Investment Rating - The investment rating for the company is Neutral (maintained) [2][5]. Core Views - The company's Q3 2024 performance shows a total revenue of 3.546 billion yuan for the first three quarters, representing a year-on-year increase of 24.05%, while the net profit attributable to the parent company is a loss of 410 million yuan, compared to a loss of 140 million yuan in the same period last year [4][5]. - Q3 2024 revenue reached 1.519 billion yuan, up 30.8% year-on-year, but the net profit attributable to the parent company was a loss of 76.78 million yuan, a decline of 50.08% year-on-year [4][5]. - The company has improved its gross margin to 23.95% in Q3, an increase of 3 percentage points from Q2, aided by cost control measures that have narrowed losses [4][5]. - The company has established strong partnerships with major domestic automotive manufacturers, which are expected to support continued revenue growth in the coming year [4][5]. Summary by Sections Market Data - Closing price as of October 31, 2024, is 82.10 yuan, with a one-year high of 143.55 yuan and a low of 54.73 yuan [2]. - The market capitalization of circulating A shares is 6.525 billion yuan [2]. Financial Data - As of September 30, 2024, the company's net asset per share is 35.74 yuan, with a debt-to-asset ratio of 52.15% [3]. - The total share capital is 120 million shares, with 79 million circulating A shares [3]. Revenue and Profit Forecast - Projected total revenue for 2024 is 5.594 billion yuan, with a year-on-year growth rate of 19.6% [6]. - The net profit attributable to the parent company is expected to be a loss of 363 million yuan in 2024, with a forecasted recovery to a profit of 99 million yuan in 2025 [6]. - The gross margin is projected to improve slightly to 24.1% in 2024 and stabilize around 24.9% by 2026 [6].

Group 1: Market Competition and Strategy - The domestic vehicle market is expected to remain highly competitive next year, with the company facing challenges from price reductions passed down from automakers [3] - The company aims to increase the proportion of overseas business revenue to between 20% and 30% by next year, with a long-term goal of reaching 30% [3] - The company is enhancing its investment in pre-sales and R&D in Europe and North America, and plans to shift some North American projects to its Malaysian factory for production [3] Group 2: Project Management and Cost Control - The company will be more cautious in project collaborations, particularly regarding projects with lower profit margins [4] - The annual reduction in revenue includes two components: agreements made at project initiation and additional support requested by clients based on competitive conditions [4] - Measures are being taken to reduce supply chain costs, including direct price reductions from suppliers and optimization of solutions, such as introducing domestic chips and materials [4] Group 3: Upcoming Production Projects - Key projects expected to begin mass production next year include the EyeQ6L solution, the urban NOA project based on the Huitian 500T chip, and multiple new models for regional controller products [5] - The company anticipates mass production of BMS and multi-in-one products in the new energy and power system sectors, along with the Stellantis VCU product [5] Group 4: Business Model Expansion - The company plans to continue its business deployment in port scenarios and expand into urban freight transport, leveraging its experience in closed parks [6] - The company is also testing a passenger micro-bus project in urban areas, utilizing vehicle-road-cloud technology accumulated over the years [6] - Future technical integration will enhance the company's technology system and research efficiency by combining automotive electronic products with vehicle-road-cloud technology [6] Group 5: R&D Service Growth - The company is confident in profit growth from R&D services next year, with an expected increase in revenue from lightweight software and tools due to higher acceptance of domestic tools [6] - There is growing interest from foreign OEMs in domestic consulting services and supply chains, leading to potential increases in overseas customer demand and orders [6] - The overall proportion of lightweight consulting and software business is expected to further increase [6]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company reported a reduction in losses on a quarterly basis, with ongoing customer expansion indicating promising long-term development [3] - The company is accelerating its transformation towards intelligence, with significant growth in R&D expenditures impacting short-term profits, leading to a slight downward adjustment in earnings forecasts for 2024-2026 [3] - The company is expected to achieve a recovery in performance as its technology commercialization capabilities improve and as it continues to expand its customer base [3] Financial Performance Summary - For the first three quarters of 2024, the company achieved operating revenue of 3.546 billion yuan, a year-on-year increase of 24.05%, but reported a net loss attributable to shareholders of 410 million yuan, with the loss margin