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]

Group 1: Strategy Overview - The report discusses the supply-demand dynamics, identifying industries experiencing "supply clearance" or "strong expansion" [3] - It analyzes the export chain, detailing the overseas revenue and revenue from the U.S. for various industries [3] - The report highlights a noticeable increase in dividend yields in certain transportation and consumer sectors [3] Group 2: Market Performance - A-share market shows a stable upward trend, driven by policy catalysts, with a recovery in risk appetite and marginal improvement in sentiment [3] - Global equity markets exhibit mixed performance, with A-shares leading in gains [3] - The report notes a rise in gold prices followed by a pullback, alongside the appreciation of the Renminbi [3] Group 3: Industry Insights - The automotive sector, particularly Xingyu Co., Ltd. (601799.SH), is noted for its strong domestic market performance and steady growth in overseas markets [6] - The company is expected to achieve revenue of 165 billion, 205 billion, and 254 billion yuan for 2025-2027, with respective growth rates of 25%, 24%, and 24% [6] - The projected net profit for the same period is 19 billion, 25 billion, and 31 billion yuan, with growth rates of 36%, 30%, and 26% [6]

Core Insights - The automotive sector is expected to outperform the market, driven by a strong new product cycle and the rise of domestic brands in the context of electric and intelligent vehicle trends [3][14][24] - The report highlights a significant increase in revenue and net profit for the automotive sector in 2024, with a revenue of 37,123 billion and a net profit of 1,363 billion, marking a year-on-year growth of 7% and 9% respectively [1][15] - In Q1 2025, the automotive sector achieved a revenue of 8,417 billion, reflecting a year-on-year increase of 6% and a net profit of 359 billion, which is a 14% increase year-on-year [1][15] Revenue and Profit Analysis - In Q4 2024, the automotive sector's revenue reached 11,176 billion, showing a year-on-year growth of 13% and a quarter-on-quarter increase of 22% [1][15] - The net profit for Q4 2024 was 309 billion, which is a 26% increase year-on-year but a 9% decrease quarter-on-quarter [1][15] - The Q1 2025 results indicate a revenue decline of 25% quarter-on-quarter, while the net profit increased by 16% quarter-on-quarter [1][15] Market Trends - In April 2025, the retail market for narrow passenger cars reached approximately 1.75 million units, representing a year-on-year increase of 14.4% but a month-on-month decrease of 9.8% [1][2] - The penetration rate for new energy vehicles in April 2025 is estimated to be 51.4%, with expected retail sales reaching 900,000 units [1][2] - The inventory warning index for automotive dealers in April 2025 was 59.8%, indicating a rise of 0.4 percentage points year-on-year and 5.2 percentage points month-on-month [2] Investment Recommendations - The report recommends focusing on domestic brands and the opportunities in incremental components driven by electric and intelligent trends, highlighting companies like Leap Motor, Xpeng Motors, and Geely for vehicle recommendations [3][14][24] - For intelligent components, companies such as Coboda, Huayang Group, and Junsheng Electronics are recommended [3][14][24] - In the robotics sector, companies like Top Group and Sanhua Intelligent Control are highlighted as potential investment opportunities [3][14][24] Industry Outlook - The automotive industry is transitioning from a growth phase to a mature phase, with a projected annual compound growth rate of 2% over the next 20 years [15][19] - The report anticipates that the total sales of new energy vehicles will continue to grow, with sales expected to reach 1,216 million units in 2024, reflecting a year-on-year growth of 37% [19][20] - The penetration rate of new energy vehicles is expected to exceed 20% by 2025, with sales projected to surpass 1.5 million units [24][28]

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]

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 vehicle replacement policy, leading to sustained growth in automotive consumption, with a diverse customer base including major brands such as 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] - The company is advancing its global strategy, focusing on R&D and partnerships with firms like Huawei, and has entered the supply chains of foreign luxury brands [3] 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) is projected to increase from 6.72 yuan in 2025 to 10.94 yuan in 2027 [4] Customer and Product Development - The company has undertaken 69 new model development projects in 2024, with 40 models entering mass production, including high-value projects like the smart headlights for Huawei's AITO M9 [2] - The M9 model is expected to deliver 150,000 units in 2024, contributing significantly to revenue growth [2] Global Expansion - The company is making strides in global markets, with the establishment of factories in Europe, Mexico, and the USA, marking a new phase in its globalization efforts [3]

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]

Investment Rating - The report maintains a "Buy" rating for the company [2][6]. Core Views - The company reported a strong performance in Q1 2025, achieving revenue of 3.095 billion yuan, a year-on-year increase of 28.28%, and a net profit attributable to shareholders of 322 million yuan, up 32.68% year-on-year [2][4]. - The company is positioned as a leader in the smart automotive lighting sector, with ongoing upgrades in the automotive lighting market and an accelerated overseas expansion [9]. - Forecasted net profits for 2025-2027 are 1.86 billion, 2.32 billion, and 2.86 billion yuan, with corresponding price-to-earnings ratios of 20.95X, 16.73X, and 13.58X [2][9]. Financial Performance - In Q1 2025, the company's gross margin was 18.83%, with a slight decrease of 0.81 percentage points year-on-year, attributed to intensified competition in the automotive industry [9]. - The net profit margin for Q1 was 10.41%, showing stability with a year-on-year increase of 0.35 percentage points, primarily due to high average selling price (ASP) products driven by new energy customers [9]. - The company effectively managed its operating expenses, with a total expense ratio of 8.74%, down 1.50 percentage points year-on-year [9]. Market Position and Strategy - The company has deepened collaborations with high-quality new energy vehicle manufacturers and domestic brands, contributing significantly to its revenue [9]. - Strategic partnerships have been established to launch innovative products, such as the iVISION smart headlight, which is expected to reduce costs by 20% compared to previous models [9]. - The company is expanding its global footprint, with overseas revenue projected to reach 499 million yuan in 2024, a year-on-year increase of 49.09% [9].