中材国际深度 20240530_原文 2024年05月30日 23:17 发言人 00:00 您稍后，thanks for your participant. 本次电话会议仅服务于长江证券研究所白名单客户。未经长江证 券事先书面许可，任何机构或个人不得以任何形式对外公布、复制、刊载、转载、转八引用本次会议相关 内容，否则，由此造成的一切后果及法律责任由该机构或个人承担。长江证券保留追究其法律责任的权利。 发言人 00:32 各位投资者早上好，欢迎参加由长江建筑举办的我们的一个深度解读进入央企的这个系列汇报。今天是我 们汇报的第一场是中泰国际，也感谢各位投资者在这么早来参加我们这次的交流。我来首先汇报一下我们 这么第一家央企，这是一个基本情况。其实这个是我在前三段时间也发给各位投资者的。就是我们目前认 为就是从长期来看的话，有一个建筑行业传统工程的一个最优解。它分别是对应的我们要面向于央企、面 向海外和面向于专业工程。 发言人 01:07 首先因为央企和民企来看的话，央企肯定是一个大的方向。所以央企的份额提升，包括国企改革的推进， 都会带来整个央企的一个后续的持续的机会。那么海外和国内对比来看的话，海外一定是一 ...

Financial Data and Key Metrics Changes - NVIDIA's Spectrum product line is expected to reach several billion dollars in revenue this year, with a total switching capacity of 51.2T and a focus on 400G single-port rates, increasing the number of ports to 128 [42][15][24] - Last year, NVIDIA's main product, Quantum 99700, generated approximately $9 billion in network business revenue, with significant growth in IB revenue [24] Business Line Data and Key Metrics Changes - The Spectrum product line is a key focus for the company, particularly in high-performance Ethernet, which is expected to drive growth in the coming year [42][15] - The introduction of Spectrum 4, which utilizes the latest ASIC switching chips, is anticipated to double the switching capacity compared to Quantum, significantly impacting overall interconnect scale [23][16] Market Data and Key Metrics Changes - Domestic manufacturers are expected to gain market share in the 1.6T module sector due to limitations faced by some international manufacturers [6] - The demand for 1.6T modules is projected to increase, influenced by new GPU architectures and the upcoming GB200 product line [20][36] Company Strategy and Development Direction - NVIDIA's strategy involves promoting InfiniBand (IB) first, followed by Ethernet products, with a focus on high-margin IB switches initially [43][17] - The company is positioning Spectrum 4 as a transformative product in network architecture, emphasizing its capabilities in AI cloud scenarios [12][49] Management's Comments on Operating Environment and Future Outlook - Despite recent weakness in the computing sector, the fundamental trends remain strong, with expectations that the computing sector's performance will surpass other sectors as earnings reports approach [39][22] - The management highlighted that the pure inference architecture is unlikely to significantly reduce network device usage in the long term, as AI models require continuous upgrades and adjustments [28][29] Other Important Information - The focus on low-power operation (LPO) solutions is increasing, particularly in North America, where high power consumption in data centers is a pressing issue [31][5] - The upcoming Computex conference is expected to feature significant discussions on AI and LPO solutions, which may catalyze market interest [52] Q&A Session Summary Question: What is the expected impact of Spectrum 4 on network architecture? - Spectrum 4 is anticipated to significantly influence network architecture trends, with its high interconnect scale and performance capabilities [53] Question: How does NVIDIA view the future of AI cloud and its network requirements? - The company believes that AI cloud will increasingly require integrated training and inference capabilities, driving demand for high-performance networking solutions [47][12] Question: What are the expectations for the 1.6T and 3.2T modules? - The 1.6T modules are expected to see initial shipments by the end of this year, with 3.2T products anticipated to enter the market in the following years, supporting further growth in the optical module market [36][40]

