Financial Data and Key Metrics Changes - The company expects to achieve a revenue of 1.15 billion this year, with a growth rate of approximately 30% [1][3] - The lightweight chassis business is projected to contribute around 2 billion in revenue this year, with profits estimated between 250 million to 300 million, reflecting at least a 25% growth [1][2] Business Line Data and Key Metrics Changes - The lightweight chassis business has made significant breakthroughs in Mexico, with expected production value reaching 400 million this year [1] - The company's EPB (Electronic Parking Brake) business, holding a market share of about 25%, is anticipated to grow by 30% this year and next year [1][3] - The EMB (Electric Mechanical Brake) system is expected to enter mass production by 2026, with significant market potential [1][3] Market Data and Key Metrics Changes - The company has established a 2 billion production capacity for lightweight components in Mexico, indicating strong growth potential in the North American market [2] - The domestic market for EPB is experiencing a shift towards local replacements, with the company positioned well against foreign competitors [3] Company Strategy and Development Direction - The company is focusing on next-generation autonomous driving hardware, particularly the EMB system, which is seen as a key growth area [1][2] - The strategy includes leveraging the growing demand for lightweight components in electric vehicles, particularly in North America [1][2] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the long-term growth of the autonomous driving hardware segment, citing a solid performance foundation in the short term [1] - The company anticipates continued strong performance driven by the EPB and lightweight business segments, with a favorable valuation outlook [3] Other Important Information - The company has secured a key order for EPB from a leading joint venture automaker, expected to enter mass production by 2025 [1][3] - The competitive landscape is shifting, with opportunities for domestic players to replace established foreign competitors in the EPB market [3] Q&A Session Summary Question: What is the outlook for the lightweight chassis business? - The company has made significant progress in the lightweight chassis business in Mexico, with major clients being the top three OEMs in North America, leading to improved operational conditions [1] Question: How is the EMB system expected to perform? - The EMB system is anticipated to have a large market potential and is progressing well, with mass production expected by 2026 [1][3] Question: What are the growth expectations for the EPB business? - The EPB business is expected to grow by 30% this year and next year, supported by domestic replacement trends and new orders [3]

Financial Data and Key Metrics Changes - The company has set ambitious performance targets for sales profit margins: 8% for 2024, 9% for 2025, and not less than 9% for 2026, with corresponding performance targets of 11 billion, 13 billion, and over 15 billion respectively [1][2] - The total profit for Shandong Heavy Industry from January to May increased by 64% year-on-year, with an expected growth of around 66% for the first half of the year [1][2] - The estimated profit for the second quarter is projected to be in the range of 2.8 billion to 3 billion [1][4] Business Line Data and Key Metrics Changes - The natural gas heavy truck market has maintained a penetration rate of around 40%, but the marginal increase has slowed down due to falling gas prices [1][3] - The average selling price (ASP) of natural gas engines is 30,000 to 40,000 higher than that of diesel engines, with higher gross and net profit margins [1][3] Market Data and Key Metrics Changes - The domestic heavy truck market has shown weak performance in 2023, with expectations for sales recovery to the 2017-2019 average levels not being met [1][2] - The Russian market has seen a marginal decline since mid-2022, but the market remains relatively high in terms of demand, with a market share of nearly 60% for Chinese truck companies [1][5] Company Strategy and Development Direction - The company is focusing on horizontal expansion through mergers and acquisitions to smooth out the cyclical fluctuations of the heavy truck industry [1][2] - The company is optimistic about the recovery of the domestic market, expecting sales to rebound to 800,000 to 900,000 units by 2025-2026 [5] Management Comments on Operating Environment and Future Outlook - The management acknowledges the current weak domestic demand but believes it aligns with expectations, indicating that the market has reached a low point [4][5] - The management is confident in the long-term recovery of the heavy truck market, citing a ten-year replacement cycle that will support future demand [5] Other Important Information - The company has not significantly reduced prices in the ongoing price war in the natural gas truck market, maintaining higher engine profit margins compared to the first quarter [4] - The company is expected to see a stable growth in exports, particularly in regions like Africa, Asia, and Latin America, where market share could increase to 40%-50% [5] Q&A Session Summary Question: What are the reasons for the recent decline in the heavy truck sector? - The decline is attributed to weak domestic demand and a downward adjustment in market expectations, particularly in the context of the Russian market's performance [2][3] Question: How does the company view the future of the natural gas heavy truck market? - The company sees the natural gas heavy truck market as having reached a high penetration rate, but the growth has slowed, leading some investors to cash out [3][4] Question: What is the outlook for the Russian market? - The management believes that despite the recent downturn, the Russian market remains resilient with a high level of demand and a stable market share for Chinese truck companies [5]

