Investment Rating - The report maintains a "Buy" rating for the company, indicating a strong performance relative to the market [7]. Core Insights - The company reported a strong performance in Q3 2024, achieving a revenue of 9.225 billion yuan, a year-on-year increase of 27.5%, and a net profit of 977 million yuan, up 25% year-on-year [7]. - The growth in Q3 was driven by a sustained increase in orders from key clients, particularly Chery, which saw a 30% increase in sales [7]. - The company's gross margin for Q3 was 19.9%, with a net margin of 10.9%, showing a slight improvement in profitability [7]. - The customer base has diversified significantly over the years, including major global automotive brands, which strengthens the company's market position [7]. - The increase in shipments of headlamps, particularly high-value products like DLP laser headlights, has contributed to a rise in average selling prices (ASP) [7]. - Revenue forecasts for 2024-2026 have been slightly adjusted, with expected revenues of 13.21 billion, 16.44 billion, and 19.56 billion yuan respectively [7]. Financial Summary - For 2024, the company expects total revenue of 13.21 billion yuan, with a year-on-year growth rate of 28.9% [8]. - The projected net profit for 2024 is 1.416 billion yuan, reflecting a growth rate of 28.5% [8]. - The earnings per share (EPS) is forecasted to be 4.96 yuan for 2024, increasing to 6.36 yuan in 2025 and 7.77 yuan in 2026 [8]. - The company's return on equity (ROE) is expected to improve to 13.9% in 2024 and reach 17.0% by 2026 [8].

Investment Rating - The report maintains a "Recommend" rating for the company with a target price of 148.25 RMB [2] Core Views - The company's Q3 2024 revenue reached 3.509 billion RMB, a year-on-year increase of 24.77%, and a quarter-on-quarter increase of 6.19% [2] - Net profit attributable to the parent company in Q3 2024 was 383 million RMB, a year-on-year increase of 21.60%, and a quarter-on-quarter increase of 8.96% [2] - The gross profit margin in Q3 2024 was 19.94%, a year-on-year decrease of 1.15 percentage points, and a quarter-on-quarter decrease of 0.43 percentage points [2] - The company's net profit margin in Q3 2024 was 10.91%, a year-on-year decrease of 0.29 percentage points, but a quarter-on-quarter increase of 0.28 percentage points [2] - The company's revenue growth is driven by strong performance from downstream customers such as Seres, Li Auto, and Chery, as well as the launch of new projects [2] - The company is the sole supplier of front and rear lamp assemblies for the AITO M9, a flagship SUV under the Harmony Smart Drive brand, which has seen strong sales performance [2] - The company is continuously upgrading its product structure and investing in R&D, with 38 new vehicle projects in development in the first half of 2024 [2] Financial Performance - The company's revenue for the first three quarters of 2024 was 9.225 billion RMB, a year-on-year increase of 27.48% [2] - Net profit attributable to the parent company for the first three quarters of 2024 was 977 million RMB, a year-on-year increase of 25.02% [2] - Adjusted net profit attributable to the parent company for the first three quarters of 2024 was 929 million RMB, a year-on-year increase of 38.77% [2] - The company's revenue is expected to reach 12.706 billion RMB in 2024, 15.704 billion RMB in 2025, and 19.169 billion RMB in 2026 [3] - Net profit attributable to the parent company is expected to be 1.432 billion RMB in 2024, 1.872 billion RMB in 2025, and 2.380 billion RMB in 2026 [3] - The company's EPS is expected to be 5.01 RMB in 2024, 6.55 RMB in 2025, and 8.33 RMB in 2026 [3] Product and Market Analysis - The company's revenue growth is supported by the strong sales performance of the AITO M9, which sold 48,200 units in Q2 2024 and 49,600 units in Q3 2024 [2] - The company is focusing on the development of advanced lighting technologies, including DLP projection headlights, Micro LED-based HD lighting, and interactive lighting systems [2] - The company's product structure is continuously upgrading, with the average price of a single headlight increasing from hundreds to thousands of RMB due to technological advancements [2] Industry Trends - The automotive lighting industry is a high-quality segment within the automotive components sector, with continuous technological advancements driving value growth [2] - The trend towards electrification and intelligence is expected to further boost the demand for advanced automotive lighting solutions, leading to increased revenue and profitability for the company [3]

