各位投资者大家早上好我是中金机械研究员郭微秀欢迎大家参加煤化工系列蓝石重装的会议在这个会议开始之前我先简单用两分钟来介绍一下在本周的话我们其实是把新疆煤化工的设备投资链条当作非常重要的一个推荐逻辑来给各位投资者来做观点传达 那么我们其实在已经发布的周报中也提到就是我们能够看到在2024年以来的话整体新疆煤化工这部分的一个项目投资是非常之旺盛的然后也另外叠加一个额外因素就是当前其实全球性的地缘政治是相对比较偏敏感的且沿由目前的一个短期价格其实也是属于一个非常重要的一个上行态势那么煤化工的话整体的它的一个经济性和安全性我们会认为也是非常值得大家关注 所以我们其实看了一下我们机械这边的企业我们认为蓝石中庄应该是在2024年以来关于新疆煤化工这边的订单获取包括像公司的这个竞争卡位都是属于非常有优势的企业那么我们就非常荣幸的邀请到了公司的董立武董来为大家介绍就是以煤化工来作为契机来介绍这个公司在这块产业线的一个布局也是欢迎大家在这块议题上积极的提问 那接下来我们先把时间交给吴总好的 谢谢郭老师各位投资人大家好我是蓝石中档董事会秘书吴瑞瑞今天这个会议我其实只是想介绍一下我们公司就是在近几年关于在煤化工业的一个布局以及我们 ...

Company and Industry Summary Company Overview - The company has demonstrated stable operations over the past few years, with a net profit exceeding 1 billion yuan in the third quarter of the current year, marking its first time achieving this milestone within the year [1] - The company has been focusing on long-term operations, which has significantly contributed to its profits and cash flow [1] Financial Performance - The net profit for the third quarter is close to the total annual net profit from the previous year, indicating strong financial performance [1] - The company has undertaken asset impairment measures and has recovered some funds through litigation, which has positively impacted recent earnings [2] Business Segments Gaming Business - The gaming segment has maintained stable cash flow, with significant updates made to the games in the third quarter [2] - Two new games, PL and LOA, are set to launch in December, both utilizing SLG (Simulation and Strategy Game) mechanics, with positive expectations for their performance [3] - The gaming business is expected to see a peak in revenue collection in December, which is traditionally the busiest month for cash flow [3] AI Applications - The company has integrated AI technology into its operations, particularly in debt collection, which has shown significant revenue growth compared to the previous year [7] - AI applications are being developed to enhance existing products and create standardized offerings for clients [8] Game Development and Strategy - The new games are expected to have a long ramp-up period, with historical data suggesting a five-year timeline to reach significant revenue milestones [9][10] - The company is focusing on continuous content updates and player feedback to enhance game quality and engagement [10] - The company is exploring non-SLG game types while maintaining a strong focus on SLG games, leveraging successful elements from existing titles [12][13] Market Outlook - The company does not foresee significant impacts from macroeconomic changes in the U.S. on its operations, based on historical performance [10] - The gaming segment's net profit margin has improved, exceeding 30% in the first half of the year due to reduced marketing expenses [16] - The company plans to maintain a stable revenue stream from existing games while monitoring the performance of new releases [25] Future Plans - The company is optimistic about the performance of its new games and aims to sustain revenue growth from established titles [25] - There are plans for potential personnel expansion in the gaming segment due to positive business trends [21] - The company will continue to focus on its core gaming business while exploring opportunities in AI and cloud services [22] Conclusion - The company is well-positioned for future growth with a strong focus on game development, AI integration, and maintaining stable financial performance. The upcoming game launches and ongoing updates to existing titles are critical to sustaining revenue and profit levels in the coming year [25][26]

我先整体也讲一下我们为什么在这个时间点去关注一鹤达这家公司那么首先一鹤达也是我们覆盖的这个顺周期标的里面非常核心的一个板块就是FA自动化那么目前其实我们可以从整个顺周期的一个角度来看一下就是说为什么我们会在这个时间点去在顺周期里面选出一鹤达这家公司呢 其实我们可以看到就是说首先从基本面的一个角度上来讲其实整个顺周期制造业 他现在其实是处在一个呃就是强预期弱现实的这么一个背景下的因为我们可以看到从十月包括啊十一月快过完了就是整个制造业的一个景气度呢啊只能说是略有改善那么也是因为本身Q4啊就是整个制造业的一个呃景气度的一个高点啊因为会有年底会有一些补库的一个需求啊所以我们看到整体的一个景气度呢是环比三季度会有一些啊回升啊但这个回升的力度呢显然是不知 支撑说是有一个很大的一个复苏的那么在另外一方面呢确实从国家政策端的一些层面呢其实包括就房地产呀包括一些信贷政策的一些投放呢确实力度非常大显示的这个决心也非常强啊所以确实大家对于明年的一个复苏的一个展望呢确实还是相对来说比较乐观的 那么在这个时间点我们怎么去在顺周期里选标的呢我们觉得主要的两点就是说在目前不是很确定的一个情况下我们还是要重点去关注弹性包括是培率这两块或者 ...

