Investment Rating - The report maintains a "Buy" rating for the company with a target price of 34.83 CNY [2][5] Core Insights - The company's performance exceeded market expectations, with a revenue of 6.841 billion CNY for the first three quarters, representing a year-on-year growth of 42.6%. The net profit attributable to shareholders was 465 million CNY, up 56.2% year-on-year [1] - The automotive electronics business is gradually ramping up new products, with significant market share in HUD and wireless charging products. New projects with major clients like Chery and BYD are expected to drive future growth [1] - The precision die-casting business has a strong order backlog, with new projects from clients such as ZF and Schaeffler. Capacity expansion is underway to support long-term growth [1] Financial Performance Summary - For 2023, the company reported a revenue of 7.137 billion CNY, a 26.6% increase from the previous year. The net profit attributable to shareholders is projected to be 677 million CNY in 2024, reflecting a growth of 45.7% [4][8] - The gross margin for the first three quarters was 21.5%, slightly down by 0.6 percentage points year-on-year, while the operating cash flow increased significantly by 208.3% to 503 million CNY [1][4] - The company expects continued revenue growth with projected revenues of 9.401 billion CNY in 2024 and 11.501 billion CNY in 2025, with net profit estimates of 8.84 billion CNY and 11.40 billion CNY respectively for 2025 and 2026 [2][4]

Investment Rating - The report maintains a "Buy" rating for Huayang Group [1] Core Views - The company's Q3 2024 performance exceeded expectations, with revenue reaching 2.65 billion yuan, representing a year-on-year increase of 37% and a quarter-on-quarter increase of 20%. The net profit attributable to shareholders was 178 million yuan, up 53% year-on-year and 23% quarter-on-quarter [2] - Core customers are experiencing increased production, leading to sustained growth in the main business. Key clients such as Qi Che, Chang'an, Geely, Great Wall, and others have shown significant production increases, indicating a new vehicle launch cycle [2] - The company is expanding its automotive electronics business, achieving substantial growth in products like cockpit domain controllers, HUDs, and in-car entertainment systems, with successful international collaborations established with major automotive manufacturers [2] Financial Forecasts and Valuation - Revenue forecasts for 2024-2026 have been raised to 9.8 billion, 12.17 billion, and 14.39 billion yuan, respectively, reflecting year-on-year growth rates of 37%, 24%, and 18%. Net profit forecasts for the same period have also been adjusted to 674.61 million, 898.94 million, and 1.13 billion yuan, with corresponding year-on-year growth rates of 45%, 33%, and 26% [4] - The report indicates a projected P/E ratio of 24, 18, and 14 for 2024, 2025, and 2026, respectively, supporting the "Buy" rating [4]

证券代码：002906 证 券简称：华阳集团 惠 州市华阳集团股份有限公司投资者关系活动记录表 编号：2024-019 | --- | --- | --- | |-------------------------|----------------------------------|------------------------------------------------------| | | 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 | □新闻发布会 | □路演活动 | | 别 | □现场参观 | | | | □其他 | （请文字说明其他活动内容） | | | 中信证券 李景涛、陆天宇 | | | | 西部证券 齐天翔、庄恬心 | | | | 野村证券 应重熙、于欣可 | | | | 华西汽车 钟思婷 | | | | 天风证券 陈璐瑶 | | | | 东海证券 黄涵虚 | | | | 华泰证券 寿梓健 | | | | 杭州富贤 杜群飞 | | | | 麦格理 金诗诗 | | | | 风和投资管理有限公司 | 袁忠瑜 | | | Brillian ...

Investment Rating - The report maintains a "Buy" rating for Huayang Group (002906) [4] Core Views - Huayang Group's Q3 2024 performance exceeded expectations, driven by strong growth in both automotive electronics and precision die-casting businesses [6] - The company's revenue for the first three quarters of 2024 reached 6.841 billion yuan, a year-on-year increase of 42.62%, while net profit attributable to the parent company grew by 56.20% to 465 million yuan [2][6] - The company's cost optimization efforts have been effective, with the Q3 expense ratio dropping by 1.89 percentage points year-on-year and 1.22 percentage points quarter-on-quarter [6] - Huayang Group is expected to enter a rapid growth phase due to its strong position in the automotive electronics and precision die-casting sectors, as well as its expanding product portfolio and customer base [2][6] Financial Performance - In Q3 2024, the company achieved revenue of 2.648 billion yuan, a year-on-year increase of 37.25%, and a quarter-on-quarter increase of 20.21% [6] - Net profit attributable to the parent company in Q3 2024 was 178 million yuan, up 53.54% year-on-year and 22.89% quarter-on-quarter [6] - The company's sales expense ratio, management expense ratio, R&D expense ratio, and financial expense ratio for Q3 2024 were 3.00%, 2.21%, 7.26%, and 0.18%, respectively, with a total expense ratio of 12.65% [6] Future Outlook - The company is expected to achieve revenue of 9.696 billion yuan, 12.054 billion yuan, and 14.705 billion yuan in 2024, 2025, and 2026, respectively, with year-on-year growth rates of 35.86%, 24.32%, and 21.99% [6] - Net profit attributable to the parent company is forecasted to be 659 million yuan, 913 million yuan, and 1.191 billion yuan for 2024, 2025, and 2026, respectively, with year-on-year growth rates of 41.79%, 38.57%, and 30.37% [6] - The company's EPS is expected to be 1.26 yuan, 1.74 yuan, and 2.27 yuan per share for 2024, 2025, and 2026, respectively, with a 3-year CAGR of 36.82% [6] Industry and Market Position - Huayang Group operates in the automotive and automotive parts industry, with a strong focus on automotive electronics and precision die-casting [4] - The company has been expanding its product portfolio and customer base, which is expected to drive further growth in the coming years [2][6]

