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经纬恒润(688326):季度亏损同比收窄,智驾业务持续拓展新客户及新产品
Orient Securities· 2025-06-08 07:58
Investment Rating - The report maintains a "Buy" rating for the company with a target price of 110.24 CNY, based on an expected transition from loss to profit by 2025 [2][5]. Core Insights - The company is expected to achieve a significant reduction in quarterly losses, with a focus on expanding its smart driving business and acquiring new customers and products [1][9]. - Revenue and profit forecasts have been adjusted, with projected EPS for 2025-2027 at 0.21, 2.08, and 3.16 CNY respectively, indicating a positive growth trajectory [2][4]. Financial Performance Summary - **Revenue**: The company is projected to generate revenues of 4,678 million CNY in 2023, increasing to 10,206 million CNY by 2027, reflecting a compound annual growth rate (CAGR) of approximately 19.5% [4][12]. - **Net Profit**: The company is expected to transition from a net loss of 217 million CNY in 2023 to a net profit of 379 million CNY by 2027, with significant year-on-year growth rates [4][12]. - **Gross Margin**: The gross margin is expected to stabilize around 24.1% by 2027, after a slight decline in the earlier years due to market competition [4][9]. - **Earnings Per Share (EPS)**: EPS is projected to improve from -1.81 CNY in 2023 to 3.16 CNY in 2027, indicating a strong recovery [4][12]. Business Segment Insights - **Automotive Electronics**: The automotive electronics segment is anticipated to grow significantly, with revenues expected to reach 44.06 billion CNY in 2024, driven by new product launches and customer acquisitions [9]. - **R&D Services**: The R&D services and solutions segment is projected to see a decline in revenue in 2024 but is expected to recover as the company engages with overseas clients [9][12]. Valuation Comparison - The report compares the company's valuation with peers, indicating an average PE ratio of 53 times for comparable companies in 2026, suggesting a premium valuation for the company [2][10].
经纬恒润-W:经纬恒润动态跟踪 —— 季度亏损同比收窄,智驾业务持续拓展新客户及新产品-20250608
Orient Securities· 2025-06-08 07:35
Investment Rating - The report maintains a "Buy" rating for the company with a target price of 110.24 CNY, based on an expected transition from loss to profit by 2025 [2][5]. Core Insights - The company is expected to achieve a significant reduction in quarterly losses, with a focus on expanding its smart driving business and acquiring new customers and products [1][9]. - Revenue and profit forecasts have been adjusted, with projected EPS for 2025-2027 at 0.21, 2.08, and 3.16 CNY respectively, indicating a positive growth trajectory [2][4]. Financial Performance Summary - **Revenue**: Projected revenues are expected to grow from 4,678 million CNY in 2023 to 10,206 million CNY in 2027, reflecting a compound annual growth rate (CAGR) of approximately 19.5% [4][12]. - **Net Profit**: The company is forecasted to transition from a net loss of 217 million CNY in 2023 to a net profit of 379 million CNY by 2027, with significant year-on-year growth rates [4][12]. - **Gross Margin**: The gross margin is expected to stabilize around 24.1% by 2027, after a slight decline in the earlier years due to market competition [4][9]. - **Earnings Per Share (EPS)**: EPS is projected to improve from a loss of 1.81 CNY in 2023 to a profit of 3.16 CNY by 2027, indicating a strong recovery [4][12]. Business Segment Insights - **Automotive Electronics**: The automotive electronics segment is anticipated to grow significantly, with revenues expected to reach 44.06 billion CNY in 2024, driven by new product launches and customer acquisitions [9]. - **R&D Services**: The R&D services and solutions segment is projected to see a decline in revenue in 2024 but is expected to recover as overseas clients show increased interest in domestic supply chains [9][12].
