华阳集团（002906.SZ） 2Q24 毛利率超预期，展望下半年业绩韧性仍将延续 | --- | --- | --- | --- | --- | --- | --- | --- | |--------------------------------------------|-------|-------|-------|--------|--------|------------------------------------------|-----------| | | | | | | | | | | | | | | | | | | | 财务指标 | 2022A | 2023A | 2024E | 2025E | 2026E | 增持（维持评级） | | | 营业收入（百万元） | 5,638 | 7,137 | 9,360 | 11,677 | 14,260 | | | | 增长率 yoy （ % ） | 25.6 | 26.6 | 31.1 | 24.8 | 22.1 | 股票信息 | | | 归母净利润（百万元） | 380 | 465 | 687 | 913 | 1,176 | 行业 | 汽车 | ...

证券研究报告 | 2024年08月21日 华阳集团（002906.SZ） 优于大市 单二季度净利润同比增长 39%，汽车电子和精密压铸持续放量 2024Q2 公司归母净利润 1.45 亿元，同比增长 39%。2024H1 营收 41.93 亿 元，同比+46.23%，归母净利润 2.87 亿元，同比+57.89%。2024Q2 营收 22.03 亿元，同比+41.89%，环比+10.64%，归母净利润 1.45 亿元，同比 +38.83%，环比+1.66%。整体来看，2024Q2 公司营收超越汽车行业产量 增速 38pct，汽车电子业务中座舱域控、精密运动机构、数字声学等新 产品线陆续进入规模化量产阶段，销售收入同比大幅增长，精密压铸业 务中应用于汽车智能化（激光雷达、中控屏、域控、HUD 等）相关零部 件及光通讯模块相关零部件的销售收入同比大幅增长。 2024Q2 毛利率环比+0.4pct，四费率稳中有降。2024Q2 毛利率 21.9%，同比 -0.2pct，环比+0.4pct，净利率 6.6%，同比-0.2pct，环比-0.6pct。2024Q2 四费率 13.9%，同比-0.9pct，环比-0.3pc ...

证券研究报告·公司点评报告·汽车零部件 华阳集团（002906） 2024 中报点评：汽车电子新产品量利齐升， 24Q2 经营性利润率环比提升 2024 年 08 月 20 日 买入（维持） | --- | --- | --- | --- | --- | --- | |------------------------------|--------|--------|--------|--------|----------| | 盈利预测与估值 [Table_EPS] | 2022A | 2023A | 2024E | 2025E | 2026E | | 营业总收入（百万元） | 5638 | 7137 | 9033 | 11233 | 13278 | | 同比（ % ） | 25.61 | 26.59 | 26.56 | 24.36 | 18.20 | | 归母净利润（百万元） | 380.46 | 464.82 | 652.36 | 894.84 | 1,121.70 | | 同比（ % ） | 27.40 | 22.17 | 40.35 | 37.17 | 25.35 | | EPS- 最新摊薄（元 / ...

证券研究报告 非金融公司|公司点评|华阳集团（002906） 二季度业绩环比向上，费用率优化明显 请务必阅读报告末页的重要声明 glzqdatemark1 2024年08月20日 证券研究报告 |报告要点 2024 年 8 月 19 日，公司发布 2024 年半年度报告：2024 年上半年公司实现营业收入 41.93 亿 元，同比增长 46.23%；归母净利润 2.87 亿元，同比增长 57.89%。主要系公司汽车电子及精 密压铸双增长，规模效应释放显著，2024 年上半年归母净利率 6.84%，同比提升 0.51pct。公 司所处赛道优异，产品品类扩展，客户订单持续开拓，或将迎来快速增长期。 |分析师及联系人 高登 黄程保 SAC：S0590523110004 SAC：S0590523020001 请务必阅读报告末页的重要声明 1 / 5 非金融公司|公司点评 glzqdatemark2 2024年08月20日 华阳集团(002906) 二季度业绩环比向上，费用率优化明显 | --- | --- | --- | |------------|--------------------------|------- ...

公 司 研 究 [Table_Reportdate] 2024年08月20日 汽 车 华阳集团 沪深300 公 司 简 评 [Table_invest] 买入（维持） 报告原因：业绩点评 [证券分析师 Table_Authors] 黄涵虚 S0630522060001 hhx@longone.com.cn | --- | --- | |---------------------------|-------------| | | | | | | | 数据日期 Table_cominfo] | 2024/08/19 | | 收盘价 | 24.23 | | 总股本 ( 万股 ) | 52,464 | | 流通 A 股 /B 股 ( 万股 ) | 52,446/0 | | 资产负债率 (%) | 39.13% | | 市净率 ( 倍 ) | 2.08 | | 净资产收益率 ( 加权 ) | 4.69 | | 12 个月内最高 / 最低价 | 38.80/18.45 | [Table_QuotePic] -47% -35% -22% -10% 2% 14% 27% 39% 23-08 23-11 24-02 24-05 ...