Financial Data and Key Metrics Changes - In 2023, the company achieved operating revenue of 10.81 billion yuan, a year-on-year decrease of 26.59% [13] - The net profit attributable to the parent company for 2023 was 192 million yuan, an increase of 136.10% year-on-year, with continuous improvement in gross margin and cash flow [15][16] Business Line Data and Key Metrics Changes - The brand marketing segment achieved operating revenue of 3.04 billion yuan in 2023, a year-on-year increase of 15.12%, collaborating with high-quality clients such as BYD and Xiaomi [17] - The performance marketing segment optimized its client structure and reduced low-efficiency businesses, leading to an increase in gross margin despite a decrease in revenue [18] Market Data and Key Metrics Changes - The company’s regional management strategy yielded positive results, with the South China subsidiary achieving breakthroughs and sustained cooperation with clients like BYD and Dongfeng Nissan [20] - International business partnerships were established with companies like Chaiou and Uru Yijil Group to support Chinese brands' overseas expansion and cross-border e-commerce [21] Company Strategy and Development Direction - The company aims to deepen mixed-ownership reform in 2024, enhancing governance structure and focusing on becoming a digital cultural technology company [30][32] - The strategy includes solidifying digital marketing operations while accelerating innovation in the digital cultural sector [33] Management's Comments on Operating Environment and Future Outlook - Management emphasized that 2023 was a critical year for the company’s transformation towards high-quality development, executing strategies to improve operational quality and reduce risks [12][14] - The company plans to continue leveraging its mixed-ownership governance advantages and enhance its digital cultural innovation capabilities [34] Other Important Information - The company has launched various AI-related products and services, including a digital human production platform and tools for creating digital content [25][26] - The company is also exploring Web 3.0 cultural industry operations and has established a subsidiary focused on AI-related business and digital cultural development [22][28] Q&A Session Summary Question: What are the company's plans for future growth? - The company will continue to deepen mixed-ownership reform and enhance governance structures while focusing on digital cultural technology [30][32] Question: How is the company addressing the decline in revenue? - The company is adjusting its business strategy to improve operational quality and reduce risks, which has led to an increase in net profit despite lower revenue [14][15]

中材国际深度 20240530_原文 2024年05月30日 23:17 发言人 00:00 您稍后，thanks for your participant. 本次电话会议仅服务于长江证券研究所白名单客户。未经长江证 券事先书面许可，任何机构或个人不得以任何形式对外公布、复制、刊载、转载、转八引用本次会议相关 内容，否则，由此造成的一切后果及法律责任由该机构或个人承担。长江证券保留追究其法律责任的权利。 发言人 00:32 各位投资者早上好，欢迎参加由长江建筑举办的我们的一个深度解读进入央企的这个系列汇报。今天是我 们汇报的第一场是中泰国际，也感谢各位投资者在这么早来参加我们这次的交流。我来首先汇报一下我们 这么第一家央企，这是一个基本情况。其实这个是我在前三段时间也发给各位投资者的。就是我们目前认 为就是从长期来看的话，有一个建筑行业传统工程的一个最优解。它分别是对应的我们要面向于央企、面 向海外和面向于专业工程。 发言人 01:07 首先因为央企和民企来看的话，央企肯定是一个大的方向。所以央企的份额提升，包括国企改革的推进， 都会带来整个央企的一个后续的持续的机会。那么海外和国内对比来看的话，海外一定是一 ...

三棵树 原文 240429_ 2024年05月31日08:49 发言人1 00:00 分享一下我们刚刚外发的三个数的申份报告，期待冲突改善需求，渠道扩张助力成长这篇申报 告，其实我们这篇报告从从行业的这个角度，我们其实着重分析了海外和国内目前存量市场需 求的一个对比。然后去做更好的帮助。我们去就对国内的在整体新房交付量下降的这个大背景 下，二手房以及冲突这个需求目前的一个国内需求现状的一个判断。基于这个行业的基础，然 后去看一下大多数在当前的这个大行业的背景下，要具备哪些核心的发展优势。 发言人1 00:50 其实当初这家公司是建材整个板块，尤其是这个涂料赛道当中，一直关注非常高的公司。并且 我们认为其实大部分的投资者对于相助这家公司在主营业务，然后包括一些相关的基本情况还 是比较了解的。我们在这个公司简介这一块，我们就简单的和大家分享一下目前比较近期的一 个情况。看到这个公司整体的股权的分割占比，还相对来讲一直都是非常稳定的。这个是控人 洪总的，现在是67.02%的一个股份占比。 发言人1 01:34 公司其实目前这个员工助理计划，其实帮助在员工激励方面一直做的都比较好。能一直到现在 是，总共推出了五期的员 ...

