一、股权激励计划。 “正在完成方案，不久就会看到”。【这算是本次股东大会最重要的信息了】 二、中国心——速效救心丸。 1、长期保密，政策层面不会被他人仿制。公司也会不断加强护城河。 2、是第一个现代化创新中药。从配方、制剂、工艺全方位创新，至今仍是先进。 3、其他名字带“救心”二字的，都是老方子改名。 4、跟其他中药相比，原则上大家都是属于活血化瘀这个大类，但速效“具有不可比拟的优势”，不断 增加市场份额是有机会的。 5、跟硝酸甘油比，跟胸痛中心合作，研发成果发表在去年的广州胸痛中心，结论就是：不明原因的胸 痛、胸闷、心梗，以及血压降低的，不建议使用硝酸甘油，应该使用速效。原因就是速效的安全性， 以及硝酸甘油有耐药性且会急剧降低血压。 6、关于集采。目前向国家做了汇报，这样的机密品种，国家认同并给了支持。未来会不会集采不好 说，集采也不是洪水猛兽，做好了也是好事。 7、在天津打120，电话会提示使用速效。医生到达后，如果没有速效，会给吃速效。 ...

Financial Performance - In 2023, the company's revenue slightly declined, but net profit reached 21.02 billion, a record high, with earnings per share at 1.06 yuan, and improvements in gross margin, operating profit margin, and net profit margin [1] - For Q1 2024, revenue was 118.69 billion, net profit was 4.19 billion, and earnings per share were 0.21 yuan, all achieving record highs for the same period, with net profit margin increasing to 18.9% [1] Business Development - The demand for AI servers drove record revenue and profit in Q1 2024, with product structure optimization and changes in customer mix contributing to growth [1] - In Q1 2024, the cloud computing business surpassed 50% of total revenue for the first time, growing 41% driven by AI [1] - Despite weak demand in enterprise networks and smart home terminals, revenue from 5G terminal precision components showed a slight decline [1] Market and Competition - The capital expenditure of the four major cloud service providers in North America is expected to increase from 140 billion in 2023 to 200 billion in 2024, indicating a boost in AI computing cloud services [1] - The company's revenue from AI servers grew more than twofold year-on-year, with an expected global market share of 40% in 2024 [1] Technology and Products - The company launched the NEL72 GPU's GP200 platform, covering design, manufacturing, and logistics delivery services for AI servers [1] - The company provides a full industry chain service in the AI server field, including GPU modules, substrates, server design, and system integration, with R&D and manufacturing capabilities in high-speed switches and liquid cooling systems [1] Development Strategy - The 2024 strategy focuses on AI, global layout, digitalization, automation, and being an industry leader in ESC [1] - The company aims to establish local delivery in various regions globally to mitigate transportation costs and market price fluctuations [1] - The company is promoting robotics, intelligence, digitalization, and automation to enhance process flow and testing automation, as well as semiconductor equipment automation [1] Green Manufacturing and Sustainable Development - The company achieved carbon peak ahead of schedule, with a 51% reduction in carbon emissions in 2023, and expects a further 19% reduction in 2024 through equipment upgrades and green electricity [1] - The company has set green manufacturing goals, including national-level green factory certification and re-certification of sustainable lighthouse factories [1] Q&A Session Question: What are the main profit contributors for 2023 and Q1 2024? What are the expectations for profit growth in 2024? - The company achieved steady growth in financial and profit performance in 2023 despite a challenging external environment, driven mainly by the booming AI industry, particularly the significant increase in AI server demand. The cloud computing business accounted for nearly 50% of revenue, reaching a quarterly high, with AI servers contributing close to 40% of overall revenue, nearly doubling year-on-year [2] Question: What level of revenue contribution can be expected from AI-related businesses in 2024, and how will it be achieved? - In 2023, AI server-related business accounted for approximately 60 billion, 30% of total cloud computing revenue, up from 20% in 2022. The company expects overall cloud computing growth to exceed 30% in 2024, with AI contributing 10% of total cloud revenue, aiming for a 40% global market share in AI servers [2] Question: How does the company view its industry position in AI servers and its competitive advantages? - The company has a significant industry position in AI servers, with comprehensive coverage capabilities across the entire industry chain. This includes GPU modules, substrates, AI server design, and system integration, allowing the company to provide complete solutions, which is rare in the industry [3] Question: How will the competitive advantages of the next-generation GB200 product be reflected, and how will profitability and market share be enhanced? - The competitive advantages of the GB200 product lie in the company's complete AI industry chain design and production capabilities, which are unique in the industry. The company expects to receive direct server orders from cloud service providers and partners, with the GB200's business model emphasizing overall solution provision [3] Question: What is the growth outlook for the network communication segment, and what is the progress of the 800G switch product? - The growth outlook for the network communication segment is positive, with demand for high-speed switches and routers increasing due to the AI-driven data center transformation. The company has achieved mass production of 100G, 200G, and 400G switches, with significant growth expected in 2024 [4] Question: What is the outlook for the precision components business, and how will it impact company performance? - Despite weak global smartphone demand, the company's proactive layout in the high-end smartphone market is expected to maintain steady shipments. The company anticipates slight growth in the global smartphone market in 2024, which will drive revenue and profit growth [4]

