Core Viewpoint - In Q1 2025, the company achieved a net profit of 340 million yuan, representing a year-on-year increase of 11% [2][8]. Financial Performance - In Q1 2025, the company reported revenue of 14.576 billion yuan, a year-on-year increase of 9.78% and a quarter-on-quarter decrease of 1.04%. The net profit attributable to shareholders was 340 million yuan, up 11.08% year-on-year and up 1694.71% quarter-on-quarter [3][8]. - The gross margin for Q1 2025 was 17.90%, up 2.6 percentage points year-on-year and down 0.3 percentage points quarter-on-quarter. The net profit margin was 2.77%, down 0.1 percentage points year-on-year and up 2.3 percentage points quarter-on-quarter [11][8]. Order Status - The company has a robust order backlog, with new full lifecycle orders amounting to approximately 15.7 billion yuan in Q1 2025. The total new project order amount for 2024 reached a record high of approximately 83.9 billion yuan [4][5]. - The new orders in the automotive safety business amounted to approximately 57.4 billion yuan, while the automotive electronics business secured about 26.5 billion yuan. New orders related to new energy vehicles exceeded 46 billion yuan, accounting for over 55% of the total [41][5]. Business Expansion - The automotive electronics business is accelerating its development, with the company successfully obtaining its first mass production order for a regional controller project, which will provide over one million units for a well-known domestic new energy brand [7][51]. - The company is positioning itself as a "Tier 1" supplier in the automotive and robotics sectors, expanding into the embodied intelligent robotics industry chain [77][86]. Technological Innovation - The company is focusing on technological innovation in the automotive electronics sector, particularly in smart cockpit, smart driving, and smart connectivity, to maintain a leading position in key technology areas [47][48]. - The company has developed a new olfactory sensor for humanoid robots, which can accurately detect gas concentrations and is expected to enhance environmental monitoring and medical diagnostics [81][80]. Strategic Partnerships - The company signed a strategic cooperation agreement with Zhiyuan Robotics to collaborate on key technologies related to robotics, enhancing both parties' core competitiveness in the robotics field [84][83].

Monthly Sales Data - In March, the retail sales of passenger cars in China reached 1.94 million units, a year-on-year increase of 14.4% and a month-on-month increase of 40.2% [2] - Cumulative sales from January to March totaled 5.127 million units, reflecting a year-on-year growth of 6.0% [2] - In March, wholesale sales of new energy passenger cars hit 1.128 million units, up 35.5% year-on-year and 35.9% month-on-month [2] - Cumulative wholesale sales for new energy vehicles from January to March reached 2.847 million units, marking a year-on-year increase of 42.8% [2] - For April, retail sales of narrow passenger cars are expected to be 1.75 million units, with new energy vehicles projected at 900,000 units [2] Weekly Data - From April 14 to April 20, the number of new passenger car registrations in China was 387,000, a year-on-year increase of 9.4% and a month-on-month increase of 12.1% [3] - Among these, new energy vehicle registrations totaled 204,300, showing a year-on-year increase of 28.9% and a month-on-month increase of 10.9% [3] - Cumulative registrations for April (from April 7 to April 20) reached 732,200, up 10.3% year-on-year, with new energy vehicles accounting for 388,500 registrations, a year-on-year increase of 27.7% [3] Market Performance - In the week of April 21 to April 25, the CS Auto index rose by 4.98%, with the CS Passenger Vehicle index increasing by 3.77% [3] - The CS Commercial Vehicle index saw a rise of 2.26%, while the CS Auto Parts index increased by 6.72% [3] - The performance of electric vehicles and smart cars also improved, with increases of 3.53% and 3.25% respectively [3] - Year-to-date, the CS Auto index has risen by 6.99%, outperforming the CSI 300 index by 4.6 percentage points [3] Industry News - Xiaopeng Motors announced that its world model will be applied to robotics and flying cars, with a high computing power utilization rate of over 90% [4] - The Zeekr 007GT was officially launched on April 15, priced between 199,900 and 229,900 yuan, focusing on aerodynamic enhancements [4] - The AITO M8 was launched on April 16, featuring advanced Huawei technologies and achieving over 32,000 pre-orders within 24 hours [5] - BYD's new brand, Equation Leopard, launched the Ti3 SUV on April 16, with a starting price of 133,800 yuan [6] - Stellantis and Leap Motor announced a local assembly project in Malaysia, with an initial investment of 5 million euros [7] Government News - The Ministry of Industry and Information Technology held a meeting to discuss the management of intelligent connected vehicle product access and software online upgrades [13] - The Ministry of Public Security reminded drivers to use intelligent driving assistance features cautiously, warning against false advertising [13] - The China Association of Automobile Manufacturers issued a proposal to standardize the marketing and application of driving assistance technologies [13]

