上 市 公 司 证 券 研 究 报 告 计算机 公 司 研 究/ 公 司 点 评 | --- | --- | |-----------------------------|-------------------------------| | 市场数据： | 2024 年 09 月 03 日 | | 收盘价（元） | 61.17 | | 一年内最高/最低（元） | 153.95/54.73 | | 市净率 | 1.7 | | 息率（分红 / 股价） | - | | 流通 A 股市值（百万元） | 4,862 | | 上证指数/深证成指 | 2,802.98/8,268.05 | | --- | --- | |------------------------------|------------------------| | | | | 基础数据 : | 年 06 月 30 日 | | | | | 每股净资产（元） | 36.24 | | | | | 资产负债率 % | 50.63 | | 总股本/流通 A 股（百万） | 120/79 | | 流通 B 股/H 股（百万） | -/- | 一年内股价与大盘对比走 ...

证券代码：688326 证券简称：经纬恒润 公告编号：2024-070 北京经纬恒润科技股份有限公司 关于续聘会计师事务所的公告 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： 拟聘任的会计师事务所名称：立信会计师事务所（特殊普通合伙）。 北京经纬恒润科技股份有限公司（以下简称"公司"）于 2024 年 9 月 3 日 召开第二届董事会第九次会议，审议通过了《关于聘任会计师事务所的议案》， 同意续聘立信会计师事务所（特殊普通合伙）为公司 2024 年度财务报告审计机 构及内部控制审计机构。 一、拟续聘会计师事务所的基本情况 （一）机构信息 1.基本信息 立信会计师事务所（特殊普通合伙）（以下简称"立信"）由我国会计泰 斗潘序伦博士于 1927 年在上海创建，1986 年复办，2010 年成为全国首家完成 改制的特殊普通合伙制会计师事务所，注册地址为上海市，首席合伙人为朱建 弟先生。立信是国际会计网络 BDO 的成员所，长期从事证券服务业务，新证券 法实施前具有证券、期货业务许可证，具有 H 股审计资格，并已向美 ...

证券代码：688326 证券简称：经纬恒润 公告编号：2024-071 北京经纬恒润科技股份有限公司 关于召开 2024 年第二次临时股东会的通知 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： 一、 召开会议的基本情况 （一） 股东会类型和届次 2024 年第二次临时股东会 召开日期时间：2024 年 9 月 24 日 14 点 30 分 网络投票系统：上海证券交易所股东大会网络投票系统 至 2024 年 9 月 24 日 股东会召开日期：2024年9月24日 本次股东会涉及每一特别表决权股份享有的表决权数量应当与每一普 通股份的表决权数量相同的议案 本次股东会采用的网络投票系统：上海证券交易所股东大会网络投票系 统 （二） 股东会召集人：董事会 （三） 投票方式：本次股东会所采用的表决方式是现场投票和网络投票相结合 的方式 （四） 现场会议召开的日期、时间和地点 召开地点：北京市朝阳区酒仙桥路 14 号 C3-4 层会议室 （五） 网络投票的系统、起止日期和投票时间。 采用上海证券交易所网络投票系统，通过 ...

证券代码：688326 证券简称：经纬恒润 编号：2024-013 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 | 参与公司 2024 | 年半年度业绩说明会投资者 | | 会议时间 | 2024 年 8 月 30 日 | | | 会议地点 | 价值在线（ | www.ir-online.cn ） | | 上市公司接待 | 董事长兼总经理：吉英存 | | | 人员姓名 | 董事、副总经理：范成建 | | | | 董事、副总经理：王舜琰 | | | | 副总裁：吴临政 | | | | 副总经理：刘洋 | | | --- | --- | | ...

标题：关于北京经纬恒润科技股份有限公司关联交易事项的监管工作函 证券代码：688326 证券简称：经纬恒润 监管类型：监管工作函 涉及对象：上市公司 处分日期：2024-09-03 处理事由：关于北京经纬恒润科技股份有限公司关联交易事项的监管工作函 ...

