发言人 39:38 明白，然后刚才也提到有几个建设的投入，就不知道 pad pack 这块，咱们今年大概是就从数字化一点的， 大概是多少？应该就是 11 亿左右的规模，你做一个规就是全部加总在一起。对对对，就各个过去的措施， 未来就比如说明年或者再往后一点的时间，每年还是这个规划。我刚才也介绍了，就是新增的产能还是要 看需求，有需求我们才会释放，没有需求就是这些。 发言人 40:31 好的，我看现在线上也没有举手的投资者了。那咱们今天线上交流的这个成果也非常的充分。那就非常感 谢罗总的时间和各位投资者的参与。以后大家如果对公司有进一步的问题，也欢迎随时和朝阳的 IR 团队或 者和国生医药团队做进一步的交流。那么就谢谢罗总，谢谢各位投资者的参与，感谢大家，再见。好，谢 谢罗总，再见。 发言人 00:32 发言人 03:12 明白，然后刚才您也提到了价格这块的情况。现在看的话，这个价格战的大概是到了一个什么样的阶段？ 然后后续咱们觉得这个行业里面价格还有下降的可能性吗？从目前我们的价格在一季度到现在，一直到现 在，都是基本上是保持稳定的。其实应该说从去年年底到一季度到现在，基本上都是维持现在这样的一个 价格。我们 ...

Financial Data and Key Metrics Changes - The company expects to achieve a net profit of between 288 million to 375 million yuan for the first half of 2024, representing a year-on-year increase of approximately 476 million to 563 million yuan [5][6] - For Q2 2024, the estimated net profit is between 199 million to 277 million yuan, showing a year-on-year increase of 382 million to 469 million yuan and a quarter-on-quarter increase of approximately 93% to 180% [7][8] - The company reported a significant increase in revenue due to improved capacity utilization and effective cost management [8][9] Business Line Data and Key Metrics Changes - The company noted a substantial growth in revenue from mid-to-high-end products, contributing to the overall revenue increase [8] - The production capacity utilization rate improved from around 70% in Q1 to approximately 75% to 80% in Q2 [12] Market Data and Key Metrics Changes - The semiconductor industry is showing signs of recovery, with increased market demand driven by new technologies such as artificial intelligence [7][8] - The company is optimistic about the demand for AI-related products, particularly from major clients like AMD [34][35] Company Strategy and Development Direction - The company is focusing on enhancing its management practices and cost control measures to improve overall efficiency [8] - There is a strategic emphasis on expanding into high-end storage and AI chip markets, with ongoing collaborations with AMD [16][18] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the recovery of market demand and the potential for continued growth in the second half of 2024 [34][35] - The company anticipates that the demand for AI products will remain strong, despite some softness in other areas such as gaming consoles [34][35] Other Important Information - The company plans to maintain a capital expenditure of approximately 4.89 billion yuan for the year, with significant allocations for its Suzhou facility [20] - The company is actively pursuing opportunities in the high-end storage chip market, particularly in collaboration with domestic manufacturers [27] Q&A Session Summary Question: What is the revenue growth range for Q2? - Management indicated that Q2 revenue is expected to show a double-digit growth on a quarter-on-quarter basis and a similar growth year-on-year [11] Question: What is the capacity utilization rate for different factories? - The overall capacity utilization rate is expected to improve, with specific rates for Suzhou and other facilities ranging from 75% to 80% [12] Question: What is the progress on collaboration with AMD for AI chips? - Current testing for AMD's MI300 is being conducted at the Ice City facility, with positive expectations for future collaboration [16][18] Question: How is the pricing situation for the second half of the year? - Pricing is expected to remain stable, influenced by market supply and demand dynamics [21][22] Question: What is the status of the company's dollar-denominated debt exposure? - Detailed information on dollar-denominated debt exposure will be available after the release of the half-year report [24][25] Question: What are the company's plans regarding high-end storage chips? - The company is focusing on opportunities in the high-end storage market, particularly in collaboration with major domestic manufacturers [27] Question: How does the company view the demand for DDIC? - The demand for DDIC is expected to remain strong, driven by various market catalysts [48]

