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

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Financial Data and Key Metrics Changes - The company's net profit for the first half of the year is projected to be between 580 million to 600 million yuan, marking a significant increase compared to previous periods [1] - The second quarter saw record highs in both net profit and revenue from interconnect chips, indicating strong financial performance [1][2] - The overall revenue for the company is expected to achieve substantial growth this year, driven by the end of inventory destocking in the server and PC sectors, alongside the accelerated penetration of DDR5 technology [31] Business Line Data and Key Metrics Changes - The three AI-related new products generated approximately 130 million yuan in revenue during the second quarter, accounting for about 10% of the total revenue, with a sequential growth of nearly 100% [2] - The company has expanded its product offerings beyond traditional memory interface chips to include supporting chips for memory modules, enhancing its market space [7][8] - The introduction of new memory modules in the DDR5 era has opened up additional market opportunities for the company [10][11] Market Data and Key Metrics Changes - The penetration rate of DDR5 memory is expected to exceed 50% by the end of June this year, indicating a significant market shift [1][15] - The company is positioned as a leading supplier in the DDR5 memory interface chip market, maintaining a global market share of over 40% [10][11] - The company is also a second global supplier to mass-produce PCIe 5.0 retirement products, showcasing its competitive edge in the market [11] Company Strategy and Development Direction - The company aims to leverage the ongoing AI wave by focusing on products that enhance interconnectivity, particularly in AI servers and AIPC [12][13] - The strategy includes continuous product innovation and expansion into new markets, particularly in the DDR5 segment and non-DDR5 interconnect products [8][14] - The company is committed to maintaining its leadership position in the memory interface chip sector while exploring new growth avenues in AI and interconnect products [10][12] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the future, citing the dual drivers of DDR5 penetration and the company's new product launches as key growth factors [20][21] - The company anticipates that the pressures from inventory destocking will ease, allowing for a rebound in revenue growth [31][34] - The management highlighted the importance of tracking the adoption of new memory modules and the competitive landscape as critical to future performance [21][22] Other Important Information - The company has a diversified customer base, with over 80% of its revenue coming from international markets, and a high concentration of sales to its top five customers [35][36] - The R&D expenses have been steadily increasing, reflecting the company's commitment to innovation and product development [39][40] - The company has established strong partnerships with industry giants like Intel and Samsung, enhancing its market position [28][29] Q&A Session Summary Question: What is the long-term growth outlook for the company? - The company expects net profits to reach 1.5 billion, 2.5 billion, and 3.1 billion yuan from 2024 to 2026, indicating a positive growth trajectory [22] - The anticipated PE ratios for the same period are 51x, 30x, and 24x, respectively, suggesting a favorable valuation outlook [22]

