Investment Rating - The report maintains a "Buy" rating for the company [5][21]. Core Insights - The company demonstrated a steady increase in profitability, with a gross margin of 22.36% in 2023, up by 0.26 percentage points year-on-year. The gross margins for automotive electronics and precision die-casting businesses increased by 0.77, 0.15, and 0.03 percentage points, while one segment saw a decrease of 5.58 percentage points [4]. - The company reported a total revenue of 7.137 billion yuan in 2023, representing a year-on-year growth of 27%, and a net profit attributable to shareholders of 465 million yuan, up 22% year-on-year. In Q4 2023, revenue reached 2.34 billion yuan, a 44% increase year-on-year, with net profit growing by 48% to 167 million yuan [21][22]. Summary by Sections Financial Performance - The company’s revenue for 2024-2026 is projected to be 8.814 billion yuan, 10.596 billion yuan, and 12.609 billion yuan, respectively. The net profit attributable to shareholders is expected to be 639 million yuan, 802 million yuan, and 1.005 billion yuan for the same period [5][24]. - The earnings per share (EPS) are forecasted to be 1.22 yuan, 1.53 yuan, and 1.92 yuan for 2024, 2025, and 2026, respectively [5][24]. Business Segments - The automotive electronics and precision die-casting sectors continue to drive growth, with significant revenue contributions of 4.826 billion yuan and 1.660 billion yuan, respectively, in 2023. The automotive electronics segment saw a 29% year-on-year increase [11][22]. - The company is expanding its product line in the smart cockpit sector, enhancing its leadership position. New products include cockpit domain controllers and large OLED displays, with successful collaborations with major automotive manufacturers [22]. Strategic Developments - The company is investing in a new production base in Changxing to enhance its capabilities in the Yangtze River Delta region, aiming to produce 3 million automotive parts annually starting in 2024 [12]. - The company has secured multiple projects related to automotive intelligence components, benefiting from the trend towards smart vehicles [12].

