本报告仅供 Choice 东方财富 使用，请勿传阅。 2024 年 08 月 16 日 星宇股份(601799.SH) 公司快报 2024 年 H1 业绩亮眼，高端化、全球化驱动长期成长 证券研究报告 汽车零部件Ⅲ 投资评级 买入-A 维持评级 6 个月目标价 158.1 元 股价 (2024-08-15) 116.36 元 交易数据 总市值(百万元) 33,241.66 流通市值(百万元) 33,241.66 总股本(百万股) 285.68 流通股本(百万股) 285.68 12 个月价格区间 110.22/156.6 元 事件：8 月 15 日，星宇股份发布 2024 年半年报，实现营收 57.17 亿元， 同比+29.2%，实现归母净利润 5.94 亿元，同比+27.3%。 自主客户项目逐步量产，公司营收高速增长： 公司 2024 年 Q2 实现收入 33.04 亿元，同比+32.1%，环比+37.0%，同环比均保 持高速增长，主要由于：1）核心客户奇瑞贡献较多增量，奇瑞 2024 年 Q2 实 现销量 53.69 万辆，同比+38.8%，环比+5.6%；2）公司配套的公司配套的理想、 吉利银河、蔚来新 ...

Investment Rating - The report maintains a "Recommend" rating for Xingyu Co Ltd (601799 SH) with a current price of 116 36 yuan [3] Core Viewpoints - Xingyu Co Ltd achieved significant revenue and profit growth in H1 2024 with revenue of 5 717 billion yuan (+29 20% YoY) and net profit attributable to shareholders of 594 million yuan (+27 34% YoY) [3] - In Q2 2024 the company's revenue reached 3 304 billion yuan (+32 07% YoY +36 98% QoQ) and net profit attributable to shareholders was 351 million yuan (+33 61% YoY +44 77% QoQ) [3] - The company's gross margin in Q2 2024 was 20 37% (-1 53pct YoY +0 73pct QoQ) and net margin was 10 64% (+0 13pct YoY +0 58pct QoQ) [3] - Xingyu Co Ltd is the exclusive supplier of front and rear lamp assemblies for the AITO M9 a flagship SUV under the Harmony Smart Drive brand contributing significantly to the company's revenue growth [3] - The company is actively engaged in R&D with 38 new vehicle model projects in H1 2024 focusing on advanced lighting technologies such as DLP projection smart headlights and Micro LED/Mini LED based interactive lighting systems [3] Financial Projections - Revenue is projected to grow from 12 706 billion yuan in 2024 to 19 169 billion yuan in 2026 with a CAGR of 22 1% [5] - Net profit attributable to shareholders is expected to increase from 1 443 billion yuan in 2024 to 2 373 billion yuan in 2026 with a CAGR of 27 2% [5] - EPS is forecasted to rise from 5 05 yuan in 2024 to 8 31 yuan in 2026 [5] - The company's PE ratio is expected to decrease from 23x in 2024 to 14x in 2026 indicating potential undervaluation [5] Industry Analysis - The automotive lighting industry is a high-quality segment within the auto parts sector with continuous technological advancements driving value growth [3] - The transition from traditional lighting technologies (halogen xenon) to advanced systems (LED ADB DLP) has significantly increased the average price per headlight from hundreds to thousands of yuan [3] - The trend towards electrification and intelligence in vehicles is expected to further boost the volume price and profitability of automotive lighting products [4]

董事、监事和高级管理人员所持公司股份及其变动 管理制度 第一章 总则 第一条 为加强对常州星宇车灯股份有限公司（以下简称"公司"或"本公 司"）董事、监事和高级管理人员所持本公司股份及其变动的管理，维护证券市 场秩序，根据《中华人民共和国公司法》、《中华人民共和国证券法》（以下简 称"《证券法》"）、《上市公司股东减持股份管理暂行办法》、《上市公司董 事、监事和高级管理人员所持本公司股份及其变动管理规则》、《上海证券交易 所上市公司自律监管指引第 15 号——股东及董事、监事、高级管理人员减持股 份》等法律、法规、规章、规范性文件和《常州星宇车灯股份有限公司章程》（以 下简称"《公司章程》"）的相关规定，结合公司实际情况，特制定本制度。 第二条 本制度适用于公司董事、监事、高级管理人员所持本公司股份及其 变动的管理。公司董事、监事和高级管理人员就其所持股份变动相关事项作出承 诺的，应当严格遵守。本制度所称"公司高级管理人员"，系《公司章程》载明 的公司高级管理人员。 第三条 公司董事、监事、高级管理人员所持本公司的股份，是指登记在其 名下和利用他人账户持有的所有本公司股份。上述人员从事融资融券交易的，还 包括 ...