Investment Rating - The investment rating for the company is "Outperform the Market" [3][5]. Core Views - The company has entered a new growth cycle in 2024 after undergoing customer structure adjustments from 2021 to 2023, shifting focus from joint ventures with German and Japanese brands to domestic and new energy vehicle clients [1][5]. - In Q3 2024, the company achieved a record high revenue of 3.8 billion yuan, representing a 22% year-on-year increase, with a total revenue of 9.77 billion yuan for the first three quarters, up 25.02% year-on-year [1][5]. - The company’s revenue growth outpaced the passenger car industry by 27 percentage points, indicating strong performance despite a decline in overall passenger car production [1][5]. Summary by Sections Financial Performance - In Q3 2024, the company reported a net profit margin of 10.91%, with a slight increase of 0.27% quarter-on-quarter [2][8]. - The gross profit margin for the first three quarters of 2024 was 20.02%, down 1.47 percentage points year-on-year, while the net profit margin was 10.59%, down 0.21 percentage points year-on-year [2][8]. - The company’s revenue for 2024 is projected to be 132.7 billion yuan, with net profits expected to reach 14.5 billion yuan [3][4]. Market Position and Growth - The company has successfully transitioned to a new customer base, focusing on domestic brands and new energy vehicles, which has led to a significant increase in revenue [1][5]. - The company has secured 38 new model development projects in the first half of 2024, with 22 projects entering mass production [21][24]. - The company is expanding its global footprint with new operations in Serbia, Mexico, and the United States, enhancing its capacity to serve international clients [26]. Product Development and Innovation - The company is actively developing new technologies, including DLP projection headlights and smart lighting solutions, in collaboration with industry partners like Huawei and other tech firms [15][20]. - The company’s product average price increased by 25% in 2023, reflecting the ongoing upgrade of automotive lighting products [2][5]. - The company is focusing on enhancing its product offerings through strategic partnerships and technological advancements in automotive lighting and electronic systems [14][15].

Investment Rating - The report maintains a "Buy" rating for the company with a target price of 163.52 CNY, based on a 2024 PE valuation of 32 times [2][4]. Core Insights - The company's performance met expectations, with a revenue of 9.225 billion CNY for the first three quarters, representing a year-on-year growth of 27.5%. The net profit attributable to the parent company was 977 million CNY, up 25.0% year-on-year, and the net profit excluding non-recurring items was 929 million CNY, growing by 38.8% year-on-year [1]. - The gross margin slightly decreased to 20.1%, down 1.5 percentage points year-on-year, primarily due to customer structure adjustments. However, cash flow significantly improved, with a net cash flow from operating activities of 441 million CNY, a year-on-year increase of 638.6% [1]. - The company is actively expanding its customer base in the new energy sector and exploring overseas markets, establishing subsidiaries in Serbia, the USA, and Mexico to support global market entry [1]. Financial Summary - For 2024-2026, the forecasted EPS is 5.11 CNY, 6.53 CNY, and 7.94 CNY respectively, with adjustments made to gross margin and expense ratios [2]. - The projected revenue for 2024 is 12.409 billion CNY, with a year-on-year growth of 21.1%, and the net profit attributable to the parent company is expected to reach 1.460 billion CNY, reflecting a growth of 32.5% [7][9].

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company's Q3 2024 performance met expectations, with a revenue of 3.509 billion yuan, a year-on-year increase of 24.77%, and a quarter-on-quarter increase of 6.19%. The net profit for Q3 2024 was 383 million yuan, reflecting a year-on-year growth of 21.60% and a quarter-on-quarter growth of 8.96% [2][3] - The company is expected to benefit from product upgrades and customer expansion, particularly in the LED headlight segment, which is transitioning to ADB and DLP technologies. The company has already achieved mass production for ADB headlights and secured projects for DLP headlights [2][3] - The company is actively expanding its customer base, focusing on luxury brands and new energy vehicle manufacturers, which are anticipated to contribute significantly to future growth [2] Financial Performance Summary - For the first three quarters of 2024, the company achieved a total revenue of 9.225 billion yuan, a year-on-year increase of 27.48%, and a net profit of 977 million yuan, a year-on-year increase of 25.02% [2] - The projected revenue for 2024 is 13.262 billion yuan, with a year-on-year growth rate of 29.41%. The net profit for 2024 is projected to be 1.442 billion yuan, reflecting a year-on-year growth of 30.82% [3] - The earnings per share (EPS) for 2024 is estimated at 5.05 yuan, with a price-to-earnings (P/E) ratio of 29.38 [3] Market Data - The closing price of the company's stock is 148.25 yuan, with a market capitalization of approximately 42.35 billion yuan [5] - The company has a price-to-book (P/B) ratio of 4.36 and a total asset-liability ratio of 39.32% [6]