widening year-on-year [3] - In Q3 2024, the company recorded operating revenue of 1.519 billion yuan, a year-on-year increase of 30.80%, and a net loss of 77 million yuan, showing a reduction in losses compared to Q1 and Q2 [3] - The company's gross margin and net margin for the first three quarters of 2024 were 23.16% and -11.49%, respectively, with improvements in profitability observed on a quarterly basis [4] Cost Management and Efficiency - The company has shown effective cost control, with the expense ratios for sales, management, R&D, and financial expenses reflecting a mixed trend, leading to an overall increase in the period expense ratio [4] - R&D expense ratio in Q3 2024 decreased compared to previous quarters, indicating potential for further performance improvement as R&D results are expected to convert into revenue [4] Customer Expansion and Product Development - The company is deepening its layout in automotive intelligence, with continuous customer expansion, including new projects with major automotive manufacturers [5] - The urban NOA solution, utilizing advanced intelligent chips, is expected to be mass-produced in 2025, indicating a strategic move towards enhancing product offerings [5]

Investment Rating - The investment rating for the company is "Buy" [4] Core Insights - The company achieved a revenue of 1.52 billion yuan in Q3 2024, representing a year-on-year increase of 31% and a quarter-on-quarter increase of 34%. However, the net profit attributable to shareholders was -77 million yuan, indicating an expanded loss year-on-year but a significant reduction in loss quarter-on-quarter. The revenue increase is attributed to high-quality product offerings and improved cost management, with expectations for further revenue growth in Q4 due to favorable policies and seasonal demand [2][6]. Summary by Relevant Sections Financial Performance - In the first three quarters of 2024, the company reported a total revenue of 3.55 billion yuan, a year-on-year increase of 24%, with a net profit of -410 million yuan, indicating an expanded loss compared to the previous year. The Q3 revenue of 1.52 billion yuan shows strong growth, driven by successful product launches and improved sales from key clients such as Geely and Xiaomi [6][2]. Product and Market Dynamics - The significant revenue growth in Q3 is primarily due to the successful sales of high-quality products, including ADAS, AR-HUD, and 5G T-BOX, with key clients experiencing notable sales increases. The company expects continued revenue growth in Q4, supported by government policies and seasonal demand [6][2]. Cost Management and Profitability - The gross margin for Q3 2024 was 23.9%, showing a year-on-year decrease of 3.4 percentage points but a quarter-on-quarter increase of 3.0 percentage points. The company has effectively optimized its expense ratios, with a total expense ratio of 29.4%, down 4.9 percentage points year-on-year and 6.8 percentage points quarter-on-quarter, indicating improved operational efficiency [6][2]. Future Projections - The company forecasts revenues of 5.66 billion yuan, 6.93 billion yuan, and 8.21 billion yuan for 2024, 2025, and 2026, respectively, with year-on-year growth rates of 21.1%, 22.4%, and 18.4%. The net profit is expected to improve significantly, with projections of -130 million yuan in 2024 turning to positive profits in subsequent years [6][7].

Investment Rating - The report maintains a "Recommended" rating for the company, indicating a positive outlook for future performance [2][4]. Core Insights - The company reported a revenue of 3.546 billion yuan for the first three quarters of 2024, representing a year-on-year increase of 24.05%. However, the net profit attributable to shareholders was a loss of 410 million yuan, which is a wider loss compared to the previous year [2]. - In Q3 2024, the company achieved a revenue of 1.519 billion yuan, marking a year-on-year growth of 30.80% and a quarter-on-quarter increase of 33.52%. The gross profit margin for Q3 2024 was 23.95%, showing a year-on-year decrease of 3.44 percentage points but an increase of 3.04 percentage points from the previous quarter [2]. - The company is actively expanding its product offerings and business boundaries, focusing on the development of distributed automotive electronic products and integrating resources to launch domain fusion products [2]. - The international market expansion strategy is progressing, with the company securing contracts with several OEMs and Tier 1 suppliers, and its Malaysian factory has commenced production [2]. Financial Forecasts - Revenue projections for 2024, 2025, and 2026 are estimated at 5.721 billion yuan, 7.009 billion yuan, and 8.254 billion yuan, respectively, with corresponding net profits of -349 million yuan, 238 million yuan, and 491 million yuan [3][5]. - The earnings per share (EPS) are forecasted to be -2.91 yuan for 2024, 1.98 yuan for 2025, and 4.09 yuan for 2026, with price-to-earnings (PE) ratios of 42 and 20 for 2025 and 2026, respectively [3][5]. - The company is expected to reach a profitability turning point soon, with new projects anticipated to contribute to revenue growth [2].

