胜宏科技 20240818_原文 2024 年 08 月 18 日 21:53 发言人 00:00 会者均处于静音状态，现在开始播报免责声明。声明，播报完毕后，主持人可直接开始发言。本次会议 仅面向方正证券的专业投资机构客户或受邀客户、第三方专家，发言内容仅代表其个人观点，所有信息 或观点不构成投资建议。根据监管规定，会议不得交流敏感、内幕信息。未经方证证券事先书面许可， 任何机构或个人严禁录音、制作资料、转发、转载、传播、复制、编辑、修改等。涉嫌违反上述情形的 我们将保留一切法律权利。 发言人 00:35 感谢您的理解和支持，谢谢。尊敬的各位投资者大家好，我是方正的电子分析师郑正香。非常感谢大家 周末参加我们的盛虹科技的电话会议。周五我们从科技的话也是发了很多公告。从年初以来，我们一直 在讲整个 HDI 的大的产业趋势，是现在的话在加速落地。从工作上的话，有两个非常重要。第一个就 是我们盛隆的管理层也出现了比较大的一个优化。赵总的话现在是任 CEO，然后朱曦垚朱总的话现在 是任董秘。这个对于公司未来的运营以及跟资本上的交流的话，应该是更加的一个优化的一个升级。 发言人 01:29 第二个就是我们公司也是公告 ...

芯源微 20240817_原文 2024 年 08 月 18 日 16:04 发言人 00:00 这就是我们这篇最新的个股的一篇深度报告，就是宣威的这篇报告的一个情况。本篇报告的一个标题主题 名字叫做这个图线龙头多轮驱动展现成长动力。这也是反映了当前纤维所处的这样的一个成长阶段，就是 以图像显影设备为核心的这样的一个业务。现在还包括像这个清洗，或者是这个先进封装这一块的话，也 给公司贡献了一定的这样的一个增长的一个驱动力，是我公司未来的这样的一个成长第二第三增长曲线。 发言人 00:33 本篇报告主要分为大概是五个部分。前面四个部分主要是介绍公司的一些主要的一些财务的一些情况，包 括他的一个业务的这样的一个三块业务的这样的一个情况。最后一部分是盈利预测的这样的一个最终的这 样的一个结果。首先我们还是看第一部分的一个第一部分的一个情况。第一部分的情况整体对公司的一个 背景以及它的一些核心的一些财务去做了一个整体的这样的一个介绍。 发言人 01:02 首先我们看公司的一个发展历程的一个情况。那公司，它早期是脱胎于中科院系统。前身，是 2002 年成 立的沈阳鑫源先进半导体技术有限公司，是由中科院沈阳自动化研究所所 ...

纳睿雷达 20240816_原文 2024 年 08 月 17 日 14:34 发言人 00:00 晚上参加我们团队组织的拉瑞业绩交流会。其实今晚这个中报一出来，我们就第一时间邀请了咱们董秘龚 总，跟给咱们做一个解读。因为可能有投资者们觉得这份中报和公司上班扮演上半年这个亮眼的一个中标 数据，有比较大的一个落差但其实中报也写的比较清楚，因为今年咱们公司上半年中有新增合同金额约为 5.4 亿元，是去年全年收入的 2 倍。但由于这些标，它是四月底才陆陆续续的中标，然后合同签订了基本 就到 5 6 月份了，所以 63 年前，他交付和这个验收的这个项目比较有限。接下来，咱们辛苦龚总给咱们解 读一下中报的业绩情况，以及下半年的一个展望，龚总。好的，今天中报的话，营业收入的话是 7200 万， 跟去年上半年基本持平。然后利润的话是下滑 69%，其中扣费利润的话下滑 43%。 发言人 01:12 主要的话是今年上半年给珠海市扶贫部门捐了 600 万。这也是公司为了答谢珠海对公司在，在珠海一直成 长以来的一个答谢和厚爱。这也是，我们公司的话在上市之前的话，就暗自下了这个决定。所以一上去之 后，公司就给高新区扶贫部门捐了 60 ...