Investment Rating - The investment rating for the company is "Buy" (maintained) [4] Core Insights - The company's Q3 2024 performance met expectations, with a significant increase in revenue and net profit driven by strong sales from autonomous customers and the successful launch of high-value DLP headlights [2][6] - The company reported a revenue of 9.23 billion yuan for the first three quarters of 2024, a year-on-year increase of 27.5%, and a net profit attributable to shareholders of 980 million yuan, up 25.0% year-on-year [6] - In Q3 2024, the company achieved a revenue of 3.51 billion yuan, representing a year-on-year growth of 24.8% and a quarter-on-quarter increase of 6.2% [6] Financial Performance - The company’s gross margin in Q3 2024 was 19.9%, a decrease of 1.1 percentage points year-on-year, while the net profit margin was 10.9%, a decrease of 0.3 percentage points year-on-year but an increase of 0.3 percentage points quarter-on-quarter [6] - The company’s operating expenses ratio decreased to 8.1% in Q3 2024, down 1.2 percentage points year-on-year [6] - The company is expected to achieve revenues of 13.27 billion yuan, 16.44 billion yuan, and 19.82 billion yuan for 2024, 2025, and 2026 respectively, with year-on-year growth rates of 29.5%, 23.9%, and 20.6% [6][7] Customer Performance - The sales performance of autonomous customers in Q3 2024 showed significant growth, with year-on-year increases of 27.5% for Chery, 1.5% for FAW Hongqi, 45.4% for Li Auto, 16.3% for Xpeng, 11.6% for NIO, and 51.5% for Zeekr [6] - The company’s core customers, including joint ventures like FAW-Volkswagen and FAW-Toyota, experienced declines in sales, with year-on-year decreases of 19.3% and 5.9% respectively [6] Future Outlook - The company is actively expanding new projects, having undertaken 38 new model R&D projects in H1 2024, with 22 projects entering mass production [6] - The continuous development of advanced technologies such as DMD and Micro LED is expected to support future revenue growth [6]

（二）本次会议的通知于 2024 年 10 月 19 日以电话、电子邮件、现场送达 方式发出。 （三）本次会议于 2024 年 10 月 25 日在公司以现场结合通讯方式召开。 证券简称：星宇股份 证券代码：601799 编号：临 2024-031 常州星宇车灯股份有限公司 第六届监事会第十七次会议决议公告 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。 一、监事会会议召开情况 （一）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。 （一）以 3 票同意，0 票反对，0 票弃权审议通过了《关于<常州星宇车灯 股份有限公司 2024 年第三季度报告>的议案》； 《常州星宇车灯股份有限公司 2024 年第三季度报告》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）。 特此公告。 常州星宇车灯股份有限公司监事会 二〇二四年十月二十六日 （四）本次会议三名监事全部出席。 （五）本次会议由监事会主席徐小平先生主持。公司部分高管及董事会秘 书列席了本次会议。 二、监 ...

证券简称：星宇股份 证券代码：601799 编号：临 2024-030 常州星宇车灯股份有限公司 第六届董事会第十八次会议决议公告 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 （一）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。 （二）本次会议的通知于 2024 年 10 月 19 日以电话、电子邮件、现场送达 方式发出。 （三）本次会议于 2024 年 10 月 25 日在本公司以现场结合通讯方式召开。 （四）本次会议七名董事全部出席。 （五）本次会议由公司董事长周晓萍女士主持。公司监事、部分高管及董事 会秘书列席了本次会议。 第 2 页 共 2 页 1、以 7 票同意，0 票反对，0 票弃权，审议通过了关于《常州星宇车灯股 份有限公司 2024 年第三季度报告》的议案； 公司全体董事、监事及高级管理人员对《常州星宇车灯股份有限公司 2024 年第三季度报告》签署了书面确认意见，公司监事会以决议的形式对该报告进行 了确认。 公司董事会审计委员会审阅了 ...

