董事会公告 证券代码:002048 证券简称:宁波华翔 公告编号:2025-072 宁波华翔电子股份有限公司 关于公司副总经理离任的公告 本公司全体董事、监事、高级管理人员保证公告内容真实、准确和完整，并 对公告中的虚假记载、误导性陈述或者重大遗漏承担责任。 2025 年 10 月 16 日，本公司董事会收到公司副总经理孙润尧先生递交的书面辞职 报告，因工作调整其申请辞去所任公司副总经理的职务，原定任期至第八届董事会任 期届满（即 2026 年 6 月 27 日），辞去上述职务后，孙润尧先生仍在公司担任其他职 务。 根据《公司章程》等相关规定，孙润尧先生的辞职报告自送达董事会之日起生效， 其辞职将不会影响公司正常的生产经营。 截至本公告披露之日，孙润尧先生持有公司股份 10,700 股，占公司股本的 0.0013%，其所持有的公司股份将继续按照相关法律法规、规范性文件的规定进行管 理，孙润尧先生不存在未履行完毕的公开承诺。 公司董事会对孙润尧先生在任职期间的辛勤工作表示衷心感谢！ 特此公告。 宁波华翔电子股份有限公司 董事会 2025 年 10 月 17 日 1 ...

Core Viewpoint - Ningbo Huaxiang (002048) will disclose its third-quarter report on October 29 [1] Company Summary - The company responded to investor inquiries on an interactive platform regarding the upcoming financial disclosure [1]

Core Viewpoint - Ningbo Huaxiang's stock price has experienced significant fluctuations, with a year-to-date increase of 171.40% but a recent decline of 16.55% over the past five trading days [1] Company Overview - Ningbo Huaxiang Electronic Co., Ltd. is located at 1168 Century Avenue, Pudong New District, Shanghai, established on September 26, 1988, and listed on June 3, 2005. The company specializes in the development, production, and sales of automotive parts [1] - The main revenue composition includes: interior parts (53.89%), exterior parts (18.06%), metal parts (17.68%), electronic parts (8.28%), and others (2.09%) [1] Financial Performance - For the first half of 2025, Ningbo Huaxiang achieved operating revenue of 12.879 billion yuan, a year-on-year increase of 11.03%, while the net profit attributable to shareholders was -374 million yuan, a year-on-year decrease of 170.16% [2] - Since its A-share listing, the company has distributed a total of 4.38 billion yuan in dividends, with 1.099 billion yuan distributed in the last three years [3] Shareholder Information - As of June 30, 2025, the number of shareholders for Ningbo Huaxiang was 48,200, an increase of 29.27% from the previous period, with an average of 14,725 circulating shares per person, a decrease of 22.64% [2] - The second-largest circulating shareholder is Hong Kong Central Clearing Limited, holding 38.3112 million shares, an increase of 10.0031 million shares from the previous period [3]

Core Viewpoint - Ningbo Huaxiang (002048.SZ) expects to deliver 1,000 robots in the second half of this year, with discussions with other companies not yet reaching a level of public disclosure [1] Group 1 - The company anticipates significant growth in robot deliveries, projecting a total of 1,000 units for the latter half of the year [1]

Core Insights - Ningbo Huaxiang's stock price increased by 2.06% on October 15, reaching 33.68 CNY per share, with a trading volume of 738 million CNY and a market capitalization of 27.41 billion CNY [1] - The company has seen a year-to-date stock price increase of 177.16%, but a decline of 12.97% over the last five trading days [1] - Ningbo Huaxiang's main business involves the development, production, and sales of automotive parts, with revenue composition including 53.89% from interior parts, 18.06% from exterior parts, 17.68% from metal parts, 8.28% from electronic parts, and 2.09% from others [1] Financial Performance - For the first half of 2025, Ningbo Huaxiang reported revenue of 12.879 billion CNY, a year-on-year increase of 11.03%, but a net profit attributable to shareholders of -374 million CNY, a decrease of 170.16% [2] - The company has distributed a total of 4.38 billion CNY in dividends since its A-share listing, with 1.099 billion CNY distributed in the last three years [3] Shareholder Information - As of June 30, 2025, the number of shareholders increased by 29.27% to 48,200, while the average circulating shares per person decreased by 22.64% to 14,725 shares [2] - Among the top ten circulating shareholders, Hong Kong Central Clearing Limited is the second largest, holding 38.3112 million shares, an increase of 10.0031 million shares from the previous period [3]

Investment Rating - The report maintains a positive outlook on the automotive parts industry, suggesting a focus on bottom opportunities as the sector has been performing well for over a month [1][3]. Core Insights - The robotics sector has been driven by the Tesla supply chain since mid-August, indicating a potential for further growth in related automotive parts [1][3]. - The report emphasizes the importance of fundamental and marginal changes in performance as third-quarter results are about to be released, recommending specific companies for investment [1][3]. Summary by Relevant Sections Company Insights - **Xingyu Co., Ltd.**: The company is shifting its strategic focus from domestic new energy vehicle clients to expanding into overseas markets, particularly in Europe. Collaborations with major clients like Volkswagen and BMW are strengthening, with expectations to secure headlight projects by the end of this year or next. The overseas factory is projected to ramp up production starting in 2027, becoming a new growth source by 2028. The domestic market growth from 2025 to 2027 is anticipated to come from the adoption of high-end headlights by new energy vehicle clients [2][4]. - **Changshu Automotive Trim**: The company is focusing on applications of PEEK materials, leveraging its core capabilities in injection molding. A recent strategic partnership with a Dutch sensor company aims to develop next-generation tactile sensing technology for automotive and robotics manufacturing, indicating a shift towards electronics [5]. - **Ningbo Huaxiang**: The company is entering the robotics sector through a unique ODM model, which is relatively scarce. If strategic partnerships with major clients deepen, revenue growth in its robotics business is expected to be supported. The company has a first-mover advantage in PEEK materials, potentially leading to cost benefits [5]. - **Daimay Co., Ltd.**: As an interior parts supplier, Daimay's capabilities align with the transformation into biomimetic materials and robotic skin. Being a supplier for Tesla and having a mature overseas base suggests potential interest or developments in the robotics field [5]. Investment Recommendations - The report recommends focusing on domestic leading manufacturers such as BYD, Geely, and XPeng, as well as companies with strong performance growth and robotics layouts like Fuyao Glass, New Spring, and others [2][5].

