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]

Financial Data and Key Metrics Changes - The company has maintained a steady growth in R&D investment, with nearly 3.8 billion yuan invested in 2022, accounting for 10.8% of total revenue, representing a year-on-year increase of 28% [10] - The company's revenue for the current year is approximately 21.4 billion yuan, with a market share of about 20% in the domestic market [41] Business Line Data and Key Metrics Changes - The company has three core business areas: Life Information and Support, In Vitro Diagnostics (IVD), and Medical Imaging, with overall gross margins showing a steady upward trend [53] - In the IVD sector, the company has achieved a leading position in various diagnostic fields, including immunodiagnostics and biochemical diagnostics, with significant market share growth [61][63] Market Data and Key Metrics Changes - The domestic medical device market is estimated to be around 780 billion yuan, while the global medical market is approximately 440 billion USD [41] - The company's international business revenue is about 13.5 billion yuan, with a market share in the single digits, indicating substantial growth potential [42] Company Strategy and Development Direction and Industry Competition - The company aims to rank among the top 20 global medical device companies by 2025, with a focus on maintaining a growth rate of over 20% [16][17] - The company emphasizes digitalization and internationalization as key strategic areas, leveraging its three-tiered digital ecosystem to enhance operational efficiency and market reach [40] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the recovery of the domestic market in the second half of the year, driven by ongoing policy support for medical equipment updates and infrastructure development [7][49] - The company anticipates continued growth in the IVD sector, supported by recent acquisitions and product innovations [66] Other Important Information - Recent government policies have outlined significant funding for medical equipment updates, with provinces like Guangdong and Anhui announcing substantial investment plans [2][3][4] - The company has established a strong presence in high-end customer segments, including major hospitals in China and leading healthcare institutions in Europe and the U.S. [14] Q&A Session All Questions and Answers Question: What is the company's outlook on the domestic medical device market? - The company believes that the domestic medical device market will continue to grow, supported by ongoing government initiatives and infrastructure projects [49] Question: How does the company plan to enhance its international presence? - The company is focusing on localizing operations in emerging markets and strengthening partnerships with key distributors to drive growth [52] Question: What are the key areas of innovation for the company moving forward? - The company is prioritizing advancements in digital solutions and AI integration to improve healthcare delivery and operational efficiency [60]

中际旭创交流内容240616 【东北通信】中际旭创公司交流内容240616 1行(cid:6) 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 28(cid:6) 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 3客(cid:6) 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 ...

：新能源并购数据库；大型新能源交易的渐进趋势；太阳能和风能仍然是焦点 ...

洋投资：大宗商品投资，股票与期货的新视角 ...