| 宇通系列报告回顾 车中旭霞 | | --- | | 公司深度报告： | | 《深度系列四： 宇通客车（600066.SH）： 当前节点核心投资价值分析》-20230512 | | 《深度系列三：宇通客车（600066.SH）：周期与成长共振》-20210811 | | 《深度系列二： 宇通客车（600066.SH）： 复盘与展望： 数字化变革下宇通客车新机遇》-20210105 | | 《深度系列一：宇通客车（600066.SH）：国内行业聚拢，海外战略扩张下的全球大中客龙头》-20170609 | | 公司点评报告： | | 《宇通客车（600066.SH）-海内外共振，净利润和现金流创历史新高》 ——2025-04-02 | | 《宇通客车（600066.SH）-盈利能力稳健，中期分红回报股东》 ——2024-10-29 | | 《宇通客车（600066.SH）-现金流表现优异，海内外共振推动盈利攀升》 ——2024-08-27 | | 《宇通客车（60066.SH）业绩预增点评：出口与内销共振，净利润持续攀升》-20240710 | | 《宇通客车（60066.SH）一季报点评：兼具成长和红利的全球 ...

核心观点 市场表现： 本周（4.21-4.25）我们构建的国信人形机器人指数上涨5.99%，强于沪深300指数5.61pct，强于上证综合指数5.43pct，年初至今上涨12.9%。拓普集团上涨9.29%，三 花智控上涨5.69%，中鼎股份上涨4.4%，银轮股份上涨7.01%，北特科技上涨17.04%，双林股份上涨16.53%，贝斯特上涨3.46%，祥鑫科技上涨10.36%，双环传动上涨7.61%， 斯菱股份上涨21.78%，豪能股份上涨16.01%，精锻科技上涨5.2%，蓝黛科技上涨7%，凌云股份上涨8.52%，旭升集团上涨6.14%，肇民科技上涨41.44%，爱柯迪上涨10.19%， 均胜电子上涨6.35%。征和工业上涨11.94%，美力科技上涨5.31%。 行业动态 ： 1）特斯拉2025年第一季度更新报告发布，展示Optimus人形机器人试生产线，表示到25年底生产数千台，目标29-30年年产百万台；2）特斯拉机器人大规模招聘； 3）小鹏Iron机器人亮相上海车展；4）首届具身智能机器人运动会在无锡开幕；5）智元发布具身智能一站式开发平台Genie Studio、发布并开源仿真评测工具Genie Si ...

| 新泉股份系列 车中旭霞 | | --- | | 公司深度 | | 《深度 新泉股份：打造汽车内饰平台化供应体系》——20221101 | | 财报点评 | | 《 新泉股份系列二十-年报及一季报点评：海外工厂加速投产，座椅布局正式落地》-20250429 | | 《新泉股份系列十九-三季报点评：核心客户销量增长迅速，单三季度归母净利润同比增长48%》—— | | 20241104 | | 《新泉股份系列十八 ： 二季度营收增速超越行业， 产品盈利能力持续提升 》——20240903 | | 《 新泉股份系列十七：一季度营收同比增长40%，第三期员工持股计划稳步推进 》——20240506 | | 《新泉股份系列十六-年报点评：2023年营收同比增长52%，持续拓展海外业务布局》——20240326 | | 《新泉股份系列十五–三季报点评：三季度仪表板总成销量同比增长49%，公司营收增速超越行业》 | | ——20231102 | | 《新泉股份系列十四–中报点评：2023年上半年净利润同比增长124%，前瞻布局碳纤维技术》—— | | 2023-09-01 | | 《新泉股份系列十三：中报净利润预增115 ...

