Financial Data and Key Metrics Changes - The company expects Q2 shipments to improve month by month, with projections of 300,000 micro-inverters, 120,000 storage units, and 220,000 string inverters [3][4] - Q2 gross margin remains stable and better than expected due to scale effects and ongoing cost reduction measures [3][4] Business Line Data and Key Metrics Changes - The company has launched several new products, including an 80kW high-pressure energy storage system expected to be mass-produced in Q3 2024, and the industry's first 20kW low-voltage three-phase storage inverter [5][6] - The company has also introduced a new generation of balcony photovoltaic micro-inverters and a 100kW PCS for commercial use, both expected to be mass-produced in Q3 2024 [5][6] Market Data and Key Metrics Changes - The company holds significant market shares in various regions: Southeast Asia (60%+), South Africa (60-70%), North Africa (40-50%), Brazil (15%), and Pakistan (60%+) [2][5] - Monthly production rates for household storage units are 50,000, micro-inverters at 120,000, and string inverters at 70,000 to 80,000 [2][3] Company Strategy and Development Direction - The company is focusing on emerging markets in Asia, Africa, and Latin America, viewing them as blue ocean markets with significant growth potential [5][6] - The strategy includes launching competitive products and enhancing market share in regions with high demand, such as Southeast Asia and South Africa [5][6] Management Comments on Operating Environment and Future Outlook - Management anticipates improved storage demand in the second half of the year due to factors like interest rate cuts in Europe and power shortages in the U.S. [4][5] - The company is optimistic about new product contributions and ongoing demand in emerging markets like India and Pakistan [4][5] Other Important Information - The company has completed the first generation of air-cooled commercial storage products, which are now being shipped in small batches domestically [7] - A new liquid cooling system platform is in the final stages of development, expected to launch in Q3/Q4 2024 [7] Q&A Session Summary Question: What is the gross margin and planning for the domestic commercial storage market? - The domestic market is not a focus for the company; the aim is to test product reliability through local projects [8] Question: Is the liquid cooling system planned for in-house production? - Yes, the company plans to self-manufacture most components of the liquid cooling system, aiming to improve product performance and reduce costs [8] Question: What are the current micro-inverter and micro-storage products available? - The main markets for micro-inverters are Brazil, Germany, and France, with specific monthly production targets [9] Question: What is the outlook for the Southeast Asian household storage market? - The company expects significant growth in Southeast Asia, particularly in countries like Pakistan, Myanmar, and Vietnam, driven by high demand and unstable electricity supply [11][15] Question: What is the expected production for Q2? - The company projects production of approximately 50,000 storage units, 120,000 micro-inverters, and 70,000 to 80,000 string inverters [3][4] Question: How does the company view competition in the low-voltage sector in Europe? - The company does not currently feel significant competition in the low-voltage sector, as it continues to innovate and improve product reliability [14][15] Question: What is the expected gross margin for Q2? - The gross margin is expected to remain stable, primarily due to increased production scale and ongoing cost reduction efforts [15][18] Question: What is the company's strategy for the U.S. market? - The company is focusing on high-end products in the U.S. market and has established a local subsidiary to enhance its presence [12][15]

