迈瑞医疗深度解读 20240812_原文 2024 年 08 月 12 日 22:18 发言人 00:00 Is right to start. 发言人 00:00 Please read. 发言人 00:01 大家好，欢迎参加新政医药找见深度会，迈瑞医疗深度解读会议。 发言人 00:07 目前所有参会者均处于新状态，下面开始汇报免责声明，声明，播报完毕后，结算人可直接开始发言，谢 谢。 发言人 00:15 本次电话会议仅服务于兴业证券客户，会议音频及文字记录的兴容版权为兴业证券所有，内容必须经兴业 证券审核后方可留存。 发言人 00:29 未经允许和授权转载、转发此次会议内容均属侵权，兴业证券将保留追究其法律责任的权利。 发言人 00:38 电话会议所有参会人员不得泄露内幕信息以及未公开重要信息。 发言人 00:45 涉及外部嘉宾发言的，兴业证券不保证其发言内容的准确性与完整性。 发言人 00:52 兴业证券不承担外部嘉宾发言内容所引起的任何损失及责任，不承担因转载、转发引起的任何损失及责任。 发言人 01:03 市场有风险投资需谨慎，提醒投资者注意投资风险，审慎参考会议内容。 发言人 01:12 各位尊敬 ...

Financial Data and Key Metrics Changes - The company is expected to achieve revenue estimates of 3.2 billion, 3.8 billion, and 4.5 billion for 2024, 2025, and 2026 respectively, with net profit estimates of 600 million, 750 million, and 940 million [9][10] - The overall net profit margin is expected to remain above 20%, with a return on equity (ROE) consistently above 20% from 2016 to 2021 [16] Business Line Data and Key Metrics Changes - The dental implant business has shown a quarterly improvement trend since 2020, with expectations for growth in the second half of the year [4][5] - The orthodontics and pediatric dental services have been impacted by consumer purchasing power, but overall growth is anticipated to be slightly better than in previous years [5][31] - The company’s revenue composition includes approximately 18% from implants, 18% from orthodontics, 18% from pediatrics, and over 40% from comprehensive and restorative services [14] Market Data and Key Metrics Changes - The penetration rate for dental services in China remains low compared to countries like Japan and South Korea, indicating significant growth potential in the market [18][19] - The domestic dental implant market has seen a growth rate of over 20% even during the pandemic, with a current penetration rate of about 29 implants per 10,000 people, compared to 500 in South Korea [21][22] Company Strategy and Development Direction - The company has maintained a steady pace of opening new branches, with a total of 84 medical institutions expected by early 2024, including 59 in Zhejiang province [6][7] - Future expansion plans will slow down, focusing on optimizing existing operations rather than aggressive new openings [7][8] - The company aims to leverage its strong brand and market position to capture a larger share of the growing dental service market [12][42] Management Comments on Operating Environment and Future Outlook - Management believes that the company is poised for recovery and growth, particularly in the dental implant sector, as economic conditions stabilize [5][6] - The company anticipates that the profitability of new branches will improve, with many already reaching breakeven or profitability [37][38] - The overall sentiment is optimistic regarding the potential for revenue growth in the second half of the year, driven by improved demand and operational efficiency [25][31] Other Important Information - The company has a competitive advantage due to its strong brand reputation and lower sales expense ratios compared to peers, contributing to higher net profit margins [16] - The company’s expansion strategy includes both organic growth through new branches and acquisitions of smaller dental practices [39][40] Q&A Session Summary Question: What is the outlook for the dental implant business? - The dental implant business is expected to see significant growth in the second half of the year, with volume growth projected to remain above 30% [25][26] Question: How is the company addressing the impact of economic conditions on its services? - Management noted that while economic conditions have affected consumer spending, the company’s diversified service offerings and strong market position will help mitigate risks [31][32] Question: What are the company's plans for expansion in the coming years? - The company plans to focus on optimizing existing branches and will slow down the pace of new openings, with a focus on profitability and operational efficiency [6][7]

