Investment Rating - The report maintains a "Recommended" rating for the company [2][7]. Core Insights - The company has shown strong performance in 2024, achieving a revenue of 13.25 billion yuan, a year-on-year increase of 29.32%, and a net profit attributable to shareholders of 1.41 billion yuan, up 27.78% year-on-year [4][9]. - The growth is driven by the increase in sales from major domestic brand clients, with notable sales increases for brands such as Chery (+43.7%), Seres (+180.0%), Li Auto (+33.1%), Xpeng (+34.2%), and Zeekr (+87.2%) in 2024 [4]. - The company has implemented an employee stock ownership plan to align the interests of core employees with the company, which is expected to enhance growth potential [2]. Financial Performance Summary - In Q4 2024, the company reported a revenue of 4.03 billion yuan, a 33.73% increase year-on-year, and a net profit of 431 million yuan, up 34.49% year-on-year [4]. - The company has undertaken 69 new model development projects in 2024, an increase of 19% from the previous year, and has achieved mass production for 40 models [4]. - The average price of vehicle lights increased by 25.31% to 203.13 yuan, indicating a trend towards higher-end products [4]. - The gross profit margin for 2024 was 19.28%, slightly down by 1.30 percentage points year-on-year, primarily due to a decline in profitability from overseas operations [4][9]. Financial Forecast - The company is projected to achieve revenues of 16.52 billion yuan, 19.75 billion yuan, and 23.23 billion yuan for 2025, 2026, and 2027 respectively, with corresponding net profits of 1.88 billion yuan, 2.33 billion yuan, and 2.77 billion yuan [6][7]. - The diluted EPS is expected to rise to 6.57 yuan in 2025, 8.15 yuan in 2026, and 9.70 yuan in 2027, with PE ratios of 18.89, 15.21, and 12.79 respectively [6][7].

沪深300汽车零配件指数报6280.13点，前十大权重 包含星宇股份等 金融界3月24日消息，上证指数上涨0.15%，沪深300汽车零配件指数 (300汽车配件，L11621)报6280.13 点。 数据统计显示，沪深300汽车零配件指数近一个月下跌7.05%，近三个月上涨0.44%，年至今下跌 0.98%。 据了解，为反映沪深300指数样本中不同行业公司证券的整体表现，为投资者提供分析工具，将沪深300 指数300只样本按行业分类标准分为11个一级行业、35个二级行业、90余个三级行业及200余个四级行 业。沪深300行业指数系列分别以进入各一级、二级、三级、四级行业的全部证券作为样本编制指数， 形成沪深300行业指数。该指数以2004年12月31日为基日，以1000.0点为基点。 从沪深300汽车零配件指数持仓的市场板块来看，上海证券交易所占比87.10%、深圳证券交易所占比 12.90%。 从沪深300汽车零配件指数持仓样本的行业来看，汽车内饰与外饰占比55.63%、汽车系统部件占比 15.89%、轮胎占比15.58%、汽车电子占比12.90%。 资料显示，指数样本每半年调整一次，样本调整实施时间分别为 ...

Summary of the Conference Call for Xingyu Co., Ltd. Industry Overview - The automotive lighting industry is undergoing significant upgrades due to the rise of intelligent technologies, with DLP and HD smart headlights becoming key selling points for new models [4][13][14]. Company Insights Market Position - Xingyu Co., Ltd. maintains a strong domestic market share, with Chery and Seres leading, while Ideal, SAIC Volkswagen, Hongqi, and Toyota account for approximately 50% [2][5]. - The company is actively expanding its client base to include potential customers like Geely, Dongfeng, and Xiaomi, with specific plans to increase Geely's share [2][6]. Financial Performance - In 2024, overseas revenue is projected to reach 500 million yuan, a nearly 50% increase, primarily driven by the European market [2][7]. - The company expects revenue to reach around 600 million yuan in 2025, benefiting from new projects with clients like Mercedes-Benz and BMW, although short-term profit contributions from the European market may be limited due to long R&D cycles and economic conditions [2][7]. Profitability and Margins - The gross margin improved in Q4 2024 due to revenue growth, fixed cost dilution, and favorable client payment conditions [11][12]. - The company aims to maintain or even improve gross margins by reducing costs and enhancing operational efficiency in response to price pressures from OEMs [12]. Client Structure and Growth Expectations - The top five clients for 2024 include Chery, Volkswagen, Seres, Hongqi, and Ideal, with Chery being the largest, accounting for over 20% of revenue [3][45]. - The company anticipates increased contributions from Geely, Ideal, and Xiaopeng in 2025, with a focus on high-end models [45][46]. Technological Developments - Xingyu is collaborating with Huawei to develop DLP headlights and has independently developed HD headlights, with plans to showcase these at the Shanghai Auto Show [4][15]. - The company is expanding its technology offerings to non-Huawei clients, enhancing its overall value and gross margins [4][15]. Strategic Initiatives - The company is cautious about capital expenditures in 2025, with no immediate pressure on cash investments, and is focusing on high-end products for international markets [4][29]. - Xingyu is also exploring opportunities in the North American market, where competition is less intense compared to Europe [25][27]. Challenges and Risks - The company faces challenges in the European market due to long R&D cycles and economic conditions, which may limit short-term profitability [2][7]. - Increased accounts receivable turnover days are attributed to a shift in client structure towards domestic clients with longer payment terms [28][29]. Future Outlook - By 2025, the company expects to see a continued rise in the proportion of revenue from new energy vehicles, projected to exceed 35% in 2024 and approach 40% in Q4 [20][47]. - The company aims to enhance its global presence, particularly in Europe and Latin America, as Chinese automakers expand their international footprint [36][37]. Conclusion - Xingyu Co., Ltd. is well-positioned in the automotive lighting industry, with a strong domestic market presence and strategic initiatives aimed at expanding its international footprint and enhancing profitability through technological advancements and client diversification [44][48].

