Investment Rating - The report maintains a "Buy" rating for Huayang Group [1] Core Views - The company is expected to achieve a net profit attributable to shareholders of 163 to 188 million yuan in Q3 2024, representing a year-on-year increase of 41% to 62%, with non-recurring net profit expected to be 158 to 183 million yuan, also showing a year-on-year increase of 42% to 64, indicating performance exceeding expectations [2] - The company has seen a continuous increase in orders from independent customers, with significant production increases from key clients such as Chery, Geely, Seres, and Li Auto in Q3 2024, with respective quarter-on-quarter production increases of 13%, 14%, 17%, and 62% [2] - The company is expanding its international market presence, having established relationships with overseas clients such as Volkswagen, SCANIA, and Maserati, while also diversifying its customer base with new energy vehicle clients [2] - The company has launched new domain control products and is positioned among the top tier in domain controllers, with significant R&D investment leading to accelerated product iterations and market launches [2] - Revenue forecasts for 2024-2026 are maintained at 90.3 billion, 112.3 billion, and 132.8 billion yuan, with year-on-year growth rates of 27%, 24%, and 18% respectively, and net profit forecasts of 6.5 billion, 8.9 billion, and 11.2 billion yuan, with corresponding growth rates of 40%, 37%, and 25% [2] Financial Summary - Total revenue for 2022 was 5,638 million yuan, with a projected increase to 7,137 million yuan in 2023, and further growth to 9,033 million yuan in 2024, reflecting a year-on-year growth of 25.61% and 26.59% respectively [1] - The net profit attributable to shareholders for 2022 was 380.46 million yuan, expected to rise to 464.82 million yuan in 2023, and 652.36 million yuan in 2024, indicating year-on-year growth of 27.40% and 40.35% respectively [1] - The latest diluted EPS is projected to be 1.24 yuan per share in 2024, with a P/E ratio of 23.53 based on the current price [1]

Investment Rating - The report maintains a "Buy" rating for Huayang Group [1][2] Core Views - The company is expected to achieve a net profit attributable to shareholders of 163 to 188 million yuan in Q3 2024, representing a year-on-year increase of 41% to 62%, with non-recurring net profit expected to be 158 to 183 million yuan, also showing a significant year-on-year growth of 42% to 64, indicating performance exceeding expectations [2] - The company has seen a continuous increase in orders from autonomous customers, with key clients such as Chery, Geely, Seres, and Li Auto showing production increases of 13%, 14%, 17%, and 62% respectively in Q3 2024, alongside accelerated release of automotive electronic orders [2] - The company is expanding its international market presence, having established relationships with overseas clients such as Volkswagen, SCANIA, FAW Toyota, and Maserati, while also diversifying its customer base with new energy vehicle clients [2] - The company has launched new domain control products and is positioned among the top tier in domain controllers, with significant R&D investment leading to accelerated product iteration and mass production [2] - Revenue forecasts for 2024-2026 are maintained at 90.3 billion, 112.3 billion, and 132.8 billion yuan, with year-on-year growth rates of 27%, 24%, and 18% respectively, and net profit forecasts of 6.5 billion, 8.9 billion, and 11.2 billion yuan, with corresponding P/E ratios of 24, 17, and 14 [2] Summary by Sections Financial Performance - Total revenue for 2022 was 5,638 million yuan, with projections of 7,137 million yuan for 2023, 9,033 million yuan for 2024, 11,233 million yuan for 2025, and 13,278 million yuan for 2026, reflecting year-on-year growth rates of 25.61%, 26.59%, 26.56%, 24.36%, and 18.20% respectively [1][2] - Net profit attributable to shareholders was 380.46 million yuan in 2022, with forecasts of 464.82 million yuan for 2023, 652.36 million yuan for 2024, 894.84 million yuan for 2025, and 1,121.70 million yuan for 2026, showing year-on-year growth rates of 27.40%, 22.17%, 40.35%, 37.17%, and 25.35% respectively [1][2] - The latest diluted EPS is projected to be 0.73 yuan for 2022, increasing to 0.89 yuan for 2023, 1.24 yuan for 2024, 1.71 yuan for 2025, and 2.14 yuan for 2026 [1][2] Market Data - The closing price is 29.26 yuan, with a market capitalization of approximately 15.35 billion yuan [4] - The price-to-earnings ratio (P/E) is currently at 33.02, with projections of 23.53 for 2024, 17.15 for 2025, and 13.69 for 2026 [4][10]

