[Table_Author] 分析师：姜肖伟 执业证书号：S0010523060002 电话：18681505180 邮箱：jiangxiaowei@hazq.com 分析师：陈飞宇 执业证书号：S0010525020001 电话：19842726967 邮箱：chenfeiyu@hazq.com 华阳集团（ [Table_StockNameRptType] 002906） 公司点评 24 年汽车电子业绩高兑现性，产品及客户结构持续向好 | 投资评级：买入（维持） [Table_Rank] | | | --- | --- | | 报告日期： | 2025-04-01 | | [Table_BaseData] 收盘价（元） | 35.32 | | 近 12 个月最高/最低（元） | 37.88/22.52 | | 总股本（百万股） | 525 | | 流通股本（百万股） | 525 | | 流通股比例（%） | 99.96 | | 总市值（亿元） | 185 | [公司价格与沪深 Table_Chart] 300 走势比较 -28% -10% 8% 26% 44% 4/24 7/24 10/24 1/25 华阳 ...

[Table_MainInfo] 公司研究/汽车与零配件/汽车零配件 证券研究报告 [Table_InvestInfo] 投资评级 优于大市 维持 股票数据 | 03[Table_StockInfo 月 28日收盘价（元）] | 34.81 | | --- | --- | | 52 周股价波动（元） | 22.52-37.88 | | 总股本/流通 A 股（百万股） | 525/525 | | 总市值/流通市值（百万元） | 18272/18265 | | 相关研究 | | | [Table_ReportInfo] 《24Q3 业绩创新高，盈利能力表现稳健》 | | | 2024.11.03 | | 《2024 上半年业绩实现高增长，订单开拓成 果显著》2024.08.21 《2023 年业绩高速增长，新订单与新产品助 力公司稳健成长》2024.04.01 市场表现 [Table_QuoteInfo] -18.28% -8.28% 1.72% 11.72% 21.72% 31.72% 2024/4 2024/7 2024/10 2025/1 华阳集团 海通综指 华阳集团（002906）公司年报点评 2025 ...

Investment Rating - The report maintains a "Buy" rating for the company with a target price of RMB 45.60 [8][9]. Core Views - The company achieved a revenue of RMB 10.158 billion in 2024, representing a year-over-year increase of 42.33%, and a net profit of RMB 651 million, up 40.13% year-over-year [1][5]. - The company is expected to benefit from the wave of smart technology and accelerate its international expansion [1][4]. - The fourth quarter of 2024 saw a revenue of RMB 3.316 billion, with a year-over-year growth of 41.73% and a quarter-over-quarter growth of 25.25% [1][2]. Revenue and Profitability - The company’s revenue and profit for 2024 were in line with expectations, with a forecast of RMB 9.738 billion in revenue and RMB 668 million in net profit [1]. - The fourth quarter gross margin was reported at 19.03%, with a net margin of 5.63% [3]. - After adjusting for accounting policy changes, the gross margin was approximately 21.18%, showing a slight increase quarter-over-quarter [3]. Product and Market Development - The company has expanded its product lines, including HUD, wireless charging, and cockpit domain control, with significant shipment volumes expected in 2024 [2][4]. - The company has established itself as a platform enterprise in smart cockpits, with ongoing projects in intelligent driving and international market expansion [4]. Financial Forecast and Valuation - Revenue forecasts for 2025-2027 are adjusted to RMB 13.461 billion, RMB 16.933 billion, and RMB 21.130 billion, respectively, with net profit estimates of RMB 926.66 million, RMB 1.226 billion, and RMB 1.621 billion [5][7]. - The company is given a 15% valuation premium over comparable companies, resulting in a projected PE ratio of 25.8 for 2025 [5].