证券研究报告·公司点评报告·汽车零部件 星宇股份（601799） 2024 年年报点评：2024Q4 业绩符合预期，车 灯龙头持续成长 买入（维持） | [Table_EPS] 盈利预测与估值 | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业总收入（百万元） | 10248 | 13253 | 16305 | 19715 | 23530 | | 同比（%） | 24.25 | 29.32 | 23.03 | 20.91 | 19.35 | | 归母净利润（百万元） | 1102 | 1408 | 1761 | 2189 | 2683 | | 同比（%） | 17.07 | 27.78 | 25.02 | 24.31 | 22.60 | | EPS-最新摊薄（元/股） | 3.86 | 4.93 | 6.16 | 7.66 | 9.39 | | P/E（现价&最新摊薄） | 34.74 | 27.18 | 21.74 | 17.49 | 14.27 | [Table_Tag] [Table_S ...

证券研究报告 | 年报点评报告 gszqdatemark 2025 03 21 年 月 日 星宇股份（601799.SH） 高端项目放量优化客户结构，费控能力强彰显盈利韧劲。2024 年，公司 承接了多家客户共 69 个车型的新品研发项目，实现了 40 个车型的项目批 产，且部分项目在市场上引发高度关注。公司与华为合作配套问界 M9 的 智能大灯，单车价值量高，随着产能逐渐爬坡，M9 年度交付 15 万辆，高 端项目收入贡献持续增加。费用端，公司紧抓降本增效，销售/管理/研发 费用率均较 2023 年有明显改善，分别减少 0.64/0.36/1pct，虽然毛利率 同比减少 1.9pct，净利率维持较好，同比仅下降 0.12pct。 深耕国内、布局欧美，全球化稳步推进。公司注重研发，资金投入、人才 引进与外部合作（牵手地平线、华为）多线并进，与海外技术差距快速缩 小，实现光源从卤素、氙气到 LED/OLED 的升级，产品从小灯、尾灯到前 照灯的突破，ADB、DLP 等智能车灯已量产。公司零部件自制、优势突出， 客户端车企覆盖面广。2021-2023 年的电动化浪潮，公司迅速和新势力、 华为等达成深度合作，拿下多 ...

Macro and Strategy - The Federal Reserve maintained the federal funds rate target range at 4.25-4.5% and announced a slowdown in balance sheet reduction, lowering the monthly limit for Treasury redemptions from $25 billion to $5 billion [7] - The high-tech manufacturing macro report indicates that the diffusion index for high-tech manufacturing remains stable, with a slight decline in certain sectors such as aerospace and new energy [7][8] - The AI-enabled asset allocation strategy highlights the integration of ESG factors into traditional investment theories, suggesting that incorporating ESG constraints can enhance portfolio performance [9][10] Industry and Company Insights - The social services sector is expected to benefit from recent consumption policies aimed at boosting domestic demand, with a focus on service consumption [10][11] - Data tracking shows a positive trend in retail sales and hiring demand, indicating a gradual economic recovery [11][12] - The textile and apparel sector has seen a rebound in retail sales growth, with notable increases in exports from Vietnam [13][14] - China Unicom reported a 10.5% year-on-year increase in net profit for 2024, with a focus on innovative business growth and a stable traditional business [16][17] - Xingyu Co. achieved a 34% year-on-year increase in net profit for Q4 2024, driven by strong demand for automotive lighting products [21][22] - Xtep International reported a 20% increase in net profit for 2024, with significant growth in its professional sports brand [24][25] - Anta Sports saw a 16.5% increase in core profit for 2024, supported by a diverse brand portfolio [28][29] - ZhongAn Online's total premium income reached 33.42 billion yuan in 2024, with a 13.3% year-on-year growth, driven by its diversified product ecosystem [30][31] - Ping An Insurance reported a 47.8% year-on-year increase in net profit for 2024, supported by a robust strategic layout in comprehensive finance and healthcare [33][34]

