科达利 20240710_原文 2024年07月11日 22:46 发言人 00:00 我们认为它其实在这个结构件领域，其实是非常优秀质的这种龙头企业。作为这个结构件行业翘楚，我们 认为未来是有非常强的一个成长空间，今天我们结合PT来进行详细的一个分享。然后我们分享主要分三个 部分，一个是公司它的一个发展的历程，然后再是就是下游的行业的景气度的判断，第三是公司在业务发 展取得的一些突破，以及未来的一个发展方向。 发言人 00:31 公司作为结构件行业龙头企业的话，其实在多年来专注于锂电池精密结构件和汽车结构件的研发及制造， 已经成为行业的领头羊。然后这个业务，也是处于行业的一个首位的位置，为下游的电池技术，其实现在 正在处于一个加速的这样一个更新迭代期。所以公司它多项的这种技术储备以及研发的这种能力优势，我 们认为将在未来发挥越来越大的作。 发言人 01:00 然后公司的话现在的这整体的研发实力，是属于行业的一个领先的一个水平。研发费用率是达到6%以上的 水平。然后他的优质客户的资源会成为公司发展的非常重要的一个支撑力量。公司第一大客户是宁德时代 这个销售占比维持在35%以上。公司的整体的经营能力也在不断的提 ...

士兰微 20240711_原文 2024年07月11日 23:43 发言人 00:00 静音状态，下面开始播放。免责声明，本次会议为中信证券白名单会议，仅限受邀客户参会。未经中信证 券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，中信证券保留追究相关方法律责任的权利。 发言人 00:31 各位尊敬的同仁，大家下午好。我们也看到昨天晚上中华为也是发布了它的半年 3上年度的业绩预告。我 们今天也是很荣幸的邀请到了市场会的总裁陈月总来给大家做一个解读的一个分享。会议的最后我们会留 有一定的提问时间，也欢迎各位投资人跟我们进行一个积极的交流。陈月总我把时间先交给您，可以吗？ 可以的，谢谢。 发言人 01:00 各位投资者下午好，我是陈月，自然微电子等服务秘书。很高兴下午跟大家简单的分享一下目前的一些情 况。昨天晚上我们也出了业绩预告，大家也看到我们上半年营收还是有不错的成长，是吧？有 18%，那么 一季度大概24个亿左右。如果8%应该是在28亿元左右，那这个大概是详细的数据，最终还是要以半年 度的一些半年度的定期报告为准。因为现 ...

Financial Data and Key Metrics Changes - The company achieved over 22 billion in revenue for Q2, exceeding market expectations by approximately 10%, primarily due to increased shipments of H20 products and a strong recovery in AI and traditional server demand [2][3] - Profit for Q2 remained flat compared to Q1, approximately 3 billion, with expected impairment provisions of 3 to 4 billion, most of which will be reversed by year-end, indicating that actual operating profit will be higher than 5 to 6 billion [2][3][6] - The net profit margin has been continuously improving since 2014, with a slight decline in gross margin in Q1 due to industry factors, yet the net profit margin increased, driven by rapid growth in AI business and optimized cost structure [4][6] Business Line Data and Key Metrics Changes - The sales proportion of AF7 is expected to be between 30% to 40%, while the demand for H20 has been adjusted to 800,000 to 1 million units, indicating significant revenue potential from H20 [6] - The gross margin has slightly decreased due to the influence of internet companies, but Q2 and Q3 are expected to maintain high growth momentum [6][10] Market Data and Key Metrics Changes - The company is benefiting from a recovery in the traditional server market, with expectations of double-digit growth as market conditions improve [5][6] - The exit of competitors from the server market is seen as a favorable development for the company, as it positions itself to regain market share lost in previous years [9] Company Strategy and Development Direction - The company emphasizes its core competitiveness through large-scale customized services and efficient supply chain management, which allows it to meet the demands of major internet companies effectively [10] - The management believes that the strong demand for AI computing power in the domestic market will provide stable growth momentum, with expectations of double-digit growth this year [5][10] Management's Comments on Operating Environment and Future Outlook - Management noted that despite short-term profit fluctuations, the overall performance is expected to exceed market expectations due to a strong order backlog and the peak period for H20 products not yet being reached [2][3][8] - The company anticipates significant growth for the full year, showcasing strong market competitiveness and profitability [2][5] Other Important Information - The company has successfully managed accounts receivable, reducing losses from credit impairment, and expects these losses to decrease significantly in subsequent quarters [7][11] - The company’s actual operating net profit margin has been consistently rising over the past few years, indicating strong scale advantages and effective cost control [8][9] Q&A Session Summary Question: Did the company exceed revenue expectations in Q2, and what were the reasons for the 10% outperformance? - The company achieved over 22 billion in revenue, significantly above the market expectation of just over 20 billion, primarily due to the upcoming peak shipment period for H20 servers and strong recovery in existing AI and traditional server orders [8] Question: How to interpret the lower-than-expected profit in Q2? - Although the median profit for Q2 was flat at around 3 billion, some market expectations were as high as 4 to 6 billion. The increase in revenue often leads to higher receivables and asset impairments, impacting current profits. However, most of these impairments are expected to be reversed in the second half of the year, suggesting that actual operating profit should reach at least 5 to 6 billion [8] Question: What is the outlook for future profit growth? - Despite potential short-term pessimism, the company expects profit growth to exceed current market predictions of 21 to 22.3 billion, supported by strong order conditions for H20 servers and historical performance data indicating a rising net profit margin [8] Question: What are the core competencies of the company and how does it maintain its leading position through customized services? - The company’s core competitiveness lies in its large-scale customized services and strong supply chain management, allowing it to efficiently meet the demands of major internet companies and secure a significant share of the domestic AI computing market [10]

