好各位朋友各位领导中午好因为最近关注金达还有我们金达投资相关业务的投资者比较多所以我们今天就特别邀请金达股份的董事会秘书周总还有我们控股子公司恒隆特岛的IR5总两位来一起跟大家沟通 因为先请我就把时间交给周总和吴总先请吴总周总介绍一下咱们金达自己的基本盘的经营总是和基本展望周总先麻烦您好的好的谢谢游老板也感谢各位朋友在这个大中午还抽出这宝贵时间听我唠叨几句 金达从整个三级报大家也看到了整个基本上数据,然后从四季度,从十月和十一月整个经营情况来看是非常稳健的。我们这个十一月目前看,我们有的这个主力公司,同龄金达,就是我们的主力的同线公司,它的单月的发货量目前在按照二十六号的数据,单月已经突破一万吨了。所以今年看的话,整个四季度的一个火爆程度应该跟二季度相当。 同时呢我们这个发货量很有可能在这个11月12月会创一个新高所以今年呢整体上我们整体的预估的这个水平跟大家之前汇报应该是相差不大的估计可能还有一个向上的一个预期所以整个今年呢整个经营走势包括这个我们在手订单的情况的话还是非常稳健然后呢大家关心的这个恒峰特导这些相关的一些这个数据呢请恒峰特导总编辑吴总给大家稍微介绍一下舒强交给你 恒隆的话它实际上是去年三月份信 ...

Key Points Industry and Company * **Company**: Yingwei Ke * **Industry**: Thermal Management, Data Center, Energy Storage Core Views and Arguments * **Yingwei Ke's Technical Strength**: Yingwei Ke has over 20 years of technical experience in the thermal management field, with proprietary products like the first domestic communication outdoor cabinet air conditioner and the globally first Ec fan. They have a leading position in data centers and energy storage markets. * **Key Success Factors**: Yingwei Ke's success is attributed to strong technical driving capabilities, deep technical roots, reasonable organizational structure, and the ability to quickly respond to customer needs. * **Market Performance**: Yingwei Ke has performed well in various segments, including communication base stations, data centers, and energy storage. They have a full-chain solution in liquid cooling technology and have established partnerships with industry giants like Tencent, Alibaba, and NVIDIA. * **Project Challenges**: To address the challenges of project-based work, Yingwei Ke has established an independent technical support department, strengthened cross-departmental collaboration, and implemented platform-based processing to improve research and development efficiency and project response speed. * **Future Outlook**: Yingwei Ke plans to consolidate its existing advantages, seize the growth opportunities in data center liquid cooling and energy storage markets, and expects the liquid cooling market size to exceed 80 billion yuan by 2027. * **Revenue Growth**: As of September 30, 2023, Yingwei Ke has delivered projects totaling approximately 1GW. It is expected to experience rapid growth in 2024, driven by increasing demand for liquid cooling solutions globally and the collaboration with NVIDIA. * **Valuation and Performance**: Yingwei Ke's valuation is considered reasonable, with 2023 earnings forecasted at approximately 550 million yuan and 2024 expected to exceed 700 million yuan, with a year-on-year growth rate of over 30%. * **Global Market Expansion**: Yingwei Ke has entered the NVIDIA ecosystem, allowing the company to expand into broader global markets. The U.S. is the largest market currently, but with the development of data centers worldwide, including Southeast Asia and China, Yingwei Ke has significant market opportunities. * **Overseas Market Expansion**: Yingwei Ke plans to enter the overseas market with individual small products, quickly gain customer recognition through technology quality and service capabilities, and then gradually expand to more products. * **Liquid Cooling Projects**: As of September 30, 2023, Yingwei Ke has delivered projects totaling approximately 1GW. With increasing demand for liquid cooling solutions globally, especially with the launch of NVIDIA's B series products, the liquid cooling market is expected to grow rapidly. Yingwei Ke's collaboration with NVIDIA and Intel will contribute to its growth. * **Valuation and Performance**: The market values Yingwei Ke reasonably, indicating recognition of its value. The company's 2023 earnings are forecasted at approximately 550 million yuan, and 2024 is expected to exceed 700 million yuan, with a year-on-year growth rate of over 30%. * **NVIDIA Collaboration**: Entering the NVIDIA ecosystem demonstrates the global leading chip manufacturer's recognition of Yingwei Ke in terms of technology, quality, service, and delivery. This recognition determines the company's future development potential. * **Overseas Market Capacity and Service**: Currently, the overseas market is mainly focused on energy storage, with some involvement in data center products. Yingwei Ke has the service capabilities, but capacity needs to be further improved. * **Valuation**: The company's valuation is considered reasonable, reflecting the idea of purchasing excellent companies at reasonable prices. The stock price has increased significantly since the company's listing, creating significant value for shareholders. The future outlook is optimistic, with a high probability of continued growth. * **Impact of Sino-US Trade War**: The impact of the Sino-US trade war on the company is difficult to accurately measure due to factors such as the final implementation of tariffs and the allocation methods between products and customers. However, the company is believed to have corresponding measures in place. * **Domestic Competitors**: In the liquid cooling product field, domestic competitors are mainly divided into system solution providers and single-product manufacturers. Currently, there are few companies that truly provide system solutions, with most focusing on single products such as CPUs, cold plates, pipes, and quick connectors. Therefore, Yingwei Ke has a strong position in the domestic liquid cooling market. * **Prospects for Liquid Cooling Industry**: The liquid cooling industry is expected to grow rapidly, especially at this point in time. It is expected to enter a rapid放量 stage next year and continue to increase in value with technological upgrades and iterations. This trend will be a main theme throughout the year, and it is recommended to invest early. * **Recommended Companies**: The company recommends two companies: one is an American-listed state-owned enterprise, and the other is Yingwei Ke. Both are leaders in the solution field and also involve core components. In addition, they also recommend Chuanghua Technology, which excels in the pipe field. They are firmly optimistic about the future development of these companies.

