Q: 公司在自主品牌建设、国内外市场拓展以及盈利水平方面的表现如何? Q: 公司 2024年营销费用的投放节奏和预算分配是如何规划的? | --- | --- | |--------------------------------------------------------------------------------------------------------------------------------------------|-------| | | | | 业务设定了一个大几十的增速目标。境外代工业务预计未来增速会维持在小双位 数。国内市场发展空间更大,因为国内市场处于初期阶段,养宠人群基数增加, | | | 人均养宠数量增加,国产替代化趋势,以及行业集中度提升,都能支撑国内宠物 | | | 食品增速上涨。公司在国内发展自主品牌，拥有研发实力、生产能力、配方资源 | | A．新西兰工厂主要为渴望和巅峰两个品牌生产，同时也有接到北美和欧洲的订 单。由于新西兰原产地对北美和欧洲客户具有高端吸引力，且新西兰工厂生产的 是主食罐头,这一品类在国外较为新颖,因此吸引了客户的兴趣。不过,由于产 能利用 ...

Financial Data and Key Metrics Changes - In 2023, the company achieved a sales volume of 738,900 tons, a year-on-year increase of 16.17% [9] - The operating revenue for 2023 was 11.945 billion yuan, up 7.94% year-on-year, while net profit was 125 million yuan with a gross margin of 1.52% [9] - The capacity utilization rate for 2023 was approximately 77%, which is higher than the industry average [8] Business Line Data and Key Metrics Changes - The company currently has a total production capacity of 1.05 million tons across four production bases in the casting aluminum alloy segment [2] - The gross margin has declined primarily due to the drop in aluminum alloy margins and increased procurement from individual suppliers, which has negatively impacted the gross margin compared to 2022 [10][11] Market Data and Key Metrics Changes - The company is actively exploring hazardous waste disposal and comprehensive utilization, particularly focusing on aluminum ash generated from its operations [7] - The company is also developing a 50,000-ton green circular high-performance aluminum plate and strip project, which is expected to become a significant growth driver [4][5] Company Strategy and Development Direction - The company aims to establish a closed-loop layout for hazardous waste disposal, focusing on three key projects [7] - Future growth will be driven by both the recycled casting aluminum alloy and recycled deformed aluminum alloy segments, alongside hazardous waste disposal [17] Management Comments on Operating Environment and Future Outlook - Management noted that the cash flow from operating activities decreased by 220.62% due to expanded production scale and increased accounts receivable from downstream customers [12] - The company plans to enhance its market share and aims for both sales scale and effective capacity improvements in 2024 [17] Other Important Information - The company is in the process of developing integrated die-casting materials, currently in the patent examination stage, with small batch trial production ongoing [13][14] - The company is considering stock incentives to motivate employees as it expands its business segments [16] Q&A Session Summary Question: Can you introduce the current development situation and capacity layout of the company? - The company has four production bases with a total capacity of 1.05 million tons in the casting aluminum alloy segment [2] Question: What is the current capacity utilization and gross margin situation compared to the industry? - The capacity utilization rate is approximately 77%, which is higher than the industry average [8] Question: Can you explain the changes in the cash flow from operating activities in the recent financial statements? - The net cash flow from operating activities decreased by 220.62% due to expanded production scale and increased accounts receivable [12] Question: What is the current progress in integrated die-casting technology? - The company is in the patent examination stage for integrated die-casting materials and is conducting small batch trial production [13][14] Question: What are the company's plans for convertible bonds? - The company has adjusted the price of its convertible bonds and will focus on its main business to create good performance for investors [15] Question: What is the gross margin advantage of the Anhui Phase II project? - The Anhui Phase II project is expected to have a gross margin of about 9%, which is higher than that of casting aluminum alloys [16] Question: Can you introduce the current situation of downstream customers and future market development strategy? - The customer base is stable, covering various sectors, with a focus on expanding new customers through a centralized sales management approach [16]