比亚迪（002594.SZ）系列点评十 油耗 2.0 时代开启 格局优化逻辑再加强 2024年05月30日 ➢ 事件概述：5 月 28 日，比亚迪举办 DM 5.0 技术暨秦 L DM-i、海豹 06 推荐 维持评级 DM-i 上市发布会，DM 5.0技术拥有全球最高 46.06% 发动机热效率，全球最 当前价格： 224.70元 低 2.9L 百公里亏电油耗，全球最长 2100 公里综合续航，秦 L、海豹06实测 油耗平均值为 2.26L、2.11L，售价9.98-13.98万元。 ➢ 油耗 2.0 时代开启 格局优化逻辑再加强。2024 年 2 月起，公司推出荣耀 [Table_Author] 版改款，以价换量效果显著，2024Q1、2024年4月，比亚迪在20万元以下市 场份额17.5%、24.2%；在20万元以下混动市场份额60.1%、65.7%。我们认 为，本次dmi5.0技术实现油耗、续航的再次突破，有望强化公司在插混领域技 术领先地位，份额有望进一步提升。目前，中国10万元以下/10-15万元/15-20 万元市场空间约280/640/400万辆，新能源渗透率约46%/25%/41%，新能源 渗 ...

Compa n y U pda te Ch in a Res ear ch Dep t . 2024年05月30日 宝丰能源(600989.SH) Buy 买进 费倩然 H70507@capital.com.tw 目标价(元) 20 能效标杆企业成长可期，绿氢助力节能降碳 事件： 公司基本资讯 国务院印发《2024-2025年节能降碳行动方案》，细化重点领域和行业节能目 产业别 化工 标。对于石化化工行业，《方案》提出：1.严格石化化工产业政策要求。2. A股价(2024/5/29) 16.63 加快石化化工行业节能降碳改造。2024—2025年，石化化工行业节能降碳改 上证指数(2024/5/29) 3111.02 造形成节能量约4000万吨标准煤、减排二氧化碳约1.1亿吨。3.推进石化化 股价12个月高/低 17.6/11.95 总发行股数(百万) 7333.36 工工艺流程再造。大力推进可再生能源替代，鼓励可再生能源制氢技术研发 A股数(百万) 7333.36 应用，支持建设绿氢炼化工程，逐步降低行业煤制氢用量。 A市值(亿元) 1219.54 结论及点评： 主要股东 宁夏宝丰集团 节能降碳目标重提，预 ...

宝丰能源 会议要点 1、公司一季度经营情况 公司一季度整体毛利约为24亿，净利润约为14亿，环比四季度有所下降，主 要受煤焦板块影响。煤焦板块净利润约为2亿，环比下降约3亿。 ·烯烃板块一季度净利润约为9亿，占比超过60%，经济化工板块净利润接近3 亿，占比约20%。 2、影响一季度业绩的因素 ·煤焦板块受市场因素影响，焦炭和焦煤价格下行，焦炭价差收缩，导致周期性 影响。 ·自有煤矿春节期间放假，影响约7-8万吨精煤产量，对煤焦利润产生影响， ·三期40万吨焦炉气制甲醇项目一季度检修，导致外购约5万吨甲醇，影响利 润。 3、二季度业绩变化 ·烯烃板块4月份以来，甲醇价格反弹，环比一季度上涨约200元/吨。 ·动力煤价格回落，4月份采购价下降约80元/吨，有利于成本下降 ·烯烃板块单吨毛利提升至约3000元，净利提升至2000元以上。 4、新项目进展 EVA项目2月份开始投料试车，4月份转产光伏料，单吨毛利约4500元，净利 3000元以上。 ·焦化板块4月份以来，焦炭价格反弹，加工价差扩张，利润边际修复。 5、内蒙项目情况 .银团货款落地，总额135亿，首笔放款约40亿。 截止4月底，累计投资约200亿，项目 ...

