Financial Data and Key Metrics Changes - In the first half of 2024, the company expects to achieve revenue between 1.05 billion to 1.15 billion, representing a year-on-year growth of 45% to 59% [5] - The expected net profit attributable to shareholders is between 55 million to 67 million, indicating a year-on-year increase of 56% to 90% [5] Business Line Data and Key Metrics Changes - The second growth curve, which includes certified enterprise developers and individual developers, has shown significant growth compared to the first quarter, with a substantial increase in revenue [16] - The first growth curve, primarily in the special fields, is experiencing stable growth, particularly in government business, which is developing rapidly [17] Market Data and Key Metrics Changes - The company is expanding its online platform, which now covers over 70 industries, while offline services focus on special fields, government, and enterprises [23] - The government business is a key area of growth, with a focus on smart government initiatives, including transportation, water conservancy, public safety, and natural resource monitoring [32] Company Strategy and Development Direction - The company is focusing on digital transformation for enterprises, particularly large state-owned enterprises in the energy sector, to meet high safety production requirements [64] - The company is also exploring commercial aerospace applications, with a strategic plan for satellite constellations announced recently [83] Management's Comments on Operating Environment and Future Outlook - Management acknowledges the pressure on cash flow, which is expected to remain negative in the first half of the year, with a focus on improving collection in the second half [49] - The company is facing challenges in government payment collections due to fiscal pressures, but is strategically selecting projects to enhance relationships with government clients [51] Other Important Information - The company is diversifying its risk by maintaining multiple qualifications across its subsidiaries, which helps mitigate the impact of stricter qualification reviews in the industry [40] - The establishment of new military organizational structures is viewed positively, as it may lead to new opportunities and product iterations [74] Q&A Session Summary Question: How is the order situation in the special fields? - Management noted that while there have been adjustments in the special fields, ongoing projects are still progressing, and overall order levels remain satisfactory [35] Question: How does the company view the competitive landscape with some competitors losing qualifications? - Management believes that while there may be opportunities for market share gain, they are focused on their own path and maintaining their qualifications [70] Question: What is the outlook for cash flow and collection in the second half of the year? - Management indicated that negative cash flow is typical for the first half, with expectations for improvement in collections as government projects progress [49][50] Question: What is the company's strategy regarding commercial aerospace and satellite constellations? - The company plans to primarily pursue acquisitions to expand its capabilities in commercial aerospace rather than developing satellites from scratch [97]

2024 年 07 月 19 日 00:44 发言人 00:00 发言人 01:02 发言人 01:37 发言人 02:07 发言人 04:24 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 中国天楹 20240718_原文 我们今天邀请中国信的董事长助理肖总，我给大家来看一下天元的 20 年业绩半年度的业绩预告 的一个交流会。我看肖总已经到了，肖总您先给大家对 24 年上半年，包括二季度的一个情况做 一个介绍。赵宝兄弟，谢谢尊敬的各位投资者，大家上午好啊。首先感谢大家对中国电影的关 注。我现在这几天市场也不是很好，大家还能够抽出这个时间来听我这样一个电话会。 发言人 00:35 我们中心应该是在 7 月 10 号发布了 2024 年的半年报。2024 年的预计的上半年的一个净利润， 大概在 3.52 亿到 3.9 亿次区间。那就去年同期的话应该是有一个大幅的增长。我想 2021 年，中 国天银是提出了这么一个叫环保加新能源，以及推进国内国际双循环的这么一个发展战略。 以整个一季报为例的话，我们可以会看出来，就整个我们的从财务层面上面反映出来的，其实 还是主要的。这个是我们的环保的业务。因为我们新 ...

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 北方华创 20240718_原文 2024 年 07 月 19 日 00:43 发言人 00:01 特别声明,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。本会议内容的知识产权仅归光大证券 所有。未经书面许可,任何机构和个人不得以任何形式、任何目的进行转发、翻版、复制、发 布或引用会议全部或部分内容,亦不得擅自录音、制作会议纪要、对外传播。 发言人 00:54 好的,谢谢。今天是我们科技龙头系列的第七期,然后北方华创我也来汇报一下整个北方华创 的一个情况。北方华创是今年以来我们在整个半导体板块里面首推的标的我们的这个标题就是 平台优势凸显,然后充分受益先进制成的一个扩展。其实从去年的一个新签订单上来讲,其实 华创的一个平台优势还是体现的比较明显的。去年其实是整个半导体设备里面,一这个可能说 是一个小年,就是整体 ...

