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]

Investment Rating - The investment rating for the company is "Recommended" [1][7][10] Core Views - The company achieved a revenue of 13.253 billion yuan in 2024, representing a year-on-year increase of 29.32%, and a net profit of 1.408 billion yuan, up 27.78% year-on-year [2][3] - The company’s automotive lighting business saw significant growth, with revenue reaching 12.454 billion yuan, a 29.75% increase year-on-year, driven by a rise in sales volume and an increase in high-value product penetration [6][7] - The company is expanding its international presence, with overseas revenue reaching 490 million yuan, a 49.1% increase year-on-year, although the overseas gross margin was under pressure at 6.44% [6][7] Financial Summary - Revenue projections for the company are as follows: 16.792 billion yuan in 2025, 20.743 billion yuan in 2026, and 24.776 billion yuan in 2027, with respective year-on-year growth rates of 26.7%, 23.5%, and 19.4% [3][9] - Net profit forecasts are adjusted to 1.813 billion yuan for 2025, 2.284 billion yuan for 2026, and 2.736 billion yuan for 2027, with growth rates of 28.8%, 26.0%, and 19.8% respectively [3][7] - The company’s gross margin is projected to stabilize around 19.5% in the coming years, while the net margin is expected to be around 10.8% [3][9] Business Development - The company has secured 69 new automotive lighting projects, with 40 entering mass production, indicating a strong pipeline for future growth [6][7] - The company is a supplier for high-profile clients, including Huawei's AITO brand, which has seen significant sales, further enhancing the company's market position [6][7] - The establishment of subsidiaries in Mexico and the USA is expected to bolster the company's service capabilities in North America as production ramps up [6][7]

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 ...

Investment Rating - The report maintains a "Buy" rating for the company [4] Core Views - The company achieved a revenue of 13.25 billion yuan in 2024, representing a year-on-year increase of 29.32%, with a net profit of 1.408 billion yuan, up 27.78% year-on-year [1] - The average selling price of automotive lights increased from 162 yuan to 203 yuan, contributing to a sales revenue of 12.45 billion yuan for lighting products, which is a 29.8% increase year-on-year [7] - The company is a leading manufacturer and designer of automotive lighting systems in China, serving a wide range of domestic and international automotive manufacturers [2] Financial Summary - The projected revenues for 2025, 2026, and 2027 are 16.62 billion yuan, 20.07 billion yuan, and 22.12 billion yuan, respectively, with year-on-year growth rates of 25.4%, 20.8%, and 10.2% [3] - The expected net profits for the same years are 1.85 billion yuan, 2.30 billion yuan, and 2.66 billion yuan, with corresponding year-on-year growth rates of 31.3%, 24.6%, and 15.3% [3] - The company’s sales and management expenses have decreased, with sales expense ratio at 0.42%, management expense ratio at 2.29%, and R&D expense ratio at 4.95% [1] Product and Market Development - The company is expanding its production capacity with the construction of a smart manufacturing industrial park, which will enhance its ability to produce electric vehicle lighting products [2] - The company has undertaken 69 new model R&D projects in 2024, successfully launching 40 models into production [7] - Domestic revenue reached 12.04 billion yuan, a 29.2% increase year-on-year, while international revenue grew by 49.1% to 499 million yuan [7]

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 ...

Investment Rating - The investment rating for the company is "Recommended" [1][6][9] Core Views - The company achieved a revenue of 13.253 billion yuan in 2024, representing a year-on-year increase of 29.32%, and a net profit of 1.408 billion yuan, up 27.78% year-on-year [2][5] - The company is a leading domestic supplier of automotive lighting systems, with significant growth driven by the increasing value of automotive lighting due to the development of automotive intelligence and the expansion of new energy vehicle clients [5][6] - The company has a robust pipeline of new projects, having undertaken 69 new vehicle lighting projects in 2024, with 40 entering mass production, which supports future growth [5][6] Financial Summary - In 2024, the company's automotive lighting business revenue reached 12.454 billion yuan, a year-on-year increase of 29.75%, with significant sales growth in front and rear combination lights [5] - The projected revenues for the company are as follows: 16.792 billion yuan in 2025, 20.743 billion yuan in 2026, and 24.776 billion yuan in 2027, with corresponding net profits of 1.813 billion yuan, 2.284 billion yuan, and 2.736 billion yuan respectively [3][6] - The gross margin for the automotive lighting business in 2024 was 19.93%, a decrease of 1.22 percentage points year-on-year, primarily due to the impact of overseas operations [5][6] Market Expansion - The company is steadily advancing its internationalization efforts, with overseas revenue reaching 490 million yuan in 2024, a year-on-year increase of 49.1%, although the overseas gross margin was only 6.44% [5][6] - The establishment of subsidiaries in Mexico and the United States is expected to enhance the company's service capabilities for North American clients as production ramps up [5][6]

公 司 报 告 汽车 2025 年 03 月 20 日 星宇股份(601799.SH) 公司发布 2024 年年报，2024 年公司实现营业收入 132.53 亿元（同比+29.32%）， 实现归母净利润 14.08 亿元（同比+27.78%），实现扣非归母净利润 13.61 亿元（同 比+30.17%）。2024 年度利润分配预案为每 10 股派发现金红利 13 元（含税）。 平安观点： | 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 | | | ...