发言人 45:21 发言人 46:26 2024 年 07 月 17 日 23:46 发言人 00:02 发言人 01:54 华帝股份 20240717_原文 参加本次会议，会议即将开始，请稍后。Thanks for your participation. The meeting is ready to start. 发言人 00:13 本次会议为中国国际金融股份有限公司中金公司闭门会议，仅限受邀嘉宾参会。未经中金公司和演讲嘉宾 书面许可，任何机构和个人不得以任何形式将会议内容和相关信息对外公布、转发、转载、传播、复制、 编辑、修改等。如有上述违法行为，中金公司保留追究相关方法律责任的权利。 发言人 00:52 发言人 01:26 各位投资者，大家下午好，我是中心家电的分析师蔡亚伟。然后我们今天也很荣幸的邀请到华帝股份的沙 总，跟我们分享一下最近一些经营的情况。我们也看到其实华帝在整个厨电市场表现略微平淡的情况下， 也是体现出来自己的一个方法，所以其实公司这样的变化也是比较大的。很多投资者也非常感兴趣最近的 一些变化。 一个经营的情况，包括收入的情况的一个大概的趋势，包括 4 到 5 月份，618 期间的情况 ...

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]

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]

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]

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 ...

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 ...

全文摘要 宗申动力作为一家专注于通用机械领域的龙头企业，在摩托车及内燃机发动机方面拥有深厚积累。公司 不仅在传统业务上持续扩展，还积极布局低空经济领域，展现出强劲的成长潜力和市场竞争力。通过战 略投资和资源整合，宗申动力正逐步成为细分市场的领头羊，值得投资者关注。 公司聚焦新能源业务, 并购东莞理智慧增强储能板块; 主业稳定, 每十年布局新领域, 营收以发动机和通用 机械为主, 带动整体收入快速增长; 管理层经验丰富, 股权结构清晰, 投资者可关注其长期增长潜力. ● 19:59 全球航空发动机市场及低空经济发展趋势 ● 29:03 公司业绩与未来展望：储能与零部件业务亮点 发言人 问：宗申动力是什么样的公司在细分市场中处于领先地位？ 发言人 答：宗申动力是一家在摩托车及通用机械领域具有龙头地位的公司，并且在整个行业中具有较 高的整体估值。该公司不仅在自己的主营业务上有亮眼表现，还在低空经济这一细分领域进行了布局和 突破。 发言人 答：公司的实控人为创始人左宗申先生，并且其管理层合作时间长达多年，有多位高管长期在 职，任职年限均超过十年以上，体现出公司管理结构的稳健性。 发言人 问：宗申航发的技术实力和创新能 ...

电力，靠天吃饭！ 华尔街见闻 ...

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% | ...