Q:导电剂与快充的关系 Q:添加量水平？ Q:固态电池用碳纳米管比液态高多少？ A:要高。目前需求方都是半固态厂家，预估推测要多 10-20%。添加量具体多少公司不知道 A:动力电池和储能用碳纳米管有点差异。储能需要长寿命多循环。储能主要是一代和三代碳 纳米管，二代用得很少。2 代比 1 代贵，性能比 3 代差，性价比不高。 A:储能的量还可以，一直在上量。明显的是瑞普兰均，量上的非常快。瑞普兰均要的产品跟 传统说的 1 代不太一样，需要的碳管是一代的改进和 3 代。 A:最近有一些变化。公司一个客户每个月几十吨，未来会增加较多，公司是定制的碳纳米 管。公司猜测是硅负极用，主要产品是水性浆料。石墨负极添加量不是太大，硅碳负极量比 较多比正极用得多未来以浆料的形式供应。 A:大客户要用的话有内部意向。做产品研发时就有立项，因此公司认为未来铁锂快充量会 起来。三元起步就要用到 3 代。三元快充需要用到公司 3 代+单壁复配或者寡壁的产品，技 术趋势已经非常明显。基本上大的电池厂都在验证这个 3 代+单壁复配或者寡壁的产品， 24 年没有大的供货，要到 25 年 2-3 季度大规模上量，因为给的验证需要一段时间。量 ...

拓普集团董事长电话会要点-20240724 1.6 亿非经常损益:基本全是政府补贴，科技研发补贴，工程师、相关设备、技术等条件都 满足; 未来 3-5 年增速:5 年复合增速 20-30%，每年增加 5-8e: 发展战略:调整为收购兼并，未来几年可能有很好的机会。由内生转向外延，收入增速可能 更加容易保证; 海外工厂: 1）墨西哥建立了三个工厂，其中一个已投产 2)美国建了两个厂，一个在旧金山，一个在奥斯汀 3)欧洲:波兰三个厂，并计划在塞尔维亚等地进一步扩展 空悬:今年的营收预计能达到十多个亿，第二个工厂已经在建，预计今年 9 月投产。 比亚迪:现在一年配套 10-20e，后续成为前五大 ...

会议要点 1、公司天津市场基本情况 公司在天津市场主要以三个大单品为主:国窖 1573、百年窖龄和老字号特区。国窖 1573 在天津的销售模式是通过平台公司进行,由原始股东和三级合伙人组成。2023 年国窖 1573 在天津的销售额约为 9 亿元,2024 年的目标为 10 亿元,目前打款完成进度约为 90%。 较好,2023 年完成销售额 2 亿元,2024 年预计也能完成任务。 百年窖龄在天津的销售情况较为不理想,2023 年完成销售额 1.5 亿元,2024 年目标为 2 亿 元,但截至目前仅完成约 8000 万元,预计难以达到全年目标。老字号特区的销售情况相对 2、产品价格及库存情况 国窖 1573 的低度产品价格在天津市场有所上涨,从之前的 630 元涨至 640-650 元,高度产 品价格也有所上升,从 880 元涨至 890 元。平台公司合伙人的打款价约为 730 元。 百年窖龄的主要产品为 30 年、60 年和 90 年,售价分别为 180 元、260-270 元和 370-380 元。渠道库存约为 4000 万元,占全年销售的 20%左右。 版主要通过团购商销售,不招渠道商。 3、渠道及库存 ...

会议要点 2024 年二季度，广电计量的营业收入同比增长 5.6%至 13.7%，净利润同比增长 25%至 41%， 扣非净利润同比增长 38%至 61%。这表明公司利润增速显著超过收入增速，经营策略逐步得 到实现。 2、业务结构 3、管理策略 4、投资与并购 5、细分业务 6、未来展望 Q&A A：今年上半年，广电计量实现了双位数左右的增长。在计量业务方面，尽管面临行业和宏 观经济压力，我们适度降价以应对客户端的降本增效压力，但仍保持了 15%到 20%的增速。 由于广州总部基地启用和实验室搬迁，上半年收入增速受到影响。检测业务方面，特殊行业 和汽车业务作为核心下游，占公司收入的 25%到 30%，实现了恢复性增长，预计将带动下半 年整体收入增速高于上半年。汽车行业收入占比超过 20%，尽管受行业竞争加剧影响，业务 量仍保持两位数增速。食品和环保业务方面，我们实施了利润为导向的经营策略，关闭了部 分亏损实验室，上半年减亏效果逐步显现，预计下半年减亏效果会更好。环保业务上半年表 现不错，但 EHS 业务需求相对弱，下半年经营数据还需观察。整体来看，公司业务结构稳 健，特殊行业和汽车行业占比近 50%，展现出一 ...

