Financial Data and Key Metrics Changes - The company has introduced new battery technologies that enhance performance metrics such as energy density and charging speed, indicating a focus on innovation and market competitiveness [2][4][8]. Business Line Data and Key Metrics Changes - The SPC battery capacitor demonstrates a 10C instantaneous discharge capability and a lifespan exceeding 8 years, showcasing its reliability in various applications [5]. - The Omnicell battery features a fast charging capability, achieving 80% charge in just 9 minutes at 25°C, and a low-temperature performance that allows charging from 10% to 80% in 25 minutes at -30°C [2][8]. - The new energy storage technology includes a 95.5% energy efficiency in the Mr. Giant 5 MWh system, which is a 1% improvement over similar systems in the industry [3]. Market Data and Key Metrics Changes - The company is addressing the growing demand for electric vehicle batteries, with a projected market need of 30 billion for eVTOL applications, emphasizing the importance of high power output and energy density [4][14]. - The introduction of solid-state batteries aims to meet the increasing market demand for safer and more efficient energy storage solutions [14]. Company Strategy and Development Direction - The company is focused on driving smart living through innovative battery solutions that support smart transportation and urban infrastructure [5]. - Future technology developments include solid-state batteries and eVTOL applications, indicating a strategic shift towards high-performance and sustainable energy solutions [4][14]. Management's Comments on Operating Environment and Future Outlook - Management highlighted the importance of fast charging and low-temperature performance in addressing market needs, which are critical for expanding the electric vehicle market [7][8]. - The company is committed to developing zero-carbon energy storage systems, reflecting a strategic alignment with global sustainability trends [3][14]. Other Important Information - The company has successfully developed a wide-temperature range button battery for tire pressure sensors, marking a significant achievement in extreme condition applications [6]. - The introduction of advanced thermal management technologies aims to enhance battery safety and performance, particularly in high-demand scenarios [3]. Q&A Session Summary Question: What are the key challenges in developing the new cylindrical battery? - The challenges include achieving high winding efficiency for long electrode strips and ensuring the quality of connections for fast charging capabilities [7]. Question: How does the company plan to address the growing demand for eVTOL? - The company is focusing on high power output and energy density while ensuring safety and cost-effectiveness to meet the projected demand [14].

Financial Data and Key Metrics - The company's financial indicators have shown positive trends in 2023, with significant improvements in profitability and operational efficiency [1] - The company expects a higher proportion of profits in the second half of 2024 [3] - The revenue target for the current year is relatively low due to the delivery of cruise ships and the disposal of offshore platforms, which contributed nearly 10 billion yuan last year [3] Business Line Data and Key Metrics - The company has focused on high-end and green ship types, as well as segmented ship types, to meet the demand from major and high-quality shipowners [1] - The proportion of high-priced ships in the current order book is 2/3, with the first half of the year primarily focused on clearing low-priced ship orders [1] - The company has maintained flexibility in order acceptance to mitigate risks, including taking on some short-term orders [1] Market Data and Key Metrics - The global shipbuilding market is experiencing a strong cycle, with high order volumes and rising prices [1] - The current shipbuilding cycle is driven by four factors: normal ship replacement, a backlog of orders from 2013-2020, decarbonization in the shipping industry, and geopolitical factors increasing demand for ships [1] - The ship price index is expected to rise further, with the current cycle characterized by higher quality and complexity of ships compared to