华域汽车 600741.SH 公司研究 | 季报点评 | 客户结构持续优化，加强智能化汽零布局 | | --- | 核心观点 盈利预测与投资建议 ⚫ 调整收入、毛利率及费用率等，新增 2027 年预测，预测 2025-2027 年 EPS 分别为 2.13、2.23、2.27 元（原 2025-2026 年为 2.24、2.32 元），可比公司 25 年 PE 平 均估值 13 倍，目标价 27.69 元，维持买入评级。 风险提示 乘用车行业需求低于预期影响盈利、整车行业降价压力传导影响盈利。 公司主要财务信息 | | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业收入(百万元) | 168,594 | 168,852 | 178,785 | 188,052 | 197,815 | | 同比增长 (%) | 6.5% | 0.2% | 5.9% | 5.2% | 5.2% | | 营业利润(百万元) | 8,818 | 8,215 | 9,652 | 10,094 | 10,288 | | 同 ...

Core Insights - The automotive industry experienced stable revenue growth in Q1 2025, with a year-on-year increase of 6.8%, while total profit decreased by 8.9% to 946.5 billion yuan [11][12] - The report highlights that leading companies in the automotive sector, particularly those with efficient management, have shown better-than-average performance in terms of net profit and operating cash flow [3][8] - The anticipated release of new models and the impact of local consumption promotion policies are expected to support a gradual recovery in automotive company performance in Q2 2025 [3][12] Revenue and Profit Analysis - In 2024, the automotive industry generated a total revenue of 10.65 trillion yuan, reflecting a 5.4% year-on-year growth, while total profit fell by 9.1% to 462.26 billion yuan [11][12] - The Q1 2025 revenue for the automotive industry was 2.40 trillion yuan, with a profit total of 946.5 billion yuan, indicating a continued decline in profitability [11][12] Profitability Comparison - The profitability of passenger vehicle companies showed significant differentiation in Q1 2025, with some companies like BYD and Seres maintaining strong growth, while others like GAC Group and JAC Motors faced challenges [17][18] - In 2024, the overall profit margin for the automotive industry was 12.4%, down 0.9 percentage points year-on-year, and further decreased to 12.1% in Q1 2025 [12][27] Inventory Management - Inventory levels in the automotive sector showed improvement for bus and parts companies, while passenger vehicle companies faced slight increases in turnover pressure [8][12] - By the end of Q1 2025, the inventory of the automotive industry accounted for 20.9% of current assets, a 1.2 percentage point increase year-on-year [8][12] Cash Flow Analysis - The overall cash flow in the automotive industry faced pressure, with the net cash flow from operating activities for the vehicle sector turning negative at -22.19 billion yuan in Q1 2025 [8][12] - The cash flow for parts companies showed a decline, with a total of 123.05 billion yuan in Q1 2025, down 1.4% year-on-year [8][12] Investment Recommendations - The report suggests focusing on leading automotive companies and those involved in the Huawei and Xiaomi supply chains, as well as companies in the humanoid robot and intelligent driving sectors [3][8] - Recommended companies include SAIC Motor, JAC Motors, BYD, Changan Automobile, and several parts manufacturers such as New Spring Co., Silver Wheel Co., and Top Group [3][8]

证券代码：600741 证券简称：华域汽车 公告编号：临 2025－010 华域汽车系统股份有限公司 关于参加 2025 年上海辖区上市公司年报 集体业绩说明会的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、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法律责任。 （二） 会议召开地点：上海证券交易所上证路演中心 （http://roadshow.sseinfo.com/） （三） 会议召开方式：上证路演中心网络互动 重要内容提示： 华域汽车系统股份有限公司（以下简称"公司"）已于 2025 年 4 月 29 日发布了公司 2024 年年度报告和 2025 年第一季度报告。为使 投资者更加全面、深入地了解公司的经营成果、财务状况，公司计划 于 2025 年 5 月 15 日下午 15:00~16:30 参加 2025 年上海辖区上市公司 1 会议召开时间： 2025 年 5 月 15 日（星期四）下午 15:00~16:30 会 议 召 开 地 点 ： 上 海 证 券 交 易 所 上 证 路 演 中 心 （ 网 址 ： http://roadshow.sseinfo.com/ ...

公 司 报 告 汽车 2025 年 04 月 30 日 华域汽车(600741.SH) 客户结构调整，业绩维持稳定 推荐（维持） 股价：17 元 主要数据 | 行业 | 汽车 | | --- | --- | | 公司网址 | www.hasco-group.com | | 大股东/持股 | 上海汽车集团股份有限公司/58.32% | | 实际控制人 | 上海市国有资产监督管理委员会 | | 总股本(百万股) | 3,153 | | 流通 A 股(百万股) | 3,153 | | 流通 B/H 股(百万股) | | | 总市值（亿元） | 536 | | 流通 A 股市值(亿元) | 536 | | 每股净资产(元) | 20.11 | | 资产负债率(%) | 63.1 | 行情走势图 证券分析师 | 王德安 | 投资咨询资格编号 S1060511010006 | | --- | --- | | | BQV509 | | | WANGDEAN002@pingan.com.cn | | 王跟海 | 投资咨询资格编号 | | | S1060523080001 | | | BVG944 | | | WANGGENH ...

