谢尔曼 长江证券电子分析师: 好的，各位投资人，大家下午好。也是祝大家这个新的一年开工大吉。我是长江长江证券 电子研究小组的研究员谢尔曼。然后今天的话是我们这个第一场开门红的线上电话会议。 我们也是邀请到了这个 TCL 科技的 AR 总监王总来跟大家这个交流公司的，包括行业的一 些。近况，因为最近的话，包括节前我们看到涨价的这个方向，市场这关注度是非常高的 然后股价表现也都不错。之前的话，我们这个也是联合其他行业写了一个这个涨价的报告 像电子这边，相关的方向，包括存储、不同板、面板还有元器件，其实我们觉得往后看的 话，机会都还是比较好的。 所以说这个涨价的方向的话，这个今天很荣幸的邀请到了这个王总过来跟，是大家去交流 一下这个对于后后续的一个展望。那我们还是首先把这个时间交给王总这边吧。请王总这 边，然后简单跟各位投资人介绍一下公司的一个近况，然后我们再进入一个 QA 环节。 TCL 科技 AR 总监王总: 好，谢谢长江电子团队，还有谢谢谢总帮忙组织这样一个会议。然后也感谢各位投资人宝 贵的时间，然后今年确实是一个开门红，一个比较好的一个日子。然后整个 LCD 这一块 的话，其实整个价格今年来看，我认为还是非 ...

重庆市笔电、手机、摩托车、汽车出口量分别位居全国第一、第二、第三、第五位，"新三样"产品出口 增速高达73.5%，高新技术产品进出口同比增长11.6%……翻开重庆2025年制造业答卷，亮眼的成绩正 是重庆聚力"33618"现代制造业集群体系建设，推动"重庆制造"外向型发展破浪前行的生动写照。 "这不仅是贸易数字的增长，更是制造业产业能级、合作模式与全球角色的系统性升级。"重庆市经济和 信息化委员会党组成员、副主任罗莉表示，一个更具韧性、更富活力、更可持续的内陆开放新范式，正 引领"重庆制造"从山城走向世界。 夯基础：向"新"而行，锻造制造强市硬核竞争力 重庆紧扣"33618"现代制造业集群体系建设，推动产业体系整体向高端化、智能化、绿色化攀升，为"重 庆制造"出海积蓄底气与实力。 当前，"重庆制造"正加快从产品输出向体系输出转型升级。在主导产业领域，智能网联新能源汽车就是 率先突破的典型代表。在实现产能5年30倍增长的同时，长安汽车罗勇工厂投产，赛力斯印尼工厂年产 能提至10万辆，"渝车出海"进入本地化生产的新阶段。产业链核心技术亦获得国际认可，千里科技智能 驾驶系统成功引入奔驰作为战略投资者，中国汽研智能汽 ...

Core Viewpoint - The company expresses strong disappointment and dissatisfaction with the recent ruling by the Dutch Enterprise Court regarding the case of Nexperia, which did not revoke previous erroneous decisions and failed to restore the company's legitimate control as a shareholder of Nexperia [1][2] Group 1: Court Ruling and Its Implications - The Enterprise Court has maintained temporary measures against the company and an individual, which are causing irreversible damage to a previously successful global semiconductor leader, affecting over 10,000 employees and more than 25,000 customers [2] - The court's decision to initiate an investigation while simultaneously upholding these temporary measures is seen as contradictory and illogical, as it allows the current management to continue detrimental actions against the company [2] Group 2: Company's Stance on Investigation - The company welcomes a fair and transparent investigation, believing that the truth will ultimately support its position that all actions taken were legal, compliant, and in the best interest of all stakeholders [3] - The court has expanded the investigation to include the current temporary management of Nexperia, confirming several claims made by the company regarding the dispute [3] Group 3: Future Actions and Business Overview - The company will continue to pursue all legal avenues to restore its full legitimate control and governance over Nexperia, viewing this as the only correct path to stabilize the semiconductor industry [4] - The company operates two main business segments: semiconductor and product integration, providing semiconductor power devices, analog chips, and manufacturing services for various end products [4]

Core Viewpoint - The company expresses strong disappointment and dissatisfaction with the recent ruling by the Dutch Enterprise Court regarding the case of Nexperia, which did not revoke previous temporary measures against the company and did not restore its legitimate control rights as a shareholder of Nexperia [1][2]. Group 1: Court Ruling and Its Implications - The Enterprise Court has maintained erroneous temporary measures since October 2025, which are causing irreversible damage to a previously successful global semiconductor leader, affecting over 10,000 employees and more than 25,000 customers [2]. - The court's decision to initiate an investigation while simultaneously upholding these temporary measures is seen as contradictory and illogical, as it allows the current management to continue actions that harm the company's operations and global supply chain stability [2]. Group 2: Company's Stance on Investigation - The company welcomes a fair and transparent investigation, believing that any objective and professional inquiry will confirm that its actions regarding Nexperia have been legal, compliant, and in the best interests of all stakeholders [3]. - The court has expanded the investigation to include the current temporary management of Nexperia, acknowledging several claims made by the company regarding the dispute [3]. Group 3: Future Actions and Business Overview - The company will continue to pursue all legal avenues to restore its full legitimate control and governance rights over Nexperia, viewing this as the only correct path to stabilize the semiconductor industry and protect stakeholder interests [4]. - The company operates two main business segments: semiconductor and product integration, providing semiconductor power devices, analog chips, wafer manufacturing, and packaging testing, as well as R&D and manufacturing services for various end products [4].

