国泰捐赠券客户内部学习使用不得外发并且必须经国泰捐赠券研究所审核后方可留存国泰捐赠券未授权任何媒体转发此次电话会议相关内容未经允许和授权转载转发均属侵权国泰捐赠券将保留追究其法律责任的权利 国泰金融证券不承担因转载转发引起的任何损失及责任市场有风险投资需谨慎提请广大投资者谨慎做出投资决策大家好欢迎参加361度线上交流目前所有参会者均处于静音状态在演讲结束后交给大家留有提问时间现在有请主持人开始发言谢谢 嗯好的那个各位投资者大家上午好我是国军青帮团队的猫小然后今天咱们也很有幸邀请到了361的领导林娜总然后再给我们指导一下公司近期的一个经营情况林娜总可以听到吗可以听到谢谢嗯好的好的那么首先我们就邀请林娜总再要呃介绍一下公司的经营情况然后我们再开放投资者交流环节林娜总可以吗 好的好的 谢谢各位小伙伴好非常感谢大家的时间我去公司安装的时候也快十年了那接下来呢还是想把最近经济对之后的数据跟大家分享一下因为也还是比较关注就是在这样一个大的环境下保护的信心有没有完全恢复然后出去比较疲软比较疲软的情况下呢公司三零一度的这个终端的一些零售的一些表现 那其实从2027年4月跟5月份终端的流水来看我们整体的情况还是达到了比较理想的 ...

本次电话会议服务于中泰证券正式签约客户 未经中泰证券授权请勿对外传播本次会议的内容包括但不限于视频音频文字记录内容等信息感谢您的理解与配合中泰证券对违反上述要求的行为保留追究法律责任的权利市场有风险投资需谨慎本会议信息仅供参考不代表任何投资建议本公司不对任何人因使用本会议中的信息所引致的任何损失负担任何责任 好的 各位领导早上好 我是中泰汽车首席何俊仁今天早上我和我的同事张佳明一起跟大家汇报一下我们的领跑汽车的最近外发的深度报告那么在此之前的话 首先讲一讲就是两分钟时间汇报一下就是为什么我们看好六月的整车 核心的邏輯的話是新品的這個拖動的邏輯因為整車的一個頭從中期維度去看年度維度去看的話其實核心看的還是產品週期可能之前大家知道週期但是其實一些強勢自主品牌已經走成一個很明顯的一個持續的這種跨年度3到5年維度的這種成長股像BRD、長安、理想等等所以就是還是看的是產品 那麼就是在6到9月份之間其實我們梳理了基本上主流的自助品牌主流的自助品牌在此期間的話都會發佈24年的一些就是高權重銷量占比的一些優質的電車那麼零跑也是 零跑的話在6月底的話會發佈應該說6座的這個C16這個車型 對於總體銷量的拖動是非常明顯的現在預期的 ...

Summary of Key Points from the Conference Call Industry and Company Involved - The conference call discusses the partnerships and market positions of **Huawei**, **Lenovo**, and **Western Digital** in the **global market** [1]. Core Insights and Arguments - **Huawei** is identified as having significant partnerships in the **overseas market** [1]. - **Lenovo** is highlighted as the largest partner for **Huawei** in the **Asian market** [1]. - **Western Digital** is noted as a major partner for **Huawei** in the **global market** [1]. Other Important but Potentially Overlooked Content - The relationships between these companies indicate a strategic alignment that could influence market dynamics and competitive positioning in the tech industry [1].

中间品正式而上 目前所有参会者全处于静音状态 下面开始播报名字声明声明播报完毕后 主持人可直接开始发言本次电话会议紧面向国金证券的专业投资机构客户或受邀客户 仅供交流研究观点专家发言内容仅代表其个人观点 会议内容并不构成对任何人的投资建议 未经国金证券事先说明 今天的各位投资者大家下午好感谢大家参与今天下午我们对 近期我们外发的斟酒里度的首次覆盖报告的讲解,然后我是国际食品的研究员叶涛,就我们这次啊,主要还是顺着我们的报告给大家讲一下斟酒里度主要的一个投资的看点以及目前我们对白酒或者是斟酒里度的一个看法。 其实珍酒里度它是一个相对来说偏平台型的一个白酒公司,可以看到它旗下有珍酒,里度,餐角,开口笑这个四个主要的品牌,然后它的分布来看的话,二三年主要是以珍酒为主,然后将里度餐角是在十一级上下,开口笑的话相对来说会略少一点,整体而言我们是把公司的一个看点分成了两个维度去看, 第一个是公司本身的一个体制下的一个看点,也就是所谓的我们这边提到的一个深埋白酒饭式的管理层,以他的一个民营公司体系,这个其实相对来说我们觉得是会具备一个不错的灵活性,然后目前来看灵活性在一个偏传统的赛道里面其实是会有很多的一个弊异,就在组织渠 ...

