深城交 20250328 摘要 Q&A 深城交的股东结构和实际控制人情况如何？ 深城交的股东结构包括深圳国资和员工持股平台。大股东深圳成持有公司 30% 的股权，深圳成是深圳国资委百分之百控股的企业，因此深城交的实际控制人 是深圳市国资委。第二大股东是深圳市深源交通投资股份有限公司，持有上市 公司 22.5%的股权，该公司为员工支付平台，持股比例仅次于大股东。此外， 员工持股平台计划减持不超过 3%的股份，其中 20%通过大宗交易，1%通过集合 • 深城交通过规划咨询切入低空经济，为政府提供技术服务，并建设数字底 座和飞行管理平台，实现低空飞行的有效管理与保障，同时，新签合同收 入和智慧新基建合同占比提升，强化科技属性。 • 自 2021 年上市以来，深城交的大数据软件及智慧交通业务收入占比逐步提 升，从 2021 年的约 30%增长至 2024 年上半年的 50%，规划咨询业务收入占 比则相应下降。 • 深城交 2022 年和 2023 年新签合同收入维持在 17 亿元左右，2024 年上半 年新签合同金额达到 9.9 亿元，同比翻倍，其中与智慧新基建相关的合同 占比过半。 • 深圳成作为控股股东，为深城交 ...

三只松鼠 20250327 摘要 Q&A 三只松鼠在 2024 年的业绩表现如何？ 2024 年，三只松鼠实现了超过百亿的营收，并且利润超过四亿元。这主要得益 于公司从 2023 年开始落实的高端性价比战略带来的持续经营改善。此外，2024 年年货节等特殊节点也对整体销售产生了积极影响，使得公司顺利达成重返百 亿营收的预期。 • 三只松鼠 2024 年营收重回百亿，得益于全品类和全渠道经营布局，尤其是 在短视频渠道、新分销和综合电商的拓展，以及坚果和零食品类的增长。 扣非净利增长主要归功于毛利率改善和管理费率下降，人员效率大幅提升。 • 公司 2025 年战略重点是调整品类、渠道和销售节点结构，目标是零食销售 占比超过 50%，增加线下渠道贡献，并适应市场变化。通过高端性价比模 式、全渠道、全品类、多品牌策略，构建更大的生态系统。 • 三只松鼠计划通过构建四大 GA 基地加强供应链建设，以"一品一链"方式 打造高端性价比产品。同时，通过组织机制创新激发市场推广人员活力， 并计划通过赋能型和知识型并购构建更大的生态平台，孵化新品牌。 • 公司对线下分销布局持乐观态度，加大网点渗透和品类延伸投入，计划推 出几十款 ...

摘要 科达制造 20250327 Q&A 2024 年科达制造的整体业绩表现如何？ 2024 年，科达制造实现营业收入 126 亿元，创下公司成立以来的历史新高，同 比 2023 年增长约 30%。然而，归属上市公司股东的净利润为 10.06 亿元，同比 2023 年下降了 51.9%。净利润下滑主要是由于参股公司蓝科锂业的投资收益大 幅下降超过十亿元。尽管如此，公司各项主营业务仍保持稳健发展和增长。 • 科达制造 2024 年净利润同比下降 51.9%，主要受参股公司蓝科锂业投资收 益大幅下滑影响，但各项主营业务保持稳健增长。陶瓷机械板块表现亮眼， 实现营收约 56 亿元，同比增长 25%，净利润约 5.3 亿元，毛利率 26.56%。 • 海外建材板块 2024 年营收 47.15 亿元，净利润约 5.4 亿元，毛利率 31.2%， 净利率接近 12%。上半年受价格战影响，下半年非洲区域销售价格逐步回 升，四季度瓷砖全区域销售均价接近 31 元/平方米。 • 科达制造玻璃业务 2024 年四季度投产，目前处于磨合爬升阶段，对业绩贡 献尚不明显。自有及收购的玻璃厂已基本走入正轨，2025 年前两个月毛利 率 ...

三维化学 20250327 摘要 Q&A 请介绍一下 3D 化学 2024 年的整体经营情况和主要财务数据。 • 2024 年公司营收增长，经营利润接近 3 亿元，虽扣除商誉及资产处置损失 约 3,000 万元，但化工制造业营收达 18 亿元，利润约 2.5 亿元，同比增长 超 40%，显示化工板块强劲增长。 • 工程板块营收约 6 亿元，利润 4,000 多万元，工程总承包毛利率因收入成 本错配下降，但工程设计毛利率维持在 48%-49%，纯化工板块醇醛酸酯类 产品毛利率因丙醇价格上涨至 19%。 • 公司财务状况稳健，持有约 20 亿现金，通过投资理财获益 3,000 多万元， 资产负债率低，无长期或短期负债，2024 年年度分红总计 10.4 元/股，分 配比例高达 98%。 • 工程端重点推进泸州老窖和新疆煤化工项目，新疆煤化工业务已落地，一 季度中标金额约 5 亿元，化工端具备全产业链动态切换原料能力，2024 年 丙醇价格上涨贡献较高利润。 • 四季度短期借款增加 1.5 亿元，主要为票据贴现或保证金项目，非银行借 款，华锦项目收入主要在项目交割前确认，剩余部分在项目开车后确认， 预计二季度确认收 ...