Core Viewpoint - The company has established partnerships with four out of the six largest laptop brands globally and anticipates shipping approximately 18 million units in 2025, with expectations to exceed 21 million units in 2026, despite industry pressures from rising storage chip prices [1] Group 1: Company Performance - The company is expected to achieve over 20% year-on-year growth in its PC business by 2026 [1] - The company's competitive advantages in the laptop industry include quality and product innovation accumulated from its mobile phone segment, faster R&D cycles, and efficient operational capabilities [1] Group 2: Market Position - The company aims to further enhance its market share and industry position in the global laptop ODM sector [1]

Group 1 - Multiple heavyweight stocks experienced significant sell orders at the close, with Zijin Mining's sell order amount exceeding 4 billion yuan [1] - The head of broad-based ETFs has seen a continuous reduction in shares, with the average share reduction of 27.24% for six large-scale ETFs over the past seven trading days [1] - The CSI 1000 ETFs have seen a dramatic decline, with an average share reduction of 47.9% over the same period, and two products experiencing a drop of over 50% [1] Group 2 - The Dalian Commodity Exchange announced the listing parameters for soybean meal and corn options, set to begin trading on February 2 [2] - The international gold price has reached a new high, with spot gold surpassing 5,100 USD per ounce, leading to a rise in gold jewelry prices in Shenzhen [3] - The global laptop shipment is expected to decrease by 14.8% in Q1 2026 due to rising prices of CPUs and memory [4] Group 3 - The global production of lithium iron phosphate is projected to reach 70,000 tons by 2026, up from 28,500 tons in 2025, driven by demand in electric vehicles and consumer electronics [4] - SoftBank has terminated negotiations to acquire data center operator Switch, impacting its AI infrastructure ambitions [5] - Porsche plans to reduce its dealer network by 30% this year, with no current plans for local production in China [5] Group 4 - Hunan Gold plans to integrate gold mines, expecting to add approximately 4 tons of gold reserves upon reaching production capacity [7] - The stock of *ST Tianshan may face delisting due to projected losses of 16 million to 23 million yuan for 2025 [9] - Jiangzhong Pharmaceutical will change its stock name to "China Resources Jiangzhong" to enhance brand recognition [10] Group 5 - Changyuan Donggu received a notice of being selected as a supplier for a well-known domestic passenger car project, with an estimated sales amount of 2.2 billion to 3 billion yuan [11] - Shankai Intelligent won a project for developing a smart water service platform, with a bid amount of 12.11 million yuan [12] - Several companies, including Koli Yuan and Shenling Environment, forecast significant profit increases for 2025, with expected growth rates ranging from 49.69% to 420% [13][14][15][17][19]

Core Insights - Global laptop brands are expected to face significant pressure from rising memory prices starting in the second half of 2025, followed by a CPU supply shortage and price increases in early 2026, leading to a projected 14.8% quarter-over-quarter decline in global laptop shipments in Q1 2026 [1][3] Component Price Increases - The average BOM cost contribution of key components is as follows: - DRAM and SSD: 10-25%, with expected price increases of at least 80% for NB DRAM and 70% for NB SSD in Q1 2026 [2] - CPU: 15-30%, with ongoing negotiations for price increases [2] - Discrete GPU: 0-25%, with ongoing negotiations for price increases [2] - Battery: 5-10%, with ongoing negotiations for price increases [2] - PCB: 3-5%, with ongoing negotiations for price increases [2] Structural Cost Increases - PCB costs are rising due to increased design complexity and soaring copper prices, becoming a structural trend as motherboard layers increase with higher-end laptop specifications [3] - The cost of batteries is also increasing due to rising lithium battery material prices and higher power demands from CPUs and NPUs, which in turn raises the need for power management ICs [3] - New specifications like Wi-Fi 7 and USB 4 are contributing to higher costs for related chips and connectors, adding pressure on low-margin laptop brands [3] Shipment Forecasts - Despite supply risks, brands maintain an optimistic outlook for Q1 2026 shipments; however, it is anticipated that they may struggle to secure all necessary materials on time, leading to a projected 14.8% decline in global laptop shipments [3] - For the full year of 2026, shipment forecasts have been revised from a previously expected decline of 5.4% to a decline of 9.4% due to supply chain bottlenecks and unclear brand strategies [6] - The laptop market faces short-term uncertainty due to high memory prices and unstable CPU supply, with future adjustments in costs, inventory, product strategies, and consumer demand responses to price increases being critical for market conditions in the second half of 2026 [6]

