特定对象调研 √业绩说明会 □媒体采访 □现场参观 □新闻发布会 □分析师会议 □路演活动 □其他 二、 投资者关系活动情况 活动时间：2025 年 4 月 11 日 15:00-16:30 活动地点：河南天马新材料股份有限公司（以下简称"公司"）在上海证券报 官网中国证券网（https://roadshow.cnstock.com）举办 2024 年年度报告网络业绩 说明会。 参会单位及人员：通过网络方式参与公司 2024 年年度报告业绩说明会的投 资者。 上市公司接待人员：公司董事长、总经理：马淑云女士；公司董事会秘书： 胡晓晔女士；公司财务负责人：茹红丽女士；中国国际金融股份有限公司保荐代 表人：杨曦先生。 1 三、 投资者关系活动主要内容 本次业绩说明会公司就投资者普遍关注的问题进行了沟通与交流，主要 ...

导读： 四方仪器携多款产品亮相北京环保展，仪器信息网采访了四方仪器副总经理石平静，针对当前污染源监测、高端仪器国产化等话题展开讨论。 特别提示 微信公众号机制调整，请点击顶部"仪器信息网" → 右上方"…" → 设为 ★ 星标，否则很可能无法看到我们的推送。 仪器信息网讯 2 0 2 5年4月1 0日- 1 2日，四方光电（武汉）仪器有限公司（简称"四方仪器"）携众多重磅产品亮相第二十三届中国国际环保展览 会（CIEPEC 2 0 2 5），四方仪器（展位号8B2 0 7）已连续1 0年参加中国国际环保展览会，此次参展，为大家带来了涵盖"温室气体监测、固定 源气体排放监测、移动源排放检测、工业过程气体监测、环境监测气体传感器应用"五大领域的产品及综合解决方案。同时，在展会中，仪器信 息网也采访了四方仪器副总经理石平静，针对当前污染源监测、高端仪器国产化等话题展开讨论。 展会现场 L R G A - 3 1 0 0激光拉曼光谱分 析仪 在移动源排放检测领域，四方仪器也展出了一系列配套产品和解决方案。据了解，"十四五"以来，我国大气污染防治形势发生了深刻变化，移 动源的影响日益凸显，移动源排放的氮氧化物和挥发性有 ...

2024年，中国液压行业在政策支持与市场需求的双重驱动下保持稳健增长。与此同时，国产化替代趋势 显著，具备核心产品优势的公司加速全球化布局，逐步走向世界。记者了解到，力克川凭借产品优秀的 竞争力饱受海内外客户一直好评。 2024年力克川加大市场开拓力度，积极开拓境内外市场，尤其是在 境外市场，公司实现营收4628.86万元，同比增长达到80.13%，海外市场的市占率得到明显提升，其全 球化战略布局的优势正逐步显现。 技术创新打造产品优势，持续加大研发投入实现高质量发展 作为企业未来发展的核心竞争力，产品技术研发是判定企业发展前景的决定性因素。作为高新技术企业 和国内液压驱动装置的专业制造商，力克川通过持续攻关重难点及关键"卡脖子"技术，实现液压行业多 项核心技术及产品的自主创新，成为国内早期研发液压行走装置的企业之一，也是唯一自主设计液压马 达智能柔性线的企业。 根据公告显示，力克川高度重视创新研发，截至目前，已拥有106项专利，其中发明专利18项，2024年 公司实现研发费用1204.85万元，同比增长28.07%。随着研发的持续投入、技术的突破与产品性能的提 升，力克川液压的产品不但逐步实现了国产替代进口 ...