the previous cycle [1] Company Strategy and Industry Competition - The company is transitioning from being a large shipbuilding nation to a strong one, with a focus on international competition and leveraging its industrial base [2] - The company is competing fully with South Korea, particularly in high-end ship types like LNG carriers [3] - The industry is experiencing a concentration of orders towards leading companies, with limited new capacity expansion due to cautious market conditions [2] Management Commentary on Operating Environment and Future Outlook - The company believes the current shipbuilding cycle may exceed expectations, with higher down payments, more high-quality customers, and lower speculative orders compared to the previous cycle [1] - The company is optimistic about future profitability, with improving gross margins due to rising ship prices, favorable steel prices, and exchange rates [1] - The company is closely monitoring international market developments and geopolitical uncertainties to better position itself in the market [1] Other Important Information - The company does not foresee significant risks of order cancellations, as even if cancellations occur, the orders can be easily reallocated [2] - The company's engine production capacity is currently stable, with no signs of a shortage like in the previous cycle [3] Summary of Q&A Session Question: How does the company view the future trends of the shipbuilding market and the differences between the current cycle and 2007? - The current cycle shares similarities with 2007 in terms of rising order volumes and prices, but is driven by different factors including ship replacement, decarbonization, and geopolitical influences [1] - The current cycle is characterized by higher ship quality and complexity, with a ship complexity coefficient of 0.4 compared to 0.2 in the previous cycle [1] Question: How will the company improve order intake and profitability? - The company is focusing on high-end and green ship types, as well as segmented ship types, to attract major and high-quality shipowners [1] - The company is maintaining flexibility in order acceptance to mitigate risks [1] Question: Is there a possibility of domestic shipyard consolidation? - The global shipbuilding capacity is tight, with some new capacity expansions in China and limited activity in South Korea and Japan [1] - There are still idle capacities from bankrupt shipyards that have not been reactivated [1] Question: Can the company's profit margins return to the highs of the previous cycle? - The company expects a gradual improvement in profit margins, with higher gross margins in the second half of the year as low-priced orders are cleared [1] Question: What factors determine the company's ability to compete with South Korea and Japan for orders? - The company has become the largest shipbuilding nation and is transitioning to a strong competitor, leveraging its industrial base and labor-intensive advantages [2] Question: What is the company's dividend payout ratio? - The company indicated that the dividend payout ratio will not be low [3] Question: How is the company preparing for competition with South Korea in high-end ship types? - The company is fully competing with South Korea, particularly in LNG carriers, and expects its market share to increase over time [3] Question: What is the outlook for engine production capacity? - The company's engine production capacity is stable, with no signs of a shortage like in the previous cycle [3] Question: What is the revenue target for the current year and why is it relatively low? - The revenue target is lower due to the delivery of cruise ships and the disposal of offshore platforms, which contributed nearly 10 billion yuan last year [3]

摩根史丹利:宏观策略谈-三中全会前瞻摘要 中国经济目前处于通缩状态,消费疲软,信心不足,企业盈利不佳。517 房地产新政出 台后，整体经济数据表现参差不齐，消费和通胀数据偏差,而产量、出口和实际 GDP 数据勉强达标。 三中全会将继续沿袭过去四五年的方针规划，即中国式现代化，包括支持技术升级，解，shuinu99 进"卡脖子"点嘛。 #动态心地点点 * • 决"卡脖子"问题、推动产业链自给自足以及保障能源、食品和科技安全。《张歌 政府内部普遍认为需要通过中央政府资产负债表兜底,实现债务重组、刺激消费并重燃 • 私人企业信心,以实现再通胀。然而,将这些建议转化为行动仍需迫切感,这源于技术 升级与国际竞争需要走出通缩,以及社会稳定问题。 • 未来地方债与中央债的发展方向应更多用于社会保障体系建设,如充实社保、养老、保 障性住房和教育等领域,使居民没有后顾之忧,可以增加消费。 • 当前中国经济发展面临的主要问题是经济增长的不平衡,具体表现为工业生产和投资较 为强劲,而消费相对疲软。 • 在政策选择方面,专家学者普遍认为,在需求不足的情况下,财政政策的乘数效应优于 的一个人。 升,反而有所下降。 Q&A 最近两周的宏 ...