Investment Rating - The investment rating for the company is "Accumulate (Maintain)" [2][6][9] Core Views - The company reported a revenue of 2.027 billion yuan for H1 2024, representing a year-on-year increase of 19.4%. However, the net profit attributable to shareholders was a loss of 333 million yuan, which is a larger loss compared to the previous year [3][4] - In Q2 2024, the company achieved a revenue of 1.138 billion yuan, with a year-on-year growth of 18.7%, but the net profit attributable to shareholders was a loss of 142 million yuan, also reflecting an expanded loss [3][4] - The company is actively enhancing its product matrix in the automotive electronics sector, focusing on key technology areas such as intelligent driving, body domain control, and self-developed software [4][6] Summary by Sections Financial Performance - For H1 2024, the company achieved a revenue of 2.027 billion yuan, up 19.4% year-on-year, while the net profit attributable to shareholders was a loss of 333 million yuan, which is a deterioration compared to the previous year [3][4] - The company expects to achieve total revenues of 5.657 billion, 6.891 billion, and 7.897 billion yuan for 2024, 2025, and 2026 respectively, with year-on-year growth rates of 21%, 22%, and 15% [6][7] Profitability Forecast - The forecasted net profit attributable to shareholders for 2024, 2025, and 2026 is -291 million, 229 million, and 398 million yuan respectively, with growth rates of -34%, +179%, and +73% [6][7][9] - The projected P/S ratios for the next three years are 1.26, 1.03, and 0.90 [6][7] Market Position and Strategy - The company is focusing on the integration of electronic products in the context of the electric and intelligent vehicle trend, enhancing its competitive edge by continuously updating its distributed automotive electronic products [4][6] - The company has completed the layout of its vehicle electronic control products and is implementing a product model that combines distributed control units, domain control products, and L4 integration platforms [4][6]

Investment Rating - Investment Rating: Buy [4] Core Views - The company reported a revenue of 2.03 billion yuan for H1 2024, representing a year-on-year increase of 19.4%. However, it incurred a net loss of 330 million yuan, with the loss margin widening compared to the previous year [6][7] - In Q2 2024, the company achieved a revenue of 1.14 billion yuan, up 18.7% year-on-year and 27.9% quarter-on-quarter. The net loss for Q2 was 140 million yuan, which also showed a widening loss year-on-year but a narrowing loss compared to the previous quarter [6][7] - The company is experiencing a significant increase in its automotive electronics business, with key products like AR-HUD and regional controllers seeing substantial production volumes. The market share for AR-HUD reached 8.35%, ranking fifth in the industry [6][7] - The company is heavily investing in R&D, with an R&D expense ratio of 26.5% in H1 2024, which is expected to stabilize and lead to scale effects as production ramps up [6][7] Financial Summary - Total revenue forecast for 2024-2026 is projected at 5.66 billion, 6.93 billion, and 8.21 billion yuan, with year-on-year growth rates of 21.1%, 22.4%, and 18.4% respectively [7] - Net profit for the same period is expected to be 130 million, 130 million, and 370 million yuan, with growth rates of 40.3%, 200.2%, and 182.1% respectively [7] - The company’s EPS is projected to be -1.08, -1.08, and 3.05 yuan per share for 2024, 2025, and 2026 respectively [7]

伐谋-中小盘信息更新 中 小 盘 研 究 盈利能力小幅承压，全栈式布局下业绩修复可期 经纬恒润（688326.SH） 2024 年 08 月 29 日 ——中小盘信息更新 投资评级：买入（维持） | --- | --- | |-------------------------|--------------| | 日期 | 2024/8/28 | | 当前股价 ( 元 ) | 59.69 | | 一年最高最低 ( 元 ) | 153.95/54.73 | | 总市值 ( 亿元 ) | 71.62 | | 流通市值 ( 亿元 ) | 47.44 | | 总股本 ( 亿股 ) | 1.20 | | 流通股本 ( 亿股 ) | 0.79 | | 近 3 个月换手率 (%) | 174.22 | | --- | --- | |---------------------------|---------------------------| | | | | 任浪（分析师） | 赵旭杨（分析师） | | renlang@kysec.cn | zhaoxuyang@kysec.cn | | 证书编号： S07905191000 ...

