大家上午好尊敬的西工机械副总裁王总还有我们的董美飞总上午好各位投资者上午好我是浙江证券研究所的联席所长邱世良今天我们团队机械竞工首席华欣老师还有嘉凯老师我们也在线 非常保障感谢各位投资者长期以来对徐工的关心和支持购买买票是最大的事关注也是最大的事也感谢正商证券长期以来对徐工的关心和支持感谢邱所长王所长以及各位首先呢我们请我们公司主管战略投资经营 基本上跟去年差不多在收入方面可能差不多在利润我们还是要追求一个好的增长这是我们全力以赴也在做的事情大家可能现在就关心雷阿尔暴跌的问题雷阿尔实在是我们今年在年初尤其 汇率变化比较大的时候就少让他们接汇回国内回款所以我们把当时的应出账款等等给它放大了一点这也是为了就是说要对冲一下当时接汇造成的损失我们这几个措施当然了汇率增进我们在汇率在整体的去策划进行手汇这个工作已经开始在做 刚才说的这几步我们都是想到了当然了还有一个是在说它暴跌那么多的确没想到就跌那么多没想到刚才说我们在5块5 5块7我们是在策划上是留有余地我们说大家在这方面有哪些问题就是因为我们可以用问题去交流交流 然后呢加入到我们这个团队所以呢我们的现在的团队逐步在扩大同时呢我们呃也从汇丰啊包括东方汇理啊包括中金我 ...

Summary of Conference Call Records Company and Industry Involved - The discussion primarily revolves around the pharmaceutical industry, specifically focusing on Zoliya Pharmaceutical and its product lines, including Wulin capsules and Bailin capsules. Key Points and Arguments 1. Multi-Departmental Drug Development - The company is focusing on developing drugs for multiple departments such as neurology, psychiatry, traditional Chinese medicine, gynecology, and ICU, aiming to drive growth within hospitals [1][4][6]. 2. External Market Share Goals - The current external market share is approximately 19%, with a target to increase this to 20-30% in the short term [1][4][6]. 3. Sales and Profitability - The sales strategy emphasizes obtaining group identities to facilitate quicker hospital recognition, which is deemed more effective than targeting individual hospitals [1][7][10]. - The sales expense ratio and profit margins are expected to remain stable, particularly for sterile capsules [1][7]. 4. Inventory and Pricing Pressure - There is a noted pressure on gross margins due to inventory levels and pricing strategies, particularly for high-cost central products. However, a reduction in inventory levels is anticipated to alleviate this pressure by Q2 of the following year [1][3][11]. 5. Investment Directions - The investment strategy is focused on three main areas: 1. Companies with strong short-term performance leading up to Q1 and Q4 earnings reports. 2. Monitoring inventory levels and pricing of central products. 3. International reforms and their impact on the company’s growth [3][5][12]. 6. Product Launches and Market Dynamics - The Bailin capsule is expected to benefit from favorable market conditions due to its competitive positioning and the upcoming national centralized procurement [1][8][9]. - The company plans to leverage the success of Wulin capsules to drive growth, with expectations of continued demand and market expansion [1][5][12]. 7. Future Growth Potential - The company anticipates a significant growth trajectory, with projections of achieving a revenue scale of 6.9 to 7 billion in the next year, reflecting a growth rate of 27% [12][13]. - The focus will also be on maintaining a stable dividend policy, supported by sustainable cash flow [12][13]. 8. Clinical Development and Mergers - The company is exploring mergers to enhance its pipeline, particularly in the neurology sector, which aligns with its existing product lines [11][12]. 9. Market Conditions and Competitive Landscape - The competitive landscape is expected to remain favorable for the company, with strategies in place to maximize benefits from centralized procurement processes [8][9][10]. 10. Monitoring Key Performance Indicators - Continuous tracking of key performance indicators, particularly related to the Bailin capsule and overall market dynamics, is crucial for assessing future growth and profitability [12][13]. Other Important but Possibly Overlooked Content - The discussion highlights the importance of adapting to market changes and the need for strategic planning in response to inventory and pricing pressures. - Emphasis on the need for a robust sales strategy that includes collaboration with professional distributors to enhance market penetration and efficiency [1][11].

