寒武纪公司深度汇报20240707 会议实录 1、三阶段发展 今年，我们认为寒武纪公司是国内成立较早且在产品端进展较快 的AI 芯片龙头公司。目前，特别是在国产算力端，政府、运营商 以及互联网公司对国产算力卡的需求正在快速释放。公司预计将 抓住这一波国产算力替代的机遇，带来收入端的快速增长，我们 对公司未来的机会非常看好。接下来，我们将详细汇报公司的情 况。 寒武纪成立于2016年，提供云边端—体化的产品线。公司在2016 到2018年发展了第一个阶段，主要产品是智能终端处理器的 Al IP产品。这一阶段， 公司与华为合作， 为其麒麟芯片提供IP,帮 助手机大客户搭载AI NPU的麒麟芯片， 增强了手机产品的AI能力。这是公司发展的第一个阶段。 从2018年到现在，公司进入了第二个发展阶段，推出了以云端推 ...

新泉股份 原文 20240707_ 2024年07月08日00:24 发言人 00:00 感谢大家参加本次会议。会议即将开。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 00:34 各位投资者晚上好啊，非常感谢大家参加我们这个一两款车的第11期。这次我们核心的推荐是 芯片部分，其实也是我觉得当下的话最值得买的零部件之一。因为整个零部件的话其实今年的 话确实表现较为一般。但是我们觉得这个很大因素也是因为确实一方面是行业景气，今年可能 有个相对来说比较平淡。第二方面的话就是可能大家对于零部件的对于后续的成长的成长性带 动，包括对于估值上的一个是否会逐渐的收敛，是一直有这个担忧。但我们认为就是在当下这 个时间点，就是具备有全球竞争力的零部件，尤其是在海外的珠海的扩张，还有包括它整个品 类上这样的一个提升的时候，国际是依然是会有几倍的这种成长空间。新泉就是其中我们觉得 最典范的这样的一个零部件公司。 发言人 ...

中科飞测 原文 20240707_ 2024年07月08日00:24 发言人 00:00 和订单的纯度会更高一点，就是飞测已经这种面板级的业务，但是飞车基本上百分之百都是IC 的，当然从这个C来看也会分为两类，就是从我们这个研究来看，它主要分为两类。一类是先 进封装这块，下游是几个非常知名的先进服装产线，像国内比较知名，大家很多进去，而且产 业的口碑和评价，包括份额都很高，这是第一个。第二个就是他的签到的这个环节，签到环节， 基本上国内的这个逻辑和存储的产线，也都是它的一个主流客户。所以整个飞测的这个卡位， 主要就是一个先进的封装，还有这个前道量测，低国产化率的量测环节，所以这是这个公司一 个卡位。 发言人 00:58 然后产品这边也表里面也列了，主要其实目前来看它的产品比较成熟的，其实主要就是那个无 图形的，还有图形的，就是无图形的检测和这个晶圆级的图形检测。这款是公司的一个拳头级 的产品，当然明暗场的这块目前还没有大规模的放量，除明场是已经demo样机已经送样了， 但是暗场还没有送样，目前还处于一个样机的一个阶段。然后这边还有当然还有一些别的，就 是这块是公司列出来的一些产品。但是像包括我们可以看到像他的 ...

华测检测 原文 20240707_ 2024年07月08日00:24 发言人 00:00 Art,pleaseremainontheline.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、转发、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人承担。长江证券 保留追究其法律责任的权利。好的，各位投资者下午好，我是长江环保行业分析师贾少波。欢 迎参加由长江环保和长江机械团队联合举报的电话会议。 发言人 00:48 今天的话给各位投资者汇报一下华测检测的中报业绩预告。华策的话在上周四发布了2024年 的中报业绩预告，整体来看的话业绩是略微超预期的。前期对公司业绩拖累相对比较严重的板 块，尤其是医学和药学本身也有点企稳的迹象。然后再考虑到整个公司的下半年同比的基数是 越来越低的，所以整体的增速的话应该是可以继续保持一个相对比较不错的一个水平。大概率 的话同比增速还是会高于二季度的那同时的话公司的股价在前期跌到了跌幅也比较大，整体的 PE估值的话都是回落到了20倍以内。所以现在整体的估值的话是处在一个相对比较低 ...

