我觉得有必要跟大家去做一个澄清因为首先这个板块我们身外机器人团队跟的还是比较久的从联系机器人以来二二年以来我们对过去三年是密切的运动到现在基本上是刚好满三年的时间的周期第二点就是我们基本上对机器人当下板块接近200家的公司全面的覆盖和跟踪也包括几十家可能一级的监管调度所以产业的纵深和时间的纵深让我们其实有底气去做一些 判断供大家参考那么首先第一点就是无差别的下刹之后大家一定是这个时候是去寻找反弹反快的因为我们能够看到周末对于消费电子包括手机和三分减雷其实都在后面那么如果将来表面紧张背后宽松的成为一个常态的话或者最起码为期三个月的缓冲期里面成为常态的话那么这个 一定是市场一定会在这其中寻找不太受到影响或者反转比较强的板块所以我们看到消费电子其实周五已经在整个的包括这些荣光的中间这些防御产业链组已经在反弹那么机器人我们觉得后续一定是在整个的反弹行业中或者铺盘行业中扮演前锋队的角色这个其实在过去两天已经非常显著了我们看到机器人指数实际上过去两天是大幅的反弹那么 仅就过去两天基本上涨幅就在十个点以上那么过去三天那么这意味着就是什么呢就是风天风险偏好急剧收缩之后那么在恢复的过程中市场反弹一定是寻找的产业逻辑最硬的刚刚过 ...

具体市场表现的判断或投资建议二嘉宾所说信息或所表述的意见均不构成浙商证券研究所研究观点如果嘉宾发布的观点和浙商研究所发布的观点有分歧或不一致这也请作为一种不同的研究视角供投资者参考三依照监管要求和保密原则未经合法授权严禁录音记录转发 感谢您的理解和配合若本次交流内容不慎流出或涉嫌违反上述情形的我们将保留追究法律责任的权利再次感谢您对这张证券的理解和配合谢谢 众所周知最近的中美关税政策有点超预期对市场造成了极大的影响化工行业内也同时存在着风险和机遇以成和技为主的部分化工品也有望在本次的变动中受益我们今天给大家重点讲一下本次关税政策对于成和技以及对应标的成和科技会有哪些影响 首先是核心逻辑我们认为本次关税政策将会给国产的成科技带来前所未有的机会由于额外的关税政策海外成科技厂商可能会通过涨价的方式将关税成本向下游进行传导从而导致海外成科技的竞争力逐步减弱同时关税的政策还可能导致国内关键领域产品如成科技的国产替代进程加快基于以上两点成科科技作为国内的成科技龙头有望迎来量价提升业绩增长有望超预期 那么超预修的点在哪里呢?之前全市场或者按照之前大家对于诚荷的业绩预测来讲国产诚荷剂的替代量订单预计每年为新增20%但由于本次 ...

Summary of Conference Call Records Company Overview - The primary focus is on **Macroview Technology**, a leading global supplier of panoramic camera lenses and imaging modules, with products used in various electronic devices, including smartphones, home appliances, and automobiles [1][2]. Key Industry Insights - **Smart Automotive Sector**: Macroview Technology has established stable partnerships with major automotive manufacturers and is involved in two main projects: capacity expansion and facility upgrades, aiming to increase production capacity by approximately 27.96 million units [2][3]. - **Growth in Camera Usage**: The average number of cameras per vehicle has increased from 1.7 in 2018 to 3 in 2023, with some models, like BYD's "Heavenly Eye," featuring up to 12 cameras, indicating a rapid growth trajectory in automotive camera installations [4][7]. Financial Performance - Projected revenues for Macroview Technology from 2022 to 2024 are approximately **450 million**, **770 million**, and **1.09 billion** CNY, respectively, with a compound annual growth rate (CAGR) exceeding 50% [9]. - The company’s net profit is expected to grow from **65 million** to **165 million** CNY over the same period, reflecting a strong financial outlook [9]. Competitive Position - Macroview Technology holds a significant market share in the panoramic camera sector, with a reported growth rate of **14.2%** in this segment [3]. - The company has a deep integration with leading players in the film and television industry, achieving a **75%** share in the imaging module market for cinematic applications [6]. Emerging Trends - The electronic price tag market is projected to grow significantly, with a global market penetration of only **15%** as of 2023, indicating substantial growth potential [11]. - The company is positioned to benefit from the increasing demand for digital retail solutions, with a focus on electronic price tags as a foundational technology for digital stores [12]. Risks and Challenges - Potential risks include reliance on specific suppliers for electronic paper film, which could impact production if supply issues arise [15]. - The company faces challenges related to raw material price volatility, which could affect profit margins due to the lack of pricing power [21]. Conclusion - Macroview Technology is well-positioned in the rapidly growing sectors of panoramic cameras and smart automotive applications, with strong financial projections and a competitive edge in partnerships and market share. However, it must navigate risks associated with supply chain dependencies and raw material costs to sustain its growth trajectory.