研发投入维持高位，高潜力产品有望充分受益于智驾平权。公司2024年公司研发投入8.31亿元，同比 +28.94%，营收占比达8.19%。公司多个研发项目有望随着高阶智驾渗透率提升而放量。汽车电子方面， 公司智驾域控产品已完成多个国产化方案设计开发并参与竞标，已推出基于高通8775芯片的舱驾一体域控 产品，预研中央计算单元产品；精密压铸方面，中大吨位模具及产品半总成装配技术标准化，持续增强新 能源汽车关键零部件开发制造能力及半总成装配技术能力。 华龙证券股份有限公司杨阳,李浩洋近期对华阳集团（002906）进行研究并发布了研究报告《2024年年报 点评报告：归母净利润同比+40.13%，智能化加速有望深度受益》，给予华阳集团买入评级。 华阳集团 事件： 3月28日，华阳集团发布2024年报：2024年公司实现营收101.58亿元，同比42.33%，实现归母净利润6.51 亿元，同比+40.13%；2024Q4实现营收33.16亿元，同比+41.73%，实现归母净利润1.87亿元，同比 +11.57%。 观点： 智能化加速驱动订单高增，客户持续拓展继续增长潜力。2024年公司归母净利润同比+40.13%，其中毛利 ...

Investment Rating - The investment rating for Huayang Group is upgraded to "Buy" [2][6]. Core Views - The company achieved a revenue of 10.158 billion yuan in 2024, representing a year-on-year growth of 42.33%, and a net profit attributable to the parent company of 651 million yuan, up by 40.13% year-on-year [3][5]. - The growth is driven by the acceleration of smart technology adoption, leading to a significant increase in orders, particularly in automotive electronics and precision die-casting businesses [5][6]. - The company has successfully expanded its customer base, securing new projects with major international automotive clients [5][6]. Financial Performance Summary - In Q4 2024, the company reported a revenue of 3.316 billion yuan, a year-on-year increase of 41.73%, and a net profit of 187 million yuan, up by 11.57% year-on-year [3][5]. - The gross margin decreased by 0.91 percentage points to 20.69%, while the expense ratio improved by 1.46 percentage points to 12.44%, indicating effective cost control [5]. - R&D investment reached 831 million yuan in 2024, a year-on-year increase of 28.94%, accounting for 8.19% of revenue [5][6]. Earnings Forecast - The forecasted net profit for Huayang Group is expected to be 897 million yuan in 2025, 1.170 billion yuan in 2026, and 1.474 billion yuan in 2027, reflecting growth rates of 37.71%, 30.47%, and 25.95% respectively [7][10]. - The projected P/E ratios for 2025, 2026, and 2027 are 20.4, 15.6, and 12.4 respectively, which are below the average P/E ratios of comparable companies [6][8].

汽车 2025 年 03 月 30 日 华阳集团(002906.SZ) 行情走势图 证券分析师 汽车电子业务高增，业绩逐步兑现 推荐（维持） 股价：34.81 元 主要数据 | 行业 | 汽车 | | --- | --- | | 公司网址 | www.f oryougroup.com | | 大股东/持股 | 江苏华越投资有限公司/51.61% | | 实际控制人 | 邹淦荣,吴卫,张元泽,李道勇,陈世 | | | 银,李光辉,曾仁武,孙永镝 | | 总股本(百万股) | 525 | | 流通 A 股(百万股) | 525 | | 流通 B/H 股(百万股) | | | 总市值（亿元） | 183 | | 流通 A 股市值(亿元) | 183 | | 每股净资产(元) | 12.30 | | 资产负债率(%) | 46.8 | 公 | | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业收入(百万元) | 7,137 | 10,158 | 12,026 | 14,947 | 17,785 | | ...

