Core Points - The company announced a cash dividend of 1.3000 CNY per share for A shares [1][2] - The dividend distribution plan was approved at the annual general meeting on April 10, 2025 [1] - The total cash dividend to be distributed amounts to approximately 369.6 million CNY [1] Dividend Distribution Details - The dividend will be distributed based on a total share capital of 285,679,419 shares, excluding 1,371,175 shares that have been repurchased, resulting in 284,308,244 shares eligible for the dividend [1][2] - The record date for the dividend is May 27, 2025, with the ex-dividend date and cash dividend payment date both set for May 28, 2025 [1][2] Taxation Information - For individual shareholders holding shares for more than one year, the dividend income is temporarily exempt from personal income tax [4] - For shares held for less than one month, the full dividend income is included in taxable income, while for shares held between one month and one year, 50% of the income is included [4] - The actual cash dividend received by qualified foreign institutional investors (QFII) after a 10% withholding tax will be 1.1700 CNY per share [5][6]

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》（以下简称"本法律 意见书"）。 为出具本法律意见书，本所律师依据《律师事务所从事证券法律业务管理办 法》（以下简称《业务管理办法》）和《律师事务所证券法律业务执业规则（试行）》 （以下简称《执业规则》）等有关规定，查阅了按规定需要查阅的文件以及本 ...

证券代码：601799 证券简称：星宇股份 公告编号：2025-019 常州星宇车灯股份有限公司2024年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 A 股每股现金红利1.3000元 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 | 2025/5/27 | － | 2025/5/28 | 2025/5/28 | 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2025 年 4 月 10 日的2024年年度股东大会审议通过。 2. 分派对象： 二、 分配方案 1. 发放年度：2024年年度 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： （1）差异化分红方案 经公司 2024 年年度股东大会审 ...

Group 1 - The People's Bank of China has established a stock repurchase and increase loan tool, leading to a significant rise in listed companies' repurchase activities, with a total proposed loan amount exceeding 110 billion yuan by April 2025 [1] - On May 7, 2023, the People's Bank of China announced a combined usage of 500 billion yuan for securities, funds, and insurance company swaps, along with 300 billion yuan for stock repurchase loans, totaling 800 billion yuan, while also reducing the interest rate on structural monetary policy tools by 0.25 percentage points to 1.5% [1] - Industry insiders expect a resurgence in stock repurchase activities among listed companies in the near future [1] Group 2 - In January 2023, 60 listed companies conducted stock repurchases, followed by 48 in February, 61 in March, 54 in April, and 34 so far in May [3] - Palin Bio led the increase in repurchase activities with 55 instances, totaling 187,800 shares and an investment of 3.96 million yuan [3] - Other notable companies include Jerry Shares with 25 repurchase instances totaling 255,300 shares and 8.67 million yuan, and Lexin Technology with 23 instances totaling 137,689 shares and 7.51 million yuan [3] Group 3 - Seven executives from various companies increased their holdings by over 10 million shares, including Wu Mingwu from Shanying International and Zhou Xiaoping from Xingyu Shares [5] - Wu Mingwu increased his holdings by 62,151,200 shares across three transactions, amounting to 109 million yuan [7] - Lin Pusheng from Dazhong Mining increased his holdings by 56,695,300 shares for a total of 194 million yuan [7] Group 4 - ST companies are also actively repurchasing their stocks, including ST Kelly, ST Yifei, ST Saiwei, and *ST Jinshi [9] - ST Kelly's chairman, Yuan Zheng, increased his holdings by 4,365,100 shares, totaling 33.09 million yuan [11] - ST Yifei's executives also participated in repurchases, with Vice President Zhao Laigen and Chairman Wu Xuan increasing their holdings by 75,135 shares and 52,013 shares, respectively [12]

证券简称：星宇股份 证券代码：601799 编号：2025-018 投资者可以在2025年5月16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2025年4月29日披露了《星宇股份2025年第一季度报告》，为便于 广大投资者更全面深入地了解公司2025年第一季度的经营成果及财务状况，公司 决定于2025年5月19日通过网络文字互动方式召开"星宇股份2025年第一季度业 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2025年第一季度的经营成果及 财务指标的具体情况与投资者进行互动交流和沟通，在信息披露允许的范围内就 投资者普遍关注的问题进行回答。 二、说明会召开的时间、地点 召开时间：2025年5月19日（星期一）上午10:00-11:00 常州星宇车灯股份有限公司 关于召开 2025 年第一季度业绩说明会的预告公告 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： 召开地点：上海证券报· ...

