赛力斯 20250225 摘要 • 赛力斯销量下滑影响股价，但预计 2025 年新车型 M8 发布将带来积极催 化，或于 3 月左右发布，提升市场关注度，当前或是较好的布局时机。 • 赛力斯积极布局机器人业务，成立子公司并注册"赛力斯机器人"商标， 表明公司在该领域稳步推进，作为重庆市支柱企业，发展确定性高，对公 司估值具有显著正向作用。 • 预计赛力斯 2025 年和 2026 年总销量分别为 49 万辆和 60 万辆，总收入 分别为 1,840 亿元和 2,080 亿元，对应归母净利润为 93 亿元和 118 亿元， 给予 2025 年 25 倍 PE，相较目前市值有 26%上涨空间。 • 赛力斯与华为深度合作，通过鸿蒙智行模式推出问界 M5 等畅销车型，加 速产品研发，降低成本，提高市场竞争优势，为公司高速成长奠定基础。 • 问界是赛力斯主销品牌，占比全年销量 78%，M9 和 M7 推动公司销售高 速增长，营业收入从 2023 年的 300 多亿元飙升至 2024 年前三季度的 1,068 亿元，同比增长五倍多，实现快速扭亏为盈。 • 赛力斯通过提高毛利率以及摊薄各项费用，实现了净利率提升至 3.8% ...

机器人系列：银河通用整机专家交流 20250225 摘要 • 银河通用成立于 2023 年初，主要依赖江苏地区的供应链，在深圳进行机 器组装，未自建工厂，采取轻资产运营模式，类似于苹果公司专注于设计 和研发，由代工厂负责制造。 • 公司在北京、深圳和苏州设有研发中心，分别负责算法大模型、硬件和供 应链、以及汽车工厂项目落地。2024 年轮式机器人销量甚少，主要销往 中东高端酒店，单价约十几万美金，总产量低于 50 台。 • 银河通用与均普智能等上市公司签订战略合作协议，未来或将委托其进行 整机本体代工。目前客户更关注产品落地应用，对成本不敏感，汽车工厂 是主要客户，包括北京奔驰、极氪、吉利、比亚迪、特斯拉等。 • 公司创始人王贺毕业于清华、北大和斯坦福，是行业内的理论专家。公司 获得包括国家开发银行、北京市国资委、北京大学、清华大学等国有资本 支持，受到政府高度重视。 • 2024 年公司销售额为几千万元，目标是 2025 年出货千台左右，通过代 工厂实现。公司现有员工约 200 人，正式员工约 110 人，其余为实习生， 销售和供应链团队刚组建。 Q&A 2023 年和 2024 年人形机器人行业的发展情况 ...

