一、LNG保温板材 1、行业情况 目前大型LNG运输船所采用的液货舱技术中GTT的NO96和MarkⅢ型市场占有率已超过95%。 法国GTT颁布制造商名录，雅克是中国唯一供应商，产品覆盖NO964、5代，MarkⅢ 1、2 代，第三代正在研发，Flex+目前市场需求少，仅仅韩国三星造了4条。此外MarkⅢ第一代 主要用于大型集装箱燃料舱，第二代用于大型LNG运输船。北京燃气天津南港10个储罐8 个用了GST系统。 NO96Super+CargoTank，2层聚氨酯模块+2层殷瓦；MarkⅢFLEXCargoTank，1.2mm厚304L 不锈钢+聚氨酯+次屏蔽层+聚氨酯；其中，次屏蔽膜，结构：玻璃布+胶粘剂+铝片+胶粘剂+ 玻璃布，是LNG围护系统的核心材料，它能保证形成完全密闭的次屏蔽层，能够容纳主屏 蔽15天以上的渗漏，目前该产品被韩国HankukCarbon和法国Hutchinson公司所垄断，雅 克历时三年时间研发，目前已实现该产品的国产化研制并可以量产，目前正进行GTT认证。 市场前景：全球LNG运输船手持订单为339艘、5763.7万立方米，分别占在营船队总量的 45.0%、51.1%。经过202 ...

Financial Data and Key Metrics Changes - The company reported a revenue growth of 15% and a net profit growth of 13% for the year, indicating strong performance despite economic uncertainties [9] - The gross margin for the company is reported to be around 79%, which is considered exceptional in the traditional Chinese medicine industry [9] Business Line Data and Key Metrics Changes - The company has seen a significant increase in the sales of liver disease medications, rising from 338 million boxes at the end of 2022 to 453 million boxes at the end of 2023 [6] - The inventory of liver disease medications decreased from 85 million boxes to 33 million boxes, indicating a potential supply issue if production does not keep pace with demand [6] Market Data and Key Metrics Changes - The company has established over 400 "Famous Doctor Clinics" and plans to increase this number significantly in the next 3-5 years, with a target of adding 100 new clinics by 2025 and 200 by 2030 [2] Company Strategy and Development Direction - The company is focusing on enhancing its research and development capabilities, particularly in natural products, while also considering the introduction of new products based on research advancements [1] - The management emphasized the importance of maintaining a balance between price increases and consumer acceptance to ensure sustainable growth [7][8] Management's Comments on Operating Environment and Future Outlook - Management acknowledged the rising costs of raw materials, particularly natural ingredients, which have significantly impacted gross margins over the years [3][9] - The company is committed to a long-term strategy that includes careful pricing decisions and expanding its market presence through brand building and customer outreach [8] Other Important Information - The company is exploring the possibility of establishing a snake breeding operation to secure its supply of certain raw materials, although regulatory and technical challenges exist [6][8] - There is ongoing discussion about the potential for a long-term share buyback program to enhance shareholder value [9] Q&A Session Summary Question: Inquiry about R&D and product development - The management confirmed ongoing research in natural products but stated that no immediate plans for new product launches are in place [1] Question: Expansion plans for Famous Doctor Clinics - The management outlined plans to increase the number of clinics significantly, with specific targets set for the coming years [2] Question: Concerns about declining gross margins - Management acknowledged the concerns regarding gross margins and the impact of rising raw material costs, emphasizing the need for cost control and efficiency improvements [3] Question: Suggestions for dividend policy and shareholder returns - Management was receptive to suggestions regarding a stable dividend policy and acknowledged the importance of returning value to shareholders [5] Question: Concerns about inventory and supply issues - Management recognized the potential risks associated with declining inventory levels and indicated that proactive measures would be taken to avoid supply shortages [6] Question: Discussion on product shelf life and regulations - Management clarified that product shelf life is regulated and any changes would need to comply with national standards [8] Question: Proposal for a share buyback program - Management noted the sensitivity of share buyback discussions but acknowledged the importance of maintaining a stable and sustainable growth trajectory [9]