Key Points Industry Overview 1. **High Initial Investment Costs**: The initial investment for battery swapping stations, particularly for passenger cars and commercial vehicles, is significant. For passenger cars, it could be around 5 million USD, while for commercial vehicles, it could be around 10 million USD [1]. 2. **Interconnected Ecosystem**: The development of battery swapping stations is interconnected with the promotion of battery swapping vehicles by automakers and the willingness of third-party companies to invest in swapping stations [2]. 3. **Market Growth**: The battery swapping market has seen significant growth, with a decline in initial investment costs and the potential for standardization [3]. 4. **Complementary to Charging**: Battery swapping is considered complementary to charging rather than a replacement, offering efficiency, safety, and grid-friendliness [5][6]. 5. **Application in Different Segments**: Battery swapping is primarily applied in passenger cars and commercial vehicles, with different dynamics in each segment [8][12]. Passenger Cars 1. **NIO's Leadership**: NIO has been leading the passenger car battery swapping market, considering the overall vehicle experience and the introduction of battery separation models [8]. 2. **Battery Separation Models**: Battery separation models, like the BIS scheme, offer cost savings on initial vehicle purchase while incurring monthly rental costs [9]. 3. **Market Penetration**: The number of battery swapping stations is relatively low compared to charging stations, with NIO leading in terms of operational rates [10]. Commercial Vehicles 1. **Battery Swapping in Commercial Vehicles**: Battery swapping is gaining traction in the commercial vehicle segment, particularly in medium and short-range operations [12]. 2. **Economic Viability**: The economic viability of electric commercial vehicles, especially in medium and short-range operations, has improved compared to traditional fuel-based vehicles [12]. 3. **Leading Service Providers**: Origin Energy is a major service provider for commercial vehicle battery swapping stations, with an operational rate of around 80% [12]. Standards and Regulations 1. **Standardization Efforts**: Efforts are being made to develop standards for battery swapping, with the potential for approval in the first half of next year [3][18]. 2. **Customized Standards**: Standards are being developed for different vehicle types and operating environments [18]. Investment Opportunities 1. **Equipment Manufacturers**: Short-term investment opportunities may arise for equipment manufacturers benefiting from the accelerated construction of battery swapping stations by leading companies [4]. 2. **Battery Cost Reduction**: The decline in battery costs has led to a reduction in investment costs for battery swapping stations, making them more viable [20]. 3. **Open Partnership Models**: Open partnership models, similar to those in the charging industry, may boost investment enthusiasm in battery swapping stations [24]. 宁德时代 1. **EVGO Brand**: CATL has launched the EVGO brand for battery swapping services, using CATL's own battery technology [15]. 2. **Partnerships**: CATL has announced partnerships with various automakers, including BYD, VV, Beijing, and Changan, for battery swapping services [15][16]. 3. **Potential for Growth**: CATL's battery swapping business has the potential for significant growth, considering its position as a comprehensive energy solution provider [29]. 联姻激光 1. **Technical Capabilities**: Lumentum has the technical capabilities to enter the battery swapping equipment market, leveraging its expertise in precision laser welding and battery equipment [30][31]. 2. **Market Potential**: The battery swapping equipment market presents a growth opportunity for Lumentum, with potential for increased revenue and cost reduction [34]. 3. **Order Potential**: Lumentum may see significant order potential in the battery swapping equipment market, considering its existing order book and the expected growth in the market [48].