国内的整个发货量的减少这块也是要补起来所以只是还好就是海外在发货那海外发货呢可是发源部分更多的海外发货可能要集中在二季度甚至是三季度会更多一些所以一季度对我们公司目前来说呢一季度是应该是全年基数最低的一个季度大家不能不要就说如果一季度外应该就说好像更低 一季度有所差距的话并不代表说中派的权力的业绩完全就有疑虑而仅仅是一个反恐周期的和一个季节性的原因因为历史以来我们一季度都会比较的低像在去年二十年设备观虽然我们二十年一季度是几千万的经验 一季度成员共赠了3000万 我们设备端还有4000万的订阅但全年我们设备端的订阅是2.1、2.2也就是说以一季度7000万乘以4来衡量全年它是这个偏差是非常大的那么今年是同率今年一季度乘以4并不代表全年的水平所以大家对一季度的 但是金融大大国内就有各大利益一些东西下滑的幅度会比较大因为很多的客户的还没有到他的交付周期或者就是有些客户的款项没有及时的收回我们暂时没有办法发货之前发了以后他款项付了我们在发货的过程当中还有一些货物在运输的过程当中没有得到业主的签证认可也会有一些再出的货物 所以国内的下滑比较明显还有更多的还是成南成南在一季度的时候我们目前看到一季度在去年还有三千万的新 ...

Summary of Conference Call Company and Industry - The conference call primarily discusses the impact of the recent tariff announcements by the U.S. on imported products, particularly focusing on the chemical industry and the company's operations related to raw materials such as natural gas and ethylene. Key Points and Arguments 1. **Tariff Announcement**: The U.S. announced a reciprocal tariff of 34% on products from all trade partners, which has raised concerns among investors regarding its impact on raw materials, including natural gas and ethylene [1][2][3]. 2. **Chinese Government Response**: The State Council's Tariff Commission issued a notice on imposing tariffs on U.S. imports, indicating a strategic response to U.S. trade policies [2][3]. 3. **Uncertainty in Implementation**: There is uncertainty regarding the specifics of the tariff implementation, particularly whether certain products, such as ethylene, will be included [2][3]. 4. **Impact on Prices**: Recent trends show a decline in raw material prices, with the price of ethylene dropping to $518 per ton, down $100 from earlier in the month, and U.S. natural gas prices decreasing by 7-8% [5][6]. 5. **Countermeasures**: The company plans to increase fuel processing methods to mitigate the impact of tariffs, which may allow for exemptions from tariffs on certain imports [4][6]. 6. **Long-term Effects of Tariffs**: The imposition of tariffs is not expected to be a long-term measure, as it could lead to increased overall product prices and accelerate inflation [3][6]. 7. **Import Volumes**: In 2024, China is projected to import 18 million tons of natural gas from the U.S., and the potential tariffs could significantly affect these volumes [5][24]. 8. **Cost Implications**: The company estimates that the cost increase due to tariffs could range from 300 million to 450 million, which is manageable within their current operations [7][16]. 9. **Historical Context**: The discussion references the 2018 trade war, highlighting previous mechanisms for tariff exemptions that may be relevant in the current context [8][9]. 10. **Future Price Trends**: The company anticipates that natural gas prices will decline further, which could also influence oil prices, keeping them stable [24][25]. 11. **Supply Chain Adjustments**: The company is exploring options for processing and exchanging materials to minimize tariff impacts, including establishing bonded warehouses for raw materials [10][12][18]. 12. **Collaboration with Suppliers**: There is ongoing dialogue with suppliers regarding the potential for sharing tariff burdens, although specific agreements have not yet been established [22][23][29]. Other Important Content - The company is actively preparing for various scenarios regarding tariff implementation and is confident in its ability to adapt to changes in the market [29][30]. - The call emphasized the importance of maintaining communication with stakeholders and partners to navigate the evolving trade landscape effectively [30].