Investment Rating - The report maintains a "Buy" rating for Huayang Group (002906) [1][3] Core Views - The company reported significant year-on-year growth in revenue and net profit for the first three quarters of 2024, with revenue reaching 6.841 billion yuan, up 42.6% year-on-year, and net profit attributable to shareholders at 465 million yuan, up 56.2% year-on-year [1] - The gross margin remained stable, and effective cost control was noted, with a decrease in expense ratios contributing to improved profitability [1][2] - The automotive electronics segment showed robust growth, with revenue of 3.07 billion yuan in the first half of 2024, up 65.4% year-on-year, accounting for 73% of total revenue [2] Summary by Sections Financial Performance - For Q3 2024, the company achieved revenue of 2.648 billion yuan, a year-on-year increase of 37.3% and a quarter-on-quarter increase of 20.2% [1] - The net profit for Q3 2024 was 178 million yuan, reflecting a year-on-year increase of 53.5% and a quarter-on-quarter increase of 22.9% [1] - The gross margin for Q3 was 21.1%, with a slight year-on-year decrease of 0.8 percentage points [1] Business Segments - The automotive electronics segment's revenue growth was driven by new product lines entering mass production, including cockpit domain controllers and digital acoustics [2] - The precision die-casting business also saw a revenue increase of 23.6% year-on-year, with significant sales growth in components related to optical communication modules [2] Research and Development - The company increased its R&D investment to 531 million yuan in the first three quarters of 2024, a 21.8% year-on-year increase, representing 7.8% of total revenue [2] - Ongoing capacity expansion projects are on track, with new facilities in Huizhou and Zhejiang expected to contribute to future growth [2] Earnings Forecast - The projected EPS for 2024, 2025, and 2026 is 1.28 yuan, 1.55 yuan, and 1.86 yuan respectively, with a corresponding PE ratio of 24, 20, and 16 [3]

Investment Rating - The investment rating for Huayang Group is "Buy" (maintained) [1] Core Views - The company reported total revenue of approximately 2.648 billion yuan for Q3 2024, representing a year-on-year increase of 37.25% and a quarter-on-quarter increase of 20.21% [1] - The net profit attributable to the parent company was approximately 178 million yuan, showing a year-on-year growth of 53.54% and a quarter-on-quarter growth of 22.89% [1] - The gross profit margin was approximately 21.06%, a decrease of 0.82 percentage points year-on-year and 0.88 percentage points quarter-on-quarter [1] - The company is benefiting from strong sales of new and existing cooperative vehicle models, with major clients such as Xiaomi, Ideal, Chery, Geely, and others showing significant sales growth [1] - The company is expanding its automotive electronics products and precision die-casting business, with notable progress in international market penetration [1] Financial Performance Summary - Revenue projections for 2024-2026 have been adjusted to 9.73 billion, 12.51 billion, and 14.73 billion yuan respectively, with corresponding net profits of 673 million, 927 million, and 1.145 billion yuan [2][3] - The expected P/E ratios for 2024-2026 are 24.06, 17.46, and 14.13 respectively [2][4] - The company’s gross margin is projected to be 21.8% in 2024, with a gradual increase to 22.3% by 2026 [4] - The return on equity (ROE) is expected to rise from 10.5% in 2024 to 15.0% in 2026 [4] Market Position and Strategy - The company is strategically positioned to capitalize on the electric and intelligent vehicle market trends, with a focus on automotive electronics and precision die-casting as its two core segments [1] - The company has successfully secured new projects with major automotive clients, enhancing its customer structure and optimizing its revenue streams [1]