Financial Data and Key Metrics Changes - The total assets of the company reached approximately 12 trillion, ranking first among global insurance groups [5] - The annual compound growth rate of total assets since 2004 is 23.8%, while the annual compound growth rate of dividends is 11.3% [6] - The company ranked 33rd in the Fortune Global 500, with a scale operating profit showing an annual compound growth rate of 7.1% [6] Business Line Data and Key Metrics Changes - The company is the second-largest life insurance company in China, following China Life, and the second-largest property insurance company, following PICC [10] - The company is the first professional pension institution in China, with its pension asset scale and customer base ranking second in the industry [10] - In the health insurance sector, the company is one of the first established professional health insurance companies, also ranking second in the industry [10] Market Data and Key Metrics Changes - The company is actively expanding in the healthcare and pension sectors, anticipating that by 2035, over 30% of the population will be elderly, creating significant market opportunities [12] - The company has seen a substantial contribution to new business value from healthcare and pension services, with 73% of new business value in 2023 coming from these areas [23] Company Strategy and Development Direction - The company aims to provide a one-stop service for comprehensive financial and healthcare solutions, focusing on financial advisory, family doctor services, and elderly care [13] - The strategic focus is on integrating finance with technology and healthcare, enhancing service capabilities through technological advancements [7][12] Management's Comments on Operating Environment and Future Outlook - The management expressed optimism about the recovery of the insurance industry, expecting significant improvements in performance this year [15] - The management highlighted the importance of digital transformation in improving operational efficiency and customer service [26][28] Other Important Information - The company has a comprehensive financial service structure, including life insurance, property insurance, pension insurance, health insurance, banking, and asset management [8] - The company has been recognized for its brand value by international rating agencies, indicating strong market positioning [5] Q&A Session Summary Question: What specific cases or products does the company have to meet customer needs in the financial and healthcare sectors? - The company reported that 37% of new business value in the past year came from healthcare services, and 36% from pension services, indicating a significant shift towards these areas [23] Question: What achievements has the company made in digital transformation? - The company highlighted that 90% of life insurance claims are processed within one day, showcasing high efficiency in claims processing [28]

2024 年 07 月 17 日 23:46 别声明，本会议为光大证券专业机构投资者设计，任何情形下，会议内容不构成对任何人的投资建议。参 会者应当充分了解各类投资风险，根据自身情况自主做出投资决策，并自行承担投资风险。嘉宾发言内容 仅代表嘉宾的个人观点和立场。研究人员发言内容来自于以外发报告或对研报的跟踪解读，观点仅代表报 告发布当日的判断。 发言人 01:07 达梦数据 20240717_原文 发言人 00:00 发言人 00:30 首先先给各位领导更新一下近期达梦数据的一个调研更新。从首先从核心技术来看，达摩数据它真正的核 心优势，其实它这呃几十年来都坚持了一个自主原创的技术路线。这个优点就是确保一个信息安全。目前 来看公司的整个数据生态产品是已经完成了，关系型非关系型的基本都有，而且是百分之百自主研发。也 因为这个自主原创的技术路线，所以公司整体的人才是比较稳定的，流失率是比较少的那第二个从目前的 一个国产化进程，从目前来看，现在行业信创已经是一个常态化的过程了。 党政的话在去年的一个 1 到 2 年是一个下滑的趋势。在行业信创这一端，像金融、电力、能源，就三桶油 这边以及军工，整体是在加速的一个状态 ...

兆易创新20240716_1_导读 2024年07月16日 23:29 关键词 存储芯片 教育创新 MCU no flash SLC IOT 工业 汽车 营收 MCO 传感器 消费网通 业绩预告 毛利率 多元 化 存储业务 市场份额 价格周期 景气度 IOT市场 全文摘要 光大证券分析师讨论了一家专注于存储芯片，尤其是No Flash和SLC NAND Flash技术的企业。该企业产 品广泛应用于IoT、工业及汽车等领域，在消费电子产品市场表现强劲。尽管受疫情影响，公司MCU业 务仍维持国内市场领先地位，并在高性能芯片和车规级产品方面取得进步。公司亦涉入传感器业务，但 近年对业绩有一定负面影响。得益于消费电子市场回暖，公司预告上半年净利润显著增长，标志业绩拐 点，未来有望重回增长轨道。分析师看好公司业务多元化发展，特别指出存储芯片业务预计将率先复 苏，并对MCU业务长期发展持乐观态度。公司注重利息存储领域，覆盖DRAM和NAND两大市场，其中 利息型DRAM被视为重要发展方向。No Flash市场因IoT设备兴起而呈现回暖趋势，国产厂商在大容量产 品方面份额稳定增长。面对市场的波动和竞争，公司通过技术优化及合 ...

Financial Data and Key Metrics Changes - The company has achieved synchronized high-speed growth in revenue and net profit over the past 20 years, indicating strong operational capabilities and promising development prospects [18] Business Line Data and Key Metrics Changes - The motorcycle engine business, as the company's foundational business, maintains a leading position in the domestic market and is gradually expanding into the mid-to-high-end market, with continuous growth in market share [22][47] - The general machinery business has experienced rapid growth through acquisitions, covering various categories such as generator sets and high-pressure cleaners, especially performing strongly in overseas markets [47] Market Data and Key Metrics Changes - The global small and medium-sized aviation engine market has seen a total output value exceeding $8 billion from 2000 to 2021, with the general aviation sector accounting for about 60% of the market [27] - The communication business has shown stable high growth, significantly outpacing GDP growth in developed countries, with double-digit growth rates [11] Company Strategy and Development Direction - The company is focusing on the new energy business and has acquired Dongguan Lihui to enhance its energy storage segment, while maintaining stability in its main business [3][18] - The company is actively expanding into the low-altitude economy and has made breakthroughs in this niche market, showcasing strong growth potential and market competitiveness [2][39] Management's Comments on Operating Environment and Future Outlook - Management highlighted the challenges posed by export pressures, raw material price fluctuations, trade frictions, and the expansion of new businesses, but emphasized the company's strong growth potential and market competitiveness through continuous product enhancement [39] - The management expressed confidence in the recovery of the energy storage business, particularly in the North American market, which is expected to drive business recovery [29][31] Other Important Information - The company has a clear shareholding structure and a stable management team, with many executives having over ten years of tenure, reflecting the robustness of the management structure [7] - The company has successfully completed a shareholding reform, further solidifying its leading position in the aviation engine sector [15] Q&A Session Summary Question: What kind of company is Zongshen Power in the niche market? - Zongshen Power is a leading company in the motorcycle and general machinery sectors, with strong performance in its main business and breakthroughs in the low-altitude economy [6] Question: How is the technical strength and innovation capability of Zongshen Aviation? - Zongshen Aviation's C145 model is competitive in the high-power field, demonstrating strong product competitiveness [9] Question: What is the development status of the energy storage business? - The energy storage business has made significant progress since the introduction of advanced technology and management, covering various fields such as portable energy storage and golf cart batteries [29] Question: How is the company's motorcycle engine business developing? - The motorcycle engine business is gradually moving towards the mid-to-high-end market, with an increasing market share and strong product quality [22] Question: What are the key developments and outlook for the components business? - The components business has expanded capacity in response to increased demand from the automotive industry, particularly in high-end aviation components, and is expected to achieve profit growth as capacity is gradually released [24]

