Investment Rating - The report assigns a "Buy" rating for Xingyu Co., Ltd. (601799.SH) [1] Core Viewpoints - Xingyu Co., Ltd. has a strong customer resource accumulation in the automotive lighting sector and is actively expanding its overseas market presence [2][9] - The company is focusing on upgrading its automotive lighting products, with a significant shift towards LED technology, which has reached a market penetration rate of 78% in 2022 [3][17] - The automotive lighting market is expected to grow to 80.9 billion yuan in 2024, representing a year-on-year growth of 18.8% [29] Summary by Sections 1. Focus on Automotive Lighting Sector - Established in 1993, Xingyu Co., Ltd. is one of China's leading manufacturers and designers of complete automotive lighting systems, serving a diverse range of domestic and international automotive brands [9][12] 2. Continuous Upgrade of Automotive Lighting - The transition from halogen and xenon lights to LED and semiconductor laser diode lights is driving up the unit value of automotive lighting products. For instance, the price of LED headlights ranges from 1,600 to 2,000 yuan per set, compared to 400-500 yuan for halogen lights [3][18] - The report highlights the increasing functionality of automotive lights, including adaptive front lighting systems (AFS) and digital light processing (DLP) technology, with ADB penetration expected to reach 24% by 2024 [22][23] 3. Optimizing Customer Structure and Expanding Overseas - The company is diversifying its customer base, moving from primarily serving Chery Automotive to collaborating with major joint venture clients and new energy vehicle manufacturers [31][36] - Xingyu has established a production base in Serbia, which is expected to facilitate entry into the European high-end automotive market [36][37] 4. Earnings Forecast and Investment Recommendations - Projected revenues for 2024-2026 are 133.2 billion, 163.0 billion, and 199.1 billion yuan, with corresponding net profits of 15.3 billion, 19.7 billion, and 24.7 billion yuan [41] - The report suggests a valuation premium for the company due to its ongoing optimization of customer structure and international market expansion, leading to a "Buy" rating [41][42]

Investment Rating - The report gives a "Buy" rating for the company, marking its first coverage [6][9]. Core Insights - The company is a leading domestic automotive lighting manufacturer, entering a new growth cycle driven by smart lighting technology. The automotive lighting industry is undergoing a significant upgrade from functional to intelligent systems, enhancing the competitiveness of domestic manufacturers [3][4]. - The market for intelligent automotive lighting is expected to grow rapidly, with a projected compound annual growth rate (CAGR) of over 20% in the next three years, reaching a market size of over 56 billion yuan by 2026 [3][4]. Summary by Sections Company Overview - The company has been deeply involved in the automotive lighting industry for 30 years, evolving from a local manufacturer to a leading player in the sector. It has successfully expanded its customer base to include both domestic and international brands [17][24]. - The company’s governance structure is concentrated, with the actual controller holding 54.3% of the shares [20][22]. Market Analysis - The penetration rate of intelligent headlights is currently low but is expected to increase significantly, driven by the demand for enhanced safety and interactivity in vehicles. The average value per vehicle for advanced lighting systems (ADB/DLP) is projected to increase by over 50% compared to traditional LED systems [3][4]. - The competitive landscape is shifting as traditional fuel vehicle manufacturers have established stable partnerships with lighting suppliers, while the rise of electric vehicles presents new opportunities for domestic lighting manufacturers to capture market share [3][4]. Growth Drivers - The company has been expanding its customer base, particularly focusing on new energy vehicle manufacturers. Since 2021, it has successfully entered the supply chains of several new energy vehicle brands [3][4]. - The company has also partnered with Huawei to enhance its product offerings in intelligent automotive lighting, which is expected to strengthen its competitive position in the market [3][4]. Financial Forecast and Valuation - The company’s projected revenues for 2024, 2025, and 2026 are 131.74 billion yuan, 161.00 billion yuan, and 195.60 billion yuan, respectively, with year-over-year growth rates of 28.5%, 22.2%, and 21.5% [4][9]. - The expected net profits for the same period are 15.04 billion yuan, 19.01 billion yuan, and 23.53 billion yuan, with corresponding year-over-year growth rates of 36.5%, 26.4%, and 23.8% [4][9].

