证券研究报告·公司研究简报·汽车零部件 沪光股份（605333） 核心客户放量，2024 一季度业绩改善明显 2024 年 05 月 05 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） | 3,278 | 4,003 | 6,993 | 9,306 | 11,578 | | 同比（ % ） | 33.91 | 22.11 | 74.71 | 33.08 | 24.41 | | 归母净利润（百万元） | 40.93 | 54.10 | 468.17 | 638.68 | 874.26 | | 同比（ % ） | 3,975.23 | 32.17 | 765.43 | 36.42 | 36.89 | | EPS- 最新摊薄（元 / 股） | 0.09 | 0 ...

Investment Rating - Investment Rating: Buy (Maintain) [2][17] Core Views - The company, Hu Guang Co., Ltd. (605333.SH), is positioned as a leading domestic harness manufacturer benefiting from the electrification trend, with Q1 2024 performance exceeding expectations [1][18] - In Q1 2024, the company achieved revenue of 1.533 billion yuan, a year-on-year increase of 134.12%, and a net profit attributable to shareholders of 101 million yuan, reflecting a significant year-on-year growth of 504.60% [2][18] - The company's gross margin in Q1 2024 was 13.96%, an increase of 3.23 percentage points year-on-year, driven by increased order volume and improved factory utilization rates [2][18] Financial Performance - 2023 revenue reached 4.003 billion yuan, a year-on-year growth of 22.11%, with a net profit of 54 million yuan [2][4] - Revenue projections for 2024-2026 are 6.921 billion yuan, 8.841 billion yuan, and 11.886 billion yuan respectively, with corresponding net profits of 471 million yuan, 621 million yuan, and 820 million yuan [4][17] - The company's EPS for 2024-2026 is projected to be 1.08 yuan, 1.42 yuan, and 1.88 yuan, with P/E ratios of 25.0, 19.0, and 14.3 respectively [4][17] Product Development - The company is optimizing its product structure by focusing on high-voltage and special harnesses, which are expected to grow with the ongoing electrification of vehicles [3][18] - The company is expanding its customer base in the new energy sector, supplying major automotive manufacturers such as Volkswagen, General Motors, and others [3][18]

Investment Rating - The report maintains a "Buy" rating for the company [4][8]. Core Views - The company reported a revenue of 4.003 billion yuan for the full year 2023, representing a year-on-year increase of 22.1%, and a net profit attributable to shareholders of 54 million yuan, up 32.2% year-on-year [2]. - In Q1 2024, the company achieved a revenue of 1.533 billion yuan, a significant year-on-year increase of 134%, while the net profit attributable to shareholders reached 101 million yuan, reflecting a year-on-year growth of 505% [2]. - The company's gross margin improved to 14% in Q1 2024, up 3.3 percentage points year-on-year, driven by increased sales and a higher proportion of high-voltage wiring harnesses [9]. Summary by Sections Financial Performance - For 2023, the company achieved a revenue of 4,002.75 million yuan and a net profit of 54.10 million yuan, with respective growth rates of 22.11% and 31.73% [5]. - The forecast for EPS from 2024 to 2026 is 1.05, 1.32, and 1.62 yuan, with corresponding PE ratios of 23, 19, and 15 [4][5]. Product and Market Development - The company has enhanced its production capabilities with automated high-voltage wiring harness production lines, which are now being utilized by major clients such as L Automotive and T Company [3]. - Sales of various wiring harness products have seen significant growth, with complete harness sales increasing by 25.4% year-on-year [3]. Industry Outlook - The shift towards electric vehicles is expected to increase the value of wiring harnesses per vehicle, with the average value for electric vehicles exceeding 5,000 yuan compared to 3,000 yuan for traditional fuel vehicles [10]. - The domestic market is witnessing a trend towards localization in automotive parts procurement, providing substantial opportunities for domestic wiring harness manufacturers [10].