Investment Rating - The report maintains a "Buy-A" rating for the company with a 6-month target price of 95.8 RMB, compared to the current price of 82.97 RMB as of October 29, 2024 [1] Core Views - The company's Q3 2024 performance met expectations, with significant improvement in operational efficiency and strong growth in the automotive electronics business [2][3] - Revenue for the first three quarters of 2024 reached 3.546 billion RMB, a year-on-year increase of 24.05%, while net profit attributable to the parent company was -410 million RMB, with an expanded loss [2] - Q3 2024 revenue was 1.519 billion RMB, up 30.8% year-on-year and 33.52% quarter-on-quarter, with a net loss of -77 million RMB, showing a narrowed loss compared to the previous quarter [2] Automotive Electronics Business - The automotive electronics business grew strongly, driven by mass production of high-value products for new clients such as Xiaomi and Xpeng [3] - The company supplied Xiaomi SU7 with front, left, and right zone controllers, 5G T-BOX, and electric tailgate controllers, which began mass production in Q2 2024 [3] - Xiaomi SU7 sales in Q3 2024 reached 39,800 units, a 33% increase quarter-on-quarter [3] - The company also supplied Xpeng MONA MO3 with a central computing platform (CCP) and ADAS products, which began mass production in September 2024 [3] Profitability and Efficiency - Q3 2024 gross margin was 23.95%, down 3.45 percentage points year-on-year but up 3.04 percentage points quarter-on-quarter, mainly due to the recognition of high-margin R&D services in the second half of the year [3] - Operating efficiency improved significantly, with the expense ratio dropping to 29.4%, down 4.87 percentage points year-on-year and 6.75 percentage points quarter-on-quarter [3] - R&D expenses in Q3 2024 were 254 million RMB, with an R&D expense ratio of 16.70%, down 7.54 percentage points year-on-year and 4.99 percentage points quarter-on-quarter [3] Product Layout and Future Growth - The company has completed a comprehensive layout of vehicle electronic control products, with multiple new products entering mass production [4] - The company launched the first integrated gateway domain control product, Haozhi Supercomputing XPC-S32G, in collaboration with NIO, which began mass production in the second half of 2024 [4] - The ADAS product based on Mobileye EyeQ™6 Lite chip entered mass production in Q2 2024 [4] - The R-EPS (Rack-Electric Power Steering) system was mass-produced in Q2 2024 for a new energy vehicle manufacturer's mid-to-high-end MPV model [4] Autonomous Driving and Port Business - The company has been exploring L4 autonomous driving since 2018 and successfully provided a full set of port MaaS solutions for Rizhao Port in 2021 [4] - The third-generation heavy-duty autonomous flatbed truck reduced average energy consumption by 23% compared to the previous generation, with 4 units delivered to Longgong Port by May 16, 2024, helping the port achieve an annual container throughput of over 100,000 TEUs [4] - Tangshan Port received 22 heavy-duty autonomous transport vehicles (HAV), and the project has reached the "real ship production operation" state [4] Financial Forecasts - The report forecasts 2024-2026 revenues of 5.6 billion RMB, 6.76 billion RMB, and 8.22 billion RMB, respectively, with net profits of -110 million RMB, 190 million RMB, and 340 million RMB [5] - The 2025-2026 PE ratios are estimated at 53.5x and 29.5x, respectively, with a 6-month target price of 95.8 RMB based on a 1.7x PS ratio for 