顺络电子交流纪要 1、请问公司在工业及网通领域的销售情况？ 回答： 公司的产品为精密高端电感类基础元器件产品综合核心竞争力较强，广泛应用 在通讯、消费电子、汽车电子、物联网、工业自动化等重点应用领域。 工业与企业ICT应用领域属于公司传统应用领域,公司在此领域市占率高,产品竞 争力强与行业领先企业的合作不断加深,随着工业自动化、物联网、5G及5.5C 继续 发展,将会持续给公司带来机会。 2、请问公司产品在数据中心、服务器的应用及推广情况？ 回答： 公司早已提前布局数据中心、服务器市场,并将其作为战略市场耕耘多年,积累了 国内外广泛的大客户资源及潜在客户资源数据中心、服务器大量使用各种类型 的电感,包括应用于数据中心的各种类型功率电感产品，比如WPZ电感、一体成型 电感、磁铜共烧电感等，前述产品公司均有产品线布局。 公司是国内电感行业的龙头企业，同时也是全球行业前三的电感企业。 电感种类齐全,产品质量等级高，掌握各种类电感核心技术，为全球电子产业链不 断做出贡献。 3、请问公司LTCC产品业绩情况？ 回答： 公司在LTCC平台上布局多年,拥有雄厚的研发实力和研发团队,累积了大量自主 知识产权专利技术,拥有可信 ...

2024 年 05 月 28 日 12:02 大家好,欢迎参加开源传媒风尚文化伦理设备更新政策对业务的影响及经营情况解读电话会议。 目前所有参会者均处于静音状态，下面开始播报每次声明，声明播报完毕后，主持人可以直接 开始反映,谢谢。本次会议仅面向开源证券的专业投资机构客户或受邀客户,仅供在新媒体背 景下研究观点的及时交流。第三方专家发言内容仅代表其个人观点，所有信息或所表述的一并 不构成对任何人的投资建议。未开源证券事先书面许可，任何机构或个人严禁录音、转发及相 关解读。涉嫌违反上述情形的，我们将保留一切法律权利。感谢您的理解和支持，谢谢。 发言人 2 01:04 发言人 2 02:32 好的，感谢各位投资人来参加我们这个电话会议。然后我是公司 212 洪家志，然后我也其实就 我给你举一个简单的例子，比如说像我们之前在 16 年的时候，所在杭州西湖上所做过的一台大 型大型活动,叫 G20 峰会。然后当时我们落在西湖上面有一台文演出叫遵义市杭州。其实这个 遵义市杭州这台项目已经在这个西湖上已经表演了五年多了。然后我们在 2022 年的时候,就 对这个项目有过一次翻新,或者是做过一次整个的一个产品的迭代。当时我们 ...

【纪要】珀莱雅(603605)会议纪要20240527 1. 目前618的表现 A: 首先是从时间上面，今年的 618，一开始天猫的开始时间跟去年一样， 5 月26号预售、5月31号算正式平台开启，那天开放平台券，这是第一波给 我们的时间。但是这个时候抖音放出来的第一波的时间是 5 月 10 号开始， 这个时候欧莱雅和雅诗兰黛集团报出来的时间在抖音上是 5月1号开始，享 受整个618的全机制。但是事实上看到4月份有些活动场次就已经说了保价 到 618，相当于 4 月份就开始放机制了。因为在 38 的时候，天猫是 3 月 4 号正式开始的，但是抖音是 2 月 21 号，所以说那一场其实天猫打得不太好 看。所以今年当天猫知道抖音又开始提前的时候，所以改了时间，现在能看 到的是5月20号天猫正式开始。但是抖音这个平台很有意思，从10号调到 15 号，后来调到 17 号，最新定稿是 5 月 24 号，到目前为止抖音的平台券 是还没有放的，所以抖音的开始时间一直在往后。这样的错配就变成了 618 这档实质上是天猫先开始了，抖音滞后。这个时候有一个问题，部分品牌 4 月份就开始放 618的机制了，但是我们一直坚持的在抖音 ...

Q：精简SKU的效果如何展望？ A：过去几年公司跑得太快了，没有做复盘，有500-600sku，组套就更多，没有打出精品， 且各渠道货品差异大，也影响了生产。今年开始做精品，从解决办法出发，线上渠道货盘统 一，也希望今年清理掉库存后让产品线更清晰。618初见成效。 Q：收并购业务净利率低于主品牌，包含净利率更低的抖音渠道增速更快，我们还能否维持 20%的净利率？ A：除了去年我们都做到了20%+的净利率水平，去年只做到13%+，在当前竞争白热化的阶 段，我们又以变化特别快的电商渠道为主，继续保持20%有难度，但公司应该比大众线品牌 净利率要高，公司还是希望能维持这样的净利率水平，可以看看今年调整的结果。 Q：战略规划：公司成功从单一品牌跨向多品牌，未来三年郭总对公司新的业绩规划，是否 会在25年推出新的股权激励计划？ A：公司从单品牌向多品牌运转，今天还是以薇诺娜为主。 主品牌：薇诺娜的天花板是150亿元，还有空间，线上来看：1、主要需要走通从卖产品到 卖解决方案这条路径，从舒敏做到敏感肌plus（美白、防晒、抗衰），通过会员运营尤其是 私域运营提升客单价来获得销售额增长。2、虽然薇诺娜是敏感肌品牌，在敏感肌 ...