瑞纳智能设备股份有限公司 投资者关系活动记录表 股票名称：瑞纳智能 股票代码：301129 编号：2024-003 | --- | --- | --- | |-------------------------|-------------------------------------------------|---------------------------------------------------------------------------------------------------| | 投资者关系活动类别 | ☐ 特定对象调研 | ☐ 分析师会议 | | | ☐ 媒体采访 | ☐业绩说明会 | | | ☐ 新闻发布会 | ☐ 路演活动 | | | ☐ 现场参观 | | | | 其他 线上会议 | | | 参与单位名称及人员 姓名 | 基金：冯炉丹；中金公司：郭威秀 | 华宝兴业基金：易镜明；太保资产：恽敏；工银瑞信： 黄丙延；国泰基金：谢泓材；大成基金：曾大鹏；中欧 | | 时间 | 2024年12月20日 | 10:30-11:30 | | 地点 线上会议 | | | | 上市公司接 ...

Summary of Conference Call Records Company and Industry Involved - The discussion primarily revolves around the electric vehicle (EV) industry, with specific mentions of companies like Tesla, Xiaomi, and CATL (Contemporary Amperex Technology Co., Limited). Key Points and Arguments Tesla Collaboration - The company has been working on high-voltage connectors for Tesla for several years but faced challenges due to insufficient batch experience, leading to delays in breakthroughs with Tesla [1][2][3]. - The company is currently in the process of obtaining certification to be included in Tesla's approved supplier list, which is crucial for accelerating business development [1][2]. Product Development and Client Engagement - The company has invested significantly in developing high-quality connectors, utilizing advanced equipment and high-end materials [1][2]. - There is an ongoing negotiation with Tesla regarding a smaller high-voltage connector, which the company is expected to manufacture based on Tesla's specifications [1][2]. - The company aims to expand its client base, particularly focusing on existing customers and new opportunities with Xiaomi, which has recently launched an SUV [3][4]. Production Delays and Challenges - A high-voltage wiring harness project initially scheduled for mass production has faced delays due to client-related factors, pushing the timeline back by several months [1][2]. - The company is experiencing resource allocation challenges due to early investments in projects that are now delayed [1][2]. Revenue Projections and Market Outlook - The company anticipates a revenue increase of approximately 15 to 21 billion, with specific contributions expected from various clients, including a projected 6 to 7 billion from the new M8 model from a client [4][5][6]. - The company is optimistic about maintaining a healthy growth rate of around 20-30% annually, despite market volatility and competition [25][27]. Strategic Partnerships and Market Expansion - The company is actively pursuing partnerships with new clients, including Geely and Chery, to diversify its client portfolio and reduce dependency on a few major clients [12][13]. - There is a focus on expanding into the European market, with ongoing discussions with major automakers like Mercedes and BMW, although the European market is currently perceived as uncertain [19][20]. Supply Chain and Cost Management - The company is enhancing its supply chain capabilities and negotiating better terms with suppliers to improve cost efficiency [28][29]. - There is a recognition of the need to adapt to changing market conditions and client demands, particularly in the EV sector, which is rapidly evolving [22][23]. Future Developments - The company is preparing for the launch of new models, including a long-wheelbase version of the Model Y for Tesla, which is expected to generate significant business once production timelines are confirmed [28][29]. - The company is also exploring opportunities in other sectors, such as military and low-altitude flying vehicles, to broaden its market reach [15][16]. Other Important but Possibly Overlooked Content - The company emphasizes the importance of maintaining a flexible approach to client engagement and project management to navigate the uncertainties in the automotive industry [22][23]. - There is a strategic focus on leveraging existing relationships and building new ones to ensure long-term sustainability and growth in a competitive market [12][13].

