零跑汽车20240703_原文 2024年07月03日 18:04 发言人 00:03 本次电话会议仅供符合国海证券投资者适当性管理要求的客户以及受邀客户使用。国海证券不会因接收 人收到本次会议相关通知或或参加本次会议而视其为客户。本次会议内容不构成任何投资建议。据此做 出的任何投资决策与国海证券、国海证券员工或者关联机构无关。本次会议只是转发国海证券已发布研 究报告的部分观点，仅反映国海证券研究人员于发布完整报告当日的判断，相关内容请以研究所以公开 发布报告为准。 发言人 00:36 会议严禁录音或转发，任何人不得对本次会议的任何内容进行发布、复制、编辑、改编、转载、播放、 展示或以其他任何方式非法使用本次会议的部分或者全部内容，否则将承担相应的法律责任。国海证券 就此保留一切法律权利。在任何情况下，国海证券及其员工对使用本次会议信息或内容所引发的任何直 接或间接损失概不负责。 发言人 01:03 市场有风险投资需谨慎。好的，尊敬的各位机构投资者，大家早上好。我是国海汽车的负责人戴畅。非 常感谢大家在早上的黄金时间八点进入到我们的电话会议当中。今天跟我一起进行汇报的由我们整车的 汽车分析师孙佳静，今天早上给 ...

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 九毛九 原文 20240702_ 2024年07月03日08:29 发言人 00:02 各位投资人早上好，欢迎大家参加我们安心国际2024年的中期策略会。我们这一场是0.99元 的交流专场。我们非常荣幸的请到了公司的崔总和李总来跟大家交流一下公司的近况。今天也 是分为两个部分。首先先给公司这边介绍一下最近的一个经营状况，然后我们之后会进入问答 环节，我话不多说，就把时间交给公司这边。好，感谢安信的组织，也感谢各位投资者的关注， 我是0.99元的李景玉。 发言人 00:37 先跟大家简单回顾一下1到5月的一个情况，因为六月的数据暂时还没出，我们先以前五个月 的方向性的一个数据做一个交流。Q一的数据我们已经发了一个自愿性的公告。看到各个品牌 的一个同店日销同比2023年都是一个下滑的一个趋势。这个原因也是一个是去年全年来看，1 到8月到暑假结束前都还是一个相对的高基数。尤其是在年初的时候，还是有一波报复性消费 的那所以导致基数过高，各个品牌都出现了或多或少的同店日销的一个下滑。可以看到各个品 牌来看，他二是Q一的同店日销下滑了13.9%，红火锅的日销是下滑 ...

远大240630 ...

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 [ 研Ta 究bl 报e_ 告Titl Re] e search Report 30 Jun 2024 香港策略 Hong Kong Strategy 7 月交易三中全会预期 July Eyes Third Plenary Session Trades 周林泓Amber Zhou 李加惠Jiahui Li amber.lh.zhou@htisec.com jh.li@htisec.com [观Ta点bl聚e_焦yem Inevie1s] tment Focus [(TPalebalsee_ ssueme mAPaPrEy]N DIX 1 for English summary) 港股6月缩量下跌，科技活跃。恒生指数自5月21日开始已回调10%，抹去4月22日至5月20日的一半涨幅；恒生 科技已回调 14%；上证综指期间跌 6%，创业板指跌 10%。5 月 17 日央行重要地产政策利好落地后，市场随后反而走 出利好出尽的兑现。6月较5月港股大幅缩量30%，A股缩量20%，5月入场的交易资金不断离场，使得指数全月下跌 期间只有弱反弹。同时人民币汇率持续贬值 ...

