Financial Data and Key Indicators Changes - Recent product prices have decreased from 105,000 yuan to 95,000 yuan, significantly impacting the company's financial performance [1] - The company faced a substantial tax payment of approximately 665 million yuan, with resource tax accounting for about 320 million yuan, affecting net profit by approximately 2.323 billion yuan [1][3] - The company plans to utilize capital reserves to cover a loss of about 20 billion yuan in preparation for future dividends [1] Production and Sales Situation - The San Duo lithium salt project is expected to be completed by the end of the year, with a planned capacity of 80,000 tons and a ramp-up period of about three months [2] - Production costs for lithium carbonate and potassium fertilizer are expected to decrease in the second quarter compared to the second half of last year [2] Tax and Compliance Situation - The company will continue to be subject to resource tax, which is based on a 15% rate applied to brine transactions [3] - The average price of lithium products in the second quarter is approximately 100,000 yuan, with no significant change in costs compared to the first quarter [3][6] Other Operational Information - The company has made environmental investments last year but will not have large-scale expenditures this year, only normal maintenance costs [4] - The company is pursuing an "outward" strategy, exploring mineral resources in Southeast Asia and Africa, with plans to develop overseas resources in partnership with local entities [4] - The company is in communication with BYD regarding the 30,000-ton project, which is currently undergoing technical adjustments [4] Management Comments on Operating Environment and Future Outlook - Management indicated that the tax payment is a one-time event covering the years 2021, 2022, and 2023, and will not affect future costs significantly [5][8] - The company expects stable prices for potassium fertilizer in the future, despite current low prices, due to domestic resource reserves and supply constraints [5][10] Other Important Information - The company has sufficient capital reserves and cash to support dividends, pending regulatory approval for specific dividend details [3][5] - The total investment for the 40,000-ton lithium salt project is close to 3 billion yuan, with a total budget of approximately 6 billion yuan [5][10] Q&A Session Summary Question: What are the production cost expectations for lithium carbonate and potassium fertilizer in Q2? - The company expects production costs to decrease due to increased output and economies of scale [5] Question: What is the expected timeline for the new lithium salt production capacity? - The main facilities are planned to be completed by the end of the year, with a ramp-up period of about three months expected in the following year [5] Question: Will the company incur further tax payments after the recent adjustments? - The recent tax payments are one-time adjustments, and future costs will be based on market prices [8] Question: What is the company's strategy regarding overseas resource development? - The company is actively seeking mineral resources in Southeast Asia and Africa, planning to develop these resources with partners if exploration results are favorable [10] Question: What is the expected price trend for potassium fertilizer? - The company anticipates a gradual recovery in potassium fertilizer prices, with current prices expected to stabilize [10]

A：我们接下来的资本开支相对是比较平和的。整体上面来讲是 比较稳定的一个开支，因为大批量的开支应该都会在 2023 年 6 2024 年这两年间我们最后发展。我们目前也有一定的资金储备， 来自于银行，来自于自己的自有资金等。等到 2025 年之后，我 们每年的资本开支就不会那么大 相对来说比较平稳,我们也会根 据市场的情况去确定我们接下来投什么。怎么投投多少的一个问 题，所以整体资本的开支控制我们是比较游刃有余。结合市场情 况，我们来做一些相对来说比较记录。 7 接下来降价。进一步的走势 市场的需求怎么去判断? 9 | --- | --- | |-----------------------------------------------------------|--------------| | | | | A：25 年后，我们将面临全球市场的全面竞争，重点在于产业链 | | | 整合、环保及低碳。目前，我们已奠定碳排放减排基础，正完善 | | | 全产业链，目标在 2025 年前形成流畅通道。2025 年后，我们将 | | | 坚持临江城一体 | 化, 引入高科 | | 技产品和材料提升行业附加值。我们的 ...

