德明利 20250506 摘要 • 德明利营收自 2021 年来增长四倍，市值显著提升，受益于嵌入式存储、 企业级存储和内存条业务的快速发展及客户结构的优化升级，体现了公司 强劲的成长势头。 • 电子行业周期自 2025 年 3 月开始反转，早于预期，但地缘政治导致需求 预期放缓，温和上行趋势或受原厂减产影响，未来高度需进一步观察，关 注库存水位和价格走势。 • 德明利在企业级存储和嵌入式存储领域加大技术和设备投入，积极拓展客 户，企业级产品已导入头部客户并开始交付，嵌入式产品 DDR4、eMMC、UFS 等已陆续交付。 • 地缘政治及信息安全自主可控需求增加，为国内模组厂带来机遇，Flash 原厂角色转变，国产替代方案需求增加，长江存储和长鑫等国产供应商崛 起，为德明利带来大量机会。 • 德明利专注于集成电路设计，深耕资源主控、固件算法和介质研究，产业 链协同完善，DDR5 内存在企业级应用中表现优异，技术优势显著，为应 对市场需求和抓住发展机遇奠定基础。 Q&A 德明利公司在今年（2025 年）第一季度的财务表现如何？ 德明利公司在今年（2025 年）第一季度的财务表现非常亮眼，收入同比大增 54%，毛利 ...

Summary of the Conference Call Industry Overview - The military industry is showing a downward trend, but the decline is narrowing, indicating signs of bottoming out. The revenue realization in the components segment is catalyzing the industry, with expectations for improved conditions in Q2 [2][4][10]. - The Longjiang Military Group categorizes over a hundred companies into main tracks (military aircraft engines, missiles) and new directions (new equipment, military trade, military-to-civilian transitions). The upstream components are recovering first, with improvements in cash flow and inventory for main manufacturers [2][5][6]. Key Insights - Q2 is expected to see a focus on emerging segments such as rocket forces, navy, army, and information support troops, with significant development potential following management system optimizations [2][8]. - The military industry is anticipated to accelerate recovery in 2025, driven by mobilization orders and systemic improvements, with missiles becoming a preferred investment choice [2][10]. - Military trade is benefiting from optimized national military trade management and global political changes, becoming a crucial aspect of the defense technology industry's international expansion [2][12][13]. Company-Specific Highlights AVIC Shenyang Aircraft Corporation (沈飞) - Selected as the "gold stock" for May due to low holdings, minimal competition, low valuation, and potential. The lack of disclosed 2025 operational targets enhances its safety margin and presents a contrarian investment opportunity [2][3][15][16]. - The company is currently valued at a static P/E ratio of around 30 times, which is at the lower end of its historical valuation range. Expectations for increased production tasks in 2025 are based on improved cash flow and contract signing [17][20]. - Future growth is supported by new aircraft models entering production phases, with a projected ROE close to 20% and significant asset scarcity [18][21]. Tunan Co., Ltd. (图南股份) - Tunan has shown improvement in Q1 2025 after a significant decline in Q4 2024. The company is expected to achieve approximately 330 million yuan in revenue in 2025, with a compound annual growth rate of 35% to 40% over the next two years [2][29]. - The company specializes in high-temperature alloy materials, with a strong focus on casting and deformation alloys, and is gradually extending its business into downstream products [23][26]. - Tunan's profitability is expected to improve significantly, with projections indicating a doubling of revenue and profit over the next three years [28][29][30]. Additional Important Points - The military industry is experiencing a structural shift with a focus on unmanned systems and advanced technologies, which will likely reshape operational dynamics and market opportunities [21][22]. - The management of military companies is increasingly focused on optimizing production and expanding capacity to meet future demands, particularly in the context of national defense strategies [20][14]. - The competitive landscape in the military sector remains relatively stable due to strong regulatory frameworks, which may provide a clearer path for companies to capitalize on emerging opportunities [11][12].