Investment Rating - The investment rating for the company is maintained as "Buy" with a target price of 24.53 RMB [8][9]. Core Views - The company reported a revenue of 168.85 billion RMB in 2024, a year-on-year increase of 0.2%, and a net profit attributable to shareholders of 6.69 billion RMB, a decrease of 7.3% year-on-year. The results were in line with market expectations [1]. - The company is expected to recover as high-value-added products are gradually introduced and major client SAIC undergoes digital transformation [1]. - The company is actively expanding its product lines in intelligent cockpits and chassis systems, which are anticipated to become new growth points [4]. Revenue and Profit Analysis - The interior and exterior trim segment achieved a revenue of 119.36 billion RMB in 2024, up 5.6% year-on-year, while the functional components segment saw a decline of 9.0% to 25.97 billion RMB [2]. - The company’s gross margin decreased by 1.0 percentage points to 12.1% in 2024, primarily due to changes in customer structure [3]. - The first quarter of 2025 showed a revenue increase of 9.1% year-on-year, indicating a potential return to growth as projects with independent brands ramp up [2]. Financial Forecasts - The net profit forecasts for 2025 and 2026 have been adjusted downwards by 8% and 6% to 7.11 billion RMB and 7.81 billion RMB, respectively, with an expected net profit of 8.71 billion RMB in 2027 [5]. - The company is projected to maintain a PE ratio of 10.9x for 2025, reflecting the high proportion of traditional business and joint venture clients [5]. Market Position and Valuation - The company’s market capitalization is approximately 53.6 billion RMB, with a closing price of 17.00 RMB as of April 29 [9]. - The average PE ratio of comparable companies for 2025 is estimated at 12.7x, indicating a competitive valuation landscape [5][17].

Group 1 - The core viewpoint of the news is the emphasis on strengthening the standard supply for intelligent connected vehicles as outlined by the Ministry of Industry and Information Technology (MIIT) in its 2025 automotive standardization work points [1][2] - The MIIT aims to accelerate the approval and implementation of standards related to autonomous driving, including design operation conditions, automatic parking, and simulation testing [1][2] - The report highlights that companies in the industry chain will focus on enhancing product maturity and safety, with major manufacturers expected to streamline hardware and software architectures and accelerate data collection [2] Group 2 - The intelligent connected vehicle ETF (159872) has shown a positive performance, with notable increases in constituent stocks such as Derun Electronics (8.65%) and Yiyuan Communication (5.78%) [1] - As of March 31, 2025, the top ten weighted stocks in the China Securities Internet of Vehicles Theme Index (930725) include BYD, Hongfa Technology, and Huichuan Technology, collectively accounting for 50.65% of the index [2]

公司代码：600741 公司简称：华域汽车 第一节 重要提示 1、本年度报告摘要来自年度报告全文，为全面了解本公司的经营成果、财务状况及未来发展规划，投 资者应当到www.sse.com.cn网站仔细阅读年度报告全文。 2、本公司董事会、监事会及董事、监事、高级管理人员保证年度报告内容的真实性、准确性、完整 性，不存在虚假记载、误导性陈述或重大遗漏，并承担个别和连带的法律责任。 3、公司全体董事出席董事会会议。 4、普华永道中天会计师事务所（特殊普通合伙）为本公司出具了标准无保留意见的审计报告。 5、董事会决议通过的本报告期利润分配预案或公积金转增股本预案 公司2024年度拟以实施权益分派股权登记日登记的总股本为基数分配利润，拟向全体股东每10股派发现 金红利8.00元（含税）。截至2024年12月31日，公司总股本3,152,723,984股，以此计算合计拟派发现金 红利2,522,179,187.20元（含税）。本次不进行资本公积金转增。 第二节 公司基本情况 登录新浪财经APP 搜索【信披】查看更多考评等级 1、公司简介 ■ 2、报告期公司主要业务简介 2024年，国内汽车行业得益于国家促进消费系列政策 ...

