阳光电源 - 转过高点，盈利几何？240606长江_原文 2024年06月06日 22:10 发言人1 00:00 Start, please remain on the line. 发言人2 00:08 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、转发、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1 00:49 各位领导，大家晚上好，我是长江电信的分析师曹海花。欢迎大家参加我们这一场就是五月的一个回 顾，主要是我对我们五月发布的这个再看阳光电源转过高点盈利几何的一个报告的核心观点的一个分 享。那对阳光电源而言的话，其实这个公司的这个阿尔法其实已经是比较明确的。然后对于比如说它的 一个主流主要的业务，像光伏逆变器，然后整个全市场的话30%左右的份额。并且过去的其实从1几年就 是14年到现在的话，其实都是有大概30%多的毛利率。整个市场地位和盈利能力来讲的话，应该是得到 了持续的验证。 发言人1 01:30 在储能这一块来讲的话，其实整个的从中长期的这 ...

金陵饭店 23 年度 24 年第一季度业绩说明 240605_原 文 2024 年 06 月 06 日 15:24 发言人 1 00:00 尊敬的各位投资者朋友，大家上午好。 发言人 1 00:04 欢迎参加金陵饭店股份有限公司 2023 年度及 2024 年一季度业绩说明会。 发言人 1 00:11 首先非常感谢各位投资者一直以来对金陵饭店的关心与支持，感谢上海证券交易所上证路演中 心为公司搭建的投资者交流平台，促进公司与投资者的互动交流。 发言人 1 00:27 现在简单介绍一下今天出席柔,长记录。 副总经理、董事会秘书刘雨欣先生，财务负责人史宏伟先生。 发言人 1 00:47 本次说明会将通过视频录播结合线上网络文字互动的方式召开。 巨量领先全国产品规范企业等国家文理部、全国旅游市场。 发言人 1 02:48 商务部，我诚信兴商。 发言人 2 02:49 我诚信。江苏省放心消费创建市。 发言人 1 02:52 江苏省放心消费创建市。还被评定为江苏省。 发言人 2 02:59 江苏省。 发言人 1 03:07 思构建的 9。 发言人 2 03:07 构建了 9。 发言人 1 00:54 我们将通过视频方式 ...

Financial Data and Key Indicators Changes - In 2023, the company achieved a revenue of 67.54 billion yuan, representing a year-on-year growth of 24.08% [1][5] - The net profit attributable to shareholders reached 6.714 billion yuan, an increase of 33.46% year-on-year [1][5] - The cash dividend payout ratio significantly increased to 50.85%, with a record cash dividend distribution of 3.414 billion yuan [3][4] - In Q1 2024, the company's revenue was 18.807 billion yuan, with a net profit of 2.306 billion yuan and a gross margin of 32.7%, up 3.95 percentage points year-on-year [8][9] Business Line Data and Key Indicators Changes - The company's main business gross margin improved to 31.36%, an increase of 3.34 percentage points [5][6] - The number of duty-free shops reached 200, covering over 100 cities [5][6] - The membership count grew to 32 million, a year-on-year increase of 23.08% [7] Market Data and Key Indicators Changes - The company maintained its position as the world's largest travel retailer for three consecutive years, with significant revenue growth in the duty-free sector [5][6] - The company expanded its operations in Hainan, with multiple key projects launched, including the opening of flagship stores for major brands [12][13] Company Strategy and Development Direction - The company aims to become a globally competitive and influential world-class travel retail operator, focusing on tourism retail business [4][5] - Key strategies include deepening the Hainan duty-free business, optimizing the integrated management system, and enhancing customer service [26][27] - The company plans to expand its online business and improve the business model for taxable and comprehensive operations [28][29] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the recovery of international travelers and the company's ability to adapt to changing market conditions [36][38] - The company is focused on enhancing supply chain efficiency and improving customer service experiences [39][40] - Management believes there are significant opportunities for growth in consumer satisfaction and overall experience [40][41] Other Important Information - The company has established a strong ESG performance, being recognized as a leader in ESG ratings among peers [24][25] - The company is actively engaging with domestic and international brands to enhance its product offerings, including a focus on domestic brands [42][43] Q&A Session All Questions and Answers Question: What innovative strategies will the company implement in response to current market challenges? - Management acknowledged the challenges but emphasized their proactive approach in adjusting supply chains and enhancing customer service experiences [36][38] Question: How will the company balance the introduction of domestic and international brands? - The company is committed to actively engaging with leading domestic brands while also maintaining strong relationships with international brands, ensuring a diverse product offering [42][43] Question: What measures are being taken to enhance corporate governance in light of new regulations? - The company is continuously improving its governance structure in response to new regulations, ensuring compliance and enhancing decision-making processes [45][46]