2025 [5] Historical Financial Performance - 2022A revenue was 4.02 billion RMB, with a net profit of 230 million RMB, while 2023A revenue was 4.68 billion RMB, with a net loss of -220 million RMB [6] - The 2024E revenue is projected at 5.6 billion RMB, with a net loss of -110 million RMB, while 2025E and 2026E revenues are expected to reach 6.76 billion RMB and 8.22 billion RMB, with net profits of 190 million RMB and 340 million RMB, respectively [6] - The 2024E EPS is -0.91 RMB, while 2025E and 2026E EPS are projected at 1.55 RMB and 2.81 RMB, respectively [6]

Revenue and Growth - Revenue for the third quarter reached RMB 1,519,023,265.73, a 30.80% increase year-over-year[2] - Year-to-date revenue totaled RMB 3,546,024,524.10, up 24.05% compared to the same period last year[2] - The company's revenue growth was primarily driven by increased orders for electronic product sales[6] - Total operating revenue for the first three quarters of 2024 reached RMB 3,546,024,524.10, a 24.1% increase compared to RMB 2,858,539,889.77 in the same period of 2023[14] Net Loss and Profitability - Net loss attributable to shareholders for the third quarter was RMB -76,777,896.88[2] - Year-to-date net loss attributable to shareholders was RMB -410,153,847.95[2] - Net profit for the first three quarters of 2024 was a loss of RMB -407,313,181.09, compared to a loss of RMB -140,211,061.26 in the same period of 2023[15] - Net comprehensive income attributable to parent company shareholders was -409.67 million yuan, a decrease of 138.11 million yuan compared to the previous period[16] - Basic and diluted earnings per share were -3.56 yuan, down from -1.17 yuan in the previous period[16] R&D Investment - R&D investment for the third quarter was RMB 311,753,696.28, accounting for 20.52% of revenue[3] - Year-to-date R&D investment reached RMB 945,658,429.87, a 21.44% increase year-over-year[3] - R&D expenses for the first three quarters of 2024 were RMB 791,038,271.11, an 11.9% increase compared to RMB 707,032,063.62 in the same period of 2023[14] Assets and Liabilities - Total assets at the end of the reporting period were RMB 9,117,677,203.07, a 2.25% decrease from the end of the previous year[3] - Total assets as of September 30, 2024, amounted to RMB 9,117,677,203.07, a decrease from RMB 9,327,735,166.29 at the end of 2023[11] - Current assets totaled RMB 5,624,737,643.49, down from RMB 6,655,717,094.99 at the end of 2023[11] - Non-current assets increased to RMB 3,492,939,559.58 from RMB 2,672,018,071.30 at the end of 2023[11] - Total liabilities as of Q3 2024 were RMB 4,754,464,414.35, a 9.9% increase from RMB 4,325,954,568.26 in the same period of 2023[12] - Total equity as of Q3 2024 was RMB 4,363,212,788.72, a 12.8% decrease from RMB 5,001,780,598.03 in the same period of 2023[13] - Total assets as of Q3 2024 were RMB 9,117,677,203.07, a 2.3% decrease from RMB 9,327,735,166.29 in the same period of 2023[13] Cash Flow - Cash and cash equivalents decreased to RMB 1,494,306,711.07 from RMB 3,292,541,677.77 at the end of 2023[10] - Cash received from sales of goods and services was 1.82 billion yuan, an increase from 1.58 billion yuan in the same period last year[17] - Net cash flow from operating activities was -874.72 million yuan, an improvement from -911.73 million yuan in the previous year[17] - Cash received from investments was 695.94 million yuan, up from 463.51 million yuan in the previous period[18] - Net cash flow from investing activities was -941.59 million yuan, a significant decrease from -109.17 