截至5月16日收盘，汽车热管理概念上涨1.82%，位居概念板块涨幅第10，板块内，102股上涨，铭科精 技、均胜电子、新坐标等涨停，精锻科技、银轮股份、经纬恒润等涨幅居前，分别上涨12.28%、 7.23%、6.42%。跌幅居前的有天龙股份、永茂泰、恒勃股份等，分别下跌2.11%、1.82%、1.18%。 今日涨跌幅居前的概念板块 | 概念 | 今日涨跌幅（%） | 概念 | 今日涨跌幅（%） | | --- | --- | --- | --- | | PEEK材料 | 3.40 | 赛马概念 | -1.41 | | 可控核聚变 | 2.76 | 自由贸易港 | -1.12 | | 草甘膦 | 2.72 | 养鸡 | -1.06 | | 华为汽车 | 2.18 | 航运概念 | -1.00 | | 一体化压铸 | 2.15 | 期货概念 | -0.83 | | 小米汽车 | 2.14 | 猪肉 | -0.83 | | 长安汽车概念 | 1.98 | 同花顺中特估100 | -0.71 | | 培育钻石 | 1.93 | 信托概念 | -0.70 | | 有机硅概念 | 1.92 | 粮食概念 | -0.69 ...

Group 1 - The core viewpoint is that the China Securities Regulatory Commission (CSRC) is expediting a comprehensive policy package to deepen reforms in the Sci-Tech Innovation Board and the Growth Enterprise Market, aiming to enhance the scale and proportion of medium to long-term capital entering the market [1] - The People's Bank of China and four other departments are implementing policies to support technological innovation, encouraging financial institutions to expand first-time financing and equipment renewal loans for tech companies [1] - Guoyuan Securities believes that under high global technological barriers, companies on the Sci-Tech Innovation Board are pursuing independent innovation across various sectors, including chip design, biomedicine, high-end equipment, and new energy, positioning themselves as pioneers in the international value chain [1] Group 2 - As of April 30, 2025, the top ten weighted stocks in the Sci-Tech Innovation Board 100 Index account for 25.04% of the index, with companies like Hengxuan Technology and BeiGene among the leaders [2] - The Sci-Tech 100 ETF fund has shown a positive performance, with notable increases in the stock prices of several constituent companies, indicating a favorable market sentiment [1]