经中国证券监督管理委员会《关于核准昆山沪光汽车电器股份有限公司非公 开发行股票的批复》（证监许可[2022]120 号）核准，昆山沪光汽车电器股份有限 公司（以下简称"公司"）非公开发行人民币普通股（A 股）35,776,081 股，每股 面值为人民币 1.00 元，发行价格为人民币 19.65 元/股，募集资金总额为人民币 702,999,991.65 元，扣除各项发行费用人民币 11,058,571.96（不含税）后，本 次募集资金净额为人民币 691,941,419.69 元。上述募集资金已于 2022 年 6 月 29 日到账，立信会计师事务所（特殊普通合伙）对本次发行的资金到位情况进了审 验，并出具了信会师报字[2022]第 ZB11346 号《验资报告》。 二、募集资金监管协议签订情况及募集资金专户的开立情况 为提高募集资金使用效率，合理分配优质资源，公司结合发展战略、研发项 目情况及实际资金需求，2024 年 2 月 27 日召开的第三届董事会第三次会议和第三 届监事会第三次会议审议通过了《关于"昆山泽轩汽车电器有限公司汽车线束部 件生产项目"结项并将节余募集资金用于其他项目的议案》、《关于新设 ...

Investment Rating - The report maintains a "Recommended" rating for the company [4][13]. Core Insights - The company has shown a significant revenue increase, with 2023 revenue at 4,003 million yuan, projected to grow to 7,615 million yuan in 2024, representing a growth rate of 90.25% [15]. - The net profit attributable to shareholders is expected to rise from 54 million yuan in 2023 to 506 million yuan in 2024, indicating a substantial growth rate of 835.45% [15]. - The company is positioned to benefit from the increasing demand in the electric vehicle sector, with a projected market size for wire harnesses in China reaching 130.7 billion yuan by 2025 [13]. Financial Performance Summary - **Revenue**: 2023 revenue is 4,003 million yuan, with projections of 7,615 million yuan in 2024, 10,161 million yuan in 2025, and 12,701 million yuan in 2026 [15]. - **Net Profit**: The net profit for 2023 is 54 million yuan, expected to increase to 506 million yuan in 2024, 712 million yuan in 2025, and 915 million yuan in 2026 [15]. - **Earnings Per Share (EPS)**: EPS is projected to rise from 0.12 yuan in 2023 to 1.16 yuan in 2024, 1.63 yuan in 2025, and 2.09 yuan in 2026 [15]. - **Valuation Ratios**: The price-to-earnings (PE) ratio is expected to decrease from 198 in 2023 to 21 in 2024, 15 in 2025, and 12 in 2026 [15]. Market Position and Growth Potential - The company is a key supplier for the AITO brand, with successful mass production of high and low voltage wire harnesses for models M5, M7, and M9, which is expected to enhance revenue and market share [13]. - The transition to smart electric vehicles is driving demand for wire harnesses, with the average value of wire harnesses in electric vehicles projected to reach 5,000 yuan [13]. - The company is actively expanding its customer base, having passed supplier qualification audits for several automotive manufacturers, which will support future growth [13].

!"#$%&'()*+,-./0123456'()*+ , 7879 :;<=>?@ABCDEFG 中信建投证券股份有限公司（以下简称"中信建投证券"或"保荐人"）作 为昆山沪光汽车电器股份有限公司（以下简称"沪光股份"或"公司"）非公开 发行股票的保荐人，根据《证券发行上市保荐业务管理办法》《上海证券交易所 股票上市规则》《上海证券交易所上市公司自律监管指引第 1 号——规范运作》 以及《上海证券交易所上市公司自律监管指引第 11 号——持续督导》等相关法 规和规范性文件的要求，对沪光股份 2024 年度对外担保预计的情况进行审慎核 查，情况如下： !"#$%&'( （一）担保基本情况 2024 年 4 月 25 日，公司召开第三届董事会第五次会议，审议通过了《关于 2024 年度对外担保预计的议案》，同意对合并报表内子公司提供总额不超过等 值人民币 20 亿元的担保，担保形式包括不限于信用担保（含一般保证、连带责 任保证等）、抵押担保、质押担保、融资租赁担保、履约保函等金融担保形式， 公司董事会提请股东大会授权董事长或其授权代表在上述担保额度内，可根据实 际经营情况对各子公司的担保额度进行调剂使用，并签署 ...

