【公司要闻精选】 - 滨江集团：公司作为浙江龙头房企，坚持区域深耕，充分享受浙江市场红利，2024Q1销售排名跻身行业前十。公司深耕浙江并 结合有序外拓，根据市场变化灵活拿地，土储充裕目仍然集中在杭州及浙江省内，公司目前60%以上土地储备位于杭州，土储优 质，且公司品牌认可度高。同时，公司财务稳健，保持绿档优势，融资渠道通畅、现金充裕。在行业流动性紧缩的背景下，公司 财务安全、融资成本比肩央国企，在行业清整中保持较强优势。今日北上资金买入6927.08万，国泰君安南京太平南路买入549 0.23万，东方证券上海浦东新区源深路买入3684.06万，东海证券福州长乐北路买入3046.64万，1机构买入2094.73万。 5月13日：国产大飞机C919将首次境外商业飞行，这家公司的C919飞机大部段装配项目、蒙皮镜像铁业务正在按计划建设中; 苹果首款可折叠手机或搭载三星显示屏，这家公司的FPC产品在折叠屏上有广泛应用 ● 财联社 ·财联社早知道 阅5197 | 财联社5月16日电,据武汉大学消息,该校计算机学院罗勇救授团队在量子机器学习研究方面取得新进展,首次证明了量子数据 的纠缠程度对量子机器学习模型预测误差的影 ...

联系人：张良卫/张家琦 本篇内容均来自公开发布会纪要整理，不代表我方观点 概要： 1. 新版本将于Q2发布：Q2将发布AI麦可新版本，在交互方式上进行迭代，企业只需向其发出指令，便可自动执行一 系列工作流程。 2. 今日推出AI麦可的两个新版本：标准版（针对初创企业、新进入者等）和专业版（针对有全网营销需求和经验的客 户）。过去一年购买过AI麦可产品的客户将自动升级为专业版。 3. 产品规划：未来将以AIM为目标导向推出企业级AI应用家族，AIM产品系路线图分为三个阶段，目前处于第二阶段 （以AI麦可为工作重点），未来将构建跨境贸易场景下的AI应用集群。对于未来AI麦可的产品线发展，计划从产品知 识库和人才培训入手，将在各方面用AI重构工作方式。 4. 产品知识库：根据不同的营销场景生成相应的营销材料，无论是图文、视频、数字人、直播还是3D内容，都可以 通过AI生成技术来丰富你的营销载体，超越单纯的选品和优品阶段。再结合AI和企业专属数据，可以帮助企业实时洞 察市场并挖掘潜在买家。通过团队协作和工作流程的自动化，将致力于开发拟人化的智慧助理。 一、焦点科技AI产品回顾 各位线上的朋友大家好，欢迎来到"未来进行 ...

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]

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 revenue and profit to new highs in Q1 2024, supported by product structure optimization and changes in customer composition [1] - In Q1 2024, the cloud computing business surpassed 50% of total revenue for the first time, growing 41% driven by AI [1] - In the telecommunications mobile network marketing sector, despite weak demand for 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 USD in 2023 to 200 billion USD in 2024, indicating a boost in AI computing cloud service business [1] - The company's revenue from AI servers grew more than twofold year-on-year, with an expected 40% share of the global AI server market in 2024 [1] Technology and Products - The company launched the NEL72GPU 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 strategy for 2024 focuses on AI, global layout, digitalization, automation, and being an industry leader in ESC [1] - The company is expanding its global presence to achieve local delivery, mitigating 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 carbon emissions down 51% in 2023 and expected to decrease by 19% 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 Summary Question: What are the main profit contributors for 2023 and Q1 2024, and 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 by the booming AI industry, particularly the significant increase in AI server demand [2][3] 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, representing 30% of total cloud computing revenue, higher than 20% in 2022. The company expects overall cloud computing growth to exceed 30% in 2024, with AI contributing 10% of total cloud revenue [2][3] Question: How does the company view its industry position in AI servers and its competitive advantages in a highly competitive environment? - The company has a significant industry position in AI servers, with full industry chain coverage capabilities, which is rare in the industry. This complete solution capability helps reduce issues in system development and enhances collaboration with customers [2][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 include complete AI industry chain design and production capabilities, and the ability to provide comprehensive solutions, which are crucial for enhancing profitability and market share [2][3] Question: Which server customers are interested in NVIDIA's new products, and what is the current shipping progress? - Current interested customers include cloud service providers, NCPs, and brand manufacturers, with smooth shipping progress according to planned schedules [2][3] Question: What is the outlook for the network communication segment, and how will the 800G switch new product progress? - The growth outlook for the network communication segment is positive, with demand for high-speed switches and routers increasing due to the AI transformation of data centers. The 800G switch products are in the new product introduction phase and are expected to contribute positively in the second half of the year [2][3] Question: What is the outlook for the precision components business, and how will it impact company performance? - Despite weak global smartphone market demand, the company's proactive layout in the high-end smartphone market is expected to drive revenue and profit growth in 2024 [2][3]

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]

Financial Data and Key Metrics Changes - The company reported a significant increase in revenue, with a year-over-year growth of 15% [25] - Net profit margin improved to 12%, up from 10% in the previous year, indicating better cost management [25] Business Line Data and Key Metrics Changes - The futures trading segment saw a 20% increase in transaction volume, reflecting higher market participation [41] - The livestock management services reported a 30% growth in client acquisition, driven by new service offerings [50] Market Data and Key Metrics Changes - The average price of live pigs reached 16,000 RMB/ton, which is a 10% increase compared to the previous quarter [25] - The market share in the futures trading sector increased to 25%, up from 20% last year, indicating stronger competitive positioning [41] Company Strategy and Development Direction - The company aims to enhance its risk management services by integrating more advanced analytics into its offerings [31] - There is a focus on expanding into international markets, particularly in Southeast Asia, to diversify revenue streams [50] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the recovery of the livestock market, citing increased demand and favorable pricing trends [25] - Concerns were raised regarding potential volatility in the futures market, which could impact profitability if not managed effectively [31] Other Important Information - The company has established partnerships with logistics providers to ensure high standards in transportation and delivery of livestock [37] - A new pricing model was introduced, allowing clients to lock in prices for six months, which is expected to stabilize revenue [50] Q&A Session Summary Question: What measures are being taken to mitigate risks in the futures market? - Management highlighted the implementation of advanced risk assessment tools and strategies to better manage exposure [31] Question: How does the company plan to expand its market presence? - The company plans to leverage its existing client base and enhance service offerings to attract new customers in both domestic and international markets [50] Question: What are the expectations for livestock prices in the coming quarters? - Management anticipates stable to slightly increasing prices due to strong demand and limited supply [25]

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 ...