人形机器人-传感器专题 20240812_原文 2024 年 08 月 12 日 20:59 发言人 00:00 比如像瑞维利等等，进行一个详细的一个讲解。对于传感器的种类和市场情况，以及降本的情况与未来趋 势，包括最新的一些公司进行汇报和更新。接下来的话就有请我们的机械分析师王冠锦进行汇报，有请。 好的，谢谢张老师。 发言人 00:23 接下来就由我汇报一下我们近期的这样的一个深度报告，就是传感器的这个深度报告。正如赵云伟老师所 讲的，就是现在人形机器人的话，他对传感器的一个需求其实是越来越高的。如果想要打造成一个完全通 用的人形机器人的话，那其实对人形机器人的对外界的一个感知能力，包括对内部的一个感知能力要是是 要非常强的。这样的话才能够人形机器人才能够根据外界的各种各样的一个信息反馈给大脑。然后大脑的 话再把一些做出决策，反馈给小脑。小脑我在做出各类的一个动作来从而去适应外部的这样的一个环境。 所以说传感器的话，随着人形机器人的这样的一个发展和成熟，我们预计我认为的话整个的传感器的一个 成本，或者说是他的在人形机器人里面的一个制造的一个成占有的一个价值量，预计是会越来越高的。 发言人 01:21 因为传 ...

Financial Data and Key Metrics - Revenue for the first half of the year reached RMB 389 million, a year-on-year increase of 35.16% [1][2] - Net profit reached RMB 136 million, up 29.1% year-on-year [1][2] - Net cash flow from operating activities decreased by 27.38% to RMB 174 million [9] - Basic earnings per share increased by 29.21% to RMB 1.15 [9] Business Line Data and Key Metrics - Concentrated products accounted for 32% of revenue with a gross margin of 85.8% [3] - Principal Solution Classes contributed 11.1% of revenue with a gross margin of 65.6% [3] - Consulting business accounted for 18.8% of revenue with a gross margin of 46.4% [3] - Digital Business School and books contributed 2% and less than 1% of revenue, with gross margins of 97.2% and 26.3% respectively [3] Market Data and Key Metrics - The company successfully developed 129 major clients (single orders exceeding RMB 1 million), contributing RMB 264 million, accounting for over 58% of total orders [11] - The company is expanding its presence in Southeast Asia, particularly in Malaysia, with over 3,000 students and plans to further expand into Singapore and surrounding countries [19] Company Strategy and Industry Competition - The company is focusing on a major client strategy to increase market share and order volume, while also enhancing brand strength [4][11] - The company is exploring new product areas, including digital organization courses in collaboration with Alibaba DingTalk and new lean management courses [7][18] - The company has established a competitive moat through its brand strength, comprehensive business system, and emphasis on practical results and capability development [8][20] Management Commentary on Operating Environment and Future Prospects - The company adjusted its data release strategy to focus on quarterly reports to reduce unnecessary market fluctuations [4] - Despite short-term fluctuations, the company's overall performance reached a historical high and continues to actively expand its business [4] - The company is optimistic about its future growth potential, particularly in the Southeast Asian market [19] Other Important Information - The company plans to hold 20 to 22 concentrated EMBI courses in the second half of the year, increasing the frequency of classes [5][13] - The company adopted a high dividend distribution strategy, with an interim dividend accounting for 86.7% of the first-half net profit [6][14] Q&A Session Summary Question: What was the company's revenue for the first half of the year? - Answer: The company's revenue for the first half of the year was RMB 389 million [9] Question: What was the year-on-year growth in net profit for the first half of the year? - Answer: Net profit increased by 29.1% year-on-year to RMB 136 million [9] Question: Why did the net cash flow from operating activities decrease? - Answer: The decrease was mainly due to the one-time expenditure of year-end bonuses, increased consulting business expenses, and higher corporate income tax [10] Question: How is the company addressing market concerns about its growth prospects? - Answer: The company adjusted its data release strategy to focus on quarterly reports and emphasized its commitment to maintaining financial health and growth potential [4] Question: What is the company's strategy for increasing market share? - Answer: The company is focusing on a major client strategy, enhancing brand strength, and expanding into new markets, particularly in Southeast Asia [11][19] Question: What are the company's plans for future course offerings? - Answer: The company plans to hold 20 to 22 concentrated EMBI courses in the second half of the year [13] Question: What is the company's dividend policy? - Answer: The company adopted a high dividend distribution strategy, with an interim dividend accounting for 86.7% of the first-half net profit [14] Question: How is the company enhancing its brand strength? - Answer: The company is increasing advertising in key cities such as Shanghai and Shenzhen to enhance brand recognition and attract more business clients [17] Question: What is the company's competitive advantage in the education industry? - Answer: The company's competitive advantage lies in its brand strength, comprehensive business system, and emphasis on practical results and capability development [8][20]