Summary of Foster's Conference Call Company Overview - Foster operates as a platform materials company with three main business segments: photovoltaic materials, electronic materials, and functional film materials. The photovoltaic materials segment, particularly photovoltaic glue film, holds a global market share exceeding 50% [4][11]. Key Points and Arguments 1. Optimistic Q1 2025 Performance Expectations - The company anticipates a strong performance in Q1 2025, with March orders increasing over 20% month-on-month. Product prices are set to rise by 5-10% starting March 1, driven by recovering downstream demand and post-Spring Festival industry recovery [2][5][6]. 2. Explosive Growth in Electronic Materials - The electronic materials business is experiencing rapid growth, especially in the AI substrate sector, covering the top 20 PCB customers globally. The demand for high-value electronic materials is expected to significantly boost revenue and net profit [2][4][9]. 3. Functional Film Materials as a Reserve Business - The functional film materials segment, particularly aluminum-plastic film, is projected to rank fifth to sixth globally in shipment volume by 2024. The demand for domestic aluminum-plastic film is expected to grow with the expansion of the semi-solid and solid-state battery market by 2027 [2][4][30]. 4. Stable Price Trends in Photovoltaic Materials - Photovoltaic material prices are expected to fluctuate slightly in 2025, with a relatively stable supply-demand relationship. However, prices may experience periodic adjustments due to fluctuations in end-user demand [2][10]. 5. Market Share and Expansion Goals - The company aims to maintain its market share in photovoltaic glue film while seeking to capture additional market share, benefiting from the exit of smaller competitors and the expansion of its facilities in Vietnam and Thailand [2][11]. 6. Growth Targets for Electronic Materials and Aluminum-Plastic Film - The annual shipment growth target for electronic materials and aluminum-plastic film is set at over 30%, indicating rapid development in these segments [2][12]. 7. Focus on Profitability in 2025 - In 2025, the company will prioritize profitability by enhancing market share through competitor capacity clearance and technological advancements while managing accounts receivable risks [3][18]. 8. Electronic Materials Market Potential - The electronic materials market is currently valued at approximately 21 billion yuan, with significant growth potential driven by emerging fields like AI. The company plans to increase production capacity in 2026 to meet rising demand [21][33]. 9. Competitive Landscape in the Electronic Materials Sector - The electronic materials market is characterized by high technical barriers, with major competitors including DuPont and Asahi Kasei. The domestic PCB industry is rapidly developing, favoring local suppliers to mitigate risks associated with foreign competitors [27][31][32]. 10. Price Elasticity and Market Dynamics - The price elasticity of the glue film market is significant, with the cost of glue film accounting for only about 5% of component costs. The company may gradually increase prices if demand continues to grow [15][16][17]. 11. Future Strategies for Backing and Supporting Materials - The backing materials business will serve as a supplementary segment within photovoltaic materials, with a focus on maintaining capacity to meet market demand despite its decreasing importance [29]. 12. Aluminum-Plastic Film Business Outlook - The aluminum-plastic film segment is expected to maintain decent growth in 2025, with a shipment target of at least 30% growth compared to 2024 [30]. Additional Important Insights - The company has invested nearly 1.5 billion yuan in capacity and technology development in the electronic materials sector over the past seven to eight years, indicating a long-term commitment to this market [27]. - The company is optimistic about emerging markets such as Southeast Asia, the Middle East, and Africa, which present significant installation capacity potential [13].

请介绍一下成都先导的业务发展历程和核心技术。 成都先导成立于 2012 年，专注于新分子的产生及其在药物项目中的应用。公 司创始人李静选择了具有发展潜力但仍需探索的 DNA 编码化合物库技术。该技 术旨在解决如何找到能够调控特定靶点的新分子的问题。通过这一技术，公司 可以快速且低成本地合成大量分子，目前已合成 1.2 万亿个小分子。这些小分 子可用于筛选与特定靶点匹配的苗头化合物，并进一步优化以开发成药。 成都先导在新药研发中具体扮演什么角色？ 成都先导主要处于新药研发的前端环节，通过 DNA 编码化合物库技术，为制药 企业提供靶点筛选服务。公司与国际大型制药企业如辉瑞、强生，以及前沿生 物技术公司合作，利用其庞大的小分子库和筛选方法，找到与客户提供的靶点 匹配的活性化合物，并将这些化合物授权给客户进行后续开发，包括申请专利、 成都先导 20250225 摘要 • 成都先导专注于新药研发前端，利用 DNA 编码化合物库（DEL）技术，为 药企提供靶点筛选服务，已与辉瑞、强生等合作，成功率超 70%，涵盖经 典和蓝海靶点，提供活性苗头化合物。 • 公司构建了全球最大的 1.2 万亿小分子库，通过组合化学和 DN ...

