股 票 研 究 Q4 业绩略超预期，订单持续开拓 本报告导读： [Table_industryInfo] 运输设备业/可选消费品 [Table_MainInfo] [Table_Title] 华阳集团(002906) | --- | --- | --- | |----------|-----------------------------------|--------------------------------| | | | 华阳集团 | | | 吴晓飞 ( 分析师 ) 0755-23976003 | 多飞舟 ( 分析师 ) 010-83939800 | | | | | | | wuxiaofei@gtjas.com | duofeizhou026148@gtjas.com | | 证书编号 | S0880517080003 | S0880523020001 | | --- | --- | --- | --- | --- | --- | |--------------------------------------|-------|-------|-------|--------|--------| | ...

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 2023 年年度保荐工作报告 二、保荐机构发现公司存在的问题及采取的措施 | 事项 | 存在的问题 | 采取的措施 | | --- | --- | --- | | 1.信息披露 | 无 | 不适用 | | 2.公司内部制度的建立和执行 | 无 | 不适用 | | 3．"三会"运作 | 无 | 不适用 | | 4.控股股东及实际控制人变动 | 无 | 不适用 | | 5.募集资金存放及使用 | 无 | 不适用 | | --- | --- | --- | | 6.关联交易 | 无 | 不适用 | | 7.对外担保 | 无 | 不适用 | | 8.收购、出售资产 | 无 | 不适用 | | 9.其他业务类别重要事项（包括对 外投资、风险投资、委托理财、财 | 无 | 不适用 | | 务资助、套期保值等） | | | | 10．发行人或者其聘请的中介机构 配合保荐工作的情况 | 无 | 不适用 | | 11.其他（包括经营环境、业务发展、 财务状况、管理状况、核心技术等 | 无 | 不适用 | | 方面的重大变化情况） | | | 三、公司及股东承诺事项履行情况 一 ...

[ T able_StockInfo] 2024 年 04 月 07 日 证券研究报告•2023 年报点评 买入 （维持） 当前价：27.42 元 华阳集团（002906）汽车 目标价：——元（6 个月） 业绩符合预期，汽车电子客户持续开拓 Q4 经营环比持续回升，汽车电子客户不断扩张。23 年公司主要客户销量实现 增长，其中长城同比+15.3%，长安+8.8%，奇瑞+52.8%，吉利+17.7%，公司 经营环比持续回升。公司订单开拓进展显著，新能源车订单大幅增加。汽车电 子方面，23年营收 48.26亿元，同比+28.9%，销量 939万套，同比+30.4%， 占比 68%，同比+2pp，主要产品数字声学、座舱域控、车载无线充电、屏显示 类、HUD 等销量均同比大幅增加。公司除深化与现有客户合作外，突破大众 SCANIA、一汽丰田、上汽大众、玛莎拉蒂等客户，国际市场开拓取得重大进展， 客户结构进一步优化。 研发投入增长，完成定增扩充产能。公司不断加大研发投入，23年研发费用 6.45 亿元，同比+24.8%，占营业收入比重 9%，创历史新高，其中汽车电子研发投 入占其营业收入 12.1%。23 年公司完成向 ...

证券代码：002906 证券简称：华阳集团 公告编号：2024-018 惠州市华阳集团股份有限公司 关于使用部分闲置募集资金进行现金管理的进展公告 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。 惠州市华阳集团股份有限公司（以下简称"公司"）于 2023 年 8 月 17 日 召开的第四届董事会第八次会议审议通过了《关于使用部分闲置募集资金进行现 金管理的议案》，同意公司及控股子公司使用总额度不超过人民币 80,000 万元 的闲置募集资金进行现金管理，额度使用期限为自本次董事会审议通过之日起 12 个月，并授权管理层在额度范围内行使具体操作的决策权并签署相关合同文 件 。 具 体 内 容 详 见 公 司 于 2023 年 8 月 19 日 刊 登 在 巨 潮 资 讯 网 （http://www.cninfo.com.cn）和《证券时报》《中国证券报》《上海证券报》 上的《关于使用部分闲置募集资金进行现金管理的公告》（公告编号：2023-062）。 近日，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 16,000 万元在现金管理专用结 ...

执业证书编号：S0860512060001 汽车电子业务产品迭代升级，精密压铸业 务快速增长 盈利预测与投资建议 风险提示 | --- | --- | --- | --- | --- | |----------------------|---------------|--------|----------------|---------------| | | | | | | | | | | 买入 | （维持） | | 股价（ 2024 年 | 04 月 03 日） | | | 27.42 元 | | 目标价格 | | | | 37.95 元 | | 52 周最高价 / | 最低价 | | 38.85/18.45 | 元 | | 总股本 / 流通 A | 股（万股） | | | 52,443/52,425 | | A 股市值（百万元） | | | | 14,380 | | 国家 / 地区 | | | | 中国 | | 行业 | | | | 汽车与零部件 | | 报告发布日期 | | | 2024 年 04 | 月 07 日 | | | | | | | | | 1 周 | 1 月 | 3 月 | 12 月 | | ...

