Financial Performance and Key Indicators - The company achieved revenue and profit growth despite a 25% decline in the industry last year, primarily due to an increase in global market share and contributions from hydraulic cylinders and valves [1] - In Q1 of this year, the excavator segment experienced a decline of 20-30%, but the COR segment showed good growth, leading to a slight overall decrease in performance [1] - The company expects a recovery in Q2, with April showing positive growth and an acceleration in revenue growth anticipated [1][4] Profitability Analysis - The improvement in profitability is attributed to cost reduction efforts, declining raw material prices, and optimization of product structure, resulting in higher profit margins compared to older products [2] New Products and Market Expansion - New products such as electric steel, clothing guide rails, and hydraulic accessories are expected to contribute several hundred million in revenue [3] - The upcoming production of the Mexico factory is anticipated to add to performance, with faster growth expected in various segments starting next year [3] Annual Performance Forecast - The company forecasts at least a 10% increase in annual revenue, with potential for higher growth by the end of Q3, although Q4 remains uncertain due to high base effects from the previous year [4] Industry Trend Analysis - Domestic demand in the excavator industry is showing signs of recovery, while overseas markets, particularly excavator exports, are expected to decline but not significantly [5] Cost and Gross Margin Management - Despite some raw material price increases, the company has managed to mitigate the impact on gross margins through inventory management and favorable supplier pricing [6] Global Layout and Tariff Impact - The company plans to produce in Mexico to reduce the impact of U.S. tariffs, with overseas profit margins expected to recover to levels similar to domestic ones [7] European Market and New Factories - New factories in Germany and France are being planned to enhance capacity and product variety, with the German factory expected to address current facility issues [8] New Product Revenue and Profit Expectations - The linear actuator project has begun production, with expectations of generating tens of millions in revenue this year, although it may still incur losses [9] Q&A Session Summary Question: What is the company's performance in Q1 and outlook for the year? - In Q1, despite a 25% industry decline, the excavator segment remained stable, benefiting from increased global market share, particularly in hydraulic cylinders and valves. The COR segment also showed good growth, leading to stable profitability with a 1% increase in gross margin. The company expects Q2 revenue growth to exceed 10% due to increased production and new product contributions [9] Question: What are the expectations for revenue growth in Q2 and the full year? - The company anticipates Q2 revenue growth to exceed 10%, with April showing positive growth and further acceleration expected. For the full year, revenue growth is also projected to exceed 10%, with potential for higher growth by Q3, although Q4 remains uncertain due to high base effects [10] Question: What is the outlook for domestic and international excavator markets? - The company believes domestic demand for excavators has recovered, with annual growth expected to reach 5-10% or higher. However, overseas excavator exports are expected to decline, but the decrease will be modest [11] Question: How is the non-excavator segment performing? - The non-excavator segments, including aerial work platforms, offshore, maritime, and industrial sectors, are expected to show good growth in the first half of the year, with continued high growth in the second half, particularly in hydraulic cylinders and valves [12] Question: How does raw material price fluctuation affect gross margins? - The company primarily uses steel, and while prices are currently declining, it does not typically hedge against price increases. Instead, it maintains a three-quarter inventory and benefits from favorable supplier pricing, minimizing the impact of raw material fluctuations [13] Question: What is the company's strategy regarding U.S. tariffs on construction machinery? - The company plans to start production in Mexico next year to mitigate the impact of the 25% U.S. tariff on construction machinery, expecting overseas profit margins to align more closely with domestic levels [14] Question: What is the status of the Mexico factory and future plans? - The Mexico factory is nearing completion and is expected to start production within two months. The company is also considering building factories in Germany and France, as well as potential investments in the U.S. [15] Question: What are the revenue and net margin expectations for the Mexico factory? - The Mexico factory is expected to generate revenue of 100-200 million this year, with net margins likely lower than domestic levels. By next year, revenue could reach 700-800 million, with net margins improving to 10-20% [16] Question: What is the progress and revenue expectation for the linear actuator project? - The linear actuator project began production last year, with samples sent to customers and batch shipments expected to start in Q3. While the project may incur losses this year, profitability is anticipated next year, targeting several hundred million in revenue [17] Question: What is the company's approach to product pricing? - The company's pricing strategy is primarily based on foreign competitors' pricing, as most similar products in the market are produced by foreign companies [29] Question: What is the expected capital expenditure and production capacity for the new European factories? - The capital expenditure for the new factories in Germany and France is estimated to be between 100-200 million RMB, with production capacity expected to be in the range of 100-200 million [25]