Financial Data and Key Metrics Changes - The sales revenue of Guojiao 1573 in Tianjin for 2023 is approximately 900 million yuan, with a target of 1 billion yuan for 2024, achieving a payment completion rate of about 90% [1][2] - The sales of Bai Nian Jiao Ling in Tianjin for 2023 is 150 million yuan, with a target of 200 million yuan for 2024, but currently only 80 million yuan has been completed, indicating a struggle to meet the target [1][2] - The sales of Lao Zi Hao Te Qu in Tianjin for 2023 is 200 million yuan, with expectations to meet the target for 2024 [1] Business Line Data and Key Metrics Changes - The price of low-degree Guojiao products in Tianjin has increased from 630 yuan to between 640-650 yuan, while high-degree products have risen from 880 yuan to 890 yuan [1][2] - The inventory for Guojiao 1573 is approximately 200-300 million yuan, accounting for about 10%-15% of the market [2][3] - The social inventory of Jiao Ling series products is around 40 million yuan, representing 10%-25% of annual sales [2] Market Data and Key Metrics Changes - The overall inventory in Tianjin is at its highest level in four years, approximately 30% [3] - The market for low-degree products is experiencing a stable demand, particularly in the banquet market, despite overall economic pressures [1][3] - The competition in Tianjin is significant, with Wuliangye being a major competitor, targeting sales of 800 million yuan and achieving a payment completion rate of about 75% [1][3] Company Strategy and Development Direction - The company plans to reform its distribution model in Tianjin from a large platform company to smaller regional platform companies to address distribution depth and inventory issues [1][2] - Future investments in Tianjin will be more precise and reasonable, with no significant increase in total expenses but adjustments in specific areas to better support the market [1][5] - The company aims to enhance its digital promotion strategy to ensure healthy market returns, despite potential short-term resistance from some distributors [5] Management's Comments on Operating Environment and Future Outlook - Management acknowledges that the overall economic environment has impacted sales, particularly in the banquet market, with expectations of a decline in demand for wedding banquets [1][2] - Despite inventory pressures, distributors maintain confidence in the future market due to good dividend performance in recent years [1][2] - The company expects a slight increase in high-end product sales during the Mid-Autumn Festival and National Day, but overall market demand is anticipated to decline [4] Other Important Information - The company has introduced new policies in distribution that have caused confusion among traditional distributors, impacting their confidence in payment and shipment [4] - The company is focusing on refining its marketing strategies to improve sales efficiency and brand promotion [4][5] Q&A Session Summary Question: What is the overall situation of Luzhou Laojiao in Tianjin, including major product series prices, inventory, and sales? - The main product series includes Guojiao 1573, Bai Nian Jiao Ling, and Lao Zi Hao Te Qu, with Guojiao 1573 achieving sales of 900 million yuan last year and a target of 1 billion yuan this year, with a payment completion rate of about 90% [1][2] Question: What is the current price and inventory level of Guojiao 1573? - The low-degree product price has risen to between 640-650 yuan, while the high-degree product price is around 890 yuan [2] Question: How is the sales situation of the Jiao Ling series products? - The sales situation is not optimistic, with an expected completion of only 100 million yuan this year [2] Question: What is the market 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 [2] Question: How does the company evaluate its market actions this year? - The company acknowledges market pressures but believes the Tianjin market remains relatively healthy compared to other regions [2] Question: What is the current inventory situation in Tianjin? - The inventory includes about 1 billion yuan from last year and some unsold inventory from this year, totaling around 30% [3]

发言人 10:32 发言人 11:00 发言人 17:35 但是最后我们品牌的发展方向，还是品牌现在一个多品类，这也是一个这肯定是宠物食品的一个特点，这 也是我们品牌的一个发展方向。另外在做自主品牌这一块，现在集中去做像实验考试家这种品牌，集中度 还是比较高。后期我们肯定在三个品牌做的比较好。那到了一定的条件的情况下，再去推新的这种品牌。 肯定做品牌肯定是我们这个行业里面最显著的这么一个特征之一。 发言人 20:36 发言人 04:04 上半年我们在自主品牌这一块，也基本上较好的完成了半年度的这么一个阶段性的这么一个目标。上半年 在我们代理业务的，并且有比较大的这么一个萎缩的这么一个情况下，我们的足球品牌它就是绝艳，在不 管是在第一季度还是在今年 6618 期间，表现还是非常出色的。像卓越品牌今年半年度 618 期间一个月期 间，618 活动期间的一个收入水平是在 2500 多万，比去年同期增长了 67%啊啊啊这个水平还是符合我们 当前以学院为核心品牌，绝缘依然保持了比较高的这么一个增速水平。 发言人 05:06 王总周总你好。好，谢谢孙老师，这边以及王总给的机会。然后这边的话有几个问题想请教一下王总，首 先 ...