常州星宇车灯股份有限公司 一、 召开会议的基本情况 (一) 股东大会类型和届次 证券代码：601799 证券简称：星宇股份 公告编号：2024-025 关于召开 2024 年第一次临时股东大会的通知 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： 2024 年第一次临时股东大会 召开的日期时间：2024 年 9 月 6 日 14 点 00 分 召开地点：公司办公楼三楼 7 号会议室（常州市新北区秦岭路 182 号） (五) 网络投票的系统、起止日期和投票时间。 网络投票系统：上海证券交易所股东大会网络投票系统 网络投票起止时间：自 2024 年 9 月 6 日 至 2024 年 9 月 6 日 采用上海证券交易所网络投票系统，通过交易系统投票平台的投票时间为股 东大会召开当日的交易时间段，即 9:15-9:25,9:30-11:30，13:00-15:00；通过 互联网投票平台的投票时间为股东大会召开当日的 9:15-15:00。 股东大会召开日期：2024年9月6日 本次股东大会采用的网络投票系统：上海证券交 ...

Financial Performance - The company achieved a revenue of ¥5,716,621,689.23 for the first half of 2024, representing a 29.20% increase compared to ¥4,424,616,556.36 in the same period last year[16]. - The net profit attributable to shareholders for the first half of 2024 was ¥594,244,009.51, up 27.34% from ¥466,670,965.19 in the previous year[16]. - Basic earnings per share rose by 27.68% to CNY 2.0941, while diluted earnings per share increased by 26.83% to CNY 2.0801[18]. - The company's total revenue reached CNY 5.717 billion, reflecting a year-on-year growth of 29.20%[24]. - The net profit attributable to shareholders grew by 27.34% to CNY 594 million during the reporting period[24]. - The total comprehensive income for the first half of 2024 was ¥650,449,279.69, compared to ¥523,978,077.87 in the first half of 2023, showing an increase of 24.1%[73]. - The company's total profit for the first half of 2024 was ¥715,140,424.09, compared to ¥567,505,297.81 in the first half of 2023, representing a growth of 26.1%[72]. Cash Flow and Investments - The net cash flow from operating activities surged by 1,334.11% to approximately CNY 305.25 million, primarily due to a significant increase in cash received from sales[18]. - The company's operating cash flow for the first half of 2024 was CNY 305,250,093.74, a significant increase from CNY 21,285,006.70 in the same period of 2023, representing a growth of approximately 1,332%[74]. - Total cash inflow from operating activities reached CNY 5,726,016,185.26, compared to CNY 3,961,004,757.08 in the previous year, marking an increase of about 44.5%[74]. - The net cash flow from investment activities was negative CNY 418,398,578.51, a decline from a positive CNY 784,815,887.66 in the same period last year[75]. - The company reported a net cash flow from financing activities of negative CNY 348,983,314.10, compared to negative CNY 505,140,943.83 in the previous year, showing an improvement[75]. Shareholder Information - The company plans to distribute a cash dividend of ¥2.00 per 10 shares, totaling ¥56,753,648.80, with a remaining undistributed profit of ¥5,142,593,131.80 to be carried forward[4]. - The total available profit for distribution to shareholders at the end of the period was ¥5,199,346,780.60 after accounting for previous undistributed profits and cash dividends[4]. - Total number of common shareholders as of the end of the reporting period is 10,970[54]. - The largest shareholder, Zhou Xiaoping, holds 102,520,320 shares, representing 35.89% of total shares[55]. - The second largest shareholder, Zhou Bajin, holds 34,915,307 shares, representing 12.22% of total shares[55]. Assets and Liabilities - The company's total assets increased by 2.16% to approximately CNY 15.09 billion, while net assets attributable to shareholders rose by 2.79% to approximately CNY 9.39 billion[17]. - Total current assets increased to ¥10,163,847,645.86 as of June 30, 2024, up from ¥9,965,058,237.75 at the end of 2023, representing a growth of approximately 2%[63]. - Total liabilities increased to ¥5,702,671,880.73 from ¥5,638,214,290.45, reflecting