Financial Data and Key Indicators Changes - In the first half of 2024, the company achieved operating revenue of 4.068 billion yuan, a year-on-year increase of 10.31% [3] - The net profit attributable to shareholders was 644 million yuan, a year-on-year increase of 4.47% [6] - The net cash flow from operating activities was 481 million yuan, with a weighted average return on equity of 9.88% [7] Business Line Data and Key Indicators Changes - The revenue from the submarine cable system and marine engineering was 1.769 billion yuan, a decrease of approximately 5% year-on-year [4] - The revenue from the road cable system was 2.294 billion yuan, a year-on-year increase of 25.91% [5] - The gross profit margins for the submarine cable system, road cable system, and marine engineering were approximately 40%, 10%, and 33% respectively [7] Market Data and Key Indicators Changes - As of August 12, 2024, the company's order backlog reached 8.9 billion yuan, with 2.949 billion yuan from submarine cable systems, 4.523 billion yuan from road cable systems, and 1.433 billion yuan from marine engineering [19] - International orders accounted for nearly 30% of the total order backlog [19] Company Strategy and Development Direction - The company is focusing on integrating capital and industry, enhancing production capacity, and expanding its market presence, particularly in the southern and northern industrial bases [10][12] - The company aims to enhance its core competitiveness through technological innovation and strategic partnerships, particularly in the offshore wind power sector [17] Management's Comments on Operating Environment and Future Outlook - The management noted that while the overall operating environment has challenges, there are positive developments in policies supporting green energy and offshore wind projects [23][24] - The company expects to see growth in the offshore wind power sector, with significant projects anticipated to commence in the near future [32] Other Important Information - The company has received several industry awards, including being recognized as one of the top ten leading brands in the Chinese wire and cable industry [8] - The company is actively involved in social responsibility initiatives, including scholarships and environmental projects [9] Q&A Session Summary Question: What are the reasons for the low gross margin in overseas projects? - The low gross margin is primarily due to high transportation costs and the inclusion of import duties in the project pricing, which were not accurately forecasted during the bidding process [34][35][36] Question: How does the company view the future gross margin for overseas projects? - The company expects to maintain a gross margin in the range of 30% to 40% for most overseas projects, with specific projects being evaluated on a case-by-case basis [45][46] Question: What is the outlook for the road cable segment in terms of revenue and margin? - The road cable segment is expected to maintain a gross margin around 10%, with potential for improvement as market share increases and production scales up [49][50]

爱美客 20240816_原文 2024 年 08 月 17 日 20:38 发言人 00:00 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 00:32 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。市场有风险投资需谨慎。 发言人 01:05 各位领导，大家晚上好，我是国海商社研究员周玉。今天和大家分享的是医美龙头爱美客的深度报告。继 上次我们做了医美行业的框架性梳理，本次爱美客属于医美产业链中最核心的产品部门当中的这个注 ...

海外收入占比九成以上。 订阅续费率持续提升，超过 80%。 AIGC 后续怎么提升效益，摊薄成本？ 本质是用 ai 做内容生成，万兴的产品和金山等文档处理产品不一样，万兴主要是视频，相 对于文本领域的技术，视频技术成熟度没那么高，还在摸索商业模式。拓宽用户量和场景 持续升级大模型，持续建立第三方大模型的链接。今年下半年会更加务实。 股权激励+回购？ 下半年业绩会比较乐观。 全球、市场需求没什么太大变化，但是海外来自于国内的竞争对手在增加。我们在推动海 外营销的本土化。 今年加大了云端和移动端产品的投入，加大社交媒体上面的营销投入。 产品月活数据？ 喵影月活千万级别，每年付费百万级别。今年移动端同比增长 20%。移动端、桌面端的活 跃度价值量是不一样的。 移动端和云端今年增长是很快的，我们预期下半年会很好。 视频 ai 竞争格局？我们竞争优势 创意软件很难做到一家独大，素材不一样操作流程不一样产出不一样，adobe 产品碎片化， 每款产品体量都不是很大，想靠一款产品拿到很大份额是很难的。玩家有两类：一类就是 给自己赋能的，比如 tiktok 自己研发的工具，他们会很纠结。另一类就是万兴的独立第三 方。 广告宣传 ...

