常州星宇车灯股份有限公司（以下简称"公司"）于 2025 年 12 月 10 日召开 第七届董事会第五次会议，审议通过《关于以集中竞价交易方式回购股份的议案》， 同意公司以自有资金回购公司股份用于员工持股计划，回购金额不低于人民币 20,000 万元（含）、不超过人民币 30,000 万元（含），回购价格不超过 180 元/股 （含），回购期限为自公司董事会审议通过回购股份方案之日起 12 个月内，具体 内容详见公司分别于 2025 年 12 日 11 日、2025 年 12 月 12 日在上海证券交易所网 站（www.sse.com.cn）披露的《关于以集中竞价交易方式回购股份方案的公告》（公 告编号：2025-038）、《关于以集中竞价交易方式回购股份的回购报告书》（公告编 号：2025-041）。 二、回购股份的进展情况 根据《上市公司股份回购规则》《上海证券交易所上市公司自律监管指引第 7 号——回购股份》等相关规定，每个月的前 3 个交易日内披露截至上月末的回购 进展情况。现将公司回购公司股份的情况公告如下： 截止 2026 年 1 月 31 日，公司通过上海证券交易所交易系统以集中竞价交易 方式累 ...

格隆汇2月2日丨星宇股份(601799.SH)公布，截止2026年1月31日，公司通过上海证券交易所交易系统以 集中竞价交易方式累计回购公司股份217.17万股，已回购股份占公司总股本的比例为0.7602%，回购成 交的最高价为127.31元/股、最低价为120.80元/股，已支付的资金总额为人民币27,016.40万元（含交易 费用）。 ...

[Table_Title] 证券研究报告 / 公司动态报告 基本面保持良好，Micro-LED 车载应用加速推进 [Table_Summary] 基本面保持良好，盈利与现金流具备支撑能力。2025 年前三季度实现营 业收入 107.10 亿元，同比增长 16.09%；归母净利润 11.41 亿元，同比增 长 16.76%，扣非后净利润同比增长 19.90%，盈利能力持续改善。同时， 经营活动现金流净额达 17.71 亿元，同比大幅增长 301%，现金回笼能力 显著增强，反映主营业务运行健康、订单兑现能力较强。在研发端，公 司前三季度研发投入 6.41 亿元，占收入比重持续提升，为车灯智能化及 前沿技术布局提供稳定支撑。 车灯技术升级持续推进，全球客户与产能布局不断完善。公司在车灯技 术路径上，围绕 DLP、Micro-LED、Mini-LED、OLED 等方向推进智能 前 照 灯 、 像 素 化 显 示 灯 及 数 字 格 栅 等 产 品 研 发 ， 并 同 步 完 善 HCM/RCM/LCU/LDM 等车灯驱动与控制器体系，推动车灯产品向具备 更高精度控制与显示能力的系统化方向升级。在客户与布局层面，公司 ...

从招股书披露情况看，该公司业务覆盖汽车前部灯具、后部灯具以及内外饰车灯的设计、开发、制造及 销售，客户既包括大众、宝马、戴姆勒等国际整车企业，也涵盖华为鸿蒙智行、理想、蔚来、奇瑞等国 内自主品牌及造车新势力。根据弗若斯特沙利文资料，按2024年销售额计，公司在中国车灯市场整体占 有率为11.0%、位列第一；全球市场占有率为4.2%、位列第七。市场地位较为突出。 1月26日，常州星宇车灯股份有限公司(以下简称"星宇股份（601799）")向港交所主板递交上市申请 书，华泰国际担任独家保荐人。作为国内车灯领域头部企业，星宇股份2011年已在上交所A股上市，此 番赴港上市被市场视为其全球化产能与研发投入的再加码。 不过，在行业竞争加剧、整车厂降本压力延续的背景下，星宇股份"规模扩张"与"盈利质量"的匹配度， 成为投资者更为关心的核心变量。招股书显示，公司营收保持增长，但成本增速高于营收增速、毛利率 波动等迹象，提示其盈利空间正面临挤压。与此同时，该公司海外布局加速推进，地缘政治与贸易壁垒 等不确定因素亦可能对经营形成扰动。 规模扩张延续毛利率难增 从竞争格局看，星宇股份的优势主要来自客户覆盖广、规模效应与产品迭代能 ...