Financial Data and Key Metrics Changes - The company reported a significant growth in revenue, with a year-on-year increase of 48% to 58% for the first half of the year, and a quarterly growth rate between 45% and 62% [64][50][51] - The contribution from the Mongolia segment accounted for over 50% of total revenue, while the Africa segment contributed approximately 30% [50][51] Business Line Data and Key Metrics Changes - The logistics operations in Mongolia and Africa are both experiencing strong growth, with Mongolia showing a substantial increase compared to the previous year [51][54] - The company has successfully integrated the BHL fleet in Africa, enhancing its logistics capabilities across multiple countries [78][80] Market Data and Key Metrics Changes - The cross-border logistics market in Central and Southern Africa is estimated to be worth between $400 billion and $600 billion, indicating significant growth potential [10] - The company is focusing on expanding its logistics network in Africa, particularly in the mineral and agricultural sectors, to meet increasing demand [81][82] Company Strategy and Development Direction - The company aims to leverage its logistics expertise to establish a robust network in Africa, replicating its successful model from Mongolia [58][61] - The strategy includes integrating resources, trade, and logistics to enhance operational efficiency and market presence [33][57] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the growth potential of both the Mongolia and Africa markets, citing strong demand for logistics services [58][60] - The company is preparing for future challenges and opportunities, particularly in maintaining stable logistics operations amid changing market conditions [98][100] Other Important Information - The establishment of bonded warehouses in Africa is nearing operational readiness, which will enhance logistics efficiency [36][27] - The company is committed to maintaining strong relationships with resource providers in Mongolia, ensuring a steady flow of logistics business [98][99] Q&A Session Summary Question: What is the contribution of the Mongolia and Africa segments to the second-quarter performance? - The Mongolia segment contributed over 50% to total revenue, while the Africa segment accounted for approximately 30% [50][51] Question: Can you share specific examples of customer and route developments in Africa? - The company highlighted its collaboration with DHR, which operates in Zambia and several other countries, enhancing logistics capabilities [15][16] Question: How is the company addressing the competitive landscape in the logistics sector? - Management emphasized the importance of maintaining a competitive edge through innovative logistics solutions and strong customer relationships [90][91] Question: What is the status of the bonded warehouse project in Africa? - The bonded warehouse project is in the final stages of preparation and is expected to begin operations soon [36][27] Question: How does the company view its long-term growth prospects in Mongolia and Africa? - Management is optimistic about the growth potential in both regions, with plans to expand logistics services and enhance operational efficiency [58][60]

国电电力 原文 20240710_ 2024年07月11日13:27 发言人 00:00 的这个业绩预告，还有发电量的公告。公告披露以后，我感觉大家对这个公司扣分以后，归母 净利润同比下降存在一些疑问。其实这个最主要的还是其实我们经营一切都正常，主要是口径 的问题。一会儿让我们财务部详细的解释一下，我们哪些是非经常性损益，然后把这个给大家 解释一下。所以我们今天召开临时会，然后围绕业绩预告的有关内容，在不违反信息披露的准 则内，尽量为大家答疑解惑。 发言人 00:34 参加今天说明会的有我们公司财务部冯程程经理，还有我们市场部的沟通经理，还有我们楚天 啊还有资本部的有关同志。为了节约时间，我就不多做介绍了，咱们直接进入问答环节。请投 资者问询问。好的，那我们有请助理播报一下提问方式。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。Ok在各位投资者提问 ...

澜起科技 20240710_原文 2024年07月11日 00:21 发言人 00:03 大家好，欢迎正式公开科技龙头系列电话会第三期之蓝起科技电话会议。下面开始播报免责声明，声明完 毕后，主持人可以直接开始发言，谢谢。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。 发言人 00:34 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 01:09 好的，各位领导大家晚上好啊。我是东大电子的研究员李世祥。今天我来给大家汇报一下我们关于蓝起科 技的观点。蓝起科技是我们科技龙头系列电话会的第三期的标的。也感谢各位领导一直以来的关注。蓝起 的话当前位置我们是作为一个重点推荐的一个标的。主要在过去的DDRR4到现在的DD25以 ...