Investment Rating - The report maintains a positive outlook on the automotive parts industry, suggesting an "Overweight" rating, indicating that the industry is expected to outperform the overall market [2][11]. Core Insights - The automotive parts sector is experiencing a sustained rally, driven by developments in the robotics sector, particularly influenced by Tesla's supply chain. The report emphasizes the importance of monitoring Tesla's dynamics and suggests focusing on bottom opportunities as many stocks in the sector have reached relatively high levels [2][3]. - Key companies to watch include Xingyu, Changshu Automotive Trim, Daimay, and Ningbo Huaxiang, which are expected to benefit from upcoming quarterly performance releases and fundamental changes [2][3]. Company Summaries Xingyu - Xingyu is shifting its strategic focus from domestic new energy vehicle clients to expanding into overseas markets, particularly in Europe, with strengthened collaborations with Volkswagen and BMW. The company anticipates securing headlight project designations by the end of this year or next year, with production ramping up in overseas factories starting in 2027 [4]. - The domestic market growth from 2025 to 2027 is expected to be driven by the adoption of high-end headlights by new energy vehicle clients, with potential increases in per-vehicle value from over 1,000 yuan for standard LEDs to over 4,000 yuan for HD headlights and even 10,000 yuan for DLP headlights [4]. - The competitive landscape is favorable for domestic leaders like Xingyu, as international competitors face operational pressures, providing a conducive environment for growth [4]. Changshu Automotive Trim - The company is focusing on applications involving PEEK materials, leveraging its core capabilities in injection molding. A recent strategic partnership with a Dutch sensor company aims to develop next-generation tactile sensing technology for automotive and robotics manufacturing, with plans for mass production in China [5]. Ningbo Huaxiang - Ningbo Huaxiang is entering the robotics sector through its unique ODM model, which is considered rare. The company has established a presence in the PEEK materials field, which may yield cost advantages. Expected profits for next year are around 1.5 billion yuan, corresponding to a PE ratio of approximately 20 times for 2026 [5]. Daimay - As an interior parts supplier, Daimay's capabilities align with the transformation into biomimetic materials and robotic skin. The company is a supplier for Tesla and has a mature overseas customer base, suggesting potential developments in the robotics field [5]. Investment Recommendations - The report recommends focusing on domestic leading manufacturers such as BYD, Geely, and XPeng, as well as companies with strong performance growth and capabilities in robotics or overseas expansion, including Fuyao Glass, Xinquan, Fuda, Shuanghuan Transmission, and Yinlun [2].

Group 1 - Jilin University signed a licensing agreement for three core patents related to PEEK technology with Ningbo Fengmei Piyike New Materials Co., Ltd. for a price of 30 million yuan, aiming to promote the industrialization of PEEK technology together [1] - The signing ceremony was attended by key figures including Jilin University’s Vice President Han Xiping and the Dean of the College of Chemistry Li Yi, highlighting the importance of technology transfer for local economic development [1] - The collaboration will focus on core technology breakthroughs, joint research platform construction, and high-level talent cultivation, establishing a regular communication mechanism between Jilin University and local government [1] Group 2 - A PEEK industry chain development exchange conference will be held in Xi'an from November 12-14, featuring a report on "Modification Technology and Applications of PEEK" by Professor Chen Zheng from Jilin University [2] - The conference aims to gather industry experts, scholars, business leaders, and investors to discuss the current state of the industry chain, synthesis processes, modification technologies, and market opportunities for PEEK materials [2] - The event is part of a broader initiative to build a new ecosystem for the PEEK materials industry, emphasizing breakthroughs, collaboration, and innovation [2] Group 3 - The conference will cover various topics including enhanced and modified technologies such as carbon fiber and glass fiber reinforcement, as well as the impact of 3D printing on PEEK materials [3] - Key participants will include experts from research institutions, manufacturers of PEEK materials, upstream chemical raw material suppliers, and end-user companies in sectors like aerospace, medical devices, and new energy vehicles [3] - The event will also address the role of PEEK in driving industry transformation, particularly in the context of new energy vehicles [3]

Core Insights - Ningbo Huaxiang is expected to ship over 1,000 full-size bipedal robots in the second half of this year [1] Company Summary - The company is focusing on the production and delivery of full-size bipedal robots, indicating a strong growth trajectory in this segment [1]

Core Points - Ningbo Huaxiang's stock price dropped by 8.51% today, with a turnover rate of 5.39% and a trading volume of 1.384 billion yuan, showing a fluctuation of 5.80% [2] - The stock was listed on the Shenzhen Stock Exchange's watch list due to a deviation of -7.77% in daily decline [2] - The net inflow of funds from the main investors was 339.21 million yuan over the past five days, despite a net outflow of 20.4879 million yuan today [2] Trading Data - The top five trading departments accounted for a total transaction of 431 million yuan, with a net purchase of 105 million yuan [2] - The largest buying department was Shenwan Hongyuan Securities, with a purchase amount of 109.7368 million yuan [2] - The latest margin trading balance as of October 10 was 1.044 billion yuan, with a financing balance of 1.037 billion yuan and a securities lending balance of 7.5222 million yuan [2]