Summary of China Chemical's Conference Call Company Overview - China Chemical is a leading global chemical engineering service provider, holding the top position in service volume and project quantity worldwide. The company has designed and constructed approximately 90% of China's chemical projects, 70% of petrochemical projects, and 30% of refining projects, showcasing its strong project undertaking capabilities [2][3][5]. Core Insights and Arguments - **Financial Performance**: In Q1 2024, China Chemical reported total revenue of 447 billion yuan, a slight decrease of 1% year-on-year, while net profit attributable to shareholders increased by 19% to 14.4 billion yuan, indicating strong resilience in a challenging market environment [2][6]. - **Cash Flow Strength**: The company has maintained positive operating cash flow for nearly a decade, exceeding 80 billion yuan in the last two years, which is higher than net profit attributable to shareholders. This reflects strong project management and cash recovery capabilities [2][5]. - **International Revenue Growth**: From 2015 to 2024, overseas revenue grew from 12.1 billion yuan to 46.2 billion yuan, with a compound annual growth rate (CAGR) of 16%. The overseas gross margin has steadily increased, reaching 10.5% in 2024, enhancing the quality of performance growth [2][5]. - **Strategic Transformation**: Since 2021, the company has accelerated its transformation by implementing the "Two Business" strategy, focusing on industrial project development through independent research, joint research, and mergers and acquisitions [2][4]. Industry Dynamics - **Macroeconomic Environment**: The domestic macroeconomic environment is expected to be relatively loose, with increased fiscal support and relaxed real estate policies, which may boost downstream capital expenditure and potentially raise chemical prices, benefiting China Chemical's core business [2][8]. - **Capital Expenditure Trends**: The chemical industry has experienced a decline in fixed asset investment growth, but sectors such as rubber, plastic products, and chemical fibers are showing signs of recovery. Coal chemical projects in Xinjiang, with disclosed amounts exceeding 800 billion yuan, are expected to peak in construction in the coming years, presenting opportunities for the company [3][9][10]. - **Demand for Carbon Reduction**: Under the dual carbon goals, the demand for carbon reduction and efficiency improvement has become a significant source of incremental demand in the industry, with a broad potential market for technological upgrades [11]. Future Outlook - **Order Situation**: The company has seen stable growth in new and existing orders in 2024, with significant improvements in new orders in March. The coal chemical sector is a key area of focus, with strong capabilities to undertake projects in this field [10]. - **Valuation and Profitability**: The current valuation of China Chemical is positioned moderately high among state-owned enterprises, with a projected PE ratio of approximately 7.1 times for 2025 and a PB ratio of only 0.72, indicating substantial room for valuation recovery [19]. Additional Important Insights - **Technological Advancements**: The company is actively developing high-barrier projects such as the adiponitrile project, which is expected to fill domestic import gaps and challenge the oligopoly of foreign enterprises [3][14]. - **New Material Projects**: China Chemical has several notable projects in the chemical industry, including aerogel and biodegradable plastics, which reflect its technological and experiential accumulation over the years [15][17]. - **Market Competitiveness**: The domestic adiponitrile market has been heavily reliant on imports, but with increased production capacity, the company aims to reduce dependency and enhance competitiveness against foreign firms [14][18].

保隆科技 20250506 摘要 • 2024 年保隆科技中国区业务收入占比首次超过海外，达 53.8%，北美和 欧洲分别占比 25.4%和 17.9%。胎压监测（TPMS）仍为最大收入来源， 占比 31.3%，车辆传感器和智能悬架分别占比 9.7%和 14.5%。 • 公司在全球七个国家设有九个生产园区和 11 个研发中心，总部位于上海 松江，并在多地布局研发和制造基地，包括江苏高邮的汽车铝外壳产能、 安徽宁国的机械零部件生产园区等。 • 保隆科技服务全球超过 2,300 家客户，包括自主品牌、跨国品牌和造车新 势力，同时作为二级供应商为一级供应商提供产品，另有不到 20%的收入 来自售后市场。 • 2024 年研发投入达 5.7 亿元，占营收的 8.1%。截至 2024 年底，研发工 程人员达 1,333 名，占员工总数 17%，持续高强度研发投入以支持技术 创新。 • 为应对美国加征关税，公司与客户协商调整价格，前装客户已同意吸收新 增关税。中长期来看，公司计划将部分气门嘴产品转移至泰国生产，排气 系统管件转移至墨西哥。 Q&A 保隆科技 2024 年度及 2025 年第一季度的业绩表现如何？ 保隆科技 ...