Investment Rating - The report maintains a "Buy" rating for the company [5] Core Views - The company's gross margin for Q3 2024 is 21.06%, showing a slight year-on-year decrease of 0.82 percentage points, attributed to changes in product structure. However, there is potential for improvement as new products are launched [7] - The company has successfully expanded its cockpit domain control products, achieving rapid sales growth and securing new projects with various automotive brands [7] - The company has solidified its leading position in the HUD market, with a growing number of models equipped with its products and successful global expansion efforts [9] Financial Performance - In Q3 2024, the company achieved revenue of 2.648 billion yuan, a year-on-year increase of 37%, and a net profit attributable to shareholders of 178 million yuan, up 54% year-on-year [11] - The company forecasts net profits of 667 million yuan, 889 million yuan, and 1.143 billion yuan for 2024, 2025, and 2026 respectively, with corresponding EPS of 1.27 yuan, 1.69 yuan, and 2.18 yuan [9][10] - The company’s revenue is projected to grow from 7.137 billion yuan in 2023 to 14.431 billion yuan by 2026, reflecting a compound annual growth rate [8][10] Business Expansion - The company is experiencing significant growth in its automotive electronics and precision die-casting businesses, with notable increases in revenue from cockpit domain control, HUD, and other electronic products [10] - The company has successfully launched new products based on Qualcomm's technology, enhancing its product offerings in the cockpit domain control segment [7]

证券代码：002906 证券简称：华阳集团 公告编号：2024-066 惠州市华阳集团股份有限公司（以下简称"公司"或"本公司"）于近日收 到公司股东中山中科股权投资有限公司（以下简称"中山中科"）、珠海横琴中 科白云创业投资基金合伙企业（有限合伙）（以下简称"中科白云"）发来的《关 于股份减持计划的告知函》，现根据法律法规要求，将相关情况公告如下： 一、股东的基本情况 （一）股东名称：中山中科股权投资有限公司、珠海横琴中科白云创业投资 基金合伙企业（有限合伙） （二）股东持有股份的总数量、占公司总股本的比例 惠州市华阳集团股份有限公司 关于股东减持股份计划的预披露公告 股东中山中科股权投资有限公司、珠海横琴中科白云创业投资基金合伙 企业（有限合伙）保证向本公司提供的信息内容真实、准确、完整，没有虚假 记载、误导性陈述或重大遗漏。 本公司及董事会全体成员保证公告内容与信息披露义务人提供的信息一 致。 特别提示： 中山中科股权投资有限公司、珠海横琴中科白云创业投资基金合伙企业（有 限合伙）合计持有本公司股份42,427,483股（占本公司总股本比例8.09%），二 者为一致行动人，计划自本次减持计划公告之日起1 ...

证券代码：002906 证券简称：华阳集团 公告编号：2024-065 惠州市华阳集团股份有限公司 关于 2021 年股票期权激励计划第三个行权期自主行权的 提示性公告 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。 特别提示： 将相关情况公告如下： 一、本次股票期权行权安排 1、期权简称：华阳 JLC3 1、期权代码：037181，期权简称：华阳 JLC3。 2、公司 2021 年股票期权激励计划第三个行权期符合行权条件的激励对象 共计 277 人，可行权的期权数量为 1,034,720 份，占目前公司总股本的 0.197%, 行权价格为 34.97 元/份。 3、本次行权采用自主行权模式。 4、本次股票期权行权期限自 2024 年 10月 18 日起至 2025年 10 月 17 日止， 根据可交易日及行权手续办理情况，本次实际可行权期限为 2024 年 10 月 30 日 至 2025 年 10 月 17 日止。 5、本次可行权股票期权若全部行权，公司股份仍具备上市条件。 惠州市华阳集团股份有限公司（以下简称"公司"或"华阳集团"）于 2024 年 10 ...

市场数据 2024/10/28 2024 年 10 月 29 日 公司研究 评级：增持(维持) 研究所： 证券分析师： 戴畅 S0350523120004 daic@ghzq.com.cn 证券分析师： 吴铭杰 S0350524090003 wumj@ghzq.com.cn [Table_Title] 2024 年 Q3 营收&归母净利润同环比提升，公司 高增长逻辑持续兑现 ——华阳集团（002906）2024 年 Q3 季报点评 最近一年走势 事件: 2024 年 10 月 28 日，华阳集团发布 2024 年 Q3 季报：2024 年 Q1-Q3 公司实现营收 68.41 亿元，同比+42.6%；归母净利润 4.65 亿元，同比 +56.2%；扣非后归母净利润 4.51 亿元，同比+61.3%，其中 2024Q3 实 现营收 26.48 亿元，同比+37.2%；归母净利润 1.78 亿元，同比+53.5%； 扣非后归母净利润 1.74 亿元，同比+56.6%。 投资要点: 相对沪深 300 表现 2024/10/28 2024 年 Q3 营收&归母净利润同环比快速增长，净利率同环比提升。 2024 年 Q ...