公 司 报 告 | 行业 | 汽车 | | --- | --- | | 公司网址 | www.xy l.cn | | 大股东/持股 | 周晓萍/35.89% | | 实际控制人 | 周晓萍 | | 总股本(百万股) | 286 | | 流通 A 股(百万股) | 286 | | 流通 B/H 股(百万股) | | | 总市值（亿元） | 354 | | 流通 A 股市值(亿元) | 354 | | 每股净资产(元) | 35.62 | | 资产负债率(%) | 39.9 | 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 | | | WANGGENHAI964@pingan.com.cn | 汽车 2025 年 03 月 20 日 星宇股份(601799.SH) 车灯量价齐升，国际化稳步推进 推荐（维持） 股价：124.03 元 主要数据 事项： 公 ...

证券研究报告 星宇股份 (601799 CH) 业绩符合预期，智能车配套有望加速 | 华泰研究 | | | 年报点评 | | --- | --- | --- | --- | | 2025 年 | 3 月 | 20 日│中国内地 | 汽车零部件 | 公司 24 年实现营收 132.53 亿元（yoy+29.32%），归母净利 14.08 亿元 （yoy+27.78%）。Q4 营收 40.27 亿元（yoy+33.73%，qoq+14.78%），归 母净利 4.31 亿元（yoy+34.49%，qoq+12.56%），归母净利润符合我们在 业绩前瞻中的预期（4.18-4.78 亿元）。考虑到公司已获取国内增量品牌的较 多份额，25 年新项目有望多款爆款车型，且公司海外拓展积极，由国内头 部迈向全球头部车灯企业，我们维持"买入"评级。 公司具备技术领先优势，同时在优质新势力客户卡位优势明显，新势力项目 单车价值量和利润较此前客户多有提升，增加公司成长性。公司全球化布局 推进顺利，继塞尔维亚产能逐步释放发力欧洲市场，注册成立墨西哥星宇和 美国星宇，寻求更多北美机会，逐步向车灯行业全球头部企业迈进。 盈利预测与估值 考 ...

公司是我国领先的汽车车灯总成制造商和设计方案提供商，产品主要包括汽车前 部灯具、后部灯具和内外饰车灯等。客户涵盖德国大众、一汽-大众、上汽大 众、戴姆勒、北京奔驰、德国宝马、华晨宝马、通用汽车、上汽通用、日本丰 田、一汽丰田、广汽丰田、日本日产、东风日产、广汽本田、东风本田、一汽红 旗、奇瑞汽车、吉利汽车、理想汽车、蔚来汽车、小鹏汽车、赛力斯、江淮汽 车、北汽新能源及某国际知名新能源车企等多家国内外汽车整车制造企业。 证券研究报告 | 公司点评 | 汽车零部件 车灯均价持续提升，海外营收稳步增长 ——星宇股份 2024 年报点评 投资要点 ❑ 公司公告：2024 年实现营业收入 132.5 亿元，同比+29.32%；归母净利润 14.08 亿元，同比+ 27.78%；实现扣非净利润 13.61 亿元，同比+30.17%；销售/管理/ 研发费用率分别为 0.42%/2.29%/4.95%，同比-0.64/-0.36/-1.01pct，销售毛利率/ 净利率 19.3%/10.6%，同比-1.9/-0.12pct。 其中 Q4 营收 40.3 亿元，同比+33.73%/环比+14.78%；归母净利润 4.3 亿元， ...

证券研究报告 | 公司点评 | 汽车零部件 车灯均价持续提升，海外营收稳步增长 ——星宇股份 2024 年报点评 投资要点 ❑ 公司公告：2024 年实现营业收入 132.5 亿元，同比+29.32%；归母净利润 14.08 亿元，同比+ 27.78%；实现扣非净利润 13.61 亿元，同比+30.17%；销售/管理/ 研发费用率分别为 0.42%/2.29%/4.95%，同比-0.64/-0.36/-1.01pct，销售毛利率/ 净利率 19.3%/10.6%，同比-1.9/-0.12pct。 其中 Q4 营收 40.3 亿元，同比+33.73%/环比+14.78%；归母净利润 4.3 亿元，同比 +34.49%/环比+12.56%；销售毛利率/净利率 17.6%/10.7%。 公司是我国领先的汽车车灯总成制造商和设计方案提供商，产品主要包括汽车前 部灯具、后部灯具和内外饰车灯等。客户涵盖德国大众、一汽-大众、上汽大 众、戴姆勒、北京奔驰、德国宝马、华晨宝马、通用汽车、上汽通用、日本丰 田、一汽丰田、广汽丰田、日本日产、东风日产、广汽本田、东风本田、一汽红 旗、奇瑞汽车、吉利汽车、理想汽车、蔚来汽车、小鹏汽 ...