Core Insights - The company Jingwei Hengrun has reported continuous growth in the shipment of its physical area controller ZCU products since mass production began in partnership with Xiaomi Automotive last year, contributing significantly to revenue and securing multiple model project allocations from a leading client [2] - The central computing platform CCP products, which support XPeng, have also seen a steady increase in shipments; additionally, the company's body domain controller has successfully assisted Foton's Biaoqiao light truck NP6 in passing the latest European information security regulations and achieving mass production, marking the official launch of commercial vehicle domain control products in Europe [2] R&D Investment and Achievements - The company's R&D investments focus on intelligent driving, body domain control, new energy and power, chassis control, AR HUD, and self-developed software tools, with notable achievements as follows: - In intelligent driving, the company has launched a new generation of ADAS products utilizing 8-megapixel cameras, with shipments expected to exceed 1 million sets in 2024 [2] - In body domain control, the ZCU and CCP products have seen continuous shipment increases, becoming significant sources of revenue growth for the company [2] - In new energy and power, the multi-in-one controller XCU has successfully entered mass production in partnership with Geely's Xingyuan; BMS product revenue continues to grow with overseas client allocations; Stellantis VCU product project shipments are also on the rise [2] - In chassis control, the company's chassis domain controller products are supporting Changan's Avita and are gradually ramping up production; rear-wheel steering products are set to enter mass production this year for a high-end smart brand [2] AR HUD and Self-Developed Software - In the AR HUD sector, the company has recently secured multiple model project allocations that will enter mass production, with this product being one of the higher value offerings per vehicle [3] - In the self-developed software domain, the main software series products INTEWORK, ModelBase, and OrienLink have expanded their customer base and applications, covering clients such as Hongqi, BYD, NIO, Changan, Heavy Truck, Leap Motor, Baidu Apollo, Zeekr, GAC, Seres, and Bosch [3]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Insights - The company is experiencing short-term pressure on performance, but new customers and projects are emerging across multiple areas, indicating potential for recovery [4][6] - In 2024, the company achieved a revenue of 5.541 billion yuan, a year-on-year increase of 18.46%, but reported a net loss attributable to shareholders of 550 million yuan, which is a larger loss compared to the previous year [4][5] - The first quarter of 2025 showed a revenue of 1.328 billion yuan, a significant year-on-year growth of 49.34%, with a reduced net loss of 120 million yuan [4] - The company has adjusted its earnings forecasts for 2025-2026 and introduced a forecast for 2027, expecting net profits of -60 million yuan, 190 million yuan, and 329 million yuan respectively for those years [4][7] Financial Performance Summary - In 2024, the company's gross margin was 21.51%, down 4.09 percentage points year-on-year, primarily due to intensified industry competition and changes in revenue structure [5] - The company’s R&D expenses reached 1.239 billion yuan in 2024, reflecting a 15.78% increase as it continues strategic investments in R&D [5] - The electronic products business is the main growth driver, with revenues of 4.406 billion yuan in 2024, up 28.89% year-on-year [6] - The company’s projected earnings per share (EPS) for 2025, 2026, and 2027 are -0.50 yuan, 1.58 yuan, and 2.74 yuan respectively, with corresponding price-to-earnings (P/E) ratios of -154.8, 49.0, and 28.3 [4][7] Business Development - The company is expanding its customer base and project portfolio, with notable developments in the electronic products and advanced driving solutions sectors [6] - Recent product launches include commercial vehicle domain control products in Europe and mass production of central computing platforms for popular vehicle models [6] - The company has successfully expanded its client base for R&D services to include major automotive brands such as Hongqi, BYD, and NIO [6]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Insights - The company is experiencing short-term pressure on performance, but new customers and projects are emerging across multiple areas, indicating potential for recovery [4][6] - The company reported a revenue of 5.541 billion yuan in 2024, a year-on-year increase of 18.46%, but a net loss of 550 million yuan, which is a larger loss compared to the previous year [4][5] - For Q1 2025, the company achieved a revenue of 1.328 billion yuan, a year-on-year growth of 49.34%, with a net loss of 120 million yuan, showing a narrowing of losses compared to the previous year [4] - The company has adjusted its earnings forecasts for 2025-2026 and introduced a forecast for 2027, expecting net profits of -60 million yuan, 190 million yuan, and 329 million yuan respectively for those years [4][7] Financial Performance Summary - In 2024, the company's main business gross margin was 21.51%, down 4.09 percentage points year-on-year, primarily due to intensified industry competition and changes in revenue structure [5] - The company’s R&D expenses reached 1.239 billion yuan in 2024, an increase of 15.78% year-on-year, reflecting ongoing strategic investments in R&D [5] - The electronic products business is the main growth driver, with revenues of 4.406 billion yuan in 2024, a year-on-year increase of 28.89% [6] - The company has launched new products in Europe and expanded its customer base for R&D services, indicating a broadening of its market presence [6] Financial Projections - The company’s projected revenues for 2025, 2026, and 2027 are 7.087 billion yuan, 8.688 billion yuan, and 10.311 billion yuan respectively, with year-on-year growth rates of 27.9%, 22.6%, and 18.7% [7][9] - The projected EPS for 2025, 2026, and 2027 are -0.50 yuan, 1.58 yuan, and 2.74 yuan respectively, with corresponding P/E ratios of -154.8, 49.0, and 28.3 [7][9]