尤其在技改项目中，复合横担可以在不新建线路的情况下实现增容改造，极大地节约整体 投资。因此，欧美电网公司非常愿意接受这种产品。 Q：原材料价格波动对公司成本的影响如何？ A：我们在原材料端做了相应的管控措施，核心原材料如硅橡胶和玻璃纤维的价格下降对 毛利率有正面影响。对于铝锭和铜等材料，我们用量不大，并且在供应商环节做了调整， 不会出现被材料端卡死的情况。 Q：公司未来的毛利率和净利率预期如何？ A：我们通过改进管理和节约成本，目标是将毛利率保持在不低于 40%的水平，理想情况 下接近 50%。未来几年会在这个区间内进行调控，核心是提升自身能力。 Q：公司在资本开支和费用管理方面有何规划？ A：我们正在根据外部环境变化逐步调整规划，集约化经营和费用管控是我们的基本原则， 目标是保持费用不高于去年水平。 Q：公司同样电压等级和规格的产品在国内的价格变动情况如何？未来价格竞争是否会导 致同规格产品价格下降？ A：在国内市场，特高压变电站等产品的价格基本保持稳定，未来提高价格的可能性不大。 价格调整主要基于市场供需关系，虽然电网投资清晰，但价格竞争可能会导致同规格产品 价格有所下降。 Q：公司在 2018 年对海外 ...

2024 年 07 月 22 日 22:32 本次电话会议仅面向招商证券的专业投资机构客户或受邀客户，会议嘉宾发言内容仅代表其个人观点，所 有信息或观点不构成投资建议。未经招商证券事先书面许可，任何机构或个人严禁录音、制作纪要、转发 转载、传播、复制、编辑、修改等。涉嫌违反上述情形的，我们将保留一切法律权利。感谢您的理解和支 持，谢谢。 好，各位尊敬的投资人，大家下午好。我是招商证券计算机首席刘一平。今天的话我想在这边就我们最近 发布的达目数据分布报告给大家做一个在线的你。我今天的话会就思路报告把公司的主要的逻辑给大家做 一个展开。达摩数据的话也是我们合规出场以来，我们重点去向市场推荐的信创公司。应该来说是 A 股信 创板块质地非常优质的一家技术软件公司。 数据库行业我们之前的话已经有系列的深度报告。我今天的话就更多的着手于达梦，来讲讲达梦在国内数 据库行业的这样的一个发展机会。整体上来说的话，应该来说达梦是国产数据库绝对的龙头公司。他拳头 的集中关系数据库产品是替换海外 oracle，还有包括 DB two 这样的一些全球竞争力产品的最最有力的竞 争对手，也是国产里边我们讲说做底座最具有替代潜力的这样的一个 ...

Global Market Outlook For Solar Power 2024-2028 www.solarpowereurope.orgSupported by: FOCUS ON CHINA JinK O The biggest PV project in Europe* Witznitz Energy Park Project * Status May 2024 WW South of Leipzig, Germany Foreword Welcome to the Global Market Outlook for Solar Power 2024-2028. For an established sector like solar, approaching double growth in one year was simply not part of any analyst's script. But it happened in 2023. The world deployed 447 GW of new solar PV capacity last year; an incredible ...

证券研究报告·A 股公司简评 通信 AI 需求强劲,高速光器件产 品持续受益 核心观点 公司预计 2024 上半年实现归母净利润 6.30-6.77 亿元,同比增长 167%-187%,中值为 6.54 亿元,同比增长 177%。得益于人工智 能的快速发展,算力需求爆发式增长,全球数据中心建设节奏加 快,对于高速光器件的需求也保持快速增长。公司 800G 高速光 器件产品具备较强的竞争力,与海外科技巨头公司保持深度绑 定,随着 1.6T 光引擎的需求逐步释放,公司业绩有望进一步提 升。同时在 CPO 等前沿领域,光器件的应用场景将从光模块拓展 至芯片间互联,比如 Optical I/O 产品,市场空间广阔,公司布局 光互连产品多年,有望核心受益。 事件 公司发布 2024 年中报预告,预计 2024 上半年实现归母净利润 6.30-6.77 亿元,同比增长 167%-187%;实现扣非归母净利润 6. 17- 6.64 亿元,同比增长 173.56%-194.48%。 简评 1、业绩持续高增,高速率产品需求受益于 AI快速发展。 公司预计 2024 上半年实现归母净利润 6.30-6.77 亿元,同比增长 1 ...