好的 郭总 各位投资者大家上午好非常荣幸能在三级报之后通过田黄中券跟各位投资者进行交流今年2024年我们总归的还是保持了一个稳步增长的一个趋势主要还是体现在我们的销量市场占有率上还是在稳步提升的今天的前三季度公司营业收入是43.28亿元较上年同期增长25%然后实现净利润1.37亿元较上年同期下降22%也是主要下降的主要原因也是 今年的三季度确实没有去年三季度那么火爆但是我们今年的因为也是我们的这样1731万吨也已经土产再一个就是我们的一个产品在市场上一个成本优势和质量优势保持了一个很好的竞争力所以在今年整体行业需求还是比较平淡的情况下我们继续保持了一个这样一个销量产销量提升的一个趋势今年的我们三季度前三季度竞争产品总销量达到了47万吨 然后较上年同期是增长了26%然后具体到开分具体产品是POP前三季度是21.83万对然后通用软矿12.58万对比去年增长了42%然后高回弹是8.16万对比去年同期增长了71%然后case是4.35然后POP和case相对增长小一点其中主要原因case case是增长了POP是增长了10% 因为本身POP产品我们目前已经是满产满销了所以也是需要我们31万间开出来之后才能有进一步一个 ...

很模糊但是其实很苛刻要求很高从无论是从体系软硬件这些方方面面来说你要达到了车规的要求所以我们从2017年开始去做这样的相应的一些布局大概有花了三四年的时间初步达到了车规的这种要求所以大概从2020年开始陆续的邀请 相应的车规级的客户来进行验证审查然后到2022年左右开始有逐步的有这种车规的这种订单开始有产出然后到23年24年就逐步进入到一个收获的这样的一个机器所以它是一个很长时间的一个积累和能力构建然后才能具备的当然了我们才刚刚开始 无论是我们自身汽车业务占我们的比重还是说金额的绝对值其实都很小跟整个市场去比的话都很小所以我们还是要持续的去从产品能力双方面面管理各个方面都要去构建车规的能力车规能力其实要求很高的对于产品虽然同样的一个产品车规和非车规从设计制造 到整个管理其实都是不一样的可以说是完全完全不一样的完全是两个概念所以我们还在持续的去提升自己的能力第二个呢就是产品过去呢车规主要是以单一量号或者单一品种去做进口批代这样的一个逻辑未来的话车规我们认为还是要做组合 就是你要有更多的产品系列有更多的配套这种能力不能说只是一个量号两个量号或者某一个产品有车规能力你要有就是说既要有中低压的这些传统的产品你要有未来 ...

好的各位投资者大家晚上好我是平安新消费局的研究员胡天芳那今天我们要给大家汇报的是英美的龙头公司爱美客那其实我们这篇报告的话是7月份发的一篇word的报告然后大家如果有需要的话我们会后也可以找我要一下这个展示文档然后那我们今天汇报就 从几个方面开始吧首先这个行业的情况我也不做太多的一个赘述就是我们现阶段的这个医美的话还是分手术类的一个医美的这个趋势还是在上行的一个阶段这个当然分手术类在可能十年前左右的时间其实它的占比还是非常小的当时 但是再往前也是就是整个手术类的这个医美还是非常的受到消费者的欢迎在此之后呢随着这个产品然后产品的一个这种进步然后包括这个机构的一个兴起那再到后来的话就是这个行业不断的开始有一些这个 在营销比较增强的一个情况下后面也伴随着监管的一个变化这块的话现阶段还是非洲数类的市场在2023年的时候大约中端市场规模是超过1000亿增速的话当年2023年是超过20%其实今年我们是能够感受到这个行业还是受到一些科研消费本身环境的一个影响 那在整个产业链环节上其实原料整整个这个端的话是这个规模是比较小的然后但是它在整个产品当中的这个价值占比也是非常小那在产品这一刻的话就是在稀缺的这个产品它的这个价值是相 ...