Financial Performance - The company reported a revenue of 1.5 billion RMB for the fiscal year 2023, representing a year-over-year increase of 12%[6] - The company reported a significant increase in revenue, achieving a total of 1.5 billion RMB, representing a year-over-year growth of 20%[15] - The company's operating revenue for 2023 reached ¥7,136,862,025.63, representing a 26.59% increase compared to ¥5,637,928,549.30 in 2022[53] - Net profit attributable to shareholders for 2023 was ¥464,817,853.79, up 22.17% from ¥380,458,427.92 in the previous year[53] - The basic earnings per share for 2023 increased to ¥0.94, a rise of 17.50% from ¥0.80 in 2022[53] - The company reported a cash flow from operating activities of ¥442,218,585.04, which is a 30.56% increase from ¥338,705,494.73 in 2022[53] - The company's total revenue for 2023 reached approximately ¥7.14 billion, representing a year-on-year increase of 26.59% compared to ¥5.64 billion in 2022[110] - The automotive electronics segment generated ¥4.83 billion, accounting for 67.62% of total revenue, with a year-on-year growth of 28.85%[110] - Precision die-casting revenue was ¥1.66 billion, making up 23.26% of total revenue, and increased by 25.42% year-on-year[110] User Growth and Market Expansion - User data indicates a growth in active users by 25% year-over-year, reaching 3 million active users by the end of 2023[6] - User data indicates a total of 5 million active users, with a growth rate of 15% compared to the previous year[15] - Market expansion efforts have led to a 30% increase in sales in the Southeast Asian market, contributing significantly to overall revenue growth[6] - The company plans to expand its market presence in Southeast Asia, targeting a 10% market share by the end of the next fiscal year[15] Product Development and Innovation - New product launches include a smart home device that generated 200 million RMB in sales within the first quarter of its release[6] - New product launches are expected to contribute an additional 300 million RMB in revenue, with a focus on innovative technology[15] - The company is investing 100 million RMB in R&D for new technologies aimed at enhancing product efficiency and sustainability[6] - R&D investment for the year was approximately 645 million RMB, a 24.83% increase year-on-year, accounting for 9.03% of total revenue[93] - The company launched multiple new product development projects, including high-performance domain control products and automatic parking solutions, aimed at enhancing market competitiveness[124] Strategic Initiatives - The company is exploring potential mergers and acquisitions to enhance its market position, with a focus on tech startups in the AI sector[6] - A strategic acquisition of a local competitor is anticipated to enhance the company's product offerings and market reach, with an estimated cost of 200 million RMB[15] - The company is actively working on strategies to enhance investor confidence and protect their interests through various measures[20] - The company aims to become a leading system supplier of automotive electronic products and components both domestically and internationally, emphasizing innovation in smart driving and lightweight solutions[78] Sustainability and Compliance - The company has committed to reducing its carbon footprint by 25% over the next five years as part of its sustainability initiatives[6] - The management emphasized the importance of maintaining compliance with regulatory requirements to mitigate potential risks associated with intellectual property disputes[15] - The company has established a complete internal control system to ensure compliance and protect shareholder interests, with internal audits conducted to monitor financial operations[196] - The company received the highest grade "A" in information disclosure assessments from the Shenzhen Stock Exchange for four consecutive periods, demonstrating commitment to transparency[194] Shareholder and Investor Relations - The company’s board has approved a share buyback program worth 500 million RMB to enhance shareholder value[6] - The company has made commitments regarding the distribution of cash dividends to shareholders, which will be temporarily withheld until relevant promises are fulfilled[17] - The company reported a cash dividend of 3.50 CNY per 10 shares (including tax) to all shareholders[29] - The company has engaged with various institutional investors to discuss its business performance and future strategies, indicating strong investor interest[168] Operational Efficiency - The gross margin for the last quarter was reported at 35%, an increase from 30% in the previous quarter[15] - The company has set a target to reduce operational costs by 15% over the next year through various efficiency initiatives[15] - The company guarantees that the financial report is true, accurate, and complete, with no false records or significant omissions[29] Risks and Challenges - The company acknowledges risks related to reliance on the automotive industry, market competition, exchange rate fluctuations, and supply chain issues[29] - The company faces risks related to the automotive industry's overall growth rate, market competition, and exchange rate fluctuations, and plans to mitigate these through product competitiveness and cost control measures[167]

Investment Rating - The investment rating for Huayang Group is "Accumulate (Maintain)" [5][8]. Core Views - In 2023, Huayang Group achieved a revenue of 7.137 billion yuan, a year-on-year increase of 26.6%, and a net profit attributable to shareholders of 0.465 billion yuan, up 22.2% year-on-year. The fourth quarter of 2023 saw a revenue of 2.34 billion yuan, a significant increase of 43.6% year-on-year, and a net profit of 0.167 billion yuan, up 47.6% year-on-year [1][4]. - The company is expanding its order book and rapidly iterating its products, which opens up future growth opportunities. In 2023, the automotive electronics business saw increased collaboration with existing clients and successfully penetrated new clients such as Volkswagen SCANIA and FAW Toyota. The precision die-casting business also secured important clients like ZF, Bosch, and Valeo [2][4]. - The company has increased its R&D investment, leading to successful product iterations and mass production, including the AR-HUD product that covers mainstream technology routes [2][5]. Financial Performance Summary - In 2023, the automotive electronics business generated a revenue of 4.826 billion yuan, a year-on-year increase of 28.85%, while the precision die-casting business achieved a revenue of 1.66 billion yuan, up 25.42% year-on-year [4][12]. - The gross profit margin for 2023 was 22.36%, an increase of 0.26 percentage points year-on-year, while the expense ratio decreased by 0.53 percentage points to 14.67% [12]. - The company forecasts total revenue of 9 billion yuan in 2024, with a year-on-year growth rate of 26%, and net profit attributable to shareholders of 0.638 billion yuan, representing a growth rate of 37% [5][6]. Earnings Forecast - The projected earnings per share (EPS) for 2024, 2025, and 2026 are 1.22 yuan, 1.58 yuan, and 1.95 yuan, respectively, with corresponding price-to-earnings (P/E) ratios of 21, 16, and 13 times [5][6]. - The company expects to maintain a return on equity (ROE) of 10% in 2024, increasing to 12% by 2026 [6][8]. Market Performance - As of March 29, 2024, Huayang Group's stock performance over the past 12 months shows a decline of 22.4%, compared to a decline of 11.7% for the CSI 300 index [4]. - The stock price is currently at 25.58 yuan, with a 52-week price range of 18.45 to 38.85 yuan [10][12].