Investment Rating - The report maintains a positive outlook on the domestic consumption electronics industry chain, suggesting a focus on companies related to this sector due to the resilience expected under the "reciprocal tariffs" policy [3]. Core Viewpoints - The report highlights that electronic products are a major category in China's exports to the US, with a total export scale of USD 125.8 billion in 2024, accounting for 24% of total exports to the US [3]. - It emphasizes the acceleration of domestic substitution due to increased tariffs, with a recommendation to focus on domestic companies in sectors significantly impacted by import tariffs, such as analog chips, CPUs, and semiconductor equipment [3]. - The report notes that the import tariff rate on all goods from the US has risen to 125%, enhancing the cost advantage of domestic products [3]. Summary by Sections Market Weekly Review - The TMT sector experienced declines across major industries, with electronics down 3.89%, computers down 5.79%, media down 6.78%, and communications down 7.67%, underperforming the CSI 300 index which fell 2.87% [3]. - The top-performing sub-industries included analog chip design (up 6.04%) and semiconductor equipment (up 2.23%), while the worst performers were communication network equipment and devices (down 11.74%) and printed circuit boards (down 10.16%) [3]. Industry News and Key Company Announcements - Significant events in the industry include the Siemens Data Center Ecosystem Conference and the 13th China Electronic Information Expo [16]. - The report mentions that global AI IT investment is projected to reach USD 315.8 billion in 2024, with a compound annual growth rate (CAGR) of 32.9% expected until 2028 [26]. - It also notes that the global generative AI market is anticipated to grow at a CAGR of 63.8%, reaching USD 284.2 billion by 2028, representing 35% of the total AI market investment [26].

Group 1: Financial Performance - The company's Q4 revenue significantly increased compared to Q3, primarily due to the recognition of revenue from membrane separation engineering projects concentrated in Q4 [1] Group 2: Production and Operations - The company has its headquarters and production base in Guiyang, with a marketing center in Beijing responsible for overseas markets and northern region distributor management [1] - The company has reserved expansion space in its existing production base and is capable of quickly initiating new production line construction based on market demand [6] Group 3: Product Applications - The company's membrane products are widely used in various industries, including food and beverage, medical pharmaceuticals, municipal water treatment, industrial high-purity water, boiler make-up water, seawater desalination, ultra-pure water for electronics, wastewater treatment and reuse, high-salinity wastewater zero discharge, material concentration and purification, and new energy [2] - The company has achieved significant technological advantages in the industrial high-purity water preparation and material concentration and purification sectors, with its products being at the domestic leading and internationally advanced levels [3] - In the semiconductor ultra-pure water sector, the company is in the early stages of domestic material substitution and is actively collaborating with application enterprises to accelerate the localization process [4] Group 4: Supply Chain and Raw Materials - The company is actively promoting the localization of raw materials and implementing a diversified procurement strategy, maintaining normal cooperation with existing imported material suppliers and establishing a complete emergency plan to ensure supply chain security [5] Group 5: Trade Policies - The company continuously monitors changes in international trade policies and actively implements national trade policies, with the impact of tariff countermeasures depending on various factors, such as duration [7]

Investment Rating - The report maintains a "Buy" rating for the company [3][8]. Core Views - The company is expected to achieve a revenue of 750 million (up 10.54%) in 2024, but the net profit attributable to the parent company is projected to decline to 21 million (down 63.68%) [3]. - The decline in profit is primarily due to a decrease in domestic procurement totals and increased expenses related to clinical promotion, marketing channel expansion, and R&D projects [3]. - The international business is leading growth, with overseas revenue expected to reach 161 million (up 42.70%) [3]. - The company has adjusted its profit forecasts for 2025-2027, expecting net profits of 84 million, 131 million, and 200 million respectively [3]. Financial Summary - Revenue for 2024 is projected at 750 million, with a year-over-year growth of 10.5% [6]. - The gross margin is expected to be 68.1%, down from 73.8% in 2023 [6]. - The net profit margin is projected to be 2.8% in 2024, significantly lower than 8.5% in 2023 [6]. - The company anticipates a recovery in bidding in 2025, which could lead to increased domestic market volume and sustained high growth in international business [3][6]. Product and Market Development - The company is accelerating the installation of its AQ300-4K ultra-high-definition systems in tertiary hospitals, with significant sales growth in high-end products [4]. - New product launches include various advanced endoscopic systems, enhancing the company's product line and market share in the flexible endoscope industry [4][5]. - The company is actively developing 3D flexible endoscopes and AI diagnostic technologies, which are expected to enhance safety, reliability, and convenience in future products [5].