本周四港股这一边万众期待的例行线将会上市然后呢代码是9660现在的话应该已经结束了打新然后呢我们今天就把那个我们对于行业的理解以及我们那个根据招股书的一些解读跟大家来做一个分享首先我们在开始之前啊我觉得还是有必要去讲一下整个自动驾驶产业链尤其是讲一下自动驾驶产业链最近几年内的分工是不是发生了一些变化 那自动驾驶产业链呢从下网上我们先从最接近C端客户的角度开始讲最接近于C端客户的是整车厂整车厂呢这段时间内最近五年内吧它扮演了一个越来越重要的一个角色在更早的过去可能是十年前十年前自动驾驶的早期那时候整体的动力量的功能非常简单只有AED LTW是这种Level 0级别的功能,在那个时候,整体上它是一个被动的接受者,它完全不接触到自动驾驶的研发的过程中。 那时候准制厂的自动驾驶完全是依赖于这个方案商给给给做的完整的打包的这种解决方案但是呢最近五年内随着这个自动驾驶功能的难度不断的增加从原来的Level 0现在已经慢慢的变成了Level 2.5 Level 2.99然后呢变成了高速的程式这些非常依赖于数据驱动的这些功能 那整车厂它扮演的角色也是不断的丰富从最开始的被动接收者现在整车厂的已经变成了一个主动的出击者为什么会 ...

大家汇报一下我们关于江淮汽车的投资逻辑和近期的一些更新我们认为江淮汽车与华为合作的尊敬上市正在变得越来越近考虑到公司整体在汽车制造上的一个优势以及与华为合作的这个尊敬品牌的一个非常有吸引力的定位我们认为公司从营收和业绩上 还是有希望在明年获得一个比较大的改善因此在目前的状态还是建议这个公司保持关注那么近期可能公司最大的这个基本面变化就是华为的这个余承东总在近期的一些论坛上有披露说分界将在今年11月15号的广州车展上亮相并且会在明年的春天来上市 那么这样的一个发布也使得可能江淮汽车后续最大的一个看点也是在时间上变得更加的确定因为此前的话公司也披露过与华为的合作并且在一些公开信息中披露了一系列的产能的一些布局那么我们从这些产能的布局中大致能够了解到这是一个 豪华或者说到豪华到超华之间的这样的超豪的这样的一个品牌那么定位呢很可能是在这个八十万以下并且呢他的首发车型中可能会包括轿车和MPV那么后续呢也可能会包括部分SUV这是我们从公司在一些这个产能招标中能够看到的部分信息那么本次的这个华为宇总的之路还包括了他在 这个价格就是可能会是一个百万级别的豪车因此呢我们从这个产品也能看到这个车大概率后续的营业能力是比较强的那么 ...

参会者内部使用 不得公开发布金峰明媛未授权任何媒体转发本次会议相关内容未经允许和授权的转载转发军属侵权金峰明媛将保留追究其法律责任的权利金峰明媛不承担因转载转发而产生的任何损失和责任市场有风险 投资需谨慎提醒广大投资者谨慎做出投资决策 在会议开始前我们提示各位投资者在主讲嘉宾发言结束后将留有提问时间今天参会的嘉宾有清风明媛战略投资总经理胡晓波先生清风明媛财务负责人徐文女士以及清风明媛董事会秘书张一萌女士接下来有请财务负责人徐总对2024年第三季度业绩情况进行介绍谢谢好的 谢谢主持人 各位投资者大家上午好我是上海金峰民园半导体股份有限公司财务负责人徐文首先感谢各位投资人监管机构各平台等相关方对金峰民园一直以来的关注支持理解和信任下面我针对公司2024年第三季度以及年初至报告期末的经营业绩进行整体的说明 第一部分业绩概览本报告期内公司实现销售收入3.53亿元较上年同期上升17.51%实现归属于上市公司股东的净利润-0.24亿元 较上年同期下降143.82%归属于上市公司股东的扣除非经常性损益的净利润为-0.05亿元较上年同期下降108.68% 年初至报告期末公司实现销售收入10.88亿元较上年同期上升18.78% ...

