尊敬的各位投资者分析师和媒体朋友们大家下午好欢迎参加马刚股份2024年三季度业绩说明会我是主持人徐静公司近期披露了2024年三季报那么为了加强和投资者的沟通交流公司特召开第三季度业绩说明会希望通过充分专业的交流让大家更加了解马刚股份传导公司的价值也倾听投资者们的意见 那首先让我们一起来了解一下马鞍山钢铁股份有限公司基本情况公司成立于1993年9月1日前身是成立于1953年的马鞍山铁厂公司H股于1993年11月在香港联交所上市A股于1994年1月在上海证券交易所上市公司是中国最大钢铁生产和销售商之一主营业务为钢铁产品的生产和销售 生产过程主要有链铁、链钢、闸钢等拥有世界先进的冷热闸宝板、彩涂板、镀锌板、H型钢、高速线材、高速磅材和车轮轮箍等生产线共有公司本部、长江钢铁、马钢合肥公司三大钢铁生产基地由特钢、轮轴、长材、板材四大产品系列构成车轮、H型钢、冷吨钢 管线钢等产品拥有自主知识产权和核心技术公司立足战略转型项目建设产品爬坡东练体制四期叠加的生产经营实际着眼长远抓字化立足当期抓字友践行算账经营强化经营运营一手抓降本增效一手抓品种渠道那么接下来让我们一起来介绍一下本次会议的公司管理层他们是 马银山钢铁股份有限公 ...

是比较好的就是我们的巴氏奶就是我们的鲜牛奶系列而且整个这一个系列基本上是在江外尤其是像我们专卖店呀包括我们有一些在广东广深地区的这种便利店渠道还是卖的非常不错也是保持了一个正向的一个增长也是能够预计估计今年如果是顺利的情况下可能这个 系列的产品首次会破亿这也就是从产品结构上面来看就是能够维持住包括我们的整体毛利率提升的一个很一个一个原因吧就是我们的高毛利的这种产品还是能够保持一个相对稳健的一个增长在这种市场环境不好的情况下那么就再从区域上面来看因为我们也是一直是分为江内和江外这样的 呃两个大的一个方向去去管理的模式呃将来江内这种还是有一定的这种下滑其原因主要之一还是在我们的这个呃学生奶业务可能叫上年同期是少了一个五千万的这样一个很大的一个剂量另外呢就是在一些极端的这种整类的这种产品其实在今年呃还是市场竞争压力会比较大我们可能也没有特别有意的去跟待 就是跟我们在江内的这些竞品去卷到这个价格占里面的这种泥潭里面去所以也没有去过多的再去跟他们去纠缠在市场上所以也导致了我们就是这种整类的这种产品有一定的这种下滑另外江内可以可喜的就是今年我们也是做了比较大的一些动作就是迅速的立足于我们的这个新农乳业包括我们南江本身自有 ...

好的 各位晚上好浙江农派是我们大家所汽车组一起在比较持续的在推荐我们也是每周我们都会有更新那么我们更新什么内容呢当股价有波动的时候这是第一第二我们就去调研或者先用一些行业实践 或者我们跟市场交流一下有些反馈的时候我们会给大家沟通一下那么涉及到的市场无非就是会关注几个点第一个呢就是说那么呢是不是说前面特斯拉因为那个转得好或者优马推的原因那个我们推 是不是这个原因我们说不是这是我们还是中长期推荐的另外一个关于云幕和非云幕这个云幕其实它在乐观里在乐视控管理里面它是有优势有优势认为我们渗透力会提升这是一个中长期逻辑另外一个通过云幕证明了它的能力其实它在非云幕上其实它会慢慢慢慢其实会在很多领域也会应用这两个是互相不是替代甚至是互相加持的这是一个我们的认知 另外我们认为就是说他的盈利能力上其实是能保持甚至还有可能就是说甚至不排除会有些提升都有可能这是另外一个另外一个关于现在提的比较多的就是在其他的一个拓展不管是在人行 在低空这个是比较确定的不仅仅是浙江农菜其实我觉得很多公司都具备这个能力好的 我简单的就讲这么多下面就请那个两位老师陈凯老师好吧 谢谢 您好的谢谢是两种各位投资者大家晚上好我是正好之前其实好像是刘威我趁着是两 ...

