Core Viewpoint - Xingyu Co., Ltd. has demonstrated excellent growth in revenue and profit since its listing, establishing itself as a leading independent automotive lighting company through customer expansion and product upgrades [1] Group 1: Growth Phases - The growth of Xingyu can be divided into four phases: late sedan cycle (2007-2011), early SUV cycle (2012-2016), late SUV cycle (2017-2020), and new energy cycle (2021-2025) [1][2][3] - In the late sedan cycle, Xingyu's revenue and profitability increased, driven primarily by major customers such as Volkswagen and Toyota [1] - During the early SUV cycle, revenue growth remained stable, but profitability faced pressure due to customer price reductions and rising costs [2] - In the late SUV cycle, Xingyu benefited from both product and customer cycles, with revenue and profit growth outpacing revenue growth due to LED upgrades [2] - The new energy cycle has seen a shift in the domestic passenger car market, with a slowdown in revenue growth in 2021-2022, but a return to growth expected in 2023-2024 [2] Group 2: Profitability and Customer Structure - Compared to the peak net profit margin during the LED boom in 2019-2020, the company's net profit margin has stabilized despite a slight decline in recent years [3] - The customer structure has shifted from primarily joint ventures to domestic brands such as Chery and Li Auto, benefiting from increased sales [3] Group 3: Future Outlook - The smart lighting cycle (2026-2030) is expected to drive continuous upgrades in automotive lighting, increasing average selling prices (ASP) and industry growth [3] - Xingyu's competitive position has strengthened due to high barriers to entry in the lighting industry, with deep partnerships with leading clients in the new energy sector [3] - The company is actively expanding into overseas markets, which is anticipated to contribute to additional revenue growth [3] Group 4: Profit Forecast - The projected net profits for Xingyu from 2025 to 2027 are 1.759 billion, 2.199 billion, and 2.698 billion yuan, with corresponding EPS of 6.16, 7.70, and 9.44 yuan [3]

Investment Rating - The report maintains a "Buy" rating for the company [1]. Core Views - The report outlines the growth trajectory of the company, highlighting its evolution through various market cycles, including the sedan cycle, SUV cycle, and the current transition to the new energy vehicle market [3][4][9]. - The company has established itself as a leading player in the automotive lighting sector, benefiting from strong partnerships with major automotive manufacturers and a focus on technological innovation [8][9]. Summary by Sections Sedan Cycle (2007-2011) - The company experienced stable revenue growth, with sales increasing from 446 million yuan in 2007 to 1.098 billion yuan in 2011, representing a compound annual growth rate (CAGR) of 25% [18]. - Gross margin improved from 25.17% in 2007 to 27.22% in 2011, driven by higher sales from new projects and cost reductions [21]. - Net profit rose significantly from 59 million yuan in 2007 to 167 million yuan in 2011, with a net profit margin increase from 13.23% to 15.21% [21]. SUV Cycle (2012-2016) - Revenue grew from 1.318 billion yuan in 2012 to 3.347 billion yuan in 2016, with a CAGR of 26% [47]. - Gross margin declined from 25.93% in 2012 to 20.98% in 2016 due to price reductions from clients and rising costs [49]. - Net profit increased from 189 million yuan in 2012 to 350 million yuan in 2016, but the net profit margin fell from 15.21% to 10.46% [49]. New Energy Cycle (2021-2025) - The company is expected to return to a growth trajectory in revenue starting from 2023, following a period of adjustment in customer structure [4]. - The report forecasts net profits of 1.759 billion yuan in 2025, 2.199 billion yuan in 2026, and 2.698 billion yuan in 2027, with corresponding earnings per share (EPS) of 6.16 yuan, 7.70 yuan, and 9.44 yuan respectively [1][9]. Intelligent Cycle (2026-2030) Outlook - The automotive lighting sector is anticipated to continue evolving with smart technology, enhancing market potential and driving average selling prices (ASP) higher [9]. - The company is well-positioned to benefit from partnerships with leading clients in the new energy vehicle space, which will contribute to sustained growth [9].

