Core Viewpoint - The company reported strong financial performance for Q1 2025, with significant year-on-year growth in revenue and net profit, driven by new model launches and increased sales in both domestic and overseas markets [1][2][4]. Revenue Performance - In Q1 2025, the company achieved revenue of 3.095 billion yuan, representing a year-on-year increase of 28.28% but a quarter-on-quarter decrease of 23.16% [2]. - The company launched 69 new model development projects in 2024, with 40 models entering mass production [2]. - The sales of the Wanjie M9 model increased by 117.43% year-on-year, significantly contributing to revenue growth [2]. Profitability Metrics - The net profit attributable to shareholders for Q1 2025 was 322 million yuan, up 32.68% year-on-year, but down 25.26% quarter-on-quarter [2]. - The non-recurring net profit was 313 million yuan, reflecting a year-on-year increase of 34.83% [2]. - The gross margin for Q1 2025 was 18.83%, showing a year-on-year increase of 0.27 percentage points and a quarter-on-quarter increase of 1.22 percentage points, primarily due to accounting standard adjustments [2]. Expense Management - The expense ratios for sales, management, R&D, and financial costs in Q1 2025 were 0.37%, 2.25%, 6.01%, and 0.11%, respectively, with year-on-year changes of -0.03, -0.39, +0.19, and -0.19 percentage points [2]. - The overall expense ratio remained stable, with a notable increase in the sales expense ratio attributed to accounting changes [2]. Product Development and Market Position - The Wanjie M9, positioned as a flagship SUV under the Hongmeng Zhixing brand, is exclusively supplied with front and rear lamp assemblies by the company, enhancing driver safety through advanced lighting technology [3]. - The Wanjie M9 has become the best-selling luxury car in China with over 40,000 units ordered within 27 days of its launch [3]. - The Wanjie M8 model was launched in April 2025, achieving 50,000 orders in just four days, setting a record for rapid sales in the 400,000 yuan segment [3]. International Expansion - The company generated 499 million yuan in revenue from overseas markets in 2024, marking a year-on-year increase of 49.09% [4]. - The Serbian factory, operational since 2022, contributed 316 million yuan in revenue in 2024, reflecting a year-on-year increase of 186.46% [4]. - The factory is expected to reach an annual production capacity of 6 million various types of lamps, with further expansion into North America through new subsidiaries in Mexico and the USA [4]. Investment Outlook - The company is positioned in a high-quality segment of the automotive lighting market, benefiting from trends in electrification and intelligent technology, with projected revenues of 16.423 billion, 19.906 billion, and 23.576 billion yuan for 2025-2027 [4]. - Expected net profits for the same period are 1.773 billion, 2.205 billion, and 2.788 billion yuan, with corresponding EPS of 6.21, 7.72, and 9.76 yuan [4].

证券简称：星宇股份 证券代码：601799 编号：2025-017 常州星宇车灯股份有限公司 第七届监事会第二次会议决议公告 本公司监事会及全体监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。 一、监事会会议召开情况 (一)本次会议的召开符合有关法律、行政法规、部门规章、规范性文件和公 司章程的规定。 (二)本次会议通知于 2025 年 4 月 21 日以电话、电子邮件和现场送达的方式 发出。 (三)本次会议于 2025 年 4 月 28 日在本公司以现场方式召开。 (四)本次会议应出席监事三人，实际出席监事三人。 (五)本次会议由公司监事会主席徐小平先生主持。公司部分高级管理人员及 董事会秘书列席了本次会议。 二、监事会会议审议情况 (一)审议通过关于《常州星宇车灯股份有限公司 2025 年第一季度报告》的 议案 监事会认为，公司 2025 年第一季度报告的编制和审议程序符合相关规定， 能够准确反映公司 2025 年第一季度的财务状况、经营成果和现金流量情况。 表决结果：同意 3 票，反对 0 票，弃权 0 票。 特此公告。 常州星宇车灯股份有 ...

证券简称：星宇股份 证券代码：601799 编号：2025-016 常州星宇车灯股份有限公司 第七届董事会第二次会议决议公告 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。 (一)本次会议的召开符合有关法律、行政法规、部门规章、规范性文件和公 司章程的规定。 (二)本次会议通知于 2025 年 4 月 21 日以电话、电子邮件和现场送达的方式 发出。 (三)本次会议于 2025 年 4 月 28 日在本公司以现场结合通讯方式召开。 (四)本次会议应出席董事七人，实际出席董事七人。 (五)本次会议由公司董事长周晓萍女士主持。公司监事、部分高级管理人员 及董事会秘书列席了本次会议。 二、董事会会议审议情况 经审议，会议做出如下决议： 一、董事会会议召开情况 证券简称：星宇股份 证券代码：601799 编号：2025-016 常州星宇车灯股份有限公司董事会 二〇二五年四月二十九日 第 2 页 共 2 页 (一)审议通过关于《常州星宇车灯股份有限公司 2025 年第一季度报告》的 议案 公司全体董事、监事及高级管理人员对《常州星宇车灯 ...