2024-5-15工业富联业绩说明会 会议要点 1、财务表现 2023年营业收入略有下降，但净利润达到210.2亿，创历年新高，每股收益为1.06元，毛 利率、营业利润率、净利率均有所提升。 2024年第一季度营业收入为1186.9亿，净利润为41.9亿，每股收益为0.21元，均创历年 同期新高，净利润率增长至18.9%。 2、业务发展 AI服务器需求增长带动2024年第一季度营收和获利创新高，产品结构优化和客户组合改变 也促进了增长。 2024年第一季度，云计算业务首次超过总营业额的50%，AI带动下，云计算业务营收成长 41%。 通信移动网络营销方面，尽管企业网络及智能家居终端需求疲弱，5G终端精密结构件营收 支撑，呈现个位数衰退。 3、市场与竞争 北美四大云服务商2024年资本支出预计从2023年的1400亿美金增长至2000亿美金，预 示着AI算力云服务业务的推升。 公司在AI服务器营收同比增长超过2倍，预计2024年AI服务器全球市场份额的40%。 4、技术与产品 公司推出NEL72GPU的GP200平台，涉及AI服务器的设计、制造、物流交货服务。 公司在AI服务器领域提供全产业链服务，包括GPU模 ...

发言人 00:00 博思软件 20240515_原文 更多一手调研纪要和研报数据加V：shuinu9870 大家上午好啊，欢迎来到天风中信策略会，我是天风证券计算机的分析师王雨曦。今天也是很 荣幸邀请到我们博士软件的领导林晓辉林总，来到我们线上跟大家进行交流。首先的话邀请咱 们林总对公司 Q1，还有今年以来的一些经营情况做一些简要的说明，有请林总。我想大家都看 更多一手调研纪要和研报数据加V：shuinu9870 过年报，我们的就收入增长 6%点多，然后利润增长 30%左右。但是我们现金流还可以，现金流 还是保持着比较好的一个状态。总体上我们还是处于比较健康的一个良性的一个发展的态势。 这个就是在过去的一年当中，我们应该是面对整个国内外形势的各种各样的挑战，那那我们也 采取了一些措施举措来来来应对这些挑战，总体我觉得总体我们的今年的业绩，我认为还是总 更多一手调研纪要和研报数据加V：shuinu9870 体还是健康良性。我们后续也我们就在寻找新的增长点，希望能够持续的获得一个可持续的一 个增长。我想因为大家年报也都看过，要不看看能不能我们就问具体跟你再交流。 更多一手调研纪要和研报数据加V：shuinu987 ...