更多资料加入知识星球：水木调研纪要关注公众号：水木纪要 汽车观点：当前如何看比亚迪20240605 摘要 当前市场对比亚迪的估值存在一定困惑，主要原因在于市场对其未来盈利 调整预期，并给予20倍市盈率，从而得出7,000亿人民币的市值。然而, 从内需角度来看，比亚迪在2月份推出荣耀版本，显示出其引领价格战的 能力和态度。在一季度财报中，比亚迪单车利润接近7,000元人民币，证 明其在价格战背景下仍能实现丰厚利润。我们认为，比亚迪第五代DM车 型的盈利能力将有显著提升加 · 从出口角度来看,和今年公司预计出口量为50万辆，明年则预计达到100 万辆。出单车盈利显著高于国内市场。因此，我们认为一些大机构不会 在比亚迪市值达到7,000亿人民币时卖出其股票。 数据加V：shuinu987 展望未来，我们认为比亚迪在国内外均具备较强的发展潜力。从定性判断 来看，比亚迪在国内市场有望达到400万以上销量。今年预计实现 350 万辆销量，而南北大众在中国高峰时期销量约为450万辆，日本丰田在本 土份额约为40%。因此，我们认为比亚迪在国内400万至 500万辆稳态销 量是可以期待的。 手调研纪要和研报 海外市场的估值逻辑 ...

NVL72项目进度： 现在还处于NPI工程打样阶段，最早期打样DEV1是48小时要提供原型，目的是锁 定生产设计图稿，然后是生产是然后就是接近于量产的成品形态。现在收到 allocation才知道份额，还处在工程打样阶段，所有物料都是通用BOM，会有非常多 的供应商，比如高速连接器，当前供应商有比较多，安费诺、鸿腾、立讯、 molex、TE，都是属于供应链参与的供应商。PCB有沪电 胜宏 奥特斯 臻鼎可选，实 际的进度会向客户建议某些供应商，作为主供二供等，之后客户采不采纳都是后期的 安排。目前到量产还有一点时间，现在属于有供应商进入了，刚进入小规模量产阶段， 客户为了保证信息完整性会对一些工程打样名字做些伪装。 铜缆电源连接器都是tier2层级，从小规模批量生产到客户批量认证，得到客户性能预 期后就等同于MP阶段，微软 谷歌 亚马逊会派人过来我们监督生产。DGX和MGX是 两种形态，短期只开放了rack形态的销售，一定时间只能买到rack。后期等到产业 链产能提升开放单个tray 模组 板卡形态。 阶段上PVT-E是个checkpoint，得到客户的prove就可以转入量产，节点是7.10- 7.15 B1 ...

