Financial Data and Key Metrics Changes - In Q1 2024, the company reported revenue of 440 million yuan, a year-on-year increase of 43.7% [6] - The net profit attributable to shareholders reached 80 million yuan, up 150.5% year-on-year [6] - The non-recurring net profit was 70 million yuan, reflecting a year-on-year growth of 169.1% [6] - For the full year 2023, the company achieved revenue of 1.629 billion yuan, a 23.7% increase compared to the previous year, and a net profit of 372 million yuan, up 22.6% [18] Business Line Data and Key Metrics Changes - The company's main revenue source is from display driver chips, which account for over 90% of total revenue [17] - The company has successfully achieved mass production of advanced 28nm process display driver chips [17] - The demand for non-display chips, including power management and RF front-end chips, has shown significant recovery [6] Market Data and Key Metrics Changes - The semiconductor market has seen a bottoming out of inventory levels, with various product prices starting to rise from Q1 2024 [23] - The large-size TV market is experiencing a supply shortage, with orders exceeding capacity [24] Company Strategy and Development Direction - The company is focusing on expanding its packaging and testing capacity for both display and non-display chips [6] - The establishment of a new factory in Hefei is expected to begin customer certification and mass production in Q1 2024, with significant output anticipated in the second half of the year [32] Management's Comments on Operating Environment and Future Outlook - Management noted that the demand for advanced packaging is expected to continue to grow, driven by the ongoing AI boom and the implementation of the third phase of the national big fund [10] - The company is actively working on domestic substitution for equipment and has established partnerships with domestic suppliers [12] Other Important Information - The company has seen an increase in institutional research activity, with 20 institutional visits in the past six months [11] - The number of shareholders has decreased since the company's listing in 2023, indicating a trend of increasing average shareholding per investor [14] Q&A Session Summary Question: What is the current order situation for large-size TVs? - The order situation for large-size TVs is currently very strong, with demand exceeding supply, leading to full capacity and backorders for May and June [24] Question: How is the company addressing equipment supply? - The company is gradually replacing foreign-sourced equipment with domestic alternatives and has established collaborations with quality domestic manufacturers [12]

仅供内部参考，请勿外传 纳芯微(688052) /半导体 / 公司点评 / 2024.06.24 拟收购麦歌恩微电子，增强磁传感器产品线实力 证券研究报告 投资评级:增持(维持) 核心观点 ❖ 事件：公司公告拟以现金方式收购上海麦歌恩微电子79.31%股份，收购对价 基本数据 2024-06-21 为7.93亿元，股东全部权益评估价值为10亿元。 收盘价(元) 117.60 流通股本(亿股) 0.93 ❖ 麦歌恩是国内磁传感器芯片领域的重要企业。麦歌恩成立于2009年，主 每股净资产(元) 42.98 要产品包括磁性开关位置检测芯片、磁性电流/线性位置检测芯片、磁性编码 总股本(亿股) 1.43 芯片、磁传感器及相关模组等，产品广泛应用于消费电子、工业、新能源汽车 最近12月市场表现 等领域。麦歌恩在磁编码、磁开关等细分领域已建立起领先的市场份额优势。 纳芯微 沪深300 ❖ 业绩承诺目标彰显发展信心。《股份转让协议》业绩承诺条款规定，转让方 上证指数 半导体 承诺目标公司 2024/2025/2026 年的归母净利润分别为 3912/5154/7568 万元， 6% 对应本次收购股东全部权益评估价值估值为2 ...

下载日志已记录，仅供内部参考，股票报告网 证券研究报告 新集能源 (601918 CH) 煤电联营高成长，火电盈利突出 华泰研究 首次覆盖 投资评级(首评): 增持 2024年6月25日│中国内地 发电 目标价(人民币): 11.20 研究员 王玮嘉 煤电联营高成长标的，首次覆盖给予“增持”评级 SAC No. S0570517050002 wangweijia@htsc.com 公司以煤炭业务起家，2016 年由国投公司划入中煤集团旗下，同年板集电 SFC No. BEB090 +(86) 21 2897 2079 厂投产，公司控股电力资产实现零的突破，从煤炭公司转型为煤电联营公司。 研究员 黄波 截止 24Q1，公司全口径控股/权益电力装机为 796/561 万千瓦，控股/权益 SAC No. S0570519090003 huangbo@htsc.com 煤炭产能均为2850万吨/年(含正在推进复建的杨村煤矿500万吨/年)。考虑 SFC No. BQR122 +(86) 755 8249 3570 新集能源：1）24年板集二期预计投产，新增控股电力装机132万千瓦，2） 研究员 李雅琳 板集二期投产后 ...