Group 1 - The stock price of Xingyu Co., Ltd. on August 7 was 122.52 yuan, down by 1.07 yuan from the previous trading day [1] - The opening price on that day was 123.60 yuan, with a highest point of 123.90 yuan and a lowest point of 122.10 yuan, resulting in a trading volume of 15,333 lots and a transaction amount of 188 million yuan [1] - The company primarily engages in the research, design, manufacturing, and sales of automotive lighting, making it a leading supplier of automotive components in China [1] Group 2 - On August 7, the net inflow of main funds was 16.70 million yuan, accounting for 0.05% of the circulating market value [1] - Over the past five trading days, the cumulative net outflow of main funds was 5.80 million yuan, representing 0.02% of the circulating market value [1]

金融界消息 截至2025年8月7日收盘，星宇股份（601799）报收于122.52元，下跌0.87%，换手率 0.54%，成交量1.53万手，成交金额1.88亿元。 天眼查商业履历信息显示，常州星宇车灯股份有限公司，成立于2000年，位于常州市，是一家以从事汽 车制造业为主的企业。企业注册资本28567.9419万人民币，实缴资本28567.9419万人民币。公司法定代 表人为周晓萍。 资金流向方面，今日主力资金净流入1670.25万元，占比成交额8.88%。其中，超大单净流入1249.10万 元、占成交额6.64%，大单净流入421.14万元、占成交额2.24%，中单净流出流出1243.27万元、占成交 额6.61%，小单净流出426.98万元、占成交额2.27%。 星宇股份最新一期业绩显示，截至2025一季报，公司营业总收入30.95亿元、同比增长28.28%，归属净 利润3.22亿元，同比增长32.68%，扣非净利润3.13亿元，同比增长34.83%，流动比率2.087、速动比率 1.647、资产负债率37.74%。 通过天眼查大数据分析，常州星宇车灯股份有限公司共对外投资了16家企业，参与招投标项目1 ...

Investment Rating - The automotive industry is rated as "Outperform the Market" [1][5][4] Core Viewpoints - The industry is entering the mid-year performance period, with a focus on the 2025 World Robot Conference. The July car market is expected to grow primarily due to the "trade-in and scrapping" policies, with an estimated retail market of 1.85 million narrow passenger cars, a year-on-year increase of 7.6% [1][3] - The long-term outlook emphasizes the rise of domestic brands and opportunities in incremental components driven by electric and intelligent trends. In the short term, the strong new product cycle of Huawei and the first year of the Xiaomi automotive industry chain are highlighted [3][12] - The report suggests that under the geopolitical backdrop, the automotive sector as a domestic consumption product is likely to see increased stimulus policies, favoring passenger cars and domestically replaced components [3][12] Monthly Production and Sales Data - In July, the narrow passenger car retail market is projected to be around 1.85 million units, with a year-on-year growth of 7.6% and a month-on-month decline of 11.2%. New energy vehicle retail is expected to be approximately 1.01 million units, with a penetration rate of 54.6% [1][22] - Weekly data indicates that from July 1 to 27, the national passenger car retail reached 1.445 million units, a year-on-year increase of 9% but a month-on-month decline of 19% [1][2] Weekly Market Performance - For the week of July 28 to August 1, the CS automotive index fell by 2.26%, with the CS passenger car index down by 2.73%. The CS electric vehicle sector saw a decline of 5.01% [2][3] - The CS automotive sector outperformed the CSI 300 index by 0.08 percentage points but underperformed the Shanghai Composite Index by 0.88 percentage points, with a year-to-date increase of 10.97% [2][3] Key Company Earnings Forecast and Investment Ratings - Key companies such as Leap Motor, Geely, and JAC are rated as "Outperform the Market" with varying earnings per share (EPS) forecasts for 2025 and 2026 [4][5] - Leap Motor is expected to have an EPS of -0.05 in 2025, while Geely is projected to have an EPS of 1.36 [4][5] Investment Recommendations - The report recommends focusing on the rise of domestic brands and opportunities in incremental components, particularly in electric and intelligent sectors. Specific recommendations include: - Vehicle manufacturers: Leap Motor, JAC, Geely - Intelligent technology: Kobot, Huayang Group, Junsheng Electronics - Robotics: Top Group, Sanhua Intelligent Control, Shuanghuan Transmission - Domestic replacements: Xingyu Co., Fuyao Glass, Jifeng Co., New Spring Co., Horizon Robotics [3][12][24]