Financial Data and Key Metrics - The company has sufficient cash flow and is deepening cooperation with regions like Beijing-Tianjin-Hebei through joint ventures [2] - The company's historical highest transportation revenue was 4 billion, last year it was 2.5-2.6 billion, and the overall revenue volume may significantly exceed the historical highest level [7][11] Business Line Data and Key Metrics - The company has a complete layout in the industrial chain of vehicle-road-cloud integration, with a relatively good foundation in cities like Chengdu, Chongqing, and Guangzhou [2] - The company has a 10% market share in the transportation sector, which has a scale of several hundred billion [7][11] Market Data and Key Metrics - The company has won a large project in Uzbekistan worth tens of millions, which is a significant project overseas [4] - The company is promoting transportation projects to countries along the Belt and Road, with some new products like the integration of transportation and energy, and the enrichment of charging pile product categories [4] Company Strategy and Industry Competition - The company has a first-mover advantage in the transportation sector and is deeply involved in creating benchmarks in some municipal-level projects [11] - The competition in the transportation sector is expected to intensify as the industry upgrades and transforms [11] Management Comments on Operating Environment and Future Prospects - The transportation industry is entering a new construction cycle in the coming years [8] - The company expects the overall revenue volume to significantly exceed the historical highest level due to the pure incremental market in cities and the large scale of the highway sector [7][11] Other Important Information - The company has a comprehensive product layout in the vehicle-road-cloud integration sector, including perception units, signal machines, cloud control centers, edge computing, and onboard OBUs [16] - The company has been involved in large-scale testing fields in Beijing since 2015-2016, providing automotive technical services and L4 level certification services to companies like Hongqi, Baidu, and Xiaomi [13] Q&A Session Question: What is the performance increment of the vehicle-road-cloud integration project for the company? - The company expects a significant increase in revenue due to the pure incremental market in cities and the large scale of the highway sector [7][11] Question: What is the progress of overseas business? - The company has won a large project in Uzbekistan worth tens of millions, which is a significant project overseas [4] Question: What is the landing rhythm and sustainability of the vehicle-road-cloud integration project? - The project will be promoted in batches, with the first batch covering no more than 10 provinces this year and the second batch next year, with a total of 20,000-30,000 kilometers in three years [5][7] Question: What is the impact on the industry? - The industry is transitioning from pilot practices to standard implementation, with other cities able to follow the established standards [6] Question: What is the progress of AI terminal products? - The company has launched many related products in the security sector, with some deployments in airports this year [9] Question: What are the company's competitive advantages? - The company has a first-mover advantage and is deeply involved in creating benchmarks in some municipal-level projects [11] Question: What is the value breakdown of a single intersection? - A single intersection is worth over 1 million, with 70% being over 1 million, and the perception unit at the road end is worth 200,000-300,000 for pure equipment and 400,000 including construction and installation [6][12] Question: What are the company's product layouts in the vehicle-road-cloud integration sector? - The company has a comprehensive product layout, including perception units, signal machines, cloud control centers, edge computing, and onboard OBUs [16]

A: 公司在2024年二季度的各方面发展都处于正常状态,整体 表现良好。从全年目标来看，公司将继续努力实现增长态势，尽 管上半年的合同情况并不理想,竞争较为激烈,但预计全年业绩 能够保持稳定。 Q: 公司业务的国内外比例如何?未来的业务重点是什么? A: 目前公司业务主要集中在国内,占比约80%。未来公司将继 Q： 公司智能配用电业务的毛利率今年会有什么变化? A：今年智能配用电业务的毛利率预计将保持平稳，不会有太大 增长。公司将继续保持稳步增长的方向。 A：是的,我们正在拓展新能源相关的配件业务,包括一些中国 能源类型的配件。 A: 数字配电部门的成立将有助于解决分布式新能源接入能力不 足的问题。通过数字化技术和整体规划，可以更有效地实现配电 网的建设和改造，减少部门之间的协调难度，提升效率。 Q: 公司在2024年二季度的总体经营情况如何?全年目标是什 么? Q: 从订单到确认收入的周期大概是多长? A: 正常情况下，(各行业纪要加v:571117713) 从订单到确认 收入的周期为半年到一年，个别项目可能会超过一年。 A: 目前公司没有得到下半年国网招标加速的明确信息。 Q: 公司在配件业务方面是否有拓 ...