Summary of the Conference Call for 博迈科 Company Overview - 博迈科 operates in the SPS (Subsea Production Systems) and RNG (Renewable Natural Gas) industries, showcasing resilience against external challenges such as currency fluctuations and geopolitical tensions [2][3][5]. Key Points and Arguments Industry Performance - 博迈科 has secured three large orders in the SPS sector since the end of the pandemic, totaling $520 million, with significant contracts from South America and Qatar [3]. - The company has effectively mitigated risks associated with U.S. and European sanctions on Russia by pausing certain projects and engaging in legal assessments [2][3]. Financial Performance - The company anticipates a profit of between 90 million to over 100 million yuan for 2024, with a gross margin improvement of 3-5 percentage points compared to 2018 [4][12]. - Employee count has significantly decreased from 17,000 in 2021 to around 5,000 in 2024, indicating improved efficiency and reduced labor costs while revenue continues to grow [4][16]. Strategic Initiatives - 博迈科 aims to strengthen its SPS and RNG advantages while expanding into emerging markets and enhancing collaborations with major Western companies [2][9]. - The company is focusing on optimizing internal management and increasing production efficiency to achieve cost reductions and enhance profitability [2][9]. Project Developments - In 2025, 博迈科 plans to explore detailed design and assembly in the IPSO (Integrated Production Systems Operations) field to boost innovation and contract value [10][11]. - The company is actively engaging with clients in various regions, including South Korea and the Middle East, to follow up on ongoing projects [10]. Impact of Geopolitical Events - The ongoing Russia-Ukraine conflict has led to project suspensions, but potential recovery and new order opportunities are anticipated post-conflict [7][8]. - 博迈科 is positioned to benefit from the resumption of Russian projects and potential compensation claims, which could enhance profit margins [8][9]. Market Outlook - The company expects new growth opportunities as global energy demand rises and the Russia-Ukraine conflict potentially concludes [9]. - 博迈科 is committed to maintaining a flexible strategy to adapt to international market changes and ensure steady growth [9]. Automation and Technology - 博迈科 is investing in automation and smart technologies to improve operational efficiency and project management [12][13]. - The implementation of a project management platform is expected to further enhance profitability and operational effectiveness [12][22]. Challenges and Opportunities - The company faces challenges from currency fluctuations and local content requirements in high-resource countries, which may delay project timelines [23][24]. - However, 博迈科's preparedness and resource availability position it favorably against competitors facing operational constraints [19][25]. Future Projects - 博迈科 has a robust pipeline of projects, including potential large-scale LNG projects comparable to the North Arctic 2 project, with expected developments in the FPSO sector [27]. - The company is well-equipped to handle upcoming orders, with an estimated backlog of over 4 billion yuan, expected to be fulfilled between 2025 and 2026 [25][26]. Additional Important Insights - The company is exploring various contract models to ensure project success and mitigate external uncertainties [24]. - The anticipated recovery of the Russian market could significantly enhance 博迈科's market share and operational capacity [19][14].