昆山沪光汽车电器股份有限公司 内部控制审计报告 信会师报字[2024]第 ZB10582 号 _您可使用手机"扫一扫"_此码用于证明该审计报告是否由具有执业许可的会计师事务所出 您可使用手机"扫一扫"或进入"注册会计师行业统一监管平台（http://acc.mof.gov.cn）"进行查理 立信会计师事务所(特殊普通合伙) ) CHINA SHU LUN PAN CERTIFIED PUBLIC ACCOUNTANTS I 内部控制审计报告 信会师报字[2024]第 ZB10582 号 昆山沪光汽车电器股份有限公司全体股东: 按照《企业内部控制审计指引》及中国注册会计师执业准则的相 关要求,我们审计了昆山沪光汽车电器股份有限公司(以下简称沪光 股份)2023年12月31日的财务报告内部控制的有效性。 一、 企业对内部控制的责任 按照《企业内部控制基本规范》、《企业内部控制应用指引》、《企 业内部控制评价指引》的规定,建立健全和有效实施内部控制,并评 价其有效性是沪光股份董事会的责任。 二、 注册会计师的责任 我们的责任是在实施审计工作的基础上,对财务报告内部控制的 有效性发表审计意见,并对注意到的非财务报告内 ...

昆山沪光汽车电器股份有限公司 审计报告及财务报表 (2023 年 01 月 01 日至 2023 年 12 月 31 日止) | 目录 | 页次 | | --- | --- | | 审计报告 | 1-5 | | 财务报表 | | | 合并资产负债表和母公司资产负债表 | 1-4 | | 合并利润表和母公司利润表 | 5-6 | | 合并现金流量表和母公司现金流量表 | 7-8 | | 合并所有者权益变动表和母公司所有者权益变动表 | 9-12 | | 财务报表附注 | 1-93 | 立信会计师事务所(特殊普通合伙) BDO CHINA SHU LUN PAN CERTIFIED PUBLIC ACCOUNTANTS LLP 审计报告 信会师报字[2024]第 ZB10581 号 昆山沪光汽车电器股份有限公司全体股东; 二〇二三年度 您可使用手机"扫一扫"或进入"注册会计师行业统一监管平台（http://ac.mgf.ggx.gx.cn）"进行企 。 您可使用手机"扫一扫"或进入"注册会计师行业统一监管平台（http://ac.mgc.gov.cn）"进行企 昆山沪光汽车电器股份有限公司 审计报告及财务报表 一 ...