Key Takeaways Industry and Company Involved * **Industry**: Robotics, specifically humanoid robots * **Companies**: Tesla, Hamanako, North Star Technology, Double Lin Technology, etc. Core Views and Arguments 1. **Market Performance**: The robotics sector has been lackluster in October, with individual stocks like North Star Technology and Double Lin Technology performing well, but most stocks showing normal downward trends. The robotics sector remains one of the few areas in the tech sector that has not seen significant growth [1][2]. 2. **Tesla's Humanoid Robot**: Tesla showcased its humanoid robot at a press conference on October 11, demonstrating actions like dancing, playing rock-paper-scissors, and picking up gifts. Most of these actions were achieved through teleoperation, while the robot's ability to navigate through a crowd and play cards showed its hardware maturity and nearing mass production levels. The robot is expected to be priced between $20,000 and $30,000, but it is unlikely to achieve significant job displacement in the short term [3]. 3. **Supply Chain Developments**: Hamanako announced a significant expansion plan, investing approximately 27.5 billion yen (equivalent to 1 billion yuan) from 2024 to 2026. This includes a 106 billion yen investment in a domestic factory in Japan to produce harmonic drives for humanoid robots, expected to start production in March 2026. North Star Technology plans to invest 1.85 billion yuan in Jiangsu Kunshan for the production and research and development of planetary ball screw, with the earliest domestic factory expected to start production in 2026 [4]. 4. **Catalysts for the Next Few Quarters**: Three main catalysts are expected in the next few quarters: Tesla's third-quarter earnings release, the launch of the third-generation product before the end of the year, and the completion of the finalization and small-scale production before the end of the year, with an expected small-scale production of several thousand units next year and a larger-scale production in 2026 [5]. 5. **Evolution of the Third-Generation Humanoid Robot**: The third-generation humanoid robot is expected to have significant improvements in the dexterous hand, with the degree of freedom increasing from 11 to 22, making the hand function almost fully bionic. Other improvements include material and structure optimization, such as the use of carbon fiber to improve efficiency and extend battery life. The integration design capability will also be greatly improved, with higher modularization of single-joint modules, increasing the technical threshold. Additional transmission drives and sensors, such as hollow micro-motors, brushless geared slot DC motors, and miniature screws, will be added to the neck, waist, and feet, significantly increasing hardware demand. A large number of force sensors will also be configured, but their actual application is still controversial [6]. Other Important but Potentially Overlooked Content 1. **Sensor Applications in Robotics**: Currently, sensor suppliers are mainly foreign companies, but the future direction of robot iteration may involve four aspects: increased degrees of freedom, material and structure optimization, improved integration design capability, and changes in sensor demand and potential domestic production capabilities [7]. 2. **Current Development Trend of Robotics Sector**: The robotics sector is relatively underperforming in the tech sector, but it has high growth potential. The market has been dispersed in the past two years, especially last year, where the market would give a valuation to listed companies involved in the robotics sector or expressing intentions. However, with the establishment of the supply chain and the approaching mass production node, the market focus is shifting from a发散式思维 to focusing on companies that can truly participate in Tesla's supply chain [8]. 3. **Companies to Watch in Tesla's Supply Chain**: Companies worth focusing on in Tesla's supply chain include Sanyo拓普, Zhongjian Technology, Clorox, Beida Technology, Inner Harmonic, Wu Xinnong, Wu Zhou New City, and Midea Electric Appliances. These companies have high certainty in the component field and are expected to participate in the first batch of定点 projects [9]. 4. **Development of Other Domestic Companies**: In the component field, companies like Lushui Harmonic, which is one of the three companies in the world that can directly communicate with Tesla, may exceed expectations despite low market expectations. In the reducer field, Zhongdali De is selected as a partner by Zhiyuan. In the motor field, there are Zhaowei Electromechanical and Weichuang Sensor. Domestic companies like Helishi Sensing, Donghua, and Anpenglong are also worth paying attention to [10]. 5. **Outlook for Future Development**: Focus on the finalization and mass production of the third-generation product at the end of the year and Tesla's related statements. Domestic robotics companies like Yushu and Zhiyuan are also gradually choosing their supply chains. For example, in the inclined reducer field, it is hard to avoid Lushui, while Zhiyuan chooses Zhongdali De. Therefore, each target has its unique logic. Overall, the core portfolio of targets is based on the selection of Tesla and overseas supply chain participation, and these targets will have high certainty once they enter the first batch of定点 projects [11].

