Investment Rating - The report maintains a "Positive" investment rating for the automotive industry [14] Core Insights - The impact of the recent tariffs imposed by the U.S. on China is relatively limited for the automotive sector, primarily affecting parts exports. Strong parts manufacturers have established global production capabilities, particularly in Mexico, which benefits from zero tariffs under the USMCA agreement [2][10] - The overall automotive sales for the week of March 24-30 reached 482,500 units, a 12.3% increase compared to the previous week. New energy vehicle sales were 241,900 units, reflecting an 8.0% increase, with a penetration rate of 50%, down 2.0 percentage points from the previous week [9][10] - The A-share automotive sector experienced a decline of 3.60%, underperforming the CSI 300 index, which fell by 1.37% [9] Summary by Sections Tariff Impact - The U.S. tariffs on Chinese imports have a limited short-term impact on the automotive sector, with parts exports being the primary concern. Companies can potentially shift production to Mexico or other low-tariff regions to mitigate costs [10][23] Market Performance - The automotive sector's performance in the A-share market has been weak, with various sub-sectors showing declines, particularly in commercial vehicle parts and tires [9][11] Sales Data - Total automotive sales for March 2025 reached 1.685 million units, a 23.4% increase year-on-year, with new energy vehicles accounting for 890,000 units, up 27.7% [9][10] Investment Recommendations - The report recommends focusing on the complete vehicle segment and parts manufacturers with strong overseas layouts, particularly those involved in smart driving technologies and robotics [11][12] - Specific companies highlighted for investment include BYD, XPeng Motors, and Geely for smart driving vehicles, and Top Group and Fulin Precision for robotics [11][12] Parts Manufacturing - Some parts manufacturers may face pressure due to declining Tesla sales, but recovery is expected with new vehicle launches in Q2. Companies with operations in Mexico are less affected by the tariffs [12][40]

证 券 研 究 报 告 星宇股份（601799）2024 年报点评 强推（维持） 结构优化与智能造型升级驱动增长，全球化 稳步推进 事项： 公司发布 2024 年年报，24Q4 归母净利 4.31 亿元、同比+34%、环比+13%，扣 非归母净利 4.32 亿元、同比+15%、环比+16%。 评论： [ReportFinancialIndex] 主要财务指标 | | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | | 营业总收入(百万) | 13,253 | 16,252 | 19,501 | 22,992 | | 同比增速(%) | 29.3% | 22.6% | 20.0% | 17.9% | | 归母净利润(百万) | 1,408 | 1,822 | 2,249 | 2,729 | | 同比增速(%) | 27.8% | 29.3% | 23.5% | 21.3% | | 每股盈利(元) | 4.93 | 6.38 | 7.87 | 9.55 | | 市盈率(倍) | 24 | 19 | 15 | 12 | | 市净率(倍) ...

Core Points - The annual general meeting of Changzhou Xingyu Automotive Lighting Co., Ltd. is scheduled for April 10, 2025, to discuss various proposals including financial reports and the appointment of auditors [1][4][10]. Meeting Agenda - The meeting will include the reading and voting on several proposals, including the 2024 work reports from the board and supervisory committee, the financial settlement report, and the annual profit distribution plan [1][4][5][8]. - The voting will be conducted through a combination of on-site and online methods, with specific procedures outlined for shareholder participation [1][2][3]. Financial Performance - For the year 2024, the company reported a revenue of approximately CNY 13.25 billion, representing a 29.32% increase from CNY 10.25 billion in 2023 [6][8]. - The net profit attributable to shareholders was CNY 1.56 billion, with a basic earnings per share of CNY 4.96, up 28.31% from CNY 3.87 in 2023 [6][8]. - The company’s total assets increased by 14.69% to CNY 16.94 billion compared to CNY 14.77 billion in 2023 [6][8]. Proposals for Approval - The company proposes to reappoint Tianheng Certified Public Accountants as the auditor for the 2025 financial report and internal control audit [10][11]. - A profit distribution plan is proposed, suggesting a cash dividend of CNY 13 per 10 shares, totaling approximately CNY 369.6 million [8][9]. - The election of the seventh board of directors and supervisory committee members is also on the agenda, with specific candidates nominated for approval [15][21]. Cash Management Strategy - The company plans to utilize idle funds for cash management, with a maximum investment amount of CNY 3.5 billion in low-risk financial products [14].