Financial Data and Key Metrics Changes - The company expects net profits for 2024, 2025, and 2026 to be 1.2 billion, 1.8 billion, and 2.2 billion respectively, with corresponding PE ratios decreasing from 32 times to 21 times and then to 17 times [2][10] Business Line Data and Key Metrics Changes - The company's compatible consumables market size has increased from over 3 billion to nearly 6 billion, maintaining a market share of around 20% [1][7] - Sales of the integrated circuit business rose from 1.259 billion in 2015 to 1.36 billion in 2019, with expectations to approach 2 billion by 2024 [1][8] - The sales of consumable chips have reached nearly 600 million, with a market share of 40% [1][8] Market Data and Key Metrics Changes - The global laser printer market has a compound growth rate of 0.3%, while the inkjet printer market ranges from -0.5% to 0.5%, with an overall printer market growth rate of 0.19% [1][7] - The Chinese printer market is steadily increasing, with laser printers accounting for over half of the market [1][7] Company Strategy and Development Direction - The company aims to develop its chip business as a second growth curve, including compatible consumable chips, printer chips, and non-printer MCU business [2][8] - The company is focusing on product innovation, with plans to launch an AI printer in June [2][9] Management's Comments on Operating Environment and Future Outlook - The management noted that recent changes in the new industry, including proactive fiscal policies and the issuance of long-term special bonds, are expected to positively impact the industry and provide opportunities for the company [1][5] - The management highlighted that the company has secured orders from major clients like the State Grid and financial institutions, indicating strong competitiveness in the market [2][9] Other Important Information - The company has expanded its market presence through acquisitions, owning several well-known brands in the industry [1][6] - The company has developed a chip design team and is creating typical products in the non-printer MCU field [2][5] Q&A Session Summary Question: What is the company's main business and market position? - The company covers integrated chips, printer consumables, and printer machines, ranking fourth globally in laser printer shipments and holding a 70% market share in the domestic financial consumables market [3][4] Question: What recent changes have occurred in the new industry and their impact on the company? - Recent changes include active fiscal policies and the issuance of special bonds, which are expected to stabilize the funding sources for upstream and downstream clients, positively affecting the industry [5] Question: What is the company's development history and core technologies? - Since its establishment in 2004, the company has focused on the large-scale and industrialization of domestic chips, possessing multiple core technologies [6] Question: How is the company's performance in the printer industry chain? - The company has achieved breakthroughs in the printer industry chain, with the compatible consumables market expanding significantly [7] Question: What are the company's plans and expectations for chip business development? - The company aims to enhance its chip business, with significant growth expected in the sales of compatible consumable chips and the development of SOC main control chips [8] Question: What are the latest developments in product innovation and market demand? - The company has launched new printer models and is set to introduce an AI printer, with strong demand from sectors like finance and energy [9] Question: What are the company's future performance expectations and valuation? - The company anticipates steady growth in net profits over the next few years, with decreasing PE ratios indicating a focus on stable and growth-oriented investments [10]