Financial Data and Key Metrics Changes - The company achieved record high revenue and net profit last year, with a revenue growth of 20.5% and a net profit compound annual growth rate of 27% [1][2] - The payout ratio increased to 50%, with operating cash flow exceeding net profit at 1.78 billion [1][2] - Inventory turnover days improved year-on-year, enhancing operational efficiency, while the debt-to-asset ratio was further optimized [1] Business Line Data and Key Metrics Changes - The clean energy business saw a 7.7% year-on-year increase in natural gas consumption, with a 12.2% growth in the first quarter [1] - The liquid food business accounted for 89-90% of revenue, primarily driven by overseas markets, with significant growth in industrial beer in Latin America and Southeast Asia [2] - The shipbuilding business experienced high growth, with nearly 20 new vessels signed and orders reaching 12.35 billion by the end of March [1][3] Market Data and Key Metrics Changes - New orders for clean energy increased by 100% year-on-year, with overseas land clean energy orders growing by 61% [2][3] - The company established a presence in the Americas, Europe, Africa, and Southeast Asia, with over 2 billion in revenue from overseas markets last year, a 3% increase [1] Company Strategy and Development Direction - The company is transitioning from equipment manufacturing to a comprehensive service provider, with plans to produce 15,000 tons of hydrogen and 100,000 tons of LNG annually by 2027 [1][2] - The focus is on developing low-carbon solutions and expanding capacity in green formaldehyde and hydrogen production [1][2] Management Comments on Operating Environment and Future Outlook - Management noted that the significant growth in clean energy orders is due to strong performance across all business lines, particularly in maritime clean energy [3] - The company expects double-digit revenue growth this year, with the clean energy segment projected to grow by no less than 20% [5] Other Important Information - The company is advancing its direct listing process on the Beijing Stock Exchange [4] - The green methanol market is expected to grow, with ongoing projects to enhance production efficiency and reduce costs [4] Q&A Session Summary Question: Will the domestic white liquor sales slowdown affect future collaborations in domestic distilleries? - The company has undertaken white liquor technology upgrades and sees it as an important business direction, with a higher contribution from beer in the revenue structure [2] Question: Will the company maintain a 50% payout ratio or consider increasing dividends? - The payout ratio was previously 40% and has been raised to 50%. Future capital expenditures are expected to remain around 10 billion, maintaining the current dividend ratio [2] Question: What are the reasons for the significant growth in clean energy orders this year? - The growth is attributed to strong performance in various business lines, especially maritime clean energy, with a 100% increase in new clean energy orders [3] Question: What is the expected scale of ship deliveries this year? - The company has a full production schedule and is negotiating potential projects, focusing on improving existing capacity efficiency [3] Question: What is the status of the green methanol project as a future shipping fuel? - Green methanol is gaining attention in shipping due to its storage and transportation characteristics, with ongoing projects to enhance production [4] Question: How is the order distribution for green methanol, liquid ammonia, and liquid hydrogen? - The company has signed orders for vessels capable of transporting liquefied petroleum gas and liquid ammonia, with LNG being the primary business focus [4] Question: What is the revenue and gross margin guidance for each segment this year? - The company expects double-digit revenue growth across segments, with clean energy growth projected at no less than 20% [5] Question: Are there any orders for hydrogen electrolyzers? - Yes, orders in the chemical environment segment are growing, with production expected to resume in June [5] Question: How is the shipbuilding business's order situation? - The shipbuilding business is set to deliver old orders, with full capacity and expected margin improvements [6] Question: What is the profitability outlook for upstream gas-to-hydrogen projects? - The profitability is expected to be good, with production capacity gradually increasing and contributing to profits next year [7]