Financial Data and Key Metrics - Q2 shipments are expected to improve month by month, with microinverters at 300k units, energy storage at 120k units, and string inverters at 220-230k units [4] - Q2 gross margin remains stable, better than expected, due to scale effects and cost reduction measures [4][6] - H1 battery shipments doubled year-over-year [15] Business Line Data and Key Metrics - High-voltage energy storage upgraded to 80kW, expected to mass produce in Q3 2024 [2][6] - Low-voltage three-phase energy storage inverter upgraded to 20kW, the first of its kind in the industry [2][6] - New balcony PV microinverter launched, expected to increase market share in the balcony PV sector [2][6] - Commercial and industrial 100kW PCS expected to mass produce in Q3 2024 [2][6] - First-generation air-cooled commercial and industrial energy storage products have started small-scale shipments domestically [2][8] Market Data and Key Metrics - Residential energy storage market share: Southeast Asia 60%+, South Africa 60-70%, North Africa 40-50%, Brazil 15%, Pakistan 60%+ [3] - Monthly production in June: residential energy storage 50k units, microinverters 120k units, string inverters 70-80k units [3] - Residential energy storage: Pakistan, Southeast Asia, Europe, and Middle East each at 10k+ units/month, showing diversified demand compared to last year's reliance on South Africa [3] - Microinverters: Brazil 30k units/month, Germany 60-70k units/month, France 10-20k units/month [3] - String inverters: Brazil and India account for 70%, Southeast Asia and Europe account for 30% [3] Company Strategy and Industry Competition - The company is optimistic about the Blue Ocean markets in Asia, Africa, and Latin America, where energy transformation is just starting, and penetration rates are low [6] - New products launched at the PV exhibition include high-voltage energy storage, low-voltage three-phase energy storage inverters, balcony PV microinverters, and commercial and industrial PCS, all of which are highly competitive and unique in the market [6] - The company is preparing for the next generation of liquid cooling systems, which are expected to be launched in Q3/Q4 2024, leading the industry by half a generation [8] Management Commentary on Operating Environment and Future Outlook - The company expects improved energy storage demand in H2 due to European interest rate cuts, inventory depletion, South Africa's renewed power restrictions, and worsening power shortages in the US [5][6] - Emerging markets like India, Pakistan, and Southeast Asia (Myanmar, Vietnam, Philippines) are expected to contribute sustained growth [5] - The company has a significant first-mover advantage in Asia, Africa, and Latin America, with leading market shares [6] Other Important Information - The company has launched a new generation of liquid cooling system platforms, including liquid-cooled inverters and batteries, with high self-sufficiency rates in core components [8] - The company is also researching next-generation fully submerged liquid cooling technology, expected to be launched by the end of the year [8] - The company has started small-scale shipments of its first-generation air-cooled commercial and industrial energy storage products in China, with plans to launch European-standard outdoor air-cooled products in Q3 2024 [8] Q&A Summary Q: What is the gross margin and plan for the domestic commercial and industrial energy storage market? - The domestic market is not the company's focus, but it uses domestic projects to test product reliability and gain experience for overseas markets [9] Q: Is the liquid cooling system self-developed? What are the advantages compared to competitors? - The liquid cooling system can provide pure AC coupling, suitable for both off-grid and grid-connected scenarios [9] - The company can produce most components except for battery cells, including EMS, sheet metal, injection molding, and inverters [9] - The company is benchmarking against the top three domestic liquid cooling systems and aims to improve product performance and reduce costs through cross-department integration [9] Q: What are the current microinverter and micro energy storage products? What is the market share in Europe? - Microinverters are mainly sold in Brazil, Germany, and France [9] - The company has just launched balcony energy storage products, with small orders in trial production, expected to see sales in Q3 2024 [11] Q: What are the commonalities in the explosive growth of markets like Southeast Asia and South Africa, and why does the company have a near-monopoly in these