Summary of Conference Call Records Companies and Industries Involved - **Aojie Technology** - **Xinpeng Co., Ltd.** - **Chip Origin Technology** - **Beijing Junzheng** - **Storage Market** Key Points and Arguments Aojie Technology - Aojie Technology has completed a full product matrix from feature phones to smartphones, enhancing market competitiveness, particularly in the ultra-low-end smartphone market, with expectations for revenue growth through 4G/5G chip promotion and turning losses into profits [1][3] - The company is actively expanding into smart glasses and other mobile terminals, leveraging its SoC technology, low-power technology, and system-level chip design capabilities to capture market opportunities in AI edge applications [1][6] - The IoT module market is experiencing a cyclical recovery with reduced price competition, which, combined with the spread of AI edge applications, may lead to a situation of simultaneous volume and price increases, benefiting Aojie Technology [1][8] - Aojie Technology's custom business is expected to generate revenue of 400 to 500 million yuan in 2024, with strong performance and a client base including well-known domestic internet companies [3][7] - The company has a significant advantage in the smartphone SoC field due to ten years of R&D accumulation, with plans to promote 4G octa-core and 5G chips to achieve revenue growth and gradually offset R&D cost pressures [5][9] Xinpeng Co., Ltd. - Xinpeng Co., Ltd. is a leading domestic IP licensing company, with core IP revenues from GPU, GPGPU, NPU, and VPU accounting for 70%-80% of total IP revenue, indicating a strong technical capability approaching global leading levels [1][10] - The company is transitioning to a one-stop custom service provider, which is favored by major internet companies, and is expected to see significant growth in the co-processor market [1][12] Chip Origin Technology - Chip Origin Technology offers one-stop custom services, including chip design, simulation verification, and mass production, which are well-received by major internet companies and are transitioning towards a comprehensive solution provider model [1][12][13] - The company is advancing its EDA tool business, with expectations for core projects to materialize by 2025, enhancing its business model and value proposition [1][13] Beijing Junzheng - Beijing Junzheng is seeing recovery signs in the automotive, industrial, and consumer sectors, focusing on NPU and video processing chips for security monitoring, IoT, and AI applications [1][14] - The company anticipates a gradual increase in overall revenue in 2024, with expectations for year-on-year growth in the second half of 2025 as the automotive industry and consumer demand recover [1][15][20] - The company is also developing low-power, cost-effective edge computing capabilities, with plans to launch new products based on RISC-V architecture [1][17] Storage Market - The storage market is benefiting from the recovery of the automotive industry and increasing demand for DDR4, with expectations to upgrade to DDR5, providing opportunities for domestic companies due to overseas production cuts [2][19] - The overall outlook for the storage market remains optimistic, driven by increased end-side demand from AI applications [2][19] Other Important but Possibly Overlooked Content - Aojie Technology's competitive edge in the ultra-low-end smartphone market is attributed to its cost-performance advantage, despite existing gaps with industry giants like Qualcomm [1][4] - The IoT market is entering a new growth cycle, which may provide additional opportunities for Aojie Technology [1][8] - The collaboration model of Chip Origin Technology avoids competition with its own products, making it attractive to major internet companies [1][12]

Summary of Conference Call Company and Industry Involved - **Company**: Huachun Automotive - **Industry**: Autonomous Driving and Robotics Key Points and Arguments Company Overview and Strategy - Huachun Automotive is focusing on the autonomous driving sector and has engaged in collaborations with several domestic and international chip manufacturers, prioritizing overseas clients based on their resource endowment and customer structure [2][3] - The company is exploring partnerships with leading automotive manufacturers to enhance production control and product collaboration, aiming for significant developments within the year [3][4] Robotics Development - The company has shifted its focus towards robotics, investing in research and development over the past year, with a strategy to integrate various components into robotic systems [4][5] - Huachun Automotive is leveraging its existing automotive parts technology to enter the robotics sector, particularly in military and industrial applications [5][6] Financial Performance and Projections - The company anticipates achieving over 80 billion in orders for the year, with a projected revenue growth of 15-20% for 2025, driven by recent acquisitions and a shift in customer structure towards domestic clients [21][22] - Profit margins are expected to improve as the company enhances internal management and operational efficiency, with a focus on increasing profitability faster than revenue growth [22][23] Market Dynamics and Customer Structure - The company has adapted to changes in the market, with a notable shift from foreign to domestic clients, including partnerships with major Chinese companies like Huawei and Xiaomi [23][24] - The revenue structure has evolved, with a significant portion now coming from domestic markets, reflecting a strategic pivot in response to competitive pressures [24][25] Product Development and Innovation - The company is actively developing new products, including advanced sensors and battery management systems, with ongoing collaborations with various robotics firms [9][10] - There is a focus on ensuring product quality and meeting the specific needs of clients in both the automotive and robotics sectors [10][11] Regulatory and Financial Considerations - The company is managing financial expenses, particularly interest costs, by converting loans from USD to RMB and benefiting from a declining interest rate environment [28][29] - Future financing plans include continued investment in autonomous robotics and potential IPO activities in Hong Kong [29][30] Shareholder Engagement - The company has initiated share buybacks as part of its strategy to enhance shareholder value, with plans for further announcements regarding capital management [31][32] Other Important but Overlooked Content - The company is cautious about regulatory scrutiny regarding announcements related to new business developments, particularly in the context of ongoing IPO preparations [8][9] - There is an emphasis on maintaining strong relationships with key clients and adapting to market demands for robotic technologies [17][18]

