东山精密 20240803 会议要点 1. 公司业务概况及历史发展 东山精密坚持双轮驱动战略，主要聚焦在消费电子和新能源两大核 心赛道，核心客户包括苹果和特斯拉。业务板块包括电子电路 （PCB 板）、精密制造（金属产品及汽车业务）和光电显示（触控 面板、显示模组、LED 等）。公司应用领域涵盖消费电子、新能源 汽车、通信设备、工业设备、服务器和医疗器械等。 公司起家于钣金和冲压业务，后进入 LED 行业，并通过收购美国柔 性电路板公司 MUT 补齐硬板领域不足，形成现有三大业务板块。 近年来，公司围绕新能源汽车赛道进行布局，收购车载显示屏组装 工厂和海外工厂，成为苹果供应商并为特斯拉的爆发做准备。 2. 财务状况及盈利能力 2023 年公司实现收入 330 多亿，净利润 19.65 亿，相比 2022 年 有所下滑。下滑主要原因包括消费电子需求疲弱、光电显示供需失 衡、通讯设备业务下滑。特别是苹果销售一般和 LED 业务亏损对公 司业绩造成拖累。 公司费用率在近几年有所下降，维持在 4.5%左右，但由于需求一 般，部分业务亏损，导致毛利率和净利率承压。2023 年电子电路 板块收入达到 232 亿，同比增长 ...

Financial Data and Key Metrics Changes - In 2022, the company achieved total revenue of approximately 33 billion RMB, representing a year-on-year growth of 6.6%, while net profit was around 1.965 billion RMB, a decline of nearly 13% compared to the previous year [15] - The FPC and precision manufacturing segments performed well, while the LED business suffered significant losses due to weak market demand, becoming the largest drag on overall performance [15] Business Line Data and Key Metrics Changes - The FPC segment has shown outstanding performance, driven by increasing demand from major clients like Apple, while the LED segment faced losses due to poor market conditions [4][15] - The precision manufacturing business is expected to improve as Tesla orders increase, indicating a positive outlook for this segment [4][16] Market Data and Key Metrics Changes - The FPC industry has been experiencing stable growth, with projections indicating that demand will further increase by 2026 due to Apple's strong demand for FPC products [5][18] - The FPC market is shifting from a fragmented landscape to a more concentrated one, with Chinese and Taiwanese companies gaining a dominant position in the high-end FPC sector [19] Company Strategy and Development Direction - The company is focusing on a dual-driven strategy, concentrating on consumer electronics and new energy sectors, particularly in collaboration with major clients like Apple and Tesla [2][3] - The company aims to enhance its presence in the automotive sector through acquisitions and by providing comprehensive solutions, emphasizing the growing demand for PCBs in electric and smart vehicles [10][26] Management's Comments on Operating Environment and Future Outlook - Management acknowledged challenges such as weak consumer electronics demand and supply-demand imbalances in the optical display sector, yet expressed confidence in the stability of revenue and net profit due to the strong performance of the FPC segment [4][16] - The company anticipates that the precision manufacturing business will gradually become profitable as Tesla orders materialize, and it expects to maintain a high growth rate and profit margin in the FPC sector [16] Other Important Information - The company has been actively adjusting its business layout, focusing on precision manufacturing in the new energy vehicle sector to achieve long-term stable development [13] - The FPC's application is expanding beyond smartphones to include wireless earbuds, smartwatches, and tablets, indicating a growing market potential [23] Q&A Session Summary Question: What was the main topic of this meeting? - The meeting focused on the latest in-depth report from Changjiang Securities Research Institute regarding the dual-driven strategy of FPC and automotive sectors, and the company's overall business structure [13] Question: How has the company's development history been? - The company started with metal processing and gradually expanded into LED packaging and FPC, becoming a supplier for Apple in 2016 [14] Question: What is the overall operating status of the company as of 2022? - Despite challenges, the company achieved stable revenue growth, with the FPC and precision manufacturing segments performing well, while the LED segment faced significant losses [15] Question: What is the future outlook for the company? - The company expects to see improvements in the precision manufacturing segment with increasing Tesla orders and anticipates maintaining high growth in the FPC sector due to strong demand from Apple [16] Question: How did the precision components business perform last year? - The Yancheng plant was stable and profitable, while the Kunshan plant faced losses due to high investment and insufficient orders [17] Question: What are the basic characteristics and applications of FPC? - FPC is a high-performance product made from flexible substrates, suitable for lightweight and complex internal structures in consumer electronics and automotive applications [17] Question: What is the growth outlook for the FPC industry in the coming years? - The FPC industry is expected to continue growing, driven by strong demand from Apple, with projections indicating significant increases in production levels [18] Question: How does the current competitive landscape of the FPC industry look? - The FPC market is becoming more concentrated, with Chinese and Taiwanese companies dominating the high-end sector, benefiting from local material production [19] Question: How will the demand for FPC increase with the introduction of foldable screens and other emerging products? - The development of foldable screens is expanding the application range of FPC, particularly in high-complexity products [20] Question: How does AI technology impact the value and processing difficulty of FPC? - AI technology increases the complexity of mobile devices, leading to higher value and processing challenges for FPC [21] Question: How has the usage and value of FPC in iPhones changed historically? - The number of FPCs in iPhones has increased significantly, with the latest models using multiple FPCs, indicating a trend of rising value and usage [22] Question: In addition to smartphones, where else is FPC widely used? - FPC is also used in wireless earbuds, smartwatches, and tablets, with expectations for increased applications in various products [23] Question: How does AI hardware upgrades drive changes in the PCB market? - Upgrades in AI hardware will lead to increased demand for PCBs, particularly as new Apple products are released [24] Question: What is the competitive position of the company in the FPC sector? - The company is a leading player in the domestic FPC industry, benefiting from strong demand in the upcoming Apple product cycle [25] Question: What is the company's strategy in the automotive sector? - The company is focusing on providing comprehensive solutions in the automotive sector, particularly in collaboration with Tesla and new energy vehicle manufacturers [26] Question: How do electric and smart vehicle trends affect PCB demand? - The shift to electric vehicles increases PCB demand due to changes in the vehicle's electronic systems, while smart vehicle trends further drive PCB usage [27]

