中国动力20240709 会议实录 1、盈利弹性 大家好。欢迎大家参加今天晚上关于中国动力的专题汇报。今晚 中国动力发布了公司半年度的业绩预告，从预告来看，整体表现 超出预期。上半年扣非后的利润同比增长约1.2倍，单位净利润 同比和环比都有明显增长。从业绩情况来看，公司在经营效率上 的提升非常显著。 我们认为，中国动力在订单交付、产品结构优化和发动机涨价等 方面，展现出较强的营业能力弹性，全年盈利有望超预期。具体 来看，公司业务主要集中在以下几个方面： 首先，公司在工厂业务端涵盖了燃气轮机、全柴和柴油发动机等 动力业务。传统柴油发动机业务在去年占公司收入的40%以上， 毛利率高于军工防务和应用产业，盈利能力较强。 其次，军工防务业务占公司收入的10%左右，应用产业占比约 ...

立讯精密20240709_1_导读 2024年07月10日 00:23 关键词 消费电子 苹果 AI手机 创新 汽车通讯 代工 立讯 消费类 营收 增长 总量 产品线 3C 游戏 网通 智能家居 办公业务 增速 通信 汽车 全文摘要 本次电话会议集中讨论了当前科技白马股市场的积极态势，尤其是AI技术推动下智能设备领域的强劲增 长动力。会议强调了立信精密作为国内值得关注的焦点，由于其在连接器领域的先发优势，立信精密通 过内外部并购扩展到消费电子和汽车通讯等领域，并成功切入苹果产业链实现迅猛增长。公司在消费电 子、电脑互联通信及汽车领域实现了产品线的多元化，营收与利润持续快速增长。未来，汽车和通讯业 务预计将驱动公司实现更均衡的发展。会议认为，立信精密凭借其估值水平和成长潜力，是本期的重点 推荐标。此外，立信精密在模组端和技术上具有优势，特别是在高端型号和新型结构件方面，预计将带 来可观的收入增长。特别是在外部环境挑战下，立信精密仍保持良好增速，其中汽车业务板块通过合作 伙伴关系和并购策略实现多元化发展，未来几年预计将维持高速增速，并显著提高单车价值量，驱动整 体盈利能力提升。立信精密还通过收购等方式扩展国内外大 ...

宇通客车 20240709_原文 2024年07月10日 11:21 发言人 00:03 各位投资人，大家下午好，我是博联汽车的陈思竹。今天下午的话，我将和我的同事一块儿跟 跟大家跟大家去汇报一下我们最新出的关于通客车的这样的一些深度。其实大家也能看到，宇 通从二三年以来，整个股价的表现，包括公司业绩的表现，其实是非常不错的。我们其实想在 从这样的一篇报告，我们不光从公司的一个基本面出发，我们可能更多的还是想说从这个公司 的一个定价的一个角度去看，究竟如何给这家公司定价。因为我们其实确实会发现，除了他的 自身的成长性之外的话，其实我们能够从这个是公司身上，其实是能看到它的一个非常稀缺的 一个特征的。我这边的话可能先给大家去做一下前期的一些回顾。 发言人 01:02 首先的话其实我们能够看到，因为随着整个客车行业的销量的恢复，其实重点还是来自于出口 这边的一个超预期。其实国内的话在去年其实依然是在下滑的。但是我们看到宇通大的无论是 收入端还是利润端，在二三年表现都非常都还是非常不错的。而且尤其是盈利端，它的展现了 一个非常强的一个利润的弹性。我们觉得这个其实重点来说，确实是由它的出口来带动的。 发言人 01:3 ...