那这个这个是商费是吧那还有一部分是碳酸铝的是吧就这么一点吧对这碳酸铝跟碳酸铝跟跟青龙船涨价嘛所以我们觉得这一次落地的应该是可能是五五五千到六千块钱吧然后可能这里面这里面因为大部分还是因为原材料上涨的原因然后交付费这个也就可能是一点点吧嗯不多嗯嗯 嗯OK好那个看会秘书播报一下方式啊大家好谢谢谢谢 陈总我是国联电信的企业经理然后我这里有两个小问题想请教一下陈总吧陈总刚才您也提到了就是说可能就是说落地这一块六福可能是一个6万1到6万3嘛那像在这个水平的话比如像一些二三线产商像宏远999这一块他们的那个盈亏情况陈总怎么看呢我觉得宏远应该还可以吧 因为红颜现在开的比较满嘛所以如果是有一个五六千块钱能涨的话我觉得红颜至少可以做到不亏现金流吧但是如果像999这一块我觉得这样的一个幅度对他们说亏损还是蛮大的吧 就是除了前三家可能还有一两家左右能够做到不亏现金流然后其余的可能具体能不能不亏现金流我觉得很难去打估计但是红颜现在除了这三家以外红颜算开的比较满的他应该是 现在也是蛮开的嘛所以我觉得红眼可能情况会稍微好一点然后其他以下的那些我觉得这个评价对他们来说肯定也没什么多大的意义吧明白 然后我看后台有人提问你处理一下下面一个新闻 ...

Summary of Conference Call Company and Industry Involved - The conference call primarily discusses the company involved in the acquisition of shares in a subsidiary, referred to as "上源" (Shangyuan), and its implications for the broader media and entertainment industry, particularly in animation and AI toys. Core Points and Arguments 1. **Acquisition Details**: The company has acquired 19% of Shangyuan, with the group no longer holding shares, allowing for a direct relationship between the listed company and Shangyuan. This move aims to expedite the transaction process and avoid prolonged delays [1][2][3]. 2. **Impact on Financial Reporting**: The acquisition will not significantly affect the financial reporting for 2025, as the company can adjust its financial statements based on the integration of assets from Shangyuan. The timing of the acquisition (70% vs. 100%) does not impact the consolidation process [2][3]. 3. **Valuation and Pricing**: The acquisition price is considered favorable, with the company receiving substantial support from its internal group and regulatory bodies. The valuation is seen as low compared to the market, indicating a strategic move to strengthen the company's position [3][4][5]. 4. **Cash Transactions**: All acquisitions are conducted in cash to streamline the approval process and maintain operational flexibility. This approach ensures that the company can manage its cash flow effectively while pursuing growth opportunities [5]. 5. **Cultural Industry Fund**: The company has established a cultural industry fund to support its expansion into new business areas, including partnerships in the toy sector and other creative projects [6][7]. 6. **AI Toy Development**: The company is actively developing AI-integrated toys, focusing on enhancing user interaction and embedding technology directly into the products. This innovation aims to create a more engaging experience for users [8][9][10]. 7. **Content Production and IP Management**: The company is facing challenges in content production timelines, which have been pushed to 2025 due to dependencies on other entities. This delay affects the potential revenue from IP extensions and commercialization [13][14][15]. 8. **Market Outlook**: The company anticipates a recovery in the film market for the upcoming year, driven by improved supply and demand dynamics. The overall sentiment towards the media and entertainment sector remains optimistic, with various growth opportunities identified [18][19]. Other Important but Possibly Overlooked Content 1. **Technological Innovations**: The company is exploring advanced technologies for content delivery and user engagement, including a new micro-drama format that aims to enhance viewer interaction and reduce production costs [10][11]. 2. **Strategic Partnerships**: The company is in discussions for several strategic partnerships that could enhance its market position and expand its product offerings in the entertainment sector [6][7]. 3. **Long-term Vision**: The company emphasizes a comprehensive approach to integrating content creation and commercialization, aiming to build a robust ecosystem that supports sustainable growth in the media industry [15][16].