Summary of Conference Call Company or Industry Involved - The document does not specify a particular company or industry as it contains a placeholder indicating to "please wait" Core Points and Arguments - No core points or arguments are available due to the lack of content in the document Other Important but Possibly Overlooked Content - No additional content is present to summarize or analyze The document does not provide any relevant information for analysis or summarization.

Summary of Conference Call Company or Industry Involved - The document pertains to Guotai Junan Securities and its internal conference call regarding research and analysis [1] Core Points and Arguments - The conference call is intended for internal learning purposes only and is not authorized for external distribution [1] - All content discussed in the call must be reviewed and approved by Guotai Junan Securities Research Institute before retention [1] - Unauthorized media dissemination of the conference call content is strictly prohibited, and any such actions will be considered infringement [1] - Guotai Junan Securities reserves the right to pursue legal action against unauthorized use or distribution of the conference call materials [1] Other Important but Possibly Overlooked Content - Emphasis on the confidentiality and proprietary nature of the information shared during the call [1] - The document highlights the importance of compliance with internal policies regarding information sharing and dissemination [1]

Summary of the Conference Call for AsiaInfo Technology Company Overview - **Company**: AsiaInfo Technology - **Date of Call**: June 18, 2024 - **Key Speaker**: CEO Zhou Financial Performance - **Revenue Growth**: The company reported a revenue increase of 2% year-over-year, reaching 7.891 billion RMB [2] - **Adjusted Net Profit**: Excluding goodwill and intangible assets, adjusted net profit grew by 3.2% [3] - **Dividend Distribution**: A special dividend of 0.6 RMB was declared, alongside a regular dividend of 40%, totaling 1 RMB [4] Business Segments Digital Operations - **Performance**: The digital operations segment experienced a slight decline due to external factors like a decrease in IPO numbers and internal restructuring challenges [6] - **Client Base Expansion**: The company expanded its client base to 23 provinces, increasing revenue-sharing models with operator clients [7][8] Vertical Industries - **Revenue Growth**: The vertical industries segment saw a significant revenue increase of 137% in the energy sector, driven by 5G private networks [11] - **Traffic Sector**: The traffic sector also reported substantial growth, particularly from smart hub projects [12] - **Government Sector**: The government sector faced a slight decline due to increased spending during the pandemic [12] OSS Business - **Market Position**: The OSS business achieved a double-digit growth rate, with revenue reaching 0.832 billion RMB and a market share exceeding 10% [20] - **Product Development**: The company is focusing on AI-driven products to enhance network management capabilities [21] Competitive Landscape - **Market Share**: AsiaInfo holds over 50% market share in the BSS sector, with competitors including Huawei and ZTE [22][38] - **Industry Dynamics**: The competitive landscape is stable, with significant barriers to entry for new players due to high switching costs for existing clients [38] Future Outlook - **Growth Strategy**: The company aims to balance revenue between communication and non-communication sectors, targeting a 50-50 revenue split [52] - **International Expansion**: Plans to penetrate Southeast Asia and the Middle East markets with standardized products are underway [28] - **R&D Investment**: Annual R&D investment remains high, constituting 14-16% of revenue, to maintain product leadership [25] Key Risks and Considerations - **Economic Uncertainty**: The company is cautious about project selection in non-communication sectors due to macroeconomic uncertainties [59] - **Client Payment Terms**: The company is selective in engaging with clients in the government sector to mitigate bad debt risks [59] Conclusion AsiaInfo Technology is navigating a complex market landscape with a focus on expanding its digital operations and vertical industry segments while maintaining a stronghold in the BSS market. The company is strategically positioning itself for future growth through international expansion and continued investment in R&D.