Core Insights - Changzhou Xingyu Automotive Lighting Co., Ltd. has obtained a patent for a "Function Reuse Thick-Walled Component Structure and Automotive Light" [1] - The patent is categorized under automotive lighting technology and was applied for on October 2024 [1] Company Overview - Changzhou Xingyu Automotive Lighting Co., Ltd. was established in 2000 and is located in Changzhou, primarily engaged in the automotive manufacturing industry [2] - The company has a registered capital of 285.68 million RMB [2] - It has invested in 16 companies and participated in 140 bidding projects [2] - The company holds 50 trademark registrations and 3,977 patent registrations, along with 62 administrative licenses [2]

Core Viewpoints - The domestic automotive lighting industry currently presents a "dual leading" competitive landscape, with market share expected to continue concentrating towards leading companies. The high entry barriers in the industry include customer resources, technology research and development, cost control, and quality certification, which shape a favorable competitive environment for the industry. Leading companies like Xingyu and Huayu Vision dominate the market, while foreign players such as Hella, Valeo, Marelli, Koito, and Stanley also hold significant market shares. Future technological upgrades in the lighting sector will further concentrate market share among leading enterprises, potentially sidelining smaller lighting companies [2][7][14]. Industry Overview - A ten-year review of the Chinese automotive lighting landscape shows a significant decline in Japanese manufacturers, overall stability in European manufacturers, and the continuous rise of domestic leaders. Japanese companies like Koito and Stanley have faced declining revenues and profits in the Chinese market, particularly Koito, which has seen its operating profit margin turn negative in recent years. In contrast, European manufacturers like Valeo and Hella have maintained stable growth and profitability, with ongoing expansion efforts in China. Domestic leader Xingyu has consistently grown since its IPO, surpassing Huayu Vision in revenue in 2024, while Huayu Vision has experienced a decline due to the downturn of joint venture brands within the SAIC system [3][4][6][7]. Competitive Analysis - Xingyu's competitive advantages are evident in revenue, profitability, expansion, and research and development. In 2024, Xingyu's revenue is expected to surpass Huayu Vision, and its profitability is significantly higher than both domestic and foreign competitors. Xingyu maintains a steady expansion pace and invests heavily in R&D, solidifying its technological strength and leading experience in mass production of high-end lighting projects [4][6][7]. Investment Recommendations - The recommendation is to invest in the domestic automotive lighting leader, Xingyu Co., Ltd. The rationale includes: 1. Market potential: The automotive lighting sector is characterized by continuous iteration and upgrade capabilities, with ongoing smart upgrades driving ASP and industry growth. 2. Competitive landscape: High entry barriers have led to an excellent competitive environment, with Xingyu's industry position continuously improving over the past few years. 3. Customer base: The company has deep partnerships with leading clients in the new energy and automotive sectors, which positions it to benefit from the ongoing concentration of the passenger vehicle industry [5][6][7]. Financial Forecast - The forecast for Xingyu's net profit attributable to shareholders for 2025-2027 is projected to be 1.761 billion, 2.189 billion, and 2.683 billion yuan, respectively, corresponding to P/E ratios of 20x, 16x, and 13x [6][7].

Investment Rating - The report recommends investing in the leading domestic automotive lighting company, Xingyu Co., Ltd. [2] Core Insights - The current domestic automotive lighting industry is characterized by a "dual leader" competitive landscape, with market share expected to continue concentrating towards leading companies. The industry has high entry barriers due to customer resources, technological research and development, cost control, and quality certification. [3][10] - The report highlights the evolution of the domestic automotive lighting market over the past decade, noting the decline of Japanese companies, the stability of European firms, and the rise of domestic leaders. [3][10] - The report predicts that the market share will further concentrate among leading companies due to ongoing technological upgrades in the automotive lighting sector. [14] Summary by Sections Domestic Market Structure - The domestic automotive lighting market currently exhibits a "two super, many strong" competitive structure, with Xingyu and Huayu Vision leading in market share. [3][10] - The market concentration is high, with the CR3 at 45% and CR5 at 61% as of 2021, indicating that the majority of market share is held by top companies. [13] Competitive Landscape - Japanese companies, represented by Koito and Stanley, have shown a significant decline in the Chinese market over the past decade, with Koito's revenue in China dropping to 583 billion yen in 2024. [27][36] - European companies like Valeo and Hella have maintained stable growth in the domestic market, with Valeo's lighting division revenue increasing from 4.185 billion euros in 2015 to 5.554 billion euros in 2024. [68][74] - Domestic companies, particularly Xingyu, have shown strong growth, with projected revenues surpassing Huayu Vision in 2024. [3][10] Technological Upgrades - The automotive lighting sector is undergoing continuous upgrades in technology, including advancements in light source technology, smart features, and structural design. [14][15] - The report emphasizes that the trend towards smart lighting technologies will require significant research and development investments, which may disadvantage smaller companies. [14] Financial Projections - The report forecasts Xingyu's net profit for 2025-2027 to be 1.761 billion, 2.189 billion, and 2.683 billion yuan, respectively, with corresponding price-to-earnings ratios of 20x, 16x, and 13x. [3]

