Core Viewpoint - The strategic cooperation agreement between Jingwei Hirain and ZTE Microelectronics aims to develop integrated software and hardware solutions for smart vehicles, focusing on intelligent connectivity, autonomous driving, and smart cockpit technologies [2][5]. Group 1: Strategic Cooperation Details - The agreement was signed on February 2, with both companies collaborating on core solutions for smart vehicles [2][5]. - The partnership will leverage Jingwei Hirain's experience in automotive electronic systems and ZTE Microelectronics' expertise in automotive-grade "connectivity + computing" SoC chips [2][5]. - Key areas of collaboration include the development of domestic solutions for smart cockpit, autonomous driving, central computing platforms, and T-Box applications, as well as exploring AI large models for cockpit interaction and driving decision-making [2][5]. Group 2: Technological Integration and Future Plans - The companies plan to promote full-stack technological collaboration from underlying chips, operating systems, middleware to upper-layer applications, aiming to build an open technological ecosystem [2][5]. - Future efforts will focus on integrating resources in algorithm software, automotive-grade chips, domain controllers, and system integration to provide mass-producible smart vehicle solutions for domestic and international automakers [3][6]. - This cooperation supports the technological independence and ecosystem development of China's intelligent connected vehicle industry [3][6].

Core Insights - The safety and reliability requirements for core components of new energy vehicles (NEVs) are significantly higher than those of traditional fuel vehicles, driving demand for battery management system testing equipment and motor controller efficiency testing platforms as NEV penetration continues to rise [1][6] - The market for automotive electronic intelligent testing equipment in China is projected to reach 11.75 billion yuan by 2025, with a year-on-year growth of 13.3%, as NEVs evolve towards higher endurance, intelligence, and safety [1][6] Overview - Automotive electronic intelligent testing equipment integrates technologies such as electronic measurement, computer vision, artificial intelligence, IoT, and automation to test the performance, functionality, fault diagnosis, and quality of automotive electronic components and systems [2][3] - This equipment can automate high-precision testing processes, simulating full operational environments to identify performance defects and compatibility issues, making it essential for ensuring the reliability of automotive electronic products [2][3] Industry Barriers - The automotive electronic intelligent testing equipment industry has significant technical barriers due to its multidisciplinary nature, requiring companies to possess extensive knowledge across various fields and the ability to engineer complex technologies [3][4] - There are strict customer entry barriers, as downstream manufacturers demand high product quality and supply chain stability, leading to long-term partnerships once a supplier is integrated into the supply chain [4] Industry Chain - The upstream of the automotive electronic intelligent testing equipment industry includes suppliers of precision mechanical components, chips, sensors, and software services, while the midstream involves R&D and production, and the downstream consists of automotive manufacturers and third-party testing institutions [4][5] Current Development - The demand for intelligent testing equipment is increasing due to the rising safety and reliability requirements of NEV components, with high-end testing equipment becoming essential for R&D and mass production [1][6] Competitive Landscape - The market is structured in three tiers: international giants dominate the high-end market, domestic leaders are emerging as challengers, and regional manufacturers fill niche segments [7][8] - Leading companies include international firms like Keysight Technologies and domestic firms such as Beijing Oriental Zhongke and Hangzhou Wolai Intelligent Technology, which leverage cost advantages and rapid service response to capture market share [8] Development Trends - The industry is moving towards system-level and intelligent integration, with testing needs evolving from single-component tests to integrated system-level tests [10] - Domestic manufacturers are accelerating their penetration into high-end markets, driven by policy support and collaboration within the domestic supply chain [11] - Service models are evolving from single testing to comprehensive lifecycle solutions, enhancing product performance through customized testing and data analysis [12]