Financial Performance and Key Indicators - The company achieved revenue and profit growth despite a 25% decline in the industry last year, primarily due to an increase in global market share and contributions from hydraulic cylinders and valves [1] - In Q1 of this year, the excavator segment experienced a decline of 20-30%, but the COR segment showed good growth, leading to a slight overall decrease in performance [1] - The company expects a recovery in Q2, with April showing positive growth and an acceleration in revenue growth anticipated [1][4] Profitability Analysis - The improvement in profitability is attributed to cost reduction efforts, declining raw material prices, and optimization of product structure, resulting in higher profit margins compared to older products [2] New Products and Market Expansion - New products such as electric steel, clothing guide rails, and hydraulic accessories are expected to contribute several hundred million in revenue [3] - The upcoming production of the Mexico factory is anticipated to add to performance, with faster growth expected in various segments starting next year [3] Annual Performance Forecast - The company forecasts at least a 10% increase in annual revenue, with potential for higher growth by the end of Q3, although Q4 remains uncertain due to high base effects from the previous year [4] Industry Trend Analysis - Domestic demand in the excavator industry is showing signs of recovery, while overseas markets, particularly excavator exports, are expected to decline but not significantly [5] Cost and Gross Margin Management - Despite some raw material price increases, the company has managed to mitigate the impact on gross margins through inventory management and favorable supplier pricing [6] Global Layout and Tariff Impact - The company plans to produce in Mexico to reduce the impact of U.S. tariffs, with overseas profit margins expected to recover to levels similar to domestic ones [7] European Market and New Factories - New factories in Germany and France are being planned to enhance capacity and product variety, with the German factory expected to address current facility issues [8] New Product Revenue and Profit Expectations - The linear actuator project has begun production, with expectations of generating tens of millions in revenue this year, although it may still incur losses [9] Q&A Session Summary Question: What is the company's performance in Q1 and outlook for the year? - In Q1, despite a 25% industry decline, the excavator segment remained stable, benefiting from increased global market share, particularly in hydraulic cylinders and valves. The COR segment also showed good growth, leading to stable profitability with a 1% increase in gross margin. The company expects Q2 revenue growth to exceed 10% due to increased production and new product contributions [9] Question: What are the expectations for revenue growth in Q2 and the full year? - The company anticipates Q2 revenue growth to exceed 10%, with April showing positive growth and further acceleration expected. For the full year, revenue growth is also projected to exceed 10%, with potential for higher growth by Q3, although Q4 remains uncertain due to high base effects [10] Question: What is the outlook for domestic and international excavator markets? - The company believes domestic demand for excavators has recovered, with annual growth expected to reach 5-10% or higher. However, overseas excavator exports are expected to decline, but the decrease will be modest [11] Question: How is the non-excavator segment performing? - The non-excavator segments, including aerial work platforms, offshore, maritime, and industrial sectors, are expected to show good growth in the first half of the year, with continued high growth in the second half, particularly in hydraulic cylinders and valves [12] Question: How does raw material price fluctuation affect gross margins? - The company primarily uses steel, and while prices are currently declining, it does not typically hedge against price increases. Instead, it maintains a three-quarter inventory and benefits from favorable supplier pricing, minimizing the impact of raw material fluctuations [13] Question: What is the company's strategy regarding U.S. tariffs on construction machinery? - The company plans to start production in Mexico next year to mitigate the impact of the 25% U.S. tariff on construction machinery, expecting overseas profit margins to align more closely with domestic levels [14] Question: What is the status of the Mexico factory and future plans? - The Mexico factory is nearing completion and is expected to start production within two months. The company is also considering building factories in Germany and France, as well as potential investments in the U.S. [15] Question: What are the revenue and net margin expectations for the Mexico factory? - The Mexico factory is expected to generate revenue of 100-200 million this year, with net margins likely lower than domestic levels. By next year, revenue could reach 700-800 million, with net margins improving to 10-20% [16] Question: What is the progress and revenue expectation for the linear actuator project? - The linear actuator project began production last year, with samples sent to customers and batch shipments expected to start in Q3. While the project may incur losses this year, profitability is anticipated next year, targeting several hundred million in revenue [17] Question: What is the company's approach to product pricing? - The company's pricing strategy is primarily based on foreign competitors' pricing, as most similar products in the market are produced by foreign companies [29] Question: What is the expected capital expenditure and production capacity for the new European factories? - The capital expenditure for the new factories in Germany and France is estimated to be between 100-200 million RMB, with production capacity expected to be in the range of 100-200 million [25]