行业深度： 《国信证券车灯行业专题之五：车灯行业技术趋势、市场空间及竞争格局》——20230605 《车灯行业专题之四：LED加速渗透，电动智能驱动车灯技术升级》——20210604 《国信证券车灯行业系列深度之二：车灯行业的竞争格局》——20181023 《国信证券车灯行业深度：车灯的市场空间、技术升级与企业布局》——20180817 公司深度： 《星宇股份（601799.SH）:自主车灯龙头的复盘与展望》——20240301 《星宇股份（601799.SH）：百年小糸复盘，星宇的机遇与挑战》——20191014 《星宇股份（601799.SH）：好行业+好格局+好公司，具备全球车灯龙头潜质》——20171204 《星宇股份（601799）：主业稳健，转型可期》——20150901 跟踪报告： 《国信证券车灯行业跟踪点评之三：从2020款迈腾看ADB车灯渗透率》——20191223 《国信证券车灯行业跟踪点评之二：从长城新款VV6看车灯行业技术革命》——20190802 《国信证券车灯行业跟踪点评：车灯往何处去？"照明、信号、感知"》——20190704 星宇股份系列 车中旭霞 | 《星宇股份（601799 ...

公司深度： 《科博达-603786-深度报告：一体两翼，汽车电子核心标的》-20191021 财报点评： 《 科博达（603786.SH）-年报点及一季报点评- 在手订单充沛，打造域控制器平台型企业 》-20250428 《 科博达（603786.SH）-三季报点评-单三季度归母净利润同比增长31%，打造域控制器平台型企业 》-20241029 《科博达（603786.SH）-中报点评-加快全球化布局，打造域控制器平台型企业》-20240825 《 科博达（603786.SH）-年报及一季报点评-新产品放量，全球化加速，打造域控制器平台型企业 》-20240421 《科博达（603786.SH）-2023年三季报点评-拓客户、拓品类进展顺畅，打造域控制器平台型企业》 -20231029 《科博达（603786.SH）-2023年中报点评-单季度营收创新高，打造域控制器平台型企业》-20230820 《科博达（603786.SH）-一季报归母净利同比增长44%，打造域控制器平台型企业》-20230424 《科博达（603786.SH）-三季报点评：单三季度归母净利润增长290%，域控制器品类顺利拓展 》——20 ...

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豪恩汽电系列 车中旭霞 公司深度 《豪恩汽电（301488.SZ）-聚焦汽车智能驾驶的核心企业 》——20241210 公司点评 《 豪恩汽电（301488.SZ）-单四季度收入同比增长26%，智能驾驶产品量价齐升》——20250421 核心观点 2024Q4豪恩汽电营收4.58亿元，同比增长26% 公司2024年实现营收14.09亿元，同比+17.25%，归母净利润1.01亿元，同比-11.15%。 分业务看 ，公司2024年汽车智 能驾驶感知系统收入14.08亿元，同比+17.39%，毛利率20.90%，同比-1.83pct。 分季度看 ，公司2024Q4实现营收4.58 亿元，同比+25.77%，环比+27.63%，归母净利润0.31亿元，同比-30.53%，环比+33.85%。 整体来看，公司的主要产品 包括集软件、算法、光学设计和硬件于一体的车载摄像系统、车载视频行驶记录系统和超声波雷达系统，受益于下游 市场对智能驾驶感知系统的持续需求，公司2024年收入同比增长17%，超越乘用车行业14.6pct（2024年国内乘用车产 量同比+2.65%）。 2024Q4毛利率环比提升0.9pct，净利率环比提 ...