Investment Rating - The report maintains a "Buy" rating for the automotive industry, indicating a positive outlook for investment opportunities [2]. Core Insights - The automotive industry is experiencing a recovery in profitability, driven by the "old-for-new" policy, which has stimulated steady growth in passenger car sales in China [4][20]. - In 2024, the wholesale sales of passenger cars in China reached 27.41 million units, a year-on-year increase of 6.15%, while the sales of new energy passenger cars grew by 31.99% to 12.23 million units [4][22]. - The penetration rate of new energy vehicles increased to 44.6% in 2024, up 10.2 percentage points from 2023, indicating a strong trend towards electrification [22]. - The report highlights a significant divergence in performance within the passenger car sector, with leading companies like BYD showing robust growth, while others like SAIC and GAC faced declines [31][39]. Summary by Sections 1. Automotive Industry Performance in 2024 - The automotive industry in China is benefiting from government policies that encourage consumers to replace old vehicles with new ones, leading to increased sales [20]. - The total wholesale sales of passenger cars in 2024 were 27.41 million units, with a growth rate of 6.15% year-on-year [4][20]. 2. Passenger Car Sector: Performance Disparity - The passenger car sector achieved revenues of CNY 2,063.48 billion in 2024, a 9.79% increase, while net profit reached CNY 59.83 billion, up 1.37% [5][31]. - The first quarter of 2025 saw revenues of CNY 434.86 billion, a 7.39% increase, and net profit of CNY 14.09 billion, a 16.35% increase [5][31]. 3. Automotive Parts Sector: Revenue and Profit Growth - The automotive parts sector reported revenues of CNY 966.12 billion in 2024, a 6.14% increase, and net profit of CNY 47.41 billion, a 10.29% increase [6][53]. - In the first quarter of 2025, revenues reached CNY 234.43 billion, a 7.40% increase, with net profit at CNY 14.32 billion, a 13.56% increase [6][53]. 4. Investment Strategy - The automotive indices have shown significant growth, with the passenger car index rising by 7.29% and the automotive parts index by 14.82% year-to-date [7][75]. - The report emphasizes the importance of focusing on intelligent vehicle development, with companies like Huawei leading in technology integration [79]. 5. Key Companies and Recommendations - The report recommends several companies based on their performance and market position, including Zhongyuan Neipei, Xinz坐标, Kehua Holdings, and others, all rated as "Buy" [10].

Group 1 - The company announced a share repurchase plan with a budget of 20 million to 30 million RMB, aimed at employee stock ownership plans or equity incentives [1][2] - The repurchase plan was approved on April 15, 2025, and will be executed within 12 months [1][2] - As of May 15, 2025, the company has repurchased a total of 2,097,884 shares, representing 1.0791% of the total share capital, with a total expenditure of 24,821,031.92 RMB [2][3] Group 2 - The company adjusted the source of repurchase funds from "own funds" to "own funds and self-raised funds" while keeping other aspects of the repurchase plan unchanged [2] - The highest purchase price for the repurchased shares was 12.49 RMB per share, and the lowest was 10.35 RMB per share [2]

| 回购方案首次披露日 | 2025/4/16 | | --- | --- | | 回购方案实施期限 | 待董事会审议通过后 12 个月 | | 预计回购金额 | 2,000万元~3,000万元 | | 回购用途 | □减少注册资本 √用于员工持股计划或股权激励 | | | □用于转换公司可转债 | | | □为维护公司价值及股东权益 | | 累计已回购股数 | 2,097,884股 | | 累计已回购股数占总股本比例 | 1.0791% | | 累计已回购金额 | 24,821,031.92元 | | 实际回购价格区间 | 10.35元/股~12.49元/股 | 一、 回购股份的基本情况 证券代码：603161 证券简称：科华控股 公告编号：2025-032 科华控股股份有限公司 关于以集中竞价交易方式回购股份比例达 1% 暨回购进展公告 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： 上述回购符合相关法律法规的规定及公司既定的回购股份方案的要求。 三、 其他事项 公司将严格按照《上市公司股份回购规则》《上海 ...