Investment Rating - The report maintains a "Recommended" investment rating for Huayang Group, indicating an expectation of strong performance in the next six months [10]. Core Views - The automotive electronics business of Huayang Group has shown rapid growth, with a revenue increase of 57.55% year-on-year, reaching 76.03 billion yuan in 2024. The gross margin for this segment is reported at 19.2% [7]. - The company achieved a total revenue of 101.58 billion yuan in 2024, reflecting a year-on-year growth of 42.33%, and a net profit attributable to shareholders of 6.51 billion yuan, up 40.13% from the previous year [4][6]. - The customer base is expanding, with significant revenue growth from major clients such as Geely, Chery, and others, and new projects with international car manufacturers [7]. Summary by Sections Financial Performance - In 2024, Huayang Group's revenue reached 101.58 billion yuan, with a net profit of 6.51 billion yuan, marking a 42.33% and 40.13% increase year-on-year, respectively [4][6]. - The company forecasts continued revenue growth, projecting 12.03 billion yuan in 2025 and 14.95 billion yuan in 2026, with net profits expected to reach 8.66 billion yuan and 10.97 billion yuan in the same years [6][8]. Business Segments - The automotive electronics segment is a key growth driver, with significant sales increases in products like HUD and wireless charging systems, leading to a substantial rise in profitability [7]. - The precision die-casting business also maintained stable profitability, contributing to the overall net profit increase [7]. Market Position - Huayang Group has achieved a leading market share in several automotive electronic products, including HUD and wireless charging, with over 1 million HUD units shipped in 2024 [7]. - The company has diversified its client base, securing new orders from both domestic and international automotive manufacturers, enhancing its competitive position in the market [7].

外资态度来看，本期较上一期持股增加的外资基金共计1个，即香港中央结算有限公司，持股增加占比 达0.25%。 公募基金方面，本期较上一期持股增加的公募基金共计6个，主要包括长城久富混合(LOF)A、易方达新 丝路混合、国联高质量成长混合A、新沃内需增长混合A、国联研发创新混合A等，持股增加占比达 0.35%。本期较上一季度持股减少的公募基金共计5个，包括易方达供给改革混合、易方达稳健收益债 券A、国联产业升级混合、国联新经济混合A、中信保诚增强收益债券(LOF)A，持股减少占比达 2.04%。本期较上一季度新披露的公募基金共计94个，主要包括景顺长城产业趋势混合A、农银研究精 选混合、中邮信息产业灵活配置混合A、农银行业成长混合A、景顺长城融景产业机遇一年持有期混合 A类等。本期较上一季未再披露的公募基金共计13个，主要包括长城产业趋势混合A、长城产业臻选混 合A、博时互联网主题混合、易方达裕惠定开混合A、易方达平衡视野混合A1等。 2025年3月29日，华阳集团(002906.SZ)发布2024年年度报告。截至2025年3月28日，共有129个机构投资 者披露持有华阳集团A股股份，合计持股量达3.63亿股，占 ...

惠州市华阳集团股份有限公司 2024 年度独立董事述职报告 作为惠州市华阳集团股份有限公司(以下简称"公司")第四届董事会的独 立董事，本人根据《公司法》《上市公司治理准则》《上市公司独立董事管理 办法》等有关法律法规以及《公司章程》、公司《独立董事制度》等规定，本 着客观、公正、独立的原则，勤勉尽责，谨慎、认真地履行职责，充分发挥了 独立董事的独立作用，维护公司整体利益和全体股东特别是中小股东的合法权 益。现将本人 2024 年度履行职责情况报告如下： 一、基本情况 （一）工作履历、专业背景及兼职情况 独立董事罗中良：中国国籍，硕士，自动化仪表与装置专业，高级工程师， 教授。1994 年 7 月至 2009 年 8 月，历任佛山科学技术学院电子电气系讲师、副 教授、教授；2009 年 9 月至今，任惠州学院电子信息与电气工程学院高级工程 师、教授；2019 年 3 月至今，任公司独立董事；现兼任惠州市德赛西威汽车电子 股份有限公司独立董事，广东骏亚电子科技股份有限公司独立董事。 （二）独立性情况 作为公司的独立董事，本人具备《上市公司独立董事管理办法》《深圳证 券交易所上市公司自律监管指引第 1 号——主板 ...