Investment Rating - The investment rating for the company is "Buy" (maintained) [5] Core Views - The company reported a strong performance in Q3 2024, with expected net profit attributable to shareholders ranging from 450 to 475 million yuan, representing a year-on-year growth of 51.26% to 59.67% [2][7] - The growth is primarily driven by the automotive electronics and precision die-casting segments, with significant sales increases in various products [7] - The company is expanding its product offerings and customer base, indicating a potential rapid growth phase ahead [2][7] Financial Performance Summary - For the first three quarters of 2024, the company anticipates a net profit of 450-475 million yuan, with a year-on-year increase of 51.26%-59.67% [7] - The expected net profit for Q3 alone is projected to be between 163 to 188 million yuan, showing a year-on-year growth of 40.86%-62.45% and a quarter-on-quarter increase of 12.74%-30.03% [7] - The company forecasts revenues of 92.27 billion yuan, 114.95 billion yuan, and 143.05 billion yuan for 2024, 2025, and 2026 respectively, with year-on-year growth rates of 29.28%, 24.59%, and 24.44% [7][8] Product and Market Expansion - The company has seen an increase in new vehicle models equipped with its products, with several new models launched recently [7] - New projects have been secured with major clients such as Stellantis, SAIC Audi, and BYD, which are expected to contribute to long-term growth [7] Earnings Forecast - The projected net profits for 2024, 2025, and 2026 are 653 million yuan, 890 million yuan, and 1.14 billion yuan respectively, with growth rates of 40.52%, 36.24%, and 28.12% [8] - The earnings per share (EPS) are expected to be 1.24 yuan, 1.70 yuan, and 2.17 yuan for the same years, indicating a compound annual growth rate (CAGR) of 34.86% over three years [7][8]

证券研究报告 华阳集团 (002906 CH) 24Q3 业绩超预期，业绩收获持续兑现 华泰研究 公告点评 2024 年 10 月 15 日│中国内地 汽车零部件 投资评级(维持): 目标价(人民币): 24Q3 预计归母净利润为 1.63-1.88 亿元（yoy+40.86%-62.45%），超预期 公司发布前三季度业绩预告，预计 2024Q1-Q3 实现归母净利润 4.5-4.75 亿 元（yoy+51.26%-59.67%），其中 Q3 预计实现归母净利润 1.63-1.88 亿元 （yoy+40.86%-62.45%，qoq+12.74%-30.03%），超出我们在业绩前瞻中 1.6-1.7 亿 元 的 预 测 。 我 们 上 调 公 司 24-26 年 营收预测至 97.38/120.58/147.50 亿元（前值 94.38/117.58/143.50 亿元），上调归母净 利润预测至 6.68/9.27/12.26 亿元（前值 6.61/9.13/11.95 亿元），iFind 一致 预期下可比公司 24 年 PE 均值为 29.2 倍，考虑到公司客户结构持续向头部 新能源客户优化，给予公司较可比 ...

Financial Performance - The company's net profit attributable to shareholders for the first three quarters of 2024 is expected to be between 450 million and 475 million CNY, representing a year-on-year growth of 51.26% to 59.67%[1]. - The net profit after deducting non-recurring gains and losses is projected to be between 435 million and 460 million CNY, with a year-on-year increase of 55.46% to 64.39%[1]. - Basic earnings per share are expected to be between 0.86 CNY and 0.91 CNY, compared to 0.62 CNY in the same period last year[1]. - For Q3 2024, the net profit attributable to shareholders is forecasted to be between 163.07 million and 188.07 million CNY, reflecting a year-on-year growth of 40.86% to 62.45%[2]. - The net profit after deducting non-recurring gains and losses for Q3 2024 is estimated to be between 157.55 million and 182.55 million CNY, with a year-on-year increase of 41.84% to 64.34%[2]. Business Drivers - The increase in net profit is primarily driven by significant growth in sales revenue from automotive electronics and precision die-casting businesses[4]. - The company has improved its sales profit margin due to economies of scale and management enhancements[4]. Financial Reporting - The financial data in the earnings forecast has not been audited by an accounting firm[3]. - The earnings forecast is based on preliminary calculations by the company's finance department, with final figures to be disclosed in the Q3 2024 report[4]. Investment Advisory - Investors are advised to make cautious decisions and be aware of investment risks[4].

Investment Rating - The investment rating for Huayang Group is "Buy" [1][4][79] Core Views - Huayang Group focuses on the automotive electronics sector, achieving steady performance growth and successfully transforming into automotive electronics and precision die-casting [1][4][11] - The company has optimized its customer structure and expanded its overseas market presence, particularly through partnerships with new energy vehicle manufacturers and major clients like Huawei [3][4][71] - The automotive electronics segment is expected to see significant growth, driven by the increasing penetration of smart cockpit technologies and the demand for lightweight components in electric vehicles [4][67] Summary by Sections 1. Focus on Automotive Electronics - Huayang Group aims to become a leading supplier of automotive electronics and components, with a product matrix that includes smart cockpits, intelligent driving, and connected vehicles [11][67] - The company has transitioned from a focus on CD-ROM components to automotive electronics since 2001, with automotive electronics now accounting for over 50% of its revenue [14][67] - The company has a clear ownership structure and defined business divisions, enhancing operational efficiency [16][67] 2. Comprehensive Layout in Automotive Electronics - The company has a rich product lineup in automotive electronics, including HUDs, wireless charging, and digital acoustic systems, with significant market shares in these areas [1][4][30] - Huayang Group's HUD products have achieved a market share of 21.7% in the domestic market, making it the leading supplier [1][36] - The wireless charging segment has also seen growth, with a market share of 25.3% in 2024H1, positioning the company as a leader in this field [1][48][50] 3. Precision Die-Casting Development - The precision die-casting business has benefited from the trend towards automotive lightweighting and smart technologies, with revenue growth of 25.42% in 2023 [67][68] - The company has established a one-stop service model for precision die-casting, focusing on key automotive components [67][68] 4. Optimized Customer Structure - The company has expanded its customer base, including partnerships with domestic brands and international automakers, enhancing revenue stability [71][72] - Collaborations with Huawei have strengthened the company's position in the market, with multiple projects in development [3][71] 5. Financial Projections - Revenue for Huayang Group is projected to grow significantly, with expected net profits of 6.55 billion, 8.62 billion, and 10.66 billion yuan for 2024, 2025, and 2026 respectively [4][79] - The company is anticipated to maintain a competitive P/E ratio compared to industry peers, reflecting its growth potential [79][80]

