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]

Investment Rating - The report gives a "Buy" rating for Jingwei Hengrun-W, with a target price of 61.2 RMB and a PE ratio of 410.83, 27.22, and 17.29 for 2024-2026 respectively [71][72] Core Views - Jingwei Hengrun, founded in 2003, focuses on three core businesses: electronic products, R&D services and solutions, and high-level intelligent driving solutions. In 2023, the company achieved revenue of 4.678 billion RMB, a year-on-year increase of 16.3%, but net profit attributable to the parent company was -217 million RMB, a year-on-year decrease of 192.17%, mainly due to increased R&D expenses [2] - The company is making forward-looking investments in central computing platforms and regional controllers, with intelligent driving products covering smart sensors, integrated parking and driving, and high-level autonomous driving controllers. The chassis domain controller has been deployed in multiple vehicle models [2] - The company has made breakthroughs with new customers and successfully expanded new businesses. Its automotive electronics products, including body domain controllers, intelligent driving domain controllers, and chassis domain controllers, have been mass-produced and generated revenue. The R&D services and solutions business has delivered EE development and testing projects for clients such as Changan, Zeekr, BYD, and China National Heavy Duty Truck Group, while also expanding to foreign clients like Volvo Asia Pacific, Volkswagen CARIAD, and Stellantis. The high-level intelligent driving solutions business has partnered with Yantai Port and Tangshan Port for the first time. The new AR-HUD product began mass production in the second half of last year, contributing significantly to revenue growth [2] Business Overview - Jingwei Hengrun is a comprehensive solution provider in the automotive electronics field, focusing on providing electronic products, R&D services, and high-level intelligent driving solutions for the automotive and unmanned transportation sectors. The company adheres to a strategy of "professional focus," "technological leadership," and "platform development," aiming to become a world-class integrated electronic system technology service provider, a full-stack intelligent connected vehicle solution provider, and a leader in high-level intelligent driving MaaS solutions [3] - The company has a clear division of labor among its subsidiaries, with businesses mainly concentrated in high-end equipment electronics, R&D services and solutions, automotive electronics R&D and production, and overseas business and market expansion [8] Financial Performance - From 2018 to 2023, the company's business achieved rapid growth, with a CAGR of 25%. The revenue from electronic products, R&D services and solutions, and high-level intelligent driving solutions reached 3.419 billion RMB, 1.233 billion RMB, and 12 million RMB respectively, with year-on-year growth rates of 11%, 32%, and 262%. Since 2021, the proportion of R&D services and solutions has increased, reaching 26% in 2023 [9][10] Intelligent Driving Business - The company has a product matrix covering L2, L2+, and L2++ autonomous driving levels. Its L2 products include the Forward Active Safety Camera (FAS-Cam), while L2+ products include the ADCU domain controller based on EQ6L+TDA4+TC397, which supports advanced driving assistance functions such as automatic parking and highway NOP. The L2++ product is based on Mobileye's SV52 platform, which can achieve L2.9 level autonomous driving in urban environments [19][20] - The company's L2+ high-level intelligent driving business focuses on the L2.5 product, which integrates 6 cameras, 5 millimeter-wave radars, and 12 ultrasonic radars, enabling functions such as automatic parking, highway NOP, and urban memory driving [21] - The company's L2++/L3 high-level intelligent driving business is centered on the L2.9 product, which uses Mobileye's SV52 platform with 7 8-megapixel cameras, 4 2-megapixel surround-view parking cameras, 1 front millimeter-wave radar, and 12 ultrasonic radars, enabling L2.9 autonomous driving in urban scenarios [36] Body and Comfort Domain - The company's body and comfort domain products include anti-pinch controllers, body control modules, smart cabin sensing systems, keyless entry and start systems, body domain controllers, and adaptive front lighting system controllers. These products have been mass-produced and deployed in vehicles from clients such as FAW Group, Geely, and Great Wall Motors [44][45][47] - The company has made significant progress in the development of body domain controllers, with a cumulative investment of 174 million RMB by 2023. The project integrates functions such as interior and exterior lighting, wipers, smart entry and start, seats, electric doors, windows, and OTA, and is expected to achieve MCU-side AB flashing and MPU-side intelligent diagnosis functions [49] Chassis and Intelligent Networking - The company's chassis control products include electric power steering controllers, electronic parking brake systems, and chassis domain controllers. These products have been mass-produced and deployed in vehicles from clients such as Changan, Chery, and NIO [57][59] - In the intelligent networking field, the company provides remote communication controllers (T-Box) and gateway products. The T-Box product line includes Entry, Standard, and Premium series, while the gateway products cover CAN, LIN, Flexray, and Ethernet networks, meeting the needs of different OEMs [54][56] High-Level Intelligent Driving Solutions - The company's high-level intelligent driving solutions cover multiple fields, including "vehicle-road-network-cloud-map" and operations. The core product is the Heavy Autonomous Vehicle (HAV), which integrates the company's long-accumulated technologies and mature products, including vehicle electronic and electrical architecture, intelligent networking controller components, embedded basic software, autonomous driving algorithms, chassis control algorithms, and battery management algorithms [69] Profit Forecast - The company is expected to achieve revenue of 5.434 billion RMB, 7.099 billion RMB, and 8.104 billion RMB in 2024-2026, with net profit attributable to the parent company of 17 million RMB, 260 million RMB, and 409 million RMB respectively. The EPS is expected to be 0.14 RMB, 2.17 RMB, and 3.41 RMB for the same period [71][72]