公司在英国中标了一个 5000 万的输电塔复合横担项目，预计今年年底交付。该项目成功后， 未来可能涉及 1300 基塔的改造，市场潜力巨大。 复合横担产品在欧美市场的接受度较高，能够有效解决电网公司的痛点，预计未来几年收入 将显著增长。 公司上半年实现规模净利润在 1.32 亿至 1.44 亿之间，同比增长 159%至 182%。扣非净利润 在 1.29 亿至 1.4 亿之间，同比增长 172%至 197%。 单 Q2 实现净利润 0.74 亿元，同比增长 105%；扣非净利润 0.73 亿元，同比增长 111%。上半 年收入同比增长 30%，二季度收入同比增长 40%，超出市场预期。 2、业务构成与增长 上半年特高压订单交付量较大，预计全年交付量将继续增长。特高压产品的毛利率较高，约 比常规高压产品高出 10 到 20 个百分点。 特高压业务的产能提升正在进行，预计 8、9 月份开始投入，未来几年交付量将逐步增加。 4、海外市场 6、成本与毛利率 未来几年，公司将继续提升特高压和其他高附加值产品的产能，以支持业务增长。 8、订单与市场需求 1、业绩表现 3、特高压业务 5、新产品与技术 未来几年，公司将继续 ...

检测业务中，特殊行业和汽车业务占收入的 25%~30%，订单端实现恢复性增长，预计全年收入增速高于上半 年。 公司会议调整后，实施以利润为中心的经营策略，聚焦高安全高可靠的检验检测业务，降低食品和环保等传 统产业占比，提升利润率。 一、公司业绩表现 2023 年公司利润率为 7.14%，行业平均为 15%~20%。通过减亏、整改投资项目、提高产能利用率、控制固 定资产投入等措施，目标是提升到公司历史平均以上水平，向行业利润率靠近。 上半年关闭长期亏损实验室，推进精细化管理，调整制度，实施谨慎性固定资产投入和投资并购，提升利润 率。 子公司考核机制从收入端占 70%，利润占 30%转为利润考核占 70%，收入占 30%。 目前资本开支主要分为厂房建设、技改投入和投资并购。厂房建设包括无锡基地、广州基地和武汉华中基地。 技改投入涵盖实验室建设能力。 投资并购方面，未来重点关注下游行业，包括特殊行业、计量业务、汽车行业、航空航天、低空经济、数字 经济集成电路、人工智能、储能和深海装备核电。投资并购方向包括完善传统成熟产业的能力建设和布局前 瞻性创新型小微企业。 五、军工及其他业务表现 公司检测服务主要集中在研发端， ...