Financial Data and Key Metrics Changes - The company is currently valued at approximately 11.5 billion, with a price-to-earnings ratio of just over 12 times, indicating a favorable cost-performance ratio [1][18] - The wholesale shipment volume of heavy trucks in China is estimated to be around 1 million units this year, which is lower than the initial forecast of 1.05 million due to a slower recovery period [3][4] Business Line Data and Key Metrics Changes - The domestic heavy truck market is experiencing a 10% growth, with an estimated shipment volume of 635,000 to 700,000 units [3] - The export volume is slightly exceeding expectations, projected to be between 276,000 to 295,000 units, reflecting a nearly 10% year-on-year growth [3][7] Market Data and Key Metrics Changes - The concentration ratio (CR5) for the domestic heavy truck market is over 80%, while for natural gas heavy trucks, it is around 93% [5] - The export market concentration is also high, with CR5 estimated between 90% to 95% [5][6] Company Strategy and Development Direction - The company is focusing on enhancing its market share in the natural gas heavy truck segment, which has a higher profit margin compared to diesel trucks [11][12] - The strategy includes leveraging high entry barriers in the natural gas and export markets to maintain competitive advantages [6][9] Management's Comments on Operating Environment and Future Outlook - Management acknowledges concerns regarding the price war in the heavy truck market but believes it has not significantly impacted the company's profit margins [1] - The management is optimistic about the growth potential in both domestic and international markets, projecting a significant increase in heavy truck shipments in the coming years [8][9] Other Important Information - The company is expected to maintain a market share above 55% in the natural gas segment, despite recent declines [15] - The management emphasizes the importance of high-value products and the potential for profit growth in the heavy truck sector [12][16] Q&A Session Summary Question: What are the growth prospects for the heavy truck market? - The heavy truck market is projected to have a growth potential of around 60% to 80%, with significant opportunities in both domestic recovery and international expansion [8][9] Question: How is the company addressing concerns about market share? - The company believes that its market share will not fall below 55%, as it continues to provide high-efficiency products that offer cost savings to customers [15]

发言人 09:03 更多一手调研纪要和研报数据加V：shuinu9870 对，然后 2021 年的话我们能够看到就是 2021 年我们看看到 3C 部分的增速还是比较快的。但 是当年的利润的话只有 1.4 个亿左右，同比是下滑了接近是 32%左右的一个水平。然后这一块的 话下滑主要是因为当年公司那个新能源业务 2021 年到以及 2 0222 年公司新能源业务的增速是 比较快的。然后新能源业务这一块可能相对毛利率又会比相对于三四的这个部分相对有是比较 低的一个水平。就导致可能导致 2021 年公司的综合毛利率是下滑了，下滑到 33.6%左右的一个 水平。主要是因为业务产品的那个产品结构导致的。然后我们继续回到 2022 年的话，随着营 收的增长以及规模的这个规模效应有些凸显出来的话，就整体 2022 年公司的利润端的一个增 速是非常显著的。从 2021 年的 1.4 个亿，然后一直到 2022 年的 3.1 个亿左右这样的一个水平。 发言人 15:28 第二个对这个就是自动化设备。第二个的一个驱动，一定是他是跟着客户的创新去走的。就像 公司 2021 年他那个时候因为那个 mini LED 这一块的一个更新， ...