Summary of the Conference Call Company Overview - **Company Name**: 伟仕佳杰 (Weishi Jiajie) - **Industry**: IT Distribution and Technology Solutions - **Founded**: 1991 - **Employees**: Over 4,400 - **Presence**: Operates in 9 countries including China, Malaysia, Thailand, Philippines, Myanmar, Cambodia, Laos, etc. - **Branches**: 87 branches in the Asia-Pacific region with over 50,000 channel partners [1][2] Financial Performance - **Listing**: Listed on the Hong Kong Stock Exchange in 2002 - **Revenue Growth**: Revenue increased from HKD 1.6 billion in 2002 to HKD 73.9 billion in the last fiscal year, reflecting a steady growth rate of 24% since listing [2][3] - **Revenue Breakdown**: - Enterprise Systems: 55% (over HKD 400 billion) - Consumer Electronics: 41% (HKD 30.3 billion) - Cloud Computing: 4% (approximately HKD 3.1 billion) [21] - **Profitability**: ROE was 11.7% last year, with a consistent shareholder return rate above 4% [21][22] Market Position - **Global IT Distribution Market**: Estimated at over HKD 3 trillion, with the top 15 distributors holding 64% market share [4][5] - **Rank**: Ranked 8th globally with an estimated revenue of HKD 80 billion, aiming to become a market leader [5][24] - **Regional Performance**: North Asia (mainly China) accounts for 76% of revenue, while Southeast Asia contributes 24% [21] Business Model - **Distribution Model**: Acts as a technology platform connecting upstream manufacturers with downstream channels, including software developers, e-commerce, and retail shops [7] - **Support Services**: Provides product introduction, training, cost reduction, risk management, and market expansion services to manufacturers [7] Strategic Partnerships - **Key Partnerships**: Collaborates with major global tech companies such as HP, Lenovo, Huawei, and Alibaba Cloud, serving as a significant partner in Southeast Asia [5][18] - **AI and Cloud Solutions**: Engaged in AI applications and cloud computing, with notable growth in partnerships with companies like NVIDIA and local firms [17][19] Recent Developments - **New Collaborations**: Recently entered partnerships in the renewable energy sector and expanded into Southeast Asia, with initial products selling out quickly [16] - **AI Market Growth**: Significant demand for AI servers and related products, with overseas sales increasing over 100% year-on-year [28][30] Challenges and Outlook - **Market Conditions**: Facing challenges in the domestic market due to economic pressures, but optimistic about growth in Southeast Asia [49][52] - **Future Growth**: Anticipates stable growth driven by AI and cloud computing, with a focus on expanding market share in Southeast Asia [52][54] Currency Impact - **Exchange Rate Effects**: Currency fluctuations have impacted revenue, with a reported 4% decline when converting from RMB to HKD last year [62][63] Conclusion - **Investment Potential**: The company shows strong fundamentals with a robust growth trajectory, strategic partnerships, and a focus on emerging technologies, making it a potential investment opportunity in the IT distribution sector [24][41]

好的各位投资者大家早上好欢迎参加广发视频组织的早八点系列活动那本期是我们今年以来的第28期主要给各位投资者汇报一下我们近期的一个深度报告以海国际走出低谷改革蓄力 那从这个投资的逻辑来看呢我们看好在整个关联方增长产品之价比以及激励改革赋能和多个渠道补齐下这个火锅料龙头的一个底部改善机遇24年整个经济论对应的批估 估值为15倍 估息率的话接近6%参考科比公司的估值和公司的改革势能节奏给予24年18倍的一个PE估值对应合理的价值为每股18港元那我们首先就是主要分为这个四个方面进行一个介绍吧首先看一个公司的主要基本情况 那复盘一下公司的发展历程和主要财务表现我们可以将其划分为四个阶段首先05年到16年主要是背靠海底捞到开疆拓土到独立上市05年海底捞成立这个成都分公司07年开始向独立的第三方经销商供应火锅底料13年以海成立当年的收入和利润仅为三个亿和两千万 2015年开始向这个海外出口并开始打通电商和定制化的这个渠道16年以海上市的时候收入和利润都已经达到了11亿和2亿元相较于13年的收入是翻了三番这个利润增长是超过了8倍到16年到19年整个行业景气度比较高的情况下公司创下了3.15倍的一个历史的料眼收益 那以海上市之 ...

Summary of Conference Call Company Overview - The conference call features Mr. Zhou from Yaxin Technology, indicating a focus on recent changes within the company [1] Key Points - Mr. Zhou is expected to provide updates regarding the company's recent developments, suggesting potential shifts in strategy or performance metrics [1] Additional Important Content - The call invites investor questions, highlighting an interactive approach to communication and transparency [1]