Financial Data and Key Indicators Changes - The mechanical industry index decreased by 2.79% in the past week, ranking 10th among all primary industries [100][113] - The overall market performance was also down, with the Shanghai and Shenzhen 300 index dropping by 2.08% [100][113] Business Line Data and Key Indicators Changes - In April 2024, excavator sales reached 18,822 units, a year-on-year increase of 0.27%, with domestic sales up 13.3% [107] - Forklift sales in April 2024 were 124,000 units, showing a year-on-year increase of 23.9% [117] - Loader sales in April 2024 totaled 9,779 units, with a year-on-year increase of 0.9% [119] Market Data and Key Indicators Changes - The manufacturing PMI for April 2024 was 50.4%, a decrease of 0.4 percentage points from the previous month [28] - Fixed asset investment in manufacturing for April 2024 showed a year-on-year increase of 9.7%, down 0.2 percentage points from the previous month [28] Company Strategy and Development Direction and Industry Competition - The engineering machinery industry is expected to recover, with domestic demand gradually improving due to ongoing policy effects and equipment renewal needs [107] - The industry is transitioning from a rapid growth phase to a stable development phase, with a positive overall trend anticipated [107] Management's Comments on Operating Environment and Future Outlook - The management highlighted the ongoing recovery in the engineering machinery sector, with expectations for continued growth driven by domestic and international demand [107] - The company noted that the industry is at a cyclical bottom and may soon enter an upward phase as policy effects become more pronounced [107] Other Important Information - The company announced significant breakthroughs in mid-infrared femtosecond laser technology and its applications in the medical field [80] - A new investment in establishing a European headquarters was also announced, with a total investment of approximately 700 million USD [67] Q&A Session All Questions and Answers Question: What is the outlook for excavator sales in May? - CME estimates that excavator sales (including exports) will be around 16,200 units in May 2024, representing a year-on-year increase of approximately 5% [107] Question: How is the company addressing the challenges in the current market? - The company is focusing on leveraging its scale advantages and industry layout to navigate the challenges posed by macroeconomic risks and fluctuating raw material prices [108]

嘉宾：董事长沈总，总经理王总，副总张悦，副总尹总，副总韦总（宴会）董秘范总 核心要点： 1.短期经营：去年需求集中释放，基数较高，同比口径有压力，但是相对2019年同期，原有老店都保 持增长，难能可贵。 2.开店计划：去年新开店12万+平方，今年计划新开面积26万平方，今年仍是高速发展的一年。但是通 过公司门店分步开业、单体自我造血的模式，资金压力不大，如果需要资金，银行授信充分。 3.长期业绩目标：10亿利润，现在滨湖富茂1年可以赚6500万利润，未来达成10亿利润的路径清晰，难 度不高。餐饮+酒店+食品，三大业务联动，公司未来发展空间广阔，尤其是食品业务，中国人口多， 市场空间潜力大。 纪要正文： Q：公司合肥有5家，本地市场如何协调经营和定位差异？ 合肥市场，省会城市GDP增长全国第一，产业新兴，没有历史包袱。从国家战略来讲，长三角副中心 城市合肥、南京、杭州等，中心城市是上海，合肥制造业领先，服务业，在酒店方面，与南京、杭州 差距比较大。 滨湖富茂，合肥第一家，位于巢湖北岸，看起来竞争激烈，但是产品定位上是稀缺的；肥西富茂，西 边，县城，全国百强县；瑶海富茂（农贸市场边上）、北城富茂，合肥城市有7万人 ...