Financial Data and Key Metrics Changes - The company has maintained a good growth trend in product sales compared to the same period last year, outperforming the industry level [1] - The sales of natural gas heavy trucks have shown significant growth, with a year-on-year increase of 127% in the first five months of 2024 [7] Business Line Data and Key Metrics Changes - The sales of natural gas heavy trucks have steadily increased since April 2023, driven by the economic advantages of gas vehicles [2] - The company has achieved a sales volume of over 21,000 units of new energy heavy trucks in the first five months of 2024, with a penetration rate of 8.4% [3][6] Market Data and Key Metrics Changes - The total sales of heavy trucks in the market reached 433,100 units in the first five months of 2024, representing an 8% increase year-on-year [4] - In May 2024, approximately 78,000 heavy trucks were sold [4] Company Strategy and Development Direction - The company is focusing on product optimization and structural adjustments to enhance product quality and competitiveness [1] - The company plans to continue optimizing products and expanding market share in the new energy heavy truck segment [6] Management's Comments on Operating Environment and Future Outlook - The management highlighted the ongoing structural growth opportunities in the gas vehicle segment and the increasing market share of new energy heavy trucks [2][6] Other Important Information - The company has successfully exported heavy truck products to over a hundred countries and regions, maintaining good export performance in 2024 [1] Q&A Session Summary Question: What is the current situation of the natural gas heavy truck sales? - The company reported a significant increase in the sales of natural gas heavy trucks, with a year-on-year growth of 127% in the first five months of 2024 [7] Question: How does the company view the development of new energy heavy trucks? - The company is leveraging its new energy division to boost sales, with a steady increase in penetration rates and sales exceeding last year's total [6]

Financial Data and Key Metrics Changes - The company has set a target of 650,000 vehicles for the year, which includes both Aion and Haobo brands, although adjustments may be made after the annual board meeting [3] Business Line Data and Key Metrics Changes - Aion's S series has two high-cost performance versions aimed at the B-end market, accounting for 28% of Aion's sales, but the B-end market has seen a slight decline this year [1] - The company plans to update several older models in the second half of the year to better differentiate between B-end and C-end features [1] Market Data and Key Metrics Changes - The company is entering or has entered markets outside of the US, Europe, Japan, and India, with a focus on establishing KD factories in Southeast Asia, including Thailand, Malaysia, and Nigeria [3] - The company aims to have around 16 markets with sales exceeding 10,000 units, with a significant focus on the CIS region and potential changes in strategy for entering Europe due to new tariffs [3] Company Strategy and Development Direction - The company is in a phase of new and old model replacement for the Aion brand, with new products and channel restructuring for the Haobo brand [1] - The company is collaborating with local enterprises for KD factories to navigate tariff barriers, indicating a strategic shift towards local production [3] Management Comments on Operating Environment and Future Outlook - Management expressed confidence in the ability of joint venture brands to adapt to the new energy vehicle market, highlighting improvements in the domestic supply chain [4] - The production capacity utilization rates for GAC Toyota and GAC Honda are healthy, with GAC Toyota at 95% and GAC Honda at 77%, although slight declines are expected this year [5] Other Important Information - The company has a one-month inventory at the dealership level, with an additional two months in production and storage [6] - The collaboration with Huawei involves using their smart cockpit and driving systems, but the branding remains under the company's own name [6] Q&A Session Summary Question: How does Aion's performance look this year compared to last year? - Aion's S series has two high-cost performance versions primarily targeting the B-end market, which has seen a slight decline this year [1] Question: What is the timeline for new Aion models? - The second generation of the V model is expected to launch in Q3, with the 6-seat SUV potentially in Q4, and the Y model in the first half of next year [1] Question: What is