芯动联科 2025042320250416 摘要 • 芯动联科受益于下游终端客户数量增加和全年用量提升，大客户集中下单 模式使得公司排产和发货更为均匀，芯片集成到模组和终端系统项目增多， 推动营收增长。预计全年收入增长率保持在 30%-40%之间。 • 2025 年一季度，芯动联科保持较高毛利率，销售和管理费用有所下降。 研发费用绝对额虽因研发人员增加而上升，但研发费用占比因收入增长而 下降。预计全年销售和管理费用比例将继续有效控制。 • 芯动联科的谐振式加速度计（FM 加速度计）性能提升显著，单片双轴和 三轴加速度计采用新工艺生产，已获国内外市场高度认可，尤其谐振式加 速度计全球领先，预计今年加速器收入增速可能翻倍。 • 芯动联科通过与低空主机厂合作提供定制 IMU 组合或航姿仪，并向传统航 姿系统和飞控系统厂家提供芯片，积极拓展低空领域应用。已开始配合多 个厂家进行红标件、蓝标件阶段，并协助客户取得试行认证。 • 在智能驾驶领域，芯动联科已定点车厂并以模组形式供货，客户开始批量 量产新车型。公司正全力研发六轴 IMU 芯片，以便未来更好地契合车厂生 产节奏，应对市场竞争。 Q&A 芯动联科 2025 年一 ...

广立微 2025042320250416 摘要 • 广立微 EDA 软件业务拓展三条产品线：两域 EDA、DFT 和 DFM，模拟和 数字电路设计成熟，2024 年推出 PCM 监控方案，DFT 工具增长迅速，通 过收购易瑞鑫整合 DFT 设计及良率提升方案，2024 年 DFT 营收达 2,500 万至 3,500 万，增幅显著。 • 广立微数据分析软件推出 INF AI 和 Sentinel 大模型分析平台，嵌入缺陷 诊断系统，提高软件性能，并接入 DeepSeek 等底层大模型，实现无代码、 低代码操作。离线数据 YMS 和 DMS 产品发布 2.0 版本，在线数据 FDC、SPC、APC 在量产线上试运行，通用型数据分析软件 DEG 成功替 代 JMP 和 Minitab 应用于非半导体领域。 • 广立微硬件测试设备拓展晶圆级老化测试设备和车规级可靠性测试设备 WL 二，并向高压设备领域拓展。成功替代开关矩阵，推出搭载自研矩阵 开关的机型 T4,000 Max，测量单元 A 版性能与现有供应商无差异。 • 广立微 2025 年营收增速预计恢复至 20%-30%，主要驱动力为软件业务， 2024 年软件 ...

军信股份 2025042320250416 Q&A 健友股份 2025 年和 2026 年的经营增长主要来源是什么？ 健友股份 2025 年一季度归母净利润增长接近 40%，主要来源于并购的人和环 境公司，贡献了 4,100 万元。此外，公司新建的资源回收利用项目也符合预期， 预计全年利润增长将达到 35%至 40%。公司垃圾焚烧项目的上网电量保持较 高水平，去年吨上网电量为 459 度每吨，今年预计继续维持并有小幅增长。餐 厨垃圾处理量去年增长 3%，今年预计继续维持。公司长期分红规划不低于当 期净利润的 50%，2024 年度分红接近 95%。未来几年将继续保持稳定分红政 策，并根据现金流及生产经营状况决定具体比例。同时，公司发布了 2 到 3 亿 元的回购计划。 • 2025 年度资本性开支集中在海外项目，总计约 5 亿元。2026 年若顺利推 进，将增加 20 个新项目，总投资规模超 10 亿元，每年资本性开支预计 5- 6 亿元。未来两年基本开支预计每年 5 亿元左右，经营性现金流预计 12- 13 亿元。 • 垃圾焚烧与 IDC 合作项目获政府支持，市场需求旺盛。公司提供绿电、蒸 汽、厂房、土地和 ...