润本股份 20250506 摘要 在品类方面，我们对运动护理给予较高的测试预期，目标为 30%到 40%的增 长；驱蚊产品按照往年的正常增速目标设定为 20%到 25%；精油类产品更新 • 山姆渠道从 3 月初开始上架，3 月份销售收入约为 1,200 万元，4 月份超 过 2000 万元，已达到当前阶段性的收入预期，净利率约为 28%，基本没 有投放费用。 • 公司通过组合销售日常护肤品与防晒产品提升单品销量，新面霜和洗护类 产品未来可能会继续提价，产品品类结构变化对售价影响显著，整体客单 价从原来的 30 元左右提升至接近 40 元。 预期较低，大概是 10%到 15%。核心品类仍然是护理和驱蚊。在渠道方面， 本地渠道预计有 50%到 60%的增长；天猫渠道大概 15%；京东约 20%；飞 亚达经销商则保持在 40%左右。 润本股份在 2024 年取得了超预期的成绩，请问主要做了哪些工作？ 2024 年我们在新品和渠道两方面进行了重点投入。在新品方面，我们推出了 室内电热蚊香液加定时功能，以及户外便携装驱蚊喷雾，这两个产品销售情况 良好。在渠道方面，我们首次在抖音平台重点推广驱蚊产品，并取得了市占率 第一 ...

昊华科技 20250506 摘要 • 2025 年一季度，昊华科技营收 31.57 亿元，同比增长 10.96%；净利润 2.14 亿元，同比增长 21.67%。制冷剂业务表现突出，均价达 42,000- 43,000 元/吨，高于同行，主要受益于产品结构和配额利用率的差异。 • 制冷剂板块一季度毛利率同比增长 16 个百分点至 43%，收入约 6.86 亿 元，毛利接近 3 亿元，同比翻倍。但氟化工行业冷热不均，电解液价格改 善但受产能释放影响，聚合物（如 PTFE）受影响较大。 • 聚合物板块一季度亏损近 1,000 万元，同比减少约 5,000 万元。电解液业 务毛利亏损约 2,400 万元，同比亏损增加 50%。六氟磷酸锂主要自用， 情况相对较好。聚合物整体毛利情况不佳，总体呈亏损状态。 • 中化蓝天上市部分一季度业绩同比增长约 200%，制冷剂均价高于巨化 1 万多元，因专注于高端应用及客户直销。中化蓝天通过联营和合营企业获 得稳定的投资收益，与氟化工产业链密切相关。 • 高端制造板块一季度毛利同比下降 18.6%，毛利率降至 8.7%，受政策性 因素影响，产品未能及时交付导致库存积压。但 4 月份 ...