the pricing strategy for Haobo models? - The pricing for the new 6-seat SUV may be higher than the HT model, indicating a premium pricing strategy [2] Question: How does the company view its export strategy? - The company is looking to expand its export markets, with a focus on establishing KD factories in various regions to mitigate tariff barriers [3] Question: What is the production capacity utilization for GAC Toyota and GAC Honda? - GAC Toyota has a production capacity of 1 million units with a utilization rate of 95%, while GAC Honda has a capacity of 770,000 units with a similar healthy utilization rate [5] Question: What is the inventory situation? - The company maintains a one-month inventory at dealerships, with an additional two months in production and storage [6] Question: What is the collaboration model with Huawei? - The collaboration is not under the Hongmeng Smart Selection model but involves using Huawei's smart systems while maintaining the company's branding [6]

Financial Data and Key Metrics - The company's revenue from liquid cooling in data centers increased approximately threefold year-over-year in 2023 [3] - The company delivered over 900 MW of liquid cooling equipment by March 2024 [3] - The company's total revenue and net profit attributable to shareholders have grown at a compound annual growth rate (CAGR) of over 20% in the past five years [4] - In Q1 2024, the company's performance was strong due to delayed settlements of data center orders from Q3 and Q4 2023, as well as incremental revenue from liquid cooling [4] Business Line Data and Key Metrics - Data center liquid cooling revenue grew approximately threefold year-over-year in 2023 [3] - The company's energy storage temperature control business revenue reached RMB 337 million in 2021, a 3.5x increase year-over-year, driving a 30% increase in total revenue that year [4] - The company's liquid cooling products saw rapid growth in 2022, with a year-over-year increase of 4x, and maintained a fast growth rate in 2023, with a year-over-year increase of approximately threefold [4] - The company's data center temperature control business accounted for 46.5% of total revenue in 2023, with a five-year CAGR of 27% [22] - The outdoor cabinet temperature control business accounted for 41.5% of total revenue in 2023, with a five-year CAGR of 40.68%, of which energy storage contributed RMB 1.22 billion, a 44% year-over-year increase [22] Market Data and Key Metrics - The company has a strong customer base, including Huawei, ZTE, Baidu, Alibaba, Tencent, CNPC, CNOOC, and third-party operators such as GDS, Chindata, China Mobile, China Telecom, and China Unicom [3] - The company's overseas revenue has been steadily increasing, with active expansion in Southeast Asia, Singapore, and other regions, following clients like ByteDance and Chindata [33] Company Strategy and Industry Competition - The company has a full-chain layout and self-developed products, with a complete solution from server internal cold plates to external equipment, achieving large-scale commercialization in 2021 [3] - The company has a strong technical and industrial background, with executives from Huawei and Emerson, providing a competitive edge in the liquid cooling industry [3] - The company has been proactive in seizing industry opportunities, such as entering the energy storage application field before the industry demand exploded in 2022 [32] - The company's full-chain solution helps avoid issues like inconsistent product standards and unclear post-operation responsibilities, facilitating rapid market deployment [27] Management Commentary on Operating Environment and Future Outlook - The company believes that the liquid cooling industry will experience a significant increase in penetration rate this year, driven by AI chip power consumption, high-density cabinet demand, and telecom operators' active deployment of liquid cooling computing centers [18] - The company expects its data center temperature control business to maintain a rapid growth rate of around 30% in the future, driven by the rapid growth of liquid cooling business [22] - The company's overseas revenue is expected to gradually increase in the future, with active expansion in overseas energy storage projects [40] Other Important Information - The company's gross margin has been recovering, with the comprehensive gross margin reaching over 30% in 2023, and net profit margin maintained at around 10% [22] - The company's R&D investment, both in absolute terms and as a percentage of revenue, is at a leading level in the industry, helping to maintain core competitiveness [35] Summary of Q&A Session Question: What are the advantages of the company in the liquid cooling industry? - The company has a full-chain layout and self-developed products, with a complete solution from server internal cold plates to external equipment, achieving large-scale commercialization in 2021 [3] - The company has a strong customer base, including Huawei, ZTE, Baidu, Alibaba, Tencent, CNPC, CNOOC, and third-party operators such as GDS, Chindata, China Mobile, China Telecom, and China Unicom [3] - The company has a strong technical and industrial background, with executives from Huawei and Emerson, providing a competitive edge in the liquid cooling industry [3] Question: What are the company's achievements in the energy storage temperature control field? - The company achieved RMB 1.22 billion in energy storage revenue in 2023, a 44% year-over-year increase, and expects future growth to remain between 30% to 40% [44] - The company has launched a full-chain liquid cooling thermal management 2.0 solution, including cabinets, water machines, zero-line connectors, and various pipeline products, gaining recognition from multiple customers [44] Question: What are the challenges faced by the liquid cooling thermal management industry? - The industry faces challenges such as certification barriers and the need for recognition from chip manufacturers, server manufacturers, and data center integrators [10] - The company's ABC temperature control products have been certified by Huawei and other chip manufacturers, gaining recognition from supercomputing centers and other clients [10]

Financial Data and Key Metrics Changes - The company anticipates significant growth in 800G customer demand for 2025, driven by increased bandwidth needs for inference applications and the maturity of switch hardware [1] - The demand for 1.6T products remains consistent with previous guidance, with expectations for improved pricing and gross margins compared to 800G products [2] Business Line Data and Key Metrics Changes - The company expects to maintain its market share in 800G products in 2025, with potential for further increases due to upgrades from 400G customers [1] - The penetration rate of silicon photonics products is expected to increase significantly in 2025, as the company is positioned as a global leader in this area [2] Market Data and Key Metrics Changes - The demand for 800G products is primarily for single-mode applications, with minimal demand for multi-mode products [2] - The supply landscape for 800G in 2025 is not expected to change significantly among major overseas customers, with no new suppliers being introduced [2] Company Strategy and Development Direction - The company is focusing on optimizing its cost structure and improving yield rates to counteract annual price declines in optical module products [2] - The company plans to gradually increase production capacity for silicon photonics products to complement traditional offerings [2] Management Comments on Operating Environment and Future Outlook - Management indicated that there is no risk of overbooking from customers, as the increased orders for 800G are based on genuine demand [1] - The company has locked in some production capacity with upstream suppliers to ensure smooth delivery for 2025 [1] Other Important Information - The company is actively engaging with customers regarding silicon photonics solutions, which are gaining interest due to their high cost-performance ratio [2] - The company is preparing for potential supply chain bottlenecks in upstream components, particularly in optical chips and passive devices [2] Q&A Session Summary Question: What is the outlook for 800G product pricing in 2025? - The company expects some price decline for 800G products but not to the extent feared by the market, with significant changes anticipated due to the demand for single-mode applications [1][2] Question: How is the company addressing potential capacity constraints? - The company is proactively preparing production capacity based on customer order forecasts, ensuring that capacity expansion is progressing quickly [1]

本周重点：发布长江传媒深度/暑期档前瞻/LumaAI/芒果深度/B 站 我们本周发布芒果超媒更新深度,核心观点:芒果股价处于历史底部,复盘公司,EPS 和估值主要受到监管周期、产品周期、宏观周期影响:当前长视频排播正常:芒果产品周 期向上,综艺预期修复但广告招商预期低,剧集预期低。 资料来源：各公司财报,QuestMobile,云合数据,申万宏源研究 图 2: 芒果超媒内容投入 (亿元, %) 中长期看出海。国内泛娱乐出海领先的为游戏、短视频,原因在于工程师红利、流量 运营变现经验领先、产业链短、本地化相对容易;游戏 IP 优势不明显但可通过合作补齐短 板。长视频出海的难点在于内容的普适性,但势在必行,芒果作为党媒国企,积极贯彻落 实二十大报告提出的"加强国际传播能力建设",持续探索中国故事和中国声音的全球化表 达。正在实施"芒果出海 2024 行动计划"和芒果 TV 国际 App"倍增计划",今年湖南广电已 与马来西亚旅游局、新加坡旅游局签订战略合作协议,出海有望打开会员广告以及内容发 行空间。 本期投资提示： 根据 Wind，本周传媒（申万）指数反弹，周涨幅 2.07%，好于创业板指（+0.58%）。 T ...