Core Insights - The automotive industry experienced stable revenue growth in Q1 2025, with a year-on-year increase of 6.8%, while total profit decreased by 8.9% to 946.5 billion yuan [11][12] - The report highlights that leading companies in the automotive sector, particularly those with efficient management, have shown better-than-average performance in terms of net profit and operating cash flow [3][8] - The anticipated release of new models and the impact of local consumption promotion policies are expected to support a gradual recovery in automotive company performance in Q2 2025 [3][12] Revenue and Profit Analysis - In 2024, the automotive industry generated a total revenue of 10.65 trillion yuan, reflecting a 5.4% year-on-year growth, while total profit fell by 9.1% to 462.26 billion yuan [11][12] - The Q1 2025 revenue for the automotive industry was 2.40 trillion yuan, with a profit total of 946.5 billion yuan, indicating a continued decline in profitability [11][12] Profitability Comparison - The profitability of passenger vehicle companies showed significant differentiation in Q1 2025, with some companies like BYD and Seres maintaining strong growth, while others like GAC Group and JAC Motors faced challenges [17][18] - In 2024, the overall profit margin for the automotive industry was 12.4%, down 0.9 percentage points year-on-year, and further decreased to 12.1% in Q1 2025 [12][27] Inventory Management - Inventory levels in the automotive sector showed improvement for bus and parts companies, while passenger vehicle companies faced slight increases in turnover pressure [8][12] - By the end of Q1 2025, the inventory of the automotive industry accounted for 20.9% of current assets, a 1.2 percentage point increase year-on-year [8][12] Cash Flow Analysis - The overall cash flow in the automotive industry faced pressure, with the net cash flow from operating activities for the vehicle sector turning negative at -22.19 billion yuan in Q1 2025 [8][12] - The cash flow for parts companies showed a decline, with a total of 123.05 billion yuan in Q1 2025, down 1.4% year-on-year [8][12] Investment Recommendations - The report suggests focusing on leading automotive companies and those involved in the Huawei and Xiaomi supply chains, as well as companies in the humanoid robot and intelligent driving sectors [3][8] - Recommended companies include SAIC Motor, JAC Motors, BYD, Changan Automobile, and several parts manufacturers such as New Spring Co., Silver Wheel Co., and Top Group [3][8]

中信证券股份有限公司 一、本次现场检查的基本情况 （一）保荐人 中信证券股份有限公司 （二）保荐代表人 宋永新、刘晓 （三）现场检查人员 刘晓、张昊昕 关于北京经纬恒润科技股份有限公司 2024 年度持续督导工作现场检查报告 根据《上海证券交易所上市公司自律监管指引第 11 号——持续督导》等有 关法律、法规的规定，中信证券股份有限公司（以下简称"中信证券"或"保荐 人"）作为正在对北京经纬恒润科技股份有限公司（以下简称"经纬恒润""公司" "上市公司"）进行持续督导工作的保荐人，对 2024 年度（以下简称"本持续督 导期间"）的规范运作情况进行了现场检查，现就现场检查的有关情况报告如下： （四）现场检查时间 2025 年 4 月 28 日-2025 年 4 月 30 日 （五）现场检查内容 现场检查人员对本持续督导期内发行人公司治理和内部控制情况、信息披露 情况、公司的独立性以及与控股股东、实际控制人及其他关联方资金往来情况、 募集资金使用情况、关联交易、对外担保、重大对外投资情况、经营状况等方面 进行了现场检查，具体检查内容详见本报告"二、本次现场检查主要事项及意见"。 （六）现场检查手段 1 本次现场 ...