Financial Performance - The company's operating revenue for Q3 2024 reached ¥3,508,846,033.30, representing a year-on-year increase of 24.77%[2] - Net profit attributable to shareholders for the same period was ¥382,962,602.09, up 21.60% compared to the previous year[2] - The net profit excluding non-recurring gains and losses was ¥371,228,158.45, reflecting a significant increase of 43.73% year-on-year[5] - The net cash flow from operating activities for Q3 2024 was ¥135,907,788.01, a remarkable increase of 253.51% compared to the same period last year[5] - Total operating revenue for the first three quarters of 2024 reached ¥9,225,467,722.53, a 27.5% increase from ¥7,236,761,990.77 in the same period of 2023[16] - Net profit for the first three quarters of 2024 was ¥977,206,611.60, representing a 25.0% increase compared to ¥781,611,397.78 in the same period of 2023[17] - The total comprehensive income for Q3 2024 reached ¥982,541,042.80, up from ¥815,961,165.92 in the same period last year, reflecting a growth of 20.4%[18] - Basic earnings per share for Q3 2024 were ¥3.44, compared to ¥2.75 in Q3 2023, representing a 25.2% increase[18] Assets and Liabilities - The total assets at the end of the reporting period amounted to ¥16,020,701,206.82, showing an increase of 8.44% from the end of the previous year[3] - The total liabilities as of the end of the third quarter of 2024 amounted to ¥6,299,233,738.86, an increase from ¥5,638,214,290.45 at the end of the same period in 2023[16] - The company's equity attributable to shareholders was ¥9,721,467,467.96, reflecting a year-on-year increase of 6.41%[3] - The company's total assets reached ¥16,020,701,206.82, an increase from ¥14,774,416,257.21 in the same period of 2023, reflecting a growth of 8.4%[16] Cash Flow - Cash inflows from operating activities totaled ¥8,844,196,641.72 in the first three quarters of 2024, a rise of 44.8% from ¥6,114,836,641.38 in the same period of 2023[19] - The net cash flow from operating activities for the first three quarters of 2024 was ¥441,157,881.75, significantly higher than ¥59,730,530.23 in the previous year[19] - The cash and cash equivalents at the end of Q3 2024 were ¥2,293,693,231.33, compared to ¥1,035,887,070.49 at the end of Q3 2023, indicating a significant increase[20] Investments and Financial Management - The company has been actively managing its financial assets, with a total of ¥5.13 billion in structured deposits as of the report date[13] - The company has entrusted a total of 50,000,000.00 CNY in structured deposits with Everbright Bank, yielding an annualized return of 2.50%[11] - The company has invested 250,000,000.00 CNY in structured deposits with CITIC Bank, with an annualized return ranging from 1.05% to 2.64%[11] - The company has a total of 350,000,000.00 CNY in structured deposits with CITIC Bank, with an annualized return ranging from 1.05% to 2.70%[11] - The company has a total of 90,000,000.00 CNY in structured deposits with China Merchants Bank, with an annualized return ranging from 1.56% to 2.50%[11] - The company has received actual returns of 1,627,397.26 CNY from structured deposits with CITIC Bank[11] - The company has received actual returns of 3,757,808.22 CNY from structured deposits with CITIC Bank[11] - The company has a total of 30,000,000.00 CNY in structured deposits with China Merchants Bank, with an annualized return ranging from 1.55% to 2.70%[11] - The company has received actual returns of 594,345.21 CNY from structured deposits with China Merchants Bank[11] Research and Development - Research and development expenses increased to ¥463,103,233.69 in the first three quarters of 2024, compared to ¥418,566,026.48 in the same period of 2023, reflecting a growth of 10.6%[17] Future Outlook - Future outlook remains positive, with expectations for continued growth in both revenue and market share, although specific guidance was not provided[13]

证券代码：601799 证券简称：星宇股份 公告编号：2024-029 常州星宇车灯股份有限公司 2024 年半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 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 | 2024/10/29 | － | 2024/10/30 | 2024/10/30 | 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 2024 年 9 月 6 日的 2024 年第一次临时股东大会审议通过。 二、 分配方案 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： 公司以总股本 285,679,419 股，扣除已回购股份 1,911,175 股，即以 283,768,244 股为 ...