Financial Performance - The company's operating revenue for Q1 2025 reached ¥3,094,510,069.22, representing a 28.28% increase compared to ¥2,412,298,653.63 in the same period last year[4] - Net profit attributable to shareholders was ¥322,118,767.76, up 32.68% from ¥242,777,827.55 year-on-year[4] - Basic earnings per share rose to ¥1.1351, reflecting a 32.68% increase from ¥0.8555 in the same period last year[4] - The net profit after deducting non-recurring gains and losses was ¥312,786,114.88, which is a 34.83% increase from ¥231,982,813.31 year-on-year[4] - Total operating revenue for Q1 2025 reached ¥3,094,510,069.22, a 28.4% increase from ¥2,412,298,653.63 in Q1 2024[17] - Net profit for Q1 2025 was ¥322,118,767.76, representing a 32.7% increase compared to ¥242,777,827.55 in Q1 2024[18] - Earnings per share for Q1 2025 were ¥1.1351, compared to ¥0.8555 in Q1 2024, reflecting a significant growth[18] - The company reported a total comprehensive income of ¥394,415,618.68 for Q1 2025, up from ¥243,381,436.12 in Q1 2024[18] Cash Flow - The net cash flow from operating activities increased by 167.91%, amounting to ¥388,612,427.26, compared to ¥145,055,450.56 in the previous year[4] - In Q1 2025, the cash inflow from operating activities was CNY 3,563,926,791.27, a significant increase of 28.4% compared to CNY 2,775,361,854.32 in Q1 2024[20] - The net cash flow from operating activities for Q1 2025 was CNY 388,612,427.26, up from CNY 145,055,450.56 in Q1 2024, representing a growth of 167.5%[20] - The cash inflow from sales of goods and services in Q1 2025 was CNY 3,527,669,671.34, compared to CNY 2,749,753,883.12 in Q1 2024, reflecting a growth of 28.3%[20] - The total cash outflow from operating activities in Q1 2025 was CNY 3,175,314,364.01, an increase from CNY 2,630,306,403.76 in Q1 2024, representing a rise of 20.8%[20] - The company reported a cash inflow from tax refunds of CNY 11,221,125.56 in Q1 2025, significantly higher than CNY 1,110,066.79 in Q1 2024, showing an increase of 909.5%[20] - The cash outflow for employee payments in Q1 2025 was CNY 367,218,990.62, slightly up from CNY 363,156,271.08 in Q1 2024, indicating a marginal increase of 1.1%[20] Assets and Liabilities - The total assets at the end of the reporting period were ¥16,988,488,352.26, a slight increase of 0.26% from ¥16,944,066,492.20 at the end of the previous year[5] - Total liabilities decreased to ¥6,411,702,000.72 from ¥6,766,803,793.96, indicating improved financial stability[14] - Non-current assets totaled ¥5,034,851,125.35, an increase from ¥4,987,086,285.32[14] - The total current assets as of March 31, 2025, were ¥11,953,637,226.91, slightly down from ¥11,956,980,206.88 at the end of 2024, indicating a marginal decrease of 0.03%[12] - Accounts receivable decreased to ¥3,894,158,912.50 from ¥4,516,645,692.60, representing a decline of about 13.8%[12] - The company's inventory stood at ¥2,517,512,737.68, down from ¥2,629,252,263.74, showing a reduction of approximately 4.2%[12] Shareholder Information - The company reported a total of 9,535 common shareholders at the end of the reporting period[8] - The top shareholder, Zhou Xiaoping, holds 35.89% of the shares, totaling 102,520,320 shares[8] Financial Management - The total amount of entrusted financial management reached ¥2,545,000,000.00, with an expected annual return rate ranging from 1.05% to 2.55%[11] - The actual returns from entrusted financial management totaled ¥6,842,754.74, indicating successful recovery of funds[11] - The company has engaged in multiple structured deposits with various banks, including a significant deposit of ¥600,000,000.00 with CITIC Bank, maturing on May 30, 2025[11] - The company has utilized self-owned funds for all entrusted financial management activities, ensuring liquidity and risk management[11] - The financial management strategy includes investments in money market instruments, reflecting a conservative approach to asset allocation[11] - The company has successfully recovered all entrusted funds, demonstrating effective financial oversight and management practices[11] Research and Development - Research and development expenses for Q1 2025 were ¥185,966,052.50, up from ¥140,322,314.19 in Q1 2024, highlighting a focus on innovation[17] Other Comprehensive Income - Other comprehensive income after tax for Q1 2025 was ¥72,296,850.92, compared to ¥603,608.57 in Q1 2024, showing a significant improvement[18]

