Summary of Haoneng Co., Ltd. Conference Call Company Overview - Haoneng Co., Ltd. has entered the aerospace sector through the acquisition of Haoneng Qiang, establishing a dual focus on automotive and aerospace industries, while actively expanding into the new energy vehicle (NEV) planetary gearbox and robotic gearbox businesses for diversified development [2][4] Key Business Segments Automotive Business - Automotive business accounts for approximately 86% of total revenue, with a stable synchronizer business and high market share; the differential gear business is accelerating domestic substitution, with significant gross margin improvements, especially in the commercial vehicle AMT heavy truck sector, where it has entered the first tier of R&D and production, forming exclusive partnerships with several OEMs [2][8] - The synchronizer business is expected to maintain steady growth, benefiting from the adoption of DCT gearboxes by domestic brands and plug-in hybrid models, as well as improvements in the heavy truck AMT gearbox market [2][11] - The differential gear business is poised for growth due to increasing demand for four-wheel drive models and domestic substitution trends, with market size expected to continue expanding [2][14] Aerospace Business - Aerospace revenue accounts for approximately 11%-12% of total revenue, with a gross margin of about 45%; the company plans to expand production capacity, benefiting from rapid growth of downstream customers like C919 [3][17] New Energy Vehicle and Robotics - The company is expanding into hollow motor shafts, which offer advantages in lightweight design, high-speed capability, and cooling efficiency, enhancing the performance of electric vehicles [2][15] - Haoneng is also venturing into the robotic gearbox sector, leveraging its existing technology and manufacturing capabilities from the automotive sector, with significant investments planned for smart manufacturing projects [18][19] Financial Performance - The company's gross margin has decreased to 31% due to high dilution costs in the differential gear business and changes in product structure in the aerospace sector; however, it is expected to recover to around 35% as new products and projects come online and automotive parts business grows [7] Market Trends and Competitive Advantages - The new energy era is increasing the demand for gear precision and quiet operation, with a shift towards third-party gear manufacturers as supply chains open up [11][12] - Haoneng holds competitive advantages in mold design, material composition, high-precision cutting, and heat treatment processes, along with a broad customer base including major automotive manufacturers [12] Future Outlook - The global automotive differential market is projected to grow from approximately $21.4 billion in 2024 to $25.3 billion by 2029, with a compound annual growth rate (CAGR) of about 8% [14] - Haoneng's revenue projections for 2025 and 2026 are approximately 2.95 billion yuan and 3.56 billion yuan, respectively, with net profits of 430 million yuan and 520 million yuan, indicating a favorable outlook for the company [19]

Core Points - Chengdu Haoneng Technology Co., Ltd. announced that its "Hao 24 Convertible Bond" is expected to meet the redemption conditions due to the stock price being above 130% of the conversion price for ten trading days [1][2][3] Group 1: Convertible Bond Issuance Overview - The company issued 5.5 billion yuan worth of convertible bonds on October 23, 2024, with a face value of 100 yuan per bond [1][2] - The initial conversion price was set at 8.43 yuan per share, which was later adjusted to 6.33 yuan per share due to the company's 2024 equity distribution plan [2][3] Group 2: Redemption Terms and Expected Trigger - The company has the right to redeem all or part of the unconverted bonds if the stock price remains above 130% of the conversion price, which is 8.23 yuan per share [2][3] - The redemption will be based on the bond's face value plus accrued interest, calculated using the formula provided in the announcement [2][3]

| 证券代码：603809 | 证券简称：豪能股份 | 公告编号：2025-032 | | --- | --- | --- | | 转债代码：113690 | 转债简称：豪 转债 24 | | 成都豪能科技股份有限公司 关于"豪 24 转债"预计满足赎回条件的提示性公告 ● 自 2025 年 4 月 29 日至 2025 年 5 月 15 日，成都豪能科技股份有限公司股票 已有十个交易日的收盘价不低于"豪 24 转债"当期转股价格 6.33 元/股的 130%（即 8.23 元/股）。若在未来连续二十个交易日内有五个交易日公司股票的收盘价不低于 当期转股价格的 130%（含 130%），将触发"豪 24 转债"的有条件赎回条款。届时 公司将召开董事会审议确定是否按照债券面值加当期应计利息的价格赎回全部或部 分未转股的"豪 24 转债"。 一、可转债发行上市概况 根据中国证券监督管理委员会《关于成都豪能科技股份有限公司向不特定对象 发行可转换公司债券注册的批复》（证监许可〔2024〕374 号），成都豪能科技股份 有限公司（以下简称"公司"）于 2024 年 10 月 23 日向不特定对象发行 550 万张可 ...