Financial Data and Key Metrics Changes - From 2014 to present, the stock price of Changjiang Electric has increased from 3.8 to 30 RMB, indicating a significant appreciation in value [2] - The dividend yield has decreased from 100 basis points (BP) to 50 BP compared to the 10-year government bond yield in 2024 [4] Business Line Data and Key Metrics Changes - In Q2 2024, Changjiang Electric's power generation increased by 42.5% year-on-year, attributed to improved water flow conditions [5][8] Market Data and Key Metrics Changes - The valuation dynamics for high dividend assets have been positively influenced by the decline in government bond rates, enhancing the denominator in the valuation equation [4] Company Strategy and Development Direction and Industry Competition - Changjiang Electric is positioned as a leading high dividend asset in the A-share market, outperforming even bank stocks that benefit from policy support [4] - The company faces inherent risks due to its reliance on water flow, which is unpredictable and cannot be controlled, leading to potential volatility in earnings [10] Management's Comments on Operating Environment and Future Outlook - The management acknowledges the uncertainty in profitability due to the uncontrollable nature of rainfall and water flow, which can lead to significant fluctuations in earnings [10] Other Important Information - The company is characterized as a heavily asset-based entity, with substantial upfront investments in infrastructure, leading to predictable depreciation impacts on profits [5] Q&A Session Summary Question: What factors have contributed to Changjiang Electric's strong performance in the high dividend asset category? - The company has benefited from both the decline in government bond yields and an unexpected increase in power generation due to favorable weather conditions in 2024 [4][5] Question: How does Changjiang Electric manage the risks associated with water flow variability? - The management highlighted that while they have a monopoly on water resources, the unpredictability of rainfall poses a significant risk to consistent profitability [10]

德邦股份(603056) ➢ 零担运输行业：万亿市场具备成长潜力，格局红利初显 ➢ 协同京东：网络与业务资源双重加持，赋能长期发展 | --- | --- | --- | --- | --- | --- | |----------------------------|---------|------------------------------|----------------|-----------------------------|--------| | 财务数据和估值 | | | | 2022 2023 2024E 2025E 2026E | | | 营业收入（百万元） | 31392 | 36279 | 41853 | 47895 | 53535 | | 增长率（%） | 0.10% | 15.57% | 15.36% | 14.44% | 11.78% | | EBITDA （百万元） | 2333 | 2324 | 2466 | 3012 | 3467 | | 归母净利润（百万元） | 649 | 746 | 1054 | 1390 | 1650 | | 增长率（%） | 339.08% | ...

发言人 11 45:00 杜总你好，我这边是国投证券的金融分析人员。你好，能听到吗？宋总，我这边也是，请教一 发言人 4 48:29 好的，感谢各位参会者的提问。目前线上的所有提问已经接入接入完毕。请问领导是否有更多 的补充或者总结呢？ 发言人 2 48:39 大家好，如需提问电话端的参会者，请向话机上的星号键再按数字一，网络端的参会者，您可 以在直播间互动区域内文字提问，或点击旁边的举手按钮申请语音提问，谢谢。大家好，如需 提问电话端的参会者，请向话机上的星号键，再按数字一。网络端的参会者，您可以在直播间 互动区域内文字提问，或点击旁边的举手按钮申请语音提问，谢谢。 市场招标够不及预期的节奏安排。同时的话我们也是一直在调整我们的这个业务布局和一些针 对低毛利低毛收入的一些业务的一个有效的一个控制。所以整体的签约比去年同期降了 17 个亿。 现在截止到 630 的时候，中标代签的项目的话，大概有不到 4 个亿这么一个水平。但从总体毛 利率来看的话，较上年同期还是有较大的提升。因为我们统计到的毛收入，虽然这个合合同额 减了 17 个多亿，毛收入的话其实基本跟去年同期本持平。从商机配备案这个角度来看的话，我 们现 ...

中际旭创20240715 ...