Group 1 - The core point of the article is that Xingyu Co., Ltd. (601799) reported significant growth in its financial performance for the first quarter of 2025, with revenue reaching 3.095 billion yuan, an increase of 28.28% year-on-year [1] - The net profit for the same period was 322 million yuan, reflecting a year-on-year growth of 32.68% [1]

Group 1 - The A-share market's three major indices closed mixed, with the CSI 300 Automotive Parts Index at 5702.55 points [1] - The CSI 300 Automotive Parts Index has decreased by 9.20% over the past month, 11.05% over the past three months, and 10.08% year-to-date [1] - The CSI 300 Index categorizes its 300 sample stocks into 11 primary industries, 35 secondary industries, over 90 tertiary industries, and more than 200 quaternary industries [1] Group 2 - The CSI 300 Automotive Parts Index has a market share distribution of 87.76% from the Shanghai Stock Exchange and 12.24% from the Shenzhen Stock Exchange [1] - Within the CSI 300 Automotive Parts Index, the industry composition includes 59.13% for automotive interior and exterior parts, 14.65% for automotive system components, 13.98% for tires, and 12.24% for automotive electronics [1]

Investment Rating - The automotive sector maintains a "Buy" rating [8] Core Views - The automotive industry is expected to see a recovery in demand driven by the old-for-new policy and a new product cycle, which will enhance profitability [2][3] - The first quarter of 2025 showed a year-on-year increase in retail sales of new energy vehicles by 34%, with a total of 2.05 million units sold [2] - The report highlights strong performance from leading domestic brands such as BYD, Geely, and Changan, with significant profit growth anticipated [3][26] Summary by Sections Passenger Vehicles - In Q1 2025, retail sales of passenger vehicles reached 5.17 million units, showing a year-on-year increase of 7% [3][12] - The price war in the industry has eased, leading to improved margins for major brands [3] - BYD, Geely, and Changan reported Q1 sales of 990,000, 610,000, and 450,000 units respectively, with BYD expected to achieve a net profit of 8.5 to 10 billion yuan, a year-on-year increase of 86% to 119% [3][26] Auto Parts - The auto parts sector is expected to see over 20% year-on-year profit growth for companies like New Spring and Bertel, driven by strong demand from leading brands [4][28] - Star Universe and Desay SV are also projected to report significant profit increases, with Star Universe expected to achieve a net profit of 330 to 350 million yuan, a year-on-year increase of 36% to 44% [4][31] Commercial Vehicles - The commercial vehicle sector experienced a 7.6% year-on-year increase in sales of large and medium buses in Q1 2025, reaching a new quarterly high [5][32] - Heavy truck sales saw a slight decline of 4% year-on-year, but new energy heavy trucks performed exceptionally well, with a 157% increase in sales [5][34] Motorcycles - The motorcycle market is entering a new product cycle, with large-displacement motorcycle sales increasing by 85% year-on-year in the first two months of 2025 [6][36] - Companies like Chunfeng Power and Qianjiang are expected to report significant profit growth, with Chunfeng Power's net profit projected to increase by 50% [6][37] Key Recommendations - Recommended stocks include Geely Automobile, Xpeng Motors, BYD, Star Universe, and China National Heavy Duty Truck, all rated as "Buy" with target prices set for significant upside [11][42]

► 行业新技术：高阶智驾加速普及 高压快充重构体验 智能驾驶：高算力芯片与激光雷达大规模上车。吉利 领克 900 成为全球首款搭载 Thor 芯片的量产车型，双Orin-X芯片成主流配置；零跑B10等车型以激光雷达下探至 10万元级市场，推动智驾平权。 智能座舱：高通骁龙 8295P芯片规模化普及，覆盖15万元以上车型 （如小鹏 G7、零跑B10、比亚迪汉L/唐L、方程豹钛3、吉利银河星 耀8、极氪007 GT）； 电动化： 800V高压快充成标配，续航与补能效率突破。 比亚迪全域 1 , 000V平台、华为尊界S800支持6C超充，续航普遍突破700km。 高端化 ：本次车展华为、小米新车集中发力高端市场，华为尊界定位百万级豪华轿车，通过华为品牌力 +智能驾驶、座舱黑科技赋能品牌；小米SU7 Ultra定位巅峰性能科技轿 车，主打性能、操控、科技，通过技术赋能高端。 ► 新势力新趋势：科技巨头重塑格局 智驾体验定义竞争力 华为： 尊界 S800、问界M8、享界S9增程三箭齐发，以鸿蒙智驾+高压平台技术冲击豪华市场，定位覆盖30万元至百万元级。 小米： S U7 ultra亮相车展， 具备 最大 马力 154 ...