那么我看到这边再重申一下我们对于与同课程当前的观点还是非常坚定的看好依然还是认为目前与同课程在他自身的基因周期的角度来看我们认为还是在周期 第2个问题是 当前来看我们会认为第一次网络风格本身AI我们会认为跟红利整理上我们在700块的基金圈里来看的话生长率的投资机会我们认为一直是冰纯的而且互不信任也非常的强那么当前来看我们会认为 虽然2014年最终的分红率 最终的预期我们估计要到成4月份股东大会可能会进一步的明朗但整体趋势上的话肯定股息率是大家是不用担心的所以整体上我们的目标市值还是会去维持根据这一轮的利润风险来看我们认为就是一通在这一轮的这个红利我们对应的目标市值还是800到1000 以上的话就是我这边的一个汇报吧其他几位同事然后这边再跟大家详细的一个解读一下二月份的数据和后面数据我们这块的一个预测吧 好的各位网友大家好我先解读一下二月份宇通的详细的数据第一个是宇通的总销量二月份是1571台同比是13%的提升环比是有38个点的下降这个销量我们总结来看其实还是基本符合预期 二月份宇通本来就是一个开工淡季他们元宵节之后才正式开始开工其实整个的开工时间有十天左右所以我们去看的话宇通在比较旺的月份的时候呢它的包括产量 ...

各位投资者大家早上好我是动物证券原理那么今天邀请到了新融股环境来跟大家做交流我们也知道水母板块中间的新融环境凭借趣味优势和公司管理层积极进取的能力一直是非常优质的这么一个体验尤其是在近期无论是物资处理的价格的市场化的调价 海事公司在手务行业管理上面我们也看到有一些新闻这个智能化AI化的应用其实都是亮点满满的那么今天就请我同事陈夫人来主持这场交流我们今天在线的嘉宾有董事会秘书刘总还有公司的投关团队都已经在线了欢迎刘总和张总那领导您看我们是 直接开始提问回答环节吗还是请您好我先简单说一下那个去介绍一下情况吧嗯好的好的好啊嗯大家好我先介绍一下那个情况然后我们是之前呢已经公布了我们的业绩快报应该说24年呢我们的各项业务还是保持了一个比较平稳预计的一个状态 然后我们的综合毛利率也是维持在一个比较稳定的水平然后我们去年相对于23年来讲营收增长了11.9%然后规模的经济润增长了8.2%这个情况的话还是比较好的一个业绩呈现 另外呢在一些业务上包括我们的自来水油板块然后呢我们的输水量还是在20年还是实现了7.6%的增长我们的污水处理量然后呢也由于新项目的投入的原因然后呢我们的污水处理量增长了9.2% 像顾费业务板块的话虽然没有 ...

Summary of Conference Call Notes Company and Industry Overview - The company discussed is 福达 (Fuda), which operates in the automotive and robotics sectors, focusing on crankshafts and new business opportunities in robotics [1][5]. Key Points and Arguments - **Crankshaft Business Growth**: 福达 is experiencing significant growth in its core crankshaft business, driven by two main factors: the rising demand for hybrid passenger vehicles and the high demand in data centers [1]. - **Market Share in Hybrid Vehicles**: 福达 is the leading third-party supplier of hybrid crankshafts in China, with an expected market share exceeding 40% in 2024. The company anticipates continued growth in its market share this year [1]. - **Joint Venture with Alfin**: 福达 established a joint venture with Alfin in 2018, each holding a 50% stake. This venture primarily supplies major clients, including Yuchai and MTU. The order demand for crankshafts is expected to surge starting from late 2024, securing 福达's production capacity through 2025 [2]. - **Revenue from Data Centers**: The revenue from data center crankshafts is projected to reach approximately 300 million yuan by 2025. 福达's share of this revenue, considering its 50% stake in the joint venture, is expected to contribute around 20 million yuan in investment income this year [3]. - **Sales Volume and Revenue Projections**: The total shipment of hybrid crankshafts last year was estimated at 2.2 to 2.3 million units, with an expected increase of at least 1.7 million units this year. At an average price of 400 yuan per unit, this could generate an additional revenue of 600 to 700 million yuan [4]. - **High Profit Margins**: 福达 maintains a high gross margin of over 30% in its crankshaft business due to its integrated capabilities in manufacturing and design [4]. Robotics Business Development - **Expansion into Robotics**: 福达 has strategically entered the robotics sector, leveraging its existing capabilities in new energy electric drive gears to develop new products like chip actuators [5]. - **Client Base and Market Potential**: The company has established relationships with major clients such as Schaeffler, Celis, Xiaomi, and BYD, which positions 福达 well to capitalize on the growing robotics market [6]. - **Valuation of Robotics Segment**: The valuation of 福达's robotics business could potentially reach between 10 billion to 20 billion yuan, depending on the successful implementation of core components and client projects [7]. - **Overall Valuation Outlook**: The combined valuation of 福达's core business and robotics segment could exceed 20 billion yuan, indicating significant upside potential from its current valuation of around 8 billion yuan [7]. Additional Important Insights - The company has been closely monitored since last year, with ongoing updates provided to investors regarding its traditional and new business developments [7].