Group 1 - The People's Bank of China has established a stock repurchase and increase loan tool, leading to a significant rise in listed companies' repurchase activities, with a total proposed loan amount exceeding 110 billion yuan by April 2025 [1] - On May 7, 2023, the People's Bank of China announced a combined usage of 500 billion yuan for securities, funds, and insurance company swaps, along with 300 billion yuan for stock repurchase loans, totaling 800 billion yuan, while also reducing the interest rate on structural monetary policy tools by 0.25 percentage points to 1.5% [1] - Industry insiders expect a resurgence in stock repurchase activities among listed companies in the near future [1] Group 2 - In January 2023, 60 listed companies conducted stock repurchases, followed by 48 in February, 61 in March, 54 in April, and 34 so far in May [3] - Palin Bio led the increase in repurchase activities with 55 instances, totaling 187,800 shares and an investment of 3.96 million yuan [3] - Other notable companies include Jerry Shares with 25 repurchase instances totaling 255,300 shares and 8.67 million yuan, and Lexin Technology with 23 instances totaling 137,689 shares and 7.51 million yuan [3] Group 3 - Seven executives from various companies increased their holdings by over 10 million shares, including Wu Mingwu from Shanying International and Zhou Xiaoping from Xingyu Shares [5] - Wu Mingwu increased his holdings by 62,151,200 shares across three transactions, amounting to 109 million yuan [7] - Lin Pusheng from Dazhong Mining increased his holdings by 56,695,300 shares for a total of 194 million yuan [7] Group 4 - ST companies are also actively repurchasing their stocks, including ST Kelly, ST Yifei, ST Saiwei, and *ST Jinshi [9] - ST Kelly's chairman, Yuan Zheng, increased his holdings by 4,365,100 shares, totaling 33.09 million yuan [11] - ST Yifei's executives also participated in repurchases, with Vice President Zhao Laigen and Chairman Wu Xuan increasing their holdings by 75,135 shares and 52,013 shares, respectively [12]

Core Insights - The company, Haoyi Qiang, successfully acquired industrial land in Qingyang District for 48 million yuan, which will facilitate the establishment of an "Aerospace Component Intelligent Manufacturing Center" [1][2] - Since the acquisition by the company in 2020, Haoyi Qiang has significantly improved its operational scale and quality in the aviation sector, achieving a revenue of 283 million yuan for the fiscal year 2024 [1] - The project aims to enhance the company's production efficiency, expand business scale, and improve profitability by optimizing existing production sites and resources [1][2] Company Developments - The acquisition of the land is crucial for the implementation of the "Aerospace Component Intelligent Manufacturing Center" project, which will solidify the company's capacity layout and enhance its core competitiveness [2] - The project aligns with the company's sustainable development strategy and is not expected to have a significant short-term impact on financial status or operations [2] - The establishment of the manufacturing center will allow the company to be closer to market clients, enabling quicker response to customer needs and reducing transportation and service costs [1]

| 证券代码：603809 | 证券简称：豪能股份 | 公告编号：2025-030 | | --- | --- | --- | | 转债代码：113690 | 转债简称：豪 转债 24 | | 成都豪能科技股份有限公司 关于控股股东及其一致行动人减持公司 可转换公司债券的公告 | | 本次减持前 | 减持前持有 | 减持数量 | 减持后持有 | 减持后持有 | | --- | --- | --- | --- | --- | --- | | 持有人姓名 | 持有数量 | 数量占发行 | （张） | 数量（张） | 数量占发行 | | | （张） | 总量比例 | | | 总量比例 | | 向朝东 | 997,820 | 18.14% | 336,930 | 660,890 | 12.02% | | | 本次减持前 | 减持前持有 | 减持数量 | 减持后持有 | 减持后持有 | | --- | --- | --- | --- | --- | --- | | 持有人姓名 | 持有数量 | 数量占发行 | （张） | 数量（张） | 数量占发行 | | | （张） | 总量比例 | | | 总量比例 | | 向星星 ...

航空航天零部件智能制造中心的进展公告 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 2024 年 12 月 27 日，成都豪能科技股份有限公司（以下简称"公司"）召开第六 届董事会第九次（临时）会议，审议通过了《关于全资子公司签署<投资协议书>的议 案》。同日，公司全资子公司成都昊轶强航空设备制造有限公司（以下简称"昊轶强"） 与成都市青羊区工业集中发展区管理委员会、成都市青羊区人民政府黄田坝街道办事 处签署了《投资协议书》，约定由昊轶强投资建设运营"航空航天零部件智能制造中 心"，用于研发、生产、销售航空航天零部件。 该项目计划总投资 3 亿元，旨在通过建设航空航天零部件智能制造中心，集中、 整合并优化公司航空航天的现有产线，提升生产效率、降低管理和物流成本，并为客 户提供更即时和优质的服务。具体内容详见 2024 年 12 月 28 日刊载于上海证券交易 所网站（www.sse.com.cn）及公司指定信息披露媒体的《关于全资子公司签署投资协 议的公告》（公告编号：2024-094）。 二、对外投资进展 ...