【私募调研记录】星石投资调研经纬恒润
Zheng Quan Zhi Xing· 2025-06-02 00:09
Group 1 - Star Stone Investment recently conducted research on a listed company, specifically focusing on Jingwei Hengrun, which has a dedicated institution for robot research and is advancing smart robots and smart warehousing [1] - Jingwei Hengrun is collaborating with Baixiniu on Robovan to promote the commercial rollout of unmanned vehicles for last-mile logistics [1] - The company has initiated L4 level fully unmanned driving operations at ports and plans to expand to public road scenarios, including point-to-point unmanned cargo transportation and Robobus microcirculation [1] - The decline in overall gross margin is primarily due to the rapid growth of the automotive electronics business, with new products being mass-produced for companies like Xiaomi, Xpeng, and Geely, driven by trends in the automotive industry [1] Group 2 - Star Stone Investment, established in 2007, is one of the top private equity fund management companies in China and a pioneer in the private equity sector [2] - The company has received numerous awards, including being the first Chinese private equity firm to win the Morningstar China Hedge Fund Award and to be included in the MSCI Global Hedge Fund Index [2] - Star Stone Investment focuses on long/short equity strategies and has built a strong research team of 40 professionals, employing a multi-faceted driving factor investment approach for comprehensive industry coverage [2] - The investment decision-making process is led by a committee, with nine fund managers collaboratively managing all products to identify high-quality investment targets [2] - The firm emphasizes compliance and risk control, establishing a rigorous compliance framework that integrates risk management throughout the investment research process [2]
经纬恒润: 北京观韬律师事务所关于北京经纬恒润科技股份有限公司2024年年度股东会的法律意见书
Zheng Quan Zhi Xing· 2025-05-27 12:19
Group 1 - The core opinion of the article is that the legal opinion letter confirms the legality and validity of the procedures and results of the 2024 annual shareholders' meeting of Beijing Jingwei Hengrun Technology Co., Ltd. [1][16] - The meeting was convened in accordance with relevant laws, regulations, and the company's articles of association, with proper notice given to shareholders [2][16] - A total of 59 shareholders participated in the meeting, holding 114,194,378 voting rights, which represents 99.9730% of the valid voting rights [4][6] Group 2 - The meeting included various agenda items, such as the approval of the 2024 annual report, board and supervisory board work reports, and financial reports [7][8] - The voting results showed overwhelming support for the proposals, with most receiving over 99% approval from attending shareholders [6][10] - Specific proposals included the repurchase of restricted stock, changes to registered capital, and the reappointment of the accounting firm, all of which were approved by a significant majority [15][16]
经纬恒润: 2024年年度股东会决议公告
Zheng Quan Zhi Xing· 2025-05-27 12:19
证券代码:688326 证券简称:经纬恒润 公告编号:2025-035 北京经纬恒润科技股份有限公司 本公司董事会及全体董事保证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、准确性和完整性依法承担法律责任。 重要内容提示: ? 本次会议是否有被否决议案:无 一、 会议召开和出席情况 (一) 股东大会召开的时间:2025 年 5 月 27 日 (二) 股东大会召开的地点:北京市朝阳区酒仙桥路 14 号 1 幢 C3-4 层会议室 (三) 出席会议的普通股股东、特别表决权股东、恢复表决权的优先股股东及 其持有表决权数量的情况: 普通股股东人数 58 特别表决权股东人数 1 普通股股东所持有表决权数量 44,756,780 特别表决权股东所持有表决权数量(每份特别表决权股份的表决 权数量为:6) (%) 普通股股东所持有表决权数量占公司表决权数量的比例(%) 29.3419 特别表决权股东所持有表决权数量占公司表决权数量的比例(%) 45.5425 (四) 表决方式是否符合《公司法》及公司章程的规定,大会主持情况等。 本次会议由公司董事会召集,现场会议由公司董事长吉英存先生主持。会议 采 ...
经纬恒润(688326) - 关于回购注销2023年限制性股票激励计划部分股票并减少注册资本暨通知债权人的公告
2025-05-27 11:47
证券代码:688326 证券简称:经纬恒润 公告编号:2025-036 北京经纬恒润科技股份有限公司 关于回购注销 2023 年限制性股票激励计划部分股票 并减少注册资本暨通知债权人的公告 由于公司本次回购注销部分限制性股票将涉及注册资本减少,根据《中华人 民共和国公司法》(以下简称"《公司法》")等相关法律、法规的规定,公司特此 通知债权人,债权人自接到通知之日起三十日内,未接到通知的自公告之日起四 十五日内,有权凭有效债权证明文件及相关凭证向公司申报债权,并有权要求公 1 司清偿债务或者提供相应的担保。债权人如逾期未向公司申报债权,并不会因此 影响其债权的有效性,相关债务(义务)将由公司根据原债权文件的相关约定继 续履行,同时本次回购注销将按法定程序继续实施。公司各债权人如要求公司清 偿债务或提供相应的担保,应根据《公司法》等法律、法规的有关规定向公司提 出书面要求,并随附有效证明文件。 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、准确性和完整性依法承担法律责任。 一、通知债权人的原由 北京经纬恒润科技股份有限公司(以下简称"公司")分别于 202 ...
经纬恒润(688326) - 2024年年度股东会决议公告
2025-05-27 11:45
证券代码:688326 证券简称:经纬恒润 公告编号:2025-035 北京经纬恒润科技股份有限公司 2024年年度股东会决议公告 本公司董事会及全体董事保证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、准确性和完整性依法承担法律责任。 重要内容提示: 本次会议是否有被否决议案:无 一、 会议召开和出席情况 (一) 股东大会召开的时间:2025 年 5 月 27 日 (二) 股东大会召开的地点:北京市朝阳区酒仙桥路 14 号 1 幢 C3-4 层会议室 (三) 出席会议的普通股股东、特别表决权股东、恢复表决权的优先股股东及 其持有表决权数量的情况: | 1、出席会议的股东和代理人人数 | 59 | | --- | --- | | 普通股股东人数 | 58 | | 特别表决权股东人数 | 1 | | 2、出席会议的股东所持有的表决权数量 | 114,225,174 | | 普通股股东所持有表决权数量 | 44,756,780 | | 特别表决权股东所持有表决权数量(每份特别表决权股份的表决 | 69,468,394 | | 权数量为:6) | | | 3、出席会议的股东所持有表决权数 ...