Investment Rating - The report maintains a "Buy" rating for Huayang Group (002906.SZ) [1][38] Core Views - In 2023, Huayang Group achieved a revenue growth of 27%, surpassing the automotive industry growth rate by 15 percentage points, with a revenue of 71.4 billion yuan and a net profit of 4.7 billion yuan, reflecting strong performance in automotive electronics and precision die-casting [23][64] - The company is focusing on expanding its product lines in automotive electronics, particularly in smart cockpits, smart driving, and intelligent connectivity, while also enhancing its R&D capabilities [71][72] - Huayang Group's customer base is diversifying, with significant orders from both domestic and international clients, including major automotive brands and new energy vehicle manufacturers [18][39] Revenue and Profitability - In 2023, the automotive electronics segment generated revenue of 48.26 billion yuan, a year-on-year increase of 28.85%, with a gross margin of 22.05% [3] - The overall gross margin for 2023 was 22.4%, with a net margin of 6.6%, showing slight improvements in profitability metrics [7][60] - The fourth quarter of 2023 saw a revenue of 23 billion yuan, a 44% year-on-year increase, and a net profit of 1.7 billion yuan, up 48% year-on-year [23][64] R&D and Product Development - R&D investment in 2023 reached approximately 644.78 million yuan, representing 9.03% of total revenue, with a year-on-year increase of 24.83% [13][68] - The company has made significant advancements in various automotive electronic products, including HUD, digital sound systems, and precision motion mechanisms, with many products already in mass production [32][72] - Huayang Group is actively involved in developing new technologies and products, such as high-performance domain controllers and advanced display technologies, to enhance its competitive edge in the market [10][71] Customer and Market Expansion - The company has successfully expanded its customer base, securing new projects with major clients like Volkswagen, Toyota, and Maserati, while also increasing collaboration with existing customers [18][39] - Huayang Group's international business has seen positive developments, with products like HUD and digital sound systems being adopted by global automotive brands [39][60] - The company is also focusing on supporting domestic brands in their international expansion efforts, increasing its presence in overseas markets [39][60] Future Outlook - The report projects revenue for 2024, 2025, and 2026 to be 94.7 billion yuan, 121.2 billion yuan, and 153.4 billion yuan respectively, with corresponding net profits of 6.5 billion yuan, 9.2 billion yuan, and 11.8 billion yuan [38][60] - The company aims to maintain its growth trajectory by leveraging its technological advancements and expanding its product offerings in the automotive electronics sector [39][60]

Investment Rating - The report maintains a "Buy" rating for the company [3][14]. Core Views - The company's performance in 2023 met expectations, with total revenue reaching 7.14 billion, a year-on-year increase of 27%, and net profit attributable to shareholders at 464.82 million, up 22% year-on-year [1]. - The electronic and die-casting businesses showed robust growth, with automotive electronics revenue at 4.83 billion, up 28.85%, and precision die-casting revenue at 1.66 billion, up 25.42% [14]. - The company is expanding its customer base while deepening existing relationships, targeting both traditional and new energy vehicle clients [14]. Financial Forecasts - Revenue forecasts for 2024 and 2025 have been raised to 9.03 billion and 11.23 billion, respectively, with expected year-on-year growth rates of 27% and 24% [3]. - The net profit forecast for 2024 has been slightly lowered to 650 million, while the 2025 forecast remains at 890 million, with expected growth rates of 40% and 37% for 2025 and 2026, respectively [3]. - The company's earnings per share (EPS) is projected to be 1.24 yuan in 2024, 1.71 yuan in 2025, and 2.14 yuan in 2026 [3]. Profitability and Cost Management - The gross margin for the electronic business improved to 22.4% in 2023, with automotive electronics and die-casting margins at 22.1% and 26.1%, respectively [2]. - The company effectively managed expenses, with a total expense ratio of 14.7%, down 0.5 percentage points year-on-year, while maintaining a research and development expense ratio of 8.5% [15].

伐谋-中小盘信息更新 华阳集团（002906.SZ） 2024 年 04 月 02 日 | --- | --- | |-------------------------|-------------| | 日期 | 2024/4/1 | | 当前股价 ( 元 ) | 28.14 | | 一年最高最低 ( 元 ) | 38.85/18.45 | | 总市值 ( 亿元 ) | 147.58 | | 流通市值 ( 亿元 ) | 147.52 | | 总股本 ( 亿股 ) | 5.24 | | 流通股本 ( 亿股 ) | 5.24 | | 近 3 个月换手率 (%) | 97.99 | 公司发布 2023 年年报，季度营收增速加快 汽车电子+精密压铸双轮驱动，费用控制能力进一步提升 订单开拓成果明显，强劲技术实力打开公司增量空间 风险提示：汇率波动、行业竞争激烈、公司产品研发进度不及预期等。 中小盘研究团队 开 源 证 券 证 券 研 究 报 告 中小盘信息更新 中小盘信息更新 | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- ...

汽车 业绩符合预期，汽车电子和国际化业务不断突破 股价：25.58 元 华阳集团 · 王德安 投资咨询资格编号 S1060511010006 BQV509 WANGDEAN002@pingan.com.cn 王跟海 投资咨询资格编号 S1060523080001 WANGGENHAI964@pingan.com.cn | --- | --- | --- | --- | --- | --- | |---------------------|-------|----------------------------|-------|-------|-------| | | 2022A | 2023A | 2024E | 2025E | 2026E | | 营业收入 ( 百万元 ) | | 5638 7137 8673 10772 12951 | | | | | YOY(%) | | 25.6 26.6 21.5 24.2 20.2 | | | | | 净利润 ( 百万元 ) | | 380 465 611 801 1052 | | | | | YOY(%) | | 27.4 22.2 31.5 31.0 31.4 ...

华阳集团（002906.SZ） | --- | --- | --- | --- | --- | --- | --- | --- | |--------------------------------------------|-------|-------|-------|--------|--------|------------------------------------------|-----------| | 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 | 9,346 | 12,280 | 15,611 | 股票信息 | | | 增长率 yoy （ % ） | 25.6 | 26.6 | 31.0 | 31.4 | 27.1 | | | | 归母净利润（百万元） | 380 | 465 | 678 | 943 | 1,257 | 行业 | 汽车 | | 增长率 yoy （ % ） | 27.4 | ...