中信证券 近期地方融资的四个关注点 20250327 摘要 Q&A 如何评估地方政府获取债务置换额度及其对市场的影响？ 自 2015 年以来，投资者和研究人员一直关注如何评估某个省或地市可能获取的 债务置换额度。随着三次债务置换后，许多地方政府缓解了一定的压力。如果 我们能了解某地可能获取的专项债基金，将有助于利差修复。在 2、3 月份债市 回调及近期波动环境中，我们尝试构建了一种方法论，通过动态拆解来推导自 上而下的专项债资金规模，以及特殊融资规模。同时，我们分析地方政府发债 或平台公司融资环境中的再融资、流动性补充及项目投入资金来源，包括银行 • 专项债基金或助力利差修复，通过动态拆解方法推导专项债和特殊融资规 模，反向验证评估银行信贷数据，为二季度地方政府专项债和信贷融资释 放提供参考。 • 2023 年以来，地方政府募资用途受监管趋严影响，通过构建募资现状并推 演投资动力，发现城投投资修复将影响二季度权益市场表现，需关注 2025 年城投融资是否放松。 • 科创债发行规模增长显著，部分由地方政府融资平台借壳操作，是积极因 素。传统基建饱和，地方政府需转型为孵化高科技产业，通过科创债融资， 关注科创与城 ...

Summary of the Conference Call for Chipbond Technology Company Overview - **Company**: Chipbond Technology - **Industry**: PCB (Printed Circuit Board) and Advanced Packaging Key Points Revenue and Growth - PCB segment accounts for 70% to 75% of Chipbond's quarterly revenue, driven by strong demand from AI computing infrastructure and Southeast Asia, particularly Thailand [3] - Orders from key clients like Zhenghong Technology are expected to nearly double compared to 2024, with production schedules extending to Q3 2025 [3] - The first phase of the factory is planned to have an annual capacity of over 500 units, with current production ramping up to approximately 100 units per month [3][4] Advanced Packaging Developments - Significant breakthroughs in advanced packaging, particularly in IC substrate, with nearly 100 million yuan in revenue achieved [5] - Domestic clients are making rapid progress in IC substrate, expected to lead to high growth despite a slowdown in revenue recognition due to client delays in 2024 [5] - Equipment is already being utilized in the semiconductor sector, with minimal domestic competition [5] Performance Outlook - Q4 2024 performance was below expectations due to delays in client renovations in Thailand and pandemic-related impacts, leading to increased inventory [6] - Anticipated revenue recognition from inventory in the first half of 2025, with nearly 100 units shipped in March, expected to significantly boost Q2 and Q3 performance [6] PCB Industry Dynamics - PCB industry growth is attributed to two main factors: the transfer of HDI board production from Taiwan to China and the increasing market share of domestic manufacturers [7] - HDI board ADLDI lithography equipment is experiencing over 30% quarterly revenue and profit growth [7] Competitive Position - Chipbond holds a leading position in the domestic LDI (Laser Direct Imaging) lithography market, especially in HTI boards with spacing less than 10 microns [8] - The company collaborates with well-known enterprises, including TSMC, enhancing its production capabilities [8] Advanced Packaging Technology - Advanced packaging technology is crucial for extending Moore's Law by increasing chip functionality density and reducing interconnect lengths [10][11] - RDL (Re-Distribution Layer) technology is vital for high-performance chip packaging, particularly for HBM (High Bandwidth Memory) chips [11] Advantages of LDI Technology - LDI technology offers lower costs and higher efficiency compared to traditional mask-based lithography, making it suitable for RDL layer wiring [12] Future Prospects - Chipbond is positioned as a key supplier in the domestic market and is expanding into international markets, with significant growth potential in advanced packaging [13] - The global advanced packaging capital expenditure exceeds $10 billion annually, with a substantial portion allocated for lithography and exposure equipment [13] - The company anticipates a peak in revenue recognition in 2025, positively impacting EPS and PE [15] Challenges in Solar Copper Plating - The limited promotion of solar copper plating is attributed to downstream client issues rather than Chipbond's technology, which has received positive feedback [14] Investment Considerations - Investors should focus on Chipbond's advancements in the advanced packaging sector and its international expansion efforts, as these are expected to drive future growth [15]

威高骨科 20250327 摘要 Q&A 2024 年威高骨科在经营策略和市场拓展方面采取了哪些措施，取得了哪些成 效？ 2024 年，威高骨科在董事会的领导下，根据国家政策及市场形势，主动调整经 营策略，重新规划产品线，优化成本控制，并强化核心客户管理。公司探索多 元化市场渠道的拓展方式，实现了市场份额和客户覆盖率的双重提升。全年实 现营业收入 14.52 亿元，同比增长 13.18%；归属于上市公司股东净利润为 2.24 公司通过推进生产数字化转型，以销定产、快速交付为主题，聚焦精益生产制 造系统的数字化平台建设，包括劳动力系统、能源管理系统和 MES 系统搭建， 通过持续迭代改进，使得生产周期下降 35%。此外，公司推动精准数字化营销， 为大客户提供高效准确的专业服务，有效提升了客户覆盖率。同时，对渠道库 存进行梳理，并对资金管理库、技术研发库及第三方物流平台仓储进行线上系 统管理，大幅提升供应链响应速度和产品周转效率。 威高骨科在全球化布局上有哪些具体成果？ 威高骨科稳步拓展海外新市场，从全球视野优化销售渠道并推进研发项目，通 过建立战略市场与商贸市场开发策略集中优势资源开发战略市场，同时深耕巩 固已 ...

