当前市场环境下，安卓产业持续被看好，特别是在折叠手机和平板电脑需求增长的推动下，预计今年第 三季度将出现拉货旺季。各安卓品牌计划在苹果发布新品后迅速跟进，显示了市场的灵活应对策略。同 时，自主可控的半导体设备领域被视为下半年经济增长的重要驱动力，随着晶圆厂增加设备采购，相关 龙头企业有望受益。政府电子部门也被认为具有良好的弹性和增长潜力。在此背景下，东睦股份预计将 在多个领域表现出色，尤其是其折叠屏手机零部件及组装业务，以及半导体和金属粉末冶金业务。公司 通过产能扩充和市场份额争夺，特别是针对高端优质客户，以增强其市场地位。此外，东睦股份还通过 多元化战略，包括与华为合作生产钛合金及相关产品，并提供终端产品的综合解决方案，积极投入新能 源、光伏及AI服务器等新兴市场的产能扩建，展现出持续向上的发展态势。公司预计未来三年业务收入 年均增速达32%，毛利和净利率保持稳定，未来发展前景乐观。 市场预计华为下半年将密集发布折叠屏手机，推动东睦股份业绩和估值提升。同时，公司S和粉丝业务 表现良好，尤其半导体业务有望继续稳健增长，推荐该股。 ● 08:57 公司业绩稳步提升，特别是PS业务和MIM业务表现良好 ● 11: ...

Financial Data and Key Metrics Changes - The company experienced a compound annual growth rate (CAGR) of 34% in revenue and 26% in net profit from 2018 to 2023, significantly outperforming the industry average [1][1]. Business Line Data and Key Metrics Changes - The company has shown steady growth in its optical device manufacturing, particularly in the research and production of optical fiber connectors and related components [1]. Market Data and Key Metrics Changes - The stock price of the company has been volatile due to external factors such as tariff changes and fluctuations in the US stock market, rather than solely based on fundamentals [1]. Company Strategy and Development Direction and Industry Competition - The company opts for integrated optical device platform suppliers to streamline procurement and production processes, reducing supply chain risks [1]. - The company holds a competitive advantage in the optical engine market due to its upstream position, rich component supply capabilities, and some active device packaging technologies [1]. Management's Comments on Operating Environment and Future Outlook - Management indicated that despite short-term concerns regarding the company's fundamentals, there are multiple catalysts and strong financial data supporting a recovery in growth [1]. - The company noted that the optical engine's application is expanding, particularly in high-speed data transmission scenarios, which is expected to drive future growth [1]. Other Important Information - The actual controllers of the company hold approximately 38% of the shares, with the company having several subsidiaries focusing on different business areas [1]. Q&A Session Summary Question: What are the main factors affecting stock price fluctuations in the current market environment? - Answer: Recent stock price fluctuations are influenced more by international conditions and US stock market dynamics than by fundamentals [1]. Question: How has the stock price of Tianfu Communication performed in recent years? - Answer: The stock price experienced volatility due to 5G inventory digestion but saw significant increases due to rising demand in new construction and cloud computing [1]. Question: What is the development status of cloud computing and its impact on the company's stock price? - Answer: After rapid growth, cloud computing entered a stable phase in 2021 and 2022, with the company experiencing a significant surge in stock price due to the rise of AI technology [1]. Question: What is the company's shareholding structure and main business? - Answer: The actual controllers hold about 38% of the shares, and the company has shown steady growth in its performance, particularly in optical device manufacturing [1]. Question: Why does the company prefer integrated optical device platform suppliers? - Answer: Integrated suppliers provide most required optical devices, simplifying management and coordination, and reducing supply chain risks [1]. Question: What is an optical engine and its main application scenarios? - Answer: An optical engine is responsible for optoelectronic conversion and integrates various optical components, with applications in traditional optical modules and various logic chip interconnections [1]. Question: What is the company's competitive advantage in the optical engine market? - Answer: The company has a competitive edge due to its upstream position, component supply capabilities, and the ability to meet customer confidentiality needs, leading to higher profit margins [1].