然后后续我们就进入到QA环节好勒陈总您这边可以开始了好的不好意思没接到电话晚上来几分钟大家等我我们昨天晚上公告了三季度的情况比较详细的财务数据可能财务总监还没给我我可能的信息也可能只是一部分我们三季度从几个财务指标上来看的营收 反比Q2季度没有特别大的变化 略有增长然后毛利率略有下降就下降了可能不到一个点从费用的角度上来看的话那营销费用本身占比就不高略有变化那么变化比较大的主要是财务费用财务费用的话从Q2季度的有3700万的盈利转到Q3季度有1800万左右的这个损失 所以离外地一减的话可能差了5500多万这个可能是主要影响Q3季度环比Q2季度利润进一步下降的主要的原因财务费用的变化一方面是因为Q2季度在大年报路演的时候就跟大家有交流上季度是有2000多万的定期存款的节息在Q2季度底线所以 几个半季度本身就多了这2000万那Q3季度就没有这个第二个是因为美元的汇兑单看Q3季度可能有3000多万的汇兑的损失因为很多都不想使用美元的资产所以这两部分是几乎形成财务费用有5000多万的季度间环比差异的原因从业务面上来说Q3相对Q2来说变化不是特别大总体上是比较在一个平台上平稳的阶段 我想大家都会关心1.6T的话我想慢慢 ...

Industry and Company Involved - **Industry**: Commercial vehicle sector, specifically focusing on medium and heavy commercial vehicles (M&HCVs), light commercial vehicles (LCVs), and electric vehicles (EVs). - **Company**: Foton Motor Corporation Limited (Foton) Core Views and Arguments - **Subsidy Policies and Market Recovery**: The introduction of subsidy policies and the scrappage scheme for commercial vehicles are expected to stimulate demand in both passenger and commercial vehicle markets, benefiting Foton as a leader in the medium and heavy commercial vehicle segment. - **Foton's Performance**: Foton's sales of medium and heavy commercial vehicles (M&HCVs) have been negatively impacted by factors such as technological dependencies and low freight rates. However, the company's sales of light commercial vehicles (LCVs) have shown a decline of approximately 5%. - **LCV Market**: The LCV market is expected to grow at a rate of 4% this year, with the key factors being the adjustment of product structure and the improvement of the proportion of new energy products. - **New Energy LCVs**: The penetration rate of new energy LCVs has reached 13% this year, with a significant increase in the use of new energy LCVs in urban logistics distribution. - **Market Share**: Foton holds a 27% market share in the LCV segment, with a leading advantage over competitors such as Jianghuai, Chang'an, and Dongfeng. - **Export Business**: Foton's export business, particularly in the medium and heavy commercial vehicle segment, is expected to be a significant source of growth, with a focus on regions such as South America and the Middle East. - **Technological Advancements**: Foton has made significant advancements in technologies such as autonomous driving, automated manual transmission (AMT), and semi-solid-state batteries for LCVs. Other Important Points - **Sales and Revenue**: Foton's sales of LCVs reached 79,000 units in August, with a year-on-year growth rate of over 50%. The company's revenue from LCVs accounted for approximately 50% of its total revenue. - **Profitability**: Foton's gross margin has increased to 12.5%, with a significant improvement in sales and administrative expenses. - **Future Outlook**: Foton's overall performance is expected to improve in the coming years, with a projected revenue of 10 to 11 billion yuan and a net profit margin of 15%. - **Valuation**: Foton's valuation is relatively low compared to its peers, with a price-to-earnings ratio of 17 times.

好的各位领导晚上好我是新浪通信的首席将领欢迎大家来到我们今天主持的顶峰科技的三级报的交流电话会议刚才的话顶峰科技也是发布了三级报我们也是非常远信的第一时间邀请到了董立小兰总和邓太平总跟大家做一个交流我们知道其实最近整个的AI算力板块是有非常明显的超收益的我想这应该是超出了之前大家对于整个板块 在目前这种牛市氛围中的这么一个预期因为此前在熊市里面其实表现得是非常好的这个我们在国庆后的这个观念里面其实也是把大家顺利放在首推的一个方向那这里面的这个童年节也一直以来是我们持续纪念这个方向那近期表现的话是更加的耀眼那这里面有一个非常重要的原因大家肯定也知道就是近期黄医生和阿姆CEO的访谈里面提到了就是说 关于这个铜连接未来还是要在机柜内部尽可能的长时间的使用因为确实相较于光的话在机柜内部相较于其他的替代方案它的整个的一个功耗体积包括它的成本都是有非常明显的优势那除非是说后续整个铜这块由于这个全球速率的提升导致它的全球距离受到很大的限制包括体积之后可能才会考虑用其他的替代方案 所以这应该说也是给市场打了一记强心剂,因为此前关于童年节确实有很多领导还是比较担心它的这个方案的持续性。那目前从黄文勋的表态来看,我想的话呢,大概 ...