比亚迪、长城汽车7月销量交流会 比亚迪在七月份售出34万辆乘用车，同比增长31%，其中包括13万辆纯电动汽车，增长 4%，以及21万辆插电式混合动力汽车，增长67%。此外，比亚迪的零售销量达近30万台 ，环比增长约2万。长城汽车的批发销量为9.1万台，环比下滑7%，同比下滑16%，而其 新能源车的批发量和零售销量均有所下滑。尽管如此，长城汽车的出口销售量约3.8万 台，同比增长60%-41%，坦克品牌的销量增长38%，哈弗品牌销量下滑16%。两公司均表 现出对新能源汽车市场的乐观态度，并计划通过新产品发布和市场策略调整来增强竞 争力。 汽车7月销量点评：比亚迪、长城表现各异 比亚迪7月份共销售乘用车34万辆，同比增长31%，其中纯电动汽车销售13万辆，同比 增长4%，插电式混合动力汽车销售21万辆，同比增长67%。比亚迪零售销量达到近30万 台，环比增长约2万。长城汽车的具体销量未予公布，但比亚迪部分车型如驱逐舰05、 宋PLUS等有所下滑或波动，与新产品上市有关。同时，海狮07稳定销售，得益于其独 特的快充技术。 新能源汽车市场分析与展望 新能源汽车销量稳定及增长，特别是比亚迪表现突出：出口销售增长显著，得 ...

Financial Data and Key Metrics Changes - The company's second-quarter pre-mixed beverage revenue declined by 8% year-on-year, which was better than the expected 15% drop [1] - The overall gross margin improved significantly due to reduced commercial discounts and lower raw material costs [3] - The company's net profit margin remained stable, with sales expense ratios expected to maintain between 20% to 30% [3] Business Line Data and Key Metrics Changes - Offline channels experienced a 7% growth in the first half of the year, while online sales saw a decline of over 30% [1] - The new product "Qing Ti Jasmine" quickly entered the top three in sales among all flavors [2] - The "Strong Refreshing" product accounted for 50% of sales, indicating a high repurchase rate [2] Market Data and Key Metrics Changes - The North China region showed significant growth due to fewer competitors and expansion opportunities in lower-tier cities [1] - The East China region faced declines primarily due to the impact of e-commerce [1] Company Strategy and Development Direction - The company is focusing on enhancing its brand and product capabilities, with a strong emphasis on marketing and channel expansion [4][5] - The company aims to penetrate lower-tier markets with cost-effective products while maintaining a strong presence in first and second-tier cities [19] Management's Comments on Operating Environment and Future Outlook - Management noted that the operating environment remains challenging, but they expect the decline in online sales to narrow in the second half of the year [1] - The company anticipates stable or slightly increased revenue and profit for the year, with a market capitalization of 18.5 billion and a price-to-earnings ratio of approximately 23 [38] Other Important Information - The company has plans to launch its own whiskey brand, targeting young consumers with a focus on affordability and social consumption scenarios [35][37] - The whiskey market in China is still in its early stages, with significant growth potential [34] Q&A Session Summary Question: What are the expectations for the online sales recovery? - Management expects the decline in online sales to narrow in the second half of the year, indicating a potential recovery [1] Question: How does the company plan to address competition in the low-alcohol beverage market? - The company is focusing on product innovation and marketing strategies to differentiate itself from competitors [20][22] Question: What is the company's strategy for the whiskey segment? - The company plans to introduce a whiskey brand aimed at young consumers, leveraging its experience in the pre-mixed beverage market [35][37]