金石资源 2025042220250416 摘要 • 金石资源 2024 年业绩下滑主要受偶发事件和成本上升影响，包括唐山金 子矿矿业权权益金补缴、江西项目存货减值、江山金石及外蒙古项目预处 理转固损失，以及停产导致制造成本增加超 2000 万元，银河矿山大检查 增加安全环保投入。 • 2025 年一季度，包头项目贡献主要利润，选矿超计划 30%，成本降至 800 元以下；氢氟酸产能释放，硫酸涨价支撑价格；兰西矿复产，集团矿 山恢复正常运营。全年计划单一矿区产量目标为 40 至 45 万吨，金石项目 银石精粉产量目标为 60 至 70 万吨。 • 公司未来发展潜力包括蒙古项目原矿开采 70 多万吨，折合产品约 15 万吨， 预处理已开工。公司将继续推进选化一体化战略，应对减产及阶段性大检 查带来的挑战，确保长期稳定增长。 • 公司拥有三至四万吨的锂云母存货，目前锂云母的价格约为每吨 1,500 元。 江山项目预计每月折旧费用在两至三百万元左右。 • 2024 年毛利率下滑主要由于减产和环保带来的成本增加，以及外购原矿 影响。扣除外购原矿，毛利率仍保持在 45%左右。若 2025 年矿山正常运 作，将减少外购原 ...

英搏尔 2025042320250416 摘要 • 英博尔 2024 年营收 24.3 亿元，同比增长 23.77%，电源总成出货 90.28 万台，增长 85.08%，受益于定点车型销售增长和战略落地。 2025 年一季度营收 5.46 亿元，同比增长 15.19%，扣非净利润增长 42.24%，业绩表现亮眼。 • 公司核心产品包括电源系统、驱动系统、电机、电控等，具备功率密度高、 体积小、重量轻、成本优势明显等特征，广泛应用于乘用车、商用车、非 道路车辆及 EVOTO 关节模组等领域。 • 公司拥有珠海和山东两大生产基地，具备年产百万台套产品生产能力，并 在珠海、上海、北京、深圳设有研发中心，构建了先进智能制造能力和完 整高效供应链体系。 • 公司迭代更新至基于 800 伏高压架构第三代高功率密度电源总成产品，并 推出 6.6 千瓦全国产器件车载二合一产品及 20~50 千瓦乘用车控制器， 实现自主可控和产业安全。 • 公司凭借在乘用车领域积累的优势，开拓低空领域作为第二增长曲线， Evolis 电机应用扁线油冷及碳化硅技术，采用双绕组、双电控工艺，提升 航空领域安全性和可靠性。 Q&A 公司在低空领域的 ...

Summary of Key Points from the Conference Call Company Overview - **Company**: iFlytek (科大讯飞) - **Industry**: Artificial Intelligence and Technology Financial Performance - **2024 Revenue**: 24.95 billion CNY, with a significant increase of 21% in Q4, reaching nearly 8.5 billion CNY [1][2] - **Profit Growth**: Net profit increased by 62% to 900 million CNY in Q4 [1][2] - **Cash Flow**: Positive cash flow of 3.3 billion CNY, with a net cash flow from operating activities increasing by 613% to 2.495 billion CNY [1][2] - **2025 Q1 Performance**: Revenue of 4.65 billion CNY, a 27% year-on-year increase, with gross profit of 1.87 billion CNY, up 34% [4] Business Strategy and Developments - **Model Upgrades**: iFlytek upgraded its Spark model X1, achieving comparable results to OpenAI's O1 and Deepseek's R1 in international tests, with a model size of only 70 billion parameters [1][5] - **Sector Focus**: The company is focusing on education, healthcare, and automotive finance, aiming to lead in smart hardware functionalities [2][18] - **Cash Collection Mechanism**: The improvement in cash flow is attributed to the establishment of a dedicated collection department and optimization of business processes [3] AI Model Performance - **Education Model**: The Spark education model achieved an F1 score of 71% in step-level math correction and 92% in subjective English scoring, outperforming general models [6][7] - **Healthcare Model**: The Spark medical model significantly outperformed GPT-4 and GPT-3 in diagnostic assistance, with over 900 million diagnoses assisted and a high satisfaction rate of 98.8% [9][8] Market Position and Competitive Advantage - **Domestic Collaboration**: iFlytek collaborates with domestic computing power vendors to achieve full domestic training and inference capabilities, addressing international chip restrictions [17][24] - **Government Contracts**: The company has become a preferred tool for central state-owned enterprises, reflecting high market recognition of its technology [16] Future Outlook - **Growth Potential in Education**: The education sector is expected to see significant growth, driven by hardware sales and government investments in educational technology [31][32] - **AI Integration**: iFlytek is committed to integrating AI into education, healthcare, and other sectors, enhancing personalized learning and operational efficiency [35][36] - **R&D Investment**: The company plans to maintain a healthy growth model for R&D investment, with a focus on achieving a balance between revenue growth and R&D spending [62] Additional Insights - **International Expansion**: iFlytek is accelerating its international business layout despite geopolitical tensions, leveraging its autonomous model capabilities [47][60] - **Technological Innovations**: The company is focused on continuous innovation in AI models, aiming to maintain a leading position in the industry [61][62] This summary encapsulates the key points discussed in the conference call, highlighting iFlytek's financial performance, strategic developments, market positioning, and future outlook in the AI industry.