a growth of about 1.1%[65]. - The company reported a total equity of ¥9,391,247,160.08, up from ¥9,136,201,966.76, indicating an increase of about 2.8%[65]. Operational Highlights - The company launched 22 new vehicle models in the first half of 2024, showcasing its strength as a leading automotive lighting solution provider[25]. - The company is focusing on the development of intelligent lighting systems, including ADB headlights and DLP projection headlights, to enhance safety and user experience[20]. - The company maintains strong relationships with major automotive manufacturers, including Volkswagen, BMW, and various domestic brands, ensuring a robust customer base[20]. - The company emphasizes cost control and vertical integration in its operations to enhance competitiveness in the rapidly evolving automotive market[23]. Risks and Challenges - The company faces risks related to fluctuations in the automotive industry, which could adversely affect production and sales if the overall market declines[35]. - There is a significant risk associated with technology and product development, as the company must keep pace with industry advancements to remain competitive[35]. - High customer concentration poses a risk, as the loss of major clients could significantly impact revenue and profit levels[35]. - The company is exposed to the risk of declining gross margins due to increasing competition and cost pressures from automakers[35]. Research and Development - Research and development expenses for the first half of 2024 were ¥298,037,328.05, compared to ¥269,169,918.56 in the previous year, indicating an increase of 10.7%[69]. - The company is focusing on the development of new technologies, including DMD-based DLP projection intelligent headlights and Micro LED technology for HD lighting[25]. - The company is engaged in various R&D activities related to automotive parts and electronic technologies[90]. Financial Management - The company has implemented energy-saving measures, including the use of servo motors and solar power, to reduce carbon emissions and energy consumption[43]. - The company has not proposed any profit distribution or capital reserve increase, but plans to distribute a cash dividend of 2.00 yuan per 10 shares[40]. - The company has not disclosed any new equity incentive plans or employee stock ownership plans during the reporting period[40]. - The company has a structured approach to employee benefits, including post-employment benefits and termination benefits, ensuring compliance with accounting standards[142]. Accounting Policies - The financial statements are prepared based on the going concern principle, reflecting the company's financial position and operating results accurately[94]. - The company follows specific accounting policies for revenue recognition and other transactions based on its operational characteristics[93]. - The company recognizes revenue when control of goods or services is transferred to customers, based on the transaction price allocated to the performance obligations[148].

一、监事会会议召开情况 1、本次监事会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。 2、本次会议的通知和材料于 2024 年 8 月 5 日以电话、电子邮件、现场送 达方式发出。 3、本次会议于 2024 年 8 月 15 日在公司以现场结合通讯表决方式召开。 4、本次会议三名监事全部出席。 5、本次会议由监事会主席徐小平先生主持。董事会秘书列席了本次会议。 证券简称：星宇股份 证券代码：601799 编号：临 2024-021 常州星宇车灯股份有限公司 第六届监事会第十六次会议决议公告 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个别及连带责任。 密规定的行为。 《常州星宇车灯股份有限公司 2024 年半年度报告》全文和摘要与本公告同 日披露于上海证券交易所网站（www.sse.com.cn）。 2、以 3 票同意，0 票反对，0 票弃权审议通过了《常州星宇车灯股份有限 公司 2024 年半年度募集资金存放与实际使用情况的专项报告》。 该专项报告（公告编号：临 2024-022）与本公告同日披露于上 ...