青岛啤酒渠道会议 20240802 会议要点 1. 销量与市场表现 青岛啤酒在华南区域的销量表现不佳，尤其是 7 月份，由于天气原 因和整体经济形势不佳，导致销售情况不理想。尽管具体数据尚未 公布，但预计销量不会特别好。 由于天气原因，尤其是北方地区的降雨量增加，导致青岛啤酒在多 个区域的销售受到影响。陕西和山西等基地市场的销售情况尤其严 俊。 青岛啤酒在 6 月和 7 月的动销情况都不理想，未达到预期。尽管有 些区域可能通过突击压货完成任务，但整体市场表现依旧不佳。 2. 市场竞争与品牌策略 青岛啤酒近年来一直在追求利润，重点放在中高档产品上，但这导 致了在旺季时销量不佳。公司在品牌和营销上投入更多资源在高附 加值产品上，但整体市场反应不如预期。 近年来，小品牌啤酒逐渐复苏，对青岛啤酒的市场份额形成冲击。 地方性品牌的崛起，尤其是在县城和小城市，导致青岛啤酒在中低 端市场的竞争力下降。 3. 渠道与终端表现 餐饮渠道的占比在持续下滑，从最高峰时的 50%以上下降到目前的 40-45%。大流通渠道的占比则在上升，接近 50%。便利店和 CBS 类便利店的销售占比越来越高，而 K 渠道和娱乐渠道的销售占比则 在 ...

乐鑫科技 2024 年半年报投资者交流纪要 Pro 版 略以"处理+连接"为方向，在连接方面，覆盖了 Wi-Fi 4、Wi-Fi 6、蓝牙、Thread、Matter 等 多种通信协议，在处理方面则可以视同为一家 SoC 公司，通过不同算力的处理器和通信协 议组合而成各种物联网芯片产品，满足下游各种领域的需求。随着 AI 在物联网领域的逐渐 渗透，我们的产品也包含边缘 AI 功能，具备语音唤醒、控制，图像识别等功能。围绕物联 网，我们除了硬件之外，也开始衍生提供云平台的服务业务,希望为物联网客户提供从端到 云的一站式解决方案。 受益于下游各行业不断提升的数智化渗透率、持续扩大的乐鑫全球品牌影响力、广泛的开 发者社区支持，以及逐渐改善的竞争格局，公司下游领域中的客户不断有项目进入放量 期。我司产品应用下游属于泛 IoT 领域，不依赖特定行业或特定客户的爆发性增长，而着 眼于更长期持续的数智化渗透。 本报告期，经典款产品业绩稳定，次新品类（ESP32-S3、C2 和 C3）则处于高增长期，贡献 了营收业绩的增量。公司产品矩阵正在不断丰富，新品相比目前的次新品类增加差异化的 功能属性，非替代关系，将协助拓展新的市场 ...

华能国际 1H24 业绩会纪要 财务 国际会计准则下，1H24 营业收入 1,188 亿元，同比-5.73%；归母净利润（扣除永续 债后）63.2 亿元，同比+24.8%。每股收益 0.40 元，未宣派中期股息。 研发费用和管理费用 二季度开始有一些科研项目逐步进入实施阶段，相关费用的支出增加。 资产减值 3Q23 和 4Q23，公司根据资产的实际情况以及准则要求计提了减值。今年三季度会 延续这样的处理方式，结合新能源的相关政策文件、经营情况的变化，严格按照监 管要求和准则规定进行减值测算和处理。 分红政策 上市至今公司累计分红 627 亿元。章程规定在当年盈利为正、累计未分配利润为 正以及现金流可以满足正常运营和可持续发展的情况下，采取现金方式分配利润原 则上不少于合并报表可分配利润的 50%，该政策没有发生变化。今年新国九条出台 之后，公司非常重视并深入研究其中提到的进一步推动一年多次分红的要求。公司 一定继续坚持积极稳定的派息政策。 运营 装机 上半年公司新增并网装机容量 3102.2MW，其中风电 1054.5MW，光伏 1989.7MW。截止 6 月底，公司装机容量达到 138.57GW，风电、光伏 ...