Core Viewpoint - The company, Kehua Holdings (603161), has announced a share repurchase plan aimed at utilizing funds for employee stock ownership plans or equity incentives [1] Summary by Relevant Sections Share Repurchase Plan - The board of directors approved a share repurchase plan on April 15, 2025, with a budget of 20 million to 30 million yuan [1] - The repurchase will be conducted through centralized bidding [1] Repurchase Progress - As of May 15, 2025, the company has repurchased a total of 2.0979 million shares, which accounts for 1.0791% of the total share capital [1] - The repurchase price range was between 10.35 yuan and 12.49 yuan per share [1] - The total funds used for the repurchase amounted to 24.821 million yuan, excluding transaction fees [1] Future Plans - The company intends to continue the repurchase based on market conditions and will disclose relevant progress in a timely manner [1]

2024 年年度股东会会议资料 科华控股股份有限公司 2024 年年度股东会 会议资料 二○二五年五月二十一日 目录 | 科华控股股份有限公司 2024 年年度股东会会议议程 | | 3 | | --- | --- | --- | | 会议须知 | | 5 | | 议案一：关于公司 年度董事会工作报告的议案 | 2024 | 7 | | 议案二：关于公司 年度监事会工作报告的议案 | 2024 | 8 | | 议案三：关于公司 年度财务决算报告的议案 | 2024 | 9 | | 议案四：关于公司 年度财务预算方案的议案 | 2025 | 10 | | 议案五：关于公司未来三年（2025-2027 年）股东回报规划的议案 | | 11 | | 议案六：关于公司 年度利润分配预案的议案 | 2024 | 15 | | 议案七：关于公司 年年度报告及摘要的议案 | 2024 | 16 | | 议案八：关于公司 年度贷款授信额度的议案 | 2025 | 17 | | 议案九：关于公司 年度对子公司提供担保的议案 | 2025 | 18 | | 议案十：关于提请股东会授权董事会全权办理以简易程序向特定对象发行股票相 ...

Core Points - The company has completed the registration of the reserved grant for the 2024 restricted stock incentive plan, with a total of 829,717 shares to be granted at a price of 4.58 yuan per share [1][2] - The reserved grant date is set for March 12, 2025, and the registration date is May 9, 2025 [1][6] - The total number of shares granted represents 14.96% of the total restricted stock involved in the incentive plan and 0.43% of the company's total equity [2][6] Incentive Plan Details - The incentive plan is valid for a maximum of 60 months from the completion of the restricted stock grant registration [3] - The lock-up period for the granted restricted stocks varies, with the first release occurring no less than 12 months after the grant date [3][5] - The release schedule includes a 50% release after 12 months and another 50% after 24 months, with conditions for non-fulfillment leading to stock repurchase [5][6] Financial Impact - The total funds raised from the restricted stock incentive plan amount to 3,800,103.86 yuan, which will be used to supplement the company's working capital [6][8] - The company's registered capital will increase from 193,577,988 shares to 194,407,705 shares following the grant [6][8] - The fair value of the restricted stocks will be determined based on the market price on the grant date, impacting the accounting costs over the plan's implementation [7][8]

证券代码：603161 证券简称：科华控股 公告编号：2025-031 根据《上市公司股权激励管理办法》、上海证券交易所、中国证券登记结算 有限责任公司上海分公司的有关规定，科华控股股份有限公司（以下简称"公司"） 已办理完成公司 2024 年限制性股票激励计划（以下简称"本激励计划"）的预 留授予登记工作。现将有关情况公告如下： 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。 一、限制性股票授予情况 2025 年 3 月 12 日，公司召开第四届董事会薪酬与考核委员会第三次会议， 认为公司本激励计划规定的预留授予条件已经成就，建议以 2025 年 3 月 12 日为 本激励计划的预留授予日，同意公司因 2023 年年度权益分派方案实施对预留授 予数量及授予价格进行调整，以 4.58 元/股的授予价格向符合授予条件的 25 名 激励对象授予 82.9717 万股限制性股票。 2025 年 3 月 12 日，公司召开第四届董事会第十一次会议、第四届监事会第 七次会议，审议通过了《关于调整公司 2024 年限制性股票激励计划授予数 ...

