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]

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]