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 ...

Financial Performance - The company expects 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 [2][3] - The net profit excluding non-recurring items is projected to be between 129 million and 140 million, with a year-on-year growth of 172% to 197 [2][3] - In Q2, the company achieved a net profit of 74 million, a year-on-year increase of 105%, while the net profit excluding non-recurring items was 73 million, up 111% [2][3] - Revenue for the first half of the year grew by 30%, with Q2 revenue increasing by 40%, exceeding market expectations [2][3] Business Lines and Key Indicators - The main drivers of revenue growth in the first half were substation products and seals, particularly the delivery of high voltage products in the domestic market [2][3] - The revenue share of ultra-high voltage products in substation products has increased by approximately 5 percentage points year-on-year [2][3] - The gross margin for ultra-high voltage products is significantly higher, exceeding conventional high voltage products by 10 to 20 percentage points [2][3] Market Data and Key Indicators - Domestic orders account for slightly more than overseas orders, with domestic order growth being notably faster, especially in substation products [2][3] - New orders signed in the first half of the year amounted to approximately 700 million, with a year-on-year growth of over 30% [2][3] - The growth rate of overseas orders is expected to be at least 25%, primarily concentrated in North American projects [4] Company Strategy and Industry Competition - The company is planning to build new production facilities in North America and Southeast Asia to meet future market demands [3][4] - The company aims to maintain a gross margin of no less than 40%, ideally approaching 50% through improved management and cost savings [2][3] - The company has strong pricing power due to the high added value and technological advantages of its composite products [3] Management Comments on Operating Environment and Future Outlook - Management indicated that the delivery volume of ultra-high voltage projects in the first half exceeded 100 million, with expectations for continued growth in delivery volume throughout the year [2][3] - The company is optimistic about future growth in high value-added products, particularly in ultra-high voltage, substations, and transmission lines [3][4] - The company is adjusting its pricing strategy based on market supply and demand dynamics, with potential for further price adjustments in response to raw material cost changes [2][3] Other Important Information - The company has implemented measures to control raw material costs, which positively impacts gross margins [2][3] - The acceptance of composite insulators in the North American market is increasing, with expectations for significant growth [4] Q&A Session Summary Question: What is the expected year-on-year growth rate for net profit and net profit excluding non-recurring items for the first half of the year? - The company anticipates net profit to be between 132 million and 144 million, with a growth rate of 159% to 182%, and net profit excluding non-recurring items to be between 129 million and 140 million, with a growth rate of 172% to 197 [2] Question: How did Q2 revenue and net profit perform? - In Q2, the company achieved a net profit of 74 million, a year-on-year increase of 105%, and net profit excluding non-recurring items was 73 million, up 111% [2] Question: What are the reasons for revenue growth in the first half? - The revenue growth was primarily driven by an increase in substation product deliveries, especially high voltage products in the domestic market [2] Question: What is the expected growth rate for overseas business? - The overseas business is expected to grow significantly, particularly in substation products, with core customers like ABB projected to see at least a 25% growth [4] Question: How is the company managing raw material cost fluctuations? - The company has implemented control measures for raw materials, which have positively impacted gross margins [2]

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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]

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]

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 ...