问：中大立德上半年整体运营情况如何？ 问：关于机器人整体减速器的单价及毛利情况是怎样的？ 答：上半年中大立德的订单情况与去年同期相比差别不大，营业收入稍有下降，而利润情 况却有所增长，增幅较大。 问：公司在光伏行业中的减速电机销售有何变化？除光伏之外，公司的其他业务板块表现 如何？ 答：受到光伏行业不景气影响，公司减速电机（尤其是供应给光伏上游滑轮输送设备的企 业）销量大幅下滑，一季度相对较好，但从四月份起逐月减少，至六月份时订单几乎为零 导致该业务板块营收损失巨大。在机房设备、工业机器人以及自动化领域的订单情况良好 产品结构得到优化，上半年毛利率和净利润都有所提高。特别是精密减速器（如行星减速 器）出货量增长明显，而 RV 减速器与斜坡减速器虽然增幅不明显，但在数量上有一定增 长。 问：下半年是否会继续执行高端产品策略以保证毛利率？ 答：是的，公司已决定至少今年继续执行高端产品策略，不再接受低端产品的订单，而是 着重于那些结构复杂、规格较大的高规格产品，从而维持毛利率水平。 问：第一季度精密减速器的毛利率为何能达到 20%以上？ 答：得益于对订单的筛选以及选择高规格产品生产，使得第一季度精密减速器的毛利率达 ...

Financial Data and Key Metrics Changes - The company reported a revenue growth of 11% and a profit increase of 78%, reaching 2.17 billion yuan, primarily due to changes in product structure [32][34][35] - In 2022, the company experienced a revenue increase of 25% and a profit growth of 40% [29] Business Line Data and Key Metrics Changes - The company has seen a significant increase in the demand for 800G modules, which has positively impacted its profit margins [36] - The shift from 200G and 400G to 800G modules has led to a rapid increase in production and sales [33][34] Market Data and Key Metrics Changes - The overall market for optical modules is experiencing a shift towards higher bandwidth requirements, with expectations for continued growth in the 1.6T segment [12][18] - The company is positioned as a leader in the optical module market, with a significant share among major cloud providers and technology companies [22][70] Company Strategy and Development Direction - The company is focusing on high-end optical modules and is expected to maintain its leading position in the market due to its strong R&D capabilities [21][36] - The strategy includes expanding into silicon photonics, which is anticipated to become a major growth area [56][60] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the stability of the company's market position, citing a lack of new competitors entering the market [23][27] - The company is optimistic about future growth, particularly in the AI sector, which is expected to drive demand for its products [32][35] Other Important Information - The company has a robust R&D investment, with a high proportion of skilled personnel dedicated to innovation [40][42] - The competitive landscape remains stable, with high barriers to entry for new players in the optical module industry [27][28] Q&A Session Summary Question: What are the expectations for the 1.6T optical module market? - Management indicated that the 1.6T market is likely to see upward adjustments due to increasing demand from GPU deployments, although there are concerns about production capabilities [12][18] Question: How does the company view competition in the optical module space? - The company believes that the competitive landscape is stable, with no significant new entrants expected in the near future [23][27] Question: What is the company's outlook on silicon photonics? - Management is optimistic about the potential of silicon photonics, suggesting that the company could surpass major competitors like Cisco and Intel in this area [56][60]