由我来给同志们汇报一下关于我们最新写的声音电子的一个深度报告声音电子的话呢因为公司主要是做PCB所以我们这个准备的报告的话呢是按照我们讲的五个部分首先是介绍一下我们讲的整个一个PCB的这个行业行业包括几个我们讲速冲跟汽车的一个细分或者是关于公司自身的一个产品的一个介绍所以第一块的话就是 我们讲的整个公司大概一个情况公司的话呢因为是我们讲的主要是做这个速通的PCB成立在1985年所以如果是按照这个整个的发展历史上来看的话呢其实整个一个在最早的话呢我们讲是整个一个85年到89年是一个建成的一个阶段然后在90年到2007年的话呢我们讲是一个 我们讲逐渐逐渐这样一个发展扩张的这样一个阶段这个时候产能在不断提升从过去的我们讲的建成阶段的3.5万坪每年提升到这个35万35万坪每年然后就是我们讲的在后续的话我们讲到第六年到现在是属于一个高质量发展这样一个阶段这里面我们会看到这个基本上是在热城吉安然后我们讲的在东城吉安然后这个陆续的话有一些这种现在一些一些项目 所以从公司的这样一个发展上来看的话我们觉得还是一个我们讲的维持一个比较稳健然后高强发展这样一个过程然后在这个我们讲的下游的这个应用上来看是包括像通讯像计算机服务器电子 ...

星球石墨 20241128 摘要 • 星球石墨公司是全球主要的石墨化工设备供应商，主营业务涵盖石墨材料、 化工装备、工艺解决方案和技术服务，下游应用领域广泛，包括氯碱、多 晶硅、新能源等行业，其中氯碱行业占比约 45%。 • 公司拥有 238 项专利，并主导或参与制定了 26 项标准，技术实力雄厚， 尤其在自主研发浸渍剂配方、合成炉技术方面具有显著优势，合成炉国内 市场占有率超过 80%。 • 公司发展战略为"四位一体"产业格局：石墨材料、石墨设备、系统集成 和维保服务，并积极拓展海外市场，已与印度阿达尼公司签订 3 亿元订单， 未来 3-5 年内计划海外收入与国内持平。 • 公司主要产品包括合成炉、换热器、塔器及配件，其中合成炉毛利率达 60%，换热器毛利率约 20%。公司综合毛利率为 43-44%，未来随着高毛利 产品占比提升，仍有上行空间。 • 公司目前在手订单总额约为 10.1 亿元，今年新增订单每月平均 6,600 万 -7,000 万元，其中一半来自替换需求，主要来自国内氯碱行业，多晶硅 业务占比相对较小。 • 公司积极推进产品标准化和规模化生产，以降低成本，提升换热器市场占 有率。同时，公司正研 ...

好的好的,感谢各位投资者的等待,各位领导好,我是中芯片头传媒行业的手机分析师杨艾丽,今天在我们策略会期间,我们非常荣幸的邀请到了汤姆猫的欧阳总来跟大家做一个交流和分享,就像我们前几次邀请的AI应用相关的公司类似,我们今天也请到欧阳总, 跟大家做一个投屏的PPT的一个汇报那我们也能看到从最近美固的很多AI的软件公司的走势来看我们看到很多和这种声音或者说和音频相关的公司其实涨幅非常好包括像Thunderbolt的包括像昨天晚上的声网所以我们也知道汤姆猫在这块有比较多的积累然后再叠加在玩具在IP领域的一系列的提前的布局 所以今天我们也想请欧阳总先系统性的给我们梳理一下公司现在业务和一些新兴业务布局的一些情况然后后面大家再来做问答那么先有请欧阳总做主题发言 谢谢杨老师一直对我们都很关注我先还是分几个重点跟大家尽快的讲一下业务的进展的情况第一个我想讲的关键词还是AI的机器人因为最近大家对机器人关注点较多因为我们机器人大概会在 农历春节之前我们希望春节的时候小朋友就能拿到第一个属于自己的AI机器人的玩具所以我们大概可能在12月晚些的时候春节之前就会上线发售所以给大家讲一下这个机器人这个机器人我还是讲几个关键的词 一个是它 ...

新乳业 20241128 摘要 • 10 月和 11 月终端动销未见显著复苏，全年目标仍为收入正增长和净利率 提升。 • 原奶价格复苏时机存在分歧，公司预计至少到明年下半年才能回暖，上游 去产能速度不及预期。 • 公司奶源自控率超过 60%，收奶政策相对稳定，仅 10%奶源来自临时需求 调配。 • 三季度毛利率提升显著，主要源于产品结构优化和成本贡献，预计明年原 奶价格复苏将影响毛利率，但销售费用减少将促进净利率提升。 • 明年上半年若奶价维持低位，将利好毛利率改善；公司与第三方合作牧场 及饮料奶相比，奶价降幅较小。 • 大包粉减值较少，得益于灵活的奶源结构、常温产品库存消化快及原料规 划提前准备。 • 华东地区子公司收入增长显著，主要得益于新品推出和供应链优化，低温 鲜奶增长接近三位数，是公司产品结构优化的重要抓手。 Q&A 近期 10 月份和 11 月份的终端动销情况如何？是否有好转迹象？ 公司一般不会给出短期指引，但从市场观察来看，刚刚过去的 10 月份与前三季 度相比没有明显变化。终端市场整体动销没有显著复苏或强劲好转迹象。全年目 标依然是实现收入正增长和净利率提升，公司会在接下来的时间内努力实现这一 ...

