Investment Rating - The report maintains a "Recommended" investment rating for the company [3][8]. Core Views - The company's performance growth is driven by the increase in sales from independent new energy customers, despite a high proportion of joint venture brand support [4][8]. - The company is a significant supplier of automotive lighting systems, with a strong vertical integration capability in design, development, and manufacturing [8]. - The company has expanded its overseas market presence, with a factory in Serbia and operations in North America to enhance service capabilities for local clients [5][8]. Financial Performance - In the first half of 2024, the company achieved revenue of 5.72 billion yuan, a year-on-year increase of 29.2%, and a net profit attributable to shareholders of 590 million yuan, up 27.3% year-on-year [4]. - The second quarter of 2024 saw revenue of 3.30 billion yuan, with year-on-year growth of 37.0%, and a net profit of 350 million yuan, reflecting a year-on-year increase of 44.8% [4]. - The company plans to distribute a dividend of 2.0 yuan per 10 shares (tax included) for the first half of 2024 [4]. Future Projections - Revenue projections for 2024 to 2026 are set at 13.91 billion yuan, 17.62 billion yuan, and 21.01 billion yuan, respectively, with corresponding net profit estimates of 1.48 billion yuan, 1.92 billion yuan, and 2.38 billion yuan [5][10]. - The company is expected to maintain a steady growth trajectory, with net profit growth rates projected at 34.3% for 2024 and 29.5% for 2025 [11]. Market Position - The company is positioned as one of the largest comprehensive solutions providers for automotive lighting systems in China, benefiting from the increasing value of automotive lighting as vehicles become more intelligent [8]. - The company has a diversified customer base, including traditional independent brands and new energy vehicle manufacturers, which supports its revenue growth [4][5].

Investment Rating - The report maintains a "Buy" rating for the company with a target price of 142.56 yuan based on a 27x PE valuation for 2024 [2][4]. Core Insights - The company's performance met expectations with a revenue of 5.717 billion yuan in the first half of the year, representing a year-on-year growth of 29.2%. The net profit attributable to shareholders was 594 million yuan, up 27.3% year-on-year, and the non-recurring net profit was 558 million yuan, reflecting a 35.7% increase [1]. - In the second quarter, revenue reached 3.304 billion yuan, a 32.1% year-on-year increase and a 37.0% quarter-on-quarter increase. The net profit attributable to shareholders was 351 million yuan, up 33.6% year-on-year and 44.8% quarter-on-quarter [1]. - The company plans to distribute a dividend of 2 yuan for every 10 shares for the first half of 2024 [1]. - The gross margin in the second quarter rebounded sequentially, with a gross margin of 20.4%, a year-on-year decrease of 1.5 percentage points but an increase of 0.7 percentage points from the previous quarter [1]. - The company successfully expanded its customer base, adding 38 new vehicle development projects in the first half of 2024, which is an increase of 19 projects compared to the same period in 2023 [1]. Financial Summary - The company forecasts earnings per share (EPS) of 5.28 yuan, 6.52 yuan, and 7.79 yuan for 2024, 2025, and 2026 respectively [2]. - The projected revenue for 2024 is 12.409 billion yuan, with a year-on-year growth of 21.1% [7]. - The net profit attributable to shareholders is expected to reach 1.509 billion yuan in 2024, reflecting a year-on-year growth of 36.9% [7]. - The gross margin is projected to improve to 23.3% in 2024 [7].

Investment Rating - The report maintains an "Outperform" rating for the company [5][3]. Core Insights - The company has entered a new growth cycle following a comprehensive adjustment of its customer structure, shifting from joint ventures with German and Japanese brands to focusing on domestic and new energy vehicle clients [1][6]. - In Q2 2024, the company achieved a record high revenue of 3.5 billion yuan, representing a year-on-year increase of 34%, with a total revenue of 57.17 billion yuan for H1 2024, up 29.2% year-on-year [1][6]. - The company's revenue growth outpaced the automotive industry by 28 percentage points in Q2 2024, driven by the increase in existing customer sales and the launch of new models from various brands [1][13]. Financial Performance - For H1 2024, the company reported a gross margin of 20.06% and a net margin of 10.40%, with Q2 2024 gross margin at 20.37% and net margin at 10.64% [1][8]. - The company adjusted its revenue forecasts for 2024, 2025, and 2026 to 132.7 billion, 163.2 billion, and 205.4 billion yuan respectively, while lowering net profit estimates to 14.5 billion, 18.5 billion, and 23.8 billion yuan for the same years [3][4]. Market Trends - The automotive lighting industry is experiencing a trend towards electronic and intelligent features, with advancements in headlight technology such as ADB and DLP systems [16][18]. - The average price of the company's lighting products increased by 25% in 2023, reflecting the industry's overall price growth [2][6]. Global Expansion - The company is enhancing its global footprint with the establishment of subsidiaries in Serbia, Mexico, and the USA, which supports its international market expansion [1][31]. - In H1 2024, the company secured 38 new model development projects, successfully launching 22 of them, indicating strong future growth potential [27][30].

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, ...