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 ...

Financial Data and Key Metrics Changes - The company achieved a net profit of between 132 million and 144 million, representing a year-on-year growth of 159% to 182%. The non-GAAP net profit was between 129 million and 140 million, with a year-on-year growth of 172% to 197% [2][4] - In Q2 alone, the company realized a net profit of 74 million, a year-on-year increase of 105%, while the non-GAAP net profit was 73 million, growing by 111% year-on-year. Revenue for Q2 increased by 40% year-on-year, exceeding market expectations [2][4] Business Line Data and Key Metrics Changes - The high-voltage business saw significant order delivery in the first half of the year, with expectations for continued growth in delivery volume throughout the year. The gross margin for high-voltage products is approximately 10 to 20 percentage points higher than that of conventional high-voltage products [2][9] - The company signed new orders worth approximately 700 million, a year-on-year increase of over 30%. Domestic orders grew rapidly, while overseas orders remained stable [2][9] Market Data and Key Metrics Changes - The domestic market's order growth is notably faster than that of the overseas market, with domestic orders slightly exceeding overseas orders [9][14] - The North American market shows a high acceptance rate for composite insulators, with expected growth exceeding 100% in the coming years. The European market is also seeing increased demand for composite insulators due to limited glass production capacity [10][12] Company Strategy and Development Direction - The company plans to continue enhancing the production capacity of high-value-added products, including high-voltage and other specialized products, to support business growth [2][11] - The company is also planning to establish new production facilities in North America and Southeast Asia to address future market demands and challenges arising from changes in US-China relations [12][13] Management's Comments on Operating Environment and Future Outlook - Management indicated that the company aims to maintain a gross margin of no less than 40%, ideally approaching 50%, through improved management and cost-saving measures [8][11] - The company expects significant growth in high-value-added products such as ultra-high voltage, substations, and transmission lines over the next few years, driven by overseas market expansion and new product promotion [13][14] Other Important Information - The company has successfully won a 50 million project for composite cross-arms in the UK, with potential future involvement in the modification of 1,300 towers, indicating substantial market potential [1] - The company is actively managing raw material costs and expects to maintain a gross margin above 40% in the future [11] Q&A Session Summary Question: What are the year-on-year growth rates for net profit and non-GAAP net profit in the first half of the year? - The company expects a net profit of between 132 million and 144 million, with a year-on-year growth rate of 159% to 182%. The non-GAAP net profit is expected to be between 129 million and 140 million, with a growth rate of 172% to 197% [4] Question: How did revenue and net profit grow in Q2? - In Q2, the company achieved a net profit of 74 million, a year-on-year increase of 105%, and a non-GAAP net profit of 73 million, growing by 111%. Revenue for Q2 increased by 40% year-on-year, exceeding market expectations [4] Question: What was the revenue growth reason for the first half of the year? - The revenue growth was primarily driven by an increase in the volume of substation products, particularly the delivery of high-voltage products domestically and contributions from overseas markets [4] Question: What is the expected growth for the ultra-high voltage business this year? - The ultra-high voltage business's revenue share has increased from less than 10% last year to over 10% this year [5] Question: How does the company plan to manage capital expenditures and cost control? - The company is adjusting its plans based on external environmental changes, with a focus on centralized operations and cost control to keep expenses at or below last year's levels [8]

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]