Financial Data and Key Metrics Changes - The company expects net profit attributable to shareholders for the first half of 2024 to be between 1.55 billion and 1.79 billion yuan, representing a year-on-year increase of 230% to 280% [2] - The net profit for the second quarter is projected to be around 1.01 billion yuan, a year-on-year growth of 190% and a quarter-on-quarter increase of 54% [2] - The single vehicle net profit for the second quarter reached 79,000 yuan, a significant year-on-year increase of 141% [6] Business Line Data and Key Metrics Changes - In June, the company sold 4,743 vehicles, a slight increase from 4,726 vehicles in the same period last year, with a month-on-month growth of 6% [3] - The export volume in June was 1,580 units, showing a year-on-year increase of 42% and a month-on-month increase of 14% [4] - The company achieved a total sales volume of 12,280 units in the second quarter, a year-on-year increase of 20% and a quarter-on-quarter increase of 66% [5] Market Data and Key Metrics Changes - The company’s export of new energy vehicles in June was 240 units, a year-on-year increase of 35% [4] - The market share of Chinese large and medium buses in overseas markets has increased from 13% in 2017 to approximately 19% in 2023 [15] - The export volume of new energy buses from China reached 8,000 units in 2022, representing a year-on-year growth of 24% [16] Company Strategy and Development Direction - The company aims to maintain a growth trajectory of over 20% annually, targeting a long-term profit level of 5 billion yuan by 2026 [8] - The company is focusing on high-end models and increasing the proportion of new energy vehicles in its product lineup [11] - The company is positioned as a leading player in the industry, benefiting from the continuous growth of exports and structural optimization driven by new energy vehicles [35] Management Comments on Operating Environment and Future Outlook - Management expressed confidence in the company’s ability to maintain upward momentum in sales and profitability, driven by strong domestic demand and export growth [11] - The management noted that the domestic market is recovering, particularly in the tourism sector, which is expected to boost demand for buses [29] - The company anticipates a significant recovery in domestic bus demand due to ongoing government support for electric vehicle adoption [32] Other Important Information - The company has maintained a high dividend payout ratio, with a total dividend distribution of 33.2 billion yuan since its listing, significantly exceeding the total capital raised [34] - The company’s cash flow management has been effective, with cash reserves reaching 6.4 billion yuan and free cash flow at 2.05 billion yuan [33] Q&A Session Summary Question: What is the outlook for the company's export business? - Management indicated that the export business is expected to continue its strong growth trajectory, with significant orders already in place for the upcoming months [12] Question: How does the company plan to address domestic market challenges? - The company is focusing on new energy vehicle sales and leveraging government policies to stimulate demand in the domestic market [32] Question: What are the expectations for future profitability? - Management remains optimistic about achieving a profit target of 3.2 billion yuan this year, with potential for further growth in subsequent years [8]

Financial Data and Key Indicators Changes - The company expects a net profit of 459 million to 516 million yuan for the first half of 2024, representing a growth of 60% to 80% year-on-year [2] - The expected net profit after deducting non-recurring gains and losses is projected to be between 383 million and 437 million yuan, showing a significant increase of 180% to 220% compared to the same period last year [2] - For Q2 2024, the anticipated net profit is between 370 million and 428 million yuan, reflecting a year-on-year growth of 46.63% to 69.3% and a quarter-on-quarter increase of 321.01% to 386.13% [3] Business Line Data and Key Indicators Changes - The company operates in various power sectors, including gas, cycle, chemical, and diesel power, with a comprehensive range of supporting fields [7] - The production of low-speed and medium-speed engines is at full capacity, with orders extending to at least 2026 and 2027, respectively [11] - The company has seen a significant increase in dual-fuel engine sales, with 133 LNG dual-fuel engines sold, up 7.73% year-on-year, and 34 methanol dual-fuel engines, up 41.67% year-on-year [9] Market Data and Key Indicators Changes - The global shipbuilding market has shown a total order volume of 107 million deadweight tons in 2023, a year-on-year increase of nearly 28% [4] - China's shipbuilding completion volume for 2024 Q1 has a global market share of 53.8%, with new orders at 69.6% and mobile banking at 56.7% [6] - The Clarksons new ship price index reached 191.51 points in June 2024, with a year-on-year increase of 9.54%, nearing historical highs [6] Company Strategy and Development Direction and Industry Competition - The company emphasizes the ongoing demand for replacing aging ships, which is expected to extend the current market cycle [8] - The dual-fuel engine market is anticipated to grow significantly due to stricter emission regulations coming into effect [8] - The company is focusing on enhancing its own brand capabilities and reducing reliance on foreign patents, which is expected to improve profitability [14][15] Management's Comments on Operating Environment and Future Outlook - Management believes that the shipbuilding industry's recovery will provide significant revenue growth opportunities for the company [19] - The company is optimistic about the impact of declining steel prices on manufacturing costs, which could enhance profit margins [13] - The management highlighted the importance of the defense sector and the application industry, which are expected to contribute to stable growth [18] Other Important Information - The company forecasts net profits of 1.188 billion, 1.692 billion, and 2.569 billion yuan for 2024, 2025, and 2026, respectively, with corresponding PE ratios of 39, 27, and 1.26 [21] - Risks include fluctuations in raw material prices and uncertainties in the coal and automotive industries [21] Q&A Session Summary Question: What are the key growth drivers for the company? - The company identified the rising ship prices, declining steel costs, and accelerated development of its own brand as key factors driving profitability [15] Question: How does the company plan to address competition in the dual-fuel engine market? - The company aims to enhance its technological capabilities and reduce costs through improved production efficiency and brand development [14][19]