我们也是重点推荐商业航天方向帝国卫星方向那Square在近期的股价表现也是名列三毛那大家也是比较关心公司一些经营的情况以及未来在文章航天城这边的一个布局和发展那我们今天就有请吴总先跟我们把公司简单的一些情况跟投资者去分享一下有请吴总 好的谢谢您谢谢您杨啊尊敬的各位投资者大家下午好感谢大家参与今天的投资者交流会我是思科瑞的董事会秘书吴长炼感谢各位一直对公司的支持和信任前三季度呢公司的营业收入是9925.25万其中这第三季度营业收入呢是4365.91万面对进攻市场的热收期公司上下预兴 坚持技术研发的步伐公司持续增加研发投入推进成都无锡西安测试基地的建设进展良好11月11日我们携手文昌国际航天城管理局四川千浦新区太空产业研究院成功举办了2024年卫星轻量生产许可可靠性工程研讨会 会上主要围绕百建千新的计划如何将传统的航天检测模式和现代工业流水线检测模式相结合在保质保量基础上以低成本的方式打造多功能智能化数字化的测试平台来实现元器件模块系统小整机轻量检测的高质量发展共同建立行业标准 来为卫星超级工厂打造一站式可发现检测技术服务会上呢我们与电子科技大学智能研究院签订了联合实验室 跟成都明山电磁环境应用技术研究院也就是我 ...

各位投资者大家好我是方证军工刘明阳今天我们联合东北证券一起邀请到了Square的董毅吴总跟大家进行一个交流近期的话我们也是重点推荐商业航天方向帝国卫星方向 那斯科瑞在近期的股价表现也是名列鲜薄啊那大家也是比较关心公司一些经营的情况以及未来在这个文章和年程这边的一个布局和发展啊那我们今天就呃有请这个吴总啊先跟我们把公司简单的一些情况吧啊这个跟投资者去分享一下啊有请吴总好的谢谢您谢谢明阳啊 今天的各位投资者大家下午好感谢大家参加今天的投资者交流会我是斯科瑞的董事会秘书吴长炼感谢各位一直对公司的支持和信任前三季度呢公司的营业收入是9925.25万其中这第三季度营业收入呢是4365.91万 会上呢主要围绕百建千新的计划如何将传统的航天检测模式和现代工业流水线检测模式相结合在保质保量基础上能以低成本的方式打造多功能智能化数字化的测试平台来实现元器件模块系统小整机轻量检测的高质量发展共建共同建立行业标准 来为卫星超级工厂打造一件一一站式可发性检测技术服务会上的我们与电子科技大学智能研究院签订了联合实验室跟成都明山电池环境应用技术研究院也就是那个就是我们国家电池金融第一人苏东明院士团队 和那个签订了那个战略合作协议还有成都 ...

开始 请稍候Thanks for your participation大家好 欢迎大家参加伪冲交流中性箭头政权2025年第四个市场峰会下面开始播报编辑声明 声明播完以后主持人跟着就开始发言擅自制作 编辑及转发会议纪要引起不当传播的中性箭头有权追究其法律责任 并请会议参加者充分了解各类投资风险根据自身情况自主作出投资决策并自行承担投资风险保证 本次会议内容的知识产权仅为中信线头所有未经中信线头事先书面许可任何机构或个人均不得以任何形式转发发布翻版复制或引用会议全部或部分内容亦不得同未经中信线头书面授权的任何机构个人或其运营的媒体平台接收翻版复制或引用会议的全部或部分内容版权所有 为者利咎 好的各位投资者大家下午好我是中信剑投电信组的分析师任嘉伟那么今天下午的话我们很荣幸邀请到了极佳伟创的阮总然后来跟各位大家交流一下公司近期的一个整体的这个基因情况然后也感谢大家今天下午抽出时间来听我们的这样一个小范围的一个交流 呃好的那么我们这个这次会议的话呢主要分为两部分第一个部分是先由阮总呃先介绍一下公司近期整体的一个呃订单啊包括应用层面的一些呃最新的这个情况然后之后我们就进入这个问答环节呃好的要不那个阮总呃我先把时间交给您 ...