看点的话其实大概率还是在零销售这一块零销售的话应该会给别的公司会把一些新的零销售方案或者说他们做的产品会花这一块还没说你大概是这个样子好的感谢感谢专家那我还想再请教一下就是我们后续的一分钟 目前其实也快了然后会应用到一些所谓的工业场景当然啊当然我们会在第二期上面会做好几个版本比如说我们会加大他的负载然后对他的一个处理器做一个大幅度提升然后对他的相机全感器部分都会有一个呃改造让他更适应一些工厂里面的一些环境嗯嗯 然后还有你要说你要说的话然后应该会卖但是应该也快了然后订单的话其实还好今年的话应该不会大批的量量不好意思然后 嗯今年的话其实我们预期目标应该有个一千台左右吧一千台的样子的话然后会分分批量分分不同的场景然后比如说一些所谓的双烧里面可能会放个几百台然后工厂里面的话可能每个工厂里面可能会先部署个几十台的样子然后先让他去跑跑那个场景场景跑到没问题的话然后我们还可能会在 就是咱们台面的一些这种定型然后下订单然后包括这个就是量产和批量的这样一个节奏谢谢目前的话我们第一代机器也定型了然后会应用到一些线下实体店的一些场景里面去第二代机器的话然后 嗯年底或者到明年明年的时候才会是一个大批量的那个过程就这些对好的好的感谢专 ...

各位投资者大家晚上好我是华锡机械的 那我们最近大概这个周末吧也是发表了这个传感器这个专题的一个深度报告然后也是结合了最近行情以及这个产业进展我们就认为整个传感器的方向作为一个这个机器人上面的零部件以及这个必要性比较强而且存在着比较多这些变化包括细分环节的技术性变化也包括这个国内和海外 这个机器人厂商他们的这个这个用量以及这个配置类的变化那我们今天可能分几个部分就是首先第一个部分我们可能会对着这个重点的这个环节重点的环节我们做一下这个介绍以及这里面一些比较重要的方向和标记我们做个处理 第二块我可能会把最近调研的一些情况以及我们觉得未来还有不错机会的一些领域给大家做一个分享首先先第一部分我们其实做一个大大框架式的一个梳理因为在人性机器人这个行业在没有大规模爆发之前其实这些东西大部分也都是有的那我们其实做一个梳理的话就想说 在整个机器人的应用当中,传感器是非常广泛的,听写其实跟之前市场第一轮炒这个四杠环节不太一样的是什么呢?传感器它是一个我们认为竞争格局其实相对会好一点,就每一个新闻环节里面大家发现其实很多新闻环节的这个玩家是相对固定的,玩家是固定的,就路线在一些领域里面是演变的,所以这个是第一点,比较好的点。那人 ...

因为设备能力到三千了调出来所以实际上能够正常的去做的在这个一千八左右一千八百公里左右到两千就是大概就是当然也有个别的一些这个工序有一些还有不稳定的情况去年的时候 在2024年的时候我们的设备能力就已经到2000公里了就设备啊只不过是在在调试和这个稳定的过程当中因为我们看到了目前的这个市场的状况各个方面吧所以我们进行了一个加速的一个扩展这样的一个过程那么其实从我们现在扩展会比较快在哪里呢就是等于是这些设备所需要的这些厂房我们都做好了已经 包括我们到1万公里的这一个炒房的这个设置规划工作都已经是在春节后已经同步开展了所以说就是说我们扩产的可能比想象当中的还要快一些大概情况就这样明白那像这个设备的话就是您刚刚所提到的就是从预计是会在6月设备的产能会达到 呃从目前的这个设备才能从3000会提高到5000是这样吗对对对对对那我们这个设备的话我看就是说其实我们主要的工艺在于IBAD和那个MOCVD嘛我们这个采购设备的话是呃是在国内采购还是说在呃国外去采购现在都在国内现在都在国内 就是iPad RS加MouseAD我们都是特别MouseAD基本上就是我们自己的设计图纸只不过有些部件委托加工对核心的都在我们这里那么iPad和 ...