Core Viewpoint - Huqin Technology expects significant growth in revenue and net profit for the fiscal year 2025, driven by advancements in artificial intelligence and a robust product strategy [1][4]. Group 1: Financial Performance - The company anticipates revenue between 170 billion to 171.5 billion yuan, representing a year-on-year increase of 54.7% to 56.1% [1]. - Net profit is projected to be between 4 billion to 4.05 billion yuan, with a growth rate of 36.7% to 38.4% compared to the previous year [1]. Group 2: Strategic Initiatives - The company is leveraging its "3+N+3" smart product platform strategy and global industrial layout to enhance service capabilities across various sectors, including mobile terminals, personal computers, data centers, and automotive electronics [4][7]. - A recent issuance of 800 million yuan in technology innovation bonds, with a subscription multiple of 2.71, aims to optimize the company's financing structure [4]. Group 3: Business Development - The company maintains a competitive edge in both emerging and traditional sectors, with a focus on long-term strategic investments [5]. - The PC business is expected to exceed 30% revenue growth in the first three quarters of 2025, with total revenue projected to surpass 30 billion yuan [5]. - The data center business is performing exceptionally well, with revenue expected to double, reaching over 40 billion yuan for the year [7]. Group 4: Market Position and Challenges - The company has established itself as a leading ODM manufacturer in the smartphone sector, with a projected shipment increase of over 20% in the laptop business [6]. - A unique procurement model helps the company mitigate risks associated with rising storage chip prices, ensuring stable gross margins [6].

Core Viewpoint - The launch of the Chongqing-Budapest all-cargo flight route marks a significant step in enhancing international logistics and trade connections between China and Europe, particularly benefiting local industries in Chongqing and Budapest [1][2][3] Group 1: Route Details - The Chongqing-Budapest all-cargo route is the third international and regional all-cargo route established by China Cargo Airlines in Chongqing, with a cargo capacity of 86 tons and a planned operation of three flights per week [1][2] - Budapest, as the first Central and Eastern European country to sign a government cooperation document under the Belt and Road Initiative with China, serves as a key logistics hub in Europe due to its strategic location [2] Group 2: Economic Impact - The new route is expected to enhance trade relations between Chongqing and Hungary, significantly improving the supply chain response time for Chongqing's key products such as new energy vehicle parts and laptops [3] - The establishment of this route will also support Budapest in enhancing its logistics distribution capabilities within Europe, facilitating deeper integration of the China-Europe industrial chain [3] Group 3: Future Developments - Chongqing Jiangbei Airport aims to continue expanding its international cargo flight network, targeting high-quality development as an international aviation logistics hub, with a focus on connecting Southeast Asia and Europe and North America [3] - Currently, Chongqing Jiangbei Airport operates 23 international (regional) cargo routes with a weekly flight volume of 77, gradually building a comprehensive international logistics corridor [3]

Core Viewpoint - The dispute between Wentech Technology and Luxshare Precision regarding the transfer of the Indian business asset package has escalated, with Luxshare refusing to pay the remaining transaction price of approximately 160 million yuan and demanding the return of previously paid amounts [1][3]. Group 1: Dispute Details - Wentech Technology announced that the transfer of the Indian business asset package has been completed, with only the land ownership transfer pending cooperation from the transaction partner [1]. - Luxshare Precision has requested arbitration to terminate the "Indian Asset Agreement" and to be exempted from its obligations under the agreement, while also demanding the return of approximately 1.977 billion Indian Rupees already paid [3]. - Wentech Technology is actively pursuing legal action to compel Luxshare to fulfill the contract and pay the remaining transaction price, citing that Luxshare's claims lack factual and legal basis [3]. Group 2: Financial Context - Wentech Technology has reported multiple instances of unpaid amounts related to the Indian asset transaction, including a remaining equity payment of 70 million yuan and a transaction tail payment of 160 million yuan [4]. - The company's main business, which included product integration and semiconductor operations, has faced significant challenges, leading to a strategic exit from the product integration business due to years of losses and being placed on the U.S. Entity List [4]. - The revenue from Wentech's product integration business has drastically declined from 15.73 billion yuan in Q3 2024 to 110 million yuan in Q3 2025, with net profit primarily derived from major asset sales [5]. Group 3: Semiconductor Business Challenges - Wentech's semiconductor assets, primarily acquired at a cost exceeding 30 billion yuan, are under threat due to a freeze on assets imposed by Dutch authorities, limiting the company's control over its semiconductor operations [5][6]. - The Dutch court has implemented emergency measures affecting the management of the semiconductor subsidiary, including suspending key executives and halting operations in China [6]. - Wentech has indicated that if control over the semiconductor assets is not restored by the end of 2025, the company may face risks related to revenue, profit, and cash flow [6].