北方华创 20240718_原文 2024 年 07 月 18 日 23:01 发言人 00:01 特别声明,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。本会议内容的知识产权仅归光大证券所有。未经书面许可,任何机构和个人不得以 任何形式、任何目的进行转发、翻版、复制、发布或引用会议全部或部分内容,亦不得擅自录音、制作会 议纪要、对外传播。 发言人 00:54 好的,谢谢。今天是我们科技龙头系列的第七期,然后北方华创我也来汇报一下整个北方华创的一个情况 北方华创是今年以来我们在整个半导体板块里面首推的标的我们的这个标题就是平台优势凸显,然后充分 受益先进制成的一个扩展。其实从去年的一个新签订单上来讲,其实华创的一个平台优势还是体现的比较 明显的。去年其实是整个半导体设备里面,一这个可能说是一个小年,就是整体的一个全球整体以及国内 整体都是一个下滑的状态。但是北方华创的 ...

Financial Data and Key Metrics Changes - The company expects core sales growth of +1% year-over-year and core adjusted operating profit to remain flat year-over-year in 2Q24, primarily due to challenges in advertising revenue [15][16] - Total net revenue for 2024E is revised to RMB 137,756 million, reflecting a -1% change, with net profit, non-GAAP, adjusted to RMB 28,082 million, a -2% change [27][34] - The current share price implies an 8X 2024E PE, indicating that the market is not assigning value to the company's cash reserves or its Apollo/Robotaxi business [4][16] Business Line Data and Key Metrics Changes - Advertising revenue for Baidu is projected to decline by 2% year-over-year in 2Q24, with a slight recovery expected by the end of the year [15][16] - The AI Cloud business is anticipated to grow by 15% in 2Q24, up from 12% in 1Q24, indicating a positive trend in cloud services [15][16] - The autonomous driving segment, including the Apollo project, is currently loss-making, with estimated losses of RMB 3-4 billion annually, but losses are expected to narrow by 2025 [4][16] Market Data and Key Metrics Changes - The overall advertising market is facing softness due to weak macroeconomic conditions, impacting Baidu's revenue [4][15] - The company has seen a month-over-month increase in daily active users (DAU) for its Ernie AI platform, reaching 1.9 million, which is a positive sign for its AI initiatives [11][15] Company Strategy and Development Direction - Baidu is focusing on enhancing its search experience through AI initiatives, which is expected to improve advertising revenue in the long term [4][15] - The company is also investing in its autonomous driving technology, with a long-term goal of achieving significant market penetration in the Robotaxi segment by 2030 [4][15] Management's Comments on Operating Environment and Future Outlook - Management expressed concerns about the slower recovery in macroeconomic conditions and advertising spending, which could impact future growth [12][34] - The company remains optimistic about the growth potential of its AI Cloud services and expects to see continued improvement in this area [15][34] Other Important Information - Key risks identified include slower recovery in macro and advertising spending, increased competition in the advertising/search industry, and potential delays in autonomous driving milestones [12][34] - The company's cash reserves amount to approximately US$19 billion, representing 60% of its market cap, which provides a buffer against market volatility [4][16] Q&A Session Summary Question: What are the expectations for advertising revenue recovery? - Management expects advertising revenue to turn positive by the end of the year, despite current softness due to macroeconomic challenges [4][15] Question: How is the AI Cloud business performing? - The AI Cloud business is projected to grow at a rate of 15% in 2Q24, indicating strong demand for AI-related services [15][16] Question: What are the anticipated losses from the autonomous driving segment? - Estimated losses from the autonomous driving segment are around RMB 3-4 billion annually, but management expects these losses to narrow by 2025 [4][16]

Financial Data and Key Metrics Changes - The company emphasizes the importance of tactile sensors in humanoid robots, indicating a shift towards commercializing research outcomes in this area [1][4] - The focus on tactile sensing technology is seen as a critical factor for enhancing the operational capabilities of robots, particularly in precision tasks [4][7] Business Line Data and Key Metrics Changes - The company is developing dexterous hands with a focus on achieving high precision, which is essential for complex operations [4][8] - Current market products typically have 9 degrees of freedom, while the company aims for at least 12-15 degrees to meet high skill requirements [4] Market Data and Key Metrics Changes - The industrial sector is identified as the primary market for humanoid robots, with applications in automotive assembly and semiconductor production [7] - The company’s tactile dexterous hand technology has already demonstrated commercial value in flexible material handling and precision assembly automation [7] Company Strategy and Development Direction - The company aims to push the boundaries of tactile sensing technology to enhance the dexterity and operational capabilities of humanoid robots [1][4] - There is a strategic focus on developing products that can adapt to various tasks, thereby increasing their value in industrial applications [7] Management's Comments on Operating Environment and Future Outlook - Management acknowledges the challenges in developing dexterous hands, particularly in hardware and software advancements [4][6] - The rise of AI technologies is seen as a transformative factor in the robotics industry, with a need for integrating tactile feedback into robotic operations [7] Other Important Information - The company is committed to achieving high standards in dexterous hand development, which may lead to increased costs but is deemed necessary for meeting advanced skill requirements [4] - The integration of tactile sensing is viewed as essential for enabling robots to perform complex tasks that require fine motor skills [1][7] Q&A Session Summary Question: What was the motivation behind establishing the company? - The primary motivation was to transform research outcomes into commercial products, particularly focusing on the importance of tactile sensing in humanoid robots [1] Question: Why focus on tactile sensors? - Tactile sensors are crucial for enabling robots to perform precise operations, as demonstrated by the example of a visually capable child struggling with tasks due to a lack of tactile feedback [1] Question: What other key technologies are needed besides tactile sensors? - The precision of the dexterous hand is critical, and achieving high standards in motor quality is essential for effective skill performance [4] Question: Why is developing dexterous hands more challenging than legs? - The complexity of hand operations and the need for high skill levels in interactions with objects present significant challenges in hardware development [4] Question: In which scenarios will humanoid robots first achieve commercial viability? - Industrial applications are seen as the primary area for initial commercial deployment, where robots can replace multiple workers by performing fine operations [7]

