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 ...

本来讲市场会比较担忧在二季报以前市场会比较担忧的就是它的一个客户结构占比的一个问题但实际上我们做了一个比较详细的一个订单的一个拆解和客户的这样的一个拆分那我们其实可以看到从二三年到二四年的二季度基本上公司的客户结构发生了一个非常非常大的一个改变二三年前五大客户里面来看的话呢像呃 合资品牌的占比差不多是在接近百分之四十。自主品牌里面占比最高的就是奇畏,它的整体的占比大概是在百分之十七左右。再往后的话,其实就是像一些红旗,占比大概是在百分之八左右。像传统的一个新势力,就是蔚来理想小同。 加上华为,整体的一个在客户结构里面的一个占比大概就是在10%不到的这样一个水平。但是我们可以看到,到24年的一季度,一方面随着去年下半年陆续拿到了新势力的核心放量车型的定点,另外一方面是公司进入了,公司拿到了。 塞斯的那个M9这样的一个定点的顺利的一个放量以及包括奇瑞我们可以看到在今年上半年总量的一个同比乘数其实是超过了接近的50%那在自主以及新人员客户的一个快速的一个放量的一个对比下面到2024年1季度上的一个节点17大中的一个占比其实只有25%奇瑞的一个占比提升到了20% 同期的一个占比大概是在8%左右,而塞力斯的占比大概是在 ...

证券研究报告·公司点评报告·汽车零部件 星宇股份（601799） 2024 年半年度报告点评：2024Q2 业绩超预 期，客户结构加速转型 2024 年 08 月 18 日 买入（维持） | --- | --- | --- | --- | --- | --- | |----------------------------|--------|----------|----------|----------|----------| | 盈利预测与估值 [Table_EPS] | 2022A | 2023A | 2024E | 2025E | 2026E | | 营业总收入（百万元） | 8248 | 10248 | 12858 | 15823 | 18640 | | 同比（%） | 4.28 | 24.25 | 25.47 | 23.06 | 17.80 | | 归母净利润（百万元） | 941.42 | 1,102.13 | 1,502.23 | 1,902.67 | 2,288.28 | | 同比（%） | (0.85) | 17.07 | 36.30 | 26.66 | 20.27 | | EPS-最新摊薄 ...

Investment Rating - The report maintains a "Strong Buy" rating for the company, with a target price of 159.5 CNY [1]. Core Insights - The company reported a record high revenue of 3.3 billion CNY in Q2 2024, representing a year-on-year increase of 32% and a quarter-on-quarter increase of 37% [1]. - The net profit attributable to shareholders for Q2 2024 was 351 million CNY, up 34% year-on-year and 45% quarter-on-quarter, with a net profit margin of 10.6% [1]. - The company is positioned in a competitive sector with a focus on high-quality new energy projects, which are expected to drive further growth [1]. - The company has seen a significant increase in sales from new energy vehicle projects, contributing to its revenue growth [1]. - The company is expected to benefit from a strong partnership with Huawei and an accelerated global expansion strategy [1]. Financial Summary - Total revenue for 2023 is projected at 10,248 million CNY, with expected growth rates of 29.4% in 2024, 18.6% in 2025, and 19.3% in 2026 [2]. - The net profit for 2024 is estimated at 1,519 million CNY, reflecting a year-on-year growth of 37.8% [2]. - Earnings per share (EPS) are projected to increase from 3.86 CNY in 2023 to 5.32 CNY in 2024 [2]. - The company’s price-to-earnings (P/E) ratio is expected to decrease from 31 times in 2023 to 23 times in 2024 [2].

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company has shown significant growth in revenue and profit in Q2 2024, with a year-on-year revenue increase of 32.07% and a net profit increase of 33.61% [2][3] - The company's profitability has improved, with gross and net profit margins increasing to 20.37% and 10.64% respectively in Q2 2024 [3] - The company is benefiting from increased sales from core customers, particularly in the domestic market, which is becoming a major driver of revenue growth [3] Summary by Sections Financial Performance - In H1 2024, the company achieved revenue of 5.417 billion yuan, a year-on-year increase of 29.20%, and a net profit of 594 million yuan, up 27.34% [2] - For Q2 2024, revenue reached 3.304 billion yuan, with a year-on-year growth of 32.07% and a quarter-on-quarter growth of 36.98% [2] - The net profit for Q2 2024 was 351 million yuan, reflecting a year-on-year increase of 33.61% and a quarter-on-quarter increase of 44.77% [2] Profitability and Cost Management - The company's gross margin and net margin improved to 20.37% and 10.64% respectively in Q2 2024, with significant reductions in various expense ratios [3] - The sales, management, R&D, and financial expense ratios decreased, indicating effective cost management [3] Market Position and Customer Base - The company has established a diverse customer base, including partnerships with luxury brands and domestic automakers, which has helped mitigate the impact of declining sales from joint venture brands [3] - The sales performance of key customers in Q2 2024 indicates a mixed trend, with some domestic brands showing significant growth [3] Future Outlook - The company is projected to achieve revenues of 12.944 billion yuan, 15.931 billion yuan, and 19.213 billion yuan for 2024, 2025, and 2026 respectively, with year-on-year growth rates of 26%, 23%, and 21% [5][6] - The forecasted net profit for the same period is expected to be 1.523 billion yuan, 1.922 billion yuan, and 2.405 billion yuan, with growth rates of 38%, 26%, and 25% [5][6]

