Investment Rating - The report maintains a "Buy" rating for the company with a target price of 163.52 CNY, based on a 2024 PE valuation of 32 times [2][4]. Core Insights - The company's performance met expectations, with a revenue of 9.225 billion CNY for the first three quarters, representing a year-on-year growth of 27.5%. The net profit attributable to the parent company was 977 million CNY, up 25.0% year-on-year, and the net profit excluding non-recurring items was 929 million CNY, growing by 38.8% year-on-year [1]. - The gross margin slightly decreased to 20.1%, down 1.5 percentage points year-on-year, primarily due to customer structure adjustments. However, cash flow significantly improved, with a net cash flow from operating activities of 441 million CNY, a year-on-year increase of 638.6% [1]. - The company is actively expanding its customer base in the new energy sector and exploring overseas markets, establishing subsidiaries in Serbia, the USA, and Mexico to support global market entry [1]. Financial Summary - For 2024-2026, the forecasted EPS is 5.11 CNY, 6.53 CNY, and 7.94 CNY respectively, with adjustments made to gross margin and expense ratios [2]. - The projected revenue for 2024 is 12.409 billion CNY, with a year-on-year growth of 21.1%, and the net profit attributable to the parent company is expected to reach 1.460 billion CNY, reflecting a growth of 32.5% [7][9].

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company's Q3 2024 performance met expectations, with a revenue of 3.509 billion yuan, a year-on-year increase of 24.77%, and a quarter-on-quarter increase of 6.19%. The net profit for Q3 2024 was 383 million yuan, reflecting a year-on-year growth of 21.60% and a quarter-on-quarter growth of 8.96% [2][3] - The company is expected to benefit from product upgrades and customer expansion, particularly in the LED headlight segment, which is transitioning to ADB and DLP technologies. The company has already achieved mass production for ADB headlights and secured projects for DLP headlights [2][3] - The company is actively expanding its customer base, focusing on luxury brands and new energy vehicle manufacturers, which are anticipated to contribute significantly to future growth [2] Financial Performance Summary - For the first three quarters of 2024, the company achieved a total revenue of 9.225 billion yuan, a year-on-year increase of 27.48%, and a net profit of 977 million yuan, a year-on-year increase of 25.02% [2] - The projected revenue for 2024 is 13.262 billion yuan, with a year-on-year growth rate of 29.41%. The net profit for 2024 is projected to be 1.442 billion yuan, reflecting a year-on-year growth of 30.82% [3] - The earnings per share (EPS) for 2024 is estimated at 5.05 yuan, with a price-to-earnings (P/E) ratio of 29.38 [3] Market Data - The closing price of the company's stock is 148.25 yuan, with a market capitalization of approximately 42.35 billion yuan [5] - The company has a price-to-book (P/B) ratio of 4.36 and a total asset-liability ratio of 39.32% [6]

Investment Rating - The investment rating for the company is "Buy" (maintained) [4] Core Insights - The company's Q3 2024 performance met expectations, with a significant increase in revenue and net profit driven by strong sales from autonomous customers and the successful launch of high-value DLP headlights [2][6] - The company reported a revenue of 9.23 billion yuan for the first three quarters of 2024, a year-on-year increase of 27.5%, and a net profit attributable to shareholders of 980 million yuan, up 25.0% year-on-year [6] - In Q3 2024, the company achieved a revenue of 3.51 billion yuan, representing a year-on-year growth of 24.8% and a quarter-on-quarter increase of 6.2% [6] Financial Performance - The company’s gross margin in Q3 2024 was 19.9%, a decrease of 1.1 percentage points year-on-year, while the net profit margin was 10.9%, a decrease of 0.3 percentage points year-on-year but an increase of 0.3 percentage points quarter-on-quarter [6] - The company’s operating expenses ratio decreased to 8.1% in Q3 2024, down 1.2 percentage points year-on-year [6] - The company is expected to achieve revenues of 13.27 billion yuan, 16.44 billion yuan, and 19.82 billion yuan for 2024, 2025, and 2026 respectively, with year-on-year growth rates of 29.5%, 23.9%, and 20.6% [6][7] Customer Performance - The sales performance of autonomous customers in Q3 2024 showed significant growth, with year-on-year increases of 27.5% for Chery, 1.5% for FAW Hongqi, 45.4% for Li Auto, 16.3% for Xpeng, 11.6% for NIO, and 51.5% for Zeekr [6] - The company’s core customers, including joint ventures like FAW-Volkswagen and FAW-Toyota, experienced declines in sales, with year-on-year decreases of 19.3% and 5.9% respectively [6] Future Outlook - The company is actively expanding new projects, having undertaken 38 new model R&D projects in H1 2024, with 22 projects entering mass production [6] - The continuous development of advanced technologies such as DMD and Micro LED is expected to support future revenue growth [6]

