证券代码：688326 证券简称：经纬恒润 编号：2024-018 北京经纬恒润科技股份有限公司 投资者关系活动记录表 | --- | --- | --- | |---------------------|-------------------------|------------------------------------------------------| | | | | | | | 特定对象调研 □分析师会议 | | | □ | 媒体采访 □业绩说明会 | | 投资者关系活 动类别 | □新闻发布会 □路演活动 | | | | □ 现场参观 □电话会议 | | | | □ 券商策略会 □其他 | | | 参与单位名称 | | 华创证券，天风证券，鑫元基金，星石投资，招商基金，中 | | | 金公司，中邮证券 | | | 会议时间 | 2024 年 11 月 5 | 日、 2024 年 11 月 7 日 | | 会议地点 | 价值在线（ | www.ir-online.cn ） | | 上市公司接待 | 总监：章新刚 | | | 人员姓名 | 证券事务代表：高冰 | | | 投资者关系活 | 1. ...

Investment Rating - The report assigns an "Accumulate-A" rating to the company for the first time [4]. Core Views - The company has shown a significant revenue growth of 24.05% year-on-year, reaching 3.546 billion yuan in the first three quarters of 2024, although it reported a net loss of 410 million yuan, which is a 192.53% decline year-on-year [1]. - The third quarter of 2024 saw a revenue increase of 30.80% year-on-year and 33.52% quarter-on-quarter, driven by a rise in sales orders for automotive electronic products [2]. - The company is expected to enter a performance turning point as it optimizes its customer structure and enhances its product matrix, with several new products entering mass production [3][4]. Summary by Sections Financial Performance - For Q3 2024, the company achieved a revenue of 1.519 billion yuan, with a net loss of 77 million yuan, reflecting a 50.08% decline year-on-year [1]. - The gross margin improved to 23.95%, with a net margin of -4.81%, indicating a recovery trend [2]. - The company’s weighted ROE for Q3 was -1.78%, showing a slight improvement compared to previous quarters [2]. Cost Management - The company has effectively controlled its expenses, with sales, management, R&D, and financial expense ratios showing improvements [3]. - Management and R&D expenses have decreased on a quarter-on-quarter basis, suggesting better cost efficiency [3]. Product Development and Market Position - The company is expanding its product offerings in the automotive electronics and intelligent components market, with key clients like Geely and Xiaomi [3]. - Several high-value products are entering mass production, which is expected to significantly boost revenue in the coming years [3][4]. - The company anticipates that its high R&D investments will start yielding returns, with multiple projects set to enter mass production by 2025 [4]. Revenue Projections - Revenue forecasts for 2024, 2025, and 2026 are 5.616 billion yuan, 6.862 billion yuan, and 8.445 billion yuan, respectively, with year-on-year growth rates of 20.1%, 22.2%, and 23.1% [4][6]. - The projected net profit for 2024 is -379 million yuan, with expectations of profitability returning in 2025 and 2026 [4][6].

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。 一、募集资金理财产品专用结算账户的开立情况 证券代码：688326 证券简称：经纬恒润 公告编号：2024-078 北京经纬恒润科技股份有限公司 截至本公告披露日，公司在宁波银行股份有限公司北京分行（账号： 86021110000295114）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 | 北京经纬恒润科技股份有限公司 | 宁波银行股份有限公司北京分行 | 86021110000295114 | 特此公告。 北京经纬恒润科技股份有限公司董事会 2024 年 11 月 8 日 1 为满足 ...

吴灵正先生副总经理刘洋先生财务总监陆文江先生董事会秘书邓鸿菊女士独立董事吕首升先生下面有请董秘正总介绍一下公司2024年三季度的业绩情况好的尊敬的各位投资者大家午安欢迎参加金美鸿的2024年第三季度的业绩说明会金美鸿的总统局 感谢各位投资人对公司的支持我们今天通过本次交流会就要认真回答投资者关心的问题然后加深各位对公司的认识和了解 谢谢首先我从财务方面来介绍公司2024年前三季度的一个基本的经营情况公司2024年前三季度实现的年月收入是35.5亿万同比重量24% 其中三季度三季度的实现人员收入的话大概是15.2亿元较去年同期增长31%晚比二季度增长34%还是保持了一个比较好的成长性公司归属于上市人公司股东的经济润大概是负4亿元其中三季度三季度亏损是4300万元亏损金额持续收窄公司前三季度经济润 小低的原因主要还是研发投入较高以及收入的结构性变动导致的投资率下降公司前三季度研发费用一共是7.9亿万研发投入主要还是在一些复杂的预供产品方面销售费用是2.65亿万主要是收入增长导致的GDP收费的一个增加另外今年公司也在市场开拓的方面加大了力度然后导致授权项目的工时比较多引起了销售费用的一个提升 在管理费用方面公司前三 ...

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]