【东北通信】中际旭创公司交流内容240616 1⃣行 业最新订单情况：2025年800G客户需求有较大增长（6月13号与海外投资者交流时提到），公司 与海外和国内客户近期进行了交流，客户对25年订单需求有较大幅度提升，主要原因包括：1）海外客 户25年在推理侧需求快速增长，推理流量对带宽需求大幅增长，交换机组网需要大量800G单模配套， 客户采用的是性价比最高的以太网交换机组网方案；2）交换机硬件相对成熟，木桶效应（交换机-交 换机芯片-光模块）25年随着TH5成熟，51.2T交换机的出货占比提升，对高速率光模块进一步需求提 升 2⃣8 00G增长对1.6T需求的影响：800G和1.6T光模块对应的是两个不同的场景，1.6T搭配英伟达B系列 芯片，主要应用于训练，而25年新增的800G需求主要来自于推理，因此25年800G和1.6T的需求均保 持旺盛 3⃣客 户是否存在Overbooking过度备货情况：根据公司与客户的沟通，客户对25年800G显著提升的订单 来自于客户真实的需求，因此并不存在客户短期过度备货风险，数据中心网络带宽需求，与交换机芯 片的预订量是匹配的 4⃣上 游光芯片等环节紧缺问题：24年光 ...

Financial Data and Key Metrics Changes - BYD Electronics has shown a steady increase in profitability, with profits stabilizing between 1 billion to 2 billion RMB after entering the high-end mobile phone OEM business in 2015, and entering a new growth cycle in 2023 [1][2] - The company experienced a significant profit spike in 2020 due to mask production, but excluding this anomaly, profits have remained stable [1] Business Line Data and Key Metrics Changes - The company’s business is divided into three main segments: consumer electronics, automotive electronics, and North American computing business, with consumer electronics being the largest revenue contributor, primarily from Apple [2][3] - BYD Electronics is a core assembler for iPads, holding over 50% market share in iPad assembly, and is expected to see significant revenue growth as iPad enters a new upgrade cycle [2] - The automotive electronics segment is projected to generate over 20 billion RMB in revenue, with a growth rate of approximately 50%, driven by the BYD Group's DMI5.0 technology platform [3] Market Data and Key Metrics Changes - The company’s revenue from Apple is anticipated to exceed 100 billion RMB in the next two years, supported by recent acquisitions and product upgrades [2] - The automotive electronics business is expected to grow faster than the overall sales growth of BYD Group, with a projected increase of 30%-50% over the next three years [3] Company Strategy and Development Direction - BYD Electronics is strategically positioned within the Apple supply chain, having acquired key assets from Jabil Green Point, which enhances its role in high-end iPhone production [2][3] - The company is also focusing on artificial intelligence, collaborating with NVIDIA on various projects, including autonomous driving and robotics, which are expected to yield significant growth in the coming years [4][5] Management Comments on Operating Environment and Future Outlook - Management believes that the collaboration with NVIDIA will provide substantial support in the autonomous driving sector, with expectations of breakthroughs in both passenger vehicles and cloud computing [5] - The overall outlook for BYD Electronics is optimistic, with projections indicating that profits could reach over 10 billion RMB in the next three to five years, driven by growth in automotive electronics, Apple business, and AI initiatives [6][7] Other Important Information - The company is currently undervalued in the market, with a projected valuation of less than 10 times earnings by 2025, making it an attractive investment opportunity [6][7] Q&A Session Summary Question: What is the growth outlook for BYD Electronics in the AI sector? - Management highlighted that AI in both cloud and edge computing is expected to see significant growth, with BYD Electronics well-positioned in various fields including mobile, iPad, automotive, and robotics [7]