常州星宇车灯股份有限公司 关于召开 2024 年第三季度业绩说明会的公告 证券简称：星宇股份 证券代码：601799 编号：临 2024-032 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个别及连带责任。 重要内容提示： 会议召开时间：2024年11月6日（星期三）上午10:00-11:00 会议召开地点：上海证券报·中国证券网（https://roadshow.cnstock.com/） 会议召开方式：网络文字互动 投资者可以在2024年11月5日上午8:00至下午16:00通过公告后附的电话、邮 件等联系公司，提出所关注的问题，公司将在说明会上选择投资者普遍关注的问 题进行回答。 公司已于2024年10月26日披露了《星宇股份2024年第三季度报告》，为便于 广大投资者更全面深入地了解公司2024年第三季度的经营成果及财务状况，公司 决定于2024年11月6日通过网络文字互动方式召开"星宇股份2024年第三季度业 绩说明会"。 一、说明会类型 本次业绩说明会以网络方式召开，公司将针对2024年第三季度的经营成果 及财务指标的具体 ...

Investment Rating - The report maintains a "Strong Buy" rating for the company, with a target price of 172.8 CNY, indicating an expected upside of 22% [1]. Core Views - The company reported a net profit of 383 million CNY for Q3 2024, representing a year-on-year increase of 22% and a quarter-on-quarter increase of 9% [1]. - Revenue for Q3 2024 reached 3.5 billion CNY, marking a new high with a year-on-year growth of 25% and a quarter-on-quarter growth of 6.2% [1]. - The company is expected to see a significant increase in revenue from new energy vehicles, with projections indicating that the revenue share from this segment could approach 40% by 2024 [1]. - The company is expanding its global footprint, with revenue from its European operations reaching 110 million CNY in 2023, and plans to enter the North American market [1]. Financial Summary - Total revenue for 2023 is projected at 10,248 million CNY, with expected growth rates of 29.1% in 2024, 22.2% in 2025, and 18.7% in 2026 [2]. - The net profit for 2023 is estimated at 1,102 million CNY, with growth rates of 27.6% in 2024, 30.0% in 2025, and 22.8% in 2026 [2]. - The company's earnings per share (EPS) is projected to increase from 3.86 CNY in 2023 to 7.86 CNY by 2026 [2]. - The price-to-earnings (P/E) ratio is expected to decrease from 37 in 2023 to 18 by 2026, indicating improved valuation metrics over time [2].

Investment Rating - The investment rating for the company is "Buy" (maintained) [2][7]. Core Views - The company has shown significant revenue and profit growth in Q3 2024, with revenue reaching 3.509 billion yuan, representing a year-on-year increase of 24.77% and a quarter-on-quarter increase of 6.19%. The net profit attributable to shareholders was 383 million yuan, up 21.60% year-on-year and 8.96% quarter-on-quarter [2]. - The company benefits from increased sales from core independent customers, with notable sales growth from key clients such as Li Auto, Seres, and Chery, which saw quarter-on-quarter sales increases of 41%, 12%, and 14% respectively [2]. - The company's gross margin for Q3 2024 was 19.94%, with a net margin of 10.91%, indicating a slight improvement in profitability despite a minor decline in gross margin compared to previous periods [2]. - The company is positioned as a leading domestic automotive lighting enterprise, with ongoing projects in advanced lighting technologies and a growing customer base, including new energy vehicle clients [2][5]. Summary by Sections Recent Performance - In Q3 2024, the company achieved a revenue of 3.509 billion yuan, with a year-on-year growth of 24.77% and a quarter-on-quarter growth of 6.19%. The net profit was 383 million yuan, reflecting a year-on-year increase of 21.60% and a quarter-on-quarter increase of 8.96% [2]. - The company has a diverse customer base, including luxury brands and domestic manufacturers, which has contributed to its revenue growth [2]. Financial Metrics - The company’s gross margin was 19.94%, with a net margin of 10.91%. The expense ratio improved to 8.12%, indicating better cost management [2]. - The company’s total market capitalization is approximately 42.35 billion yuan, with a current stock price of 148.25 yuan [2]. Earnings Forecast - The company is expected to achieve revenues of 12.9 billion yuan, 15.9 billion yuan, and 19.2 billion yuan for the years 2024, 2025, and 2026 respectively, with corresponding net profits of 1.484 billion yuan, 1.911 billion yuan, and 2.388 billion yuan [5][7]. - The projected EPS for the same years is 5.20 yuan, 6.69 yuan, and 8.36 yuan, with a P/E ratio decreasing from 28.54 to 17.74 over the forecast period [5][7].