发言人 00:04 明白，好，对了，我们其实在主页的这块就是有一个细的拆分，是要节约化区间。这块其实就是我们绑定 的比较深度的客户。现在的话这块的一个客单价和客户用户的一个画像大概是一个什么样子？就基本上都 是三级医院是吧？对这一块结构化曲解主要还是以三甲医院三级医院为主。当然我们有一些县级医院，我 们在区域检验中心这一块也在帮他们去赋能，去做大做强。 就大概每年新增个 50 来家这么一个客户的。然后我们现在这个客户单家的这个收入体量大概在 1000 万左 右，这么一个收入规模，就平均的一个数值。明白，了解。 发言人 04:17 所以现在这一块业务还是比较顺的，再往前去推的。明白，对，我这块追问一下，我们跟那个体检，就是 跟每年这块的一个合作，现在大概的一个一个进展，以及说后续落地的这个速度，包括节奏这块情况，再 帮我大概去梳理一下。我们内测版的应该在 4 月 15 号，就在每年的部分体检机构先上线试用了，大概会试 用个 1 到 2 个月。这应该在下个月，下个月就会陆续的正式的在每年的一些体检机构开始正式上线。到时 候他们也会像体检的客户去推出 AI 的这一块的一个检入检体检报告的一个服务。了解其实主要还是看 ...

证券研究报告·行业跟踪周报·环保 环保行业跟踪周报 南昌发布燃气顺价办法洪城环境有望受益， 2024年 05月 20日 继续推水务燃气固废现金流资产 证券分析师 袁理 增持（维持） 执业证书：S0600511080001 021-60199782 [ Table_Tag] yuanl@dwzq.com.cn [投Ta资ble要_点Su mmary] 证券分析师 陈孜文  重点推荐：光大环境，兴蓉环境，洪城环境，美埃科技，九丰能源，龙净环 执业证书：S0600523070006 保，高能环境，景津装备，仕净科技，金宏气体，蓝天燃气，新奥股份，瀚 chenzw@dwzq.com.cn 蓝环境，宇通重工，赛恩斯，路德环境，盛剑环境，凯美特气，华特气体， 国林科技，金科环境，三联虹普，天壕能源，英科再生。  建议关注：军信股份，永兴股份，三峰环境，旺能环境，新天然气，昆仑能 行业走势 源，重庆水务，鹏鹞环保，再升科技，卓越新能。 环保 沪深300  南昌市发布天然气顺价实施办法，洪城环境燃气板块盈利稳定性有望增强。 2024/5/15，南昌市发布《管道天然气上下游价格联动机制的实施办法(征求 -1% -4% 意 ...

证券研究报告 汽车周观点： 5月第二周交强险同比+20.6%，看好汽车板块！ 证券分析师 ：黄细里 执业证书编号：S0600520010001 联系邮箱：huangxl@dwzq.com.cn 2024年5月20日 ...

Financial Data and Key Metrics Changes - The company expects net profits for 2024, 2025, and 2026 to be 1.2 billion, 1.8 billion, and 2.2 billion respectively, with corresponding P/E ratios decreasing from 32 times to 21 times and then to 17 times [7][9] Business Line Data and Key Metrics Changes - The company's compatible consumables market size has increased from over 3 billion to nearly 6 billion, maintaining a market share of around 20% [5][6] - Sales of the integrated circuit business are projected to approach 2 billion by 2024, up from 1.259 billion in 2015 and 1.36 billion in 2019 [6][7] Market Data and Key Metrics Changes - The global laser printer market is experiencing a compound annual growth rate (CAGR) of 0.3%, while the inkjet printer market shows a range of -0.5% to 0.5%, with an overall printer CAGR of 0.19% [6][7] - The Chinese printer market is steadily increasing, with laser printers accounting for over half of the market share [6][7] Company Strategy and Development Direction - The company aims to develop its chip business as a second growth curve, focusing on compatible consumables chips, printer chips, and non-printer MCU business [7] - The company is actively pursuing product innovation, including the launch of an AI printer expected in June [7][8] Management Comments on Operating Environment and Future Outlook - The management highlighted recent changes in the new industry, including proactive fiscal policies and the issuance of long-term special government bonds, which are expected to positively impact the industry [5][6] - The management noted that the current year is a weak period for the industry, but changes in policies and demand signal opportunities for structural optimization and new development [5][6] Other Important Information - The company has secured orders from major clients such as the State Grid and financial institutions, indicating strong competitiveness in the domestic market [7][8] Q&A Session Summary Question: What is the company's main business and market position? - The company covers integrated chips, printer consumables, and complete printers, ranking fourth globally in laser printer shipments and holding a 70% market share in the domestic financial consumables market [3][4] Question: What recent changes in the new industry have impacted the company? - Recent fiscal policies and the issuance of special government bonds are expected to stabilize the funding chain for the industry, providing a favorable environment for companies like Nasda [5] Question: How has the company performed in the printer industry? - The company has seen growth in the compatible consumables market, with a significant increase in market share and revenue despite a slow global printer market [6][7] Question: What are the company's plans for chip business development? - The company aims to enhance its chip business, with significant growth expected in the sales of compatible consumables chips and the development of MCU products [7]