Financial Data and Key Metrics Changes - The company has achieved profitability since 2022, with expectations for improved gross and net margins due to upgrades in main products [1][2] - The capital expenditure is expected to remain stable or slightly increase, despite a decline in capital expenditure for new energy and photovoltaic businesses [5][17] Business Line Data and Key Metrics Changes - The company provides VC solutions in stainless steel and copper, with stainless steel favored in high-end Android models due to its lower cost and higher durability [2][10] - The focus on optimizing production processes to enhance heat dissipation efficiency and expand capacity, particularly for stainless steel, is emphasized [1][2] Market Data and Key Metrics Changes - The consumer electronics sector is entering a peak season, while the new energy business faces both challenges and opportunities [2] - The photovoltaic business is adjusting strategies in anticipation of improvement [2] Company Strategy and Development Direction - The company is transitioning from traditional business to downstream modules, enhancing its market position through ecological loops, AI empowerment, and growth in non-mobile product lines [1][4] - The emphasis on advanced packaging technologies and heat dissipation solutions to meet fast charging and extended battery life demands is noted [1][3] Management Comments on Operating Environment and Future Outlook - Management expects improvements in the new energy and photovoltaic sectors in the second half of the year, with profitability anticipated in the new energy vehicle segment [6] - The company is confident in achieving higher gross and net margins with product upgrades for major clients [9] Other Important Information - The company has made significant progress in M4 chip iPad, OLED screens, and heat dissipation solutions, indicating a strong supply chain involvement [4][14] - The company’s platform advantages are enhancing market share, particularly in response to increasing demands for comprehensive solutions from major clients [7][12] Q&A Session Summary Question: What is the trend of overall profit margins in the second half of the year? - Management expects improvements in the new energy vehicle and photovoltaic sectors, with profitability anticipated in the latter half of the year [6] Question: How does AI influence the company's layout and platform advantages in consumer electronics? - The company is actively enhancing its capabilities in heat dissipation, batteries, and charging, leveraging platform advantages to increase market share [7] Question: What is the profit status of main products and confidence in future upgrades? - The company has achieved profitability after several years of development and is confident in obtaining higher margins with product upgrades for major clients [9] Question: What materials do downstream customers typically choose for VC boards? - Stainless steel is preferred due to its lower cost and durability, while copper is acknowledged for its excellent heat dissipation [10] Question: What is the company's technical layout and reserves for stainless steel VC boards? - The company has a solid technical foundation for stainless steel VC boards, with production capacity primarily focused on this material [11] Question: What is the outlook for capital expenditure next year? - Capital expenditure is not expected to rise significantly, with projections around 2 billion, slightly increasing but not exceeding 3 billion [16] Question: What is the view on the photovoltaic business and capital expenditure trends? - The photovoltaic business is expected to continue its downward trend in capital expenditure, with improvements anticipated through internal optimization and technology enhancement [17]

Financial Data and Key Metrics - No specific financial data or key metrics changes mentioned in the provided content Business Line Data and Key Metrics - The company's dissolution mining process forms a closed-loop system, maximizing resource utilization by recycling tail brine and fresh water back into the original mining area [1] - The company produces lithium carbonate using "old brine" which is the brine left after the precipitation of carnallite in salt ponds [2] - The company plans to produce 10,500 tons of lithium carbonate in 2024, with a current daily production of 40 tons, potentially reaching 55 tons during peak periods [5] Market Data and Key Metrics - No specific market data or key metrics changes mentioned in the provided content Company Strategy and Industry Competition - The company's dissolution mining process is designed to maximize resource utilization, indicating a focus on sustainable and efficient mining practices [1] - The company is expanding its operations with the construction of the Mami Cuo site, which includes temporary power, temporary housing, and road infrastructure [3] - The Mami Cuo site will use a similar but adjusted process compared to the Zangge Lithium site, due to differences in the brine composition [3] - The Mami Cuo site is expected to have a lower power consumption per ton (6,000-8,000 kWh) compared to the Qarhan site, due to its larger scale and higher brine concentration [4] Management Commentary on Operating Environment and Future Outlook - The company is maintaining a balance between production and sales for lithium carbonate [5] - The Mami Cuo site is expected to achieve rapid production capacity release after commissioning, as it uses a similar process to the Qarhan site with no technical risks [6] Other Important Information - The company's dissolution mining process involves the use of mixed-flow pumps in the dissolution workshop [2] - The Mami Cuo site has completed preliminary construction work, including temporary power, housing, and road infrastructure [3] - The production of 1 ton of lithium carbonate requires 1.5 to 2 tons of sodium carbonate [6] Summary of Q&A Session Question: Advantages of the dissolution mining process? - The dissolution mining process forms a closed-loop system, maximizing resource utilization by recycling tail brine and fresh water back into the original mining area [1] Question: Equipment in the dissolution workshop? - The dissolution workshop includes brine mixing pump stations, old brine pump stations, and raw brine transfer pump stations, with mixed-flow pumps being the main equipment [2] Question: Raw materials for lithium carbonate production? - The company uses "old brine" left after the precipitation of carnallite in salt ponds for lithium carbonate production [2] Question: Construction progress at the Mami Cuo site? - The Mami Cuo site has completed temporary power, temporary housing, and road infrastructure [3] Question: Equipment compatibility at the Mami Cuo site? - The Mami Cuo site will use a similar but adjusted process compared to the Zangge Lithium site, due to differences in the brine composition [3] Question: Power consumption per ton at the Mami Cuo site? - The Mami Cuo site has a power consumption of 6,000-8,000 kWh per ton, lower than the Qarhan site due to its larger scale and higher brine concentration [4] Question: Current concentration of old brine and response to declining lithium concentration? - The current concentration of old brine is around 50ppm, with concentration increasing with longer sun exposure in salt ponds [5] Question: Lithium carbonate production and sales plan for 2024? - The company plans to produce 10,500 tons of lithium carbonate in 2024, with a current daily production of 40 tons, potentially reaching 55 tons during peak periods [5] Question: Time to reach full production at the Mami Cuo site? - The Mami Cuo site is expected to achieve rapid production capacity release after commissioning, as it uses a similar process to the Qarhan site with no technical risks [6] Question: Sodium carbonate consumption per ton of lithium carbonate? - The production of 1 ton of lithium carbonate requires 1.5 to 2 tons of sodium carbonate [6]