在市场上对这个煤化工特别是新疆区的煤化工关注度非常高的然后同时大家也知道就是煤化工的上游煤炭其实本身明豹也是属于这个煤炭产业链非常重要的一个环节那么我们这边也首先请陈总来为我们对这个这一块来做一个简单的一个介绍好的谢谢那么我们首先把时间交给你陈好的各位这个同仁感谢名声之劝给我们这边 向各位投资人做一个介绍那么雪风科技呢是新疆的一家从事明暴和能源化工双主业的这么一个公司公司的这个明暴业务呢主要就包括了这个炸药的生产炸药的销售以及下游的对矿山的这种爆破服务业务那么能源化工业务呢公司主要是以田气为原材料 在核酸鞍的基础上生产尿素 硝酸鞍 三米氢鞍等一系列产品 公司最早其实主要是以民贸业务为基础的这么一个公司在发展过程中逐步培育了收购了能源化工业务那么现在能源化工它其实是作为公司民贸业务的一个重要的战略性的原材料起到一个对整个主业的一个纵向的延伸和一个支撑作用 公司的整体情况大概就是这样后面我想我们还是以这种相互的提问和交流的方式咱们有针对性的来介绍公司的情况吧好的好的谢谢陈总那会录影麻烦先播放两个评论方式吧谢谢大家好如需提问电话单的参会者请先按话机上的星号键再按数字1 网络端的参会者您可以在直播间互动区域内文字提问 ...

Industry/Company Involved - **Company**: Shentian Network - **Industry**: Media and AI applications Core Points and Arguments - **Rapid Development in AI Industry**: The industry is experiencing rapid development with new AI models and applications being released frequently. This includes the release of Timi's mathematical model and video-related models, as well as SORA and GDP40 models from both domestic and international companies [1]. - **Market Adjustment**: The recent market adjustment in the media and AI application sector is likely due to profit-taking rather than fundamental changes in the industry [1]. - **Focus on Individual Companies**: The focus should be on individual companies within the sector that are making progress in AI applications [1]. - **Shentian Network's Business Update**: The company has been transforming its business since 2006, with its current business segments including gaming, social, and scenario-based businesses [3]. - **Social Business Segment**: The social business segment is the main source of revenue, with the "Daidai" and "Gei Mai" social products contributing significantly [3]. - **Daidai**: Daidai is a gaming companion and social platform with over 20 million registered users and over 1 million certified experts. It aims to expand its user base by diversifying its offerings and entering new markets [4-7]. - **Gei Mai**: Gei Mai is an AI music creation platform with a variety of AI tools for music creation, including AI singing, AI writing, AI virtual humans, and AI avatars. It has gained significant traction in the AI music application market [8-10]. - **Scenario Business Segment**: The scenario business segment includes cloud gaming platforms and partnerships with car manufacturers for smart driving cabins. The company has partnerships with Ideal, ROCKET, and other car manufacturers [17]. - **Game Business Segment**: The game business segment has been affected by the decline in revenue from core games like "Three Kingdoms: Strategic Edition" and "Three Kingdoms 2017". However, new games like "True Three Kingdoms: Double 8" and "New World" are expected to contribute to future growth [20-22]. - **Financial Health**: The company has a strong financial position with over 1 billion yuan in cash reserves and low debt levels [24]. Other Important Points - **AI Product Development**: The company is actively developing AI products, including AI music, AI games, and AI video. These products are expected to contribute to future growth and revenue [25-35]. - **Expansion Opportunities**: The company is exploring expansion opportunities through mergers and acquisitions and aims to capitalize on the current favorable market conditions [44]. - **User Growth and Revenue**: The company is focused on expanding its user base and increasing revenue through various strategies, including marketing, product development, and partnerships [31-33, 44]. References - [1]: <doc id='1'> - [2]: <doc id='2'> - [3]: <doc id='3'> - [4]: <doc id='4'> - [5]: <doc id='5'> - [6]: <doc id='6'> - [7]: <doc id='7'> - [8]: <doc id='8'> - [9]: <doc id='9'> - [10]: <doc id='10'> - [11]: <doc id='11'> - [12]: <doc id='12'> - [13]: <doc id='13'> - [14]: <doc id='14'> - [15]: <doc id='15'> - [16]: <doc id='16'> - [17]: <doc id='17'> - [18]: <doc id='18'> - [19]: <doc id='19'> - [20]: <doc id='20'> - [21]: <doc id='21'> - [22]: <doc id='22'> - [23]: <doc id='23'> - [24]: <doc id='24'> - [25]: <doc id='25'> - [26]: <doc id='26'> - [27]: <doc id='27'> - [28]: <doc id='28'> - [29]: <doc id='29'> - [30]: <doc id='30'> - [31]: <doc id='31'> - [32]: <doc id='32'> - [33]: <doc id='33'> - [34]: <doc id='34'> - [35]: <doc id='35'> - [36]: <doc id='36'> - [37]: <doc id='37'> - [38]: <doc id='38'> - [39]: <doc id='39'> - [40]: <doc id='40'> - [41]: <doc id='41'> - [42]: <doc id='42'> - [43]: <doc id='43'> - [44]: <doc id='44'> - [45]: <doc id='45'>