Financial Data and Key Metrics Changes - In the first half of 2024, the company's home appliance export business experienced a recovery growth of 20% to 30% compared to the first half of 2023, primarily due to new projects starting production at the Vietnam factory [1][17] - The company's second-quarter profit, excluding foreign exchange gains and losses, showed double-digit growth, with slight fluctuations in gross margin attributed to a decrease in the proportion of self-owned brand business [10][18] Business Line Data and Key Metrics Changes - The revenue growth of core components has slowed down mainly due to the slow growth of the PCB business, with new energy vehicle component orders expected to contribute revenue in the coming years [4][33] - The revenue ratio of vacuum cleaners and garden tools in the OEM business is 3:1, with garden tools accounting for 25% of the OEM business, showing recovery growth in recent quarters [28][47] Market Data and Key Metrics Changes - The company's American business accounts for less than one-third of the group's consolidated revenue, primarily involving home appliances and automotive components, with home appliance exports making up 50% of total company revenue [10][19] - The demand from European customers is also increasing, with the Thai home appliance factory primarily targeting the European market, expected to generate a revenue of 8 to 10 billion RMB [24][19] Company Strategy and Development Direction - The company is investing approximately 8 million USD in Vietnam, with plans to complete construction by mid-2025, aiming for an annual production capacity of 5 to 6 million small appliances [2][17] - The company is establishing factories in Vietnam and Thailand to respond to long-term geopolitical and supply chain distribution trends, particularly to avoid tariffs imposed by the U.S. [3][9] Management Comments on Operating Environment and Future Outlook - The company anticipates that orders in the second half of the year may not be as high as in the first half due to two factors: the current order volume is not significant, and last year's base was high [14][39] - Overall, the company expects that annual exports and profit margins will be affected but still has the potential to reach levels similar to 2022, with profit margins expected to be around 60,000 to 80,000 RMB [14][39] Other Important Information - The overall production capacity of the company is between 15 to 20 million small appliances, with overseas capacity at 5 million and domestic capacity at 7 to 8 million [12][45] - The construction of factories in Vietnam and Thailand has a long cycle, with environmental and construction permits being cumbersome, but operational constraints during production are minimal [7][37] Q&A Session Summary Question: Can you share the growth situation of home appliance exports in the first half of the year? - The home appliance export business grew by 20% to 30% year-on-year, mainly due to new projects in Vietnam [17] Question: What is the company's capital expenditure plan and implementation rhythm overseas? - The company is investing approximately 8 million USD in Vietnam and 300 to 500 million RMB in Thailand for core component production [2][8] Question: What are the reasons for the slowdown in revenue growth of core components? - The slowdown is mainly due to the slow growth of the PCB business, with new energy vehicle component orders expected to contribute in the coming years [4][33] Question: How does the company plan to handle tariff sharing with customers? - Home appliance export tariffs are borne by customers, while core component tariffs need to be negotiated, with customers' willingness to share decreasing [10][34] Question: What is the overall production capacity after the overseas capacity is put into operation? - The overall production capacity is 15 to 20 million small appliances, with overseas capacity at 5 million [12][45] Question: What are the considerations for building factories in Vietnam and Thailand? - The company considers the maturity of the automotive industry and proximity to customers for the Thai automotive components factory [38]

更多一手调研纪要和研报数据加V：shuinu9870 Q：特高压与非特高压业务的毛利率分别是多少？ A：特高压业务的毛利率相对较高。如果与 110kV 的电压等级比较，毛利率可能超出 20 个 百分点，甚至更多。与 550kV 或 330kV 的电压等级比较，毛利率可能高出 10 到 20 个百分 点。非特高压业务的毛利率随电压等级的降低而降低，750kV 以下的至少也在 40%左右。 Q：今年上半年新签订单和在手订单的情况如何？ A：今年上半年的新签订单和在手订单的增速高于 30%。截至目前，去年的在手订单大约是 十几亿，而今年 1 到 6 月份新签订单的规模大约在 7 亿左右。 更多一手调研纪要和研报数据加V：shuinu9870 Q：国内外订单的占比情况如何？ A：国内外订单的占比基本持平，国内的可能略多一些，大概是 51%或 52%。国内的电站业 务增速明显，而海外则基本在预期内。 Q：国内外订单的增速对比如何？ A：国内订单的增速很快，尤其是在电站业务方面，电压等级较高的项目增加。海外订单的 增速相对较慢，如果整体在手订单增速高于 30%，那么国内的增速可能会更高，而海外的增 速可能略低于 30%。 ...