证券代码：688326 证券简称：经纬恒润 公告编号：2024-065 经与会监事投票表决，会议形成一致决议如下： 1．审议通过《关于公司<2024 年半年度报告>及其摘要的议案》 监事会认为：公司 2024 年半年度报告的编制和审议程序符合相关法律法规 及《公司章程》等规章制度的规定，公司 2024 年半年度报告的内容与格式符合 相关规定，公允地反映了公司 2024 年半年度的财务状况和经营成果等事项；半 年度报告编制过程中，未发现公司参与半年度报告编制和审议的人员有违反保密 规定的行为；监事会全体成员保证公司 2024 年半年度报告披露的信息真实、准 确、完整，不存在任何虚假记载、误导性陈述或重大遗漏，并对其内容的真实性、 准确性和完整性依法承担法律责任。具体内容详见公司同日于上海证券交易所网 站（www.sse.com.cn）披露的《北京经纬恒润科技股份有限公司 2024 年半年度 报告》及《北京经纬恒润科技股份有限公司 2024 年半年度报告摘要》。 综上，监事会同意《关于公司<2024 年半年度报告>及其摘要的议案》。 北京经纬恒润科技股份有限公司 第二届监事会第七次会议决议公告 本公司及监事会全体 ...

北京经纬恒润科技股份有限公司 公司章程 北京经纬恒润科技股份有限公司章程 第一条 为维护北京经纬恒润科技股份有限公司（以下简称"公司"或"本 公司"）、股东和债权人的合法权益，规范公司的组织和行为，根据《中华人民 共和国公司法》（以下简称"《公司法》"）、《中华人民共和国证券法》（以 下简称"《证券法》"）、《上市公司章程指引》以及其他有关规定，制订本章 程。 第二条 公司系依照《公司法》和其他有关法律、法规的规定成立的股份有 限公司。公司由原北京经纬恒润科技有限公司全体股东作为发起人，以经审计的 账面净资产值折股整体变更，以发起设立方式设立为股份有限公司；在北京市朝 阳区市场监督管理局注册登记，取得营业执照，统一社会信用代码： 91110105754668875A。 第三条 公司于2021年11月29日通过上海证券交易所科创板上市委审议， 并于 2022 年 2 月 10 日获得中国证券监督管理委员会（以下简称"中国证监会"） 同意注册的批复，首次向社会公众发行人民币普通股 3,000 万股，于 2022 年 4 月 19 日在上海证券交易所科创板上市。 | 序号 | 发起人 | 股份数额（股） | 出资时 ...