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 ...

Investment Rating - The report assigns an "Outperform" rating to Jingwei Hengrun-W (688326) [1] Core Views - The company has achieved stable revenue growth and completed comprehensive coverage of vehicle electronic control products [5] - Self-developed software has formed a system and achieved commercialization, with major software series products expanding customer base [5] - The company has built a complete "vehicle-road-cloud" integrated solution for intelligent connected vehicles, participating in industry standard formulation [6] - The company is expected to see a performance inflection point with improving product layout and increasing customer penetration [8] Financial Performance - 2024 H1 revenue reached 2.027 billion yuan, up 19% YoY, with net profit of -333 million yuan [5] - R&D expenses were 537 million yuan in 2024 H1, up 26% YoY [5] - 2024-2026 revenue forecast: 5.682/6.865/8.252 billion yuan, with net profit of -183/63/189 million yuan [8] - 2024-2026 EPS forecast: -1.52/0.53/1.58 yuan [8] Business Segments - Electronics products: 2024E revenue 4.034 billion yuan, 18% YoY growth [9] - R&D services and solutions: 2024E revenue 1.603 billion yuan, 30% YoY growth [9] - High-level autonomous driving solutions: 2024E revenue 24.29 million yuan, 100% YoY growth [9] - Other businesses: 2024E revenue 213.5 million yuan, 50% YoY growth [9] Market Performance - Stock price range in past 52 weeks: 54.73-147.06 yuan [1] - 1M/2M/3M absolute gains: 37.7%/34.8%/49.4% [3] - 1M/2M/3M relative gains: 16.8%/15.5%/33.4% [3] Valuation - 2024E PS ratio: 1.81x, lower than industry average of 2.78x [10] - 6-month reasonable value range: 94.71-118.38 yuan [8] Industry Position - Leading provider of commercial vehicle active safety solutions [2] - Comprehensive product layout covering intelligent driving, new energy, chassis control, and self-developed software [5] - Participant in formulating intelligent connected vehicle standards [6]

编号：2024-016 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 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 | | | | | 博时基金，国泰基金，海富通基金，景顺长城基金，前海开 | | 参与单位名称 | 源基金，西部证券，新沃基金 | | | 会议时间 | 2024 年 9 月 26 | 日、 2024 年 9 月 27 日 | | 会议地点 | 价值在线（ | www.ir-online.cn ） | | 上市公司接待 | 董事会秘书：郑红菊 | | | 人员姓名 | 证券事务代表：高冰 | | ...

证券代码：688326 证券简称：经纬恒润 公告编号：2024-075 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 1 求》《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》等相 关规定，江苏涵润将在理财产品到期且无下一步购买计划时及时注销以上专用结 算账户。上述账户为资金账户，将专用于暂时闲置募集资金购买理财产品的结算， 该账户无法进行股票交易，且不会用于存放非募集资金或用作其他用途。 北京经纬恒润科技股份有限公司 关于开立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。 北京经纬恒润科技股份有限公司（以下简称"公司"）于 2024 年 4 月 25 日 分别召开第二届董事会第七次会议、第二届监事会第六次会议，审议通过了《关 于公司及子公司使用部分暂时闲置募集资金和自有资金进行现金管理的议案》， 同意公司及子公司在不影响募集资金投资项目（以下简称"募投项目"）建设实 施和公司正常生产经营以及保证募集资金安全的情况下，使用最高额度不超过人 民币 1 ...

证券代码：688326 证券简称：经纬恒润 公告编号：2024-074 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 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 2024 年 8 月 26 日、2024 年 9 月 24 日召开了第二届董事会第八次会议与 2024 年第二次临时股 东会，审议通过了《关于回购注销 2023 年限制性股票激励计划部分激励对象所 持已获授但尚未解除限售的限制性股票的议案》及《关于变更注册资本、修改< 公司章程>并办理工商变更登记的议案》。鉴于公司 2023 年限制性股票激励计划 中的 15 名激励对象因离职而不再具备《北京经纬恒润科技股份有限公司 2023 年 限制性股票激励计划（草案）》规定的激励条件，其所持有的已获授但尚未解除 限售的 15,600 股限制性股票应予以回购注销，回购注销后公司股份总数将由 119,991,600 股减至 119,976,000 股，公司注册资 ...

证券代码：688326 证券简称：经纬恒润 公告编号：2024-073 北京经纬恒润科技股份有限公司 2024 年第二次临时股东会决议公告 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 （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： 3、 董事会秘书郑红菊女士出席了本次会议；其他高级管理人员列席了本次会议。 二、 议案审议情况 （一） 非累积投票议案 （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 采用现场投票和网络投票相结合的表决方式。本次会议的召集、召开及表决方式 均符合《公司法》《上市公司股东大会规则》《上海证券交易所科创板股票上市规 则》《公司章程》及《北京经纬恒润科技股份有限公司股东大会议事规则》等有 关规定。 （五） 公司董事、监事和董事会秘书的出席情况 1、 公司在任董事 9 人，出席 9 人； 2、 ...