Investment Rating - The report maintains a "Buy" rating for the company, expecting a price increase of 5% to 15% relative to the industry index over the next six months [9]. Core Views - The company demonstrated strong earnings resilience in Q3 2024, with revenue reaching 9.225 billion and a year-on-year growth of 27.5%. The net profit attributable to shareholders was 977 million, up 25.0% year-on-year [1]. - The report highlights the optimization of customer structure and the ramp-up of new projects as key drivers for future growth [1]. Financial Performance Summary - **Revenue**: The company achieved revenue of 35.09 billion in Q3 2024, with a year-on-year increase of 24.8% and a quarter-on-quarter increase of 6.2% [1]. - **Net Profit**: The net profit for Q3 2024 was 383 million, reflecting a year-on-year growth of 21.6% and a quarter-on-quarter growth of 9.0% [1]. - **Profit Margins**: The gross margin for Q3 2024 was 19.9%, with a slight decline compared to previous periods, while the net profit margin was 10.9% [1]. Future Projections - The company is projected to achieve revenues of 131.7 billion, 162.9 billion, and 197.2 billion for the years 2024, 2025, and 2026, respectively. Corresponding net profits are expected to be 14.2 billion, 17.9 billion, and 22.6 billion [1]. - The report anticipates a decrease in the price-to-earnings (P/E) ratio from 29.8 in 2024 to 18.7 in 2026, indicating improving valuation metrics [1]. Strategic Developments - The company is expanding its global customer base, transitioning from traditional automakers to new energy vehicle manufacturers and global car companies, with several projects set to launch from 2024 to 2026 [1]. - New product developments in smart automotive lighting and electronic technologies are underway, including innovations based on Micro LED and DMD technologies [1].

Investment Rating - The report maintains a "Buy" rating for the company [1] Core Views - The company's Q3 performance met expectations, with a revenue of 9.225 billion yuan for the first three quarters of 2024, representing a year-on-year increase of 27.5% [1] - The net profit attributable to the parent company for the same period was 977 million yuan, up 25% year-on-year, with a gross margin of 20% and a net margin of 10.6% [1] - The company is actively implementing cost control measures, leading to a continuous improvement in expense ratios [2] - The average selling price (ASP) of the company's products has increased by 25.4% year-on-year, indicating a successful transition to higher-value products [2] - The company is expanding its customer base and accelerating its global layout, with significant growth in clients from the new energy sector [3] Financial Performance Summary - For Q3 2024, the company achieved a revenue of 3.509 billion yuan, a year-on-year increase of 24.8% and a quarter-on-quarter increase of 6.2% [1] - The net profit for Q3 was 383 million yuan, reflecting a year-on-year growth of 21.6% and a quarter-on-quarter increase of 9% [1] - The expense ratio for Q1-Q3 2024 was 8.72%, down 0.8 percentage points year-on-year, with Q3's expense ratio at 8.12%, down 1.17 percentage points year-on-year [2] - The company expects a compound annual growth rate (CAGR) of 24.3% for net profit attributable to the parent company from 2024 to 2026 [3] Customer and Market Expansion - The company is enhancing its customer structure, with rapid growth from clients such as Chery, Seres, Li Auto, and NIO, which is expected to bolster revenue sources [2][3] - The company is establishing a global presence, with production capacity in Serbia and new entities in Mexico and the United States to support overseas market expansion [3]