Summary of Conference Call Company and Industry Overview - The conference call discusses the performance and outlook of a company in the food industry, specifically focusing on its revenue growth, product categories, and market strategies. Key Points Financial Performance - The company reported a total revenue of 2.412 billion yuan for 2024, representing a year-on-year growth of 16.79% [1] - The scale of operations reached 291 million yuan, with a year-on-year increase of 39.01% [1] - The company's Q4 revenue was 76.62 million yuan, marking a record high for a single quarter in its history [1] Product Categories and Growth - All three core product categories showed growth, with cloud products performing exceptionally well [1] - Small packaging products exhibited strong performance, particularly in circulation and human channels [4] - The company has introduced new products, including various types of meat and plant-based options, which have received positive market feedback [2] Channel Performance - The company achieved steady growth across all seven major regions in China, with notable performance in temporary and modern channels [3] - The temporary channel expanded to cover over 100 temporary systems and more than 30,000 stores, achieving over 100% growth [3] - Online sales faced challenges, experiencing a single-digit decline, but showed signs of recovery towards the end of the year [7] Market Strategy - The company is focusing on a multi-channel strategy, including traditional retail and e-commerce, to enhance market penetration [9] - There is an emphasis on product innovation and differentiation to meet consumer demands and maintain competitive advantages [22][23] - The company plans to expand its product offerings and improve packaging to cater to different consumer preferences [10][28] Supply Chain and Cost Management - The company is expanding its production capabilities, including a new facility in Guangxi, to enhance supply chain efficiency [18] - Cost pressures are anticipated due to rising raw material prices, but the company expects to manage these within a stable range [20][46] Future Outlook - The company aims for continued growth in the fish product category, projecting a high-speed growth trajectory [26] - There is confidence in the market potential for the safety egg product category, with expectations of reaching a market size of 100 billion yuan [36] - The company is committed to maintaining quality over price competition, focusing on long-term brand development [25] Additional Insights - The company has received recognition for its social responsibility initiatives, including awards for sustainable development [5] - The management emphasizes the importance of innovation and adapting to consumer trends to ensure long-term success [24][37] Conclusion - The company is positioned for growth in 2025, with a focus on expanding its product lines, enhancing supply chain capabilities, and maintaining a strong market presence through innovative strategies and quality products.

那2025年呢我们测算了一下假如说这个比亚迪他2025年拥有这个800伏和1000伏的这个车的话呃新增这个九十万九十万台那呃20262026年呢这个相关的车型新增180万台按照这个一片六寸的碳化合石秤颈的大概对应六辆车的这个图的这个用量来算的话那分别是增加这个15万片跟这个30万片的一个行业的需求 核心国际然后也建议购物投资呢去重视啊第一个就是我们展开了汇报一下就是第一个主要这块的一个供需格局的变化呃这个天悦呢他目前呢整体大概是在这个80%左右的一个输入啊来自于这个新能源这一块那天悦在新能源这块主要做这个碳化硅的供应器件里面的这个碳化硅的称积啊这个环境碳化硅呢它属于第三代半导体整体的这个 无论从性能的参数还是这个随着表现来看都是非常优异的那以碳化硅为代表的这个第三代半导体呢他这种材料具有这个宽静带以及这个电更饱和的这个电子漂移率以及热导率包括还有这个集穿电场这些都比较强这些优势在新的原车上的话这个碳化硅呢 它这个耐高压的特性呢尤其适合去做这个800伏以上的这个高压快充的这种车型同时呢碳化硅这个方案呢也可以实现这个新能源车的单电的系统的一个降本增效从而去提高这个新能源车的尤其纯电车的这个续航那碳化硅呢可以实现这 ...