Summary of Company and Industry Insights from Conference Call Company Overview - The company operates primarily in Mongolia and Africa, focusing on logistics, warehousing, and trade, particularly in coal and copper mining sectors [1][2][3]. Key Points on Mongolia Operations - The company's Mongolian operations are centered around the Ganqimaodu port, which accounts for approximately 52% of Mongolia's total imports to China, making it the largest export port for Mongolia [2][3]. - The port handled a total cargo volume of 38 million tons in 2023, with coal imports reaching 36.5 million tons [2][3]. - The company has been deeply involved in the Ganqimaodu port for 30 years, establishing a strong foothold in cross-border logistics and supply chain trade [2][3]. - The Mongolian business is divided into three segments: cross-border multimodal transport, supply chain trade, and warehousing [1][2][3]. - Key mining operations in Mongolia include the PP coal mine and the OT copper mine, which are crucial for the company's logistics and trade activities [1][2][3]. Financial Performance and Projections - The company anticipates maintaining high growth rates, projecting a potential doubling of stock value over the next three years [1]. - The logistics segment is expected to generate approximately 2 billion in revenue, with a gross margin of around 20% [7]. - The warehousing segment is projected to achieve a revenue of 5.2 billion by 2025, with a net profit of approximately 2.3 to 2.4 billion [7]. Key Points on African Operations - The company is expanding its logistics operations in Africa, particularly in the Democratic Republic of the Congo (DRC), which is rich in copper resources [6][8]. - The DRC's mining sector is characterized by a lack of coastal access, similar to Mongolia, presenting logistical challenges that the company aims to address by building infrastructure [6][8]. - The company has secured long-term contracts with mining companies in the DRC, ensuring a steady supply of copper and other minerals [6][8]. - The logistics model in Africa is being developed based on the successful strategies implemented in Mongolia, focusing on establishing key transport nodes and securing operational licenses [6][8]. Additional Insights - The company has identified the importance of short-haul and mid-haul transport, with short-haul transport being more lucrative due to its higher value-added services [5][6]. - The average transport cost for short-haul is approximately 6 RMB per ton per kilometer, while mid-haul costs around 0.36 RMB per ton per kilometer [5][6]. - The company is also expanding its warehousing capacity, with plans to increase storage from 1.3 million tons to 2 million tons by 2025 [7]. - The logistics and trade operations are supported by a network of partnerships with local mining companies, enhancing the company's market position in both Mongolia and Africa [6][8]. Conclusion - The company is well-positioned for growth in both Mongolia and Africa, leveraging its extensive experience in logistics and trade to capitalize on the rich mineral resources in these regions. The strategic focus on infrastructure development and long-term contracts with mining companies will likely drive future profitability and market expansion.

不导电的东西你不导电的东西多你要让它要建立一个导电网络就电子导电网络你肯定要加多的电子导电的东西对不对所以实际上是过了电池几天里面需要更多的不导电的东西对所以造成了你不是因为过了电池里面要 更大一部分是来自于这个快松和强势衡的这些成分因为你们当中用一半这一块大概占一半那你想这里面加更好的导临机它肯定就是为了快松 归负级如果百分之十的他要加七分之一如果是百分之零点五的他可能加万五万八现在明年他的主题的产品是指示类似于这种您觉得这个年龄层应该多吗 郭文贵先生提问 产生对单臂的碳纳米管的需求比较旺盛另外一个重要的原因就是硅脊腹肌的应用硅脊腹肌的应用没有别的导电机的替代方案上只有单臂碳纳米管能解决使用硅脊腹肌的配合性的这样一个材料 主要A主要A我看小米能不能慢慢收拾一下 什么六十五万一吨啊五十五万一吨啊可能这个也会推迟推广但是我觉得可能明年大家都会把价格放到三十万左右我的估计是二十五万到三十五万但具体多少因为我不做所以我们公司不做所以领导不做但经常会放到领导对 这个它应该降价很快的因为包没有什么包成本 你剩下成本你要么就是厂家自己说话怎么可能把这个成本捐给你你性格再好 因为那么卷嘛不可能 不可能不可能 售价上剩下成本 ...