（二）本次会议的通知于 2024 年 10 月 19 日以电话、电子邮件、现场送达 方式发出。 （三）本次会议于 2024 年 10 月 25 日在公司以现场结合通讯方式召开。 证券简称：星宇股份 证券代码：601799 编号：临 2024-031 常州星宇车灯股份有限公司 第六届监事会第十七次会议决议公告 本公司监事会及全体监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。 一、监事会会议召开情况 （一）本次监事会会议的召开符合有关法律、行政法规、部门规章、规范 性文件和《公司章程》的规定。 （一）以 3 票同意，0 票反对，0 票弃权审议通过了《关于<常州星宇车灯 股份有限公司 2024 年第三季度报告>的议案》； 《常州星宇车灯股份有限公司 2024 年第三季度报告》的内容与本公告同日 披露于上海证券交易所网站（www.sse.com.cn）。 特此公告。 常州星宇车灯股份有限公司监事会 二〇二四年十月二十六日 （四）本次会议三名监事全部出席。 （五）本次会议由监事会主席徐小平先生主持。公司部分高管及董事会秘 书列席了本次会议。 二、监 ...

Financial Performance - The company's operating revenue for Q3 2024 reached ¥3,508,846,033.30, representing a year-on-year increase of 24.77%[2] - Net profit attributable to shareholders for the same period was ¥382,962,602.09, up 21.60% compared to the previous year[2] - The net profit excluding non-recurring gains and losses was ¥371,228,158.45, reflecting a significant increase of 43.73% year-on-year[5] - The net cash flow from operating activities for Q3 2024 was ¥135,907,788.01, a remarkable increase of 253.51% compared to the same period last year[5] - Total operating revenue for the first three quarters of 2024 reached ¥9,225,467,722.53, a 27.5% increase from ¥7,236,761,990.77 in the same period of 2023[16] - Net profit for the first three quarters of 2024 was ¥977,206,611.60, representing a 25.0% increase compared to ¥781,611,397.78 in the same period of 2023[17] - The total comprehensive income for Q3 2024 reached ¥982,541,042.80, up from ¥815,961,165.92 in the same period last year, reflecting a growth of 20.4%[18] - Basic earnings per share for Q3 2024 were ¥3.44, compared to ¥2.75 in Q3 2023, representing a 25.2% increase[18] Assets and Liabilities - The total assets at the end of the reporting period amounted to ¥16,020,701,206.82, showing an increase of 8.44% from the end of the previous year[3] - The total liabilities as of the end of the third quarter of 2024 amounted to ¥6,299,233,738.86, an increase from ¥5,638,214,290.45 at the end of the same period in 2023[16] - The company's equity attributable to shareholders was ¥9,721,467,467.96, reflecting a year-on-year increase of 6.41%[3] - The company's total assets reached ¥16,020,701,206.82, an increase from ¥14,774,416,257.21 in the same period of 2023, reflecting a growth of 8.4%[16] Cash Flow - Cash inflows from operating activities totaled ¥8,844,196,641.72 in the first three quarters of 2024, a rise of 44.8% from ¥6,114,836,641.38 in the same period of 2023[19] - The net cash flow from operating activities for the first three quarters of 2024 was ¥441,157,881.75, significantly higher than ¥59,730,530.23 in the previous year[19] - The cash and cash equivalents at the end of Q3 2024 were ¥2,293,693,231.33, compared to ¥1,035,887,070.49 at the end of Q3 2023, indicating a significant increase[20] Investments and Financial Management - The company has been actively managing its financial assets, with a total of ¥5.13 billion in structured deposits as of the report date[13] - The company has entrusted a total of 50,000,000.00 CNY in structured deposits with Everbright Bank, yielding an annualized return of 2.50%[11] - The company has invested 250,000,000.00 CNY in structured deposits with CITIC Bank, with an annualized return ranging from 1.05% to 2.64%[11] - The company has a total of 350,000,000.00 CNY in structured deposits with CITIC Bank, with an annualized return ranging from 1.05% to 2.70%[11] - The company has a total of 90,000,000.00 CNY in structured deposits with China Merchants Bank, with an annualized return ranging from 1.56% to 2.50%[11] - The company has received actual returns of 1,627,397.26 CNY from structured deposits with CITIC Bank[11] - The company has received actual returns of 3,757,808.22 CNY from structured deposits with CITIC Bank[11] - The company has a total of 30,000,000.00 CNY in structured deposits with China Merchants Bank, with an annualized return ranging from 1.55% to 2.70%[11] - The company has received actual returns of 594,345.21 CNY from structured deposits with China Merchants Bank[11] Research and Development - Research and development expenses increased to ¥463,103,233.69 in the first three quarters of 2024, compared to ¥418,566,026.48 in the same period of 2023, reflecting a growth of 10.6%[17] Future Outlook - Future outlook remains positive, with expectations for continued growth in both revenue and market share, although specific guidance was not provided[13]