证券简称：星宇股份 证券代码：601799 编号：临 2024-027 常州星宇车灯股份有限公司 关于 2024 年度"提质增效重回报"行动方案的公告 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。 为落实国务院《关于进一步提高上市公司质量的意见》相关要求，响应上 海证券交易所（以下简称"上交所"）《关于开展沪市公司"提质增效重回 报"专项行动的倡议》，推动公司持续优化经营、规范治理和积极回报投资 者，常州星宇车灯股份有限公司（以下简称"公司"）围绕主责主业、股东回 报、信息披露和投资者关系、公司治理等方面制定"提质增效重回报"行动方 案。具体举措如下： 第 1 页 共 4 页 证券简称：星宇股份 证券代码：601799 编号：临 2024-027 一、聚焦主营业务，提升经营质量 公司坚持长期主义，专注车灯主业，继续聚焦优势资源，巩固在乘用车车 灯市场的竞争优势，通过加深与现有客户关系、优化产品结构、提升车灯技 术、开拓新能源客户和国际市场、优化布局等措施，实现业务成长。 公司坚持以内生成长为主的发展战略，围绕文化、体制 ...

常州星宇车灯股份有限公司 2024 年第一次临时股东大会会议材料 常州星宇车灯股份有限公司 2024 年第一次临时股东大会 会议材料 会议召开日期：2024 年 9 月 6 日 | 公司 | 2024 | 年第一次临时股东大会议程 3 | | --- | --- | --- | | 公司 | 2024 | 年第一次临时股东大会须知 4 | | 公司 | 2024 | 年第一次临时股东大会议案审议及表决方法 5 | | | 议案一、关于《公司 | 2024 年半年度利润分配方案》的议案 6 | | | | 议案二、关于修订《公司章程》的议案 7 | 常州星宇车灯股份有限公司 2024 年第一次临时股东大会会议材料 公司 2024 年第一次临时股东大会议程 现场会议时间：2024 年 9 月 6 日下午 14:00 网络投票时间：通过交易系统投票平台的投票时间为 2024 年 9 月 6 日交易时间段，即 常州星宇车灯股份有限公司 2024 年第一次临时股东大会会议材料 公司 2024 年第一次临时股东大会须知 为维护投资者的合法权益，保障股东在公司 2024 年第一次临时股东大会期间依法行使 权利，确保股东大会 ...

[Table_OtherReport] 证券研究报告 公司研究 [Table_ReportType] 公司点评报告 [Table_StockAndRank] 星宇股份(601799.SH) 投资评级 上次评级 [Table_Author] 陆嘉敏 汽车行业首席分析师 执业编号：S1500522060001 联系电话：13816900611 邮 箱：lujiamin@cindas.com | --- | --- | |----------------------------|----------------| | 信达证券股份有限公司 | | | CINDA SECURITIES CO.,LTD | | | 北京市西城区宣武门西大街甲 | 127号金隅大厦B | | 座 | | | 邮编：100053 | | [Table_ReportDate] 2024 年 8 月 23 日 [Table_S 事件：公司ummar发布y] 2024 半年度业绩报告。公司 2024 年上半年实现营收 57.2 亿元，同比+29.2%；归母净利润 5.9 亿元，同比+27.3%；扣非归母净利润 5.6 亿元，同比+35.7%。毛 ...

[Table_Title] 24H1 业绩超预期，车灯龙头迎新成长周期 [Table_ReportDate] 星宇股份(601799)公司简评报告 | 2024.08.22 [Table_Rank] 评级： 买入 核心观点 [Table_Authors] 岳清慧 汽车首席分析师 SAC 执证编号：S0110521050003 yueqinghui@sczq.com.cn [Table_Chart] 市场指数走势（最近 1 年） 0.2 星宇股份 沪深300 -0.2 0 22-Aug 3-Nov15-Jan 28-Mar 9-Jun21-Aug 资料来源：聚源数据 [Table_BaseData] 公司基本数据 | --- | --- | |-------------------------|---------------| | 最新收盘价（元） | 115.75 | | 一年内最高/最低价（元） | 161.81/110.11 | | 市盈率（当前） | 26.89 | | 市净率（当前） | 3.52 | | 总股本（亿股） | 2.86 | | 总市值（亿元） | 330.67 | 资料来源：聚源数据 ...