Financial Data and Key Indicator Changes - In 2023, the company's revenue was 15.35 billion yuan, a year-on-year increase of 6.3% compared to 2022's 14.45 billion yuan [10] - The net profit attributable to the parent company in 2023 was a loss of 437 million yuan, a significant decline from a profit of 891 million yuan in 2022, reflecting a year-on-year decrease of 149.1% [10] - The earnings per share (EPS) for 2023 was -0.53 yuan, compared to 1.08 yuan in 2022 [10] Business Line Data and Key Indicator Changes - The company's yellow feather chicken output in 2023 was 457 million birds, an increase of 12.2% year-on-year, with a market share of 12.71%, up 1.84 percentage points [8] - The pig farming business is in a rapid expansion phase, with expected high growth in output and improved profitability due to lower feed costs and higher production efficiency [2] Market Data and Key Indicator Changes - The supply of parent stock has decreased to the lowest level since 2018, indicating ongoing capacity reduction in the industry [28] - The yellow feather chicken market is expected to stabilize around 4 billion birds in output, despite some market share loss to white feather chickens [31] Company Strategy and Development Direction - The company aims to expand its market share through geographical expansion and vertical integration in the supply chain, particularly in southern and southwestern China [8] - The company has been diversifying its operations by entering the slaughtering business, which is expected to synergize with its breeding operations [8] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the recovery of yellow chicken prices due to reduced supply and rising pork prices, which may lead to increased profitability [1] - The company anticipates that the pig farming segment will benefit from high prices in the latter half of 2024, contributing to overall revenue growth [2] Other Important Information - The company's actual controller holds 51.87% of the shares, ensuring stable governance [17] - The company has a strong management team with extensive industry experience, which is expected to drive future growth [21] Q&A Session Summary Question: What are the expectations for chicken and pig prices in the coming years? - Management expects chicken prices to rise due to supply constraints and anticipates that pig prices will enter a high range starting in the second half of 2024 [2][1] Question: How does the company plan to maintain its competitive edge? - The company plans to leverage its cost advantages in chicken production and expand its market presence in new regions [8][9] Question: What are the risks associated with the business? - Key risks include significant price declines in chicken and pork, animal disease outbreaks, and fluctuations in feed costs [3]

Compa n y U pda te Ch in a Res ear ch Dep t . 2024年06月24日 石头科技(688169.SZ) 买进（Buy） 赵旭东 H70556@capital.com.tw 股权激励调动员工积极性，内外销两旺助力公司营收增长 目标价(元) 466 事件：近日公司发布2024年限制性股票激励计划和事业合伙人持股计划，授予 公司基本信息 产业别 机械设备 价格均为每股208.2元（为6月20日股价的50.1%）。其中，股票激励拟授予5.4 A股价(2024/6/24) 404.76 万股（定向发行，占总股本的0.04%），对象共29人（占总员工数的1.8%）， 上证指数(2024/6/24) 2963.10 股价12个月高/低 469.99/211.75 均为公司管理、技术及业务骨干人员，考核目标为2024-2027年公司营收较2023 总发行股数(百万) 131.58 年增长不低于10%、14%、18%、22%。 A股数(百万) 131.58 A市值(亿元) 532.58 合伙人持股计划拟持有不超过17.0万股（回购股票，占总股本的0.13%），对 主要股东 昌敬(22 ...

居然之家交流纪要 20240624 1、贵司率先在行业中提出“销售分成”、“一店两制”的招商新模式,请问有多 少门店采用了该模式? 回答: 一店两制招商模式的提出是与商户合作关系从固定收租模式转向销售提成模式, 利用居然之家统一收银和“洞窝”数智化的领先优势,通过数字化交易、结算系 统、门店可视化管理和客流监控系统,为商户提供全链路交易便利,让商户的交易 长在“洞窝”上。 2023年2月,哈尔滨先锋店率先试点,截至2023年12月31日,先锋店招商率 提升至98%,转型后日均销售额近60万元,比转型之前提升一倍以上,营业收入 及利润同比 增加。 截止2024年5月底,居然之家已有58家直营店采用“一店两制”招商策略,共 计1.2万个商户实施了销售分成模式。 ...

浙江鼎力 原文 240623_ 2024年06月25日11:56 发言人1 00:00 感谢大家今天下午的这样一个时间。其实今天的单纯的去讲鼎立的这个方法，其实我们之前也 在金门财经上面有过一定的汇报，可能也不是今天大家想要来进入到这个会议里的一个主要的 一个看法。那当然为什么今天还要再去讲这件事情？其实主要还是上周五收盘之后，绿通科技 发了一个公告。提到了美国对于我们的这个特定的载人的这样的一些低速车辆发起计划发起这 种方法。所以其实有很多朋友们，尤其是一些看消费的朋友们，之前可能对于双反这件事情的 过去的时间点可能有点久了，所以大家可能对于这个双反并没有那么的熟知，也有很多朋友来 问说这个影响到底有多大。所以我们就想在这样的一个机会，就是跟大家在从鼎立之前，遇到 过这样的一些情况，来跟大家去汇报一下这件事情前车之鉴，它到底会是一个怎样的一个影响， 以及说对于我们的上市公司来讲，它到底有什么方法能够去避开这样的一个，扰动。 发言人1 01:17 首先的话就是我们先要强调一下双反这件事情，去跟我们所有的之前的一些税率它是不一样的。 就比如说2018年的时候，由特朗普发起的对我们中国3000亿的商品去征收的这样 ...