Financial Data and Key Indicators Changes - The company has established a strong market position in the marine engineering equipment sector, particularly in offshore drilling platforms, large crane vessels, and pipelaying vessels, indicating a robust performance in recent years [2]. Business Line Data and Key Indicators Changes - The company has successfully delivered over ten offshore wind installation platforms, reinforcing its position in the domestic offshore wind farm market [2]. - The company has developed the world's largest single-arm full-rotation crane vessel, "Zhenhua 30," and built Asia's largest cutter suction dredger, "Tiankun," showcasing significant advancements in technology and production capabilities [2]. Market Data and Key Indicators Changes - The company has accumulated rich performance in various marine engineering equipment fields, indicating a steady market expansion and competitive edge [2]. Company Strategy and Development Direction and Industry Competition - The company aims to enhance the gross profit margin of its marine engineering business by focusing on market promotion, technological innovation, and cost control, targeting key customers and projects [2]. - The company is pursuing a development direction of "high-end, intelligent, and green" for its automated terminal business, aiming to establish itself as a leader in this sector [2]. Management's Comments on Operating Environment and Future Outlook - Management emphasized the importance of closely monitoring the development trends of the marine economy to adapt and enhance the company's offerings [2]. Other Important Information - The company has a national engineering technology research center dedicated to marine lifting and pipelaying core equipment, which supports its competitive advantage through innovation [2]. Q&A Session Summary Question: What are the company's offshore engineering products? - The company has EPCI capabilities for offshore engineering and can design and build various high-end marine engineering equipment, including self-elevating drilling platforms and offshore special vessels [1]. Question: How is the company's market position in the offshore engineering business? - The company has a leading position in the domestic market for large pipelaying and crane vessels, with significant achievements in technology and production [2]. Question: What are the sources of the company's competitiveness in offshore products? - The company focuses on both the structural and core aspects of marine engineering equipment, supported by a dedicated research center [2]. Question: How will the company improve the gross margin of its offshore business? - The company plans to enhance gross margins through market promotion, technological innovation, and strict cost control [2]. Question: What is the development plan for the automated terminal business and its gross profit margin? - The company aims to leverage its technology and system integration advantages in automated terminal construction, with margins expected to be higher than traditional projects [2]. Question: What are the core competencies of the company's port machinery business? - The core competencies include a leading market position, innovative research capabilities, and a global marketing network [2].

复合集流体交流(胜利精密近况更新) 20240703 摘要 Q&A 请介绍一下胜利精密的管理团队和传统业务板块的现状。 调研纪要和研报 胜利精密的新管理团队由徐杨总负责日常经营活动,徐杨原为公司车载业务负责人,过丢儿年 绩效表现优异。胜利精密的传统业务主要集中在消费类电子结构件,包括塑胶、铝合金和镁合 金三类部品。截至 2024年上半年,公司实现销售额 10 亿元,预计会年可达 20 亿元,2025年 的目标为 22 亿元。尽管疫情后消费电子市场整体下滑,但公司通过与联想和华为合作开发新 一代产品,如不锈镁系列笔记本电脑,在美国赢得太奖。此外，公司还开发了日本烟草的电子 烟外壳业务,预计该新业务将在年底放量。并在 2025年贡献约2 亿元销售额。 胜利精密在汽车业备板块背哪些发展? 胜利精密近年来着力发展汽车业务板块,包括汽车显示器玻璃盖板和轻量化车载镁合金两部分。 能够承担随着智能化和新能源汽车的发展，对汽车显示器及其玻璃盖板需求快速增长。截止 2024 年上 参观。 半年 半年，公司玻璃盖板实现销售额 4.5 亿元，预计全年超额完成 8 亿元目标, 2025 年的目标为 10亿元。目前公司有50个已定点项 ...

Financial Data and Key Metrics Changes - In June, the company sold 342,000 vehicles, a year-on-year increase of 35% [4] - Cumulative sales for the first half of the year reached approximately 1.61 million vehicles, significantly exceeding last year's total by over 50% [4] - The total sales of new energy vehicles have surpassed 8 million units, leading competitors by a significant margin [5] Business Line Data and Key Metrics Changes - The Dynasty brand sold approximately 167,000 units in June, contributing significantly to overall sales [9] - The Han model sold 22,000 units, while the Tang model sold 15,000 units in June [9] - The Qin model, including the newly launched DM5.0, achieved sales of 68,000 units in June, marking a substantial increase from previous months [9][10] - The Ocean series sold about 158,000 units in June, with the Song series contributing 45,600 units [12] Market Data and Key Metrics Changes - Domestic sales in June reached 315,000 units after excluding exports, indicating a strong upward trend compared to earlier months [8] - Export sales in June were 27,000 units, a year-on-year increase of 156%, although there was a month-on-month decline due to high inventory levels in overseas markets [7][8] Company Strategy and Development Direction - The launch of the DM5.0 platform is expected to enhance the company's competitive edge, leading to increased sales and potential profit margins [2][3] - The company aims to strengthen its market position both domestically and internationally, particularly with plans for localized production in Europe by 2026 [3] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's ability to maintain strong sales trends and competitive advantages, despite challenges from competitors [15] - The company anticipates that the market for new energy vehicles will continue to grow, with a projected increase in penetration rates exceeding 50% [16] - Management noted that while some competitors may attempt to lower prices, the product differentiation will limit their long-term impact on the company [16] Other Important Information - The company is experiencing a strong demand for its new models, leading to challenges in meeting order fulfillment due to production capacity constraints [10] - The overall industry landscape is improving, with fewer competitors able to challenge the company's market position effectively [15] Q&A Session Summary Question: What is the outlook for the company's growth in the second half of the year? - The company expects to see continued growth driven by the ramp-up of DM5.0 production and the introduction of new models [15] Question: How does the company view the competitive landscape? - Management believes that the competitive landscape is favorable, with limited challenges from existing competitors and new entrants [15] Question: What are the expectations for export sales moving forward? - The company anticipates that export sales will increase as trade policies become clearer and production capabilities expand [16]