盛科通信 2025042320250416 摘要 • 中美科技解耦加速，国产化替代成必然趋势，为盛科通信等国内芯片企业 带来发展机遇。中国对美国芯片征收关税，进一步推动了国内自主可控的 需求。 • 国产交换芯片解决方案不断涌现，应用场景从交换机 scale-out 扩展到 scale-up 主网，华为云和中国移动等厂商的需求释放扩大了市场空间。 • 盛科通信作为国内领先的以太网交换芯片设计企业，2023 年国内市场占 有率约 1.6%，位居境内厂商第一，全球第四，产品覆盖接入层到核心层。 • 盛科通信 2024 年预计营收 10.82 亿元，同比增长 4.28%，受国际贸易环 境影响，客户提前提货导致营收波动，预计 2025 年起恢复快速增长。 • 2024 年归母净利润亏损 6,850 万元，主要由于加大高端芯片研发投入和 产品迭代升级，预计 2025 年业绩将有所改善。 • 以太网交换芯片是盛科通信主要收入来源，2024 年中报占比 80.64%， 芯片模组收入占比 11.19%，表明芯片收入增长迅速。 • 盛科通信研发投入高，2024 年前三季度研发费用同比增长近 58%，达 3.3 亿元，研发费用率高 ...

Summary of Conference Call Records Company Overview - **Company**: Suotong Development - **Industry**: Aluminum and Carbon Materials Key Points Financial Performance - In 2024, Suotong Development turned a profit, achieving a net profit of 346 million yuan in Q1 2025, with a net profit attributable to shareholders of 244 million yuan, representing a significant improvement year-on-year [1][2] - Revenue increased by 20.5% year-on-year, with a notable rise in gross margin due to higher prices for prebaked anodes and cathodes [1][2] Market Conditions - The fattening sheep market stabilized and rebounded in late 2024, while petroleum coke prices rose due to supply-demand mismatches, averaging 2,771 yuan per ton in March 2025, with a quarterly increase of approximately 36% [1][4] - The primary aluminum market reached record production levels, with a total output of 43 million tons in 2024, up 4.18% year-on-year [1][4] Import and Export Dynamics - Tariff policies have minimal impact on the company's exports, but may slightly increase petroleum coke prices. In 2024, the company imported approximately 13.4 million tons of petroleum coke, with about 3.87 million tons (30%) sourced from the U.S. [1][5] - The company expects to maintain a strong export growth rate, although specific predictions for growth rates remain uncertain [33] Production Capacity and Strategic Plans - The company plans to achieve a total production capacity of 5 million tons by 2025, with a focus on expanding its anode production capabilities [3][8] - New projects include a 100,000-ton calcined coke project in Hubei and collaborations with partners to develop additional production facilities [1][7] Inventory and Supply Chain Management - Inventory levels increased significantly, reflecting a strategic adjustment in raw material reserves due to rising prices [13][31] - The company experienced a 50% reduction in shipped goods, attributed to changes in settlement cycles and customer structures during the Spring Festival [14] Future Outlook - The company aims to increase prebaked anode sales to 3.5 million tons by 2025 and plans to invest more in R&D and digital transformation [1][7] - The profitability of the company's high-end anode products is expected to improve, with a focus on reducing carbon emissions and enhancing product quality [20][21] Industry Trends - The global aluminum production is projected to rise from over 70 million tons to 99 million tons, with significant investments in overseas projects [19][39] - The company is actively pursuing overseas expansion, particularly in the Middle East and Africa, to capitalize on growing demand [19][40] Challenges and Risks - The company faces challenges related to fluctuating petroleum coke prices and potential impacts from U.S. tariffs on imports [10][43] - The overall industry is experiencing a moderate level of overcapacity, with effective capacity lower than reported figures [27] Technological Advancements - The company is investing in digital transformation and new technologies, including AI and smart production systems, to enhance operational efficiency [37][38] Conclusion - Suotong Development is positioned for growth with a solid financial performance, strategic expansion plans, and a focus on innovation in the aluminum and carbon materials industry. The company is navigating market challenges while capitalizing on emerging opportunities in both domestic and international markets.