发言人 00:04 明白，好，对了，我们其实在主页的这块就是有一个细的拆分，是要节约化区间。这块其实就是我们绑定 的比较深度的客户。现在的话这块的一个客单价和客户用户的一个画像大概是一个什么样子？就基本上都 是三级医院是吧？对这一块结构化曲解主要还是以三甲医院三级医院为主。当然我们有一些县级医院，我 们在区域检验中心这一块也在帮他们去赋能，去做大做强。 就大概每年新增个 50 来家这么一个客户的。然后我们现在这个客户单家的这个收入体量大概在 1000 万左 右，这么一个收入规模，就平均的一个数值。明白，了解。 发言人 04:17 所以现在这一块业务还是比较顺的，再往前去推的。明白，对，我这块追问一下，我们跟那个体检，就是 跟每年这块的一个合作，现在大概的一个一个进展，以及说后续落地的这个速度，包括节奏这块情况，再 帮我大概去梳理一下。我们内测版的应该在 4 月 15 号，就在每年的部分体检机构先上线试用了，大概会试 用个 1 到 2 个月。这应该在下个月，下个月就会陆续的正式的在每年的一些体检机构开始正式上线。到时 候他们也会像体检的客户去推出 AI 的这一块的一个检入检体检报告的一个服务。了解其实主要还是看 ...

证券研究报告 汽车周观点： 5月第二周交强险同比+20.6%，看好汽车板块！ 证券分析师 ：黄细里 执业证书编号：S0600520010001 联系邮箱：huangxl@dwzq.com.cn 2024年5月20日 ...

证券研究报告·行业跟踪周报·环保 环保行业跟踪周报 南昌发布燃气顺价办法洪城环境有望受益， 2024年 05月 20日 继续推水务燃气固废现金流资产 证券分析师 袁理 增持（维持） 执业证书：S0600511080001 021-60199782 [ Table_Tag] yuanl@dwzq.com.cn [投Ta资ble要_点Su mmary] 证券分析师 陈孜文  重点推荐：光大环境，兴蓉环境，洪城环境，美埃科技，九丰能源，龙净环 执业证书：S0600523070006 保，高能环境，景津装备，仕净科技，金宏气体，蓝天燃气，新奥股份，瀚 chenzw@dwzq.com.cn 蓝环境，宇通重工，赛恩斯，路德环境，盛剑环境，凯美特气，华特气体， 国林科技，金科环境，三联虹普，天壕能源，英科再生。  建议关注：军信股份，永兴股份，三峰环境，旺能环境，新天然气，昆仑能 行业走势 源，重庆水务，鹏鹞环保，再升科技，卓越新能。 环保 沪深300  南昌市发布天然气顺价实施办法，洪城环境燃气板块盈利稳定性有望增强。 2024/5/15，南昌市发布《管道天然气上下游价格联动机制的实施办法(征求 -1% -4% 意 ...

