Investment Rating - The investment rating for the company is "Buy" (maintained) [2] Core Views - The company's performance in 2024 is driven by steady growth in the production and sales of new energy vehicles, along with the ramp-up of new products, resulting in a year-on-year increase of 23% in net profit excluding non-recurring items [2] - The company achieved total revenue of 826.36 million yuan in 2024, representing a year-on-year growth of 26.5%, and a net profit attributable to the parent company of 137.85 million yuan, up 21.24% year-on-year [2] - The decline in profit margins is attributed to changes in product sales structure and increased costs from machinery purchases and wage adjustments [2] Revenue Breakdown - Revenue from the sensor segment increased by 14.30% to 295 million yuan, accounting for 35.65% of total revenue, with a gross margin decrease of 1.89 percentage points to 49.64% [3] - Revenue from the controller segment grew by 11.25% to 199 million yuan, representing 24.04% of total revenue, with a gross margin decrease of 0.37 percentage points to 18.22% [3] - The actuator segment saw a significant revenue increase of 55.40% to 327 million yuan, now accounting for 39.60% of total revenue, with a gross margin increase of 2.30 percentage points to 25.61% [3] Business Strengths - The company has a strong research and development capability, focusing on platform-based products that meet vehicle needs, and holds a leading position in manufacturing processes for sensor products [4] - The customer base includes major automotive manufacturers such as Volkswagen, BYD, SAIC, and Geely, as well as new energy vehicle companies like NIO, Li Auto, and Xpeng [4] - The company benefits from the trends of vehicle electrification, intelligence, and connectivity, which increase the demand for semiconductors, sensors, and automotive electronic systems [4] - Capacity expansion projects are underway, expected to significantly enhance production capabilities by adding millions of units of temperature sensors and actuators by 2025 [4] Financial Forecasts - The company has revised its net profit forecasts for 2025 and 2026 to 177.96 million yuan and 239.16 million yuan, respectively, with a new forecast for 2027 at 309.34 million yuan [4] - Corresponding dynamic P/E ratios are projected at 24.55, 18.27, and 14.12 for 2025, 2026, and 2027, respectively, indicating long-term growth potential [4]

Group 1 - The report highlights that as of Q1 2025, the market value of public funds heavily invested in the Beijing Stock Exchange (BSE) reached 6.743 billion, a quarter-on-quarter increase of 24.5% [3][4] - The allocation scale and ratio of public funds continue to grow, driven by the spring technology theme, with a notable increase in the importance of stock selection [3][8] - The active equity public funds have shown increased attention towards BSE stocks, with the allocation coefficient reaching 0.43, up by 0.05 from the previous quarter [3][9] Group 2 - The report indicates that the BSE 50 index fund experienced slight redemptions, but future inflows are still anticipated, with the total scale reaching 9.258 billion, an increase of 1.479 billion [3][16] - The average net value growth rate of thematic funds in 2025 is 39.1%, outperforming the BSE 50 index's growth of 30.6% [3][19] - The report emphasizes a focus on active equity public funds, with new additions to the top ten heavy stocks including Kaitai Co., Minsida, and Norsland, further concentrating on Jinbo Biological [3][20] Group 3 - The report notes that active public funds are increasing their holdings in consumer sectors and companies with strong earnings reports, with six of the top ten stocks showing a profit growth rate exceeding 20% in 2024 [3][24] - The report identifies a shift towards consumer sectors, with an emphasis on "consumption + technology" as highlighted in the 2025 Two Sessions, leading to increased allocations in companies like Jinbo Biological and Kangnong Seed [3][26] - The report also mentions a decrease in heavy allocations in sectors such as electric equipment, machinery, and automobiles, while increasing in beauty care, light manufacturing, and agriculture [3][26]

盈利预测：新能源汽车渗透率持续提升，汽车热管理市场规模稳定增长，公司在行业内具较强竞争优 势，客户资源优质，各品类产能均持续扩张，同时公司积极开拓储能等新市场且前瞻布局机器人领域， 我们看好公司长期发展，预计公司2025-2027 年实现营业收入10.75/14.38/17.87 亿元， YoY+30.04%/33.85%/24.20% ， 归母净利润1.85/2.49/3.11 亿元，YoY+34.51%/34.39%/24.81%，EPS 分别 为1.03/1.39/1.73 元，维持公司"推荐"评级。 产能持续扩张叠加客户资源优势，公司业务有望持续高增。公司目前产能较为饱和，公司在建的云梦电 子二期扩建项目主体结构施工已全面竣工，正处于装修与设备安装阶段，预计年中开展试运行工作，达 产后预计新增5000 万只温度传感器产能。2024 年11 月，公司公告将募投项目变更为"车用执行器建设 项目"，预计26 年投产，达产后预计新增1300 万只执行器产能（单班）。控制器方面，公司2024 年末 调速模块年产能约达970.2 万个。公司产品在行业内已形成较高知名度和竞争优势，客户资源优势凸 显，主要客户广泛覆 ...