主要给大家汇报一下这个机器人这个赛道机器人这个赛道应该是我们团队主观的一个方向确实这个赛道最近四季度行情演绎也比较极致我觉得主要从短期还有长期我们对这个赛道的理解和判断给大家进行一个汇报确实11月份 应该也是A股市场上最活跃的板块之一核心的本质上这个行情本身是一个扩散行情那行业确实产业确实发生了很多事件车化比如说安徽重庆这两地开始有政策大规模推动所以引起了市场去朝 重庆安徽工业那还有就是说这个呃大家看到这个像华为啊啊赛里斯英魏达啊这些公司啊就是各产业的龙头公司了呃开始这个呃公开要么就开会啊或者公开这个要这个做这个赛道啊呃又引起了这种工业的一个航行的演绎啊加上这个呃这个呃上个月吧就是整个 像南京化线设备南京工艺这些并购航行以及招威基电的零销售招威基电的零销售还加上特斯拉机器人这个迭代比如说手机网球还有在这个草地上的一个行走等等这些就大家看得到就是一方面是龙头公司在加速入局加速入局以及最近就是包括比亚迪也在 这个巨神智能在招聘人员就是大家看到就是这个龙头公司在纷纷入局这个赛道第二个也是看到各个地方政府在加码加码所以说这个这一轮航行本质上是一个扩散型航行扩散型航行那这个呢就是这个很像作为一个制造业研究员因为我们之前 ...

Key Points Industry Overview 1. **Revenue Growth**: The company expects a double-digit revenue growth trend to continue both for the current quarter and the next year. [doc id='1'] 2. **Regional Performance**: - **China**: Domestic revenue showed significant improvement in October and November, reversing the underperformance seen in Q2 and Q3. [doc id='1'] - **Qatar**: Growth in the region exceeded expectations, with a year-on-year increase of less than 2% from January to September, but a strong growth in October. [doc id='2'] - **Europe**: Revenue growth exceeded 9% from January to September. [doc id='3'] - **Emerging Markets**: Strong growth in emerging markets, with India showing over 30% growth. [doc id='3'] - **Middle East**: Growth accelerated from Q3, with a significant increase in the region's market share. [doc id='2'] 3. **Export Performance**: China's export performance has been strong, with the company maintaining a 70% market share in the US. [doc id='2'] 4. **Policy Impact**: Policies have had a significant positive impact on the company's high-end brands. [doc id='4'] 5. **Supply Chain**: The company has a robust supply chain solution, with investments in the US totaling over $2 billion. [doc id='5] Company Performance 1. **Profit Growth**: Profit increased by 15% in the first three quarters of the year, despite the challenging economic environment. [doc id='15'] 2. **Efficiency Improvements**: The company has implemented various efficiency improvements, including optimizing logistics and reducing inventory levels. [doc id='10', '11', '12'] 3. **Digital Transformation**: The company is focusing on digital transformation, including digital currency and content marketing. [doc id='14'] 4. **Competitive Position**: The company believes it has a strong competitive position in the market, with a strong product portfolio and research and development capabilities. [doc id='17', '18'] Future Outlook 1. **Policy Expectations**: The company expects policy support to continue, supporting the company's growth. [doc id='3'] 2. **Market Expansion**: The company aims to increase its market share in the Middle East and improve its operational efficiency in Europe. [doc id='5', '6'] 3. **Cost Reduction**: The company aims to further reduce costs and improve profitability. [doc id='17', '18'] 4. **Long-term Growth**: The company believes it has a strong long-term growth potential, with a focus on innovation and efficiency improvements. [doc id='17', '18']