Financial Data and Key Metrics Changes - In 2023, the company achieved total revenue of 2.06 billion, a year-on-year increase of 33.75% compared to 2022. However, the net profit attributable to shareholders decreased by 31.28% to 169 million [49][50] - For Q1 2024, the company reported revenue of 700 million, representing a year-on-year growth of 105.47% and a quarter-on-quarter increase of 3.81%. The net profit for the same period was 60 million, up 53.42% year-on-year and 64.79% quarter-on-quarter [77] Business Line Data and Key Metrics Changes - The proportion of module products and gas pipeline products in the main business revenue increased from 40.62% in 2022 to 53.5% in 2023, indicating a shift towards higher value products [56] - The company is focusing on enhancing gross margins through scale effects and improving product offerings, particularly in the module and gas pipeline segments [2][4] Market Data and Key Metrics Changes - Domestic customers accounted for over 70% of the company's revenue in Q1 2024, while overseas customers contributed less than 30% [7] - The company is experiencing a recovery in the overseas market, with expectations of at least a 30% year-on-year growth in international revenue for 2024 [87] Company Strategy and Development Direction - The company is committed to internationalization, establishing manufacturing bases in Singapore and the United States to enhance customer engagement and mitigate geopolitical risks [80] - The strategic focus includes expanding market share in high-value products and enhancing the supply chain's bargaining power through increased scale [56][80] Management Comments on Operating Environment and Future Outlook - Management noted that the semiconductor market is recovering, with a positive outlook for revenue growth driven by domestic demand and advanced process upgrades [85] - The company anticipates a continuous upward trend in production capacity utilization, supported by strong order backlogs and market demand [82] Other Important Information - The company plans to distribute a cash dividend of 5 yuan per 10 shares and has repurchased shares worth 208 million, primarily for employee stock incentives [26] - R&D expenses for 2023 reached 206 million, accounting for nearly 10% of revenue, reflecting the company's commitment to innovation and product development [51] Q&A Session Summary Question: What is the expected growth rate for revenue this year? - The company expects a minimum growth rate of over 50% compared to last year's revenue, with internal targets set even higher [111] Question: How is the company addressing the challenges in the overseas market? - The company has observed a recovery in the overseas market since Q4 of the previous year, with expectations for significant growth in 2024 [87] Question: What is the current status of the new factories in Singapore and the US? - The Singapore factory is on track to start receiving orders in Q3 2024, with an estimated revenue of around 60 million for the year [95]

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时间：2024年5月9日 嘉宾：郑总(IR) 纪要核心要点 1.一季度业绩：一季度的利润可能略超预期，尽管消费环境艰难，但公司表现优秀。 消费β没有回升，但中免具有自身的α。 2.现金分红提升：现金分红比例提升至50.85%，股息率大约为2%多，较以往的30% （分红比例）出头有所提高。 3.海南市场表现：海南海口海关数据显示3月份客单价不佳，但五一期间略有提升， 提升部分归因于假期因素。海南省委书记冯飞召开工作会议，提出用超常规手段促进 消费增长。海棠湾LV门店自去年11月开业以来销售表现优异，从2月份开始成为全 国销售额最高的门店，甚至可能在全球范围内也是最高的，体现公司的运营能力。 4.机场表现：海南市场是存量市场，而机场市场则是增量市场。上海机场，尤其是日 上免税店的表现超出预期，毛利率良好。 5.对未来的展望：今年海南市场有更多弹性，特别是利润贡献的弹性，期待机场市场 能带来更多积极影响。 Q&A Q：海南和机场的收入拆分 A：海南市场贡献约55%的收入，日上上海占25%，北京日上体量很小，是上海的 10%，所以日上上海机场非常重要。 Q：封关政策推进情况，公司是否有缓冲或者过渡性措施？ A：封关政 ...

时间：2024年5月10日 嘉宾：首旅酒店CFO 纪要核心要点 （1）南山景区今年要重点发展，做了许多战略规划，请了外部的知名景区规划做方案，希望向一个度假目的地转 化。今年一季度在没有太多投资下，表现超越去年同期，未来有望成为增长的第二曲线。 （2）五一RevPAR前三天不错，后两天跳水式下降，不如去年同期。 （3）二季度业绩比预期差是比较明确的，年初我们希望是能够打平，但由于雨季，整体估计比23年要略低中高个位 数。 Q&A Q：酒店最新RevPAR趋势？ A：五一前三天不错，后两天跳水式下降，没有去年同期那么好。 Q：低线城市需求会更火爆一些吗？ A：2、3、4线恢复程度是倒三角形，低线城市恢复更好，现在旅游目的地更加多元化，不像以前集中在一二线城 市，今年比较明显的是具有人文等景区县级城市成为旅游新热点。 Q：低线城市恢复到2019年水平了吗？ A：都超过了2019年，只是与2023年相比弱一些，4、5线城市与2023年基本打平。 Q：五一整体酒店价格跌幅？ A：在10%以内，入住率基本持平。2023年相比2019年五一、暑期、国庆等假日里，五一的增幅是最高的，暑期第 二，国庆弱一些，基数比较高，今年 ...

