Investment Rating - The report maintains a "Buy" rating for the company [4][3]. Core Views - The company reported strong performance in Q3 2024, with revenue of 21 billion yuan, a year-on-year increase of 121% and a quarter-on-quarter increase of 12%. The net profit attributable to shareholders reached 1.8 billion yuan, reflecting a year-on-year increase of 902% and a quarter-on-quarter increase of 19% [1]. - The robust demand from downstream customers, particularly in the electric vehicle sector, has significantly contributed to the company's high growth in revenue and profit [1][2]. - The company is actively expanding its customer base, including partnerships with major automotive manufacturers such as Seres, Geely, Daimler, and NIO, which enhances its market coverage and future growth prospects [1]. Financial Performance - For the first three quarters of 2024, the company achieved a revenue of 55 billion yuan, representing a year-on-year growth of 134%. The net profit attributable to shareholders was 4.4 billion yuan, a remarkable year-on-year increase of 2030% [1]. - The gross profit margin for Q1-Q3 2024 was 17.3%, up by 6 percentage points year-on-year, while the net profit margin was 7.9%, an increase of 9 percentage points year-on-year. In Q3 2024, the gross profit margin reached 20.5%, up by 8 percentage points year-on-year [2]. - The company expects continued growth in net profit, with projections for 2024-2026 being 6.3 billion yuan, 8.4 billion yuan, and 10.4 billion yuan, respectively [3]. Market Position and Growth Potential - The company is well-positioned to benefit from the expanding market for electric and intelligent vehicles, which require high-voltage wiring harnesses and advanced connectivity solutions. The demand for these products is expected to increase significantly [2]. - The company has established a comprehensive product lineup for high and low-voltage wiring harnesses and has sufficient production capacity to meet the growing industry demand and domestic substitution trends [2]. - The company is focusing on core technological capabilities, including the development of high-voltage connectors, which have already been adopted by several major automotive clients [2].

Investment Rating - The report maintains a "Recommended" rating for the company, with a target price of 30.40 CNY, corresponding to PE ratios of 20, 15, and 12 for the years 2024, 2025, and 2026 respectively [5][3]. Core Insights - The company reported a revenue of 5.532 billion CNY for the first three quarters of 2024, representing a year-on-year increase of 133.71%. The net profit attributable to shareholders reached 438 million CNY, up 2,030.18% year-on-year, indicating significant growth in profitability [2]. - The company has a robust order backlog, which supports its performance. It has secured new projects, including low and high-voltage wiring harnesses for various automotive clients, with production capacity utilization reaching 92.65% [3]. - The report highlights the potential of the domestic market for wiring harnesses, projecting a market size of 130.7 billion CNY by 2025, driven by the increasing demand for high-voltage and specialized wiring in electric vehicles [3]. Financial Forecasts - Revenue projections for the company are 7.748 billion CNY in 2024, 10.006 billion CNY in 2025, and 12.508 billion CNY in 2026, with growth rates of 93.6%, 29.2%, and 25.0% respectively [4][7]. - The net profit attributable to shareholders is expected to be 648 million CNY in 2024, 861 million CNY in 2025, and 1.093 billion CNY in 2026, with growth rates of 1,097.9%, 32.9%, and 27.0% respectively [4][7]. - The report anticipates earnings per share (EPS) of 1.48 CNY in 2024, 1.97 CNY in 2025, and 2.50 CNY in 2026 [4][7].

昆山沪光汽车电器股份有限公司 证券代码：605333 证券简称：沪光股份 公告编号：2024-066 （四）本次会议的召集、召开和表决程序符合有关法律、法规和《公司章程》 的规定，会议形成的决议合法有效。 二、董事会会议审议情况 经与会董事认真审议，会议审议并通过了如下议案： （一）审议通过了《关于 2024 年第三季度报告的议案》 公司《2024 年第三季度报告》的编制程序、内容、格式符合相关文件的规定， 报告内容真实、准确、完整地反映了公司的实际情况，不存在任何虚假记载、误 导性陈述或者重大遗漏。 第三届董事会第十次会议决议公告 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个别及连带责任。 一、董事会会议召开情况 （一）昆山沪光汽车电器股份有限公司（以下简称"公司"）第三届董事会 第十次会议通知已于 2024 年 10 月 17 日通过专人送达、电话及邮件等方式通知 了全体董事。 （二）本次会议于 2024 年 10 月 28 日以现场结合通讯表决方式在昆山市张 浦镇沪光路 388 号公司四楼会议室召开。 （三）本次会议由成三荣召 ...