Investment Rating - The report maintains a "Recommendation" rating for the company [2][7]. Core Views - The automotive electronics business has entered a harvest period, driving significant growth in the company's performance, with a 46.2% year-on-year increase in revenue and a 57.9% increase in net profit for the first half of 2024 [4][6]. - The company has seen substantial growth in its automotive electronics segment, with revenue reaching 30.7 billion yuan, a year-on-year increase of 65.4% [4][6]. - New product lines such as cockpit domain controllers, precision motion mechanisms, and digital acoustics have entered mass production, contributing to revenue growth [4][6]. - The company has a strong order backlog, with significant progress in expanding its automotive electronics business, including products like HUD and in-car wireless charging systems [7]. Financial Summary - In the first half of 2024, the company achieved revenue of 41.9 billion yuan, with a net profit of 2.9 billion yuan [4][6]. - The company’s gross margin remained stable at 21.8%, with a slight decline attributed to price competition in the automotive industry [6][7]. - The company’s R&D investment reached 3.7 billion yuan, accounting for 8.9% of its revenue, indicating a commitment to innovation [6][7]. - Forecasts for net profit from 2024 to 2026 are 6.6 billion yuan, 8.5 billion yuan, and 11.0 billion yuan, respectively [7][9].

F原证券 伐谋-中小盘信息更新 华阳集团（002906.SZ） 2024 年 08 月 20 日 聚焦汽车智能化与轻量化，公司业绩持续高增 ——中小盘信息更新 投资评级：买入（维持） | --- | --- | |-------------------------|-------------| | 日期 | 2024/8/19 | | 当前股价 ( 元 ) | 24.23 | | 一年最高最低 ( 元 ) | 38.80/18.45 | | 总市值 ( 亿元 ) | 127.12 | | 流通市值 ( 亿元 ) | 127.08 | | 总股本 ( 亿股 ) | 5.25 | | 流通股本 ( 亿股 ) | 5.24 | | 近 3 个月换手率 (%) | 84.99 | | --- | --- | |---------------------------|---------------------------| | | | | 任浪（分析师） | 赵旭杨（分析师） | | renlang@kysec.cn | zhaoxuyang@kysec.cn | | 证书编号： S0790519100001 | 证书 ...