markets? - South Africa: High market share, but demand for residential energy storage has dropped significantly after power outages eased [12] - Southeast Asia: Rigid demand, with the company having a 5-6 year presence in the market [12] - Pakistan: Exclusive distributor partnership, with a market share of around 60% [12] Q: What is the latest shipment target for commercial and industrial inverters, and what is the proportion of using the company's own batteries? - Commercial and industrial energy storage has a high battery-to-inverter ratio, with 80-90% of high-voltage systems using the company's own batteries [12] Q: What is the progress in the US market? - The company has started small-scale trial production of microinverters in the US, with a target of 50-100k units/month next year [13] - The company has established a local subsidiary in Los Angeles and completed all preparations for the US market in H1 2024 [13] Q: What is the power range of residential energy storage products in Southeast Asia, and how do they differ across markets? - Southeast Asia: 3-20kW, mainly low-voltage, with high cost requirements [14] - Single-phase units go up to 12kW, with 16kW units more common in Thailand and the Philippines [14] Q: Is the demand in Europe still increasing, and what is the impact of competitors in the low-voltage segment? - Europe: 10k units/month, with low-voltage three-phase units mainly in Germany [15] - The company has not yet felt significant competition in the low-voltage segment and is actively iterating products to maintain advantages [15] Q: What is the Q2 outlook and the trend for H2? - Q2 shipments are expected to increase month by month, with energy storage at 50k units/month, microinverters at 120k units/month, and string inverters at 70-80k units/month [15] - H2 is expected to see quarter-by-quarter growth, with orders for July showing improvement compared to June [15] Q: What is the impact of rising freight costs and supply shortages? - Most shipments are FOB, with customers bearing the freight costs [15] - Freight costs account for only 1% of total costs, and demand is recovering, with customers less concerned about freight costs [15] Q: What is the company's market share in emerging markets, and is it sustainable? - Southeast Asia: 60%+ in the Philippines, Myanmar, and Vietnam [16] - North Africa: 40-50% in Nigeria and Lebanon, up to 60-70% in some areas [16] - Brazil: 15% [16] - Pakistan: 60%+, with 10-15k units/month [16] - The company expects sustained demand in markets like India, Pakistan, Myanmar, Vietnam, and the Philippines due to population growth, economic development, and falling component prices [16] Q: What caused the better-than-expected Q2 gross margin? - The stable gross margin is due to rapid scale-up and ongoing cost reduction measures [16] Q: Is the US energy storage market mainly OEM? - The US market primarily uses the company's own brand, but OEM is not ruled out in the future [16] - The company has signed an exclusive distribution agreement with Portable Solar (Sol-Ark) for inverters [16] Q: Is the target of 50-100k microinverters/month in the US next year still in partnership with Sol-Ark? - Yes, the microinverter business in the US will continue to partner with Sol-Ark [16] Q: Who receives the subsidies in the US? - Subsidies are given to customers, while the company sells products at normal prices [16] Q: Which countries are driving the higher-than-expected residential energy storage production of 50k units/month? - Pakistan: 10k units/month [16] - Southeast Asia (Myanmar, Philippines, Vietnam): 10k+ units/month [16] - Europe: 10k+ units/month [16] - Middle East: 10k+ units/month [16] Q: What is the status of European terminal demand and inventory? - European inventory is relatively low, typically 1-2 months [16] - The company has established local warehouses in Europe but they are not yet operational [16] Q: How long would it take for competitors to enter emerging markets? - The company entered the energy storage market 5-8 years later than some competitors but has established a strong position through product differentiation and customer loyalty [17] Q: What is the breakdown of string inverter production by country? - Brazil and India