经纬恒润(688326) - 北京观韬律师事务所关于北京经纬恒润科技股份有限公司2024年年度股东会的法律意见书
2025-05-27 11:45
本法律意见书仅供公司为本次股东会之目的而使用,不得用作任何其他目的。 本所律师同意将本法律意见书作为公司本次股东会的公告材料,随其他需公 告的信息一并向公众披露。本所律师保证本法律意见书中不存在虚假记载、严重 误导性陈述及重大遗漏,否则愿意承担相应的法律责任。 本所律师根据《规则》第六条的要求,按照律师行业公认的业务标准、道德 规范和勤勉尽责精神,对公司提供的文件和有关事实进行了核查和验证,现出具 法律意见如下: 北京观韬律师事务所 关于北京经纬恒润科技股份有限公司 2024年年度股东会的法律意见书 观意字2025BJ001220号 致:北京经纬恒润科技股份有限公司 北京观韬律师事务所(以下简称"本所")受北京经纬恒润科技股份有限公司 (以下简称"公司")之委托,指派律师出席公司 2024 年年度股东会(以下简称"本 次股东会")。本所依据《中华人民共和国公司法》《中华人民共和国证券法》等 相关法律、行政法规、《上市公司股东会规则》(以下简称"《规则》")以及公 司现行有效的《公司章程》的有关规定,出具本法律意见书。 公告载明了本次股东会的召集人、投票方式、现场会议的时间和地点、网络 投票等召开会议的基本情况 ...
343只科创板股融资余额环比增加
Summary of Key Points Core Viewpoint - The financing balance of the Sci-Tech Innovation Board (STAR Market) has increased, indicating a growing interest in investments within this sector, with notable changes in both financing and securities lending balances [1][2]. Financing Balance - As of May 21, the total financing balance on the STAR Market reached 1527.37 billion yuan, an increase of 2.87 billion yuan from the previous trading day, marking three consecutive days of growth [1]. - The highest financing balance is held by SMIC (中芯国际) at 75.19 billion yuan, followed by Cambrian (寒武纪) and Haiguang Information (海光信息) with balances of 48.34 billion yuan and 32.99 billion yuan, respectively [1]. - A total of 343 stocks saw an increase in financing balance, while 240 stocks experienced a decrease. The stocks with the largest increases in financing balance were Jingwei Hengrun (经纬恒润), Kexing Pharmaceutical (科兴制药), and Guangge Technology (光格科技), with increases of 20.46%, 20.08%, and 19.38% respectively [1][2]. Securities Lending Balance - The total securities lending balance on the STAR Market reached 5.47 billion yuan, with an increase of 891.53 million yuan from the previous trading day [1]. - The highest securities lending balance is held by Haiguang Information at 0.20 billion yuan, followed by SMIC and Cambrian, both at 0.18 billion yuan [2]. - A total of 123 stocks saw an increase in securities lending balance, while 137 stocks experienced a decrease. The stocks with the largest increases in securities lending balance were Ruikeda (瑞可达), Maixinlin (迈信林), and Xidiwei (希荻微), with increases of 313.91%, 273.38%, and 224.07% respectively [2].
经纬恒润(688326) - 2024年年度股东会会议资料
2025-05-20 10:45
证券代码:688326 证券简称:经纬恒润 北京经纬恒润科技股份有限公司 2024 年年度股东会会议资料 2025 年 5 月 北京经纬恒润科技股份有限公司 2024 年年度股东会会议资料 会议资料目录 | 年年度股东会会议须知 2024 | 2 | | --- | --- | | 2024 年年度股东会会议议程 | 4 | | 2024 年年度股东会会议议案 | 7 | | 议案一:关于公司《2024 年年度报告》及其摘要的议案 | 7 | | 议案二:关于公司《2024 年度董事会工作报告》的议案 | 8 | | 议案三:关于公司《2024 年度监事会工作报告》的议案 | 9 | | 议案四:关于公司《2024 年度财务决算报告》的议案 | 10 | | 议案五:关于公司《2025 年度财务预算报告》的议案 | 11 | | 议案六:关于公司未弥补亏损达到股本总额三分之一的议案 | 13 | | 议案七:关于 年年度利润分配方案的议案 2024 | 14 | | 议案八:关于申请 2025 年度综合授信额度及提供担保的议案 | 15 | | 议案九:关于开展外汇衍生品交易业务的议案 | 17 | | 议案 ...