盐湖股份2024年半年度业绩预告解读会20240710 一、公司财务状况  近期产品价格从105,000元下降至95,000元。公司生产量为71.89万吨，销量接 近2万吨，每月产量近干吨.  上半年经营业绩受价格因素和资源税补缴影响较大，资源税补缴约 3.2亿，增值税附 加后总体补税约6.65亿，净利润规模受影响。  补税总额达6.65亿，其中资源税补缴约3.2亿，影响上半年净利润约232.3亿。  公司计划利用资本公积弥补约200亿亏损，为未来分红做准备 二、生产与销售情况  三都锂盐项目预计年底竣工，预计明年进入试运行状态，公司产能规划共 8万吨。产 能爬坡期约三个月。  二季度碳酸锂和钾肥的生产成本预计下降，尤其是与去年下半年相比。  锂盐新产能竣工后的排产节奏和释放产能预期时间为明年，产能爬坡期约三个月。 三、税务及合规情况  公司补缴税费后，资源税后续仍会征收，15%收益率基于卤水交易环节征收。  二季度锂产品均价约为10万元，成本与一季度相比无显著变化。  公司法规定下，资本公积金补充亏损的额度未明确，具体操作需与监管部门沟通。  资本公积金和现金足以支持分红，监管部门将出 ...

A：我们接下来的资本开支相对是比较平和的。整体上面来讲是 比较稳定的一个开支，因为大批量的开支应该都会在 2023 年 6 2024 年这两年间我们最后发展。我们目前也有一定的资金储备， 来自于银行，来自于自己的自有资金等。等到 2025 年之后，我 们每年的资本开支就不会那么大 相对来说比较平稳,我们也会根 据市场的情况去确定我们接下来投什么。怎么投投多少的一个问 题，所以整体资本的开支控制我们是比较游刃有余。结合市场情 况，我们来做一些相对来说比较记录。 7 接下来降价。进一步的走势 市场的需求怎么去判断? 9 | --- | --- | |-----------------------------------------------------------|--------------| | | | | A：25 年后，我们将面临全球市场的全面竞争，重点在于产业链 | | | 整合、环保及低碳。目前，我们已奠定碳排放减排基础，正完善 | | | 全产业链，目标在 2025 年前形成流畅通道。2025 年后，我们将 | | | 坚持临江城一体 | 化, 引入高科 | | 技产品和材料提升行业附加值。我们的 ...

发言人 44:38 地缘政治可能对国内影响实际上包括刚刚各位老师提到的什么一格尔，什么就是江苏华晨，或 者精密电工，包括明阳电气。实际上国内的这些变压器企业的出海，我认为还是处于一个极为 初期的阶段。整体的海外收入占比是一个极低的一个水平。甚至如果虽然说我们中国是出口美 国的，非常，因为美国是全球的最大的一个变压器的进口国家，中国也是变压器出口的一个最 大国家。但是实际上具体到这些公司，实际上所有的公司在美国的一个收入比例都是一个非常 低的水平。 发言人 53:17 好的，这个金杯电工，它受原材料影响大吗？它是赚加工费吗？就是客户的一个追问。是啊， 他就是赚加工费。所以刚才几位老师提的同价这个事情对他的影响应该是不太大的。当然这个 落到终端，刚才我听下来可能就是终端需求可能有影响，但是对本身的盈利的情况，经杯那边 应该影响不大。 基本上这一块的话，我们 24 年的话，按照同口径的话，基本上光伏的新增装机差不多是 220G 瓦，实际上我们这个公司在光伏变电这一块的增长可能在今年会略微乏力一点。而风电的话， 基本上 24 年基本上是差不多整体是个 80G 瓦左右的一个水平，比较亮眼的还是在海风上面， 今年 24 ...