Summary of the Conference Call for Chenghe Technology Company Overview - Chenghe Technology achieved a revenue of 979 million yuan in 2024, marking a year-on-year growth of 10.37%, setting a historical record. The synthetic resin business was the main driver, generating 511 million yuan, a 25% increase year-on-year. In Q1 2025, revenue reached 220 million yuan, up 15%, with a net profit of 71 million yuan, also a record for a single quarter [2][4]. Key Points Industry Context - The ongoing US-China trade tensions have led to high tariffs on nucleating agents imported from the US, benefiting domestic producers like Chenghe Technology and accelerating the process of domestic substitution. Chenghe holds a 25%-30% market share in China, while the US company Milliken commands 60%-70% [2][5]. Performance Insights - Chenghe Technology maintains an optimistic outlook for future performance, expecting to sustain over 15% growth even without considering tariff impacts. The company views the tariffs as a historic opportunity for domestic substitution in the nucleating agent business, which will further drive growth [2][6][7]. - The nucleating agent production capacity is approximately 10,000 tons, with a total designed capacity of 25,760 tons and an operating rate of about 40%. The new Nansha factory will provide sufficient capacity [2][11][13]. Business Segment Performance - The synthetic resin business was the core driver in 2024, generating 511 million yuan, a 25% increase. The synthetic hydrotalcite business remained stable at around 117 million yuan, while the antioxidant business saw a slight decline due to production impacts from Tangshan Kaiao's upgrades [3][14]. - The company plans to expand its overseas channels significantly in 2025, particularly in the Middle East, Europe, Southeast Asia, and South America, expecting overseas business to become a key growth driver [3][16]. Acquisition Plans - Chenghe Technology plans to acquire 51% of Wuhu Yingri Technology for an estimated valuation of 1.8 billion yuan. This company specializes in target materials, with downstream clients including major panel manufacturers. The acquisition is expected to accelerate Chenghe's expansion in the display panel business and create synergies in efficiency materials [3][19]. Market Dynamics - The company anticipates that the antioxidant business will recover in 2025 following the completion of technical upgrades at Tangshan Kaiao, which had previously affected production [3][18]. - The stable revenue from hydrotalcite products over the past three years is attributed to the declining demand in the downstream PVC industry, influenced by the real estate market [3][14]. Financial Metrics - In 2024, the company achieved a net profit of 250 million yuan, a nearly 10% increase, marking the tenth consecutive year of double-digit growth. The first quarter of 2025 is expected to maintain a growth rate of 15% [3][22]. Challenges and Considerations - The company is currently in a wait-and-see mode regarding the impact of tariffs and potential price increases from Milliken, which may affect procurement costs and market dynamics [5][9][8]. - The procurement costs may rise due to increased tariffs, and the company is in discussions with customs to clarify operational details [9]. Future Outlook - Chenghe Technology is focusing on expanding its overseas business, which currently accounts for about 20% of its revenue, and aims to enhance its presence in key international markets [3][16][24]. - The company is also exploring new applications for hydrotalcite in cosmetics and spandex, with ongoing research and development efforts [25]. Conclusion Chenghe Technology is positioned to leverage the current market dynamics and trade policies to enhance its growth trajectory, with a strong focus on domestic substitution, international expansion, and strategic acquisitions. The company’s robust performance metrics and optimistic outlook for 2025 indicate a solid foundation for continued success in the industry.

崇德科技 20250506 摘要 • 公司 2025 年一季度毛利率略降，因高毛利率核电产品交付延期，但全年 预计稳中有升。截至目前，在手订单比年初增长超 40%，国际客户订单同 比增长近 70%，出口订单同比增长 80%，显示强劲增长势头。 • 核电领域，新项目开工，公司通过国产化审核获得批量订单，收入确认周 期通常为三年，2025 年和 2026 年将是主要收入确认年份，目前约 1 亿 订单集中在今年和明年交付。 • 滚动轴承业务转型，不再作为重点投入方向，转向工业服务，拓展全国市 场，与滑动轴承业务协同，提供后市场解决方案。去年业绩受转型期和风 电业务影响较大。 • 公司滑动轴承在核电机组配套价值量约为 2000 万至 3,000 万元，占据国 内主泵轴承市场较大份额，汽轮机领域几乎没有竞争对手，大部分需求由 公司满足。 • 公司经营性现金流净额变化主要因支付方式改变和斯凯孚取消授信，需现 金支付采购款项。应收账款和票据增加，但总体健康有序。 Q&A 请介绍一下崇达科技在 2024 年的业务表现及各个下游领域的具体情况。 在 2024 年，崇达科技在公司管理层的努力下取得了不错的成绩。尽管风电业 务对公 ...