Financial Data and Key Metrics Changes - The company aims to achieve a sales profit margin of 8% in 2024, 9% in 2025, and not less than 9% in 2026, with revenue targets of over 11 billion, 13 billion, and 15 billion respectively [4] - The profit total for the first five months of the year increased by 64% year-on-year, with estimates for the first half of the year suggesting a profit total of around 9 billion [21][22] Business Line Data and Key Metrics Changes - The performance of the company's engine segment is expected to improve, with a focus on cost reduction and efficiency [23] - The company has not provided discounts to customers despite the price war in the natural gas heavy truck segment, indicating strong pricing power [23] Market Data and Key Metrics Changes - The domestic market has shown weaker-than-expected performance, with a shift from optimistic to cautious market sentiment [7][24] - The penetration rate of natural gas heavy trucks has reached a relatively high level, around 40%, but growth has slowed [10][12] Company Strategy and Development Direction and Industry Competition - The company is positioned as a leader in the heavy truck industry, benefiting from the recovery of the sector and maintaining high earnings certainty [4][15] - The competitive landscape is characterized by price wars and market share shifts, particularly in the natural gas segment, with some companies experiencing a decline in market share [14][20] Management's Comments on Operating Environment and Future Outlook - The management acknowledges the current weak domestic demand but believes it aligns with their expectations, suggesting a gradual recovery in the coming years [24][25] - The outlook for the Russian market remains cautiously optimistic, with expectations of stable growth despite high inventory levels [28][29] Other Important Information - The company has been actively expanding its market presence and product offerings, particularly in overseas markets [30][31] - The management emphasizes the importance of product quality and differentiation in maintaining competitive advantage [20] Q&A Session Summary Question: What are the expectations for the heavy truck market recovery? - The management believes that the heavy truck market will recover to around 800,000 to 900,000 units by 2025-2026, driven by replacement demand [25][31] Question: How is the company addressing the price competition in the market? - The company has not engaged in price reductions despite the competitive landscape, focusing instead on maintaining product quality and profitability [23][20] Question: What is the outlook for the Russian market? - The management is optimistic about the Russian market, expecting stable growth despite current challenges, with a projected annual sales volume of around 60,000 units [29][28]

会议要点 人形机器人的下一步发展将侧重于构建完备的数据集、操作系统和工具链，以便在工业和家庭 服务等实际场景中进行深度落地。目前，人形机器人本体结合华为的大脑技术，以及合作客户 的场景，共同推进项目实施。 华为在人形机器人领域并未涉及本体制造，而是专注于提供机器人的大脑部分，即数据集和大 模型技术框架。这表明华为在人形机器人领域的合作更侧重于软件和技术框架的整合。 4、供应链与成本控制 5、传感器与控制系统 6、散热与场景应用 人形机器人的量产计划今年预计交付约 300 台，主要集中在科研和教育领域。与海尔等企业的 8、合作深化与行业展望 华为与专家所在公司于今年 4 月签滥订战略合作协议，合作聚焦于人形机器人领域，特别是华 为云的盘古大模型技术框架的整合，以及人形机器人本体和运动控制技术的开发。双方合作旨 在 HDC 开发者大会上展示亮点功能，推动人形机器人技术的实际应用落地。 人形机器人目前关注度高，但实际滥应用中需解决数据集、操作系统等技术问题。专家认为， 未来人形机器人的突破将依赖于数据集的完备性和操作系统的成熟度。在应用场景上，工业场 景因环境变化不大、使用要求相对宽松，成为首选的落地领域。 机器人 ...