Financial Data and Key Metrics Changes - The company has achieved profitability since 2022, with expectations for improved gross and net margins due to upgrades in main products [1][2] - The capital expenditure is expected to remain stable or slightly increase, despite a decline in capital expenditure for new energy and photovoltaic businesses [5][17] Business Line Data and Key Metrics Changes - The company provides VC solutions in stainless steel and copper, with stainless steel favored in high-end Android models due to its lower cost and higher durability [2][10] - The focus on optimizing production processes to enhance heat dissipation efficiency and expand capacity, particularly for stainless steel, is emphasized [1][2] Market Data and Key Metrics Changes - The consumer electronics sector is entering a peak season, while the new energy business faces both challenges and opportunities [2] - The photovoltaic business is adjusting strategies in anticipation of improvement [2] Company Strategy and Development Direction - The company is transitioning from traditional business to downstream modules, enhancing its market position through ecological loops, AI empowerment, and growth in non-mobile product lines [1][4] - The emphasis on advanced packaging technologies and heat dissipation solutions to meet fast charging and extended battery life demands is noted [1][3] Management Comments on Operating Environment and Future Outlook - Management expects improvements in the new energy and photovoltaic sectors in the second half of the year, with profitability anticipated in the new energy vehicle segment [6] - The company is confident in achieving higher gross and net margins with product upgrades for major clients [9] Other Important Information - The company has made significant progress in M4 chip iPad, OLED screens, and heat dissipation solutions, indicating a strong supply chain involvement [4][14] - The company’s platform advantages are enhancing market share, particularly in response to increasing demands for comprehensive solutions from major clients [7][12] Q&A Session Summary Question: What is the trend of overall profit margins in the second half of the year? - Management expects improvements in the new energy vehicle and photovoltaic sectors, with profitability anticipated in the latter half of the year [6] Question: How does AI influence the company's layout and platform advantages in consumer electronics? - The company is actively enhancing its capabilities in heat dissipation, batteries, and charging, leveraging platform advantages to increase market share [7] Question: What is the profit status of main products and confidence in future upgrades? - The company has achieved profitability after several years of development and is confident in obtaining higher margins with product upgrades for major clients [9] Question: What materials do downstream customers typically choose for VC boards? - Stainless steel is preferred due to its lower cost and durability, while copper is acknowledged for its excellent heat dissipation [10] Question: What is the company's technical layout and reserves for stainless steel VC boards? - The company has a solid technical foundation for stainless steel VC boards, with production capacity primarily focused on this material [11] Question: What is the outlook for capital expenditure next year? - Capital expenditure is not expected to rise significantly, with projections around 2 billion, slightly increasing but not exceeding 3 billion [16] Question: What is the view on the photovoltaic business and capital expenditure trends? - The photovoltaic business is expected to continue its downward trend in capital expenditure, with improvements anticipated through internal optimization and technology enhancement [17]

证券研究报告 | 2024 年 07 月 09 日 晨会集萃 天风7月金股推荐 简称 调入时间 制作：产品中心 中国人寿 20240131 重点推荐 新澳股份 20240229 中天科技 20240331 《策略|海外与大类周报——港股交易情绪趋于平淡》 中际旭创 20240430 1)港股震荡收涨，顺周期板块领涨市场。7 月1 日至5日，港股出现阶段 温氏股份 20240430 性企稳迹象，多数宽基指数均有不同程度上涨，但市场成交额与前期相比 恒林股份 20240430 仍处在相对低位，恒生指数与恒生科技分别上涨0.5%、1.2%。2)经济基本 中烟香港 20240430 面与广义流动性支持力度有待提升。6 月国内制造业 PMI录得 49.5%，与 锐明技术 20240531 5月持平，连续两个月落入荣枯线下方，经济修复进程仍有考验。3)市场 顶点软件 20240531 情绪趋于平淡，短期指数反弹高度或有限。恒指自5 月20日阶段性见顶 华达科技 20240531 后，至今维持回落趋势，从市场情绪角度看，近一个月内14 日 RSI指标 昂立教育 20240531 平稳下滑、6 日RSI指标反弹高度有限且持续 ...