Group 1 - The company emphasizes reasonable returns to investors and has implemented a stable shareholder return mechanism, distributing cash dividends of 2.365 billion yuan (including tax) for the fiscal year 2023, which accounts for 32.78% of the net profit attributable to shareholders [1] - The company has cumulatively distributed cash dividends of 30.83 billion yuan (including tax) since its listing in 2009 and has approved a profit distribution plan for 2024, proposing to distribute 2.522 billion yuan (including tax), which represents 37.70% of the projected net profit for 2024, an increase of 6.64% from the previous year [1] - The company has received an "A" rating for its information disclosure work for the 2023-2024 period from the Shanghai Stock Exchange and was awarded the "Golden Bull Award for Most Investment Value Top 100 Enterprises" by China Securities Journal [1] Group 2 - The company has revised its governance documents to enhance compliance awareness among key personnel and improve its management system, including the establishment of an ESG report that received favorable ratings from mainstream ESG rating agencies [2] - The company is actively participating in training for directors and key personnel to enhance their compliance awareness and capabilities, while also improving its internal control system through self-assessments and audits [2] Group 3 - The company plans to focus on its core business, improve management levels, and fulfill its responsibilities as a listed company through standardized governance and stable operating performance [3] Group 4 - The company has approved its 2025 annual related party transactions, which are considered normal business activities and will not harm the interests of the company or its shareholders [5] - The company has established various framework agreements for related party transactions with its controlling shareholder, Shanghai Automotive Group Co., Ltd., and its subsidiaries, which are expected to continue into 2025 [7] Group 5 - The company plans to engage in financial derivatives business primarily involving forward foreign exchange products, with an investment amount not exceeding 481.053241 million USD or equivalent foreign currency, to hedge against foreign exchange risks [24] - The company has received board approval to conduct this financial derivatives business within a 12-month period, with strict controls on the types and scale of transactions to avoid speculative activities [28][32] Group 6 - The company intends to reappoint PwC Zhongtian as its financial and internal control audit institution for the fiscal year 2025, with the audit fees set at a maximum of 1.8 million yuan (including tax) for financial audits and 380,000 yuan (including tax) for internal control audits [34][43] - The reappointment of the auditing firm is subject to approval at the company's shareholder meeting [44]

Core Insights - The social security fund has invested in 478 stocks by the end of Q1, with 46 stocks held for over 20 consecutive quarters [1] - The fund's long-term holdings include 257 stocks held for more than four quarters, with 169 stocks held for over two years [1] - Notable long-term holdings include China Overseas Land & Investment, Zhongnan Media, and others, with the longest-held stock being China Overseas Land & Investment since Q2 2011 [1] Holdings Overview - The top holdings by quantity include Changshu Bank (254 million shares), Hualu Hengsheng (122 million shares), and China Jushi (84.52 million shares) [2] - The highest holding percentages are Changshu Bank (8.42%), Hualu Hengsheng (5.77%), and Keri International (5.70%) [2] - Among the 46 stocks, 12 saw an increase in holdings, with significant increases for Huayu Automotive (62.65%), Hualu Hengsheng (19.18%), and Yanjinpuzi (17.90%) [2] Performance Analysis - Of the 46 stocks, 28 reported year-on-year profit growth, with notable increases from Xiantan Co. (583.83%), Zhongyuan Media (234.61%), and China Jushi (108.52%) [3] - Conversely, 17 stocks experienced profit declines, with the largest decreases from Tianrun Dairy (-1713.36%), China Overseas Land & Investment (-303.09%), and Zhongqi Co. (-245.04%) [3] - Stocks with consistent profit growth over the past three years include Aide Biology, Yutong Bus, and Blue Sky Technology [3] Industry Distribution - The 46 stocks are concentrated in industries such as basic chemicals (6 stocks), automotive (5 stocks), and pharmaceutical biology (5 stocks) [2] - The main board contains 30 stocks, while the ChiNext board has 15 stocks, and the Sci-Tech Innovation board has 1 stock [2]

the state of the 华域汽车系统股份有限公司 内部控制审计报告 三、内部控制的固有局限性 普华永道 内部控制审计报告 普华永道中天特审字(2025)第 0595 号 (第一页,共二页) 华域汽车系统股份有限公司全体股东: 按照《企业内部控制审计指引》及中国注册会计师执业准则的相关要求, 我们审计了华域汽车系统股份有限公司(以下简称"华域汽车")2024年 12 月 31 日的财务报告内部控制的有效性。 一、企业对内部控制的责任 按照《企业内部控制基本规范》《企业内部控制应用指引》、《企业内部控 制评价指引》的规定,建立健全和有效实施内部控制,并评价其有效性是华域 汽车董事会的责任。 二、注册会计师的责任 我们的责任是在实施审计工作的基础上,对财务报告内部控制的有效性发 表审计意见,并对注意到的非财务报告内部控制的重大缺陷进行披露。 内部控制具有固有局限性,存在不能防止和发现错报的可能性。此外,由 于情况的变化可能导致内部控制变得不恰当,或对控制政策和程序遵循的程度 降低,根据内部控制审计结果推测未来内部控制的有效性具有一定风险。 普华永道中天会计师事务所(特殊普通合伙) 中国上海市黄浦区湖滨路2 ...