内部控制审计报告 德师报(审)字(25)第 S00193 号 惠州市华阳集团股份有限公司全体股东: 惠州市华阳集团股份有限公司 内部控制审计报告 2024 年 12 月 31 日 Del 四、财务报告内部控制审计意见 我们认为,华阳集团于 2024年12月 31日按照《企业内部控制基本规范》和相关规定在所 有重大方面保持了有效的财务报告内部控制。 德勤华永会计师事务 中国 按照《企业内部控制审计指引》及中国注册会计师执业准则的相关要求,我们审计了惠州 市华阳集团股份有限公司(以下简称"华阳集团")2024年12月31日财务报告内部控制的有效性。 一、企业对内部控制的责任 按照《企业内部控制基本规范》、《企业内部控制应用指引》、《企业内部控制评价指引》 的规定,建立健全和有效实施内部控制,并评价其有效性是华阳集团董事会的责任。 二、注册会计师的责任 我们的责任是在实施审计工作的基础上,对财务报告内部控制的有效性发表审计意见,并 对注意到的非财务报告内部控制的重大缺陷进行披露。 三、内部控制的固有局限性 内部控制具有固有局限性,存在不能防止和发现错报的可能性。此外,由于情况的变化可 能导致内部控制变得不恰当,或对 ...

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 截至 2024 年 12 月 31 日，募集资金监管专户情况如下： 2024年度募集资金存放与实际使用情况的核查意见 广发证券股份有限公司（以下简称"广发证券"或"保荐机构"）作为惠州市华阳集团股份有限公司（以下简称"华阳集团"或"公司"） 2022 年向特定对象发行 A 股股票的保荐机构，根据《证券发行上市保荐业务管理办法》《深圳证券交易所股票上市规则》《上市公 司监管指引第 2 号—上市公司募集资金管理和使用的监管要求》《深圳证券交易所上市公司自律监管指引第 1 号——主板上市公司规 范运作》《深圳证券交易所上市公司自律监管指引第 13 号——保荐业务》等有关规定，对华阳集团 2024 年度募集资金存放与使用情 况进行了核查，并出具核查意见如下： 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 ...

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 2024 年年度保荐工作报告 | 保荐人名称：广发证券股份有限公司 | 被保荐公司简称：华阳集团（股票代码： | | --- | --- | | | 002906） | | 保荐代表人姓名：黄小年 | 联系电话：020-66338888 | | 保荐代表人姓名：万小兵 | 联系电话：020-66338888 | 一、保荐工作概述 | 项目 | 工作内容 | | --- | --- | | 1.公司信息披露审阅情况 | | | （1）是否及时审阅公司信息披露文件 | 是。 | | | 保荐期内，保荐机构及时审阅了公司信息披露 | | | 文件，主要工作内容如下： | | | 1、督促公司及时履行信息披露义务； | | | 2、对公司信息披露文件进行事前或事后审阅， | | | 对信息披露文件的内容、格式及履行的相关程 | | | 序进行检查等。 | | 无 （2）未及时审阅公司信息披露文件的次数 | | | 2．督导公司建立健全并有效执行规章制度 | | | 的情况 | | | （1）是否督导公司建立健全规章制度（包 | 是。 | | | 年公司修订了部分公司 ...

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保荐总结报告书 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 保荐总结报告书 一、上市公司的基本情况 | 情况 | 内容 | | | | --- | --- | --- | --- | | 上市公司名称 | 惠州市华阳集团股份有限公司 | | | | 证券代码 | 002906 | | | | 注册地址 | 惠州市东江高新科技产业园上霞北路 | | 号华阳 1 | | | 工业园 区集团办公大楼 A | | | | 法定代表人 | 邹淦荣 | | | | 董事会秘书 | 李翠翠 | | | | 证券事务代表 | 陈静霞 | | | | 联系电话 | 0752-2556885 | | | | 本次证券发行类型 | 向特定对象发行股票 | | | | 本次证券上市时间 | 2023 年 8 18 日 | 月 | | | 本次证券上市地点 | 深圳证券交易所 | | | 报告出具日，本次向特定对象发行股票的持续督导期已届满，现根据《证券发行 上市保荐业务管理办法》《深圳证券交易所股票上市规则》《深圳证券交易所上 市公司自律监管指引第 13 号——保荐业务》等 ...