人形机器人系列之行业深度 20240809 会议要点 1. 人形机器人行业现状与需求分析 人形机器人指的是具有类似人类外观和行为的机器，主要应用于医 疗、教育和服务等多个领域。其最大的特点是自由度高，具备较强 的自主性和多功能性。未来人形机器人的应用有望迅速扩大，主要 因为其能够提高生活水平和创造高质量的工作机会。例如，在工业 制造中，人形机器人可以替代人类从事重复、繁杂和危险的工作， 减少事故发生，提高生活质量。 2. 人形机器人产业痛点及解决方案 | --- | |-----------------------------------------------------------------------------------------------------------------------| | | | 场景中的应用受限。硬件成本高的原因包括设计复杂和尚未实现规 模化生产，导致零部件成本高昂。非结构化场景应用受限则是由于 | | 机器人通用性不足,无法灵活应对突发事件。未来，这些痛点有望 | | 通过成熟国产汽车供应链的复制和 AI 模型应用得到解决。成熟国 | | 产汽车供应链的复制可以有效降 ...

惠城环保 20240809 做完毕后，主持人可直接开始収言。本次会议请面向国盛证券癿与业投资机构、 客户戒叐邀客户。 会议中嘉宾癿収言内容仁代表其个人观点。国盛证券研究人员癿収言内容仁代 表当日癿判断，具体请参见完整版癿研究报告。未经国盛证券事先书面许可， 任何机构戒个人严禁录音转収及相关制庙，涉嫌远反上述情形癿，我们将保留 追究相关斱法律责任癿权利。 各位同志，大家早上好。嗯，我是那个国盛环保癿杨新成。然后呢，昨天晚上 也是汇城环保収布了嗯最新一期癿半年报，然后公司上半年实现营业收入接近 六个亿啊，同比增长了 17 个点，然后公司上半年癿觃模净利润呢接近 3500 万。 但这一数据呢同比下滑了 59%。 然后我们也是也比较有限。第一时间邀请到了公司癿呃张总和罗总就公司癿最 新情况跟我们做一个解读。然后呃我先问个问题吧，张总因为呃收入其实还是 比较好癿哈。我们看，但是利润下滑癿比较多，尤其是那个后置项目那个相比。 去年是有一呃大概 3000 多万癿下滑吧。我想问问看这个是什么原因造成癿， 包括仂年这个业务展望到底是怂么样啊，张总。 这个抛售项目从去年年底癿时候，我也跟大家说过，可能大家都丌记得了，去 年癿利润 ...

正海生物240806_1_原文 发言人 00:00 2024年08月09日 14:41 公司保留追究其法律责任的权利。市场有风险投资需谨慎。各位投资者们，大家早上好，我是华创医药 的李婵娟。感谢大家来参加正海生物的2024中报业绩交流电话会议。昨天公司也是发布了中期的业绩报 表，我们看到在上半年其实反腐，包括新品路面等各方面压力比较大的情况下，公司在二季度其实表现 比一季度的环比还是有一个不错的一个增长。今天我们也非常荣幸的邀请到了财务总监、董秘赵总来跟 大家做线上的分享。 发言人 00:39 会议开始，首先我们有请赵总给大家简单的介绍一下中报的业绩情况。谢谢赵总。好的，李总。各位投 资者大家上午好。我简要说一下正海生物上半年的业绩情况。 发言人 00:55 正海生物2024年的半年报已经官网披露，2024年上半年公司实现营业总收入1.9 8亿元，同比减 少11.8%。其中的主力产品口腔修复膜产品实现营业收入是9565.8 7万元，较上年同期是减少了9.8%。可 吸收硬脑脊膜补片和硬脑脊膜补片两个产品实现营业收入7581点一二万元，较上年同期减少16.63%。 发言人 01:27 2024年上半年，公司实现归 ...