Financial Guarantees - The total amount of guarantees provided by the company, including those to subsidiaries, is RMB 71,668.43 million, which accounts for 46.42% of the company's net assets[7]. - The company provided a guarantee of RMB 64,000 million to its subsidiary KSHG, equivalent to approximately RMB 509.98 million[7]. - The company has provided debt guarantees amounting to RMB 27,158.45 million for entities with a debt-to-asset ratio exceeding 70%[7]. - The company has not provided guarantees for shareholders, actual controllers, or their related parties[7]. Fundraising and Investments - As of the end of the reporting period, the total amount of funds raised from the initial public offering was RMB 21,253 million, with a net amount of RMB 16,962.91 million after deducting issuance costs[23]. - The company raised RMB 70,300 million through a private placement, with a net amount of RMB 69,194.14 million after deducting issuance costs[23]. - Cumulative investment from the raised funds as of the reporting period is RMB 47,375.14 million, representing 68.47% of the committed investment amount[23]. - The company has not changed or terminated any fundraising projects during the reporting period[20]. Dividend and Audit - The company plans to distribute a cash dividend of RMB 0.50 per 10 shares, totaling RMB 21,838,804.05, subject to shareholder approval[28]. - The company assures that there are no significant risks that could materially affect its operations during the reporting period[28]. - The company has received a standard unqualified audit report from Lixin Certified Public Accountants[28]. Earnings and Profitability - Basic earnings per share for 2023 increased by 30% to CNY 0.13 compared to CNY 0.10 in 2022[45]. - The net profit significantly improved, driven by the growing demand for high-voltage wire harnesses in the new energy vehicle sector[47]. - The company achieved a weighted average return on equity of 3.58%, a decrease of 0.08 percentage points from the previous year[45]. - The return on equity after excluding non-recurring gains and losses was 2.64%, down by 0.19 percentage points year-on-year[45]. - The diluted earnings per share also rose by 30% to CNY 0.13 in 2023, compared to CNY 0.10 in 2022[45]. Revenue and Growth - The company's operating revenue for 2023 reached approximately ¥4.00 billion, representing a 22.11% increase compared to ¥3.28 billion in 2022[67]. - Net profit attributable to shareholders for 2023 was approximately ¥54.10 million, a 32.17% increase from ¥40.93 million in 2022[67]. - The total assets of the company as of the end of 2023 were approximately ¥5.60 billion, reflecting a 24.83% increase from ¥4.49 billion in 2022[67]. - The company’s net assets attributable to shareholders increased by 3.89% to approximately ¥1.54 billion by the end of 2023[67]. - The company recorded a significant reduction in non-recurring losses, with a total of approximately ¥14.16 million in non-recurring gains for 2022[71]. Market and Product Development - The company is focusing on market expansion and technological innovation in response to the rapid development of the new energy vehicle market[47]. - The company is actively expanding its customer base in the new energy high-voltage wiring harness market, enhancing its market share[80]. - The company is advancing its smart manufacturing strategy, focusing on automation and data collection in production processes[82]. - The company has developed high-frequency communication data line products, which are expected to reach mass production conditions in 2024[90]. - A new R&D team has been established to focus on high-voltage connectors, with products already being delivered to major automotive clients[91]. Operational Management - The company is enhancing operational management through various measures, including strict cost control and improving internal audit supervision to ensure financial safety[92]. - The company is actively managing receivables to reduce capital occupation and ensure financial security[92]. - The company is optimizing supply chain management to reduce logistics costs and time, facilitating a quicker response to international customer demands[92]. - The company is forming strategic partnerships with upstream suppliers and downstream customers to mitigate risks associated with raw material price fluctuations[92]. Research and Development - The company’s R&D expenses increased by 29.07% to CNY 208.76 million, reflecting its commitment to innovation and product development[132]. - The company plans to enhance its R&D capabilities to strengthen its leading position in the automotive high and low voltage wire harness sector[165]. - The increase in research and development expenses was attributed to hiring more personnel for new projects and technologies, leading to higher salary costs[138]. Sales and Production - The company achieved production and sales of 1.8066 million sets of complete wire harnesses and 1.8426 million sets sold, representing a year-on-year increase of 11.33% in production and 25.39% in sales[158]. - Engine wire harnesses produced 668,600 units with sales of 678,100 units, showing a production increase of 16.43% and a sales increase of 31.44% year-on-year[158]. - Other wire harnesses saw production of 21.0486 million units and sales of 21.2613 million units, with a production decrease of 6.27% but a sales increase of 2.11% year-on-year[158]. Financial Position - Cash and cash equivalents at the end of the period amounted to ¥353,279,619.57, representing 6.31% of total assets, an increase of 29.46% compared to the previous period[169]. - Inventory decreased slightly to ¥721,001,864.76, accounting for 12.88% of total assets, a change of -3.78% from the previous period[169]. - Fixed assets increased to ¥1,492,004,121.07, making up 26.65% of total assets, with a growth of 20.47% due to the completion of construction projects and equipment purchases[169]. - The company reported a significant increase in short-term borrowings to ¥764,502,844.45, which is 13.66% of total assets, reflecting a 12.32% rise as a result of expanded business operations[169]. - Long-term borrowings rose to ¥587,625,000.00, accounting for 10.50% of total assets, with a 21.66% increase attributed to new financing for construction projects[172].

作为公司的独立董事，本人与公司之间不存在诸如雇佣关系、交易关系、亲属 关系、《上海证券交易所上市公司自律监管指引第 1 号--规范运作》《上市公司独立 董事管理办法》等相关法律法规规定的影响独立性的情况。 二、独立董事年度履职概况 昆山沪光汽车电器股份有限公司 2023 年度独立董事述职报告（张玉虎） 作为昆山沪光汽车电器股份有限公司（以下简称"公司"）的独立董事，本人 严格按照《公司法》《上市公司独立董事规则》《上海证券交易所上市公司自律监管 指引第 1 号——规范运作》等法律法规和《公司章程》《独立董事工作制度》等有 关规定，在 2023 年工作中，勤勉尽责地履行独立董事职责，积极出席相关会议， 认真审议董事会的各项议案，对公司相关重大事项发表独立客观的意见，为董事会 的决策提供了建设性的建议，促进公司规范运作。现将本人 2023 年度履行独立董 事职责情况汇报如下： 一、独立董事基本情况 （一）个人基本资料 张玉虎先生，1980 年 3 月出生，中国国籍，无永久境外居留权，硕士研究生 学历，中国注册会计师、中国注册资产评估师、中国注册税务师，江苏省注册会计 师协会理事。2002 年 1 月至 2013 ...