Financial Data and Key Metrics Changes - The company expects a net profit for the first half of the year to be between 132 million and 144 million, representing a year-on-year growth of 159% to 182% [9] - The non-GAAP net profit is projected to be between 129 million and 140 million, with a year-on-year growth of 172% to 197% [9] - In Q2 alone, the company achieved a net profit of 74 million, a year-on-year increase of 105% [9] Business Line Data and Key Metrics Changes - The high-voltage products, particularly in the substation segment, have seen a significant increase in delivery pace, contributing to revenue growth [14] - The company anticipates substantial growth in the distribution network business, which is expected to reach a million-level revenue, marking a tenfold increase [3] - The composite cross-arm products are projected to generate revenue of 50 to 60 million this year, with expectations to double next year [6] Market Data and Key Metrics Changes - Domestic orders account for approximately 51% to 52% of total orders, with domestic order growth outpacing that of overseas orders [2] - The overseas market is expected to see a growth rate of at least 25%, particularly in substation products [15] - The North American market shows a high acceptance of composite insulators, with expected growth exceeding 100% [15] Company Strategy and Development Direction - The company is planning to establish production facilities in North America and Southeast Asia to meet future market demands [6] - The focus will be on enhancing production capacity for high-value-added products, particularly in the ultra-high voltage and substation segments [15] - The company aims to maintain a gross margin of at least 40%, ideally approaching 50% through improved management and cost control [12] Management Comments on Operating Environment and Future Outlook - Management noted that the delivery volume for ultra-high voltage projects in the first half of the year exceeded 100 million, with expectations for a peak delivery period in the second half [3] - The company is optimistic about the future growth in the ultra-high voltage and overseas markets, driven by new product introductions and market expansion [15] - Management indicated that the pricing strategy will be flexible, responding to market supply and demand dynamics [8] Other Important Information - The company has successfully won a project in the UK worth approximately 50 million, which could lead to further opportunities involving 1,300 towers [11] - The acceptance of composite cross-arms in the European market is increasing, particularly in the context of energy transition projects [11] Q&A Session Summary Question: What are the reasons for the revenue growth in the first half of the year? - The revenue growth is primarily attributed to the increase in substation product volumes, especially in high-voltage products, along with contributions from overseas markets [16] Question: How has the revenue share of high-voltage products changed? - The revenue share of ultra-high voltage products in the substation segment has increased by approximately 5 percentage points compared to last year [16] Question: What is the expected delivery volume for ultra-high voltage projects this year? - The delivery volume for ultra-high voltage projects in the first half exceeded 100 million, with expectations for continued growth [3]

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]

Financial Data and Key Metrics - The company's performance in 2023 was under pressure, with a year-on-year decline in earnings [20] - The company's revenue growth in Q1 2024 and the first half of 2024 was driven by 400G products, showing significant improvement [36] Business Line Data and Key Metrics - The company initially focused on low-speed telecom optical modules for access networks and wireless applications [8] - A significant transformation occurred in 2019 when the company secured a major client, Amazon, marking its entry into the data center market [10][16] - The company has been actively involved in the development of LPO (Linear Pluggable Optics) solutions, particularly in collaboration with Broadcom and Avista [18][19] - The company has made progress in 800G LPO modules, with small-scale production and testing underway [24][25] Market Data and Key Metrics - The company has successfully entered the supply chains of major clients such as Amazon, Meta, and NVIDIA [34][36] - The company is expected to see significant demand from Meta and NVIDIA for 800G modules in 2025 [35][36] - The company is also exploring opportunities with other major players like Microsoft, although entering Google's supply chain remains challenging [35] Company Strategy and Industry Competition - The company's management is highly regarded for its strong cost control, R&D capabilities, and operational efficiency [29][31][50] - The company has a competitive edge in LPO technology, being one of the earliest and most advanced players in this field [19][38] - The company is also making strides in silicon photonics and thin-film lithium niobate technologies, with promising developments in 800G and 1.6T solutions [54][55] Management Commentary on Operating Environment and Future Outlook - The company's management is optimistic about future growth, particularly in the AI-driven demand for 800G and 1.6T modules [27][60] - The company's valuation is considered undervalued, with significant potential for growth as it captures more market share in the AI and data center markets [45][59] - The company is expected to become the second-largest global optical module supplier, with a strong position in both telecom and data center markets [58][59] Other Important Information - The company's high gross margin is attributed to its strong management, cost control, and efficient production processes [47][50] - The company's LPO technology has been a key factor in securing its position in NVIDIA's supply chain, although the future development of LPO at 1.6T remains challenging [51][53] Summary of Q&A Session - No specific Q&A session details were provided in the document