ECC(SH:600850)2025-08-18 15:10Summary of Conference Call Notes Company and Industry Overview - The conference call primarily discusses 博汇电子 (Bohui Electronics) and its advancements in the digital application and high-end electronic equipment sectors, particularly focusing on AI technology and digital transformation initiatives [2][4][8]. Key Points and Arguments 1. AI Engineering and Digital Platforms: - The company is developing an intelligent system comprising three platforms: 智一计算平台 (Zhi Yi Computing Platform), 智艺智书平台 (Zhi Yi Smart Book Platform), and 智艺元系平台 (Zhi Yi Meta System), expected to generate revenue by the first half of 2025 [2][4]. 2. Order Growth: - In the first half of 2025, the company secured new orders worth 4.2 billion yuan, marking a 57% year-on-year increase, driven by a recovery in the traditional electrical equipment industry and accelerated project deliveries, particularly in the semiconductor manufacturing sector [2][9]. 3. Specialized Electronic Equipment: - The company has completed several projects in specialized electronic equipment, including embedded computing for new aircraft, ships, and submarines, and has won a bid for a large database customization project, indicating potential for more orders [2][10]. 4. Semiconductor Manufacturing Expansion: - Focused on high-end equipment control modules, the company has expanded into motion control applications, resulting in significant contract order growth in the semiconductor manufacturing sector [2][11]. 5. AI Product Development: - The company is optimistic about AI products, including intelligent systems and edge computing products, which are expected to see high growth rates. AI solutions are anticipated to improve gross margins compared to traditional business lines [5][17][20]. 6. Data Governance Tools: - Emphasis on data governance tools such as data engines, IoT platforms, and digital twin engines, which are being widely applied across various industry projects [6][7]. 7. Industry Collaboration: - The company collaborates with major partners like 华为 (Huawei) and 海光 (Haiguang) to develop generative AI integrated machines and participates in national and provincial industrial collaboration projects [5][6][7]. 8. Market Outlook: - The company maintains a positive outlook for the second half of 2025, particularly in sectors like finance, manufacturing, and transportation, driven by investments in AI technology and digital transformation [14][15]. 9. International Market Performance: - The overseas market, particularly in Hong Kong, experienced a 20% decline in the first half of the year due to project delays, but the company remains optimistic about future performance [21][22]. 10. Future Orders and Market Expansion: - In the semiconductor and commercial aerospace sectors, the company expects to exceed last year's total order volume, with significant progress in low-altitude economy and rail transit sectors [23]. Additional Important Insights - The company has completed a full transition to domestic product design and manufacturing since 2018, which has led to high initial costs but is expected to reduce operational costs as production scales up [13]. - The integration of AI capabilities into traditional business models is seen as a key driver for future growth, with a focus on enhancing customer solutions and operational efficiency [20]. This summary encapsulates the critical insights from the conference call, highlighting the company's strategic direction, market performance, and future growth potential in the digital and electronic sectors.