Core Insights - The Chinese lighting industry has achieved significant technological breakthroughs, particularly in areas such as new energy vehicles, smart driving, and health lighting, marking a milestone in core technology development and application transformation [1][2]. Group 1: Technological Achievements - Multiple major technological achievements have been recognized, including the development of a multi-stage rotating control and waterproof technology by YD Group, enhancing product adaptability and user experience [2]. - The smart lighting system for intelligent driving developed by Changzhou Xingyu Car Lights opens new dimensions for safety and human-vehicle interaction [2]. - Research from Xiamen University of Technology on high-performance full-color quantum dot LED technology addresses core material challenges, while a multi-dimensional classroom environment intelligent system promotes eye health for youth [2]. - Fudan University’s research focuses on visual environment and biological rhythm health for middle and primary school students, contributing to vision protection [2]. - Shanghai University of Applied Sciences has created new rare earth luminescent materials for human-centric lighting, establishing a solid foundation for high-performance materials [2]. - The adjustable, high-efficiency automotive lights developed by Damo Weirike target the urgent needs of intelligent and energy-saving new energy vehicles [2]. Group 2: Industry Development and Future Directions - The technology achievement appraisal is a key process for evaluating innovation, advancement, and maturity, and is a focus of the China Light Industry Federation to promote industry innovation [3]. - The China Lighting Electrical Association plays a crucial role as a national industry organization, ensuring rigorous and standardized appraisal processes [3]. - The lighting industry has entered a new era driven by innovation, with plans to strengthen collaboration with the China Light Industry Federation to enhance technology appraisal, awards, and innovation platform construction [3]. - The association invites higher education institutions, research institutes, and enterprises in the lighting and related fields to participate in technology achievement appraisals, aiming to enrich the high-quality development of the lighting industry with innovative contributions [3].

Investment Rating - The automotive industry is rated as "Neutral" for the next six months, indicating expected performance in line with the market [53]. Core Insights - In June, retail sales of passenger vehicles increased by 18.1% year-on-year, with new energy vehicles seeing a growth of 30% [4][44]. - The automotive sector experienced a decline of 0.41% from July 7 to July 11, 2025, underperforming the CSI 300 index by 1.23 percentage points [10][44]. - The overall PE-TTM for the automotive industry as of July 11 is 25.83, down by 0.12 from the previous week [11][44]. Summary by Sections Market Overview - The automotive sector's performance from July 7 to July 11 showed a decline across various segments, with the passenger vehicle segment down by 1.43% and commercial vehicles down by 0.99% [10][44]. - The automotive services sector, however, increased by 3.13%, outperforming the CSI 300 index [10][44]. Valuation Levels - As of July 11, the PE-TTM for passenger vehicles is 25.11, for commercial vehicles is 36.01, and for automotive parts is 24.33 [11][44]. - The passenger vehicle segment saw a decrease of 0.37% in valuation, while the automotive parts segment increased slightly by 0.02% [11][44]. New Models and Industry News - 尚界汽车 has released a teaser for its first SUV model, which is expected to launch in the fall of 2025 [3][44]. - A total of 29 new and updated vehicle models were launched during the week of July 7 to July 11 [40][41]. Sales Performance - In June, the total retail sales of passenger vehicles reached 2.084 million units, marking an 18.1% increase year-on-year [7][44]. - Cumulative retail sales for the first half of the year reached 10.901 million units, up 10.8% compared to the same period last year [7][44].