Group 1 - The automotive parts sector experienced a decline of 1.21% on January 28, with Weitang Industrial leading the drop [1] - The Shanghai Composite Index closed at 4151.24, up 0.27%, while the Shenzhen Component Index closed at 14342.9, up 0.09% [1] - Notable gainers in the automotive parts sector included Liangyu Co., which rose by 10.00% to a closing price of 131.67, and Qingdao Double Star, which increased by 9.95% to 6.74 [1] Group 2 - Weitang Industrial saw a significant drop of 13.00%, closing at 19.88, with a trading volume of 378,800 shares and a transaction value of 779 million [2] - The automotive parts sector experienced a net outflow of 3.574 billion in main funds, while retail investors saw a net inflow of 2.824 billion [2] - The top net inflows from retail investors included Qingdao Double Star with 92.09 million, while significant outflows were noted in companies like Feilong Co. with a net outflow of 158 million [3]

Group 1 - The core viewpoint of the news is that Xingyu Co., Ltd. has shown fluctuations in stock performance, with a recent increase in share price and notable trading activity, while also reporting significant revenue and profit growth year-on-year [1][2]. Group 2 - As of January 28, Xingyu's stock price increased by 2.04% to 122.14 CNY per share, with a trading volume of 2.37 billion CNY and a market capitalization of 34.893 billion CNY [1]. - The company has experienced a net inflow of main funds amounting to 14.9164 million CNY, with large orders contributing significantly to both buying and selling activities [1]. - Year-to-date, Xingyu's stock price has decreased by 1.00%, with a slight increase of 0.54% over the last five trading days [1]. Group 3 - For the period from January to September 2025, Xingyu achieved operating revenue of 10.71 billion CNY, representing a year-on-year growth of 16.09%, and a net profit attributable to shareholders of 1.141 billion CNY, up 16.76% [2]. - The company has distributed a total of 3.708 billion CNY in dividends since its A-share listing, with 1.136 billion CNY distributed over the past three years [3]. - As of September 30, 2025, the number of shareholders increased by 19.06% to 13,800, while the average number of circulating shares per person decreased by 16.01% to 20,772 shares [2][3].

Summary of the Conference Call Industry Overview - The conference focused on the automotive industry, specifically strategies and forecasts for 2026, with a review of the automotive market from 2005 to 2025 [1][2]. Key Insights and Arguments 1. **Sales Growth and Valuation**: - Sales growth is a sufficient but not necessary condition for the valuation of the automotive sector to increase. Historical data shows that years with sales growth corresponded with rising valuations, but there were exceptions in years like 2012 and post-2020 [3]. - The automotive sector's valuation tends to respond approximately three months ahead of sales growth before 2020, and this response time has shortened to about one month post-2020 [3]. 2. **Comparison with 2018**: - The year 2026 is expected to mirror 2018, which also faced declining sales due to policy changes. In 2018, the automotive sector began to decline three months before sales dropped significantly [4][5]. 3. **Impact of Policy Changes**: - The introduction of a 5% purchase tax on new energy vehicles in 2026 and changes in subsidy structures are expected to impact demand negatively [1][2]. 4. **Investment Opportunities**: - The focus for 2026 is on new growth areas, particularly in smart driving technologies. Companies in this sector are seen as undervalued, with many trading below 30x P/E ratios while maintaining decent growth rates [7][8]. 5. **Low Valuation and High Growth Stocks**: - Several companies were highlighted as having strong growth potential while being undervalued, including: - **Mastec**: Estimated 20% growth in 2026 with a P/E of 15-16x [10]. - **Yatong**: Expected 30% growth with a P/E of around 20x [10]. - **Fuyou Glass**: Anticipated 15% growth with a P/E of about 15x [11]. - **Weichai Power**: Projected 15% growth with a similar P/E [11]. 6. **Sector-Specific Insights**: - Companies like **Desay SV** and **Kobota** are expected to see significant revenue growth due to their involvement with major clients like Li Auto and NIO, with projected revenues of 90 billion and 21 billion respectively for Q4 [17][21]. - **Huayang Group** is expected to maintain a growth rate of over 20% in 2026, driven by high-margin products [24]. Other Important but Overlooked Content - The conference also discussed the potential risks associated with rising raw material costs, particularly for companies in the forging sector, which could impact earnings realization [13]. - The importance of technological cycles, including the shift towards electric and smart vehicles, was emphasized as a key driver for future growth in the automotive sector [6][7]. - The discussion included a focus on the competitive landscape, with companies like Fuyou Glass expected to benefit from a more favorable market position as competitors exit [30][31]. Conclusion - The automotive industry is facing challenges due to policy changes and market dynamics, but there are significant investment opportunities in undervalued companies with strong growth potential, particularly in the smart driving and electric vehicle segments. The insights from the conference provide a comprehensive overview of the current state and future outlook of the automotive sector.