Financial Data and Key Metrics Changes - The company's revenue for 2023 is projected to be 9.4 billion, down from 10.4 billion in 2022, reflecting a decrease of 1 billion [10][11] - The decline in revenue is primarily attributed to the impact of centralized procurement on three key products, which saw a sales drop of approximately 1.7 billion [10][11] - Gross profit decreased by 800 million, leading to a net profit decline of 600 million [13][59] Business Line Data and Key Metrics Changes - The company has five innovative drugs that have entered the commercialization phase, with one recently approved [14][15] - The sales of non-centralized procurement products showed a growth rate of around 10%, while centralized procurement products experienced a significant decline [11][12] - The company aims to produce at least three marketable innovative drugs annually, with a focus on specialized fields such as central nervous system and dermatology [7][8] Market Data and Key Metrics Changes - The company is focusing on the Southeast Asian market, establishing a comprehensive platform for development, production, and commercialization [8][40] - The company acquired a 45% stake in a Southeast Asian CDMO factory to enhance production capabilities and meet market demands [41][42] - The overall market environment in Southeast Asia is seen as favorable, with a growing demand for high-quality innovative drugs [49][50] Company Strategy and Development Direction - The company is transitioning towards a model that emphasizes innovative drug development and commercialization, moving away from reliance on traditional products [6][7] - The strategic focus includes establishing a strong presence in specialized therapeutic areas and expanding into Southeast Asia as a key growth market [8][40] - The company has set ambitious internal KPIs for new drug approvals, aiming for 10 to 12 new drugs by 2027 [17][18] Management's Comments on Operating Environment and Future Outlook - Management acknowledges the challenges posed by centralized procurement but remains optimistic about recovery in the second half of the year [35][56] - The company expects to achieve stable revenue in 2023, with a potential for double-digit growth starting in 2025 [57][58] - Management emphasizes the importance of innovative drugs in driving future profitability and market share [60][62] Other Important Information - The company has a robust pipeline of 13 innovative drugs, with several in various stages of regulatory approval [16][17] - The company is committed to maintaining a stable sales team despite recent challenges, ensuring continued support for new product launches [12][13] Q&A Session All Questions and Answers Question: What is the current status of the recently approved innovative products? - The recently approved methylene blue sustained-release tablet has just entered the commercialization phase, while other innovative products are progressing well in clinical applications [44][45] Question: How does the company assess the Southeast Asian market's payment capacity and policy differences? - The Southeast Asian market is seen as having a significant demand for both low-cost generics and high-quality innovative drugs, with a favorable environment for market entry [48][49] Question: What are the expectations for revenue growth in the second half of the year? - The company anticipates a positive growth trajectory in the second half of the year, with expectations for revenue to stabilize compared to the previous year [56][57]

华虹半导体0624 Q1:请问王总，公司目前的运营情况如何？ A1:公司目前的运营情况非常稳定。我们的产能力保持在一个非常好的水 平，基本上三个 8英寸厂都是满的，达到了很高的产能利用率。无锡的12 英寸厂目前投片量也超过了9万 片，订单非常稳定。我们预计在接下来的下 半年，这种稳定的态势将会继续保持，并有可 能越来越好。 Q2:公司的产品价格目前处于什么水平？预计下半年会有怎样的变化？ A2:目前公司的产 品价格还是处于一个比较低的位置。我们希望在下半年 看到价格能够逐渐上升。由于目前 产能利用率很高，特别是一些强劲的平 台，价格应该会有一个好的恢复。我们期待今年下 半年价格能够有一个比 较好的上升。 Q3:公司CIS产品的需求情况如何？ A3:CIS 产品的需求还是非常稳定的。我们的大部分产品都是以比较高端的 在做，主要集 中在55纳米技术节点。包括像素为千兆式的13个Mac，32迈 克，50迈克的工艺都已经 进入量产了。未来我们还会继续关注CRS产品以 及更高像素对照式的研发。 Q4:公司如何看待手机市场对CIS需求的影响？ A4:CIS 需求好主要是跟手机市场有关的。随着手机市场的复苏，我们对 CIS ...

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 华虹半导体 原文 20240624_ 2024年06月25日08:26 发言人 00:01 对，大家下午好，我是天风电子的陆阳。非常欢迎大家来参加我们这样的一个防护半导体的一 个电话会。其实从今年开始整个半导体行业编辑一直在变好。然后很多的行业的细分领域的库 存都已经去完了。 发言人 00:30 优先开启的是一个库存周期。其实看起来这个库存周期对上游的影响会非常的显著。就是去年 很多下游的设计公司，他们在谈单，在销库、在降价，然后再再卖加速的去卖掉他们的库存。 今年已经看很多环节都已经去完了。所以今年我觉得上游的这个制造，包括丰富这样这些环节 的好转是非常明显的。 发言人 01:04 华宏又是我们今年以来持续在推荐的一个品种，我们觉得公司不仅仅是受益于这样的一个行业 层面的库存周期，那其其他其他的包括这个客户结构对吧。那呃从大客户还有个需求，我们穿 透去看，也是跟这个人工智能有线性的相关。那也是跟着AI的浪潮，我觉得会是一个人工智能 需求驱动这样一个品种。所以往后去看的话，我们还是非常乐观去看待它的一个需求的趋势以 ...