Financial Data and Key Metrics Changes - Huawei's HarmonyOS has surpassed iOS in penetration rate in China, indicating a significant shift in market dynamics [2][9] - The global market share of HarmonyOS reached 4% as of Q1 2024, with a domestic market share of 17% [9][20] - Huawei's smartphone sales have shown a recovery trend, with the Mate60 series achieving 2.4 million units sold within eight weeks of launch [16][17] Business Line Data and Key Metrics Changes - The hardware ecosystem for HarmonyOS is expected to continue improving, with a projected increase in hardware shipments in 2024 [2][16] - Over 5,000 applications have joined the HarmonyOS ecosystem, with more than 1,500 applications already launched [27][28] - The sales of Huawei's high-end smartphones have rebounded, capturing 5% of the global high-end smartphone market [16][20] Market Data and Key Metrics Changes - The penetration rate of HarmonyOS in China has crossed the critical threshold of 16%, which is expected to encourage software developers [20] - The global smartphone market is witnessing a shift, with Huawei regaining market share previously held by Apple [16][18] - The smart watch and tablet segments have also seen significant growth, with smart watch shipments increasing by 56% year-on-year [20] Company Strategy and Development Direction - Huawei is focusing on expanding its overseas market presence while establishing its software ecosystem [18][20] - The company aims to leverage the OpenHarmony platform to create a diverse ecosystem that supports various business models [28][31] - The strategy includes enhancing the HarmonyOS ecosystem through partnerships and developer engagement [27][28] Management's Comments on Operating Environment and Future Outlook - Management highlighted the importance of software ecosystem development for future growth, particularly in light of the competitive landscape [2][20] - The company is optimistic about the long-term prospects of HarmonyOS and OpenHarmony, driven by advancements in AI and IoT [2][28] - Management acknowledged the challenges posed by intensified industry competition and the need for rapid ecosystem expansion [2][28] Other Important Information - The HarmonyOS NEXT is positioned as a fully self-developed operating system, marking a significant technological advancement [7][9] - The company has initiated various programs to support developers and enhance the application ecosystem [27][28] - OpenHarmony is being positioned as a viable alternative for B-end and G-end applications, with a focus on domestic demand [28][33] Q&A Session Summary Question: What are the expectations for HarmonyOS's market penetration? - HarmonyOS has surpassed iOS in China, with a penetration rate exceeding 17%, and is expected to continue growing as the software ecosystem develops [2][9] Question: How is Huawei addressing the competition in the smartphone market? - Huawei is focusing on high-end smartphone sales recovery, with the Mate60 series significantly contributing to market share gains [16][20] Question: What is the outlook for OpenHarmony's ecosystem? - OpenHarmony is expected to thrive with diverse applications across various industries, supported by a growing community of contributors [28][31]

Financial Data and Key Metrics Changes - The company reported a revenue of 3,888 million yuan for 2023, with projections of 5,702 million yuan for 2024, 7,811 million yuan for 2025, and 10,712 million yuan for 2026, reflecting a growth rate of 35.34% in 2023 and expected growth rates of 46.63%, 37.00%, and 37.14% for the subsequent years [8][9] - The net profit attributable to the parent company is projected to increase from 911 million yuan in 2023 to 1,107 million yuan in 2024, 1,648 million yuan in 2025, and 2,455 million yuan in 2026, with growth rates of 36.21%, 21.55%, 48.92%, and 48.93% respectively [8][9] - The company's EBITDA is expected to rise from 922.97 million yuan in 2023 to 1,314.16 million yuan in 2024, reaching 2,000 million yuan in 2025 and 2,907.38 million yuan in 2026 [8][9] Business Line Data and Key Metrics Changes - The TSV (Through-Silicon Via) cleaning equipment and copper plating equipment are highlighted as key growth drivers, with the company securing repeat orders for TSV plating equipment from multiple clients [4][5] - The global semiconductor plating equipment market is projected to grow from 4 billion yuan in 2023 to 6.1 billion yuan in 2030, with the company positioned to benefit from this growth [5] Market Data and Key Metrics Changes - The semiconductor plating equipment market is dominated by major players, with a CR5 of approximately 73%, indicating a concentrated market [5] - The company is expected to maintain a high market demand for TSV plating equipment into 2024, following an increase in orders starting from the second half of 2023 [5] Company Strategy and Development Direction - The company is focusing on expanding its presence in the HBM (High Bandwidth Memory) market, which is anticipated to be a significant growth area [4] - The proprietary SAPS and TEBO ultrasonic cleaning technologies are being leveraged to address global challenges in integrated circuit cleaning [4] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism regarding the future demand for HBM-related equipment, citing strong customer interest and the company's technological advancements [4][5] - The company acknowledged potential risks, including external uncertainties, technological iteration risks, and market expansion challenges [7] Other Important Information - The company maintains a debt ratio of 33.8%, with a projected increase in total liabilities from 3,296 million yuan in 2023 to 8,709 million yuan in 2026 [9] - The current price-to-earnings ratio is 41.29, with projections of 34 times for 2024, 23 times for 2025, and 15 times for 2026 [3][6] Q&A Session Summary Question: What are the growth prospects for the HBM market? - The HBM market is expected to be a significant growth point for the company, with increasing demand for TSV cleaning and plating equipment [4][5] Question: How does the company plan to address technological risks? - The company is investing in R&D to mitigate technological iteration risks and enhance its competitive edge in the market [7]