据港交所1月26日披露，常州星宇车灯股份有限公司（简称"星宇股份（601799）"）向港交所主板递交上市申请书，华泰国际为其独家保荐人。 据悉，星宇股份成立于1993年，2011年登陆上交所A股市场，主营业务涵盖汽车前部灯具、后部灯具和内外饰车灯的设计、开发、制造及销售，是国内领 先的汽车车灯制造商。公司客户覆盖全球主流车企，既包括大众、宝马、戴姆勒等国际豪华品牌，也涵盖华为鸿蒙智行、理想、蔚来、奇瑞等国内自主品 牌及造车新势力。 根据弗若斯特沙利文的资料，按2024年销售额计，星宇股份在中国和全球车灯市场的整体市场占有率分别为11.0%、4.2%，位列中国第一、全球第七；按 2024年销售额计，公司在中国市场该领域的占有率为22.1%，位列第一。 | | | 截至12月31日止年度 | | | | 截 至9 月 30 日 止 九 個 月 | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | 2023年 | | 2024年 | | 2024年 | | 2025年 | | | | 人民幣千元 | % | 人民幣千元 | 16 | 人民 ...

Core Viewpoint - Xingyu Automotive Lighting Co., Ltd. has officially submitted its listing application to the Hong Kong Stock Exchange, positioning itself as a leading provider of automotive lighting products globally, with significant market shares in both China and worldwide [3][4]. Group 1: Market Position and Competitiveness - Xingyu holds a market share of 11% in China's automotive lighting market and 4.2% globally, ranking first in China and seventh worldwide according to Frost & Sullivan [3]. - In the market for lighting in passenger vehicles priced above RMB 200,000, Xingyu has a dominant share of 22.1% in China, making it the market leader [3]. - The company has a remarkable 70.2% market share in China's smart automotive lighting sector, leading both the global and Chinese markets [3]. Group 2: Global Operations and Innovation - As of September 30, 2025, the company operates 12 factories in China and Serbia, along with 15 R&D centers globally, covering major automotive markets in Asia, Europe, and America [4]. - Xingyu has established partnerships with nine of the top ten global automotive manufacturers, showcasing its strong industry relationships [4]. - The company has over 2,800 patents and led the development of the first approved ISO standard for the automotive lighting industry in China [4]. Group 3: Financial Performance - From 2011 to 2024, the company's revenue and net profit have grown at compound annual growth rates of 21.1% and 17.8%, respectively [4]. - Revenue is projected to increase from RMB 10.248 billion in 2023 to RMB 13.253 billion in 2024, reflecting a growth of 29.3% [4]. - For the nine months ending September 30, 2025, the company reported revenue of RMB 10.71 billion, a 16.1% increase compared to the same period in 2024 [4]. Group 4: Product Development and Market Trends - The company focuses on designing, developing, manufacturing, and selling automotive lighting products, with a shift towards smart visual systems [5]. - The contribution of smart front and rear lighting products to total revenue increased from 0.3% in 2023 to 13.6% in 2024, and further to 16.2% for the nine months ending September 30, 2025 [5]. - This growth is driven by the increasing demand for smart lighting products in the electric vehicle market, ongoing technological innovations, and deepening collaborations with customers [5].

据港交所1月26日披露，常州星宇车灯股份有限公司(简称：星宇股份（601799），601799.SH)向港交所主板递交上市申请书，华泰国际为其独 家保荐人。 公司简介 据招股书，按2024年的销售收入计，该公司是中国最大、全球领先的汽车照明产品提供商，致力于通过创新技术与智能制造，为全球汽车市场 提供安全、科技、智能的车灯及配套电子零部件。截至最后实际可行日期(2026年1月20日)，该公司与全球前十大整车制造商(按2024年集团层面 销量计)中的九家建立了配套合作关系。 根据弗若斯特沙利文的资料，按2024年销售额计，该公司在中国和全球车灯市场的整体市场占有率分别为11.0%、4.2%，位列中国第一、全球 第七;在整车零售价人民币20万元以上的乘用车照明前装市场领域，该公司具有更强的市场竞争力、拥有更高的市场份额，按2024年销售额计， 该公司在中国市场该领域的占有率为22.1%，位列第一。该公司前瞻性地布局智能汽车照明产品的研发和生产，具有显著领先的市场地位，按 2024年销售额计，该公司在全球和中国智能车灯市场均排名第一，其中在中国市场占有率高达70.2%，显著领先于其他市场参与者。 该公司着力推动研发 ...