Financial Data and Key Metrics Changes - The company has shown a significant turnaround in its financial performance over the past few years, with net profits of approximately 2.5 billion and 2.8 billion in 2021 and 2022 respectively, despite a challenging semiconductor market [16][19] - The company reported a profit of 1.5 billion last year, indicating resilience even during industry downturns [17] - For the current year, the company is projected to achieve profits of over 2 billion, with expectations of reaching 3 billion next year, reflecting a conservative estimate [19][20] Business Line Data and Key Metrics Changes - The revenue structure indicates that around 40% of the company's revenue comes from a major North American client, with 20% from storage solutions, and additional contributions from electric vehicle clients [6][8] - The company has recently acquired a 10% stake in a subsidiary of Western Digital, which is expected to add approximately 400 million to profits next year [8][19] Market Data and Key Metrics Changes - The global semiconductor industry is anticipated to experience a significant growth driven by AI, with sales projected to reach around 1 trillion to 1.2 trillion USD by 2030 [23] - The company is positioned as a leader in advanced packaging technology, which is becoming increasingly important in the semiconductor sector [46][55] Company Strategy and Development Direction - The company aims to solidify its position as a top player in the semiconductor packaging industry, with a focus on advanced packaging technologies and strategic acquisitions [30][55] - The management has emphasized the importance of optimizing customer relationships and enhancing operational efficiency to drive future growth [18][19] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the company's growth potential, citing a strong customer base and the expected recovery of the semiconductor market in the coming years [20][23] - The management highlighted that the company is well-positioned to benefit from the increasing demand for advanced packaging solutions driven by AI and other technological advancements [55][56] Other Important Information - The company has undergone significant changes in its shareholder structure, with a major investment from China Resources Group, which has provided a strong financial backing [21][22] - The company is actively pursuing mergers and acquisitions to enhance its market position and expand its capabilities [30][33] Q&A Session Summary Question: What is the outlook for the semiconductor industry? - The semiconductor industry is expected to enter a growth phase starting in 2024, driven primarily by AI technologies, which will significantly boost sales [23] Question: How does the recent acquisition of Western Digital's subsidiary impact the company? - The acquisition is projected to add approximately 400 million to the company's profits next year, enhancing its financial performance [8][19] Question: What are the company's expectations for profit growth in the coming years? - The company anticipates achieving profits of over 2 billion this year and reaching around 3 billion next year, reflecting a positive growth trajectory [19][20]

Q: 宝信软件当前处于怎样的发展阶段？为何认为当前是布局宝信软件的绝 佳时机？ A: 宝信软件正处于动能转换的关键时期，从传统的ITC信息化业务向国产 自动化业务转型。我们认为当前是布局宝信软件的绝佳时机，原因在于近 期宝信软件的国产化订单在Q3加速落地，标志着国产化订单拐点的到来， 这与我们电话会议的主题不谋而合。2024年与2017年类似，都是宝信软件 动能转换的关键年份。2017年，宝信软件通过发展IDC业务，成功引入新 的增长动能，尽管初期市场对此持怀疑态度，但随后IDC业务的业绩快速 增长，证明了其战略的正确性。如今，宝信软件正经历类似的转变，国产 自动化业务将成为其未来成长的主要驱动力。 Q: 宝信软件的国产自动化业务包括哪些核心产品？其市场潜力如何？ A: 宝信软件的国产自动化业务主要包括自研大型PLC、SCADA工业工控软 件Runtime、机器人、AI大模型等核心产品。这些产品不仅体现了宝信软 件在自主可控工控软件和硬件领域的实力，也反映了其对市场需求的精准 把握。尤其值得注意的是，宝信软件在宝武集团内部的自动化业务市占率 ...

下面一位投资人他的问题是，为什么公司都没有发布过和国内外头部企业的合作公告呢？是没 发言人 02:08:10 发言人 02:08:56 更多一手调研纪要和研报数据加V：shuinu9870 下面一位投资人他的问题是想请问一下公司的董事财务总监叶一萍女士。请结合年初的这个股 权收购以及本次的资产购买事项，谈谈对公司的这个资产负债表、损益表、现金流量表的近期 以及中远期带来哪些积极影响的积累，进而增强公司的市场核心竞争力和经营盈利能力。同时 预估可能面临哪些挑战的风险，风险需要我们防防范和规避的，请领导解答，谢谢。 长期资产规模增加肯定会导致这个折旧和摊销的增加，这对公司的利润水平会有一定的影响。 但是从中长期看的话，因为我们有非常合适的布局。那公司在整体的合适条件下，我会考虑运 营优化和财务协同。在全公司范围内，我们会包括刚才我们朱总讲的做合理布局。同时调配了 我们整个资产效益的最大，产生的最大化效益。这样同时，我们还有一些无形资产，入职产权。 这样的话对我们整体的公司的资产总额也会产生极影响。这也是我们资产负债表方面可能呈现 出来的一个趋势。 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 发言人 ...