风口研报.公司海外收入占比翻倍增至40%，手握15亿现金资产接近一半市值，这家次新“冷门”标的募投项目为5年高增长垫定产能基础;另有一家商用车联网出海领军，公司前装跟随国内车厂出海迎来收获期

Summary of Conference Call Records Company and Industry Overview - Companies Discussed: 博盈特焊 (Boyin Tehan) and 锐明技术 (Ruiming Technology) - Industries: Industrial equipment, vehicle monitoring systems, and emerging technologies (AI, V2X, 5G) Key Points and Arguments Boyin Tehan (博盈特焊) 1. Revenue Growth and Financial Position: - Company has a cash asset of 1.48 billion CNY, representing nearly half of its market value of 3.2 billion CNY, with a net profit of 131 million CNY in 2023, leading to a static PE ratio of 13 times [1][2] - Expected net profits for 2024-2026 are projected at 157 million CNY, 204 million CNY, and 286 million CNY, with growth rates of 19.75%, 30.10%, and 40.05% respectively [1][2] 2. International Revenue Growth: - The company’s overseas revenue share increased from 11.07% in 2020 to 43.97% in 2023, indicating a strong international market presence [1][4] - Projects are located in multiple countries including the USA, Canada, Germany, and Japan, with notable clients like General Electric and Hitachi [4] 3. Investment in Future Growth: - The company is investing approximately 514.62 million CNY in new production bases, which are expected to support high growth over the next five years [4] Ruiming Technology (锐明技术) 1. Technological Advancements: - The company is leveraging emerging technologies such as AI, V2X, and 5G to enhance vehicle monitoring systems, transitioning from passive to active prevention [1][6] - The market for vehicle information processing systems in Europe and North America is expected to grow at a CAGR of 18% from 2023 to 2027 [6] 2. International Expansion: - Ruiming Technology has established 8 subsidiaries and offices globally, with a focus on supporting domestic bus manufacturers in exporting to Europe [1][6] - The company aims to produce products for overseas clients in its new manufacturing center in Vietnam by the end of 2024 [1][6] 3. Financial Projections: - Expected net profits for 2024-2026 are projected at 202 million CNY, 301 million CNY, and 394 million CNY, with growth rates of 98.11%, 49.02%, and 30.94% respectively [1][6] Additional Important Information - Market Dynamics: - The implementation of EU commercial vehicle standards starting July 2024 is anticipated to enhance the value and profit margins of Ruiming Technology's products [1][10] - The company’s ability to provide customized solutions is a key competitive advantage in the fragmented commercial vehicle monitoring market [1][10] - Risk Factors: - Both companies face risks related to order expectations and the performance of new projects [1][2][6] - Overall Market Trends: - The overseas market for both companies is expected to grow significantly, with Ruiming Technology actively exploring opportunities in Latin America and the Middle East [1][8] This summary encapsulates the essential insights from the conference call records, highlighting the financial health, growth prospects, and strategic initiatives of the discussed companies.