惠州市华阳集团股份有限公司 董事会审计委员会对会计师事务所 2023 年度履职情况评估及履行监 督职责情况的报告 根据《中华人民共和国公司法》《中华人民共和国证券法》《上市公司治理 准则》《国有企业、上市公司选聘会计师事务所管理办法》《深圳证券交易所上 市公司自律监管指引第 1 号——主板上市公司规范运作》和《公司章程》等规定 和要求，惠州市华阳集团股份有限公司（以下简称"公司"）董事会审计委员会 本着客观、公正、独立的原则，勤勉尽责，谨慎、认真地履行职责。现将董事会 审计委员会对会计师事务所 2023 年度履职评估及履行监督职责的情况汇报如下： 一、2023 年年审会计师事务所基本情况 （一）会计师事务所基本情况 德勤华永会计师事务所（特殊普通合伙）（以下简称"德勤华永"）的前身 是 1993 年 2 月成立的沪江德勤会计师事务所有限公司，于 2002 年更名为德勤华 永会计师事务所有限公司，于 2012 年 9 月经财政部等部门批准转制成为特殊普 通合伙企业。德勤华永注册地址为上海市黄浦区延安东路 222 号 30 楼。 德勤华永具有财政部批准的会计师事务所执业证书，并经财政部、中国证监 会批准，获准从事 ...

一、基本情况 （一）工作履历、专业背景及兼职情况 独立董事魏志华：中国国籍，厦门大学财务学博士，入选财政部全国会计 领军（后备）人才（学术类）、福建省"雏鹰计划"青年拔尖人才、福建省高 校杰出青年科研人才培育计划、2015 年度中国人文社科最具影响力青年学者。 2010 年 8 月至 2013 年 7 月，任厦门大学经济学院财政系助理教授、硕士生导 师；2013 年 8 月至 2018 年 7 月，任厦门大学经济学院财政系副教授；2015 年 11 月至今，任厦门大学经济学院财政系博士生导师；2018 年 8 月至今，任厦门 大学经济学院财政系教授；2018 年 10 月至 2023 年 5 月，任福建东百集团股份 有限公司独立董事；2019 年 9 月至今，任公司独立董事；现兼任南宁百货大楼 股份有限公司独立董事，厦门亿联网络技术股份有限公司独立董事。 惠州市华阳集团股份有限公司 2023 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 ...

惠州市华阳集团股份有限公司 募集资金管理办法 第一章 总 则 第一条 为规范惠州市华阳集团股份有限公司（以下简称"公司"）募集 资金管理，提高募集资金的使用效率，最大限度保障投资者利益，根据《中华 人民共和国公司法》《中华人民共和国证券法》《上市公司证券发行注册管理 办法》《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》《深圳证券交易所股票上市规则》（以下简称《股票上市规则》）《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》等有关法 律、法规和规范性文件的要求，结合公司实际情况，制定本办法。 第二条 本办法所称募集资金是指公司通过发行股票及其衍生品种，向投 资者募集并用于特定用途的资金。 第七条 公司募集资金应当存放于经董事会批准设立的专项账户（以下简 称"募集资金专户"）集中管理。募集资金专户不得存放非募集资金或用作其 他用途。 公司存在两次以上融资的，应当分别设置募集资金专户。 实际募集资金净额超过计划募集资金金额的部分（以下简称"超募资 金"）也应当存放于募集资金专户管理。 第八条 公司应当在募集资金到账后一个月内与保荐人或者独立财务顾 问、存放募集资金的商业银 ...