Industry Overview - The computer simulation industry in China has a limited number of listed companies, but the industry chain is extensive, with key players in the midstream segment including Huazhi Chuantong, Holiwo, and Huaru Technology [1] - The industry is expected to grow, with significant revenue contributions from various companies, particularly in the fields of military simulation, training, and digital transformation [16] Key Companies and Their Performance - Listed companies in the computer simulation sector include Huazhi Chuantong (5.64 billion), Holiwo (2.15 billion), Huaru Technology (1.57 billion), and others, with varying revenue performances [5][14] - The largest revenue-generating company in the sector is Langxin Information, with 1206.69 billion, followed by TCL Technology at 1359.43 billion [4] Business Focus and Strategies - Huazhi Chuantong aims to solidify its foundation in simulation testing and radar signal processing, focusing on domestic alternatives in the aerospace industry [16] - Holiwo is working to achieve international standards in simulation functionality and precision, while also integrating AI technology into its software [16] - Huaru Technology is leveraging military models for intelligent decision-making and virtual training applications [16] Market Dynamics - The computer simulation industry is characterized by a high concentration of business activities, with many companies having over 90% of their business focused on simulation [12] - The geographical distribution of representative companies is concentrated in regions like Beijing, Jiangsu, and Shanghai, with Beijing having the most significant number of companies [6] Revenue and Financial Metrics - The revenue from computer simulation business for major companies is generally below 3 billion, with notable exceptions like Aerospace Zhizhuang and Jiean Gaoke, which have higher revenues [14] - The gross profit margins for companies in the sector vary, with Jiean Gaoke achieving a margin of 1.84% [14] Future Outlook - The industry is expected to continue evolving with advancements in technology and increased demand for simulation solutions across various sectors, including defense and telecommunications [16] - Companies are focusing on enhancing their product offerings and expanding their market reach through strategic partnerships and technological innovations [16]

Core Viewpoint - The report highlights significant target price increases for several listed companies from January 26 to February 1, with notable mentions including Baili Tianheng, Zexing Pharmaceutical, and Great Wall Motors, indicating strong bullish sentiment in the market for these stocks [1][2]. Target Price Increases - Baili Tianheng (688506) has a target price increase of 375.97%, with a highest target price set at 1322.00 yuan [2]. - Zexing Pharmaceutical (688266) shows a target price increase of 88.56%, with a highest target price of 166.16 yuan [2]. - Great Wall Motors (601633) has a target price increase of 83.66%, with a highest target price of 38.00 yuan [2]. - Other companies with notable target price increases include Industrial Fulian (601138) at 73.31% and CATL (300750) at 71.71% [2][3]. Broker Recommendations - A total of 265 listed companies received broker recommendations during the period, with Qingdao Bank receiving the highest number of recommendations at 8 [3][4]. - Other companies with multiple recommendations include Xian Dao Intelligent and Wancheng Group, each receiving 5 recommendations [3][4]. Rating Adjustments - Eight companies had their ratings upgraded, including Shanghai Jahwa (600315) from "Hold" to "Buy" and ZTE Corporation (000063) from "Cautious Buy" to "Buy" [5][6]. - Two companies had their ratings downgraded, including Jincheng Shares (603396) from "Buy" to "Hold" and Huasheng Group (603018) from "Buy" to "Hold" [6]. First-Time Coverage - During the same period, 75 instances of first-time coverage were reported, with notable ratings including Shaanxi Tourism (603402) receiving a "Outperform Industry" rating and Bichu Electronics (688188) receiving a "Buy" rating [7].

4 季度盈利拐点出现，预计高阶智驾产品将 成为新的增长点 核心观点 盈利预测与投资建议 资料来源：公司数据. 东方证券研究所预测. 每股收益使用最新股本全面摊薄计算. 经纬恒润-W 688326.SH 公司研究 | 动态跟踪 | | 买入（维持） | | --- | --- | | 股价（2026年01月29日） | 147.3 元 | | 目标价格 | 213.21 元 | | 52 周最高价/最低价 | 163.68/65.5 元 | | 总股本/流通 A 股（万股） | 11,996/11,162 | | A 股市值（百万元） | 17,670 | | 国家/地区 | 中国 | | 行业 | 汽车与零部件 | | 报告发布日期 | 2026 年 01 月 29 日 | ⚫ 预测 2025-2027 年 EPS 分别为 0.79、3.09、4.98 元（原为 0.30、2.21、3.50 元， 调整收入、毛利率及费用率等），维持可比公司 26 年 PE 平均估值 69 倍，目标价 213.21 元，维持买入评级。 风险提示 乘用车行业销量低于预期、汽车电子业务配套量低于预期、研发及解决方案业务低于预 期、 ...