Industry and Company * **Industry**: Solid-state battery and semi-solid state battery * **Company**: Changyang Technology Core Points and Arguments 1. **Product Overview**: Changyang Technology's product is a high-porosity electrolyte composite membrane, primarily used in solid-state and semi-solid state batteries. This product offers advantages such as high energy density, mechanical strength, stability, and safety compared to traditional batteries. 2. **Product Development and Customer Feedback**: Changyang Technology began to develop the separator business in 2022, with both dry and wet processes. The dry process has been stable in supply, while the wet process initially faced challenges in toughness and failed to meet the verification requirements of CATL. However, with the development of new batteries by CATL and other customers, the product has met the requirements in new application areas and is currently in small-scale supply at CATL, Beijing Weinan, and other customers. 3. **Product Parameters and Performance Advantages**: The product has special parameters, including ultra-high porosity (up to 85%, compared to 40-50% for traditional wet process separators), large pore size (up to 85-100 nm, compared to less than 60 nm for traditional wet process separators), and high compressibility (greater than 50%, compared to less than 10% for traditional wet process separators). It has passed certifications in sulfur, oxide, and polymer application directions and meets customer requirements. 4. **Market Situation**: The current monthly output is a few ten thousand square meters, mainly depending on downstream demand. The industry may see an outbreak in 2026-2027, with a small amount of products applied in office oil storage in the next year, and downstream demand may increase significantly in the second half of the next year. 5. **Economic Viability and Production Capacity**: The product has good economic viability, with the lowest customer price at 4.5 yuan per square meter, significantly higher than the value of traditional separators. The cost may be lower than traditional separators, with a monthly production capacity of 50 million square meters and a full production capacity of 40 million square meters. The equipment is 80% domestically produced and 20% imported, with low depreciation costs and no extraction process. The membrane forming process is derived from the reflective membrane product technology, using bidirectional stretching instead of extraction, resulting in lower costs and good short-term profitability. 6. **Commercial Cooperation**: The company has basically cooperated with mainstream enterprises. 7. **Future Cooperation Outlook**: The company may have deeper cooperation with some giants in the future, and specific details will be communicated later. 8. **Product Application Solutions**: The product can be applied in both solid-state and semi-solid state batteries. It has passed tests in various customer schemes, including sulfur, oxide, and polymer, and plays a different role than traditional separators, mainly acting as a supporting structure. 9. **Competition**: The company has competitors in dry double-drawing processes, but its product meets customer requirements in porosity, pore size, and rebound performance. Reflective membrane enterprises are unlikely to enter this field due to technical and economic challenges. 10. **Traditional Business**: The company's traditional businesses include reflective membranes, optical base films, and dry separators. Reflective membrane business is stable, with revenue of about 7.1 billion yuan in the first three quarters of this year and an expected revenue of 9.6-10 billion yuan for the full year. The optical base film business is expected to incur a loss this year, but may reduce losses next year. The dry separator business is expected to reduce losses significantly next year. Other Important Information * The company's research and development team includes personnel from equipment and process, formula, and product promotion. * The company has a 50 million square meter production line, with an expansion period of 8-12 months. * The company plans to expand its production capacity based on industry demand and may become a key direction for capacity investment in the future.

Key Points Industry/Company Involved - **Company**: Jinbo Stock Co., Ltd. - **Industry**: Solid-state battery technology, carbon materials, and thermal field solutions for photovoltaic and lithium battery industries. Core Views and Arguments - **Silicon Carbon Silicon-based Products**: - Company has accumulated experience in silicon oxide and silicon carbon through its participation in Jin Si Technology. - Currently, the company is focusing on the development of porous carbon and silicon alkane, with pilot production and capacity expansion underway. - The company has invested in 3600 tons of porous carbon capacity and has预留 3600 tons for future expansion. - [2] - **Silicon Oxide**: - The company is one of the largest suppliers of silicon oxide precursors to Bettery. - The company's silicon oxide products have advantages in cost and performance compared to competitors. - The company plans to double its silicon oxide capacity next year. - [3] - **Silicon Carbon**: - The company is focusing on the development of porous carbon for silicon carbon, with three major systems: petroleum coke-based, asphalt-based, and resin-based. - The company has advantages in porous carbon compared to other manufacturers. - The company plans to disclose detailed plans for capacity and customers at a later stage. - [4] - **Porous Carbon**: - The company plans to balance the development of porous carbon in petroleum coke, asphalt, and resin, with a focus on asphalt-based due to its performance and cost advantages. - The company plans to increase its porous carbon capacity to 7000-7200 tons. - [5][8] - **Carbon Ceramic Brake Discs**: - The company's carbon ceramic brake disc business has attracted interest from many car manufacturers, including BYD, Xiaomi, Xpeng, and GAC Aion. - The company is also exploring the European and American markets. - [9] - **Traditional Business**: - The company's traditional photovoltaic thermal field business will account for less than 1/3 of the group's business in the future. - The lithium battery thermal field business and carbon ceramic brake disc business are expected to account for more than 1/3. - [10] - **Research and Development**: - The company is continuously investing in research and development, including high thermal conductivity carbon, high electrical conductivity carbon, and other research. - [11] - **Silicon-based Anode and Porous Carbon in Solid-state Batteries**: - The company believes that silicon carbon anodes will experience explosive growth when the cost is reduced to a certain degree. - The company expects the application of silicon carbon anodes in solid-state batteries to be realized in the next 1-2 years. - [15] Other Important Content - The company is actively seeking partnerships with battery manufacturers for testing and verification of its products. - The company is planning to expand its market share in the European and American markets. - The company is continuously improving its products and technologies to maintain its competitive advantage in the market. - [6][7][12][16][17]