各位尊敬的投资者大家晚上好我是张任劝的策略分析师张之下那么今天呢我们仍然是策略对话行业的这个栏目啊这个是我们过去过去两年一直以来推推出的啊就是针对当前比较重要变化发生行业发生的一些行业然后去探讨一下啊他这种变化发生的原因以及后续的投资智慧 那么本周呢我们是请到了我们机械行业首席胡小宇来跟我们探讨一下机械行业尤其是机器人领域最新的变化因为在前段时间这个相关的板块也是有所表现除此之外的话呢可能产业链也是出现一个表达变化因此呢我们今天是有请到了这个胡小宇跟我们一起探讨一下机器人的一个最新的进展以及后续的一些投资会 那么今天的会报呢主要分为三个部分的内容啊第一部分呢还是由我简单汇报一下对于后续市场调整之后的看法那么第二部分呢由胡小宇去汇报一下对于机器机械行业啊整个机械行业一个大的啊投资一个展望那最后一个部分呢也就是我们的最重要的部分就是关于啊这个 相关的一些问题啊由我呢相当于在过去一段时间在录影的过程当中收集了大家针对这个机器人或者机械行业的相关的一些问题啊以及我本人作为策略一个分析师所观察到的一些变化然后就相关的问题呢对胡小允进行的提问啊由他呢来做一个解答来探讨一下后续的投资会那么接下来第一部分呢我就简单啊啊用一个 ...

Key Points Industry/Company Involved - **Company**: Jinmeida - **Industry**: Education Technology, AI in Education Core Views and Arguments - **AI Education Products Launched**: Jinmeida has launched a series of AI-based educational products using its large model, targeting universities and colleges. These products include automatic generation of knowledge graphs, teaching plans, and layered homework, along with 24/7 intelligent Q&A services ([1](1)). - **Market Competitiveness and Digital Transformation**: The introduction of these AI products aims to enhance market competitiveness and drive the transformation of education from informatization to digitalization. This is expected to break the previous scattered market competition格局 ([1](1)). - **Headquarters Advantage and Market Expansion**: Jinmeida's position as a leading enterprise in the industry is expected to strengthen as it expands its market coverage. The application of AI and AI technology is expected to significantly increase the price of smart classrooms and laboratories ([2](2)). - **Subscription-Based Service Model**: Jinmeida has shifted to a subscription-based service model for providing analysis and service reports, which has proven to be more effective than traditional project-based models. This has led to higher毛利率 and a significant increase in the value of the business ([4](4)). - **AI in Smart Recruitment and Public Security**: Jinmeida has entered the recovery stage in the smart recruitment and public security market. The company has a leading position in video and public security system construction in over 20 cities across the country ([5](5)). - **AI in Smart Exams**: Jinmeida is one of the earliest entrants and most product-rich companies in the national standardized exam market. The company has supported AI exam pilot projects in 2023 and 2024 and has achieved large-scale deployment in Urumqi, Xinjiang ([6](6)). - **Business Growth and Revenue**: Jinmeida expects higher exponential growth in its business, leading to new revenue streams ([6](6)). Other Important Points - **Market Expansion and New Regional Headquarters**: Jinmeida plans to establish new regional headquarters in cities like Shanghai, Guangzhou, Wuhan, Xi'an, Sichuan, and Hefei to expand its market share over the next two years ([13](13)). - **Data and Scene as Core Advantages**: Jinmeida's core advantages lie in its long-term partnerships with educational institutions and its deep understanding of the industry's data and needs ([15](15)). - **Education Budget Allocation**: The national education informationization fund is growing, but there is some budget tension among users. However, the allocation of funds has shifted from purchasing equipment to investing in professional content and integrated or AI services ([16](16)). - **Subscription-Based Service Model**: Jinmeida's AI education business is primarily promoted through two models: direct promotion to existing users and new users through trial use, and cooperation with local education bureaus to implement large-scale projects ([19](19)). - **Competitive Landscape**: Jinmeida faces competition from traditional education informationization companies that are expanding into AI education. However, Jinmeida's competitive advantage lies in its access to educational training data and its ability to automate data analysis and report generation ([21](21)).