Financial Data and Key Metrics Changes - The company has total assets of 330 billion and net assets of 104.8 billion, indicating a strong financial position [2] - The company issued sci-tech bonds at the beginning of the year, with a cumulative investment in 26 funds totaling 137 billion, and has invested in over 240 emerging industry projects [2] Business Line Data and Key Metrics Changes - The company is focusing on two main areas: new energy vehicles and biomedicine, with a goal to integrate regional travel assets in the automotive sector [2][5] - The company has invested in nearly 100 digital projects and holds nearly 10% equity in Super Fusion, collaborating with other state-owned platforms to hold 64% of Super Fusion [2] Market Data and Key Metrics Changes - The company has a unique position in the robotaxi market in Henan, holding exclusive ride-hailing licenses and plans to launch customized ride-hailing services in Zhengzhou in the second half of 2024 [5][16] Company Strategy and Development Direction - The company aims to build a unified AI application service platform, focusing on collaboration with partners to develop scenario-based services [4] - The strategy includes establishing a comprehensive AI ecosystem by integrating computing power, data, and models, with a focus on industry-specific applications rather than general AI [9][13] Management Comments on Operating Environment and Future Outlook - Management emphasized the importance of data as a core element for AI development and the need for continuous model iteration and upgrades [3] - The company is actively engaging with leading AI firms and educational institutions to foster collaboration and technological integration [3][7] Other Important Information - The company is constructing a medical data asset platform as directed by the Health Commission, which is expected to be operational by the end of the year [16] - The company has a strong relationship with major hospitals in Henan, which facilitates access to medical data assets [16][18] Q&A Session Summary Question: What is the pricing for the government document writing machine? - The company offers several models, with the reasoning product priced at 150,000 and training products costing several hundred thousand. Local governments are required to cover 30% of the cost, with options for leasing [17] Question: How does the company differentiate its products from competitors? - The company focuses on private solutions tailored to specific scenarios, particularly in the government sector, emphasizing data security and local deployment advantages due to its state-owned background [15] Question: What is the company's strategy for the medical platform? - The company is tasked with building a medical data platform, which will unify hardware investments and provide hospitals with necessary computing power without requiring them to purchase their own servers [16][18]

1 药明康德 2024年上半年业绩 2024年7月30日 603259.SH / 2359.HK 前瞻性陈述 本演示材料有若干前瞻性陈述，该等前瞻性陈述并非历史事实，乃基于本公司的信念、管理层所作出的假设以及现时所掌握的资料而对未来事件做出的预测。尽管本 公司相信所做的预测合理，但是基于未来事件固有的不确定性，前瞻性陈述最终或变得不正确。前瞻性陈述受到以下相关风险的影响，其中包括本公司所提供的服务 的有效竞争力、能够符合扩展服务的时间表、保障客户知识产权的能力、行业竞争、国际政策变动、紧急情况及不可抗力的影响。因此，阁下应注意，依赖任何前瞻 性陈述涉及已知及未知的风险。本演示材料载有的所有前瞻性陈述需参照本部分所列的提示声明。本演示材料所载的所有信息仅以截至本演示材料做出当日为准，且 仅基于当日的假设，除法律有所规定外，本公司概不承担义务对该等前瞻性陈述更新。 Non-IFRS 财务计量 为补充本公司按照国际财务报告准则呈列的综合财务报表，本公司提供non-IFRS毛利和non-IFRS归属于上市公司股东的净利润(不包括股权激励费用、可转股债券发 行成本、可转股债券衍生金融工具部分的公允价值变动损益、汇兑波动 ...

赛腾股份20240728_导读 关键词 全文摘要 章节速览 一家专注于自动化设备及相关技术服务的公司，在过去几年里实现了显著的营收和利润增长，特别是在 消费电子、半导体和新能源领域。该公司自2001年成立以来，通过成功进入苹果供应商体系，并进行一 系列的战略性收购，不断扩张其业务范围并优化其业务布局。特别是近年来，公司着力于消费电子和半 导体领域的深耕，同时逐步减少新能源业务的投资，以应对市场变化和战略调整的需求。 赛程公司通过切入苹果供应商供应链，特别是成为苹果手机及可穿戴设备的重要供应商，成功实现了营 收的快速增长。公司不仅抓住了苹果产业创新的机会，横向扩展到多终端产品供应，也通过纵向延伸前 端供应链增加了成长空间。特别是在2023年，得益于iPhone 15 Pro搭载的创新摄像头技术，公司实现 了52%的营收增长，展现出了其强大的市场适应能力和增长潜力。 随着传统消费电子市场面临挑战，创新成为驱动设备发展的重要因素。以AI技术为例，尽管苹果新 款iPhone 16的推出对市场的拉动作用有限，但它可能会激发用户的换机需求，特别是在推动较长的换 机周期方面。此外，AI大模型对计算能力的要求较高，促使用户倾 ...