证券简称：星宇股份 证券代码：601799 编号：临 2024-030 常州星宇车灯股份有限公司 第六届董事会第十八次会议决议公告 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个别及连带责任。 一、董事会会议召开情况 （一）本次董事会会议的召开符合有关法律、行政法规、部门规章、规范性 文件和《公司章程》的规定。 （二）本次会议的通知于 2024 年 10 月 19 日以电话、电子邮件、现场送达 方式发出。 （三）本次会议于 2024 年 10 月 25 日在本公司以现场结合通讯方式召开。 （四）本次会议七名董事全部出席。 （五）本次会议由公司董事长周晓萍女士主持。公司监事、部分高管及董事 会秘书列席了本次会议。 第 2 页 共 2 页 1、以 7 票同意，0 票反对，0 票弃权，审议通过了关于《常州星宇车灯股 份有限公司 2024 年第三季度报告》的议案； 公司全体董事、监事及高级管理人员对《常州星宇车灯股份有限公司 2024 年第三季度报告》签署了书面确认意见，公司监事会以决议的形式对该报告进行 了确认。 公司董事会审计委员会审阅了 ...

证券代码：601799 证券简称：星宇股份 公告编号：2024-029 常州星宇车灯股份有限公司 2024 年半年度权益分派实施公告 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。 重要内容提示： 每股分配比例 相关日期 | 股份类别 | 股权登记日 | 最后交易日 | 除权（息）日 | 现金红利发放日 | | --- | --- | --- | --- | --- | | Ａ股 | 2024/10/29 | － | 2024/10/30 | 2024/10/30 | 差异化分红送转： 是 一、 通过分配方案的股东大会届次和日期 本次利润分配方案经公司 2024 年 9 月 6 日的 2024 年第一次临时股东大会审议通过。 二、 分配方案 截至股权登记日下午上海证券交易所收市后，在中国证券登记结算有限责任公司上海分 公司（以下简称"中国结算上海分公司"）登记在册的本公司全体股东。 3. 差异化分红送转方案： 公司以总股本 285,679,419 股，扣除已回购股份 1,911,175 股，即以 283,768,244 股为 ...

北京市建国门北大街 8 号华润大厦 20 层 邮编：100005 电话：(86-10) 8519-1300 传真：(86-10) 8519-1350 junhebj@junhe.com 北京市君合律师事务所 关于常州星宇车灯股份有限公司 差异化分红的专项法律意见书 致：常州星宇车灯股份有限公司 北京市君合律师事务所（以下简称"本所"或"君合"）接受常州星宇车灯股 份有限公司（以下简称"公司"）的委托，根据《中华人民共和国公司法》（以下 简称《公司法》）、《中华人民共和国证券法》（以下简称《证券法》）、《上海证券 交易所上市公司自律监管指引第 7 号——回购股份》（以下简称《回购股份监管 指引》）等中国（包括香港特别行政区、澳门特别行政区和台湾地区，仅为本法 律意见书之目的，"中国"特指中国大陆地区）现行法律、行政法规、部门规章 及规范性文件和《常州星宇车灯股份有限公司章程》（以下简称《公司章程》）的 有关规定，就公司 2024 年半年度利润分配所涉及的差异化权益分派特殊除权除 息（以下简称"本次差异化分红"）相关事宜，出具《北京市君合律师事务所关 于常州星宇车灯股份有限公司差异化分红的专项法律意见书》（以下简 ...

证券代码：601799 证券简称：星宇股份 公告编号：2024-028 常州星宇车灯股份有限公司 2024 年第一次临时股东大会决议公告 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。 重要内容提示： 本次会议是否有否决议案：无 一、 会议召开和出席情况 (五) 公司董事、监事和董事会秘书的出席情况 (一) 股东大会召开的时间：2024 年 9 月 6 日 (二) 股东大会召开的地点：公司办公楼三楼 7 号会议室（常州市新北区秦岭 路 182 号） (三) 出席会议的普通股股东和恢复表决权的优先股股东及其持有股份情况： 1、公司在任董事 7 人，出席 2 人，董事周晓萍、高国华，独立董事马培林、韩 践、李翔因公务在身未出席； 2、公司在任监事 3 人，出席 2 人，监事王世海因公务在身未出席； 3、公司董事会秘书高鹏出席会议，部分高管列席本次会议。 二、 议案审议情况 | 1、出席会议的股东和代理人人数 | 273 | | --- | --- | | 2、出席会议的股东所持有表决权的股份总数（股） | 164,318,585 ...