零跑汽车深度20240619_导读 2024年06月19日 12:45 关键词 中泰汽车 领跑汽车 国内销量 合资模式 产品周期 自主品牌 价格战 周度上险数据 估值 毛利率 经销商模 式 单车销管费用 渠道扩张速度 新能源渗透率 赛道选择 激光雷达 性价比 轻资产模式 海外建厂 盈利预测 全文摘要 预计六月份政策将有利于汽车行业的发展，特别是对于中泰汽车这样的企业来说，新品发布尤其 是6座C16车型将是推动销量的关键因素。自主品牌的强势表现及产品周期的优化，预计将显著提升整 体销量和盈利水平。九月份的海外出口也被视为业绩增长的一个重要因素。市场需求并未像预期中的那 样疲软，新品发布和政策刺激可以显著提振市场需求。零跑汽车专注于10至20万元的价格区间，通过优 化供应链和采用同平台生产来降低成本并提高通用化率，同时依托强大的技术背景和电子电气架构创新 实现高毛利率和低成本管理。面对竞争激烈的市场，企业无需直接与市场领先者竞争，而是可以通过提 供多样化的新能源产品来满足不同城市的具体需求，并强化在智能驾驶方面的竞争力。自主品牌的出口 趋势良好，预计将达到千万辆规模，通过与国际企业的合作，进军更多国际市场，同时在 ...

Financial Data and Key Metrics Changes - The company experienced a significant decline in revenue and profit from 2020 to 2022, attributed to multiple factors including macroeconomic conditions and increased competition in the seasoning market [5][6] - The net profit for 2024 is projected to correspond to a PE valuation of 15 times, with a dividend yield close to 6% [1] - The estimated reasonable value for the stock in 2024 is set at HKD 18, based on a PE valuation of 18 times [1][32] Business Line Data and Key Metrics Changes - The product structure consists of 67% hot pot base, 23% convenient fast food, and 10% seasoning, with hot pot base showing a compound growth rate of around 10% [8][9] - The fast food segment saw a year-on-year decline of 26% in growth during 2022-2023 [8] - Third-party revenue surpassed related party revenue for the first time in 2018, but the proportion has since decreased due to slowing growth in the fast food category [10][11] Market Data and Key Metrics Changes - The hot pot base market was valued at approximately RMB 400 billion in 2022, with an industry growth rate exceeding 10% [13] - The seasoning market is estimated to be around RMB 600 billion, with a fragmented competitive landscape [12][13] - The overseas market currently accounts for about 6% of total revenue, with growth rates surpassing the overall company growth [11] Company Strategy and Development Direction - The company is focusing on multi-category and multi-brand strategies, with an emphasis on enhancing product quality and price competitiveness [4][15] - The management is implementing a dual-channel strategy (B2B and B2C) to drive growth, particularly in the small B market [15][24] - The company aims to leverage its strong brand presence to penetrate the C-end market effectively [14][15] Management Comments on Operating Environment and Future Outlook - Management believes the worst phase of the supply-demand imbalance has passed, with expectations for a recovery in growth across various product categories [5][19] - The company anticipates a compound annual growth rate of around 19% for related party business over the next three years [20] - Management acknowledges the need for organizational adjustments to enhance market responsiveness and sales team motivation [25][26] Other Important Information - The company has a concentrated ownership structure, with significant stakes held by the founding couples, which aligns their interests with the company's performance [7] - The dividend payout ratio has increased significantly, reaching approximately 93% for both the company and its related parties [7][8] - The company is undergoing a transformation to improve its operational efficiency and market competitiveness [19][25] Q&A Session Summary Question: What is the outlook for the company's growth in the next few years? - The company expects a compound annual growth rate of around 19% for related party business over the next three years, with a focus on enhancing product quality and market penetration [20] Question: How is the company addressing the challenges in the fast food segment? - The company is adjusting its product pricing strategy to enhance competitiveness and is exploring new product lines to stimulate growth [18][19] Question: What are the key areas of focus for the company's future strategy? - The company is focusing on expanding its B2B channels, improving sales team motivation, and enhancing product responsiveness to market demands [24][25]