时间:2024 年 5 月 10 日 嘉宾:首旅酒店 CFO 成本方面较低,门票收入有 50%会分给原先的景区股东。 纪要核心要点 (1) 南山景区今年要重点发展,做了许多战略规划,请了外部的知名景区规划做方 案,希望向一个度假目的地转化。今年一季度在没有太多投资下,表现超越去年同 期,未来有望成为增长的第二曲线。 (2)五一RevPAR 前三天不错,后两天跳水式下降,不如去年同期。 (3) 二季度业绩比预期差是比较明确的,年初我们希望是能够打平,但由于雨季,整 体估计比 23 年要略低中高个位数。 Q&A Q: 酒店最新 RevPAR 趋势? A:五一前三天不错,后两天跳水式下降,没有去年同期那么好。 Q: 低线城市需求会更火爆一些吗? A: 2、3、4 线恢复程度是倒三角形,低线城市恢复更好,现在旅游目的地更加多元 化,不像以前集中在一二线城市,今年比较明显的是具有人文等景区县级城市成为旅 游新热点。 Q: 低线城市恢复到2019 年水平了吗? A:都超过了 2019 年,只是与 2023 年相比弱一些,4、5 线城市与 2023 年基本打平。 Q:五一整体酒店价格跌幅? A: 在 10%以内,入住率基本 ...

Financial Data and Key Metrics - The company's total revenue for 2023 was 670 million, with Concentrated EMBA contributing 248 million (37% of total revenue) and President EMBA contributing 235 million (34% of total revenue) [23] - The gross margin for Concentrated EMBA is 84.4%, while President EMBA has a higher gross margin of 86.7% [16] - The company's comprehensive gross margin is approximately 78%, with consulting services contributing 11% to total revenue [18][23] Business Line Data and Key Metrics - Concentrated EMBA consists of 10 modules, each lasting 3 days, focusing on practical applications [2] - President EMBA includes 10 compulsory courses divided into talent and growth lines, with a course cycle of one and a half years [23] - The company's consulting services have a gross margin of around 50%, with a customer unit price ranging from 3.98 million to 15.8 million [17] Market Data and Key Metrics - The company targets large enterprises with an output value of over 300 million, including listed companies, industry leaders, and regional leading enterprises [2] - In 2023, the company served 243 large clients, contributing 484 million in orders, accounting for 53.8% of the total annual order volume [24] - The company aims to serve 300 large clients in 2024, with each client contributing an average of 2 million [24] Company Strategy and Industry Competition - The company adopts a differentiated strategy in both course content and customer composition to provide competitive advantages [2] - The company focuses on large clients in the consumer industry, with a sales strategy called "Big Group Learning" targeting large-scale enterprises [5] - The company's core competitiveness lies in brand influence rather than relying on famous lecturers, aiming to provide standardized and replicable course products [18] Management Comments on Operating Environment and Future Prospects - The company expects a 25%-30% growth in revenue and profit for 2024, with an order volume target of 1.1 billion or more [20][22] - The company plans to maintain a shareholder return rate of 80% or higher [21] - The company aims to make orders of 10 million or more a regular occurrence in the future [29] Other Important Information - The company has 30+ lecturers, with the highest-earning lecturer earning over 10 million in 2021 [17] - The sales team size was 720 in 2023, with an average salary of 200,000 and an average sales volume of 1.2 million per salesperson [19] - The company's refund rate is very low, below 5% [6] Q&A Summary Q: What is the company's sales model? - The company relies on referrals from existing clients, with 30+ branches nationwide responsible for sales and localized service support [4] Q: What is the seasonality of the company's revenue? - Revenue is highest in Q4, followed by Q2, Q3, and Q1. The Q1 2024 order volume was 159 million, with a Q2 sales target of 350 million [26] Q: What is the retention and repurchase rate of large clients? - The repurchase rate for 2023 was 55%, with clients who purchased President EMBA potentially not placing new orders within the next year due to the 1.5-year delivery cycle [25] Q: Who are the company's competitors? - Traditional business schools like CEIBS and CKGSB are strong competitors, but the company differentiates itself through practical course design [29] - Chuangye Heima is not considered a direct competitor due to its focus on smaller enterprises and different revenue sources [30] Q: Why does the company have a higher gross margin compared to competitors? - The company benefits from cost control through long-term partnerships with suppliers and the use of its own venues for courses [16][32] Q: What changes were made internally to support the large client strategy? - The company holds weekly large client strategy training sessions to ensure team focus and execution [24] Q: What is the company's performance guidance for 2024? - The company expects 25%-30% growth in revenue and profit, with an order volume target of 1.1 billion or more [20][22]