Investment Rating - The report maintains a "Buy" rating for the company [5] Core Views - The company achieved a revenue of 3.095 billion yuan in Q1 2025, representing a year-on-year growth of 28.3%, with a net profit of 322 million yuan, up 32.7% year-on-year [1] - The company benefits from the "old-for-new" policy, leading to sustained growth in automotive consumption, with a diverse customer base including major brands like Volkswagen, Toyota, and Mercedes-Benz [1][2] - The company has optimized its customer structure and improved profitability through strong cost control, with a net profit margin increase from 10.06% in Q1 2024 to 10.41% in Q1 2025 [2] Financial Performance - The company is projected to achieve revenues of 16.511 billion yuan, 20.460 billion yuan, and 25.398 billion yuan for the years 2025, 2026, and 2027, respectively, with year-on-year growth rates of 24.6%, 23.9%, and 24.1% [4] - The net profit is expected to reach 1.919 billion yuan, 2.486 billion yuan, and 3.125 billion yuan for the same years, with growth rates of 36.3%, 29.5%, and 25.7% [4] - The company's earnings per share (EPS) are projected to be 6.72 yuan, 8.70 yuan, and 10.94 yuan for 2025, 2026, and 2027, respectively [4] Strategic Development - The company is deepening its domestic presence while expanding into Europe and the US, with a focus on R&D and partnerships with firms like Huawei [3] - The company has entered the supply chain of foreign luxury brands and is in a new phase of globalization with the establishment of factories in Europe and Mexico [3]

证券研究报告 | 季报点评 gszqdatemark 2025 05 12 年 月 日 星宇股份（601799.SH） 合作优质客户，业绩增长稳健 事件。公司 2025Q1 实现收入 30.95 亿元，同比增长 28.3%，归母净利润 3.22 亿元，同比增长 32.7%，毛利率 18.8%，净利率 10.4%。 合作优质客户，业绩增长稳健。2024H2 起，受益以旧换新政策拉动，汽 车消费持续向好，公司客户覆盖广，已合作大众系、丰田系、奔驰、宝马、 奇瑞汽车、理想汽车、蔚来汽车、小鹏汽车、赛力斯等，且配套车型持续 高端化。2025Q1，公司客户奇瑞、小鹏、赛力斯 M9 等销售表现较好，同 比增长分别为 17%/331%/117.8% ，带动公司总收入 / 利润增长 28.3%/32.7%。 客户结构持续优化，强费控带动盈利能力提升。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 在 2024 年交付 15 万辆，高端项 目收入贡献持续增加，20 ...

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]

Investment Rating - The industry investment rating is maintained as "Positive" [2] Core Insights - The report emphasizes two main investment lines: leading companies in niche segments and those well-positioned in the robotics sector [2] - The automotive industry is experiencing a shift towards new energy vehicles (NEVs), with significant growth in sales and technological advancements [8][10] - The report highlights the importance of strategic partnerships and technological innovation in enhancing market competitiveness [22][24] Summary by Relevant Sections Overview of the Automotive Industry - In Q1 2025, the Chinese automotive market is characterized by a dominance of new energy vehicles, with NEV sales reaching 3.07 million units [8] - The penetration rate of new energy vehicles is projected to reach 53% in H1 2024 [10] Leading Companies in Niche Segments - **BAIC Blue Valley**: Achieved 130.6 billion yuan in NEV revenue in 2024, with a 26.4% year-on-year growth [13] - **Jianghuai Automobile**: NEV sales increased by 25.08% in 2024, with a total of 51,809 units sold [16] - **Changan Automobile**: Sold 735,000 NEVs in 2024, marking a 52.8% increase [18] - **Geely Automobile**: NEV sales reached 888,000 units in 2024, a 92% increase, with NEV revenue accounting for 41% of total revenue [20] - **BYD**: NEV sales grew over 40% in 2024, maintaining its position as the top seller in China and globally [22] Key Component Manufacturers - **Top Group**: Reported a revenue of 26.6 billion yuan in 2024, with a 35% year-on-year increase [24] - **Fuyao Glass**: Achieved 39.25 billion yuan in revenue in 2024, a growth of 18.4% [26] - **Haoneng Co.**: Revenue reached 2.36 billion yuan in 2024, with a 21.3% increase [28] - **Longsheng Technology**: Revenue of 2.4 billion yuan in 2024, a 31.2% increase [30] - **Zhejiang Rongtai**: Reported a revenue of 1.135 billion yuan in 2024, with a 42% increase [32] Robotics Sector Developments - **Songyan Power**: Launched the humanoid robot N2, which won second place in a marathon event [6] - **Beijing Humanoid Robot Innovation Center**: Developed the "Tiangong Ultra" robot, which won a marathon [6] - **Kepler**: Introduced the K2 "Bumblebee" robot, showcasing its industrial application capabilities [6] - **Yushu**: Collaborated with Great Wall Motors to enhance robot technology and smart manufacturing [6]

公司研究丨点评报告丨星宇股份（601799.SH） [Table_Title] 星宇股份：2025Q1 业绩表现亮眼，智能车灯龙 头加速崛起 丨证券研究报告丨 [Table_Summary] 公司发布 2025 年一季度报告，公司实现营业收入 30.95 亿元，同比增长 28.28%；归母净利润 3.22 亿元，同比增长 32.68%。车灯赛道持续升级，公司产品客户转型进入兑现期，并加速海 外布局。预计公司 2025-2027 年归母净利润分别 18.6、23.2、28.6 亿元，对应 PE 分别为 20.95X、16.73X、13.58X，维持"买入"评级。 分析师及联系人 [Table_Author] 高伊楠 张永乾 SAC：S0490517060001 SAC：S0490524030002 SFC：BUW101 请阅读最后评级说明和重要声明 报告要点 %% %% %% %% research.95579.com 1 星宇股份（601799.SH） cjzqdt11111 [Table_Title 星宇股份：202]25Q1 业绩表现亮眼，智能车灯龙 头加速崛起 [Table_Summary2] 事件描述 ...