会议要点 1、公司整体表现与业务展望 · 2023 年表现：广立微去年收入大约在 4.7 亿到 4.8 亿之间，硬件业务增速保持 在 50%以上，而软件业务有所下滑。下滑主要原因是客户财务状况及预算安排 导致部分项目延迟结算。 · 业务细分：软件业务包括良率测试芯片设计的 EDA 工具授权和良率提升服务。 广立微 · 2024 年展望：预计 2024 年总收入在 7 亿左右，软件业务收入预计在 2.5 亿到 3 亿，硬件业务收入约 4.5 亿。硬件业务增速约 20%，较去年有所下降，主要受 单个客户订单减少的影响。 2、硬件业务 · 产品与市场：主要产品包括 T4200S 和 T4000 测试机。T4200S 销量增速有限， 预计今年与去年持平；T4000 预计今年销量在二三十台，总销售数量目标在 100 到 110 台左右。 · 营收预期：T4200S 价格在 400 到 500 万之间，而 T4000 价格约 200 万。因此， 今年硬件营收目标约 4.5 亿。 3、软件业务 · EDA 软件授权：预计今年目标值在 6000 到 7000 万之间，较去年有所增长。 · 项目制业务：预计今年项目业务规模在 ...

通用控制系统UCS 使用控制数据中心把所有控制任务直接构建在服务器上 在私有云的基础上构建工业云 全光网络 减少了大量交换机 ...

【CT电新】亿纬锂能全场景锂电池方案发布20240618 1. 驱动智慧生活 SPC电池电容器 1）-40℃-85℃场景下10C瞬间放电能力 2）微安级漏电流表现 3）寿命达8年以上 2. 大圆柱电池——Omnicell全能电池 1）快充：25℃下可实现9分钟从10%充至80%，-30℃下仅需25分钟 2）低温性能：系统能量密度达200瓦时/公斤，较磷酸铁锂电池的140瓦时/公斤提升30%-40% 3）耐用性：采用6.6倍国标强度底部防护，能够承受1000焦耳碰撞 4）残值：采用三元材料，残值率达25%；拆解过程规范，实现高残值和可再生 3. 储能新技术 1）浸没式液冷技术：过度强制充电时最高温度可快速降低160度 2）3T高效热管理技术：将电池内部温度差异从8度降低至1.5度 3）数智化电池管理技术：采用高精度采集芯片，对电池电压、内外部温度等信号进行监测 4）Mr Giant 5兆瓦时系统：实测系统能量效率达95.5%，较同行同类系统提升1% 4.未来技术 #evtol： 输出功率高（10C）、能量密度要求高（320wh/kg）、安全（系统层级不能出现热蔓延）、 成本（确保公司盈利且消费者能负担得起）、快 ...

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 ...

1、重卡行业目前的整体情况以及公司近期的生产经营情况如何? 公司通过加快产品优化升级和结构调整,持续提升产品质量和产品竞争力。截止目前,公司产品产销情况与 去年同期相比,依然保持较好的增长态势,且好于行业水平。同时,公司产品借助重汽国际公司出口至上百个 国家和地区,2024 年至今,公司重卡产品出口依旧保持了不错的成绩。 天然气重卡自 2023 年 4 月起开始上量,在油气价差的驱动下,燃气重卡的经济性优势较为明显。今年以来, 公司天然气重卡在牵引车的占比稳步提升,燃气车结构性增量机遇仍将继续。 近年来,新能源重卡在销量规模和渗透率方面提升较快。根据行业统计数据,2024 年 1-5 月重卡新能源销量 2.1 万辆,渗透率 8.4%。 根据第一商用车网数据,2024 年 1-5 月,重卡市场累计销售 43.31 万辆,比上年同期增长 8%。其中,5 月份重 卡销售约 7.8 万辆。 2、公司的天然气重卡销售情况? 3、如何看待新能源重卡的发展,以及公司新能源重卡的情况? 公司依托于重汽新能源公司实现新能源重卡产品的销售,且渗透率稳步提升。截止目前,公司新能源重卡的 销量已超过去年新能源重卡的销售总量。未来,公 ...

广汽集团 20240618 Q：埃安去年表现很好，今年怎么看？家用和网约车需求是怎么样的变化？ 去年来看埃安 S 系列基础款有 2 个高性价比版本，没有舒适性配置和更多颜色 等附加价值，这两款就主要是面向 B 端的，这个版本车型占埃安销量是 28%， 这里面主要是流向 B 端市场，也有个人想要高性价比车型的。有一些舒适性配 置的埃安 S plus 等，买这些的有一些人是兼用，既有家用也跑网约车。今年 B 端市场整体上有一些下滑，对我们有略微影响。而且我们现在几款车型都是比较 老款了，所以我们也会在下半年更新，会迚一步把 B 端和 C 端做一个区分，我 们埃安 S 区分特征会更明显，新车型 C 端特征会更明显。 Q：下半年埃安车牌换新，节奏是怎么样的？ 第二代的V很快就会上，应该在三季度。S和浩博的6座SUV有可能在四季度。 Y 是明年上半年（更多纪要加微：571117713）。埃安品牌今年是一个新老换 代 的阶段。浩博品牌是产品迭代阶段，6 座 SUV 就是新产品阶段，渠道也是 重新 布置的阶段。 ...

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]

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 ...