吴灵正先生副总经理刘洋先生财务总监陆文江先生董事会秘书邓鸿菊女士独立董事吕首升先生下面有请董秘正总介绍一下公司2024年三季度的业绩情况好的尊敬的各位投资者大家午安欢迎参加金美鸿的2024年第三季度的业绩说明会金美鸿的总统局 感谢各位投资人对公司的支持我们今天通过本次交流会就要认真回答投资者关心的问题然后加深各位对公司的认识和了解 谢谢首先我从财务方面来介绍公司2024年前三季度的一个基本的经营情况公司2024年前三季度实现的年月收入是35.5亿万同比重量24% 其中三季度三季度的实现人员收入的话大概是15.2亿元较去年同期增长31%晚比二季度增长34%还是保持了一个比较好的成长性公司归属于上市人公司股东的经济润大概是负4亿元其中三季度三季度亏损是4300万元亏损金额持续收窄公司前三季度经济润 小低的原因主要还是研发投入较高以及收入的结构性变动导致的投资率下降公司前三季度研发费用一共是7.9亿万研发投入主要还是在一些复杂的预供产品方面销售费用是2.65亿万主要是收入增长导致的GDP收费的一个增加另外今年公司也在市场开拓的方面加大了力度然后导致授权项目的工时比较多引起了销售费用的一个提升 在管理费用方面公司前三 ...

计算机 证 券 研 究 报 告 2024 年 11 月 01 日 经纬恒润 (688326) ——控费叠加创收带来亏损收窄，盈利拐点将至 报告原因：有业绩公布需要点评 中性（维持）投资要点： | --- | --- | |-----------------------------|-------------------------------| | 市场数据： | 2024 年 10 月 31 日 | | 收盘价（元） | 82.10 | | 一年内最高/最低（元） | 143.55/54.73 | | 市净率 | 2.3 | | 息率（分红 / 股价） | - | | 流通 A 股市值（百万元） | 6,525 | | 上证指数/深证成指 | 3,279.82/10,591.22 | | --- | --- | |-------------------------------|------------------------| | | | | | | | 基础数据 : | 年 09 月 30 日 | | 每股净资产（元） | 35.74 | | | | | 资产负债率 % | 52.15 | | 总股本 / ...

Group 1: Market Competition and Strategy - The domestic vehicle market is expected to remain highly competitive next year, with the company facing challenges from price reductions passed down from automakers [3] - The company aims to increase the proportion of overseas business revenue to between 20% and 30% by next year, with a long-term goal of reaching 30% [3] - The company is enhancing its investment in pre-sales and R&D in Europe and North America, and plans to shift some North American projects to its Malaysian factory for production [3] Group 2: Project Management and Cost Control - The company will be more cautious in project collaborations, particularly regarding projects with lower profit margins [4] - The annual reduction in revenue includes two components: agreements made at project initiation and additional support requested by clients based on competitive conditions [4] - Measures are being taken to reduce supply chain costs, including direct price reductions from suppliers and optimization of solutions, such as introducing domestic chips and materials [4] Group 3: Upcoming Production Projects - Key projects expected to begin mass production next year include the EyeQ6L solution, the urban NOA project based on the Huitian 500T chip, and multiple new models for regional controller products [5] - The company anticipates mass production of BMS and multi-in-one products in the new energy and power system sectors, along with the Stellantis VCU product [5] Group 4: Business Model Expansion - The company plans to continue its business deployment in port scenarios and expand into urban freight transport, leveraging its experience in closed parks [6] - The company is also testing a passenger micro-bus project in urban areas, utilizing vehicle-road-cloud technology accumulated over the years [6] - Future technical integration will enhance the company's technology system and research efficiency by combining automotive electronic products with vehicle-road-cloud technology [6] Group 5: R&D Service Growth - The company is confident in profit growth from R&D services next year, with an expected increase in revenue from lightweight software and tools due to higher acceptance of domestic tools [6] - There is growing interest from foreign OEMs in domestic consulting services and supply chains, leading to potential increases in overseas customer demand and orders [6] - The overall proportion of lightweight consulting and software business is expected to further increase [6]