萤石网络 24 年中报业绩解读 240814ZJ(1)_导读 2024 年 08 月 14 日 20:05 摘要 一家专注智能家居领域的领军企业，在零售渠道和 C 端数字化营销方面不断加强自身能力，成功提升线 上业务占比至 21.02%，特别是国内主流产品的电商出货占比有了显著提升。在国内市场，公司通过拓 展五金渠道和强化线下全屋智能店建设实现了收入增长。境外市场表现同样强劲，收入同比增速达 29.86%，完成了渠道和业务的优化，实现了从单品类到多品类的拓展。公司业务生态体系全面升级， 以 AI 和银石云为双核驱动，包含了五大 AI 交互类核心资源产品线和广泛生态产品线。加大 AI 技术研 发投入，推出了多项创新产品，并建立了面向未来的技术架构。聚焦智能服务机器人，通过技术创新提 升用户体验。讨论了利用大模型解决垂类污染场景，强调公司在物联网设备和丰富的物联场景上的优势 面对市场挑战，公司通过产品线丰富、线上市场份额增强等方式维持毛利水平。云业务实现 30%增长， B 端增速快于 C 端。公司正在向多元化的战略与本地化策略迈进，注重产品与营销策略的地区适应性， 推动全球业务增长。 问答 未知发言人 问：公司在 ...

伟星股份 20240814 会议要点 1. 半年度业绩表现 伟星股份 2022 年上半年营业收入增长了 25%以上，税后净利润扣 非前为 37，扣非后为 33。这一增速符合纺织服装业辅料行业的基 本特征。公司在过去的几个季度中表现出持续改善的趋势，尤其是 在国内品牌去库存的背景下，下游客户的增速表现良好。 上半年， 伟星股份的营收和业绩表现超出预期，尤其是在经济低迷的环境 下，国内品牌对下半年消费品市场的预期变得谨慎。这种谨慎态度 源于 2022 年的库存压力和经济环境的叠加影响。 2. 国际市场拓展 伟星股份在国际市场的拓展上取得了一定成效，尤其是在国际品牌 | --- | --- | |-------------------------------------------------------------|-------| | | | | 客户的开拓上表现良好。公司在服饰辅料行业深耕多年，产品包括 | | | 纽扣、拉链及其他箱包配件等 8 个品类，主要为日用消费品行业提 | | | 供配套服务。公司近年来推进国际化、智能制造及数字化转型升 | | | 级，成为浙江省 20 家未来工厂之一。通过提升工艺 ...