Financial Data and Key Metrics - No specific financial data or key metrics changes mentioned in the provided content Business Line Data and Key Metrics - The company's dissolution mining process forms a closed-loop system, maximizing resource utilization by recycling tail brine and fresh water back into the original mining area [1] - The company produces lithium carbonate using "old brine" which is the brine left after the precipitation of carnallite in salt ponds [2] - The company plans to produce 10,500 tons of lithium carbonate in 2024, with a current daily production of 40 tons, potentially reaching 55 tons during peak periods [5] Market Data and Key Metrics - No specific market data or key metrics changes mentioned in the provided content Company Strategy and Industry Competition - The company's dissolution mining process is designed to maximize resource utilization, indicating a focus on sustainable and efficient mining practices [1] - The company is expanding its operations with the construction of the Mami Cuo site, which includes temporary power, temporary housing, and road infrastructure [3] - The Mami Cuo site will use a similar but adjusted process compared to the Zangge Lithium site, due to differences in the brine composition [3] - The Mami Cuo site is expected to have a lower power consumption per ton (6,000-8,000 kWh) compared to the Qarhan site, due to its larger scale and higher brine concentration [4] Management Commentary on Operating Environment and Future Outlook - The company is maintaining a balance between production and sales for lithium carbonate [5] - The Mami Cuo site is expected to achieve rapid production capacity release after commissioning, as it uses a similar process to the Qarhan site with no technical risks [6] Other Important Information - The company's dissolution mining process involves the use of mixed-flow pumps in the dissolution workshop [2] - The Mami Cuo site has completed preliminary construction work, including temporary power, housing, and road infrastructure [3] - The production of 1 ton of lithium carbonate requires 1.5 to 2 tons of sodium carbonate [6] Summary of Q&A Session Question: Advantages of the dissolution mining process? - The dissolution mining process forms a closed-loop system, maximizing resource utilization by recycling tail brine and fresh water back into the original mining area [1] Question: Equipment in the dissolution workshop? - The dissolution workshop includes brine mixing pump stations, old brine pump stations, and raw brine transfer pump stations, with mixed-flow pumps being the main equipment [2] Question: Raw materials for lithium carbonate production? - The company uses "old brine" left after the precipitation of carnallite in salt ponds for lithium carbonate production [2] Question: Construction progress at the Mami Cuo site? - The Mami Cuo site has completed temporary power, temporary housing, and road infrastructure [3] Question: Equipment compatibility at the Mami Cuo site? - The Mami Cuo site will use a similar but adjusted process compared to the Zangge Lithium site, due to differences in the brine composition [3] Question: Power consumption per ton at the Mami Cuo site? - The Mami Cuo site has a power consumption of 6,000-8,000 kWh per ton, lower than the Qarhan site due to its larger scale and higher brine concentration [4] Question: Current concentration of old brine and response to declining lithium concentration? - The current concentration of old brine is around 50ppm, with concentration increasing with longer sun exposure in salt ponds [5] Question: Lithium carbonate production and sales plan for 2024? - The company plans to produce 10,500 tons of lithium carbonate in 2024, with a current daily production of 40 tons, potentially reaching 55 tons during peak periods [5] Question: Time to reach full production at the Mami Cuo site? - The Mami Cuo site is expected to achieve rapid production capacity release after commissioning, as it uses a similar process to the Qarhan site with no technical risks [6] Question: Sodium carbonate consumption per ton of lithium carbonate? - The production of 1 ton of lithium carbonate requires 1.5 to 2 tons of sodium carbonate [6]

造成的一切后果及法律责任由该机构或个人承担，本公司保留追究其法律责任的权利。好的， 各位投资者，大家早上好，我是民生电信的邓永康。非常感谢大家参加我们的电话会。今天的 电话会我们是给大家再梳理一下，绵阳电器的投资逻辑。这也是我们在一度当时重点推荐过的 标的。但是中间确实受了一些影响，大概有几个方面的影响。一个就是近期公司有解禁，那解 禁在七月，也就是上周基本上反映过了。然后另外一个，大家担心的就是二季度的盈利，因为 二季度看确实铜价涨得比较多，大家担心业绩受影响。那目前摸下来二季度情况还非常不错， 再加上此前可能受了国网的某一家上网公司的处罚，短期可能在这家上网公司没办法投标，这 些可能对公司的股价形成一定影响。 发言人 00:59 更多资料加入知识星球：水木调研纪要 关注公众号：水木纪要 更多资料加入知识星球：水木调研纪要 关注公众号：水木纪要 明阳电气 20240708_原文 但近期来看，这些因素都已经消除。所以我们今天花点时间来给大家讲讲，我们对于李阳电器 的推荐的一些逻辑的梳理，以及当前怎么看这家公司。开始之前，我先大概汇报一下，我们对 于电网板块一些观点。因为近期其实波动也比较大我觉得主要还是受市场 ...