均胜电子 20240624_原文 2024年06月24日 21:39 发言人 00:00 各位同事，大家中午好，我是证券的汽车分析师黄细里，非常感谢大家能够抽空参加我们金融财经电话会 议。这场的主题的话是居然电子上周五的时候发来公告，今天股价其实波动是比较大。我们团队也非常有 幸的邀请公司的CFO李总，董事会秘书于总，AI总监向总以及通关部门的各位领导，来跟大家一起做一下 这个公告的和今年股价波动的一个解读。我先把时间交给于总这边，好啊，谢谢黄总。各位投资者分析师 朋友大家中午好。欢迎大家出席我们今天的这个公告的一个解读会。我是巨成电子于朝辉。 发言人 00:45 首先我先大家先向大家汇报一下我们公告的一个基本情况。上周五的时候，我们公司收到了证监局出具的 一个，关于目的地相关的一个警示函的一个监管措施。这个监管他们主要针对的是公司在上一次的募集资 金使用过程中存在的有些不规范的地方。进行了一个，相当于是给公司的一个这么一个函件。我们也是针 对这个情况，进行一个整改。那这个事情，对于公司本身日常的一个经营业务情况，它其实是根本没有一 个影响的，这个是两回事。然后回到这个目的地，募集资金使用的一个本身的起因是形 ...

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 2024 年 06 月 25 日 08:26 就是一个微增的状态评估。根据规模增长的一个向规模的一个向上增长，我们看未来的三四季 度原则上应该也是持续向上的一个状态。明白，那那对这里想补充问一下，就是我们对于前年 的这个业绩，因为我们之前也发了这个股权激励的公告，然后给到的这个目标目标值还是比较 高的。我们现在来看，公司内部有这个信心，去做到这个目标值。目前公司还是奔着这个目标 在往前努力，现阶段还没有要调整目标的一个想法。 好，明白，好看。线上其他领导还有还有要提问的吗？我们最后播报一次我们的提问方式。大 家好，如需提问电话端的参会者，请向话机上的星号键再按数字一，网络端的参会者，您可以 在直播间互动区域内文字提问，或点击旁边的举手按钮申请语音提问，谢谢。 大家好，如需提问电话端的参会者，请向话机上的星号键再按数字一。网络端的参会者，您可 以在直播间互动区域内文字提问，或点击旁边的举手按钮申请语音提问，谢谢。下面有请电话 尾号 2920 的参会票进行提问，请发言，谢谢。 你好，领导，你可以听到吗？可以听到。你好，我这边是深圳宏华资本的合作，就是想向您 ...

Financial Data and Key Metrics Changes - The company's lithium production capacity has increased from 30,000 tons to 40,000 tons due to technical upgrades, with a projected sales target of 40,000 tons for the current year [1][2] - The sales volume for 2023 was approximately 38,000 tons, with the first quarter of 2024 achieving nearly 10,000 tons, indicating a strong likelihood of meeting the annual target [2][3] - The company's profit share from lithium operations is expected to exceed the 51.4% ownership stake due to internal cost structures [3][6] Business Line Data and Key Metrics Changes - The lithium segment is projected to expand its capacity to 60,000 tons by the end of the year, positioning the company among the top tier of domestic lithium producers [7][8] - The potassium fertilizer segment has a production capacity of 5 million tons, with sales reaching 5.66 million tons last year, indicating strong demand [19][20] Market Data and Key Metrics Changes - Domestic potassium fertilizer demand is estimated at 12 to 15 million tons annually, with 50% reliant on imports, highlighting a critical supply gap [20][21] - The current potassium fertilizer prices are at a historically low level, suggesting potential for price recovery in the future [23] Company Strategy and Development Direction - The company is focusing on expanding its lithium production capacity and maintaining low production costs, which are currently between 30,000 to 40,000 RMB per ton [12][17] - There is a strategic emphasis on leveraging domestic resources to mitigate risks associated with international supply chains [14][15] - The company is exploring potential partnerships with industry players, such as the Minmetals Group, to enhance operational capabilities and resource management [32][33] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in achieving production targets and highlighted the importance of low-cost production in maintaining profitability despite market fluctuations [12][13] - The company anticipates that upcoming changes in corporate law will facilitate dividend distributions, enhancing shareholder returns [30][31] Other Important Information - The company has a significant capital reserve that can be utilized to offset past losses, potentially enabling future dividend payments [29][30] - The management is under pressure from state-owned enterprise governance to improve market performance and shareholder returns [31] Q&A Session Summary Question: What is the outlook for lithium production capacity? - The company is on track to expand its lithium production capacity to 60,000 tons by the end of the year, which will place it among the leading domestic producers [7][8] Question: How does the company plan to address past losses? - The upcoming changes in corporate law will allow the company to use capital reserves to cover past losses, potentially enabling dividend distributions in the future [30][31] Question: What is the current status of potassium fertilizer pricing? - Potassium fertilizer prices are currently low, but the company believes there is a structural support for prices due to ongoing demand and supply constraints [23][24]