惠州市华阳集团股份有限公司 控股股东、实际控制人及其他关联方 资金占用情况的专项说明 2024 年 12 月 31 日止年度 Delo 关于惠州市华阳集团股份有限公司 控股股东、实际控制人及其他关联方资金占用情况的专项说明 德师报(函)字(25)第 O00380 号 惠州市华阳集团股份有限公司董事会: 我们接受委托,依据中国注册会计师审计准则审计了惠州市华阳集团股份有限公司(以下 简称"贵公司")2024年 12 月 31 日合并及母公司资产负债表, 2024 年度合并及母公司利润表、 合并及母公司现金流量表、合并及母公司股东权益变动表以及相关财务报表附注(以下合称"财 务报表")，并于 2025年3月27日签发了德师报(审)字(25)第 P03533 号无保留意见的审计报告。 根据中国证券监督管理委员会联合公安部、国务院国有资产监督管理委员会及中国银行保 脸监督管理委员会公布的《上市公司监管指引第 8 号 -- 上市公司资金往来、对外担保的监管 要求》的要求,贵公司编制了后附的 2024 年度非经营性资会占用及其他关联资金往来情况汇 总表(以下简称"汇总表")。 如实编制和对外披露汇总表并确保其真实性、合法 ...

Financial Performance - The company’s operating revenue for 2024 reached ¥10,157,540,114.37, representing a 42.33% increase compared to ¥7,136,862,025.63 in 2023[6]. - Net profit attributable to shareholders for 2024 was ¥651,364,940.38, up 40.13% from ¥464,817,853.79 in 2023[6]. - The basic earnings per share for 2024 increased to ¥1.24, a rise of 31.91% from ¥0.94 in 2023[6]. - Total assets at the end of 2024 amounted to ¥12,205,113,689.67, reflecting a 29.12% growth from ¥9,452,636,036.47 at the end of 2023[6]. - The company generated operating cash flow of ¥589,807,168.45 in 2024, which is a 33.37% increase from ¥442,218,585.04 in 2023[6]. - The company reported a net profit excluding non-recurring gains and losses of ¥631,613,223.19 for 2024, which is a 43.47% increase from ¥440,252,845.32 in 2023[6]. - The total revenue for 2024 reached ¥10,157,540,114.37, representing a 42.33% increase compared to ¥7,136,862,025.63 in 2023[77]. - The automotive electronics segment generated ¥7,603,172,618.36, accounting for 74.85% of total revenue, with a year-on-year growth of 57.55%[78]. - The precision die-casting segment contributed ¥2,064,836,850.30, which is 20.33% of total revenue, showing a 24.39% increase from the previous year[78]. Dividend Distribution - The company plans to distribute a cash dividend of 4.80 RMB per 10 shares (including tax) to all shareholders[6]. - The cash dividend distribution represents 100% of the total profit distribution amount, with a distributable profit of 950,888,117.82 CNY[182]. - The cash dividend distribution plan requires approval from the shareholders' meeting before implementation[185]. Business Operations and Strategy - The company has not changed its main business since its listing, indicating stability in its operations[24]. - The company emphasizes the importance of understanding the differences between plans, forecasts, and commitments, urging investors to be aware of investment risks[6]. - The company has outlined potential future development risks in its report, emphasizing the need for strategic planning[6]. - The company aims to become a leading supplier of automotive electronic products and components both domestically and internationally, with a focus on automotive intelligence and lightweight solutions[45]. - The company is focusing on market expansion through new product development in the automotive sector, particularly in electric vehicle components[116]. - The company plans to enhance its "order, delivery, and risk prevention" capabilities by increasing R&D investment and expanding international business operations by 2025[128]. Research and Development - R&D investment for 2024 was 831 million yuan, representing