发言人：某券商科技首席 主题：新易盛投资观点交流 时间：2024.07.30 一．会议要点 1.光模块行业观点 • 近期北美算力股有所调整，1、市场对下游需求和资本开支的可持续性表 示担忧，短期没有看到 AI 的经济效益。2、市场关心特朗普上台以后， 北美加征关税的情况。 • 调整是加仓机会。一是谷歌最新财报强调 AI 资本开支的重要性，不投资 比投资过剩的风险更大，微软（copilot 增加插件）和特斯拉（fsd）都在 AI 应用上取得进展，未来两年应用会不断起来。二是加关税风险不大， 因为行业还是处于供不应求的状态。 • 光模块投资逻辑和业绩兑现都是很确定的，维持推荐。数通用光模块市 场 2023-28 复合增长率预计为 18%，其中 AI 用数通光模块增长率接近 50%。1、AI 促使互联数据迭代速度提升，光模块迭代速率加快，期缩短 至两年。2、大模型规模带来交换网络重构，特斯拉 XAI 公司实现七万 个以上光互联的超大型 AI 支线机型，1.6T 到 3.2T 产品路线明晰。 • 中国海关光模块出口数据（6 月江苏同比下降）有所下降，市场担心海 外需求下滑，旭创转移产自至泰国工厂。但对于上市公司整体出 ...

Financial Data and Key Metrics - Revenue for H1 2024 reached 5.016 billion CNY, up 18% YoY, with net profit at 389 million CNY, a 51% YoY increase [3][12] - Q2 2024 set a record for single-quarter revenue, growing 19.31% YoY [3] - Gross margin improved to 23.9%, driven by technological innovation, higher-value products, and favorable currency effects [10][12] - Net margin doubled to 7.44%, despite impacts from overseas bases and new business investments [10] - Operating cash flow reached historical highs, with Q2 cash flow at 370 million CNY, up 270% QoQ [18] Business Line Performance - Tools segment revenue reached nearly 2 billion CNY, up 21%, accounting for 39% of total revenue [10] - Home appliances segment revenue grew 18% to 1.77 billion CNY, driven by smart and low-carbon upgrades [10] - New energy segment grew 14%, despite challenges in the lithium battery market [10] - Industrial segment, though smaller, showed rapid growth potential, particularly in robotics and motor technologies [11] Market Performance - Overseas sales accounted for 65% of total revenue, with overseas base revenue growing 73% YoY, contributing about 30% of overseas sales [3][12] - The company is expanding its global capacity, with overseas capacity expected to increase from 20% to 30-40% in the coming years [21] Strategic Direction and Industry Competition - The company is focusing on robotics, motor technologies (especially hollow-cup motors), and new energy applications like charging, inverters, and energy storage [6][11][24] - It is also exploring opportunities in smart home appliances and industrial automation, aiming for long-term growth in these sectors [11][26] - To mitigate the impact of US-China trade friction, the company has adjusted its global capacity layout, including expanding production in Vietnam and considering Mexico and Romania [23] Management Commentary on Operating Environment and Future Outlook - Management highlighted the company's strong market position and technological advantages, expecting stable growth across economic cycles [6][12] - The company is optimistic about the growth potential in the new energy sector, which is expected to become the largest segment within three years [26] - Management emphasized the importance of R&D investment, product competitiveness, and brand building to sustain long-term growth [12] Other Important Information - The company has implemented cost-reduction and efficiency-improvement measures, which have contributed to margin expansion [10] - It is actively preparing for market demand by optimizing production capacity and inventory management [21] Q&A Summary Q: What are the key highlights of the H1 2024 report? - Net profit grew 50%, exceeding the forecast range of 40%-60%, with revenue up nearly 20% and gross margin reaching 24.1%, a historical high [15] Q: How is the company ensuring sustainable growth in the smart controller industry? - The company has achieved three consecutive quarters of revenue growth, driven by overseas market performance and technological innovation [15] Q: What are the specific financial results for H1 2024? - Revenue was 5.016 billion CNY, up 18% YoY, with net profit at 389 million CNY, up 51% YoY [16] Q: How is the company's gross margin performing? - Gross margin improved to 23.9%, with net margin doubling to 7.44% despite rising costs from new business investments [17] Q: What are the growth strategies for the tools segment? - Growth is driven by increased market share with key clients, product line expansion, and entry into the garden tools market [20] Q: How is the company addressing US-China trade friction? - The company has adjusted its global capacity layout, including expanding production in Vietnam and considering Mexico and Romania [23] Q: What are the latest developments in hollow-cup motors for industrial robots? - The company has made early progress in hollow-cup motors, with applications in drones and robotics, and expects significant contributions in the next 2-3 years [24] Q: What is the long-term market outlook for the company? - The home appliances market is estimated at 60 billion CNY, with the company targeting a doubling of its current 4-5% market share [26] - The new energy sector is expected to become the largest segment within three years, driven by applications in charging, inverters, and energy storage [26]

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