Financial Data and Key Indicator Changes - In 2023, the company's revenue was 1.984 billion yuan, a year-on-year decrease of 12.98%, and the net profit attributable to shareholders was -206 million yuan, a year-on-year decrease of 239.06% [6][9] - For Q1 2024, revenue increased to 194 million yuan, a year-on-year growth of 31.78%, while the net profit attributable to shareholders improved to -34 million yuan, a year-on-year increase of 79.62% [6][9] - The overall gross margin for 2023 was 46.0%, with projections for 2024-2026 to remain stable around 46.0% to 46.3% [9][18] Business Line Data and Key Indicator Changes - Public Safety Big Data revenue in 2023 was 877 million yuan, accounting for 44.19% of total revenue, with a year-on-year decrease of 6.52% and a gross margin of 33.41% [6][15] - Electronic Data Forensics generated 761 million yuan, representing 38.35% of total revenue, with a year-on-year decline of 7.78% and a gross margin of 58.36% [6][15] - Digital Government and Enterprise Digitalization revenue was 212 million yuan, down 38.08% year-on-year, with a gross margin of 47.34% [6][15] - New Cybersecurity revenue was 134 million yuan, a decrease of 22.99% year-on-year, with a gross margin of 56.41% [6][15] Market Data and Key Indicator Changes - The company is focusing on expanding its market presence in the fields of new cybersecurity and digital government, with strategic investments in innovative products and solutions [7][8] - The company has successfully secured major projects in 2023, reinforcing its position in the public safety big data sector and expanding into law enforcement and immigration services [7] Company Strategy and Development Direction - The company aims to deepen its core business while expanding into new sectors, particularly in big data intelligence and cybersecurity [7][8] - A strategic rebranding to "Guotou Intelligent (Xiamen) Information Co., Ltd." is expected to enhance its market positioning and resource allocation [8] - The company plans to leverage its mixed-ownership structure to maintain vitality and foster an innovative culture, positioning itself as a benchmark for state-owned enterprise reform [8] Management's Comments on Operating Environment and Future Outlook - Management acknowledged the challenges posed by reduced client budgets and delayed order confirmations, impacting revenue in 2023 [6][9] - The outlook for 2024 is optimistic, with expected revenue growth driven by the recovery in core business areas and strategic investments in new technologies [9][18] Other Important Information - The company has set ambitious revenue targets for 2024-2026, projecting revenues of 2.520 billion yuan, 3.025 billion yuan, and 3.560 billion yuan respectively, with corresponding net profits of 277 million yuan, 340 million yuan, and 416 million yuan [9][18] - The company is also focusing on enhancing its R&D capabilities, with a projected R&D expenditure of 21.87% of revenue in 2023 [11] Q&A Session Summary Question: What are the expectations for revenue growth in the coming years? - The company anticipates a revenue increase of 27% in 2024, followed by 20% in 2025 and 17.7% in 2026, driven by the recovery in core business segments and new product introductions [9][18] Question: How does the company plan to address the challenges faced in 2023? - Management indicated that they are focusing on strategic investments and expanding their market presence to mitigate the impact of reduced client budgets and delayed orders [6][9]

Financial Data and Key Metrics Changes - The company expects to achieve a net profit attributable to shareholders of 630-677 million yuan in the first half of 2024, representing a year-on-year growth of 167%-187%, with a median of 654 million yuan, indicating a growth of 177% [1][2] - The expected net profit after deducting non-recurring gains and losses is projected to be 617-664 million yuan, with a year-on-year increase of 173.56%-194.48% [1][2] - For Q2 2024, the company anticipates a net profit of 351-398 million yuan, reflecting a year-on-year growth of 144%-177% and a quarter-on-quarter increase of 26%-43% [1] Business Line Data and Key Metrics Changes - The demand for high-speed optical devices is benefiting from the rapid development of AI, with the company positioned as a leading supplier of optical devices, particularly in the 800G product line [1][2] - The company is actively expanding its product offerings in cutting-edge fields such as CPO, with applications extending from optical modules to chip interconnects, indicating a broad market potential [1] Market Data and Key Metrics Changes - North American cloud vendors are maintaining high capital expenditures, with Amazon, Microsoft, Google, and Meta showing significant investments, which is expected to drive demand for optical devices [2] - The company is well-positioned to benefit from the accelerated product upgrade cycles of major tech companies, particularly in the context of AI-driven demand [2] Company Strategy and Development Direction - The company aims to maintain its leadership in the optical communication industry by focusing on high-speed products like 400G and 800G, while also enhancing profitability through the transition of its subsidiary, Polar Photonics [2] - The company is also looking to expand its laser radar business and traditional optical communication segments, which are expected to grow steadily [2] Management's Comments on Operating Environment and Future Outlook - Management highlighted the explosive growth in computing power demand driven by AI and the rapid pace of global data center construction, which is expected to sustain the demand for high-speed optical devices [1][2] - The company anticipates further performance improvements as the demand for 1.6T optical engines gradually releases [1] Other Important Information - The company has a strong competitive position due to its deep ties with major overseas tech companies, which enhances its market resilience [1] - The company has been actively involved in the development of optical interconnect products for many years, positioning itself to be a core beneficiary in this area [1] Q&A Session Summary Question: What is the outlook for capital expenditures among cloud vendors? - The capital expenditures of major cloud vendors like Amazon and Microsoft have shown significant growth, with Microsoft achieving over 50% year-on-year growth for three consecutive quarters, indicating a robust demand environment [2] Question: How does the company plan to address potential risks in the market? - The company acknowledges risks related to potential declines in capital expenditures from domestic and overseas cloud vendors, which could impact the demand for optical modules [4]