证券代码：603161 证券简称：科华控股 公告编号：2025-030 科华控股股份有限公司 关于对外投资设立境外全资子公司并建设生产基地 的进展公告 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。 一、对外投资概述 科华控股股份有限公司（以下简称"公司"）于 2024 年 12 月 18 日召开第 四届董事会第十次会议，以 9 票同意、0 票反对、0 票弃权，审议通过了《关于 对外投资设立境外全资子公司并建设生产基地的议案》，为了顺应国际化发展趋 势，进一步拓展海外市场，同意公司以自有资金投资不超过 1,600 万美元设立泰 国全资子公司并建设泰国生产基地，投资资金将用于设立子公司、建设厂房及相 关设施、设备购置搬迁、公司运营、聘请专业机构等相关事宜，并同意授权公司 管理层及授权人员办理本次对外投资的相关事宜，包括但不限于：办理国内境外 投资、外汇管理等相关主管部门以及泰国当地的投资许可及企业登记、备案等审 批程序，签署、执行与本次对外投资有关的一切协议、合同和文件，聘请专业机 构等相关事宜。具体内容详见公司 2024 年 ...

Investment Rating - The report maintains a "Recommended" rating for Kehua Holdings (603161.SH) [6][4] Core Views - The company's profitability is under pressure due to declining revenue and increased asset impairment provisions, with Q1 2025 revenue at 525.60 million yuan, down 15.17% year-on-year, and net profit at 25.61 million yuan, down 40.82% year-on-year [1][2] - Despite short-term risks in the turbocharger industry, the company has significant room for market share growth, and its operational efficiency has improved since the end of large capital expenditures in 2023 [4][6] - The company has a competitive edge in core processes and R&D for its main products, which include turbine shells and intermediate shells [4] Financial Performance Summary - In Q1 2025, the gross margin was 16.68%, a decrease of 2.09% year-on-year, while the net profit margin was 4.7%, down 2.2% year-on-year [1][2] - The company reported an asset impairment loss of 27.78 million yuan in Q1 2025, accounting for 5.3% of revenue, compared to 1.60 million yuan in the same period last year [2] - Operating cash flow for Q1 2025 was 118.69 million yuan, a 3.9% increase year-on-year, indicating better cash flow performance compared to profit [3] Financial Forecast - The company forecasts net profits of 123.51 million yuan, 150 million yuan, and 179.94 million yuan for 2025, 2026, and 2027 respectively, with corresponding EPS of 0.64, 0.77, and 0.93 yuan [5][4] - Revenue is expected to grow from 2,534.05 million yuan in 2025 to 2,932.70 million yuan in 2027, reflecting a growth rate of 6.82% in 2025 and 7.56% in 2027 [5][4]

Investment Rating - The report maintains a "Recommended" rating for Kehua Holdings (603161.SH) [6][4]. Core Views - The company's profitability is under pressure due to declining revenue and increased asset impairment provisions, but its balance sheet is continuously improving [1][3]. - The turbocharger industry faces short-term downward risks, yet the company has significant room for market share growth, and the competitive landscape is becoming clearer with fewer new entrants [4][12]. Financial Performance Summary - In Q1 2025, the company achieved revenue of 525.60 million yuan, a year-on-year decrease of 15.17%, and a net profit attributable to shareholders of 25.61 million yuan, down 40.82% year-on-year [1][2]. - The gross margin for Q1 2025 was 16.68%, which is a 2.64 percentage point increase from Q4 2024 but a 2.09 percentage point decrease year-on-year [1]. - The company recorded asset impairment losses of 27.78 million yuan in Q1 2025, accounting for 5.3% of revenue, compared to 1.60 million yuan (2.6% of revenue) in the same period last year [2]. - The operating cash flow for Q1 2025 was 118.69 million yuan, reflecting a 3.9% increase compared to the same period last year [3]. Balance Sheet Improvement - The company's working capital and interest-bearing liabilities have improved, with accounts receivable and inventory decreasing, releasing working capital [3]. - As of Q1 2025, interest-bearing liabilities totaled 714 million yuan, a decrease of 127 million yuan from 2024 [3]. Profit Forecast - The company is expected to achieve net profits of 120 million yuan, 150 million yuan, and 180 million yuan for the years 2025, 2026, and 2027, respectively, with corresponding EPS of 0.64, 0.77, and 0.93 yuan [4][5].