Summary of Conference Call Company Overview - The conference call involved Silicon Treasure Technology, a company focused on organic silicon and new materials, particularly in the silicon-carbon anode sector since 2015 [1][2]. Key Developments - The company has developed multiple products including desert silicon-carbon soil, silicon-oxygen corn, and new silicon-carbon materials, holding six invention patents [2]. - In 2018, the company established a research center for silicon energy materials, building several laboratories for material research, battery preparation, and testing [2]. - A production line for silicon-carbon anode materials with a capacity of 50 tons per year was completed in 2019, achieving international advanced technology levels [2][3]. - In 2021, the company invested 560 million yuan to establish a subsidiary in Sichuan for a project aimed at producing 50,000 tons of silicon-carbon anodes annually, with infrastructure completed in 2023 [3]. Production and Sales - The company has initiated a 1,000-ton annual production line for silicon-carbon anodes, which began operations in 2023, with sales expected to ramp up in 2024 [3][4]. - Current product shipments are increasing, with a focus on silicon-carbon anodes for 3C batteries and new silicon-carbon products for power batteries [3][4]. - The expected sales volume for this year is projected to be in the millions, with next year's sales anticipated to reach 20 to 30 million yuan [5]. Market and Customer Insights - The customer base primarily consists of 3C battery manufacturers, while power battery manufacturers are still in the testing phase [6][7]. - Testing results for power battery manufacturers have been positive, but large-scale supply is contingent on the manufacturers' production ramp-up [7][8]. - The company is focusing on expanding its market share in the silicon-carbon sector while continuing to conduct tests and certifications for power battery manufacturers [8][30]. Financial Projections - The company anticipates a gross margin of around 30% once production scales up, despite current high costs due to initial investments and R&D expenses [9][10]. - Future revenue growth is expected to be driven by increased production capacity and market demand, particularly in the automotive sector [30][39]. Strategic Plans - The company plans to maintain a growth target of over 20% annually, with a focus on expanding its market share in both traditional and new product lines [37][39]. - Capital expenditures for the upcoming year are expected to be modest, primarily for equipment installation, as major construction projects are nearing completion [41]. Additional Insights - The company is exploring new materials and processes to enhance product performance, including the use of carbon nanotubes to improve cycle performance and reduce internal resistance [24]. - The competitive landscape in the silicon-carbon market is characterized by a few key players, with ongoing collaboration and research partnerships with battery manufacturers [32]. Conclusion - Silicon Treasure Technology is positioned for growth in the silicon-carbon anode market, with ongoing investments in production capacity and R&D, aiming to meet increasing demand from the battery manufacturing sector while maintaining a focus on profitability and market expansion [39][42].

各位同学大家早上好,欢迎大家来参加我们天方教材组织的这个北京丽尔的一个电话会因为近期呢其实市场是对于这个梅花工方向是关注度还是比较高的那么公司呢这个作为产业链的这个一环那在这个耐用材料领域呢其实还是有比较明显的这个竞争的优势 那么今天这场会议呢我们也是非常荣幸地邀请到了公司的董立和总以及路昂利尔的总经理刘总来和我们做一个交流那我们的这个会议呢也是分成两部分那么我们首先有请何总先对这个大概的情况做一个介绍然后后续呢我们会进入到问答交流环节有请何总谢谢林总非常感谢各位投资者很高兴跟大家做一个交流关于这个煤化工这个市场这一块 我们公司是在很早的时候就布局了这个煤化工用耐用材料的这个领域经过几年的发展了这一块业务还是在我们公司来说还是比较发展的比较迅速的目前的话我说几个核心数据吧目前的话公司在煤化工用的耐用材料这个领域我们的市场占有率能达到70%以上而且是逐步的在提升那么目前呢每年现有的项目 存量的更新每年的更新的市场大概在五到六个亿可能明年能超过六个亿在这个市场上我们基本上目前是稳定在70%以上不管是从这个原料 原料的这个我们原料相当于是我们去买到我们原料的上游然后再做一个加工按照我们个人自主研发的一个原料的一个加 ...

明白那杨总向我们有没有对今年全年的一个新鲜订单有一个大概的预期啊 这个的话之前张总应该也讲过就是38个亿我们今年的一个目标是国内海外各一半目前的话加上那个是10亿的话大概这边那个登记的大概有26亿多27亿的样子但是就是 有有几个那个大的项目在跟就是基本上也谈的差不多了如果说能落在今年年底前签的话嗯应该能完成今年目标的啊明白就38亿的订单目标是能完成的啊啊明白哎那杨总想请教一下就是我们对明年的一个新鲜订单展望这一块怎么样呀明年的话目前还没有啊 我们一般也要到今年年底结束了然后在一二月份再讨论这样现在还没有一个哦还没有一个具体的计划哦明白明白哎然后杨总还请教一下就是我们在海外这一块的话主要的呃国家和地区是哪一些呀然后他们的占比情况怎么样呀嗯订单这一块是吧啊订单的话嗯就 海外的话中东跟独联体的话在一半以上就是就俄语区嘛然后乌兹别克斯坦乌兹别克斯坦今年拿了一个大的钢铁行业的一个订单有五个多亿一个订单就五个多亿还有就是东南亚日本东亚东南亚日本马来西亚泰国越南柬埔寨 还有就是南美北美像巴西墨西哥也有一些订单印度也有越南也有海外的话分布也比较散大概也有近20个国家吧明白然后杨总还想请教一下就是我们之前在煤化工这一块的订单多 ...