基于 2024 年度现场检查，本保荐人提请贵公司关注以下事项： 2024 年度，公司经营业绩下滑并出现亏损情形。保荐人提请公司关注未来 宏观经济环境变化、所属行业市场变化、下游客户需求变化以及对公司的经营业 绩可能带来不利影响的其他因素。建议根据自身实际情况合理调整经营策略，进 一步加强经营管理，防范相关经营风险。对于公司未来业绩波动的情况，公司应 当及时做好相关信息披露工作，及时、充分地揭示相关风险，切实保护投资者利 益。 中信证券股份有限公司 关于北京经纬恒润科技股份有限公司2024年持续督导工作 现场检查结果及提请公司注意事项 北京经纬恒润科技股份有限公司： 中信证券股份有限公司（以下简称"本保荐人"）作为对贵公司进行持续督 导的保荐人，按照《上海证券交易所上市公司自律监管指引第 11 号——持续督 导》的有关要求，对贵公司认真履行了持续督导职责。 建议公司继续严格按照《公司法》《证券法》《上海证券交易所科创板股票上 市规则》等法律法规的要求，不断完善公司治理结构，及时履行信息披露义务， 合规合理使用募集资金，有序推进募投项目的建设及实施，确保募投项目完成并 实现预期收益。 附件：《中信证券股份有限公司 ...

中信证券股份有限公司 关于北京经纬恒润科技股份有限公司 2024 年度持续督导跟踪报告 中信证券股份有限公司（以下简称"中信证券"或"保荐人"）作为北京经 纬恒润科技股份有限公司（以下简称"经纬恒润"或"公司"或"上市公司"） 首次公开发行股票并在科创板上市的保荐人，根据《证券发行上市保荐业务管理 办法》《上海证券交易所科创板股票上市规则》等相关规定，中信证券履行持续 督导职责，并出具 2024 年度（以下简称"本持续督导期间"或"报告期"）持 续督导跟踪报告。 一、持续督导工作概述 1、保荐人制定了持续督导工作制度，制定了相应的工作计划，明确了现场 检查的工作要求。 2、保荐人已与公司签订保荐协议，该协议已明确了双方在持续督导期间的 权利义务，并报上海证券交易所备案。 3、本持续督导期间，保荐人通过与公司的日常沟通、现场回访等方式开展 持续督导工作，并于 2025 年 4 月 28 日-2025 年 4 月 30 日对公司进行了现场检查。 4、本持续督导期间，保荐人根据相关法规和规范性文件的要求履行持续督 导职责，具体内容包括： （1）查阅公司章程、三会议事规则等公司治理制度、三会会议材料； （2）查阅公司 ...

Investment Rating - The investment rating for the company is Neutral (maintained) [2] Core Views - The company has shown initial results in cost control, with a significant increase in automotive electronics contributing to profit recovery [6] - The company reported a revenue of 5.541 billion yuan in 2024, representing an 18.5% year-on-year growth, while the net profit attributable to the parent company was a loss of 550 million yuan [6] - In Q1 2025, the company achieved a revenue of 1.328 billion yuan, a 49.3% increase year-on-year, indicating a narrowing of losses [6] - The company is actively expanding its international market presence, securing contracts with major OEMs and enhancing its global service capabilities [6] Financial Data and Profit Forecast - Total revenue projections for 2025E are 7.335 billion yuan, with a year-on-year growth rate of 32.4% [5] - The company expects to achieve a net profit of 28 million yuan in 2025E, with a significant turnaround projected for 2026E at 175 million yuan [5] - The gross margin is expected to improve from 21.5% in 2024 to 23.8% in 2025E, reflecting better cost management and product mix [5] - The company anticipates a gradual recovery in profitability, with a projected return on equity (ROE) of 0.7% in 2025E, increasing to 6.2% by 2027E [5] Revenue and Cost Analysis - The company’s operating revenue is forecasted to grow from 5.541 billion yuan in 2024 to 10.207 billion yuan by 2027, with a compound annual growth rate (CAGR) of approximately 14.8% [7] - Research and development expenses are expected to stabilize, with a decrease in the R&D expense ratio from 18.7% in 2024 to 12.6% by 2027, indicating improved operational efficiency [6][7] - The company is focusing on the production of smart driving electronic products and chassis domain controllers, which are expected to contribute significantly to revenue growth [6]