[ T able_StockInfo] 2024 年 08 月 15 日 证券研究报告•2024 年半年报点评 买入 （维持） 当前价：116.36 元 星宇股份（601799）汽车 目标价：——元（6 个月） 费用控制有效，客户结构不断优化 [Table_Summary 事件：公司发布] 2024年半年报，24H1实现营收 57.17亿元，同比+29.2%；归 母净利润 5.94亿元，同比+27.3%，毛利率 20.1%，同比-1.7pp，净利率 10.4%， 同比-0.2pp。其中 24Q2实现营收 33亿元，同比+32.1%，环比+37%；归母净 利润 3.51 亿元，同比+33.6%，环比+44.8%。 客户结构不断丰富，费用控制有效。 24Q2 行业乘用车销量同环比分别 +2.5%/+10.7%（中汽协），公司大幅跑赢行业，主要来自客户销量增长，其中 奇瑞同环比+39%/+8.6%，问界+588%/+2%，理想+25.5%/+35.1%，蔚来 +144%/+90.9%，公司客户结构持续优化，新能源转型升级不断推进。24Q2毛 利率 20.4%，同比-1.5pp，环比+0.8pp；净利率 10.6%， ...

Investment Rating - The investment rating for the company is "Buy" with a target price of RMB 151.39 [2][3]. Core Views - The company's Q2 performance exceeded expectations, showcasing growth momentum with H1 revenue of RMB 57.17 billion, a year-on-year increase of 29.20%, and a net profit of RMB 5.94 billion, up 27.34% year-on-year [3][4]. - The significant contribution from new energy vehicle models, particularly the AITO M9, is expected to drive further revenue growth [4][6]. - The company maintains a strong gross margin of 20.37% in Q2, with a net margin improvement to 10.64% [5][6]. Summary by Sections Financial Performance - In H1 2024, the company achieved revenue of RMB 57.17 billion, with a net profit of RMB 5.94 billion and a non-recurring net profit of RMB 5.58 billion [3]. - Q2 revenue reached RMB 33.04 billion, reflecting a year-on-year growth of 32.07% and a quarter-on-quarter increase of 36.98% [3]. - The company forecasts EPS for 2024-2026 to be RMB 5.62, RMB 7.64, and RMB 9.88 respectively [3]. Growth Drivers - The AITO M9 model's sales surged, contributing significantly to Q2 revenue, with production increasing by 278% to 48,000 units [4]. - Other new energy models, such as the Li Auto L6, are also expected to contribute to revenue growth as they ramp up production [4]. - The company is strategically positioned with new energy vehicle clients, enhancing its growth potential [6]. Profitability Metrics - The gross margin for Q2 was 20.37%, with a slight increase from the previous quarter [5]. - The net profit margin improved to 10.64%, indicating effective cost management despite increased impairment losses [5]. - The company anticipates further improvements in net profit margins as high-value projects enter production [5][6]. Market Position and Strategy - The company is advancing its global expansion, with production capacity in Serbia and new entities established in Mexico and the USA to capture more North American clients [6]. - The company holds a competitive edge in the automotive lighting sector, with a focus on high-value new energy vehicle projects [6].

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company reported a revenue of 5.717 billion yuan for H1 2024, representing a year-on-year increase of 29.2%, and a net profit attributable to shareholders of 594 million yuan, up 27.3% year-on-year [2] - The gross margin for H1 2024 was 20.1%, down 1.7 percentage points year-on-year, while the net margin was 10.4%, down 0.2 percentage points year-on-year [2] - The company significantly outperformed the industry in Q2 2024, with a revenue of 3.3 billion yuan, a year-on-year increase of 32.1% and a quarter-on-quarter increase of 37% [2] - The customer structure is continuously optimized, and effective cost control measures have been implemented, with a cost rate of 9.1% for H1 2024, down 0.6 percentage points year-on-year [2] Summary by Sections Financial Performance - For H1 2024, the company achieved a revenue of 5.717 billion yuan and a net profit of 594 million yuan, with a gross margin of 20.1% and a net margin of 10.4% [2] - In Q2 2024, the revenue was 3.3 billion yuan, with a net profit of 351 million yuan, marking a year-on-year increase of 33.6% and a quarter-on-quarter increase of 44.8% [2] Customer and Product Development - The company is expanding its customer base and optimizing its product offerings, with significant growth in sales for key clients such as Chery and NIO [2] - The average selling price (ASP) of products increased by 25.4% year-on-year to 162.1 yuan in 2023, driven by the transition to more advanced lighting technologies [2] Global Expansion - The company is accelerating its global layout, with production capacity in Serbia gradually being released and new entities established in Mexico and the United States to support overseas market expansion [2] - The company maintains a competitive edge due to its fully independent technology and cost advantages compared to foreign competitors [2] Earnings Forecast - The projected earnings per share (EPS) for 2024-2026 are 5.06, 5.99, and 7.10 yuan, respectively, with a corresponding price-to-earnings (PE) ratio of 23, 19, and 16 times [3] - The compound annual growth rate (CAGR) for net profit attributable to shareholders is expected to be 22.5% over the next three years [3]