Core Viewpoint - The 2025 Shanghai International Automobile Industry Exhibition will be held from April 23 to May 2, 2025, with the theme "Embrace Innovation, Win the Future," showcasing over 1,000 global enterprises and more than 100 new car launches, highlighting the industry's transformation and technological advancements [1][10]. Industry New Technologies - Advanced intelligent driving technologies are accelerating, with high-performance chips and LiDAR becoming mainstream. Geely's Lynk & Co 900 is the first mass-produced model equipped with the Thor chip, while models like Leapmotor B10 are introducing LiDAR technology to the 100,000 yuan market [2][21]. - The adoption of 800V high-voltage fast charging is becoming standard, with companies like BYD and Huawei leading the way, achieving ranges exceeding 700 km and charging efficiencies [2][27]. - The high-end market is seeing significant entries from tech giants like Huawei and Xiaomi, with models like Huawei's Aito S800 and Xiaomi's SU7 Ultra targeting luxury segments [2][3]. New Forces and Trends - Tech giants are reshaping the competitive landscape, with Huawei launching multiple models aimed at the luxury market, while new players like Xiaopeng, Li Auto, and Leapmotor are focusing on intelligent upgrades to penetrate mainstream markets [3][8]. - New energy vehicle brands are showcasing their strengths, with models like Xiaopeng G7 and Li Auto i8 emphasizing advanced intelligent driving capabilities [3][19]. Domestic Brand Trends - Domestic brands are leveraging technology to move upmarket, with BYD's Han L and Tang L featuring advanced intelligent driving systems and extended-range capabilities [4][19]. - Geely is expanding its market presence with models like the Galaxy Star 8 and Lynk & Co 900, focusing on hybrid and intelligent technologies [4][19]. - Companies like Changan, Great Wall, and SAIC are diversifying their product offerings, emphasizing high-end and technologically advanced vehicles [4][19]. Investment Recommendations - The report recommends investing in quality domestic brands that are accelerating in intelligence and globalization, specifically BYD, Geely, Xiaopeng, and Li Auto, while also suggesting to monitor Xiaomi Group [5]. - In the parts sector, it highlights new force supply chains and recommends companies like H Chain, T Chain, and intelligent driving component manufacturers [5].

Investment Rating - The report maintains a positive investment rating for the automotive and automotive parts industry, focusing on domestic autonomous industry chains and key companies such as BYD, Geely, and Xpeng [5]. Core Insights - The report highlights the impact of recent U.S. tariffs on the automotive sector, noting that the tariffs have a limited effect on automotive parts, particularly for companies with overseas operations [2][3]. - It emphasizes the importance of monitoring tariff developments and suggests a focus on domestic autonomous vehicle manufacturers that are less affected by U.S. tariffs [3][24]. - The report recommends a selection of companies in the automotive sector, particularly those involved in smart and electric vehicles, as well as automotive parts suppliers [3][4]. Summary by Sections Weekly Data - In the first week of April 2025, passenger car sales reached 337,000 units, a year-on-year increase of 25.6% but a month-on-month decrease of 30.2%. New energy vehicle sales were 168,000 units, up 37.8% year-on-year but down 30.4% month-on-month, with a penetration rate of 50.0% [1][3]. Market Performance - The automotive sector underperformed the market, with the A-share automotive sector declining by 5.26% from April 7 to April 11, ranking 24th among sub-industries [1][3]. Key Recommendations - The report suggests focusing on a core portfolio that includes companies like BYD, Geely, Xpeng, Xiaomi, Berteli, Top Group, and others [1][3]. - It also highlights the potential of companies involved in the new energy vehicle supply chain and those focusing on smart driving technologies [3][4]. Tariff Impact - The U.S. tariffs, particularly the reciprocal tariffs, are expected to have a significant impact on exports and the economy, with a potential drag on GDP growth [10][19]. - The report notes that the automotive parts sector is less affected by the tariffs, especially for companies with production facilities in Mexico and Southeast Asia [2][24]. Company Focus - The report identifies key companies in the automotive parts sector that are well-positioned to benefit from the current market dynamics, including those involved in smart and electric vehicle technologies [3][4][25].