million yuan in the previous period[18] - Net cash flow from financing activities was -1.05 million yuan, compared to 131.07 million yuan in the previous period[18] - The net increase in cash and cash equivalents was -1.82 billion yuan, a decrease from -872.50 million yuan in the previous period[18] - The ending balance of cash and cash equivalents was 1.38 billion yuan, down from 2.58 billion yuan in the previous period[18] Operating Costs and Expenses - Operating costs for the first three quarters of 2024 amounted to RMB 4,041,946,351.63, a 30.6% increase from RMB 3,093,958,498.97 in the same period of 2023[14] - Sales expenses for the first three quarters of 2024 were RMB 264,686,687.58, a 74.2% increase compared to RMB 151,964,191.88 in the same period of 2023[14] - Financial expenses for the first three quarters of 2024 were RMB -34,098,179.19, compared to RMB -79,804,011.64 in the same period of 2023[14] Government Subsidies and Other Income - Government subsidies contributed RMB 23,787,222.87 to non-recurring gains in the third quarter[4] - Other income for the first three quarters of 2024 was RMB 61,868,627.05, a 53.8% increase compared to RMB 40,230,344.42 in the same period of 2023[15] Shareholders' Equity - Shareholders' equity attributable to the parent company decreased by 13.57% to RMB 4,288,486,762.33 compared to the end of the previous year[3] Inventory and Receivables - Accounts receivable increased to RMB 1,495,111,819.06 from RMB 1,285,216,866.29 at the end of 2023[11] - Inventory rose to RMB 1,807,973,265.18 from RMB 1,619,902,363.30 at the end of 2023[11] Fixed and Intangible Assets - Fixed assets increased to RMB 1,342,151,060.74 from RMB 1,016,189,358.71 at the end of 2023[11] - Intangible assets grew to RMB 722,420,295.18 from RMB 461,938,150.14 at the end of 2023[11] - Development expenditure surged to RMB 173,241,035.86 from RMB 76,325,245.07 at the end of 2023[11] - Long-term equity investments decreased to RMB 6,307,885.75 from RMB 7,142,439.01 at the end of 2023[11]

北京经纬恒润科技股份有限公司 关于注销部分募集资金理财产品专用结算账户的公告 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。 证券代码：688326 证券简称：经纬恒润 公告编号：2024-077 二、募集资金理财产品专用结算账户的注销情况 截至本公告披露日，公司子公司天津研究院在中国银行天津河东支行营业部 （账号：270097063402）购买的理财产品均已全部到期赎回，且不再使用上述账 户。根据《上市公司监管指引第 2 号——上市公司募集资金管理和使用的监管要 求》及《上海证券交易所科创板上市公司自律监管指引第 1 号——规范运作》的 相关规定，公司于近日办理完毕上述理财产品专用结算账户的注销手续。具体账 户信息如下： | 序号 | 主体 | 开户银行 | 账号 | | --- | --- | --- | --- | | 1 | 天津研究院 | 中国银行天津河东支行营业部 | 270097063402 | 特此公告。 北京经纬恒润科技股份有限公司董事会 一、募集资金理财产品专用结算账户的开立情况 为满足部分暂时闲置募集资 ...

证券代码：688326 证券简称：经纬恒润 公告编号：2024-076 北京经纬恒润科技股份有限公司 关于召开2024年第三季度业绩说明会的公告 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。 重要内容提示： 一、说明会类型 北京经纬恒润科技股份有限公司（以下简称"公司"）将于 2024 年 10 月 30 日在上海证券交易所网站（www.sse.com.cn）披露《北京经纬恒润科技股份有限 公司 2024 年第三季度报告》。为便于广大投资者更加全面深入地了解公司经营 业绩、发展战略等情况，公司定于 2024 年 10 月 30 日（星期三）17:00-18:00 在 "价值在线"（www.ir-online.cn）举办北京经纬恒润科技股份有限公司 2024 年 第三季度业绩说明会，与投资者进行沟通和交流，广泛听取投资者的意见和建议。 会议召开时间：2024 年 10 月 30 日（星期三）17:00-18:00 会议召开地点：价值在线（www.ir-online.cn） 会议召开方式：网络及电话会议方式 会议问题征集：投资者 ...

[Table_MainInfo] 公司研究/信息服务/信息科技服务 证券研究报告 经纬恒润-W（688326）公司研究报告 Liang Song I.song@htisec.com [Table_InvestInfo] 苦修内功产品布局日臻完善， 有望迎来业绩拐点 [Table_Summary] 投资要点： 收入稳健增长，大力投入研发，基本完成整车电控产品全覆盖布局。2024 年 H1，公司取得收入 20.27 亿元，同比增长 19%；归母净利润-3.33 亿元，去年 同期为-0.89 亿元。公司自 2022 年以来大力投入研发，22-23 年以及 24 年 H1， 公司研发费用分别为 6.56 亿元、9.68 亿元和 5.37 亿元，同比增长 44%、48% 和 26%。根据公司 23 年年报，其营业收入的增长主要源于智能驾驶、新能源、 底盘控制、自研软件等业务的快速发展；同时，公司加大对中央计算平台和 区域控制器等相关产品的研发投入，满足多家整车厂在车控域上的定制化需 求；智能驾驶产品覆盖智能传感器、行泊一体和高级别自动驾驶控制器；底 盘域控制器已经配套多个车型，集成公司复杂域控软件，适合下一代整车电 子 ...