account for 70%, while Southeast Asia and Europe account for 30% [18] Q: What is the status of the private placement? - The private placement was priced last week, with no major capital expenditures planned, and the dividend payout ratio increased from 35% to 50% [18] Q: What is the profitability of energy storage products in different markets? - Overall energy storage gross margin is around 50% [18] - US and Europe have higher gross margins, followed by South Africa, Southeast Asia, India, and Pakistan, all above 40% [18] Q: Has the company considered policy risks in the US? - The US market accounts for a small portion of the company's business, and there are no significant policy risks for inverters [18] Q: What is the performance guidance? - The company maintains its full-year target without upward revision [18] Q: What is the profitability of battery packs? - Battery packs have a high gross margin of over 40% [18] - Q2 shipments increased quarter-over-quarter, with manufacturing efficiency being a key advantage [18] Q: What is the expense ratio? - The expense ratio is relatively balanced across business lines, at around 10% [19] Q: Are competitors undercutting prices for energy storage battery packs? - The company's energy storage battery packs are priced lower than those of leading competitors like Huawei and Sungrow [19] Q: What is the status of the home appliance business? - The home appliance business exceeded expectations, with a target of 200 million yuan in profit for the year [20] Q: What is the safety of residential energy storage products? - Low-voltage systems with fewer batteries and LFP chemistry are considered safe [20] Q: What is the direction of future product iterations? - The fifth-generation products are in preparation, with a 30% cost reduction compared to the third generation [20] Q: Is there a trend of residential energy storage replacing string inverters in Belt and Road countries? - In India, string inverters dominate unless there are power outages or subsidy cuts [20] - In Pakistan and Brazil, residential energy storage is gradually replacing grid-connected systems due to unstable grids [20] Q: Are all Southeast Asian countries covered, and is residential energy storage only for those with large rooftops? - The company has coverage in most Southeast Asian countries, and residential energy storage is not limited to those with large rooftops [20] Q: Do rigid demand markets consider IRR? - Rigid demand markets do not consider IRR, but in markets like Brazil, residential energy storage is growing, accounting for 5% of grid-connected shipments [20] Q: What is the price of a 10kW system? - The company sells a 10kW system with 10kWh of storage and an inverter to agents for $3,000, with agents adding 10-15% for installers [21] - In Brazil, installation costs are lower, while in Europe, installation costs account for 60-70% of the total price [21] Q: Which countries have significant subsidies? - Only India offers significant subsidies, covering 60-70% of the system cost, with the highest subsidies for systems under 3kW [21] - Pakistan has no subsidies [21] Q: Is India replacing diesel generators first? - That is the case in South Africa, not India [21]

中炬高新深度汇报240613长江原文 2024年06月13日08:56 发言人100:00 仅仅服务于长江证券研究所白名单客户。未经长江证券事先书面许可，任何机构或个人不得以任何形式 对外公布、复制、刊载、转载、转发、引用本次会议相关内容，否则，由此造成的一切后果及法律责任 由该机构或个人承担。长江证券保留追究其法律责任的权利。 发言人200:25 各位投资者大家上午好。欢迎参加长信视频。然后团队组织的张思文想第五期中职高新深度汇报。这是 我们近期新撰写的政治高新的深度报，也欢迎各位投资者的聆听。当前点，我们撰写这样一篇中据 个深度报告，也是也有公司在去年以来，从这里再到这个管理层，以及到今年我们从业务层面看到公司 正在发生一些深远的变化。所以觉得可以跟进一下公司的那个基，从而去增强对当前时点公司价值的一 个判断和股票的推荐。 发言人201:10 要卷注公众号/知识星球：股市调研 发言人202:03 从过去来看，公司的主业是酱油的销售，一直酱油的销售量是稳步在提升的。近几年因为这个行业的一 些因素，也因为一些内部管理的动荡，所以这个价格层面是有一些波动。从这个经营的布局来看，我们 发现就是专剧绝大部分的业务开 ...

公告全知道 【公告全知道】PCB+苹果+无人驾驶+飞行汽车+商业航天 +人形机器人! 公司为客户提供高速高密PCB研发设计 2024.06.12 22:00 星期三 【重点公告解读】 一博科技：珠海邑升顺新建的PCB产线预计在下半年投产 一博科技接受机构调研，2024年的业绩增长点有：1、珠海募投项目整体产能的释放以及汽车电子、服务器及算力专用产线投产 带动的订单增量；2、控股子公司珠海邑升顺新建的PCB产线预计在下半年投产；3、投资新建的天津PCBA产线也将于三季度投 产; 4、资深PCB设计工程师数量及效率的提升,业界领先的珠海、深圳的高速实验室的完善,不仅带动设计订单的增长，也能 有效拉升PCBA生产订单的增长; 5、随着人工智能带动的服务器、算力卡以及新能源汽车客户需求增长带来的订单增量，公司 已为此类订单的增长做好充足技术及产能的储备。 点评：一博科技深耕PCB设计业务二十余年，专注于为客户提供高速PCB研发设计、元器件选型、PCBA制造等一站式硬件创新 服务。近年来每年服务的客户超过3,000家，业务覆盖工业控制、网络通信、医疗电子、集成电路、人工智能、智慧交通、航空 航天等多个行业领域。公司从事 ...