Summary of Zhongwang Software Conference Call Company Overview - Zhongwang Software has undergone internal adjustments, reducing its workforce from a peak of 2,100 to approximately 1,800 employees, enhancing operational efficiency through strategic planning and advanced management systems [1][3] Core Business Focus - The company aims to refocus on its core CAD business, aspiring to become a leading CAD vendor globally, optimizing its geometric kernel, and advancing related product lines [1][5] - A significant shift in the business model is underway to improve per capita output and long-term competitiveness [1][5] International Market Strategy - Zhongwang has established a comprehensive framework for international markets, with a distribution model accounting for over 90% of its performance [1][6] - The company is actively promoting international business development through frequent high-level visits to key markets, including the US, Mexico, Europe, and the Middle East [1][6] Product Development and Growth - The 3D product line is projected to grow nearly 30% in 2024, although future growth will depend on product breakthroughs due to diminishing policy support [1][7] - The FM project is a critical initiative for 3D product development, expected to be available to select users by September 2025 and officially launched in the first half of 2026 [1][9] Financial Performance - In Q1 2025, Zhongwang reported single-digit growth with a decline in profits; however, net profit excluding non-recurring items increased [2] - The company has implemented a personnel control strategy to enhance efficiency while achieving business growth, with channel business share rising from 9% in 2023 to 14% in 2024 [1][10] AI and Technology Strategy - Zhongwang maintains a neutral stance on AI, believing current AI-generated value does not meet customer expectations; the focus will be on 3D technology in 2025, with plans to fully invest in AI by 2026 [4][19] - The company is exploring AI applications to enhance internal efficiency before fully integrating AI into its offerings [19] Distribution and Profitability - The growth of the distribution business is expected to enhance gross margins and net profits, with international distribution margins being approximately double those of direct sales in China [4][22] - The company plans to increase its distribution share in the Chinese market to 50% over the next few years [4][15] Product Improvements - The new version of Zhongwang 3D aims for improved stability and enhanced modeling capabilities, supporting up to 8,000 steps in complex designs [23] Market Trends and Challenges - The domestic 2D market remains stable, with no significant decline, while the education sector has faced challenges due to policy changes [31][33] - The company is actively addressing the decline in the education sector and anticipates recovery in the latter half of 2025 [33] Future Outlook - Zhongwang's overseas business currently accounts for nearly 25% of total revenue, with plans to increase this share by investing in markets such as Japan, Southeast Asia, and Europe [35] - The company is focused on long-term growth and improving investor returns despite short-term stock price fluctuations [24][36]

特斯拉第三代机器人即将更新，板块进入新一轮催化上行 期 2025042320250416 摘要 • 特斯拉一季度确认年底工厂将有数千台机器人工作，预计 2026 年达百万 台销量目标，虽低于预期，但今年千台目标符合预期。Peterlabs 发布新 一代人形机器人图像，手臂升级更灵活。 • 小鹏机器人在上海车展亮相，具备行走和灵巧手交互功能，内置大模型控 制，计划 2026 年量产 L3 级机器人，目标对标或超越特斯拉，推动国产链 发展。 • 人形机器人板块经历回调后情绪恢复，关税利空消化，板块进入新一轮上 行期，从主题投资向景气投资发展，年度维度仍是核心主题。 • 特斯拉今年产量预计千台，国内厂商百台级别，个别或达千台；明年特斯 拉预计达万台级别，国内厂商逐步增加产量，未来 3-5 年机器人行业景气 上行。 • 恒立液压是特斯拉电驱系统供应链重要企业，具备美法工厂，计划在墨西 哥建厂，二季度预计与特斯拉合作有新进展，积极推进线性驱动器应用。 Q&A 最近人形机器人板块有哪些重要事件催化？ 从周末开始，天工机器人在马拉松半程比赛中以 2 小时 40 分钟的成绩获得冠 军。然而，市场解读这一事件为利空，因为比赛过 ...