Financial Data and Key Metrics Changes - The company is currently in the NPI engineering sample stage, with the first prototype expected to be delivered within 48 hours to finalize production design [5] - The company anticipates a total delivery of 55,000 units by mid-2025, with significant orders from major clients such as Microsoft, Google, and Amazon [7][8] Business Line Data and Key Metrics Changes - The company is transitioning from small-scale production to customer batch certification, with a focus on meeting customer performance expectations before moving to mass production [5] - The expected revenue from the MGX product line is projected to be around $283 million, with a significant portion of this coming from the MGX orders [9] Market Data and Key Metrics Changes - The company expects to deliver approximately 40,000 units to major clients by mid-next year, representing an 80% market share for the company in this segment [5][6] - The pricing for the NVL72 cabinet is set at $283,000, while the NVL36 is still awaiting final customer notification [8] Company Strategy and Development Direction - The company is prioritizing the NVL72 supply under current capacity constraints, with plans to adjust production based on customer stability and demand [8] - The strategy includes leveraging local suppliers for U.S. deliveries, aiming to enhance supply chain efficiency [7] Management Comments on Operating Environment and Future Outlook - Management highlighted the importance of customer validation in transitioning to mass production, with key checkpoints established for production readiness [5] - The company is optimistic about future orders, with a rolling release schedule planned for the next year, indicating a steady demand trajectory [9] Other Important Information - The company is working with multiple suppliers for components, including Amphenol and TE, to ensure a robust supply chain [5] - The expected profit margins vary across product lines, with rack margins at approximately 1.8% and board margins at 9.1% [9] Q&A Session Summary Question: What are the high-value BOM components? - The cabinet is valued at $16,000, while a complete set of high-speed connectors is priced at $52,000, including copper cables [6] Question: What is the expected price for NVL72 and NVL36? - The NVL72 is priced at $283,000, while the NVL36's price is still pending customer confirmation [8] Question: What is the expected delivery distribution for the 55,000 units? - Microsoft is expected to receive 35,000 to 38,000 units, Google 11,000 to 20,000 units, and Amazon 1,000 to 1,500 units [7] Question: What is the profit margin for different product lines? - Rack margins are approximately 1.8%, while board margins are around 9.1% [9]

交通部近期关于交通基础设施数字化转型升级政策和以前交通信息化政策有什么区别？对行业有 何影响？ 以前更多是一些试点实践，现在是落地到一些标准，模式落地，按照一些模式推进，除了有试点 的城市，其他城市都可以按这个标准去落地。 北京 100 亿，别的城市，上海和深圳路口也不少，基本可以按照路口推算，一个路口 100 多万。 城市后面越来越多，是纯增量市场，另外就是公路端，有大几百亿的规模，我们有 10%的市场份 额，正常拿到的话，我们交通收入历史最高的是 40 亿，去年 25-26 亿，整体收入体量可能有比较 大幅的提升，可能会超过历史最高水平。 1.北京近 100 亿项目对应的价值量：30%和通信网络相关，主要和运营商相关，70%和核心设 备、软件、设备安装调试等工作。信息化这种软硬件的比例能达到 80%以上。路端的感知单元， 纯设备大概 20-30 万，包括摄像头、激光雷达等，含施工安装大概 40 万。剩下的是云控中心、边 缘端计算单元，加起来单个路口有 50-60 万。公司涉及到的能占到 60%以上。 2.交通项目落地节奏和持续性：除了北京之外，剩下十几个城市都会作为试点城市推动，北京车 路云一体化项目下半 ...

见证科技发展，先进的可持续有效的产业发展 新加坡在全球AI上仅排在中美后面，位于全球第三名 预告中控工业自动化，工业AI上面的重大技术突破 中国流程工业 数字技术的蓬勃发展垫付传统方式 工业和人工智能结合促进工业人工智能的落地，为产业发展提供新的活力 拥抱人工智能，让行业更智能 工业AI，流程自动化 ...