【风口研报。公司】谐波减速器核心零部件"柔轮"基本依 1、翔楼新材 (301160) : ①谐波减速器的三大核心零部件包括柔轮、刚轮和波发生器,其寿命与这三大零部件息息相关，其 材料成本占比总成本比重为30%-40%，国内谐波减速器厂家柔轮材料基本依赖进口：②华鑫证券林子健看好公司以汽车零部件 为基础，结合自身优势切入人形机器人精冲材料新领域，当前谐波减速器柔轮材料及轴承材料等多个项目在研；③公司预计202 4年年底完成安徽工厂建设，2025年投产，投产当年有望释放产能4万吨，未来产能爬坡后有望达到15万吨，预计一半为高价高 毛利的轴承产品；④林子健预计2024-2026年公司归母净利润为2.22/2.75/3.40亿元，同比增长10.5%/23.9%/23.8%，对应PE分 别为14/12/9倍; ⑤风险提示: 原材料价格波动、项目建设进度不及预期等。 谐波减速器的三大核心零部件包括柔轮、刚轮和波发生器,其寿命与这三大零部件息息相关。根据绿的谐波年报数据，谐波减速 器的材料成本占比总成本比重为30%-40%。目前国内谐波减速器厂家柔轮材料基本依赖进口。 | --- | --- | --- | --- | - ...

Financial Data and Key Metrics - No specific financial data or key metrics changes are mentioned in the provided content Business Line Data and Key Metrics - The company has a daily production capacity of 160,000 units, with an annualized capacity of approximately 50 million units [2] - The HOME series products have delivered over 20 million units to date [8] - The company holds 25 patented technologies, mastering core technologies for large cylindrical batteries [12] Market Data and Key Metrics - The HOME series products are widely used in various applications including two-wheelers, outdoor power supplies, home energy storage, HEV hybrids, and 12V/48V start-stop power supplies [16] Company Strategy and Development Direction - The company has developed the HOME-II series, which represents a culmination of 5 years of large cylindrical battery technology development [8] - The company has made significant advancements in battery technology, including solving low-temperature issues in 2020, optimizing electron transmission in 2021, improving leakage issues in 2022, solving expansion issues in 2023, and passing extreme thermal runaway tests in 2024 [4][8][16] - The company has established a manufacturing center in Zhumadian, Henan, covering 500 acres [4] Management Commentary on Operating Environment and Future Prospects - The HOME-II series features a globally exclusive dual-explosion-proof structure, capable of withstanding 8 times acceleration for 24 hours of repeated impact extreme testing, ensuring user durability for over 10 years [8] - The battery has a cycle life of over 5,000 cycles, allowing for high-frequency use for 10 years [8] - The company has achieved significant technological breakthroughs, including the LTSC low-temperature superconducting technology platform, which reduces internal resistance by 10% and improves low-temperature performance [10] Other Important Information - The company has a Class 5 high-cleanliness workshop and a fully automated manufacturing system, enhancing production consistency and efficiency [11] - The HOME series products feature fast charging capabilities, with 30 minutes charging to 80% SOC, strong power output, and compact size [4] - The products are designed for wide temperature range applications, from -40°C to 65°C, utilizing LTSC low-temperature superconducting technology [4] Summary of Q&A Session - No Q&A session content is provided in the documents

Financial Data and Key Metrics Changes - The company has made significant advancements in semiconductor technology, particularly in photonics, which is expected to enhance energy efficiency and computational capabilities [19][40][145] - The transition from electrical to optical interconnects is anticipated to address bandwidth limitations and improve performance in AI computing systems [145][149] Business Line Data and Key Metrics Changes - The focus on silicon photonics and co-packaged optics (CPO) is seen as a critical enabler for the semiconductor industry, with expectations of substantial improvements in energy efficiency and bandwidth [40][119][145] - Companies like Celestial AI and Lightmatter are emerging players in the optical interconnect space, indicating a shift towards high-bandwidth, low-power solutions [127][131] Market Data and Key Metrics Changes - The demand for AI computing power is driving the need for advanced interconnect technologies, with significant investments being made in silicon photonics [40][119][145] - The optical I/O market is projected to grow rapidly, with companies like Ayar Labs leading innovations that promise higher bandwidth and lower energy consumption compared to traditional electrical I/O [126][149] Company Strategy and Development Direction - The company is positioning itself at the forefront of the silicon photonics revolution, emphasizing the importance of optical interconnects for future semiconductor designs [40][119][145] - There is a clear strategic shift towards integrating optical technologies with existing semiconductor processes to enhance performance and efficiency [40][119][145] Management's Comments on Operating Environment and Future Outlook - Management has indicated that the industry is on the brink of a new paradigm shift with the adoption of silicon photonics, which could redefine energy efficiency and computational capabilities in AI applications [40][119][145] - The transition to optical interconnects is viewed as essential for overcoming current limitations in data transfer speeds and energy consumption in high-performance computing [145][149] Other Important Information - The company is actively collaborating with industry leaders like NVIDIA and TSMC to develop and implement optical interconnect solutions [40][119][145] - The advancements in optical technologies are expected to significantly impact the design and architecture of future AI and HPC systems [145][149] Q&A Session Summary Question: What is the future of silicon photonics in the semiconductor industry? - Management emphasized that silicon photonics is seen as the future of the semiconductor industry, with significant potential to enhance energy efficiency and computational power [40][119][145] Question: How are companies adapting to the increasing demand for AI computing power? - Companies are investing heavily in optical interconnect technologies to meet the growing demands of AI applications, with a focus on improving bandwidth and reducing energy consumption [40][119][145] Question: What role do emerging companies play in the optical interconnect market? - Emerging companies like Celestial AI and Lightmatter are crucial in driving innovation in optical interconnects, indicating a shift towards more efficient data transfer solutions [127][131]

投资评级 计算机行业 推荐 维持 生成式 加速创新，国内厂商聚力突破 AI ——生成式人工智能行业专题研究：国内大模型篇 证券研究报告 2024年5月30日 ...

坐看云起时 ——2024年下半年宏观经济与政策展望 西南证券研究发展中心 宏观研究团队 2024年5月 概 述  经济进入二阶加速恢复期：总量预期与结构亮点。受疫情影响的本轮经济周期，各国基本都经过4个季度左右 逐步回归常态化，我国全年经济增速有望突破5%的有利因素在不断累积。下半年经济增长的结构性亮点或为 ：制造业投资、基建投资、消费和出口。目前，中美均处于补库周期，上游和下游制造业增速恢复较快；基 建投资在专项债和超长期特别国债的拉动下，全年增速有望升至8.5%左右。消费者信心和收入持续加快恢复 ，预计全年有望实现7%以上的增长，下半年出口有望持续回升，全年增速或可达3%左右。而房地产目前库 存仍处高位，短期内价格或难有明显回升。 ...

证券研究报告 适航审定：放管结合以放为主，规章引领 规范前行 ——低空经济系列深度报告之六 行业评级：看好 2024年5月29日 分析师 邱世梁 分析师 王华君 分析师 刘村阳 研究助理 陈晨 邮箱 qiushiliang@stocke.com.cn 邮箱 wanghuajun@stocke.com.cn 邮箱 liucunyang@stocke.com.cn 邮箱 chenchen05@stocke.com.cn 电话 18516256639 电话 18610723118 电话 18262627599 证书编号 S1230520050001 证书编号 S1230520080005 证书编号 S1230522100001 适航审定：放管结合以放为主，规章引领规范前行 1、适航审定——民用航空安全基石，我国适航体系标准化持续推进、规则不断完善 1）民用航空器只有经民航局适航审定合格才能进入民用航空市场。民用航空最重要的是安全，适航审定是国家法定要求，更是民众航空出行的安全保证。 2）我国适航体系由法律-法规-规章-规范四级构成。法律：由全国人大或全国人大常委会制定，主要为《中华人民共和国民用航空法》。法规：由国 ...