股 票 研 究 公 司 更 新 报 告 证 券 研 究 报 告 投资要点： [Table_Summary] 维持目标价 172.23 元，维持增持评级。公司发布 2024 年三季度报 告，业绩符合预期，维持公司 2024/25/26 年 EPS 预测分别为 5.36/ 6.95/8.54 元。考虑到公司受益于行业升级，参考可比公司给予公司 2024 年约 32 倍 PE，略高于可比公司平均，维持目标价 172.23 元， 维持增持评级。 业绩符合预期，2024 年 Q3 收入利润双增长。受益于自主品牌客户 热销，2024 年 Q1-Q3 公司实现营收 92.3 亿元，同比+27.5%，归母 净利润 9.8 亿元，同比+25.0%，扣非净利润 9.3 亿元，同比+38.8%， 扣非净利润增长较快主要系车灯业务规模增长及计入非经常性损益 的政府补助同比减少所致。其中 2024 年 Q3 收入 35.1 亿元，同比 +24.8%，环比+6.2%，归母净利润 3.8 亿元，同比+21.6%，环比+9.0%， 扣非净利 3.7 亿元，同比+43.7%，环比+13.9%。 费用率同比改善，现金流改善。2024 年 Q1- ...

第一这是很很很正常的或是应该做的然后你又进一步再往提能不能提到辅料玻璃可能是产品不太一样其实玻璃我对理解啊玻璃种类其实相对还是平台件对吧他还不是他虽然说每个车的玻璃形状都不一样但是是他定制的属性没有那么强 所以这块的话我自己的判断可能要想做到单家超过70%到13%我觉得是有挑战的 但是说能不能去冲击一下百分之五十呢?这个近期我们给大家加入我们跟这个华为因为我们是战略合作嘛我们有非常频繁的这种战略共创他们就跟我们提出那个百分之五十是我们应该挑战的下一个目标但这个目标远大我们肯定是稳扎稳打先从成功率15到20、25、30这是我们至少是我们近几年的一个目标所以说想表达这么一个观点吧我们自己还是比较有信心的 根据现在从价值量的角度来讲按照最新的在国内的风浪现在能不能够到一个什么样的一个水平按照价值量因为数量就难说了就按价值量来看其实价值量都是基于一系列假设是吧各种各样的一个预估的对这块的话我们自己看目前也就是一个十五六整体拉通了十五到十七左右吧不同一个量所以说我们其实空间还蛮大的 其实我不知道大家有没有关注最近也有一些整车厂也要自己做灯这个趋势也很正常 分分合合那你看没有整车厂自己做玻璃BIB号称玻璃和轮胎不做 其他 ...

Investment Rating - The report maintains a "Buy" rating for the company, indicating a strong performance relative to the market [7]. Core Insights - The company reported a strong performance in Q3 2024, achieving a revenue of 9.225 billion yuan, a year-on-year increase of 27.5%, and a net profit of 977 million yuan, up 25% year-on-year [7]. - The growth in Q3 was driven by a sustained increase in orders from key clients, particularly Chery, which saw a 30% increase in sales [7]. - The company's gross margin for Q3 was 19.9%, with a net margin of 10.9%, showing a slight improvement in profitability [7]. - The customer base has diversified significantly over the years, including major global automotive brands, which strengthens the company's market position [7]. - The increase in shipments of headlamps, particularly high-value products like DLP laser headlights, has contributed to a rise in average selling prices (ASP) [7]. - Revenue forecasts for 2024-2026 have been slightly adjusted, with expected revenues of 13.21 billion, 16.44 billion, and 19.56 billion yuan respectively [7]. Financial Summary - For 2024, the company expects total revenue of 13.21 billion yuan, with a year-on-year growth rate of 28.9% [8]. - The projected net profit for 2024 is 1.416 billion yuan, reflecting a growth rate of 28.5% [8]. - The earnings per share (EPS) is forecasted to be 4.96 yuan for 2024, increasing to 6.36 yuan in 2025 and 7.77 yuan in 2026 [8]. - The company's return on equity (ROE) is expected to improve to 13.9% in 2024 and reach 17.0% by 2026 [8].