Financial Overview - In the first half of 2024, the company achieved revenue of 2.404 billion yuan, a year-on-year increase of 49.33% [1] - Gross profit reached 1.218 billion yuan, with a gross margin of 50.68% [1] - Net profit increased by 85 million yuan to 443 million yuan, while the non-GAAP net profit grew by 92 million yuan to 435 million yuan [1] - After excluding share-based payment impacts, net profit increased by 33.9% to 665 million yuan, and non-GAAP net profit rose by 42.24% to 606 million yuan [1] - As of the end of the first half of 2024, total assets amounted to 11 billion yuan, with cash and cash equivalents accounting for 21.2% of total assets [1] Product Business Progress - Revenue from single-wafer cleaning and semiconductor cleaning equipment grew by 79.91% to 1.774 billion yuan, representing 73.81% of total revenue [2] - Revenue from plating, packaging, and other front-end equipment decreased by 8.12% to 427 million yuan, accounting for 17.76% of total revenue [2] - The company launched the HOCEP new plating and circuit equipment for next-generation fan-out panel-level packaging, expected to be a disruptive product [2] Customer Situation - The company has significantly increased its market share in the Chinese market as a leading cleaning equipment provider [2] - Successful delivery of OTC metal back cleaning and edge etching equipment to new customers in the U.S. market [2] - Active discussions with several front-end and packaging equipment customers in South Korea, including potential collaborations with Hynix for high bandwidth memory (HBM) products [3] Capacity Expansion and Long-term Revenue Goals - The company is expanding capacity in China and other regions, with a new R&D and manufacturing center in Shanghai nearing completion, expected to be operational by September [3] - A new long-term revenue target of 3 billion USD has been set, with expectations of 1.5 billion USD from the mainland China market and another 1.5 billion USD from other global markets [3] - The company forecasts full-year revenue between 5.3 billion and 5.8 billion yuan, reflecting significant progress in domestic and international market expansion [3] Technological Innovation and Market Outlook - Breakthroughs in panel-level packaging technology have been achieved, with a horizontal plating solution expected to position the company as a major player in the global market [3] - Plans to launch multiple devices with independent IP to support the rapid development of panel-level packaging [3] - Unique design in PECVD products enhances global competitiveness, with plans to enter international markets after domestic validation [3] Management Comments on Operating Environment and Future Outlook - Management expressed optimism for the second half of the year, expecting stronger performance driven by robust order and shipment growth [5] - The revenue guidance for the year has been raised from 5 billion to 5.3 billion yuan, reflecting confidence in growth for the second half and next year [5] - The company noted that while there is an increase in orders, the overall expansion pace remains steady and aligned with plans [11] Other Important Information - The company is accelerating the localization of key components for equipment, with domestic suppliers identified and feasibility studies underway [11] - The company expects to maintain a healthy growth trend in the semiconductor equipment market in China, supported by the third phase of the major fund [11] Q&A Session Summary Question: What is the progress of cooperation with major customers in South Korea? - The company is engaged in comprehensive cooperation in South Korea, including cleaning and plating equipment, with ongoing development of new processes and equipment [4] Question: How does management view the revenue growth in Q2? - The revenue growth exceeded expectations, attributed to increased downstream customer demand and revenue recognition from certain products [5] Question: What are the growth points in the cleaning equipment sector? - The company has a process coverage rate of 90-95% in cleaning equipment, with wet cleaning technology, especially high-temperature cleaning, identified as a future growth point [6] Question: What are the growth opportunities in other equipment sectors? - Backplane and plating equipment are important growth areas, particularly in international market expansion [7] Question: How does the company view the upcoming share unlock? - The company does not anticipate significant changes due to the share unlock, emphasizing continued focus on domestic market development [14] Question: What is the market outlook for supercritical CO2 technology? - This technology has significant potential, especially in logic processes below 5nm nodes and future 3D GAA logic [10] Question: What is the core performance indicator for plating equipment? - The company's plating equipment covers TSV, RDL, and advanced packaging, with a domestic market share target of 55% [10] Question: How is the demand from storage customers in China? - A growth trend is observed, particularly in Q4, with increasing demand for cleaning equipment in single crystal and logic processes [12] Question: What is the market space and competitive landscape for panel-level packaging technology? - Panel-level packaging is becoming increasingly important in the semiconductor supply chain, with the company being the first to adopt a horizontal plating solution [13]

万华化学 24 中报交流 240813CJ_导读 2024 年 08 月 13 日 17:02 摘要 化工行业龙头企业近期发布的 2024 年中期报告显示，尽管营业总收入略有下降但仍保持稳定，显示出 公司强大的全球竞争力。公司继续在技术和工艺上进行创新，保持行业领先的能耗和成本优势。面对全 球经济下行压力和市场竞争加剧，公司通过优化产品结构和加大研发投入来应对，特别是在新兴材料领 域进行了大量投资，同时注重社会责任和人才培养。此外，公司通过精细化管理和全球市场布局，尽管 面临着原材料价格波动和国际贸易壁垒等挑战，但仍维持了一定的增长势头，并对市场复苏持乐观态度 未来，公司将着重于产业升级和产品创新，以实现可持续发展和市场领导地位。 问答 发言人 2 问：导致公司上半年净利润下降的主要原因有哪些？ 发言人 3 答：净利润下降主要有两大原因。一是全球经济形势的变化，包括欧洲因能源价格高涨和通 胀带来的消费需求不足以及投资放缓；二是能源结构和成本上升的压力，特别是欧洲化工企业面临较大 挑战。此外，美洲市场需求相对低迷，加上产品价格偏低导致获利减少。在国内，虽然整体需求保持增 长，但由于产能过剩加剧价格竞争，形成增量 ...