Financial Data and Key Indicator Changes - The company expects a net profit attributable to shareholders of 1.2 to 1.4 billion yuan for the first half of 2024, with a quarter-on-quarter growth of 7% to 42% in Q2 [61] - The company’s photovoltaic business achieved a shipment volume of 6.3GW, with a year-on-year increase of 3.3%, indicating profitability [61] - The company anticipates a total output of 6 to 6.5GW for large-scale energy storage in 2024, representing a year-on-year growth of over 500% [42][61] Business Line Data and Key Indicator Changes - The energy storage business saw significant growth, with Q2 2024 delivery volume exceeding a 50% increase compared to Q1 2024 [61] - The photovoltaic segment continues to show strong performance, with a total installed capacity of 102.48GW in the first half of 2024, reflecting a year-on-year growth of 30.7% [43] Market Data and Key Indicator Changes - In June 2024, the domestic photovoltaic market added 23.33GW of new capacity, with year-on-year and month-on-month growth rates of 35.6% and 22.5%, respectively [43] - The domestic wind power market added 6.08GW in June 2024, with a month-on-month growth of 108.2%, indicating a rapid recovery in the wind power sector [51] Company Strategy and Development Direction - The company is focusing on expanding its production capacity in the Middle East, leveraging strategic partnerships with local sovereign funds and industry players to mitigate trade barriers from Western countries [6][33] - The company aims to enhance its competitive edge in the global renewable energy market, particularly in energy storage and photovoltaic sectors [33] Management Comments on Operating Environment and Future Outlook - Management highlighted the robust demand in emerging markets such as India, Pakistan, and Saudi Arabia, with significant year-on-year growth in exports of photovoltaic components [23][40] - The management expressed optimism about the future growth potential in the energy storage market, supported by a strong order backlog of 56GWh [42][61] Other Important Information - The wind power sector is experiencing a resurgence, with major projects being signed in Europe, showcasing the global competitiveness of Chinese wind turbine manufacturers [69] - The company is also involved in significant projects in Saudi Arabia, including a record-breaking 7.8GWh energy storage project [16][33] Q&A Session Summary Question: What are the expectations for the energy storage market in the coming years? - The energy storage market is expected to see explosive growth, with the company projecting a year-on-year increase of over 500% in large-scale storage output for 2024 [42][61] Question: How is the company addressing the challenges posed by trade barriers? - The company is strategically partnering with local entities in the Middle East to navigate trade barriers and expand its market presence [6][33] Question: What is the outlook for the photovoltaic segment? - The photovoltaic segment is expected to continue its strong performance, with significant growth in installed capacity and export demand from emerging markets [23][43]

证券研究报告·A 股公司简评 通信设备 受益于 AI 算力高景气度,业 绩持续高增 核心观点 公司预计上半年归母净利润 8.1 亿元-9.5 亿元,同比增长 181%- 229%;按照预告中值,公司 24H1 归母净利润为 8.8 亿元,同比 增长 205%,环比增长 120%。AI 行业发展快速,景气度较高,对 网络硬件性能要求较高,网络带宽能够有效提升数据传输效率, 从而显著提升算力集群的算力水平,因此 400G/800G/1. 6T 等高 速率光模块的需求保持强劲。公司作为全球高速光模块行业的头 部厂商,与海外科技巨头客户保持深度绑定,同时不断开拓新客 户,海外产能布局进展顺利。公司 800G 和 1.6T 等高速率产品进 展顺利,有望获取更多的市场份额,业绩实现快速增长。 事件 公司发布 2024 半年度业绩预告,2024 上半年,公司预计实现归 母净利润 21.5-25 亿元,同比+250.3%-307.33%,预计实现扣非后 的归母净利润 21-24.5 亿元,同比+260.13%-320.15%。 简评 1、业绩增速较快,客户侧开拓不断突破,海外产能布局顺利。 公司发布 2024 中报预告,预计 ...