Financial Performance - The company's operating revenue for the first half of 2024 reached ¥4,193,357,957.28, representing a 46.23% increase compared to ¥2,867,708,525.82 in the same period last year[12]. - Net profit attributable to shareholders was ¥286,925,934.00, up 57.89% from ¥181,720,216.60 in the previous year[12]. - The net profit after deducting non-recurring gains and losses was ¥277,453,537.47, reflecting a 64.43% increase from ¥168,738,378.02 year-on-year[12]. - Basic earnings per share increased to ¥0.55, a rise of 44.74% compared to ¥0.38 in the same period last year[12]. - The company reported a total non-recurring profit of 9,472,396.53 yuan, after accounting for various income and tax impacts[15]. - The company achieved a revenue of 4.193 billion CNY in the first half of 2024, representing a growth of 46.23% year-on-year, with the automotive electronics segment contributing 3.071 billion CNY, up 65.41%[23]. - The net profit attributable to shareholders reached 287 million CNY, a year-on-year increase of 57.89%, while the net profit after deducting non-recurring items was 277 million CNY, up 64.43%[23]. - The company reported a total comprehensive income of CNY 288,977,747.90 for the first half of 2024, compared to CNY 187,051,682.59 in the same period of 2023, an increase of 54.5%[117]. Assets and Liabilities - Total assets at the end of the reporting period were ¥10,051,067,398.33, marking a 6.33% increase from ¥9,452,636,036.47 at the end of the previous year[12]. - The net assets attributable to shareholders amounted to ¥6,088,964,149.48, which is a 1.84% increase from ¥5,979,230,993.41 at the end of the previous year[12]. - The company reported a total liability of CNY 3,932,847,100.26, up from CNY 3,445,976,876.26, indicating an increase of approximately 14.1%[111]. - Current liabilities rose to CNY 3,647,021,950.05, compared to CNY 3,168,138,739.02, reflecting a growth of around 15.1%[111]. - The company's total current assets increased to CNY 6,947,172,556.18 as of June 30, 2024, compared to CNY 6,676,392,469.10 at the beginning of the period, reflecting a growth of approximately 4.06%[109]. Cash Flow - The company reported a net cash flow from operating activities of ¥259,597,054.58, down 5.27% from ¥274,037,662.43 in the previous year[12]. - The cash flow from operating activities showed a slight decrease of 5.27%, totaling CNY 259 million compared to CNY 274 million in the previous year[37]. - The net cash flow from operating activities for the first half of 2024 was 17,347,804.25, a significant increase from 9,258,053.31 in the same period of 2023, representing an increase of approximately 87.5%[124]. - The net cash flow from financing activities showed a negative balance of -257,751,972.39 in the first half of 2024, worsening from -75,272,157.92 in the same period of 2023[125]. Research and Development - The company invested 373 million CNY in R&D during the reporting period, a 25.57% increase, accounting for 8.90% of total revenue[25]. - Research and development expenses for the first half of 2024 totaled CNY 339,089,981.77, an increase of 23.0% from CNY 275,616,898.66 in the first half of 2023[116]. - The company has accumulated 1,002 patents, including 415 invention patents, enhancing its competitive edge in technology and product innovation[31]. - The company established a new R&D base in Chongqing during the reporting period, expanding its R&D capabilities across multiple locations[31]. Market and Industry Trends - The company's main business segments are automotive electronics and precision die-casting, with automotive electronics accounting for 95.03% of total revenue[16]. - The automotive electronics market is expected to maintain a high growth rate due to rapid technological advancements and increasing consumer demand[17]. - The precision die-casting business has seen continuous growth, driven by advancements in lightweight materials and increasing applications in the automotive industry[19]. - The government has introduced multiple policies to support the automotive and automotive electronics industries, promoting innovation and development[17]. Risk Management - The company acknowledges risks related to reliance on the automotive industry, market competition, exchange rate fluctuations, and supply chain issues[3]. - The company plans to mitigate risks associated with reliance on the automotive industry by expanding product applications and optimizing customer structure[57]. - The company will adjust its business structure and utilize financial instruments to manage risks related to exchange rate fluctuations[59]. - The company has implemented measures to strengthen supply chain management to address risks from raw material price volatility and supply shortages[60]. Corporate Governance and Compliance - The company has not declared cash dividends or bonus shares for the half-year period[3]. - The company has no significant changes in the measurement attributes of its major assets during the reporting period[43]. - The company has not reported any changes in significant accounting policies or estimates during the reporting period[144]. - The financial report for the first half of 2024 has not been audited[108]. Subsidiaries and Investments - The company’s subsidiary, Huizhou Huayang General Electronics Co., Ltd., reported a net profit of RMB 900,811,198.82 for the period[55]. - The company established two wholly-owned subsidiaries in July 2024, each with a registered capital of CNY 50 million, focusing on automotive electronic product development and sales[95]. - The company has ongoing investment in the automotive lightweight precision casting parts project, with an investment of ¥159,018,396.71[45]. Future Outlook - The company projects a revenue growth of 15% for the second half of 2024, driven by new product launches and market expansion strategies[87]. - The overall performance indicates a positive outlook for the second half of 2024, with expectations of continued growth across various segments[88].

惠州市华阳集团股份有限公司 2024 年半年度非经营性资金占用及其他关联资金往来情况汇总表 法定代表人：邹淦荣 主管会计工作负责人：彭子彬 会计机构负责人：彭子彬 单位：人民币元 | 非经营性资金占用 | 资金占用方名称 | 占用方与上市公 | 上市公司核算 | 2024 年期初占 | 年 2024 1-6 | 月 | 年 2024 1-6 | 2024 年 1-6 | 月偿 | 2024 年 6 月 | 30 | 占用形成原因 | 占用性质 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | 司的关联关系 | 的会计科目 | 用资金余额 | 占用累计发生 金额(不含利息) | | 月占用资金 的利息(如有) | 还累计发生金额 | | 日占用资金余额 | | | | | 控股股东、实际控制人及 | | | | | | | | | | | | | | | 其附属企业 | | | | - | | | | | | | | | | | 小计 | | | | - | | | | | ...

广发证券股份有限公司 关于惠州市华阳集团股份有限公司 使用部分闲置募集资金进行现金管理的核查意见 一、募集资金基本情况 根据中国证监会《关于核准惠州市华阳集团股份有限公司非公开发行股票的 批复》（证监许可〔2022〕3127 号），公司向特定对象发行人民币普通股（A 股） 46,280,991 股，发行价格为人民币 30.25 元/股，募集资金总额为人民币 1,399,999,977.75 元，扣除各项发行费用（不含增值税）人民币 7,292,611.56 元 后，募集资金净额为人民币 1,392,707,366.19 元。上述募集资金于 2023 年 8 月 4 日全部汇入公司指定账户，已经德勤华永会计师事务所(特殊普通合伙)审验并出 具德师报(验)字(23)第 00204 号《验资报告》。 公司已与保荐机构、存放募集资金的相关银行签署募集资金监管协议，对募集 资金的存放和使用进行专户管理。 | 序号 | 项目名称 | | 实施主体 | 投资总额 | 拟使用募 | | --- | --- | --- | --- | --- | --- | | | | | | | 集资金 | | 1 | 智能汽车 | 华阳通 ...