Financial Data and Key Metrics Changes - The company expects net profits for 2024, 2025, and 2026 to be 1.2 billion, 1.8 billion, and 2.2 billion respectively, with corresponding P/E ratios decreasing from 32 times to 21 times and then to 17 times [7][9] Business Line Data and Key Metrics Changes - The company's compatible consumables market size has increased from over 3 billion to nearly 6 billion, maintaining a market share of around 20% [5][6] - Sales of the integrated circuit business are projected to approach 2 billion by 2024, up from 1.259 billion in 2015 and 1.36 billion in 2019 [6][7] Market Data and Key Metrics Changes - The global laser printer market is experiencing a compound annual growth rate (CAGR) of 0.3%, while the inkjet printer market shows a range of -0.5% to 0.5%, with an overall printer CAGR of 0.19% [6][7] - The Chinese printer market is steadily increasing, with laser printers accounting for over half of the market share [6][7] Company Strategy and Development Direction - The company aims to develop its chip business as a second growth curve, focusing on compatible consumables chips, printer chips, and non-printer MCU business [7] - The company is actively pursuing product innovation, including the launch of an AI printer expected in June [7][8] Management Comments on Operating Environment and Future Outlook - The management highlighted recent changes in the new industry, including proactive fiscal policies and the issuance of long-term special government bonds, which are expected to positively impact the industry [5][6] - The management noted that the current year is a weak period for the industry, but changes in policies and demand signal opportunities for structural optimization and new development [5][6] Other Important Information - The company has secured orders from major clients such as the State Grid and financial institutions, indicating strong competitiveness in the domestic market [7][8] Q&A Session Summary Question: What is the company's main business and market position? - The company covers integrated chips, printer consumables, and complete printers, ranking fourth globally in laser printer shipments and holding a 70% market share in the domestic financial consumables market [3][4] Question: What recent changes in the new industry have impacted the company? - Recent fiscal policies and the issuance of special government bonds are expected to stabilize the funding chain for the industry, providing a favorable environment for companies like Nasda [5] Question: How has the company performed in the printer industry? - The company has seen growth in the compatible consumables market, with a significant increase in market share and revenue despite a slow global printer market [6][7] Question: What are the company's plans for chip business development? - The company aims to enhance its chip business, with significant growth expected in the sales of compatible consumables chips and the development of MCU products [7]

自研准1000V电气架构+ASILD高安全BMS 电气件耐压3800VDC+高低压分离BJB 4核心32bit+双锁步核+300MHZASILD处理器 最高功能安全ASILD+AutoSarCP4.4.0软件平台 1 2 5C超级快充热管理解决方案 多面强效冷却，适配NCM 单电芯换热面积提升200%可达77mm2/Wh 底部高效冷却，适配LFP 体积利用率提升3% 铁锂为了从成本和体积程度效率的角度，我们采用底部高效能去 适配磷酸铁锂电池 so for lithium iron phosphate,interms of cost andvolume efficiency 3 1.3*2.0m超大无模组设计 零部件数量减少30% 体积成组率可达75% 系统Z向超薄设计 轿跑车型110mm及以下 sUV车型130mm及以下 BMS+FDC直连 线束减少80%，系统成组率提升2% 提升整包EMC性能 4 多级安全防护电芯间“0”热扩散 陶瓷复材绝缘 高压防拉弧 纳米隔热 电芯间NP 陶瓷复材 冷板隔热 纳米隔热 纳米隔热 高效疏导 陶瓷复材 5 大倍率/长寿命/高安全 LFP-FV NCM-FV LFP-yFV ...

Q: 我是来自湖南长沙的，我有两个问题想请教一下，第一个是关于研发的事情，我感受到公 司二三年的年报当中多次提及的研发的事项比以往提的更加细致更明确，也提到了要强化 研发的创新，驶入科技的快车道。我具体请教的问题是当下的体外培植的牛黄获得了一定 的实际的进展。我想请教片仔癀的锭剂公司是否在考虑天然麝香跟体外移植版本的片仔癀 以及天然麝香跟体内培植的版本的片仔癀这两款产品，如果考虑的话什么时间会上市，这 是第一个问题。第二个问题是关于名医馆的布局，23年报当中提出来，目前已经名医馆布 置了400多家，我想请教未展望未来3~5年，有什么有没有大的增加数量布局的计划？ 同时我发现部分城市还是以老的体验馆的形式在存在，他们的更新的频次是不是在二三年 还没有完毕。 A: 感谢这位投资者的信任和关注。关于您的这两个问题，第一个研发问题，等一下我们请我 们的副总经理进行回答。关于名医馆的建设问题，等一下请我们的总经理王敬明先生进行 解答。 谢谢股东的提问。谢谢对我们科研板块的一个关注。刚才您提到的里面牛黄的这一块的研 究，因为其实我们公司一直以来这种都是坚持天然的重要的，但是作为我们科研的话，对 公司的未来的一些储备。科研 ...