Summary of Yutai Micro's Conference Call Company Overview - **Company**: Yutai Micro - **Industry**: Semiconductor, specifically focusing on Ethernet PHY chips and automotive communication solutions Key Financial Highlights - **2024 Revenue Growth**: 11.73% year-over-year increase, with overall revenue reaching approximately 4 billion CNY [2][4] - **Segment Performance**: - Industrial products revenue increased by 108% - Commercial products revenue grew by 61% - Automotive products revenue rose by 47% [2][4] - **Gross Margin**: Overall gross margin exceeded 40%, with industrial products gross margin over 50% [2][4] Research and Development - **R&D Investment**: Increased by 32.4% year-over-year, with a 11.97% increase in R&D personnel [2][6] - **Focus Areas**: Emphasis on mid-to-high-end product development and existing product iterations to optimize design and reduce chip costs [2][6] Product Lines and Developments - **Current Product Lines**: Seven product lines including Ethernet PHY chips, switch chips, network card chips, and automotive PHY chips [2][7] - **Upcoming Products**: - Automotive gateway chip expected to launch in April 2025 - Automotive video transmission chip to undergo sample testing by year-end [2][7] Market Dynamics - **Impact of US-China Tariffs**: Minimal negative impact; potential benefits as tariff barriers increase price pressure on foreign competitors [2][8] - **International Trade Strategy**: Company has implemented measures to mitigate supply chain cost increases due to trade tensions, with expectations of improved gross margins in the coming years [2][9] Revenue Projections - **2.5G Product Revenue**: Expected to grow from over 20 million CNY in 2023 to 140 million CNY in 2024 [2][10] - **Future Revenue Streams**: Anticipation of revenue generation from 16 and 24 port switch chips by Q4 2025 [2][10] Competitive Positioning - **Market Response to Automotive Switch Chip**: Positive reception; Yutai Micro is the only A-share company to fully cover automotive Ethernet series products [2][11] - **Strategic Advantages**: Focus on public protocols to avoid uncertainties associated with proprietary IP licensing, enhancing cost competitiveness [2][16] Customer Considerations - **Key Factors for Product Selection**: Customers prioritize protocol compatibility and pricing, with a shift towards automotive Ethernet for unified vehicle communication [2][16] Future Outlook - **International Business Growth**: 2024 overseas revenue exceeded 70 million CNY, with expectations to approach or exceed 100 million CNY in 2025 [2][26] - **R&D Focus for Future Products**: Development of high-end products targeting 5G and 10G markets, with significant growth anticipated in the domestic 2.5G application market [2][27] Challenges and Risks - **Current Revenue Status**: Company is in a trial phase with limited large-scale production, affecting immediate revenue recognition [2][22] - **Market Competition**: Ongoing pressure from competitors, necessitating continuous innovation and cost management [2][17] Conclusion Yutai Micro is positioned for growth with a strong focus on R&D, competitive pricing strategies, and a diverse product line. The company is navigating market challenges effectively while capitalizing on emerging opportunities in both domestic and international markets.

摘要 首都在线 20250506 • 首都在线 2025 年一季度营收同比小幅下降 5.53%至 3.06 亿元，但通过 优化业务结构，计算云和智算云业务持续增长，成为业绩增长的核心引擎， IDC 业务主动收缩低毛利业务布局，毛利率显著提升。 • 智算云业务增长迅猛，2024 年收入同比增长 184%，并于 2025 年一季 度维持高增速，受益于各行业对 AI 技术的快速应用，平台用户规模已逼近 4,000 人，与华为联合发布 DeepSeek 一体机，加速推进从基础设施服务 向平台服务、MaaS 服务的产品升级。 • 公司通过扩大资本开支，整合政府及产业资源，降低成本，提升计算集群 经济效益和竞争力，目前管理芯片规模突破 2 万片，依托全球近 100 条互 联互通高速专线，将智算云服务拓展至北美、欧洲和亚太三大战略区域市 场，北美区域收入实现高速增长。 • 2024 年公司总营收 13.97 亿元，同比增长 12.35%，智算云业务收入 1.83 亿元，同比增长 184%，计算云业务收入 3.91 亿元，同比增长 24.63%，营业毛利 1.1 亿元，毛利率增加 3.78 个百分点，净利润亏损额 减少 3, ...