1月28日下午，"向新而行"场景赋能新质生产力系列活动——智能网联新能源汽车领域场景发布及供需 对接会在北京市顺义区环普国际科创园成功举办。本次活动作为中关村论坛系列活动，由北京市科学技 术委员会、中关村科技园区管理委员会、北京市顺义区人民政府联合主办，旨在搭建供需对接平台，推 动智能网联汽车技术与多元应用场景深度融合，加速创新成果转化落地。 聚焦前沿：专家共话产业趋势 此外，香谷智慧（北京）科技有限公司与清华大学联合发布合作规划，双方将共建国家香料香精科学与 技术创新中心，打造开放协同的关键技术攻关平台，推动嗅觉经济产业高质量发展。 场景驱动：四大类项目精准对接 本次活动聚焦新技术与应用场景的精准匹配，通过"科技新场景需求项目""科技新场景能力项目"和"科 技新场景示范项目"三大板块，为供需双方提供面对面交流平台。 需求发布方面，北京汽车研究总院有限公司与重庆长安汽车股份有限公司联合发布了四项技术需 求："多域融合的智能底盘控制技术""下一代高集成高性能车用增程器系统""基于多模态交互技术的智 能座舱"以及"基于多模态健康感知大模型的智能健康座舱"。 活动现场，行业专家围绕技术创新与产业发展分享了最新洞察。 ...

0 1 事 件 概 述 公司发布 2025 年度业绩预盈公告 ，预计 2025 年归母净利润 0.75 至 1.1 亿元，扣非归母净利润 0.28 至 0.41 亿元，同比扭亏为盈。 0 2 分 析 判 断 ► 2025Q4 业绩超预期 降本增效措施初显成效 2025Q4公司归母净利润0.75至1.10亿元，同比+2.90至3.25亿元，环比+1.38至1.73亿元；扣非归母净利润0.28至0.41亿元，同比+2.95至3.08亿元，环比+1.58至1.72亿元。 公司2025年扭亏为盈，主要原因系：①公司的前期投入和研发成果得到了有效释放，以域控制器产品为代表的新产品阵营收入快速放量，持续升级迭代的原有产品阵营收获 了更多的客户和项目机会，推动公司收入规模进一步扩大；②降本增效措施初显成效。2025年公司将降本增效作为重要经营指引之一，通过AI工具应用、国产替代、智能制 造等方式，使各项成本和费用得到了有效控制，毛利率有所提升，期间费用率显著下降。 0 3 投 资 建 议 公司为国内少数能实现覆盖智能驾驶电子产品、研发服务及解决方案、高级别智能驾驶整体解决方案的企业之一，持续受益智能电动化进程。预计公司20 ...

[Table_Title] 证券研究报告 / 公司点评报告 域控新品顺利放量，全年业绩扭亏为盈 [Table_Summary] 事件：公司发布 2025 年年度业绩预盈公告，预计 2025 年与上年同期相 比将实现扭亏为盈，实现归母净利润 7500.00 万元到 11000.00 万元，实 现扣除非经常性损益的归母净利润 2750.00 万元到 4100.00 万元。 点评：Q4 业绩超预期，规模效应显现。预计 25Q4 公司实现归母净利润 1.5~1.85 亿元，较去年同期大幅增长 2.9~3.3 亿元、实现扭亏为盈，环比 +1159%~1453%、盈利能力进一步提升。公司盈利能力显著改善的主要原 因在于两个方面：一方面，研发成果有效释放，以域控制器为代表的新 产品收入快速放量，叠加原有产品持续升级迭代、收获了更多客户和项 目机会，推动公司收入规模进一步扩大，前三季度实现营收 44.64 亿元， 同比+25.88%；另一方面，公司将降本增效作为重要经营指引，通过 AI 工具应用、国产替代、智能制造等方式，使各项成本、费用都得到了有 效控制，毛利率有所提升、期间费用率显著下降，前三季度销售/管理/研 发/财务 ...