Investment Rating - The report maintains a "Buy" rating for the company with a target price of 172.23 CNY, unchanged from the previous rating [4][6]. Core Views - The automotive lighting industry is undergoing a new round of upgrades, transitioning from functional headlights to intelligent headlights, which is expected to drive accelerated growth in the sector [3][23]. - The company is poised to benefit from industry upgrades and a shift in customer structure, with revised EPS forecasts for 2024, 2025, and 2026 set at 5.36, 6.95, and 8.54 CNY respectively [4][18]. Summary by Sections 1. Profit Forecast - The company is projected to achieve revenues of 132.57 billion CNY in 2024, 161.00 billion CNY in 2025, and 193.97 billion CNY in 2026, with growth rates of 29.4%, 21.4%, and 20.5% respectively [17][20]. - The gross margin is expected to improve steadily, reaching 21.5%, 21.8%, and 22.5% in 2024, 2025, and 2026 respectively, driven by higher yields of ADB products and an increased proportion of high-margin products [17][20]. 2. Automotive Lighting Industry - The industry is experiencing a transition from traditional lighting sources to LED, enhancing functionality and paving the way for intelligent upgrades [25][26]. - The penetration rate of LED headlights is rapidly increasing, with over 70% in the global passenger car market and over 90% in the global new energy vehicle market as of 2023 [28]. 3. Customer Structure Upgrade - The company is witnessing a shift in its customer base from traditional joint ventures to new energy vehicle manufacturers, which is expected to drive a new round of growth [4][19]. - The sales volume of new energy vehicle clients is increasing, leading to a recovery in the company's revenue starting from 2023 [4][19].

证券简称：星宇股份 证券代码：601799 编号：临 2024-026 常州星宇车灯股份有限公司 关于召开 2024 年半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： 会议召开时间：2024年8月28日（星期三）上午10:00-11:00 会议召开地点：上海证券报·中国证券网（https://roadshow.cnstock.com/） 会议召开方式：网络文字互动 投资者可以在2024年8月27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2024年8月16日披露了《星宇股份2024年半年度报告》，为便于广 大投资者更全面深入地了解公司2024年半年度的经营成果及财务状况，公司决定 于2024年8月28日通过网络文字互动方式召开"星宇股份关于2024年半年度业绩 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2024年半年度的经营成果及 财务指标的具体情况 ...

Investment Rating - The report maintains a "Buy" rating for the company [4] Core Insights - The company achieved a revenue of 5.72 billion yuan in H1 2024, representing a year-on-year increase of 29.2%, with a net profit of 594 million yuan, up 27.3% year-on-year [1] - The second quarter saw a revenue of 3.30 billion yuan, a year-on-year growth of 32.1%, and a net profit of 350 million yuan, reflecting a 33.6% increase year-on-year [1] - The company has successfully expanded its high-end projects and maintained excellent cost control, leading to improved profitability [1] - The company is deepening its domestic presence while steadily advancing its globalization strategy, having entered the supply chains of foreign luxury brands [1] Financial Performance Summary - For 2024E, the company is projected to achieve a revenue of 12.95 billion yuan, with a year-on-year growth of 26.3%, and a net profit of 1.50 billion yuan, reflecting a 36.0% year-on-year increase [2][3] - The company’s gross margin is expected to be 21.5% in 2024, with a net margin of 11.6% [10] - The earnings per share (EPS) is projected to be 5.25 yuan in 2024, increasing to 8.63 yuan by 2026 [3][10] Market Position and Client Base - The company has a broad client base, including major automotive manufacturers such as Volkswagen, Toyota, and Mercedes-Benz, and is increasingly focusing on high-end models [1] - The collaboration with Huawei on the intelligent headlights for the AITO M9 has significantly contributed to revenue growth [1] Future Outlook - The company is expected to continue its strong growth trajectory, with projected revenues of 16.16 billion yuan in 2025 and 20.04 billion yuan in 2026, maintaining growth rates of 24.8% and 24.1% respectively [2][3] - The company is also focusing on enhancing its research and development capabilities to close the technology gap with international competitors [1]

证券研究报告 非金融公司|公司点评|星宇股份（601799） 优质项目快速放量，二季度业绩超预期 请务必阅读报告末页的重要声明 glzqdatemark1 2024年08月19日 证券研究报告 |报告要点 8 月 15 日，公司发布 2024 年中报，2024H1 公司实现营业收入 57.17 亿元，同比+29.2%；实 现归母净利润 5.94 亿元，同比+27.3%；2024Q2 实现营业收入 33.04 亿元，同比+32.1%；实现 归母净利润 3.51 亿元，同比+33.6%，环比+44.8%。公司自主客户销量表现亮眼，问界 M9 交 付量持续攀升，带动公司高价值量 DLP 大灯快速放量，进而推动公司收入高速增长。 |分析师及联系人 高登 陈斯竹 唐嘉俊 SAC：S0590523110004 SAC：S0590523100009 请务必阅读报告末页的重要声明 1 / 5 非金融公司|公司点评 glzqdatemark2 2024年08月19日 星宇股份(601799) 优质项目快速放量，二季度业绩超预期 | --- | --- | |------------|-----------------| | 行 ...