Investment Rating - The report maintains a "Recommend" rating for the company with a target price of 148.25 RMB [2] Core Views - The company's Q3 2024 revenue reached 3.509 billion RMB, a year-on-year increase of 24.77%, and a quarter-on-quarter increase of 6.19% [2] - Net profit attributable to the parent company in Q3 2024 was 383 million RMB, a year-on-year increase of 21.60%, and a quarter-on-quarter increase of 8.96% [2] - The gross profit margin in Q3 2024 was 19.94%, a year-on-year decrease of 1.15 percentage points, and a quarter-on-quarter decrease of 0.43 percentage points [2] - The company's net profit margin in Q3 2024 was 10.91%, a year-on-year decrease of 0.29 percentage points, but a quarter-on-quarter increase of 0.28 percentage points [2] - The company's revenue growth is driven by strong performance from downstream customers such as Seres, Li Auto, and Chery, as well as the launch of new projects [2] - The company is the sole supplier of front and rear lamp assemblies for the AITO M9, a flagship SUV under the Harmony Smart Drive brand, which has seen strong sales performance [2] - The company is continuously upgrading its product structure and investing in R&D, with 38 new vehicle projects in development in the first half of 2024 [2] Financial Performance - The company's revenue for the first three quarters of 2024 was 9.225 billion RMB, a year-on-year increase of 27.48% [2] - Net profit attributable to the parent company for the first three quarters of 2024 was 977 million RMB, a year-on-year increase of 25.02% [2] - Adjusted net profit attributable to the parent company for the first three quarters of 2024 was 929 million RMB, a year-on-year increase of 38.77% [2] - The company's revenue is expected to reach 12.706 billion RMB in 2024, 15.704 billion RMB in 2025, and 19.169 billion RMB in 2026 [3] - Net profit attributable to the parent company is expected to be 1.432 billion RMB in 2024, 1.872 billion RMB in 2025, and 2.380 billion RMB in 2026 [3] - The company's EPS is expected to be 5.01 RMB in 2024, 6.55 RMB in 2025, and 8.33 RMB in 2026 [3] Product and Market Analysis - The company's revenue growth is supported by the strong sales performance of the AITO M9, which sold 48,200 units in Q2 2024 and 49,600 units in Q3 2024 [2] - The company is focusing on the development of advanced lighting technologies, including DLP projection headlights, Micro LED-based HD lighting, and interactive lighting systems [2] - The company's product structure is continuously upgrading, with the average price of a single headlight increasing from hundreds to thousands of RMB due to technological advancements [2] Industry Trends - The automotive lighting industry is a high-quality segment within the automotive components sector, with continuous technological advancements driving value growth [2] - The trend towards electrification and intelligence is expected to further boost the demand for advanced automotive lighting solutions, leading to increased revenue and profitability for the company [3]

Investment Rating - The investment rating for the company is "Outperform the Market" [3][5]. Core Views - The company has entered a new growth cycle in 2024 after undergoing customer structure adjustments from 2021 to 2023, shifting focus from joint ventures with German and Japanese brands to domestic and new energy vehicle clients [1][5]. - In Q3 2024, the company achieved a record high revenue of 3.8 billion yuan, representing a 22% year-on-year increase, with a total revenue of 9.77 billion yuan for the first three quarters, up 25.02% year-on-year [1][5]. - The company’s revenue growth outpaced the passenger car industry by 27 percentage points, indicating strong performance despite a decline in overall passenger car production [1][5]. Summary by Sections Financial Performance - In Q3 2024, the company reported a net profit margin of 10.91%, with a slight increase of 0.27% quarter-on-quarter [2][8]. - The gross profit margin for the first three quarters of 2024 was 20.02%, down 1.47 percentage points year-on-year, while the net profit margin was 10.59%, down 0.21 percentage points year-on-year [2][8]. - The company’s revenue for 2024 is projected to be 132.7 billion yuan, with net profits expected to reach 14.5 billion yuan [3][4]. Market Position and Growth - The company has successfully transitioned to a new customer base, focusing on domestic brands and new energy vehicles, which has led to a significant increase in revenue [1][5]. - The company has secured 38 new model development projects in the first half of 2024, with 22 projects entering mass production [21][24]. - The company is expanding its global footprint with new operations in Serbia, Mexico, and the United States, enhancing its capacity to serve international clients [26]. Product Development and Innovation - The company is actively developing new technologies, including DLP projection headlights and smart lighting solutions, in collaboration with industry partners like Huawei and other tech firms [15][20]. - The company’s product average price increased by 25% in 2023, reflecting the ongoing upgrade of automotive lighting products [2][5]. - The company is focusing on enhancing its product offerings through strategic partnerships and technological advancements in automotive lighting and electronic systems [14][15].