Financial Performance - The company's operating revenue for Q3 2024 reached ¥2,113,944,410.82, representing a 121.40% increase year-over-year[2] - Net profit attributable to shareholders was ¥183,383,914.34, a significant increase of 901.75% compared to the same period last year[2] - The net profit excluding non-recurring gains and losses was ¥177,617,795.05, reflecting a year-over-year increase of 1,129.28%[2] - Basic and diluted earnings per share were both ¥0.42, marking a 950.00% increase year-over-year[4] - Total operating revenue for the first three quarters of 2024 reached CNY 5,531,961,659.67, a significant increase from CNY 2,367,014,703.76 in the same period of 2023, representing a growth of approximately 133.5%[15] - Net profit for the first three quarters of 2024 was CNY 438,418,542.06, compared to a net loss of CNY 22,713,908.85 in the same period of 2023, indicating a turnaround in profitability[16] - Operating profit for the first three quarters of 2024 was CNY 489,610,362.29, a recovery from an operating loss of CNY 27,854,615.82 in the same period of 2023[15] - The company reported a total profit of CNY 489,754,859.39 for the first three quarters of 2024, compared to a loss of CNY 27,305,272.79 in the same period of 2023[16] Assets and Liabilities - Total assets at the end of the reporting period were ¥6,905,476,033.63, a 23.34% increase from the end of the previous year[4] - The equity attributable to shareholders increased to ¥1,960,241,788.86, up 26.96% year-over-year[4] - The company's total liabilities rose to RMB 4,945,234,244.77 from RMB 4,054,753,989.02, representing an increase of about 22.0%[14] - The total equity attributable to shareholders reached RMB 1,960,241,788.86, up from RMB 1,543,939,095.48, indicating an increase of about 27.0%[14] - The company's non-current assets totaled RMB 2,451,095,120.73, an increase from RMB 2,229,688,222.15, reflecting a growth of approximately 9.9%[13][14] Cash Flow - The company reported a net cash flow from operating activities of ¥246,212,777.34, a 192.27% increase year-to-date[2] - Cash flow from operating activities generated CNY 246,212,777.34 in the first three quarters of 2024, compared to CNY 84,241,915.84 in the same period of 2023, showing a substantial increase[19] - The company reported a net increase in cash and cash equivalents of 122,244,639.76 CNY, compared to 54,754,847.28 CNY in the previous year[20] - The ending balance of cash and cash equivalents reached 242,231,809.45 CNY, up from 150,979,753.93 CNY year-over-year[20] Growth Factors - The significant growth in revenue and profit is attributed to the government's vehicle scrappage subsidy policy and the launch of new models by automotive companies[6] - The company is actively expanding its customer base and has seen stable orders, contributing to rapid revenue growth and improved profitability[8] Expenses - Research and development expenses increased to CNY 194,543,306.58 in 2024 from CNY 151,425,014.41 in 2023, reflecting a growth of about 28.5%[15] - Total operating costs for the first three quarters of 2024 were CNY 5,021,219,624.51, up from CNY 2,412,550,922.21 in 2023, marking an increase of approximately 108.5%[15] Other Financial Metrics - The weighted average return on equity rose to 9.61%, an increase of 8.35 percentage points compared to the previous year[4] - The company's cash and cash equivalents increased to RMB 599,564,827.50 from RMB 353,279,619.57, marking a significant rise of about 69.8%[12][13] - Accounts receivable rose to RMB 2,296,868,081.80, up from RMB 1,853,064,678.71, indicating an increase of approximately 23.9%[12][13] - Inventory levels increased to RMB 780,271,720.83 from RMB 721,001,864.76, reflecting a growth of about 8.2%[12][13] - Short-term borrowings increased to RMB 928,396,909.03 from RMB 764,502,844.45, which is an increase of approximately 21.5%[12][14] - The company experienced a foreign exchange loss of -5,869,376.66 CNY during the period[20]

证券代码：605333 证券简称：沪光股份 公告编号：2024-068 昆山沪光汽车电器股份有限公司 第三届监事会第十次会议决议公告 本公司监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个别及连带责任。 一、监事会会议召开情况 昆山沪光汽车电器股份有限公司（以下简称"公司"）第三届监事会第十次会 议通知已于 2024 年 10 月 17 日通过专人送达、电话及邮件等方式发出。公司第三 届监事会第十次会议已于 2024 年 10 月 28 日在江苏省昆山市张浦镇沪光路 388 号 四楼会议室以现场会议方式召开。本次会议由监事会主席朱雪青女士主持，应出 席监事 3 人，实际出席监事 3 人。本次会议的通知、召开和表决程序符合《中华 人民共和国公司法》、《公司章程》及《监事会议事规则》的有关规定，会议形成 的决议合法有效。 经审核，监事会认为：董事会编制和审核公司《2024 年第三季度报告》的程 序符合法律、行政法规和中国证监会的规定，报告内容真实、准确、完整地反映 了公司的实际情况，不存在任何虚假记载、误导性陈述或者重大遗漏。 具体内容详见公司同 ...

沪光股份：前三季度净利润同比增2030% 财联社10月28日电，沪光股份发布2024年第三季度报告，前 三季度实现营业收入55.32亿元，同比增长133.71%；归属于上市公司股东的净利润4.38亿元，同比增长 2030.18%。 查看公告原文 ...