证 券 2024 年 06 月 24 日 研 究 5 月销量同比大幅上升，问界品牌在中国高端新 报 势力的地位进一步稳固 告 —赛力斯（601127.SH）公司动态研究报告 买入(维持) 投资要点 分析师：林子健 S1050523090001 ▌ 5 月乘用车销量同比大幅上升 linzj@cfsc.com.cn 6 月 2 日，赛力斯发布 5 月产、销快报：公司 5 月总销量 联系人：谢孟津 S1050123110012 3.86 万辆，同比上升 130.8%，1-5 月公司总销量 18.66 万 xiemj@cfsc.com.cn 辆，同比上升154.2%。 基本数据 赛力斯同比大幅上升： 5 月公司新能源汽车销售 3.41 万 2024-06-24 辆，同比上升 298.6%，其中赛力斯汽车销售 3.22 万辆，同 当前股价（元） 95.23 比上升 489.1%，其他车型销售 0.45 万辆，同比下滑 45.0%。 总市值（亿元） 1438 1-5 月公司新能源汽车销售 15.68 万辆，同比上升 342.4%， 总股本（百万股） 1510 其中赛力斯汽车销售 14.11 万辆，同比上升 602.5%， ...

Financial Data and Key Metrics Changes - In May, the total sales volume of the company was 34,600 units, a year-on-year decline of 11.8%, while the total sales from January to May were 173,200 units, down 8.3% year-on-year [2] - Passenger vehicle sales in May were 14,600 units, a year-on-year decline of 30.9%, with sedan sales down 0.1%, SUV sales down 49.5%, and MPV sales down 7.5% [2] - Commercial vehicle sales in May were 20,000 units, an increase of 10.4% year-on-year, with total sales from January to May reaching 109,000 units, up 10.6% year-on-year [2] Business Line Data and Key Metrics Changes - Passenger vehicle sales from January to May were 64,600 units, a year-on-year decline of 28.7%, with sedan sales down 9.4%, SUV sales down 30.9%, and MPV sales down 15.4% [2] - New energy passenger vehicle sales in May were 2,700 units, a year-on-year decline of 6.0%, while commercial vehicle sales showed a positive trend [2] Market Data and Key Metrics Changes - The company is collaborating with Huawei to develop luxury intelligent connected electric vehicles, with a focus on technological innovation and production capabilities [2] - The establishment of a high-end new energy vehicle base, referred to as the "super factory," is nearing completion, which will enhance production capacity for the new models [2] Company Strategy and Development Direction - The company aims to increase investment in technological innovation and is set to launch luxury intelligent new energy vehicles in collaboration with Huawei [2] - The strategic partnership with Huawei is expected to enhance the company's product development, manufacturing, sales, and service capabilities [2] Management's Comments on Operating Environment and Future Outlook - Management expressed concerns about the decline in passenger vehicle sales and the overall automotive consumption demand [3] - The company anticipates a recovery in sales driven by new model launches and the collaboration with Huawei, projecting significant revenue growth in the coming years [3] Other Important Information - The company forecasts revenues of 48.49 billion, 69.20 billion, and 80.71 billion yuan for 2024, 2025, and 2026 respectively, with corresponding EPS of 0.12, 0.27, and 0.44 yuan [3] - The company maintains a "Buy" investment rating based on its historical background, comprehensive business segments, and growth potential from the partnership with Huawei [2] Q&A Session Summary Question: What are the expectations for new model launches? - Management indicated that new model promotions are critical and any delays could impact sales performance [3] Question: How does the company view the current automotive consumption demand? - Management acknowledged that current automotive consumption demand is below expectations, which poses a risk to sales [3] Question: What is the status of the collaboration with Huawei? - Management confirmed that the collaboration with Huawei is progressing well, with a focus on integrating advanced technologies into new vehicle models [3]