Financial Data and Key Metrics Changes - The company expects a revenue growth target of over 10% for this year, with a focus on maintaining a double-digit growth in both revenue and profit [18][25][28] - The company reported a significant increase in new business areas, particularly in the digital transformation sector, which is projected to grow by over 30% [8][18] Business Line Data and Key Metrics Changes - The company has established a strategic partnership with Huawei Cloud, contributing approximately 10% to Huawei's public cloud sales, equating to around 20 billion yuan in sales [6][20] - The new business initiatives, including the HarmonyOS and integrated machines, are expected to see substantial growth, with HarmonyOS projected to achieve over 1 billion yuan in revenue this year [10][14][28] Market Data and Key Metrics Changes - The demand for digital transformation services remains strong, particularly in government and enterprise sectors, with significant growth observed in state-owned enterprises [34][35] - The company has noted a rapid growth in sectors such as automotive electronics and telecommunications, with major clients like China Mobile and China Telecom showing over 50% growth [35][36] Company Strategy and Development Direction - The company is focusing on a "1+3" strategy, emphasizing deep collaboration with Huawei Cloud and exploring niche markets where it has competitive advantages [5][6] - The company aims to leverage the opportunities presented by the decoupling of China and the US, positioning itself to replace foreign software with domestic alternatives [4][5] Management Comments on Operating Environment and Future Outlook - Management expressed optimism about the digital transformation landscape, anticipating continued high growth rates in cloud-related services [8][18] - The company is preparing for a recovery in its core business, with expectations that Huawei's overall business will stabilize and grow in the coming years [33] Other Important Information - The company has initiated share buybacks and increased dividends to reward long-term investors [18] - The integrated machine business is still in its early stages, with a revenue target of approximately 120 million yuan for this year [14][28] Q&A Session Summary Question: What is the current business model for Huawei Cloud distribution? - The company operates on a net revenue basis, with a commission structure that includes rebates and discounts, contributing to approximately 10% of Huawei's public cloud sales [20][21] Question: What is the profit guidance excluding stock incentives? - Excluding stock incentives, profit growth is expected to outpace revenue growth, indicating an improvement in gross margins [23][25] Question: How does the company view the impact of H20 price cuts on its business? - The company believes that the demand for AI computing power will remain strong despite the price cuts, with expectations that domestic solutions will grow significantly [30] Question: What is the outlook for the traditional software outsourcing and digital transformation business? - The core business remains stable, with significant growth expected in new initiatives like HarmonyOS and integrated machines, which are projected to contribute positively to revenue [28][29]

Financial Data and Key Metrics Changes - The company's revenue from 2021 to 2023 was 5.37 billion, 8 billion, and a compound annual growth rate (CAGR) of 15% [6] - The net profit attributable to the parent company for the same period was 1.04 billion, 1.34 billion, and 1.72 billion, with a CAGR of 18% [7] - The profit margin increased from 32% in 2020 to 37% in 2023, while the net profit margin rose from 9% to 21% [7] Business Line Data and Key Metrics Changes - Revenue from the new energy vehicle (NEV) sector contributed 50%, 70%, and 72% of total revenue from 2021 to 2023, while the small household appliances segment decreased from 23% to 14% [6] - The NEV business accounted for 88% of the gross profit [6] Market Data and Key Metrics Changes - The global mica market size was 18 billion in 2022, expected to grow at a CAGR of 18% from 2023 to 2027, potentially reaching 41.8 billion by 2027 [9] - The fire-resistant insulation materials market is projected to reach 35.5 billion by 2027, driven primarily by applications in the NEV sector [10] Company Strategy and Development Direction - The company focuses on the NEV sector, emphasizing the necessity of thermal runaway protection insulation components [15] - The company has developed a unique integrated molding process for three-dimensional mica products, enhancing mechanical strength and fire resistance [23] Management's Comments on Operating Environment and Future Outlook - Management believes the NEV market has significant growth potential due to the promotion of module-free technology and the increasing share of ternary battery models [11][12] - The company anticipates that the lack of national safety standards for NEVs will lead to increased demand for its products as safety regulations evolve [15] Other Important Information - The company holds 33 invention patents and 93 utility model patents, indicating a strong focus on innovation [6] - The customer concentration is relatively low, with the largest customer accounting for only 13% of revenue, which mitigates risks associated with dependency on a few clients [34] Q&A Session Summary Question: What is the current status of BYD's use of mica products? - The company noted that BYD has been using mica products, but the exact supply chain details are unclear, as BYD primarily uses lithium iron phosphate batteries, which generate less heat [27]