Investment Rating - The report maintains a "Buy" rating for the company [1] Core Insights - The company's automotive business shows strong growth sustainability, with emerging opportunities in energy storage and robotics expected to become new growth drivers [1][11] - The company reported a revenue of 826 million yuan for 2024, representing a year-on-year growth of 26.5%, and a net profit of 138 million yuan, up 21.2% year-on-year [8][9] - The company has a solid order backlog, ensuring strong performance sustainability, with a focus on the automotive thermal management sector [10] Financial Data and Profit Forecast - Total revenue projections for the company are as follows: 2023: 653 million yuan, 2024: 826 million yuan, 2025E: 1,078 million yuan, 2026E: 1,432 million yuan, 2027E: 1,757 million yuan, with respective year-on-year growth rates of 26.9%, 26.5%, 30.4%, 32.8%, and 22.7% [7][14] - The projected net profit for 2025 is 180 million yuan, with a corresponding PE ratio of 23 [11][14] - The company’s gross margin is expected to stabilize around 32% in the coming years, with a return on equity (ROE) projected to reach 27.1% by 2027 [7][11]

（二）会议召开地点 湖北开特汽车电子电器系统股份有限公司 2024 年年度报告业绩说明会预告公告 本公司及董事会全体成员保证公告内容的真实、准确和完整，没有虚假记载、 误导性陈述或者重大遗漏，并对其内容的真实性、准确性和完整性承担个别及连 带法律责任。 一、说明会类型 湖北开特汽车电子电器系统股份有限公司（以下简称"公司"）于 2025 年 4 月 21 日在北京证券交易所信息披露平台（www.bse.cn）披露了《2024 年年度报 告》（公告编号：2025-012）及《2024 年年度报告摘要》（公告编号：2025-013）。 为方便广大投资者更深入了解公司 2024 年年度经营业绩的具体情况，加强与投 资者的沟通与交流，公司拟召开 2024 年年度报告业绩说明会。 二、说明会召开的时间、地点 （一）会议召开时间：2025 年 4 月 25 日（星期五）15:00-16:00。 证券代码：832978 证券简称：开特股份 公告编号：2025-045 本次年度报告业绩说明会将采用网络远程方式召开，投资者可登录"价值在 线"（www.ir-online.cn）参与本次活动。 三、参加人员 董事长兼总经理：郑海 ...

证券代码：832978 证券简称：开特股份 公告编号：2025-018 湖北开特汽车电子电器系统股份有限公司 2024 年度独立董事述职报告（刘立新） 本公司及董事会全体成员保证公告内容的真实、准确和完整，没有虚假记载、 误导性陈述或者重大遗漏，并对其内容的真实性、准确性和完整性承担个别及连 带法律责任。 作为湖北开特汽车电子电器系统股份有限公司（以下简称"公司"）的独立董 事，本人在任职期间严格按照《公司法》《证券法》《上市公司独立董事管理办 法》《北京证券交易所股票上市规则（试行）》《北京证券交易所上市公司持续 监管指引第 1 号——独立董事》等法律法规及《公司章程》《独立董事工作制度》 的规定，忠实、勤勉、尽责地履行独立董事职责，积极出席相关会议，认真审议 董事会各项议案，充分发挥独立董事的独立性和专业性作用，切实维护了公司股 东尤其是中小股东的利益。 2024 年 5 月 28 日，公司召开 2023 年年度股东大会进行董事会换届选举， 聘任本人为第五届董事会独立董事。现将 2024 年度（2024 年 5 月 28 日至 2024 年 12 月 31 日）履职情况作出如下报告： 一、独立董事基本情况 ...

2024 年度独立董事述职报告（龙旭英） 本公司及董事会全体成员保证公告内容的真实、准确和完整，没有虚假记载、 误导性陈述或者重大遗漏，并对其内容的真实性、准确性和完整性承担个别及连 带法律责任。 作为湖北开特汽车电子电器系统股份有限公司（以下简称"公司"）的独立董 事，本人在任职期间严格按照《公司法》《证券法》《上市公司独立董事管理办法》 《北京证券交易所股票上市规则（试行）》《北京证券交易所上市公司持续监管指 引第 1 号——独立董事》等法律法规及《公司章程》《独立董事工作制度》的规 定，忠实、勤勉、尽责地履行独立董事职责，积极出席相关会议，认真审议董事 会各项议案，充分发挥独立董事的独立性和专业性作用，切实维护了公司股东尤 其是中小股东的利益。 证券代码：832978 证券简称：开特股份 公告编号：2025-021 湖北开特汽车电子电器系统股份有限公司 （二）独立性情况说明 作为公司的独立董事，本人及本人直系亲属均未在公司或其附属企业担任除 独立董事、董事会专门委员会委员之外的其他职务，也未在公司主要股东处担任 任何职务；与公司及主要股东之间不存在利害关系或其他可能妨碍进行独立客观 判断的关系。除独立董 ...

证券代码：832978 证券简称：开特股份 公告编号：2025-019 湖北开特汽车电子电器系统股份有限公司 2024 年度独立董事述职报告（杨世珍） 本公司及董事会全体成员保证公告内容的真实、准确和完整，没有虚假记载、 误导性陈述或者重大遗漏，并对其内容的真实性、准确性和完整性承担个别及连 带法律责任。 作为湖北开特汽车电子电器系统股份有限公司（以下简称"公司"）的独立董 事，本人在任职期间严格按照《公司法》《证券法》《上市公司独立董事管理办 法》《北京证券交易所股票上市规则（试行）》《北京证券交易所上市公司持续 监管指引第 1 号——独立董事》等法律法规及《公司章程》《独立董事工作制度》 的规定，忠实、勤勉、尽责地履行独立董事职责，积极出席相关会议，认真审议 董事会各项议案，充分发挥独立董事的独立性和专业性作用，切实维护了公司股 东尤其是中小股东的利益。 2024 年 5 月 28 日，公司召开 2023 年年度股东大会进行董事会换届选举， 聘任本人为第五届董事会独立董事。现将 2024 年度（2024 年 5 月 28 日至 2024 年 12 月 31 日）履职情况作出如下报告： （一）基本情况 杨世 ...