惠州市华阳集团股份有限公司 章程 1 | 第一章 总则 4 | | | --- | --- | | 第二章 经营宗旨和范围 5 | | | 第三章 股份 5 | | | 第一节 股份发行 | 5 | | 第二节 股份增减和回购 | 6 | | 第三节 股份转让 | 7 | | 第四章 股东和股东大会 8 | | | 第一节 股东 | 8 | | 第二节 股东大会的一般规定 | 11 | | 第三节 股东大会的召集 | 13 | | 第四节 股东大会的提案与通知 | 14 | | 第五节 股东大会的召开 | 16 | | 第六节 股东大会的表决和决议 | 18 | | 第五章 董事会 24 | | | 第一节 董事 | 24 | | 第二节 董事会 | 27 | | 第六章 总裁及其他高级管理人员 32 | | | 第七章 监事会 34 | | | 第一节 监事 | 34 | | 第二节 监事会 | 35 | | 第八章 财务会计制度、利润分配和审计 37 | | | 第一节 财务会计制度 | 37 | | --- | --- | | 第二节 内部审计 | 41 | | 第三节 会计师事务所的聘任 | 41 | ...

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 2023 年 12 月 31 日止年度 关于惠州市华阳集团股份有限公司 控股东、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(24)第 Q00862 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")2023年 12 月 31 日合并及母公司资产负债表,2023 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 2024年3月28日签发了德师报(审)字(24)第 P03263 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 险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 2023年度非经营性资金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、合法性及完整性是贵公 ...

惠州市华阳集团股份有限公司 审计委员会工作细则 第一章 总则 第一条 为强化董事会决策功能，确保董事会对管理层的有效监督，完善 公司治理结构，根据《中华人民共和国公司法》（以下简称"《公司法》"）、《上市 公司独立董事管理办法》《上市公司治理准则》《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》《惠州市华阳集团股份有限公司章程》 （以下简称"《公司章程》"）及其他有关规定，公司设立董事会审计委员会，并 制定本工作细则。 第二条 董事会审计委员会是董事会下设的专门工作机构，对董事会负责。 第二章 人员组成 第三条 审计委员会成员由 3 名董事组成，其中独立董事 2 名，至少有 1 名独立董事为会计专业人士。审计委员会成员为不在公司担任高级管理人员的董 事。 (四)因会计准则变更以外的原因作出会计政策、会计估计变更或者重大会计 差错更正； 第四条 审计委员会委员由董事长、二分之一以上独立董事或者全体董事 的三分之一提名，由董事会选举产生。 第五条 审计委员会设主任委员（召集人）1 名，由独立董事中的会计专 业人员担任，负责主持委员会工作；主任委员由董事会确定。 第六条 审计委员会任期与同届 ...

关于开展外汇套期保值业务的公告 证券代码：002906 证券简称：华阳集团 公告编号： 2024-012 惠州市华阳集团股份有限公司 本公司及董事会全体成员保证信息披露的内容真实、准确和完整，没有 虚假记载、误导性陈述或重大遗漏。 重要内容提示： 1、业务基本情况：为锁定成本、规避和防范汇率、利率波动风险，公司及 控股子公司拟开展不超过等值 5,000 万美元额度的外汇套期保值业务，包括远期 结售汇、外汇掉期、利率掉期、外汇期权及其他外汇衍生产品业务等。预计动用 的交易保证金和权利金在期限内任一时点占用的资金余额不超过 500 万美元或 其他等值外币。 2、审议程序：本事项已经公司第四届董事会审计委员会第八次会议、第四 届董事会第十三次会议及第四届监事会第十二次会议审议通过，本事项无需提交 公司股东大会审议。 3、风险提示：在外汇套期保值业务开展过程中存在汇率波动、利率波动、 内部控制及交易对手违约风险，敬请广大投资者注意投资风险。 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 3 月 28 日召开的第四届董事会第十三次会议及第四届监事会第十二次会议审 议通过了《关于开展外汇套 ...