a 28.94% increase and accounting for 8.19% of total revenue[68]. - The number of R&D personnel grew to 2,643, a 13.29% increase from 2023[94]. - The company is investing in new technology development, allocating 100 million yuan towards R&D initiatives[165]. - The company plans to continue improving its internal control system to enhance governance standards[190]. Market Trends and Industry Insights - The automotive industry in China saw a production and sales volume of 31.28 million and 31.44 million vehicles respectively in 2024, with year-on-year growth of 3.7% and 4.5%[38]. - The market share of Chinese brand passenger cars reached a historic high of 65.2% in 2024[38]. - The export of Chinese automobiles in 2024 was 5.86 million units, marking a 19.3% increase year-on-year, maintaining the top position globally[38]. - The company benefited from multiple national policy supports aimed at promoting automotive consumption and updating old vehicles throughout 2024[39]. Corporate Governance - The company has established a strategic committee, an audit committee, a nomination committee, and a compensation and assessment committee to oversee various governance aspects[142]. - The board of directors consists of 9 members, including 3 independent directors, and held 6 meetings during the reporting period, complying with relevant regulations[141]. - The company has maintained a high level of information disclosure, achieving the highest grade "A" in information disclosure assessments for five consecutive periods[143]. - The company respects and protects the rights of all stakeholders, promoting balanced interests among shareholders, suppliers, customers, and employees[142]. Subsidiaries and Expansion - The company established several new wholly-owned subsidiaries, including Changxing Huayang Precision Machinery Co., Ltd. and Huayang Mexico Technology Co., Ltd.[86]. - The establishment of subsidiaries in Mexico and Thailand is part of the company's strategy for overseas expansion, although these have not significantly impacted overall performance during the reporting period[124]. - The subsidiary Huizhou Huayang Multimedia Electronics Co., Ltd. reported a net profit of CNY 12,520.59 million, contributing significantly to the overall performance[122]. Environmental Responsibility - The company has implemented measures to reduce carbon emissions, achieving a 14.23% year-on-year decrease in comprehensive energy consumption per unit of output in 2024[199]. - The company adheres to ISO14001:2015 standards for environmental management, ensuring compliance with environmental protection laws[198]. - There were no administrative penalties related to environmental issues during the reporting period[198]. Employee Development - The company has organized nearly 3,000 internal training sessions across various departments in 2024 to enhance employee skills[179]. - A "New Talent Project" has been implemented to cultivate fresh graduates, alongside a six-month comprehensive training program for selected middle management[179]. - The company implements a "dual-channel development level system" and a "market-based wide salary system" to encourage employee growth and performance-based rewards[178].