证券研究报告 | 2024 年 07 月 09 日 晨会集萃 天风7月金股推荐 简称 调入时间 制作：产品中心 中国人寿 20240131 重点推荐 新澳股份 20240229 中天科技 20240331 《策略|海外与大类周报——港股交易情绪趋于平淡》 中际旭创 20240430 1)港股震荡收涨，顺周期板块领涨市场。7 月1 日至5日，港股出现阶段 温氏股份 20240430 性企稳迹象，多数宽基指数均有不同程度上涨，但市场成交额与前期相比 恒林股份 20240430 仍处在相对低位，恒生指数与恒生科技分别上涨0.5%、1.2%。2)经济基本 中烟香港 20240430 面与广义流动性支持力度有待提升。6 月国内制造业 PMI录得 49.5%，与 锐明技术 20240531 5月持平，连续两个月落入荣枯线下方，经济修复进程仍有考验。3)市场 顶点软件 20240531 情绪趋于平淡，短期指数反弹高度或有限。恒指自5 月20日阶段性见顶 华达科技 20240531 后，至今维持回落趋势，从市场情绪角度看，近一个月内14 日 RSI指标 昂立教育 20240531 平稳下滑、6 日RSI指标反弹高度有限且持续 ...

公司出口主要集中在非洲、中东、东南亚等传统地区，占出口总量的较大比 重。 一、公司销量与市场占有率 2023 年公司 A 股交易量为 128,000 辆，出口占总销量超过 50%，天然气 重卡占比约 15%。 出口到俄罗斯的车辆约占出口总量的 10%，即全总销量的 5%多。 当前市占率达到 11-13%，集团市占率超过 25%。 今年上半年销量约为 6 万辆，二季度产销情况良好。 二、财务状况与管理 公司账面净现金达 170 亿，近两年分红比例持续提升，未来分红比例上升 趋势将持续。 过去票据和现金比例相近，但现金部分有所增加。 连续多年分红比例超过 30%。 三、成本控制与盈利能力 今年天然气重卡的气瓶成本有所下降，整体成本降低。 由于成本端降幅更大，天然气重卡的盈利水平仍高于油车。 成本下降是多方面因素共同作用的结果，包括返利和其他零部件成本下降。 技术门槛较高的是总成部分，气瓶生产厂家增多，成本随产量增加而下降。 四、市场预期与政策影响 国内市场天然气渗透率从去年 4 月开始上量，目前牵引车中占比超过 60%。 行业内打折促销常态化，今年天然气价格下降源于成本端下降。 国内预期总量、天然气渗透率天花板尚 ...

造成的一切后果及法律责任由该机构或个人承担，本公司保留追究其法律责任的权利。好的， 各位投资者，大家早上好，我是民生电信的邓永康。非常感谢大家参加我们的电话会。今天的 电话会我们是给大家再梳理一下，绵阳电器的投资逻辑。这也是我们在一度当时重点推荐过的 标的。但是中间确实受了一些影响，大概有几个方面的影响。一个就是近期公司有解禁，那解 禁在七月，也就是上周基本上反映过了。然后另外一个，大家担心的就是二季度的盈利，因为 二季度看确实铜价涨得比较多，大家担心业绩受影响。那目前摸下来二季度情况还非常不错， 再加上此前可能受了国网的某一家上网公司的处罚，短期可能在这家上网公司没办法投标，这 些可能对公司的股价形成一定影响。 发言人 00:59 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 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 明阳电气 20240708_原文 但近期来看，这些因素都已经消除。所以我们今天花点时间来给大家讲讲，我们对于李阳电器 的推荐的一些逻辑的梳理，以及当前怎么看这家公司。开始之前，我先大概汇报一下，我们对 于电网板块一些观点。因为近期其实波动也比较大我觉得主要还是受市场 ...