烽火通信 20241118 摘要 • 烽火通信作为中国信科集团旗下企业，兼具科技和算力属性，在光通信设 备、光纤光缆和软件领域具有竞争优势，并与华为保持重要合作关系。 • 公司近年来业绩稳健增长，2020 年受疫情和软件业务亏损影响出现低谷， 但通过股权激励计划和降本增效措施，预计 2022-2024 年复合增长率达 43%。 • 烽火通信主要业务板块包括光通信设备（运营商网络设备、服务器）、光 纤光缆（G652D 和新型 G654E 光纤）和数据网络业务（面向公安领域的软 件开发）。 • 在 2023 年中国移动集采中，烽火通信光纤光缆市场份额排名第二，新型 G654E 光纤市场份额接近 20%，显示出在新技术领域的竞争力。 • 数据网络业务（烽火星空）虽目前承压，但受益于地方政府化债和信创需 求提升，未来 1-2 年有望实现显著增长。 • 算力业务（武汉长江计算）是公司重要增长点，与华为深度合作，预计明 年收入规模将达 90 亿元，但目前利润率偏低，未来有提升空间。 • 我们预计烽火通信明年市盈率为 30 倍，目标价为 24 元（25 倍 PE 对应目 标价 20 元），当前估值具有吸引力，未来收入增速预 ...

昱能科技 20241118 摘要 • 2024 年第三季度，昱能科技营收 6.34 亿元，同比增长 104.33%；归母净 利润 6,164.5 万元，同比增长 33.47%，展现强劲增长势头。 • 2024 年前三季度，公司营收 15.33 亿元，同比增长 58.31%；归母净利润 1.49 亿元，同比下降 17.14%，主要由于前期投入加大。 • 微粒含能量分配器和自控观察器销售额分别为 13 亿元和 1.33 亿元，同比 增长显著，毛利率均超过 40%，显示核心产品竞争力强劲。 • 截至 9 月 30 日，公司库存总额 12.71 亿元，较 6 月 30 日减少 2.45 亿元， 存货周转率提升至 0.73，库存结构优化，风险降低。 • 公司积极布局海外市场，欧洲市场占比超过 60%，美国市场占比 20-30%， 并计划拓展东南亚等新兴市场，以应对潜在的市场变化和政策调整。 • 昱能科技看好工商业光伏市场微利化前景，并已推出相关解决方案，积极 参与中小规模项目，未来增长潜力巨大。 • 公司注重技术研发，第五代微粒产品处于预演阶段，并通过与电子厂合作， 提升产品集成效率和渠道拓展能力，增强市场竞争力。 Q ...

药明康德 20241118 摘要 • 药明康德 2024 年第三季度实现收入 104.6 亿元，环比增长 13%，经调整 后净利润 29.7 亿元，环比增长 20.9%。剔除新冠项目后，收入同比增长 14.6%，展现强劲增长势头。 • 前三季度，药明康德新增全球客户超过 800 家，总活跃客户群超过 6,000 家，在手订单达 438.2 亿元，同比增长 35.2%，显示出强大的市场竞争力 和持续增长潜力。来自全球前 20 大制药企业的收入达 112.2 亿元，剔除 新冠项目后同比增长 23.1%。 • 公司产能持续扩张，多肽固相合成反应釜总体积将达 41,000 升（年底）， 新加坡研发和生产基地计划 2027 年一期投产，为未来发展奠定坚实基础。 • 区域市场表现方面，剔除新冠项目后，美国和欧洲地区收入分别同比增长 7.6%和 14.8%，中国及日韩地区有所下降，但多元化收入来源确保了公司 业绩的稳定性和韧性。 • 核心业务板块表现稳健：无锡凯美瑞 CRDM 业务第三季度收入重回正增长， 同比增长 26.4%；小分子业务持续强劲，前三季度收入达 124.7 亿元（剔 除新冠项目后同比增长 7%）；新分子太 ...