Core Viewpoint - The company, Xingyu Co., Ltd., is set to hold its 2024 annual performance briefing on April 2, 2025, to discuss its operational results and financial status for the year [1][2]. Group 1: Meeting Details - The meeting will take place on April 2, 2025, from 10:00 AM to 11:00 AM [2]. - It will be conducted via video recording combined with online text interaction [2]. - Investors can participate by logging into the Shanghai Securities Journal and China Securities Network [2]. Group 2: Participation Information - Investors can submit questions from April 1, 2025, 8:00 AM to 4:00 PM, through provided contact methods [2]. - The company will address commonly asked questions during the briefing [1][2]. - Key personnel attending include the Chairman and General Manager, Ms. Zhou Xiaoping, and the Financial Director, Mr. Gao Peng [2]. Group 3: Contact Information - Contact persons for inquiries are Gao Peng and Zhang Xiwu [2]. - The contact phone number is 0519-85156063, and the email address is zhangxiwu@xyl.cn [2]. Group 4: Post-Meeting Access - After the meeting, investors can view the interactive content on the Shanghai Securities Journal and China Securities Network [2].

证券简称：星宇股份 证券代码：601799 编号：2025-011 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年年度的经营成果及财 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 常州星宇车灯股份有限公司 关于召开 2024 年年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个别及连带责任。 重要内容提示： 投资者可以在2025年4月1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3月20日披露了《星宇股份2024年年度报告》，为便于广大 投资者更全面深入地了解公司2024年年度的经营成果及财务状况，公司决定于 2025年4月2日通过视频录播结合网络文字互动方式召开"星宇股份关于2024年年 度业绩说明会"。 召开时间：2025年4月2日（星期三）上午10:00-11:00 召开地点：上海证券报·中国 ...

常州星宇车灯股份有限公司 2024 年度股东大会会议材料 常州星宇车灯股份有限公司 会议材料 会议召开日期：2025 年 4 月 10 日 | 录 | | --- | | 目 | | 公司 | 年度股东大会议程 3 2024 | | --- | --- | | 公司 | 2024 年度股东大会须知 4 | | 公司 | 2024 年度股东大会议案审议及表决方法 5 | | 议案一、关于《公司董事会 | 年度工作报告》的议案 6 2024 | | 议案二、关于《公司监事会 | 2024 年度工作报告》的议案 7 | | 议案三、关于《公司 | 2024 年度财务决算报告》的议案 8 | | 议案四、关于《常州星宇车灯股份有限公司 | 年年度报告》全文和摘要的议案 11 2024 | | 议案五、关于《公司 | 2024 年度利润分配方案》的议案 12 | | 议案六、关于续聘天衡会计师事务所（特殊普通合伙）担任公司 | 2025 年度财务报告审计机 | | 构的议案 13 | | | 议案七、关于续聘天衡会计师事务所（特殊普通合伙）担任公司 | 2025 年度内控审计机构的 | | 议案 | 14 | | 议案 ...

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].

Group 1 - The Shanghai-Shenzhen 300 Automotive Parts Index is reported at 6280.13 points, with the top ten weights including Xingyu Co., Ltd [1] - The index has decreased by 7.05% over the past month, increased by 0.44% over the past three months, and has declined by 0.98% year-to-date [1] - The index is designed to reflect the overall performance of different industry companies within the Shanghai-Shenzhen 300 Index, categorized into 11 primary industries, 35 secondary industries, over 90 tertiary industries, and more than 200 quaternary industries [1] Group 2 - The Shanghai Stock Exchange accounts for 87.10% of the holdings in the Automotive Parts Index, while the Shenzhen Stock Exchange accounts for 12.90% [1] - The composition of the index by industry shows that automotive interior and exterior parts account for 55.63%, automotive system components for 15.89%, tires for 15.58%, and automotive electronics for 12.90% [1] - The index sample is adjusted every six months, with adjustments implemented on the next trading day following the second Friday of June and December [2]

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 ...