近日，公司全资子公司惠州华阳通用电子有限公司使用暂时闲置募集资金人 民币 10,000 万元在现金管理专用结算账户开户银行购买了理财产品；公司全资 子公司惠州市华阳多媒体电子有限公司使用暂时闲置募集资金人民币 7,000 万 元在现金管理专用结算账户开户银行购买了理财产品。现就相关事项公告如下： 序 号 购买方 名称 发行主体 产品名称 产品 类型 理财本金 (万元人民币) 理财 期限 预期 年化 收益率 资金 来源 关联 关系 1 惠州华 阳通用 电子有 限公司 中国民生 银行股份 有限公司 广州分行 聚赢汇率-挂钩 欧元对美元汇率 结构性存款 （SDGA241810Z ） 保本浮 动收益 型 10,000.00 2024 年 9 月 27 日 至 2024 年 12 月 26 日 1.35% 至 2.24% 暂时 闲置 募集 资金 无 2 惠州市 华阳多 媒体电 子有限 中国民生 银行股份 有限公司 广州分行 聚赢汇率-挂钩 欧元对美元汇率 结构性存款 （SDGA241812Z 保本浮 动收益 型 7,000.00 2024 年 9 月 27 日 至 2024 年 1.35% 至 2.24% 暂时 闲置 ...

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：2024-018 | --- | --- | --- | |------------------|----------------------------------|----------------------------------------------------------| | | | | | | 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） | | | 国泰君安 管正月、王宁 | | | | 中信证券 | 彭宇辰、赵宪、高丽娇 | | 参与单位名称及人 | 普行资产 张永昌 | | | 员姓名 | 华福证券 冯沛华 深圳市风帆创投 | 林世炎 | | | | | | 时间 | 2024年9 月25日 | | | 地点 | 区集团办公大楼 | 广东省惠州市东江高新科技产业园上霞北路 1 号华阳工业园 A | | | | | | 形式 ...

证券代码：002906 证券简称：华阳集团 公告编号：2024-051 惠州市华阳集团股份有限公司 关于为控股子公司担保的进展公告 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。 一、担保额度概述 惠州市华阳集团股份有限公司（以下简称"公司"）于2024年3月28日召开 的第四届董事会第十三次会议、2024年5月17日召开的2023年年度股东大会审议 通过了《关于为控股子公司提供担保的议案》《关于开展资产池业务的议案》， 同意公司为纳入合并报表范围的各控股子公司（含授信期限内新设立或纳入的控 股子公司）银行授信提供担保，担保额度合计不超过人民币620,000万元（或等 值外币），同意公司全资子公司惠州市华阳精机有限公司为其控股子公司江苏中 翼汽车新材料科技有限公司原料采购提供担保，担保额度不超过5,000万元人民 币，同意公司及控股子公司在不超过12.00亿元人民币的额度内开展资产池业务， 上述额度内合同的签署有效期自2023年年度股东大会审议通过之日起至2024年 年度股东大会召开之日止，有效期内额度可循环使用。具体内容详见公司刊登在 巨潮资讯网（http: ...

| --- | --- | --- | |-------------------------|-------------------------|----------------------------| | | | | | | 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） | | | 华泰证券 张硕 | | | | 浦银安盛基金 李邓希 | | | | 天风证券 陈璐瑶、邱天 | | | | 汇丰晋信 胡连明、韦钰 | | | | 首创证券 孙少艾 | | | | 华夏久盈资管 周武 | | | | 中金公司 袁咪 | | | | 兴业证券 王俊 | | | | 万和证券 赵维卿 | | | | 华夏基金 胡斌 | | | | 深圳亘泰投资 吕科 | | | 参与单位名称及人 员姓名 | 上海海宸投资 杨子平 | | | | 中兵投资 巩显峰 | | | | 北京沣沛投资 孙思维 | | | | 中英人寿保险 黄翊鸣 | | | | 万和 ...