Financial Data and Key Metrics Changes - The Latin American market for new energy vehicles (NEVs) showed a significant growth of 8% year-on-year in 2023, maintaining the same growth rate from the previous year [1] - The penetration rate of NEVs in Latin America increased from less than 1% to around 2%, with pure electric vehicles at 1.5% and plug-in hybrids at 0.5% [1] Business Line Data and Key Metrics Changes - In Brazil, NEV penetration rose from 0.9% last year to approximately 3.5% this year, while Mexico remains around 1% [3][4] - BYD's sales in Brazil reached a market share of 90% in the NEV segment, with the Song Plus model becoming the best-selling vehicle, achieving a market share of 25% [12] Market Data and Key Metrics Changes - The total market size in Latin America is around 4.4 million vehicles, with Brazil and Mexico being the primary markets, accounting for about 7% of the total [2] - Brazil's NEV market saw a growth of 11% last year and 16% in the first five months of this year, while Mexico's market grew by 24% in 2023 [2] Company Strategy and Development Direction - BYD is focusing on expanding its presence in Latin America, particularly in Brazil and Mexico, with plans to increase the number of dealerships and production capacity [10][17] - The company aims to introduce a diverse range of models, including electric pickups, to cater to the local market preferences [14][18] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the growth potential in the Latin American market, particularly in Mexico, where NEV penetration is still low [15][17] - The company anticipates achieving significant sales targets in the coming years, with a goal of reaching 200,000 units in the Latin American market [17] Other Important Information - BYD has established 24 offline stores in Brazil and plans to expand to 250 stores by the end of the year [10] - The Brazilian factory is set to begin production of electric buses, trucks, and passenger vehicles, with an annual capacity of 150,000 units [10] Q&A Session Summary Question: What is BYD's strategy in the Latin American market? - BYD is focusing on expanding its dealership network and introducing a variety of models tailored to local preferences, including electric pickups [14][18] Question: How does BYD view the future of NEVs in Latin America? - Management is optimistic about the growth potential, especially in Mexico, where NEV penetration is currently low, indicating significant room for expansion [15][17] Question: What are the sales targets for BYD in the coming years? - The company aims to achieve a sales target of 200,000 units in the Latin American market, leveraging its growing presence and product offerings [17]

讨前打出 评级 强于大市（维持） 计算机行业202402基金重仓分析专题 低配扩大，头部集中 中信证券研究部 计算机组 杨洋版，丁奇，通偏偏，马庆对 2024年7月21日 注1，基金蛋金融银取由于公事基金产品被涨的季度盈贵，降至北蛋被蛋味协会的给十大蛋金融银 注2，公界各全职是餐廳教育共享涉于Rind，2014-校务院専拜职有比过。End餐廳教育与基全事报实际投展教育可被存在查异， 注明，我家里会议20年1月29日， 注4，行会分类身建着整行会分类，即今慰以其许在是新的行业分类只满玩史排贪网， 注5，本文质指资管转构和铁报公事化产品信息指挥要求用标准奉度重仓的拓属机构，包括基金公司、券直选管子公司、券直选管部等。 请务必阅读本页的免费多款和声明 核心观点 OB中信证券 ■ 2024Q2计算机行业低配幅度继续扩大，重仓规模占基金重仓总规模2.62%，环比-0.53pct，计算机行业基金重仓规模占行业 流适市值比例环比-0.32pct，计算机行业相较标准配置低配2.21个百分点，23Q4-24Q2低配幅度分别为1.62pcts、2.12pcts、2.12pcts、2.21pcts、低配幅度有所扩大，为近5年最大的 ...

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 ...