Investment Rating - The industry investment rating is maintained as "Positive" [2] Core Insights - The report emphasizes two main investment lines: leading companies in niche segments and those well-positioned in the robotics sector [2] - The automotive industry is experiencing a shift towards new energy vehicles (NEVs), with significant growth in sales and technological advancements [8][10] - The report highlights the importance of strategic partnerships and technological innovation in enhancing market competitiveness [22][24] Summary by Relevant Sections Overview of the Automotive Industry - In Q1 2025, the Chinese automotive market is characterized by a dominance of new energy vehicles, with NEV sales reaching 3.07 million units [8] - The penetration rate of new energy vehicles is projected to reach 53% in H1 2024 [10] Leading Companies in Niche Segments - **BAIC Blue Valley**: Achieved 130.6 billion yuan in NEV revenue in 2024, with a 26.4% year-on-year growth [13] - **Jianghuai Automobile**: NEV sales increased by 25.08% in 2024, with a total of 51,809 units sold [16] - **Changan Automobile**: Sold 735,000 NEVs in 2024, marking a 52.8% increase [18] - **Geely Automobile**: NEV sales reached 888,000 units in 2024, a 92% increase, with NEV revenue accounting for 41% of total revenue [20] - **BYD**: NEV sales grew over 40% in 2024, maintaining its position as the top seller in China and globally [22] Key Component Manufacturers - **Top Group**: Reported a revenue of 26.6 billion yuan in 2024, with a 35% year-on-year increase [24] - **Fuyao Glass**: Achieved 39.25 billion yuan in revenue in 2024, a growth of 18.4% [26] - **Haoneng Co.**: Revenue reached 2.36 billion yuan in 2024, with a 21.3% increase [28] - **Longsheng Technology**: Revenue of 2.4 billion yuan in 2024, a 31.2% increase [30] - **Zhejiang Rongtai**: Reported a revenue of 1.135 billion yuan in 2024, with a 42% increase [32] Robotics Sector Developments - **Songyan Power**: Launched the humanoid robot N2, which won second place in a marathon event [6] - **Beijing Humanoid Robot Innovation Center**: Developed the "Tiangong Ultra" robot, which won a marathon [6] - **Kepler**: Introduced the K2 "Bumblebee" robot, showcasing its industrial application capabilities [6] - **Yushu**: Collaborated with Great Wall Motors to enhance robot technology and smart manufacturing [6]

上交所公开信息显示，当日该股因日涨幅偏离值达9.76%上榜，营业部席位合计净买入7199.14万元。 证券时报·数据宝统计显示，上榜的前五大买卖营业部合计成交1.86亿元，其中，买入成交额为1.29亿 元，卖出成交额为5676.96万元，合计净买入7199.14万元。 具体来看，今日上榜营业部中，第一大买入营业部为国泰海通证券股份有限公司上海浦东新区海阳西路 证券营业部，买入金额为4770.33万元，第一大卖出营业部为国投证券股份有限公司潮州城新西路证券 营业部，卖出金额为1483.05万元。 资金流向方面，今日该股主力资金净流入1.36亿元，其中，特大单净流入1.65亿元，大单资金净流出 2913.22万元。近5日主力资金净流入2.35亿元。 4月30日公司发布的一季报数据显示，一季度公司共实现营业收入6.19亿元，同比增长13.40%，实现净 利润1.04亿元，同比增长30.42%。（数据宝） 豪能股份5月8日交易公开信息 | 买/ | 会员营业部名称 | 买入金额（万 | 卖出金额（万 | | --- | --- | --- | --- | | 卖 | | 元） | 元） | | 买一 | 国泰海通证券 ...

[ReportFinancialIndex] 主要财务指标 | | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | | 营业总收入(百万) | 2,360 | 2,837 | 3,366 | 4,013 | | 同比增速(%) | 21.3% | 20.2% | 18.6% | 19.2% | | 归母净利润(百万) | 322 | 452 | 558 | 684 | | 同比增速(%) | 76.9% | 40.4% | 23.4% | 22.8% | | 每股盈利(元) | 0.39 | 0.54 | 0.67 | 0.82 | | 市盈率(倍) | 37 | 26 | 21 | 17 | | 市净率(倍) | 3.9 | 3.2 | 2.9 | 2.6 | 资料来源：公司公告，华创证券预测 注：股价为 2025 年 5 月 7 日收盘价 公司研究 证 券 研 究 报 告 豪能股份（603809）2025 年一季报点评 强推（维持） 1Q25 业绩超预期，预计全年成长继续加速 事项： ❖ 公司发布 2025 年一季报，1Q25 ...