SIASUN(SZ:300024)2024-06-24 00:01Financial Data and Key Metrics Changes - The relative valuation percentile for high dividend stocks is currently at 87.6% (PE perspective) and 76.6% (PB perspective), indicating that while there is still room before reaching "very expensive" levels, it is approaching extremes [9][20] - Year-to-date, both A-shares and Hong Kong stocks with high dividend yields have outperformed indices, reflecting a shift in market dynamics [7][12] Business Line Data and Key Metrics Changes - The simulated chip sector, including companies like 圣邦股份 and 纳芯微, has reached an inventory turning point, with revenue and year-on-year growth rates showing signs of recovery since Q1 2023 [6] - The motorcycle market, particularly for 250cc+ models, saw sales of 77,000 units in May 2024, a year-on-year increase of 57.9%, indicating strong demand in this segment [6] Market Data and Key Metrics Changes - The demand for AI-related power supply systems is expected to reach a market size of 1 billion euros in the coming years, driven by the increasing power requirements of AI servers [6] - The overseas market for all-terrain vehicles is anticipated to improve as inventory depletion comes to an end, with a significant portion of high-value U/Z series products still having room for growth [6] Company Strategy and Development Direction - The focus on high dividend stocks is expected to remain strong, with the potential for continued outperformance in the face of economic uncertainties [19] - Companies are advised to pay attention to the domestic production of critical components such as sensors and electronic skin, which are seen as key growth areas [16] Management Comments on Operating Environment and Future Outlook - The management highlighted that the current economic uncertainties in China are higher than in the past, but the probability of high dividend stocks outperforming in the long term remains relatively high [19] - The management also noted that the high dividend yield strategy has been significantly driven by a convergence of risk preferences in the market [18] Other Important Information - The "夸父" humanoid robot showcased at HDC2024 demonstrates advanced capabilities, including multi-modal task planning and adaptability to various environments, indicating a significant leap in domestic intelligent robotics [20] - The market is witnessing a shift in focus towards high dividend assets as economic conditions evolve, with expectations of sustained demand for these assets [12][19] Q&A Session Summary Question: What are the prospects for high dividend stocks in the current market? - The core reason for the significant outperformance of high dividend stocks over the past two and a half years has been the convergence of risk preferences [18] - Despite the current economic uncertainties, the long-term outlook for high dividend stocks remains positive, with a higher probability of continued outperformance [19]