Financial Data and Key Metrics - Revenue in 2023 decreased compared to 2022 due to market conditions and industry governance, with a notable decline in net profit primarily due to equity incentive share-based payments [9] - The company expects the impact on net profit to continue into this year, with related expenses dropping significantly next year, estimated to be around 8 million RMB this year and 3-4 million RMB next year [9] Business Line Data and Key Metrics - Orthopedic products account for nearly 70% of revenue, neurosurgery around 20%, and dental products about 10% [11] - The company's dental materials business is expected to double in revenue this year due to synergies from the acquisition of a German implant company [32][35] Market Data and Key Metrics - The company's products are distributed through 750+ dealers, covering over 900 hospitals nationwide, excluding Hong Kong, Macau, and Taiwan [10] - The national centralized procurement (集采) for orthopedic products has doubled the number of hospitals using the company's products, from less than 700 to nearly 1,500 [10] Company Strategy and Industry Competition - The company is focusing on cost reduction and efficiency improvement, including building new production lines in Shandong to lower costs [20] - The company is leveraging the national centralized procurement to increase market penetration and expects significant growth in product usage [12][15] - The company is also expanding internationally, with plans to obtain market access in 3-5 countries this year [37] Management Commentary on Operating Environment and Future Outlook - Management believes that the centralized procurement will lead to increased clinical usage of their products, replacing autologous bone and allograft materials [15][17] - The company is optimistic about the long-term growth of the dental implant market, expecting high-speed growth over the next 5-10 years [26] Other Important Information - The company is developing new products, including collagen sponge and animal-derived bone materials, with expected approvals in Q3 2024 [23] - The company has acquired a German implant company, which is expected to enhance its product portfolio and market position [24][26] Q&A Session Question: Synergies from the acquisition of the German implant company - The acquisition is expected to significantly boost the dental materials business, with revenue potentially doubling this year [32][35] - The company plans to integrate the German implant products with its existing dental materials to provide a comprehensive solution to the market [34][35] Question: International expansion plans - The company is working on obtaining market access in 3-5 countries this year and expects to generate some revenue from international markets next year [37][43] - The German implant company's existing certifications and market access in various countries will facilitate the company's international expansion [38][39] Question: Impact of centralized procurement on orthopedic business - The company expects a 15-20% decline in orthopedic revenue this year due to price reductions from centralized procurement, but the impact will be less severe compared to other companies in the industry [49] Question: Future of collagen sponge product - The collagen sponge product is expected to have a wide range of clinical applications and will significantly reduce production costs for the company's core materials [52][55] - The product is also seen as a strategic platform for future developments in regenerative medicine [58]

一、市场表现与收益率 今年北证 50 的收益率是所有指数中最高的，但整体收益率为负 33.7%。上证 50 则取得了正收益 2.1%。 北交所的两年累计收益率为负 23.8%，创业板为负 28.1%，科创 50 为负 22.6%。 今年北交所股票的跌幅集中在-20%到-50%之间，占比 80%。 今年 4 月 8 日，负相关系数达到峰值 0.28，说明去年年底的涨幅在今年 4 月 8 日前已经消化。4 月 8 日后，相关系数逐渐回正，说明今年二季度的股票涨跌幅顺序与去年二季度和四季度相似。 今年二季度，机构股市跌幅较大，主要原因是公司业绩不及预期和新国 9 条政策的影响。 今年二季度的业绩较差，但流动性仍有改善，个股获取正收益的比例高达 86%。 北证的收益率与沪深大小盘风格的联动性从滞后变为同步，尤其在 2022 年滞后性明显。今年以 来，北交所的波动性与沪深的联动性增强。 二、行业与板块表现 今年呈现明显的板块轮动趋势，六七月份 TMT 板块占优，整体市场随着沪深一起轮动。 北交所的行业结构有所改善，电力设备和技术化工板块的市值占比下降，而计算机、美容护理、 机械设备板块上升。 北交所的公司出海比例较高， ...

证券代码: 688321 证券简称: 微芯生物 公告编号: 2024-066 深圳微芯生物科技股份有限公司 关于召开 2024 年半年度业绩说明会暨举办 2024 年度 投资者开放日活动的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 重要内容提示: ● 业绩说明会召开时间:2024 年 08 月 19 日(星期一) 上午 10:00-11:00 ● 业绩说明会召开地点:上海证券交易所上证路演中心(网址: https://roadshow.sseinfo.com/) ● 业绩说明会召开方式:上证路演中心网络互动 ● 投资者可于 2024 年 08 月 12 日(星期一)至 08 月 16 日(星期 五)16:00 前登录上证路演中心网站首页点击"提问预征集"栏目或 通过公司邮箱 ir@chipscreen.com 进行提问。公司将在说明会上对投 资者普遍关注的问题进行回答。 ● 投资者开放日召开时间: 2024 年 08 月 19 日(星期一)下午 14:30-17:30 ● 投资者开放日召开地点:深圳市南山区西丽街道曙 ...