自研准1000V电气架构+ASILD高安全BMS 电气件耐压3800VDC+高低压分离BJB 4核心32bit+双锁步核+300MHZASILD处理器 最高功能安全ASILD+AutoSarCP4.4.0软件平台 1 2 5C超级快充热管理解决方案 多面强效冷却，适配NCM 单电芯换热面积提升200%可达77mm2/Wh 底部高效冷却，适配LFP 体积利用率提升3% 铁锂为了从成本和体积程度效率的角度，我们采用底部高效能去 适配磷酸铁锂电池 so for lithium iron phosphate,interms of cost andvolume efficiency 3 1.3*2.0m超大无模组设计 零部件数量减少30% 体积成组率可达75% 系统Z向超薄设计 轿跑车型110mm及以下 sUV车型130mm及以下 BMS+FDC直连 线束减少80%，系统成组率提升2% 提升整包EMC性能 4 多级安全防护电芯间“0”热扩散 陶瓷复材绝缘 高压防拉弧 纳米隔热 电芯间NP 陶瓷复材 冷板隔热 纳米隔热 纳米隔热 高效疏导 陶瓷复材 5 大倍率/长寿命/高安全 LFP-FV NCM-FV LFP-yFV ...

Q: 我是来自湖南长沙的，我有两个问题想请教一下，第一个是关于研发的事情，我感受到公 司二三年的年报当中多次提及的研发的事项比以往提的更加细致更明确，也提到了要强化 研发的创新，驶入科技的快车道。我具体请教的问题是当下的体外培植的牛黄获得了一定 的实际的进展。我想请教片仔癀的锭剂公司是否在考虑天然麝香跟体外移植版本的片仔癀 以及天然麝香跟体内培植的版本的片仔癀这两款产品，如果考虑的话什么时间会上市，这 是第一个问题。第二个问题是关于名医馆的布局，23年报当中提出来，目前已经名医馆布 置了400多家，我想请教未展望未来3~5年，有什么有没有大的增加数量布局的计划？ 同时我发现部分城市还是以老的体验馆的形式在存在，他们的更新的频次是不是在二三年 还没有完毕。 A: 感谢这位投资者的信任和关注。关于您的这两个问题，第一个研发问题，等一下我们请我 们的副总经理进行回答。关于名医馆的建设问题，等一下请我们的总经理王敬明先生进行 解答。 谢谢股东的提问。谢谢对我们科研板块的一个关注。刚才您提到的里面牛黄的这一块的研 究，因为其实我们公司一直以来这种都是坚持天然的重要的，但是作为我们科研的话，对 公司的未来的一些储备。科研 ...

九州通 年度暨 年第一季度业绩暨现金分红 23 24 原文 240517_ 2024年05月20日11:06 发言人1 00:00 尊敬的各位股东，各位投资人，大家上午好。 发言人1 00:04 非常欢迎大家参加九州通2023年度及2024年第一季度业绩与现金分红说明会。 发言人1 00:12 本次会议采用网络形式与大家进行互动交流。 发言人1 00:17 我是主持这人董事会秘书刘志峰。 发言人1 00:21 现场出席本次会议的公司领导有，董事长刘长云先生、总经理贺威先生。 发言人1 00:31 财务总监夏小逸先生，投资者关系副总经理，全名女士。 ...

中国软件 年度业绩交流 原文 23 240517_ 2024年05月20日11:07 发言人1 00:00 尊敬的各位投资者和广大支持中国软件的朋友们，大家上午好。 发言人1 00:05 欢迎大家参加中国软件2023年度业绩说明会。 发言人1 00:09 本次会议采用视频直播和网络互动的形式，和大家进行互动交流。 发言人1 00:15 我是主持人公司董事会秘书赵冬妹。 发言人1 00:18 首先非常感谢上海证券交易所上证路演中心为公司搭建这样一个与投资者交流的平台，增加公 司向资本市场展示机会，增进投资者对公司的了解，及时传递公司的投资价值。 发言人1 00:34 接下来请允许我介绍出席本次会议的公司董事和高管公司董事长陈志华先生。 ...

五、资本运作及战略规划 公司战略上提出内生式和外延式增长，资本运作地位提升。 哈动装并表反映了外延式增长，去年收购 51%股权，未来可能提升股权比例。 佳电股份作为电集团 A 股上市平台，未来可能会有更多优质资产合并上市。 佳电股份跟踪更新 0519 哈动装核电订单排产饱满，预计今年净利润可能达到 2 亿。 2025 年业绩预期达到 7 亿，如果哈动装持股比例提升，净利润将更多。 哈动装一季度净利润达 5000 万，去年同期为 2200 万，业绩翻倍增长。 明年保底交付 6 套主开风机，预计收入 3.6 亿和净利润 6000 万。 2026 年业绩预期持续高增。 核电产业链国产化进程中，中国核电装机规划至 2060 年为 4 亿千瓦，当前 5000 万千瓦，增长 8 倍。 风电光伏目前加在一起是 10 亿千瓦，到 60 年的规划大概是 50 亿千瓦，所以它是 5 倍。核电增长率比风电 光伏更高 海外市场如巴基斯坦华龙一号建设推进，展现中国制造全方位优势。 美国核电运营商股价强势，全球能源解决方案趋同。 子公司电动装主泵订单量大，至 2028 年交付周期饱满。 公司已有 18 台高温气冷堆订单，石岛湾电站由公司 ...