Investment Rating - The report maintains a "Recommend" rating for the company [2][4] Core Views - The company's revenue in 2024H1 reached 2,027 million yuan, a year-on-year increase of 19.43%, while net profit attributable to the parent company was -333 million yuan, with an expanded loss margin [2] - In 2024Q2, revenue was 1,138 million yuan, up 18.72% year-on-year and 27.92% quarter-on-quarter, with a net profit attributable to the parent company of -142 million yuan, showing a narrowed loss margin quarter-on-quarter [2] - The company is actively expanding its product portfolio, with regional controllers already in mass production for a new energy vehicle model, and smart driving products covering intelligent sensors, integrated driving and parking, and high-level autonomous driving controllers [2] - The company is also advancing its internationalization strategy, securing product approvals from multiple global OEMs/Tier1s and establishing a factory in Malaysia to enhance supply chain integration [2] - The report forecasts the company's revenue for 2024-2026 to be 5,721/7,009/8,254 million yuan, with net profit attributable to the parent company of -15/294/501 million yuan, and EPS of -0.12/2.45/4.17 yuan [2][3] Financial Performance and Forecast - 2024Q2 gross margin was 20.91%, down 7.59 percentage points year-on-year and 3.77 percentage points quarter-on-quarter, while net profit margin was -12.45%, down 12.29 percentage points year-on-year but up 9.11 percentage points quarter-on-quarter [2] - The company's sales/management/R&D/financial expense ratios in 2024Q2 were 7.26%/8.13%/21.70%/-0.94%, with R&D expenses decreasing significantly quarter-on-quarter [2] - The report predicts the company's revenue growth rates for 2024-2026 to be 22.3%/22.5%/17.8%, with net profit growth rates of 93.2%/2088.8%/70.6% [3][5] - The company's gross margin is expected to remain stable at around 25.57%-27.48% from 2024 to 2026, with net profit margins turning positive from 2025 onwards [5] Business Development - The company is accelerating the iteration of distributed automotive electronic products and expanding its business boundaries by launching domain-integrated products [2] - Key products such as chassis domain controllers and AR-HUD have been successfully deployed in multiple vehicle models, with AR-HUD entering mass production for a mainstream model [2] - The company has achieved full coverage of vehicle electronic control products, aligning with the industry trend of transitioning from distributed to centralized electronic control systems [2] International Expansion - The company has secured product approvals from international clients including Stellantis, Scania, Navistar, and Magna, among others [2] - The Malaysia factory has been completed and is ramping up production, supporting the company's global supply chain strategy [2] - The company's electronic products are also being supplied to domestic customers' export models, meeting regulatory requirements in multiple countries [2]

Investment Rating - The report maintains a "Buy-A" rating for the company [4][10] Core Views - The company's H1 2024 performance met expectations, with significant growth in the automotive electronics business, although profitability was under pressure due to increased R&D investments [2][3] - The automotive electronics segment saw revenue of 1.68 billion yuan, a year-on-year increase of 32.8%, driven by high-value product launches for new clients like Xiaomi [2] - The company is well-positioned for future growth with a comprehensive product layout in automotive electronics and ongoing high R&D investments [2][3] Financial Performance Summary - H1 2024 revenue reached 2.03 billion yuan, up 19.43% year-on-year, while net profit attributable to shareholders was a loss of 330 million yuan, widening from the previous year [2] - Q2 2024 revenue was 1.138 billion yuan, reflecting an 18.72% year-on-year increase and a 27.92% quarter-on-quarter increase [2] - The gross margin for Q2 2024 was 20.91%, down 7.6 percentage points year-on-year, primarily due to the rapid growth of lower-margin automotive electronics products [2] Future Projections - Revenue projections for 2024-2026 are 5.6 billion, 6.76 billion, and 8.22 billion yuan respectively, with net profits expected to improve to -110 million, 190 million, and 340 million yuan [3][4] - The report anticipates a price-to-sales ratio of 1.6 for 2024 and a target price of 74.7 yuan within six months [3][4] Product Development and Market Position - The company has completed a comprehensive layout of vehicle electronic control products, with multiple new products entering mass production [2] - Key products include regional controllers for Xiaomi and advanced driver assistance systems based on Mobileye technology, which began mass production in Q2 2024 [2][3]