传音控股线上交流 20240717 出货量数据跟踪:1)Q2 智能机出货量单月 800 万台,折算季度 2400 万台(略低于前次 2500 万台预期),较 Q1 2700 万台环比下滑 11%。除全球智能机总量 QoQ 下滑 6%-7% 全年预期 1 亿台,较市场乐观预期 2 亿台有下滑。 的因素外,还有公司 1 月起涨价因素。2)H2 智能机出货量 5500 万台左右略好于 H1, 内容来源加微 mvoo711 毛利率:Q2 环比 Q1 下降,上游存储影响最大。我们推算存储采购成本占营业成本约 17%, 占公司营收约 12%,即存储涨价 10%对应毛利率下滑 1-2%,符合公司口径。H2 由于存 储价格分歧较大,公司无法给出毛利率指引。 高通专利费影响:相比原材料涨价和汇兑,专利影响相对较小。专利费用已经计入主营 成本,体现在表观为资产负债表预计负债 23 亿(24Q1)。这部分足够覆盖过去产生的 专利费用,具体金额需等待与高通谈判结果,预计是销售额的 1-3%,确认金额后预计 负债项大幅缩减,不影响利润表。 各新兴市场的增长逻辑:1)份额:非洲(40%+)、巴基斯坦(40%+)、孟加拉国(30%+) 份 ...

Financial Data and Key Metrics Changes - The company's revenue from PCB business reached approximately 23.3 billion, with a year-on-year growth of 6.7% [4] - The net profit for the last year was reported at 2.965 billion, which reflects a decrease primarily due to a decline in gross margin [22] - The operating cash flow has shown a steady increase, reaching 5.2 billion, up from previous years [28] Business Line Data and Key Metrics Changes - The PCB business now accounts for two-thirds of the company's revenue, with a significant contribution to profits, particularly from FPC products [5][11] - The automotive electronics segment has seen rapid growth, with revenue reaching 6.4 billion, nearly doubling year-on-year [14] - The LED and LCM display segments have faced challenges, with losses reported in recent years, indicating a need for strategic adjustments [20][21] Market Data and Key Metrics Changes - The company has expanded its customer base in the 5G communication sector, with major clients including Huawei and OPPO [9] - In the automotive sector, Tesla remains a key customer, with the company actively expanding its presence in North America and Southeast Asia [10] Company Strategy and Development Direction - The company is focusing on expanding its automotive business line, with ongoing product development and customer validation [16] - A strategic emphasis on international expansion has been in place since 2019, aiming to enhance global service capabilities [17] - The company is transitioning towards high-end products while reducing low-end business exposure to improve profitability [23] Management Comments on Operating Environment and Future Outlook - Management expressed confidence in the growth potential of the automotive sector, driven by new model releases and global service capabilities [19] - The outlook for the next three years is optimistic, with expectations of stable growth despite current market challenges in the LED and LCM segments [27] - The company anticipates a slight increase in net profit this year, with a more significant growth potential in the following years [30] Other Important Information - The company has achieved a strong position in the IPC industry, ranking second, and is expected to further improve its market standing [26] - The gross margin for the PCB business is reported at 21%, indicating a healthy operational status compared to other segments [25] Q&A Session Summary Question: What is the outlook for the automotive business? - The automotive electronics revenue has been growing rapidly, with expectations for continued growth driven by new customer validations and product expansions [14][19] Question: How is the company addressing challenges in the LED and LCM segments? - Management acknowledged the losses in these segments and indicated a need for strategic adjustments to improve performance [20][21] Question: What are the expectations for net profit in the coming years? - The company expects a slight increase in net profit this year, with more significant growth anticipated in the following years due to improved operational efficiency [30]

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]