Key Points Industry Overview 1. **Rapid Development Phase**: The industry is currently in a phase of rapid development from domestic to globalization [1]. 2. **Potential for Electric Equipment Export**: There is a significant opportunity for electric equipment to go overseas [1]. 3. **Global Market Potential**: The industry is expected to grow significantly in the global market [1]. 4. **High-Pressure Steel Production**: China's high-pressure steel production is already very high in the global market, with good technical content and performance [1]. 5. **Market Opportunities**: There will be many opportunities in the market, especially in Europe and the US [1]. 6. **E-commerce Growth**: E-commerce has become a more and more capital-oriented sector in the overseas market [2]. 7. **Valuation Increase**: The valuation of e-commerce companies has increased significantly in the overseas market [2]. 8. **Globalization Potential**: There are very few listed companies in China with the potential to become globalized companies in the future [2]. 9. **Market Opportunities for Large Companies**: Large companies like Samsung Healthcare, Microsoft, and CCT have potential for market opportunities [2]. 10. **Industry Barriers**: There are natural industry barriers to electronic devices, such as technical, market, and channel barriers [3]. 11. **Trade Barriers**: More and more countries are setting up trade barriers, forcing some countries to transfer their production capacity [3]. 12. **Globalization of Chinese Companies**: Most Chinese companies have the potential to become global power equipment companies [3]. 13. **Domestic Equipment Industry**: Most domestic equipment companies have little trade, procurement, and local dealer sales [3]. 14. **Business Model**: The business model is closer to the project model, with some changes in the business model [4]. 15. **Power Investment**: The strength of power investment will be weaker in the year of the presidential election, but will continue to rise in the middle to the end of the year [4]. 16. **Financial Situation**: The overall financial situation of the company is relatively stable, compared to the current state of the domestic iPhone game industry [4]. 17. **Market Opportunity for Smart Watches**: There will be a market opportunity to exchange smart watches in the future [4]. 18. **Industry Growth**: The industry will not be a trend of growth or decline, as the track is growing steadily every year [4]. 19. **Return Data**: Don't pay too much attention to return data, just look at the comparison [4]. 20. **Global Investment in E-commerce**: There may be a year of global investment in e-commerce, especially in the years of the presidential transition [4]. 21. **Sea-Leaving Opportunity**: The industry has given a sea-leaving opportunity to the retail industry for five years [4]. 22. **African Market**: There are a lot of development opportunities in the entire mining market in Africa [4]. 23. **Blockchain Space**: The space of the blockchain will be larger, including the space of new blue-chip businesses [6]. 24. **Online Business**: There is still a great opportunity for China to do online business [8]. 25. **Overseas Business**: There are some breakthroughs in some overseas business demands in urban and urban areas [9]. 26. **Product Category**: We will continue to supplement our product category to achieve continuous global growth [9]. 27. **New Energy Technologies**: We will follow some of the new energy technologies that we have developed, such as new energy wall cabinets [9]. 28. **Blockchain**: The price of a future blockchain will be around 100 to 200 yuan [12]. 29. **National Network**: The core of the national network is developed by us and our partners [13]. 30. **Overseas Market**: We will continue to expand the range of products in the overseas market [13]. 31. **New Watch**: We will start to see some breakthroughs in Europe, Africa, Latin America, and Asia next year [13]. 32. **Focus on Market Sales**: We will gradually shift our focus from product development to market sales next year [13]. 33. **Project Demand**: We have seen a lot of opportunities for project demand overseas [13]. 34. **Globalization Wave**: The wave of globalization using Chinese electronic devices has already begun [21]. 35. **Competitive Advantage**: Our products have a very obvious competitive advantage in both local companies and OV companies [21]. 36. **Industry Value**: The value of the electronic equipment industry is very likely to rebound in the next few years, especially in the future [21]. 37. **Industry Position**: The global electronic equipment industry is a very good contributor and has a very high position [21]. 38. **Industry Breakthrough**: There is a very obvious breakthrough in the reputation of our product in many countries [21]. 39. **Industry Competitiveness**: Our products have a very obvious competitive advantage in both local companies and OV companies [21]. 40. **Industry Development**: The industry is a very good stage for companies that are developing rapidly [21].

就是首先这个两段式它的好处是说我可以把一个非常复杂的这样的一个事情先做了一个局部的拆解 一个一个探针进去我们看到一个相关的结果能做一定的修改那在一些极端场景下我们是有很好的把控能力和和和这个管控能力的对然后这个是我们选择这个二段式的端到端的一个主要的一个原因那接下来就是说四维在做这个二段式端到端其实现在有哪些准备 我们叫做这个Click数据就是一个Click相当于一个视频段就是从不同的场面定义可能不太一样从20秒到一分钟不等那这个Click的规模在一些界来看通常都是百万规模甚至千万规模然后那这么大规模的数据首先带来的第一个问题就是你需要有一个存储系统把这些数据全部存下来然后存下来的同时你这些数据需要参与训练那就涉及到数据传输 那一进来看做这种专门专业训练的你的那个卡的数量高的就是前卡那么然后我们目前在跟火山合作也是创造了他这个这个集群的规模数量和他们一些基础设施吧就是在他们有一个有一个专属的这种训练集群也有一个专属的存储集群两个集群呢在物理距离上其实也是相对比较近的这带来一个好处就是说在这么多数据传输的时候他的时间 然后他这短点吧就是从这个存储从计算从稳定性上就是对这个断着断提的提出了一些一些要求明白啊刚刚唐 ...