乾照光电 20250327 摘要 Q&A 干照光电在 2024 年的业绩表现如何？ 2024 年，干照光电在复杂多变的宏观经济环境和激烈的行业竞争中，坚守诚信 经营原则，积极应对挑战，专注于做大做强光电主业，并拓展第二增长曲线。 在控股股东海信的全方位支持和赋能下，公司加速迭代升级，优化产品矩阵， 拓展新市场新客户。全年实现营业收入 24.33 亿元，同比增长 1.91%；其中主 营业务收入 18.93 亿元，同比增长 8.37%。主营业务毛利率为 17.77%，同比提 升 3.41 个百分点。实现归母净利润 9,608.45 万元，同比增长 203.99%；扣非 • 公司 2024 年营收 24.33 亿元，同比增长 1.91%，主营业务收入 18.93 亿元， 同比增长 8.37%。归母净利润 9,608.45 万元，同比增长 203.99%，扣非归 母净利润 3,673.73 万元，同比增长 233.02%，盈利能力显著提升。 • LED 芯片业务受益于海信协同，Mini RGB 营收增长 267%，光电营收增长 757%，Mini LED 营收增长 178%。公司将加强与海信战略协同，拓展国内外 客户 ...

Summary of BYD's Earnings Call Company Overview - **Company**: BYD - **Industry**: Electric Vehicles (EVs) Key Points and Arguments Financial Performance - BYD's Q4 2024 earnings slightly exceeded expectations by 5%, driven by robust sales growth and improved product mix [1][4] - Q4 2024 saw record sales growth of 61% year-over-year and 34% quarter-over-quarter, with revenue increasing by 53% year-over-year and 37% quarter-over-quarter [4] - Gross margin for Q4 2024 was reported at 17%, with an adjusted gross margin of 21.5% after accounting for changes in accounting treatment [4] - Operating expense ratio decreased from 11.9% in Q3 2024 to 7.7% in Q4 2024 [4] - BYD Electronics contributed a profit of 1.2 billion yuan [4] Future Projections - BYD is projected to achieve record profits and sales in 2025 and 2026, with a target of approximately 10 million units sold globally by 2030 [1][4] - Market consensus for BYD's 2025 profit has been revised upwards from 49 billion yuan to 52 billion yuan, still below JPMorgan's forecast of 55 billion yuan [1] - BYD's sales are expected to grow from 4.2 million units in 2023 to approximately 5.5 million units in 2024, representing a 30% increase [1][4] Strategic Initiatives - BYD plans to launch 21 new models equipped with the latest autonomous driving features across various price ranges [1] - The company aims to expand its global market presence, with export targets of 800,000 units in 2024 and 1.5 million units by 2026 [1] - BYD's assembly plants in Thailand, Indonesia, Brazil, Hungary, and Turkey are expected to enhance local production and mitigate tariff impacts [1][4] Market Position and Competition - BYD is anticipated to become a leading player in the global EV market, akin to Toyota in the traditional automotive sector [1] - The company is expected to maintain a 22% market share in the global EV market (excluding hybrids) by 2026 [1][21] - Increased competition from global brands such as Volkswagen and Geely poses risks to BYD's market share [15] Valuation and Stock Performance - BYD's target price is set at 560 yuan, reflecting a potential upside based on long-term growth projections [6][12] - The stock has shown a year-to-date performance increase of 32.8% [18] Risks - Downside risks include lower-than-expected sales and intensified competition from both domestic and international brands [15] Additional Insights - BYD's long-term stock price potential is estimated to range between 490 and 680 HKD per share, influenced by market sentiment and risk appetite [12][21] - The company is expected to maintain a net profit margin of approximately 5.6% in 2025, with a projected increase to 6.2% by 2027 [20] This summary encapsulates the key insights from BYD's earnings call, highlighting its financial performance, strategic initiatives, market position, and future outlook.

24 March 2025 China Internet & Japan Video Gaming Future of Tech: I, Robot - the state of AI in 2035 Robin Zhu +852 2123 2659 robin.zhu@bernsteinsg.com Mark Shmulik +1 917 344 8508 mark.shmulik@bernsteinsg.com +1 917 344 8491 jenny.ku@bernsteinsg.com Charles Gou +852 2123 2618 charles.gou@bernsteinsg.com Jenny Ku Charlie Peng +81 3 6777 6993 charlie.peng@bernsteinsg.com I, Robot. For decades the science fiction genre has tried to envision what an AI world might look like. The 2004 movie I, Robot is our favo ...