更多资料加入知识星球：水木调研纪要 关注公众号：水木纪要 会议要点 1、业绩表现 2024 年二季度，广电计量的营业收入同比增长 5.6%至 13.7%，净利润同比增长 25%至 41%， 扣非净利润同比增长 38%至 61%。这表明公司利润增速显著超过收入增速，经营策略逐步得 到实现。 更多一手调研纪要和研报数据加V：shuinu9870 公司上半年计量业务保持持续增长，尽管宏观经济压力下进行了适度降价，但仍预计全年收 入增长可达 10%左右，下半年增速可能高于上半年。 2、业务结构 公司的业务主要分为计量业务、检测业务和其他业务。计量业务在 2024 年上半年保持了 15% 至 20%的增速，但因降价影响收入增速。检测业务主要集中在特殊行业和军工行业，占公司 收入的 25%至 30%，预计下半年订单增速将带动整体收入增长。 汽车行业占公司收入的 20%以上，尽管订单增速放缓，但仍保持两位数增长。新能源汽车的 快速渗透和更新迭代推动了行业持续景气。 更多一手调研纪要和研报数据加V：shuinu9870 新管理层调整后，广电计量实施了以利润为中心的经营策略，全面推进精细化管理，关闭长 更多一手调研纪要和研报数 ...

Financial Data and Key Metrics Changes - In Tianjin, the sales of Guojiao 1573 reached approximately 900 million yuan in 2023, with a target of 1 billion yuan for 2024, and the payment completion rate is about 90% [1][3] - The sales of Bai Nian Jiao Ling were disappointing, achieving only 80 million yuan out of a 200 million yuan target for 2024, indicating a struggle to meet the annual goal [1][3] - The sales of Lao Zi Hao Te Qu were relatively strong, completing 200 million yuan in 2023, with expectations to meet the same target in 2024 [1] Business Line Data and Key Metrics Changes - Guojiao 1573's low-end product price increased from 630 yuan to 640-650 yuan, while the high-end product price rose from 880 yuan to 890 yuan [1][3] - Bai Nian Jiao Ling's main products are priced at 180 yuan, 260-270 yuan, and 370-380 yuan for 30-year, 60-year, and 90-year products respectively, with channel inventory around 40 million yuan, accounting for about 20% of annual sales [1] - Lao Zi Hao Te Qu's main products are priced at 250 yuan and 420 yuan, with stable performance in core markets [4] Market Data and Key Metrics Changes - The overall market growth rate in Tianjin for 2023 was approximately 12%, with Guojiao's sales increasing from 800 million yuan in 2022 to 900 million yuan in 2023 [6] - The inventory in Tianjin is currently around 30%, the highest level in the past four years, primarily due to economic downturns and market conditions [6][5] - The competition in Tianjin is significant, with Wuliangye as the main competitor, targeting 800 million yuan in sales with a payment completion rate of about 75% [5] Company Strategy and Development Direction - The company plans to reform its sales model in Tianjin from a large platform company to smaller regional platform companies to address distribution and inventory issues [2] - Future expense allocations will be more precise and reasonable, with no significant increase in total expenses but adjustments in specific areas to better support the market [2][9] - The company aims to enhance market management by establishing new partnerships and refining distribution strategies [7] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the Tianjin market despite high inventory levels, citing good past dividend performance and high market turnover rates [2] - The demand in the banquet market is expected to decline, particularly for wedding banquets, which may impact overall sales growth [6] - The company anticipates a slight increase in high-end product sales during the Mid-Autumn Festival and National Day, but overall sales performance may not match last year's figures [6] Other Important Information - The company is facing challenges with its distribution policies, which have caused confusion among traditional distributors, impacting their confidence in payments and shipments [8] - The digital promotion strategy is seen as beneficial for long-term market health, although some distributors may resist changes in the short term [9] Q&A Session Summary Question: What is the overall situation of Luzhou Laojiao in Tianjin, including major product series prices, inventory, sales, and payment rhythm? - The main product series include Guojiao 1573, Bai Nian Jiao Ling, and Lao Zi Hao Te Qu, with Guojiao 1573's sales target for this year set at 1 billion yuan, currently at 90% payment completion [3] Question: What is the current price and inventory level of Guojiao 1573? - The low-end product price has increased to 640-650 yuan, and the high-end product price is around 890 yuan, with inventory levels at approximately 2-3 billion yuan [3] Question: How is the sales performance of the Te Qu series in Tianjin? - The Te Qu series is performing better than the Jiao Ling series, with stable performance in core markets [4] Question: What are the expectations for the Tianjin market in the second half of the year? - The market performance is expected to be less favorable than last year, particularly in the wedding banquet segment, which may see a decline in demand [6]