Investment Rating - The report maintains a "Buy" rating for the company [3]. Core Views - The company is positioned to benefit from the rapid growth of the new energy vehicle (NEV) market, with significant improvements in profitability [3][4]. - The company has been actively expanding its product range and customer base in response to the electrification of vehicles, leading to a substantial increase in revenue and net profit [3][4]. Summary by Sections 1. Continuous Investment in the NEV Market - The company specializes in the research, production, and sales of high and low voltage wiring harnesses for automobiles, primarily serving well-known automotive brands [3][9]. - The company has shifted focus towards the NEV market, achieving significant revenue growth, with total revenue of 3.418 billion yuan in H1 2024, a year-on-year increase of 142.03% [3][13]. - The net profit for H1 2024 reached 255 million yuan, up 721.73% year-on-year, driven by the rapid development of the NEV market [3][13]. 2. Electrification and Intelligentization Driving Market Growth - The penetration rate of NEVs is increasing, leading to a growing demand for high voltage wiring harnesses, which are critical components of the high voltage electrical systems in NEVs [3][20]. - The global automotive wiring harness market is expected to grow significantly, with a projected CAGR of 7.97% from 2023 to 2030, reaching approximately 100.899 billion USD by 2030 [18][19]. - The domestic automotive wiring harness market also shows steady growth, with a market size of 81.46 billion yuan in 2022, reflecting a year-on-year increase of 15.17% [19]. 3. Active Development of New Product Lines - The company is enhancing its manufacturing capabilities through intelligent manufacturing systems, which are expected to improve efficiency and product quality [3][4]. - High voltage wiring harnesses have seen rapid growth, with revenue from these products reaching 1.502 billion yuan in 2023, accounting for 37.52% of total revenue [3][4]. - The company plans to expand its production capacity for high voltage and special wiring harnesses, with expected orders for high voltage harnesses projected to reach 3.0914 million sets by 2026 [3][4]. 4. Profitability Forecast - The company anticipates revenues of 7.491 billion yuan, 9.605 billion yuan, and 11.562 billion yuan for 2024, 2025, and 2026, respectively, with year-on-year growth rates of 87.14%, 28.23%, and 20.37% [4]. - The net profit is expected to reach 539 million yuan, 720 million yuan, and 900 million yuan for the same years, reflecting substantial growth rates of 896.38%, 33.50%, and 25.13% [4].

Summary of the Conference Call for Kunshan Huguang Automotive Electric Co., Ltd. Company Overview - The conference call is regarding Kunshan Huguang Automotive Electric Co., Ltd. for the 2024 half-year performance briefing [1] Key Points and Arguments - The call is led by the company’s board secretary, Chen Lei, who represents the board of directors [1] Additional Important Content - No specific financial data, industry trends, or detailed performance metrics were provided in the excerpt [1]

证券代码：605333 证券简称：沪光股份 公告编号：2024-065 昆山沪光汽车电器股份有限公司 关于 2024 年半年度业绩说明会召开情况的公告 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。 昆山沪光汽车电器股份有限公司（以下简称"公司"）已于 2024 年 8 月 28 日 上海证券交易所网站（www.sse.com.cn）及指定媒体披露的《2024 年半年度报告》。 为便于广大投资者更全面深入地了解公司经营情况，公司于 2024 年 9 月 26 日召开 了"2024 年半年度业绩说明会"，现将会议召开情况公告如下： 一、业绩说明会召开基本情况 公司于 2024 年 9 月 14 日在上海证券交易所网站（www.sse.com.cn）及指定媒 体披露了《关于召开 2024 年半年度业绩说明会的公告》（编号：2024-064） 2024 年 9 月 26 日 15:00-16:30 ， 公 司 通 过 上 证 路 演 中 心 （ 网 址 ： https://roadshow.sseinfo.com/）以视频直播和网络 ...

关于《关于昆山沪光汽车电器股 份有限公司向特定对象发行股票 的审核问询函》（上证上审（再 融资）〔2024〕172 号）中反馈意 见的专项说明 2 立信会计师事务所(特殊普通合伙) 关于《关于昆山沪光汽车电器股份有限公司向特定对 象发行股票的审核问询函》（上证上审（再融资）〔2024〕172 号） 中反馈意见的专项说明 信会师函字[2024]第 ZB128 号 上海证券交易所： 贵所于2024 年7 月 5 日出具的《关于昆山沪光汽车电器股份有限公司向特定对象 发行股票申请文件的审核问询函》（上证上审（再融资）〔2024〕172 号）（以下 简称"《问询函》"）已收悉。立信会计师事务所(特殊普通合伙)(以下简称"会计师")作为 昆山沪光汽车电器股份有限公司（以 下简称"沪光股份"、"公司"、"发行人"）的 2021 年度、2022 年度、2023 年度财务报表审计机构，对本次审核问询函中提到的要求会计 师核查的问题进行了认真核查，现回复如下： 特别说明： 本所没有接受委托审计沪光股份 2024 年 1-6 月期间的财务报表，以下所述的核查程 序及核查意见不构成审计，其结果可能与我们未来执行沪光股份财务报表审计 ...