Investment Rating - The report indicates a positive investment outlook for the ultrasonic fingerprint recognition industry in China, highlighting significant growth potential and opportunities for domestic manufacturers [5][8]. Core Insights - The ultrasonic fingerprint recognition technology has a promising market outlook, driven by increasing consumer demand for secure and convenient biometric solutions in smartphones and other electronic devices [5][6]. - The market for ultrasonic fingerprint recognition is still considered a blue ocean, with major players like Qualcomm and Goodix holding over 90% market share, indicating ample room for growth and competition [7][8]. - The industry is expected to experience substantial growth, with the market size projected to increase from 3.57 billion yuan in 2025 to 14.53 billion yuan by 2030, reflecting a compound annual growth rate (CAGR) of 32.41% [8][37]. Summary by Sections Industry Overview - The report provides a comprehensive overview of the ultrasonic fingerprint recognition industry in China, detailing the supply chain and market size development [2][5]. Market Dynamics - The demand for high-quality biometric solutions is rising, with ultrasonic fingerprint recognition poised to become a leading technology following optical fingerprint recognition [5][6]. - The core component of ultrasonic fingerprint recognition modules is the ultrasonic sensor, which plays a crucial role in identity verification by analyzing three-dimensional images of fingerprints [6][14]. Competitive Landscape - The current market is dominated by Qualcomm and Goodix, which together account for over 90% of the market share, indicating a concentrated competitive environment [7][8]. - The report notes that the domestic production of ultrasonic sensors is accelerating, which will support the development of downstream module packaging manufacturers [12][19]. Market Growth Projections - The ultrasonic fingerprint recognition module market is expected to grow significantly, driven by the acceleration of domestic production processes and decreasing costs, which will expand market applications [8][37]. - The market size is projected to grow from 3.57 billion yuan in 2025 to 14.53 billion yuan by 2030, with a CAGR of 32.41% [37][38]. Application Trends - Smartphones are identified as the primary application area for ultrasonic fingerprint recognition modules, with a notable trend towards higher screen-to-body ratios in devices, creating opportunities for this technology [29][30]. - The penetration of ultrasonic fingerprint recognition technology is gradually moving from high-end to mid-range smartphones, indicating a broadening market reach [35].

Investment Rating - The report maintains a "Buy-A" rating for the company [1] Core Views - The company is a leader in domestic CPU and DCU markets, benefiting from significant technological and ecological advantages, particularly through its partnership with AMD [3][4] - The domestic CPU market is projected to reach a scale of hundreds of billions, with substantial room for domestic replacement as the government increases support for domestic innovation [4][30] - The company is expected to see rapid growth in net profit from 2025 to 2027, with projected figures of 2.945 billion, 4.228 billion, and 5.647 billion respectively, reflecting year-on-year growth rates of 52.5%, 43.6%, and 33.6% [6][8] Summary by Sections Company Overview - Established in 2014, the company has developed into a leading player in the CPU and DCU sectors by leveraging AMD's technology and its own R&D capabilities [15][19] - The management team has significant experience from major tech firms, enhancing the company's strategic direction and innovation capabilities [19][21] CPU Market Analysis - The company’s CPU products, based on AMD's Zen1 architecture, have consistently outperformed competitors in terms of performance and ecosystem compatibility, particularly in the x86 architecture [42][44] - The domestic CPU market is estimated to be worth over 100 billion, with a growing trend towards domestic products due to increasing government support for local innovation [4][30] DCU Market Analysis - The company’s DCU products are positioned to benefit from the rising demand for AI computing power, with the upcoming deep computing product expected to significantly enhance performance [5][6] - The DCU architecture is highly compatible with existing CUDA ecosystems, facilitating easier integration with international AI frameworks [5][6] Financial Projections and Valuation - The company’s revenue is projected to grow from 6.012 billion in 2023 to 23.546 billion by 2027, with a compound annual growth rate of 89.1% over the past six years [8][22] - The gross margin is expected to improve steadily, reflecting the benefits of scale and product innovation, with a forecasted gross margin of 64.3% by 2027 [8][24]