Financial Data and Key Metrics Changes - The company reported a revenue of approximately 1.164 billion, with expectations to exceed 5 billion for the year, indicating a strong growth trajectory [9][13] - The first quarter showed a growth rate of over 30%, although this was influenced by a low base from the previous two years [4][13] Business Line Data and Key Metrics Changes - The company has three main product lines: desktop communication products, conference products, and cloud office terminals. The conference products have maintained high growth, while the cloud office terminal line is still in the development phase since its launch in 2021 [5][6][12] - The growth rate of the cloud office terminal is expected to improve as new products are launched, with positive market feedback noted [12] Market Data and Key Metrics Changes - The company’s products are primarily exported to Europe and North America, with demand closely tied to macroeconomic indicators such as GDP growth in these regions [2][3] - The inventory levels have been significantly reduced, with current levels being relatively low compared to previous years, indicating a replenishment phase [3] Company Strategy and Development Direction - The company is focusing on sustaining growth and expanding its product lines, particularly in the cloud office segment, which is seen as a key growth area for the future [6][12] - There is an emphasis on leveraging existing resources from traditional product lines to support the growth of new products [10][12] Management Comments on Operating Environment and Future Outlook - Management expressed confidence in the ongoing recovery trend in operations, with expectations for double-digit growth to continue throughout the year [13][14] - The company is closely monitoring market conditions and is prepared to adapt its strategies based on economic indicators and product performance [4][14] Other Important Information - The company has implemented a stock incentive plan, which is expected to support its growth targets [9] - There is a focus on the upcoming quarterly performance announcements, which are anticipated to provide further insights into the company's operational health [15] Q&A Session Summary Question: What is the outlook for the company's growth sustainability? - The company has shown over 30% growth in the first quarter, but there are concerns about maintaining this momentum due to the low base effect from previous years [4] Question: How is the new product line performing? - The cloud office terminal line is still in its early stages, but market feedback on new products has been positive, indicating potential for future growth [12] Question: What are the expectations for Q2 performance? - Q2 is expected to show a sequential increase in performance, although year-over-year comparisons may face some pressure due to last year's figures [13]

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 广电计量 20240708_原文 2024 年 07 月 09 日 00:44 发言人 00:00 将开始请。本次电话会议仅服务于长江证券研究所白名单客户。未经长江证券事先书面许可， 任何机构或个人不得以任何形式对外公布、复制、刊载、转载、转八引用本次会议相关内容， 否则，由此造成的一切后果及法律责任由该机构或个人承担。长江证券保留追究其法律责任的 权利。 发言人 00:32 各位投资者晚上好各位投资者晚上好，我是长江环保行业分析师贾少波。今天的话也我们长江 环保和长江机械团队举办了关于广电计量的中报业绩解读电话会议。今天的话主要是汇报一下 广电计量的核心的投资结论，还有最近的一些变化。 发言人 00:53 主要这个核心结论的话就是我们认为广电计量在前期的话已经是实现了产能端的一相对比较充 分的一个布局。那在 2024 年二三年底，公司也是更换了管理层，包括股权激励也是在今年的 7 月 1 号完成了一个授予。所以整个的管理的利益机制的话是做了一个理顺的那在今年的话，公 司是通过在一些经济化的管理上，采取了很多的一些措施。所以最后公司整体的净利率，而且 ...

晨光股份 原文 20240707_ 2024年07月08日00:24 发言人 00:05 大家好，欢迎参加新浪宏源轻工晨光股份深度报告解读。目前所有参会均处于静音状态，下面 播报免责声明，播完毕后主持人可直接发言，谢谢。请参会人员务必注意，本次电话会交流内 容仅限参会人员内部参考，任何机构或个人不得以任何形式对电话会议任何内容进行泄露或外 发，请勿以任何方式索要、泄露、散布转发电话会议纪要。任何泄露电话会议纪要等信息的行 为均为侵权行为。申万宏源研究保留追究泄露转发者法律责任的权利。 发言人 00:46 各位投资人晚上好，我是申万宏源轻工分析师黄沙，然后欢迎大家来参加本场晨光股份的一个 深度报告的解读。晨光其实也是国内文具行业的龙投公司，然后这个也是大家比较熟悉的一个 白马的一个消费公司了。然后我们现在这个时间点，去出这个晨光的报告，其实也是因为公司 这个估值也是回到了一个历史底部的这个位置，那我们对公司中长期的增长还是继续看好的。 所以这篇跟踪的这个深度报告，主要回答市场对晨光未来增长，担忧的两个点。一个是市场对 未来学生人口数量的一个下滑的担心，另外一个也是担心行业竞争激烈之后，晨光的这个盈利 能力，可能 ...