证券代码：002906 证券简称：华阳集团 公告编号：2025-003 惠州市华阳集团股份有限公司 关于独立董事任期届满辞职的公告 董事会 二〇二五年三月二十五日 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。 截至本公告披露日，罗中良先生未持有公司股票，也不存在应当履行而未履 行的承诺事项。罗中良先生在担任公司独立董事期间恪尽职守、勤勉尽责，公司 董事会对罗中良先生任职期间为公司做出的贡献表示衷心的感谢！ 特此公告。 惠州市华阳集团股份有限公司 惠州市华阳集团股份有限公司（以下简称"公司"）董事会于近日收到公司 独立董事罗中良先生递交的书面辞职报告。根据《上市公司独立董事管理办法》 相关规定，独立董事连续任职不得超过六年，罗中良先生因任期即将届满申请辞 去公司第四届董事会独立董事、董事会薪酬与考核委员会主任委员、董事会审计 委员会委员及战略委员会委员职务，辞职后将不在公司及控股子公司担任任何职 务。 罗中良先生的辞职将导致公司独立董事人数少于董事会成员的三分之一，相 关董事会专门委员会中独立董事所占比例不符合《上市公司独立董事管理办法》 相关规定。根据《上市 ...

Investment Rating - The automotive sector is rated as "Overweight" with a recommendation to increase holdings in specific stocks [1][48]. Core Insights - The automotive sector experienced a 3.08% increase from March 3 to March 7, 2025, outperforming the CSI 300 index by 1.69 percentage points [9][37]. - The passenger vehicle retail sales in February are expected to reach 1.4 million units, reflecting a year-on-year growth of 26% but a month-on-month decline of 22% [6][39]. - The release of Geely's "Qianli Haohan" intelligent driving system marks a significant advancement in high-level autonomous driving technology [3][39]. Summary by Sections Market Performance - The automotive sector's performance includes a 0.68% increase in the passenger vehicle segment, a 1.42% increase in the commercial vehicle segment, and a 2.67% increase in the truck segment, while the bus segment saw a decline of 0.89% [9][37]. - The automotive parts sector rose by 5%, and the automotive services sector increased by 2.21%, both outperforming the CSI 300 index [9][37]. Valuation Levels - As of March 3, 2025, the automotive industry's PE-TTM stands at 28.92, up by 0.81 from the previous week [10][38]. - The valuations for sub-sectors are as follows: passenger vehicles at 31.53, commercial vehicles at 37.02, and parts at 25.96 [10][38]. New Developments - Geely's "Qianli Haohan" system includes features like high-speed NOA and automatic parking, with plans for a large-scale rollout in March 2025 [3][39]. - In February, the wholesale of passenger vehicles reached 1.781 million units, a 35% year-on-year increase [6][39]. Raw Material Prices - As of March 7, 2025, the prices for key raw materials are as follows: aluminum index at 20,847.07, copper index at 78,223.6, rebar index at 3,266.92, and rubber index at 17,431.15, with respective weekly changes of 0.93%, 1.8%, -2.2%, and -1.8% [19][38].

Investment Rating - The report maintains an "Accumulate" rating for Huayang Group with a target price of 47.16 CNY, up from the previous target of 32.67 CNY [1][24]. Core Views - The automotive electronics segment is entering a growth phase with new customer projects set to begin mass production, which is expected to drive significant revenue growth for the company [2][21]. - The company has been expanding its automotive electronics product offerings, including advanced technologies such as HUD and domain control systems, which are anticipated to enhance revenue contribution and profitability [3][26]. Financial Summary - Revenue is projected to grow from 56.38 billion CNY in 2022 to 132.83 billion CNY in 2025, reflecting a compound annual growth rate (CAGR) of approximately 34.3% [4][21]. - Net profit attributable to shareholders is expected to increase from 3.80 billion CNY in 2022 to 8.79 billion CNY in 2025, with a growth rate of 38.8% in 2025 [4][21]. - Earnings per share (EPS) is forecasted to rise from 0.72 CNY in 2022 to 1.67 CNY in 2025 [4][21]. Automotive Electronics Growth - The automotive electronics segment's revenue share has increased from 53% in 2018 to 73% in the first half of 2024, with net profit margins improving from -1.86% to 4.80% during the same period [51][28]. - The introduction of new products is expected to further enhance the revenue share and profitability of the automotive electronics segment, which contributed 52% of the company's total net profit in the first half of 2024 [51][28]. Client Expansion and Market Position - The company has successfully expanded its client base beyond traditional automakers to include joint ventures and international brands, with significant revenue growth from new energy vehicle clients like Seres and Li Auto [56][58]. - The report highlights that the company has established a strong market position in the HUD segment, with a market share of 22% and 17% in the overall HUD and AR-HUD markets, respectively [39][45].

公司报告 | 首次覆盖报告 华阳集团（002906） 证券研究报告 汽车电子+精密压铸多点开花，打开公司成长空间 风险提示：产品落地不及预期；下游客户销量不及预期；客户开拓不及预 期 | 财务数据和估值 | 2022 | 2023 | 2024E | 2025E | 2026E | | --- | --- | --- | --- | --- | --- | | 营业收入(百万元) | 5,637.93 | 7,136.86 | 9,438.58 | 12,053.09 | 14,835.66 | | 增长率(%) | 25.61 | 26.59 | 32.25 | 27.70 | 23.09 | | EBITDA(百万元) | 1,056.33 | 1,421.72 | 1,022.77 | 1,226.60 | 1,496.98 | | 归属母公司净利润(百万元) | 380.46 | 464.82 | 647.26 | 845.91 | 1,073.64 | | 增长率(%) | 27.40 | 22.17 | 39.25 | 30.69 | 26.92 | | EPS(元/股) | 0.72 | 0.8 ...