摘要 2026Q1 乘用车行业量利双压，预计批发量同比-8%，新能源车微降， 出口同比+55%成唯一亮点。 成本端受铜、铝、碳酸锂涨价及人民币升值双重挤压，一季度为行业全 年量利低点，多数车企利润同比降幅>20%。 吉利汽车表现亮眼，Q1 利润预期>40 亿元，环比增 10%+，主因吉利 9X 高盈利及出口同比+140%驱动。 重卡行业出口强劲，1-2 月同比+30%，中国重汽 A 股 Q1 利润预增 60%至 5 亿元，非洲及东南亚市场翻倍增长。 智能化板块优于整车，华阳集团受益小米汽车放量及 HUD 等新业务， Q1 业绩预增 20%；金龙汽车出口翻倍，利润预达 1.5 亿元。 零部件板块分化，福耀、星宇等海外拓展领先者压力较小；金固股份受 益铝价上涨带来的钢轮替代效应，Q2 迎拐点。 两轮车大排量出口维持高增，春风动力 Q1 出口同比+60%，但受全地 形车关税影响，整体业绩预计同比持平。 汽车行业 2026 一季度业绩前瞻 20260322 Q&A 对于 2026 年的汽车行业，整体投资策略和主要推荐的主线是什么？ 2026 年汽车行业正处于技术创新与需求周期的切换阶段，板块内部的新闻主 线较为发散， ...

2026 年 03 月 23 日 行业研究 评级：推荐(维持) 研究所： 证券分析师： 戴畅 S0350523120004 daic@ghzq.com.cn [Table_Title] 宇树科技披露招股书，小米发布新一代 SU7 ——汽车行业周报 最近一年走势 投资要点: | 行业相对表现 | | | | 2026/03/20 | | | | | --- | --- | --- | --- | --- | --- | --- | --- | | 表现 | | 1M | 3M | 12M | | | | | 汽车 | | | -2.2% | -1.0% | -8.1% | | | | 沪深 | 300 | | -0.0% | | | -2.0% | 14.9% | 相关报告 《汽车行业周报：中欧电车价格承诺机制落地，多 地开放 2026 年汽车补贴，长城发布"归元"平台 （推荐）*汽车*戴畅，徐鸣爽》——2026-01-20 《汽车事件点评：以旧换新政策落地，看好 2026Q1 乘用车需求修复（推荐）*汽车*戴畅，胡惠民，徐 鸣爽》——2026-01-04 《商用车行业动态研究：2025 年 6 月重卡销量同 ...

Group 1 - The core point of the article is that Huayang Group (002906.SZ) is indirectly supplying optical communication module components to NVIDIA through international clients [1] Group 2 - The precision die-casting business of the company plays a significant role in its supply chain to major technology firms like NVIDIA [1]

二、备查文件 华阳精机的《登记通知书》及新换发的《营业执照》。 证券代码：002906 证券简称：华阳集团 公告编号：2026-008 惠州市华阳集团股份有限公司 关于全资子公司完成工商变更登记的公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有 虚假记载、误导性陈述或重大遗漏。 惠州市华阳集团股份有限公司全资子公司惠州市华阳精机有限公司（以下简 称"华阳精机"）于近日完成了工商变更登记手续，并取得了惠州仲恺高新区管 理委员会市场监督管理局换发的《营业执照》。现将有关情况公告如下： | 变更事项 | 变更前 | 变更后 | | --- | --- | --- | | 经营范围 | 一般项目：汽车零部件及配件制造； 汽车零部件研发；汽车零配件批发； | 一般项目：汽车零部件及配件制造； 汽车零部件研发；汽车零配件批发； 机械零件、零部件加工；机械零件、 | | | 机械零件、零部件加工；机械零件、 | 零部件销售；模具制造；模具销售； | | | 零部件销售；模具制造；模具销售； | 光电子器件制造；光电子器件销售； | | | 光电子器件制造；光电子器件销售； | 货物进出口；技术进出口；非 ...

Core Viewpoint - The company provides precision die-casting services, supplying components such as optical communication modules and connectors to clients including Tyco, Molex, Amphenol, Nvidia, and Google [1] Group 1 - The company engages in precision die-casting business [1] - Key clients include Tyco, Molex, and Amphenol [1] - Products supplied include optical communication modules and connectors [1]