常州星宇车灯股份有限公司 章程 第一章 总 则 第一条 为维护常州星宇车灯股份有限公司(以下简称"公司")、股东和债 权人的合法权益，规范公司的组织和行为，根据《中华人民共和国公司法》(以下 简称《公司法》)、《中华人民共和国证券法》(以下简称《证券法》)、《上市公司 章程指引》、《上海证券交易所股票上市规则》和其他有关规定，制订本章程。 第二条 公司系依照《公司法》和其他有关规定成立的股份有限公司。 公司以发起方式设立；在常州市市场监督管理局注册登记，取得营业执照， 营业执照注册号 3204000000020916。 第三条 公司于二〇一一年一月十日经中国证券监督管理委员会（以下简 称"中国证监会"）批准，首次向社会公众发行人民币普通股 6000 万股，于二〇 一一年二月一日在上海证券交易所上市。 第四条 公司注册名称为： 中文名称：常州星宇车灯股份有限公司 英文名称： Changzhou Xingyu Automotive Lighting Systems Co., Ltd 第五条 公司住所：江苏省常州市新北区汉江路 398 号（一照多址） 邮 政编码：213022 第六条 公司注册资本：285,679, ...

证券简称：星宇股份 证券代码：601799 编号：临 2024-020 常州星宇车灯股份有限公司 第六届董事会第十七次会议决议公告 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个别及连带责任。 一、董事会会议召开情况 1、本次董事会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。 2、本次会议的通知和材料于 2024 年 8 月 5 日以电话、电子邮件、现场送 达方式发出。 3、本次会议于 2024 年 8 月 15 日在公司以现场结合通讯表决方式召开。 公司董事会审计委员会对公司编制的 2024 年半年度财务会计报表进行了事 前审议，未发现报表中存在异常情况，认为财务会计报表能够反映公司的财务状 况和经营成果，同意提交董事会审议。 《常州星宇车灯股份有限公司 2024 年半年度报告》全文及摘要的内容与本 公告同日披露于上海证券交易所网站（www.sse.com.cn）。 第 1 页 共 3 页 证券简称：星宇股份 证券代码：601799 编号：临 2024-020 4、本次会议应当出席董事七名，七名董事 ...

Group 1: General Principles of Investor Relations Management - The investor relations management aims to enhance communication with investors and protect their rights, especially those of small and medium investors [1] - The basic principles include compliance, equality, proactivity, and integrity [2][3] Group 2: Content and Methods of Investor Relations Management - Key communication topics include legal information disclosure, company strategy, management information, and environmental and social responsibility [2][3] - Multiple channels and platforms should be utilized for communication, including the company website, phone, email, and investor meetings [3][4] Group 3: Responsibilities and Organization - The board secretary is responsible for organizing investor relations activities, supported by the board and senior management [6][7] - The investor relations management team must handle inquiries, complaints, and suggestions from investors [7][8] Group 4: Disclosure and Transparency - The company must disclose information in a timely manner through designated media and ensure that no significant information is leaked before official announcements [3][8] - All disclosed information must be accurate, clear, and free from misleading statements [8][9] Group 5: Training and Documentation - Staff involved in investor relations should possess good character, professional knowledge, and communication skills [9][10] - A comprehensive documentation system for investor relations activities must be established, including participant details and communication content [10][11]

常州星宇车灯股份有限公司 证券简称：星宇股份 证券代码：601799 编号：临 2024-022 2024 年半年度募集资金存放与实际使用情况的专项报告 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。 一、募集资金基本情况 （一）募集资金到位情况 （1）2020 年公开发行可转换公司债券募集资金情况 根据公司 2020 年第一次临时股东大会决议，并经中国证券监督管理委员会证监许可 [2020]2262 号《关于核准常州星宇车灯股份有限公司公开发行可转换公司债券的批复》核 准，公司公开发行面值总额为人民币 1,500,000,000.00 元的可转换公司债券，每张债券面 值为 100 元，共计 15,000,000.00 张，债券期限为 6 年，募集资金总额为 1,500,000,000.00 元，扣除发行费用不含税金额人民币 9,395,283.00 元，实际募集资金净额为人民币 1,490,604,717.00 元，上述募集资金业经天衡会计师事务所（特殊普通合伙）天衡验字（2020） 00131 号验资报告验证。 （二 ...