澜起科技 20240710_原文 2024年07月11日 00:21 发言人 00:03 大家好，欢迎正式公开科技龙头系列电话会第三期之蓝起科技电话会议。下面开始播报免责声明，声明完 毕后，主持人可以直接开始发言，谢谢。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。 发言人 00:34 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 01:09 好的，各位领导大家晚上好啊。我是东大电子的研究员李世祥。今天我来给大家汇报一下我们关于蓝起科 技的观点。蓝起科技是我们科技龙头系列电话会的第三期的标的。也感谢各位领导一直以来的关注。蓝起 的话当前位置我们是作为一个重点推荐的一个标的。主要在过去的DDRR4到现在的DD25以 ...

Financial Data and Key Metrics Changes - The company expects a net profit of 0.9 billion to 1.1 billion yuan for the first half of 2024, with a net profit attributable to shareholders of 0.7 billion to 0.9 billion yuan, and a net profit excluding non-recurring items of 0.9 billion to 1.1 billion yuan, indicating a turnaround from losses in the previous year [2][4] - The total number of pigs sold in the first half of 2024 reached 32.388 million, a year-on-year increase of 7% [2] Business Line Data and Key Metrics Changes - The company slaughtered 5.41 million pigs in the first half of 2024, with a slight decrease in slaughter volume in June compared to May due to market conditions and production scheduling [8][13] - The total number of breeding sows as of June 30, 2024, was 3.309 million, with an expected annual output of 66 million to 72 million pigs for 2024 [4][16] Market Data and Key Metrics Changes - The average selling price of pigs has increased compared to the same period last year, contributing to the improved profitability [2] - The company noted a decline in slaughter volume in the second quarter compared to both year-on-year and quarter-on-quarter metrics, reflecting broader market trends [11][13] Company Strategy and Development Direction - The company is focused on reducing breeding costs, which have decreased to approximately 14 yuan per kilogram as of June 2024, with expectations for further reductions due to improved breeding performance and lower feed prices [4][15] - Management emphasized the importance of respecting market dynamics and adjusting production schedules accordingly to meet demand [46] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the second half of 2024, anticipating stable or improved market conditions and profitability [9][21] - The company is committed to reducing its debt levels and maintaining a focus on operational efficiency and cost control [41][42] Other Important Information - The company has implemented measures to enhance disease prevention and management, which have contributed to improved production metrics [3][17] - The company is maintaining a dividend payout ratio of no less than 20%, with potential for increases as financial conditions improve [24] Q&A Session All Questions and Answers Question: What are the reasons for the slower growth in breeding sows in June? - The increase in breeding sows was primarily based on production considerations and internal funding assessments, with no special factors influencing the decision [7] Question: What are the reasons for the decrease in slaughter volume in June? - The decrease was attributed to a reduction in seed pigs due to market factors and a slight change in production scheduling [8] Question: What is the expected level of asset-liability ratio in the medium term? - Management indicated confidence in achieving a lower asset-liability ratio, with ongoing improvements in profitability expected to support this goal [9] Question: What is the current status of the slaughter business and its profitability? - The slaughter volume has seen a slight decline, but profitability remains stable compared to the previous year, with ongoing efforts to improve customer acquisition [13][14] Question: What are the latest updates on breeding performance and cost reduction targets? - The company reported a survival rate exceeding 80% and is confident in achieving a cost target of 13 yuan per kilogram by year-end [15][16] Question: How does the company view the demand side of the market? - Management acknowledged that demand varies by channel, with some channels showing weaker performance, but overall, the company has maintained a relatively stable slaughter volume [32][33]