Core Viewpoint - Huayang Group is positioned as a leading supplier of automotive electronic products and components, leveraging a dual-driven business model of "automotive electronics + precision die-casting" to navigate through industry cycles [1] Group 1: Business Model and Strategy - The company has developed a dual-driven business matrix focusing on automotive electronics and precision die-casting, with automotive electronics being the largest revenue source [1] - Precision die-casting targets lightweight components made from aluminum/magnesium alloys, benefiting from trends in new energy vehicle powertrains and chassis lightweighting [1] - Huayang Group has transitioned from consumer electronics to automotive components over the past 30 years and has embraced "software-defined vehicles" since 2017, aiming to become a global Tier 1 supplier [1] Group 2: Product Development and Innovation - The recent launch of the high-performance in-vehicle AI computing platform "Huayang AIBOX" has been designated by leading domestic automakers, marking a significant step in the mass production of edge large models [1] - This innovation is expected to optimize overall vehicle hardware costs while potentially becoming a new rapid growth point for the company [1] Group 3: Financial Projections - The projected net profit attributable to shareholders for the years 2025, 2026, and 2027 is estimated to be 843 million, 1.034 billion, and 1.309 billion yuan respectively [1] - Corresponding price-to-earnings ratios (PE) for these years are expected to be 20.37, 16.60, and 13.11 times [1] - The company has been given a "buy" rating based on these projections [1]

Group 1 - The core point of the article is that Huayang Group reported a total of 39,776 shareholders as of February 10, 2026 [2]

Investment Rating - The report maintains a "Buy" rating for Huayang Group (002906.SZ) [2] Core Insights - Huayang Group is a leading supplier of automotive electronic products and components, focusing on a dual-driven business matrix of "automotive electronics + precision die-casting" [7][15] - The company has shown resilience in revenue and profit growth, with projected revenues of 10.158 billion yuan in 2024 (up 42.3% year-on-year) and a net profit of 561 million yuan in the first three quarters of 2025 (up 20.8% year-on-year) [7][27] - The smart cockpit sector is experiencing high demand, with significant growth potential in core components like HUD (Head-Up Display) and domain controllers [7][38] Summary by Sections 1. Company Overview - Huayang Group, headquartered in Huizhou, Guangdong, has transitioned from a traditional parts manufacturer to a leading system-level supplier in the automotive industry over 30 years [15][16] - The company has strategically focused on "intelligent" and "lightweight" trends in the automotive sector, establishing a dual business model centered on automotive electronics and precision die-casting [15][20] 2. Revenue and Profit Growth - The automotive electronics business is the largest revenue source, with significant growth in products like electronic rearview mirrors, cockpit domain controllers, and HUDs [22][23] - In the first half of 2025, the automotive electronics segment generated 3.788 billion yuan, maintaining a stable growth rate of 23.3% [23][25] - The precision die-casting business also performed well, achieving 1.292 billion yuan in revenue in the first half of 2025, a year-on-year increase of 41.3% [25] 3. Smart Cockpit Development - The smart cockpit has become a key consideration for consumers, with 78% of Chinese users factoring it into their purchasing decisions [38][42] - Huayang has deepened its layout in the smart cockpit sector, particularly in HUD and domain controllers, benefiting from increasing penetration rates [47][53] 4. HUD Market Leadership - Huayang is the leading domestic supplier of HUDs, with a market share of 22.8% as of the first nine months of 2025, and has achieved cumulative shipments exceeding 3.5 million units [53][66] - The company has established a strong competitive edge through its comprehensive self-developed optical engine and large-scale delivery capabilities [64][63] 5. Domain Controller Expansion - The transition to centralized E/E architecture in vehicles is driving demand for intelligent driving domain controllers, with Huayang's products already covering major chip platforms [71][74] - The company has launched the Huayang AIBOX, enhancing the performance of its cockpit domain controllers and marking a new growth point [77]

Core Viewpoint - The major shareholders of Huizhou Huayang Group Co., Ltd. plan to reduce their holdings by up to 7,873,785 shares, representing 1.5% of the company's total share capital, due to their operational needs [1][2]. Group 1: Shareholder Reduction Plan - The reduction plan was announced on October 25, 2025, and is set to take place within three months after the announcement, through centralized bidding or block trading [1]. - The price range for the shares sold during this reduction was between 28.10 yuan and 34.56 yuan per share [2]. Group 2: Compliance and Implementation - The reduction plan complies with relevant laws and regulations, including the Securities Law and the Interim Measures for the Administration of Shareholder Reduction of Listed Companies [2]. - As of the announcement date, the major shareholders have adhered to the disclosed reduction plan, and the plan has been fully implemented [2].

Group 1 - The core announcement is regarding the expiration of the share reduction plan by major shareholders Zhongshan Zhongke Equity Investment Co., Ltd. and Zhuhai Hengqin Zhongke Baiyun Venture Capital Fund Partnership (Limited Partnership) [2][4] - The shareholders planned to reduce their holdings by up to 7,873,785 shares, which is approximately 1.5% of the company's total share capital, through centralized bidding or block trading within three months after the announcement [2][3] - The reduction price range was between 28.10 yuan per share and 34.56 yuan per share [2][4] Group 2 - The reduction plan was in compliance with relevant laws and regulations, including the Securities Law and the Interim Measures for the Administration of Shareholders' Reduction of Shares in Listed Companies [3] - As of the announcement date, the shareholders adhered to the disclosed reduction plan and completed the implementation as per the initial disclosure [3][4]