伐谋-中小盘信息更新 中 小 盘 研 究 Q3 环比亏幅收窄，新客户持续拓展长期发展可期 经纬恒润（688326.SH） 2024 年 10 月 31 日 ——中小盘信息更新 投资评级：买入（维持） | --- | --- | |-------------------------|--------------| | 日期 | 2024/10/31 | | 当前股价 ( 元 ) | 82.10 | | 一年最高最低 ( 元 ) | 143.55/54.73 | | 总市值 ( 亿元 ) | 98.51 | | 流通市值 ( 亿元 ) | 65.25 | | 总股本 ( 亿股 ) | 1.20 | | 流通股本 ( 亿股 ) | 0.79 | | 近 3 个月换手率 (%) | 125.6 | | --- | --- | |---------------------------|---------------------------| | | | | 任浪（分析师） | 赵旭杨（分析师） | | renlang@kysec.cn | zhaoxuyang@kysec.cn | | 证书编号： S079051910 ...

Investment Rating - The investment rating for the company is "Buy" [4] Core Insights - The company achieved a revenue of 1.52 billion yuan in Q3 2024, representing a year-on-year increase of 31% and a quarter-on-quarter increase of 34%. However, the net profit attributable to shareholders was -77 million yuan, indicating an expanded loss year-on-year but a significant reduction in loss quarter-on-quarter. The revenue increase is attributed to high-quality product offerings and improved cost management, with expectations for further revenue growth in Q4 due to favorable policies and seasonal demand [2][6]. Summary by Relevant Sections Financial Performance - In the first three quarters of 2024, the company reported a total revenue of 3.55 billion yuan, a year-on-year increase of 24%, with a net profit of -410 million yuan, indicating an expanded loss compared to the previous year. The Q3 revenue of 1.52 billion yuan shows strong growth, driven by successful product launches and improved sales from key clients such as Geely and Xiaomi [6][2]. Product and Market Dynamics - The significant revenue growth in Q3 is primarily due to the successful sales of high-quality products, including ADAS, AR-HUD, and 5G T-BOX, with key clients experiencing notable sales increases. The company expects continued revenue growth in Q4, supported by government policies and seasonal demand [6][2]. Cost Management and Profitability - The gross margin for Q3 2024 was 23.9%, showing a year-on-year decrease of 3.4 percentage points but a quarter-on-quarter increase of 3.0 percentage points. The company has effectively optimized its expense ratios, with a total expense ratio of 29.4%, down 4.9 percentage points year-on-year and 6.8 percentage points quarter-on-quarter, indicating improved operational efficiency [6][2]. Future Projections - The company forecasts revenues of 5.66 billion yuan, 6.93 billion yuan, and 8.21 billion yuan for 2024, 2025, and 2026, respectively, with year-on-year growth rates of 21.1%, 22.4%, and 18.4%. The net profit is expected to improve significantly, with projections of -130 million yuan in 2024 turning to positive profits in subsequent years [6][7].

经纬恒润（688326.SH）系列点评二 [盈利预测与财务指标 Table_Forcast] 24Q3 亏幅持续收窄 业绩拐点将至 2024 年 10 月 30 日 ➢ 事件：公司发布 2024 年三季度报告，2024 年前三季度营收 35.46 亿元， 同比+24.05%；归母净利-4.10 亿元，同比亏幅扩大；扣非后归母净利-4.75 亿 元，同比亏幅扩大；其中2024Q3营收15.19亿元，同比+30.80%，环比+33.52%； 归母净利-0.77 亿元，同比亏幅扩大，环比亏幅收窄；扣非后净利-0.88 亿元，同 比亏幅扩大，环比亏幅收窄。 ➢ 营收快速增长 2024Q3 亏幅环比继续收窄。1）收入端：2024Q3 营收 15.19 亿元，同比+30.80%，环比+33.52%，营收同比增长主要系公司电子产品销售订 单增加所致；2）利润端：2024Q3 归母净利-0.77 亿元，同比亏幅扩大，环比亏 幅收窄，扣非-0.88 亿元，同比亏幅扩大，环比亏幅收窄。2024Q3 毛利率达 23.95%，同比-3.44pct，环比+3.04pct，归母净利率达-5.05%，同比-0.64pct， 环比+7.40 ...

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 ...