发言人 11:10 饲料业务是公司的一个传统优势业务，整体经营保持稳定的增长，二三年饲料业务占总营收比重是大概在 74.4%。同时公司是根据不同层次不同类型的人员结构，打造出事业合伙人机制。通过战略预备队加项目 制来培养选拔人才，建构较为科学完善的人员晋升培养机制，实行股权奖励动态考核，有效激发员工的创 造力。 发言人 01:32 各位老师，大家下午好。在本周五我们发布了唐人神的深度报告，标题是全产业链一体化经营，生猪业务 有望高质量发展。我们认为公司致力于产业链一体化经营，业务布局日趋完善。在生猪业务方面，公司持 续加码养殖业务，成本有望逐步改善。在饲料业务方面，公司坚持稳健经营，并且延伸布局下游消费终端 领域。我们看好公司未来的高成长性，给予买入评级。接下来我将对文章的内容展开一个具体的阐述。 发言人 00:34 但是因为受到二三年猪价低迷等等因素的影响，养殖业务是陷入一个亏损。全年规模经济润是亏损 15.2 6 亿元。目前生猪养殖和饲料销售是公司的两大核心业务，其中公司生猪养殖业务保持一个持续的增长，二 三年营收增速是 5.9%，营收占比提升至了 19.1%。 此外公司也积极的和高校研究所来展开科学产学 ...

Financial Data and Key Metrics Changes - The company reported an increase in revenue for 2023, but sales expenses also rose significantly due to increased airport rents and operational costs from new projects [3][4] - The company's return on equity (ROE) is approximately 12%, with a gross margin of 30% and a net profit margin below 10% [4][5] Business Line Data and Key Metrics Changes - The recovery of airport duty-free sales is strong, with major airports seeing recovery rates of 60% or higher compared to pre-pandemic levels [1] - The company is focusing on enhancing the shopping experience in its stores, particularly in Hong Kong, to adapt to changing consumer preferences [2][4] Market Data and Key Metrics Changes - The company has observed a shift in consumer behavior, with a decline in gift purchases and an increase in personalized consumption [1][5] - The purchasing power of inbound tourists from Southeast Asia and India is rising, prompting the company to adjust its product offerings accordingly [2] Company Strategy and Development Direction - The company aims to balance profit and revenue, focusing on quality, service, and differentiation to build long-term competitiveness [4] - Plans are in place to enhance the integration of online and offline sales channels, with a focus on key ports and Hainan as offline channels [5] Management Comments on Operating Environment and Future Outlook - Management does not view the company as being in a "darkest hour," but rather as adapting to market changes and pandemic impacts [5] - Future growth drivers include the combination of duty-free and taxable sales, expansion into international markets, and a focus on domestic products appealing to younger consumers [5] Other Important Information - The company is exploring stock buyback options, but this is subject to regulatory guidelines from the State-owned Assets Supervision and Administration Commission [5] - The company has initiated a "Super Service" program to enhance customer loyalty and improve profitability despite potential declines in sales volume [4] Q&A Session Summary Question: How is the recovery of airport duty-free sales compared to pre-pandemic levels? - The recovery is strong, with major airports seeing recovery rates of 60% or higher, and some sales data even exceeding 2019 levels [1] Question: What measures is the company taking to adapt to changing consumer behavior? - The company is focusing on enhancing service quality and offering differentiated products to meet the evolving demands of consumers [5] Question: Why have sales expenses increased significantly? - Sales expenses have risen due to increased airport rents and operational costs associated with new projects [3][4] Question: What is the company's approach to stock buybacks? - The company is considering stock buybacks but is constrained by regulatory guidelines [5] Question: What are the core growth drivers for the next two to three years? - Key growth drivers include the integration of online and offline sales, expansion of taxable sales, and a focus on domestic products [5]