Investment Rating - The report maintains a "Recommended" rating for the company [2] Core Insights - The company is expected to achieve a net profit attributable to shareholders of between 0.75 billion to 1.1 billion yuan in 2025, marking a turnaround from losses in previous years [8] - The fourth quarter of 2025 showed better-than-expected performance, with a net profit of 1.50 to 1.85 billion yuan, reflecting a year-on-year increase of 2.90 to 3.25 billion yuan [8] - The company's revenue is projected to grow significantly, with estimates of 7.32 billion yuan in 2025, 9.04 billion yuan in 2026, and 10.75 billion yuan in 2027, representing growth rates of 32.2%, 23.5%, and 18.9% respectively [2][9] Financial Forecasts - Revenue for 2024 is estimated at 5.54 billion yuan, with a growth rate of 18.5% [2] - The net profit attributable to shareholders is forecasted to be 94 million yuan in 2025, 416 million yuan in 2026, and 651 million yuan in 2027, with growth rates of 117.1%, 341.7%, and 56.6% respectively [2][9] - Earnings per share (EPS) are projected to be 0.78 yuan in 2025, 3.47 yuan in 2026, and 5.43 yuan in 2027 [2][9] Business Strategy and Market Position - The company is actively involved in the commercial aerospace sector, providing comprehensive technical systems and solutions throughout the lifecycle of commercial aerospace projects [8] - The company has established partnerships in satellite payload development and is contributing to the domestic C919 aircraft's avionics system integration, breaking foreign monopolies in this field [8] - The company is positioned to benefit from advancements in high-level intelligent driving technologies, with a focus on domain controllers, perception, and safety compliance [8]

Investment Rating - The report maintains a "Buy" rating for the company with a target price of 184.61 RMB [6][4]. Core Insights - The company is expected to turn a profit in 2025, projecting a net profit attributable to shareholders of between 0.75 billion and 1.1 billion RMB, which exceeds previous forecasts [1]. - The growth in revenue is driven by the release of prior R&D investments, particularly in core electronic products like domain controllers and 5G TBOX, alongside cost reduction and efficiency improvements [2]. - The company is transitioning from a research-driven phase to a product scaling phase, with expectations for revenue and profit recovery in 2026, supported by stable production phases with key clients [3]. Summary by Sections Financial Performance - The company forecasts a revenue increase to 7.51 billion RMB in 2025, with a growth rate of 35.49% compared to the previous year, and further growth to 9.77 billion RMB in 2026 [10]. - The net profit is projected to reach 0.88 billion RMB in 2025, with significant growth to 3.76 billion RMB in 2026, reflecting a 328% increase [10]. Product and Market Development - The company is focusing on high-level intelligent driving products, with collaborations with key clients like Geely and Xiaomi expected to stabilize production and contribute to revenue growth [3]. - The international expansion is ongoing, with partnerships with global manufacturers like Stellantis and Scania, aiming for production deliveries in 2026 [3]. Valuation and Estimates - Revenue forecasts for 2025, 2026, and 2027 have been adjusted to 7.51 billion, 9.77 billion, and 12.02 billion RMB respectively, with corresponding gross margin estimates of 24.3%, 24.9%, and 26.9% [4]. - The report employs a Sum-of-the-Parts (SOTP) valuation method, estimating a net profit of 2.64 billion RMB from hardware and 1.1 billion RMB from software in 2026, leading to a target price adjustment from 145.23 RMB to 184.61 RMB [4].