Investment Rating - The investment rating for Huayang Group is "Buy" [5][6][8] Core Views - In Q1 2024, the company achieved a net profit of 142 million yuan, representing a year-on-year increase of 84%. Revenue reached 1.991 billion yuan, up 51.34% year-on-year, although it decreased by 14.92% quarter-on-quarter. The overall growth rate of 51% outpaced the automotive industry's production growth by 45 percentage points [1][2][8] - The company has signed a cooperation letter of intent with Huawei for smart vehicle light business, with products featured in models such as the AITO M5 and M7. The sales volume for M5 and M7 in Q1 2024 was 2,931 and 69,688 units, respectively [2][48] - The company focuses on automotive intelligence and lightweighting, continuously upgrading products and optimizing customer structure. The automotive electronics segment includes cockpit domain controllers, HUDs, display screens, wireless charging, digital acoustics, precision motion mechanisms, and LCD instruments, all showing significant sales growth [2][3][51] Summary by Sections Financial Performance - In Q1 2024, the gross profit margin was 21.6%, a decrease of 0.8 percentage points year-on-year and 1.4 percentage points quarter-on-quarter. The net profit margin was 7.2%, an increase of 1.2 percentage points year-on-year, remaining stable quarter-on-quarter. The four expense ratios were 14.1%, down 3.2 percentage points year-on-year [2][17][24] - The company forecasts revenues of 9.471 billion, 12.123 billion, and 15.342 billion yuan for 2024, 2025, and 2026, respectively, with corresponding profits of 646 million, 921 million, and 1.182 billion yuan. The PE ratios are projected to be 24, 17, and 13 times for the same years [3][6][8] Product Development - The company has made significant advancements in automotive electronics, focusing on smart cockpits, smart driving, and smart connectivity. It has developed various products based on different chip solutions, achieving mass production and gaining recognition from customers [2][33][38] - The precision die-casting segment has expanded its product categories, with a significant increase in orders related to new energy and automotive electronics [2][51] Market Position and Customer Base - The company has strengthened its customer base, collaborating with major automotive manufacturers such as Great Wall, Changan, Geely, and BYD, while also making progress in overseas markets [2][41][42] - Huayang Group has received multiple awards for quality and performance from various automotive manufacturers, indicating strong market recognition and customer satisfaction [45][46]

证 券 研 究 报 告 股 票 研 究 请务必阅读正文之后的免责条款部分 | --- | --- | --- | --- | --- | --- | --- | |-----------------------|-------|-----------------------------------------------------------------------|-------|----------------------------|--------------------------------------------|---------| | 模型更新时间： | | [Table_OtherInfo] [Table_Industry] 2024.04.27 | | | [Table_Forcast] 财务预测（单位：百万元） | | | | | | | 损益表 | | 2022A | | 股票研究 | | | | 营业总收入 | | 5,638 | | | | | | 营业成本 | | 4,392 | | 可选消费品 | | | | 税金及附加 | | | | 运输设备业 | | | | 销售费用 ...

二、工商登记信息 名称：惠州市华阳多媒体电子有限公司 统一社会信用代码：9144130073217679XU 类型：有限责任公司（港澳台与境内合资） 法定代表人：韩继军 注册资本：贰亿玖仟陆佰贰拾叁万捌仟陆佰玖拾玖港元 证券代码：002906 证券简称：华阳集团 公告编号：2024-024 惠州市华阳集团股份有限公司 关于全资子公司完成工商变更登记的公告 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全资子公司惠州市华阳多媒体电子有限公司 （以下简称"华阳多媒体"）于近日完成了经营范围、经营场所的工商变更登记、 备案手续，并取得了惠州仲恺高新区管理委员会市场监督管理局换发的《营业执 照》。现将有关情况公告如下： | 变更（备 | 变更（备案）前 | 变更（备案）后 | | --- | --- | --- | | 案）事项 | | | | | 一般项目：智能车载设备制造；智能车 | 一般项目：智能车载设备制造；智能车 | | | 载设备销售；汽车零部件及配件制造； | 载设备销售；汽车零部件及配件制造； | | | 汽车零配件零售；汽 ...

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。 特别提示： ●惠州市华阳集团股份有限公司（以下简称"公司"）本次会计政策变更是 根据中华人民共和国财政部（以下简称"财政部"）颁布的《关于印发<企业会 计准则解释第 17 号>的通知》（财会〔2023〕21 号）（以下简称"《准则解释第 17 号》"）的规定和要求进行的，无需提交公司董事会、股东大会审议。 证券代码：002906 证券简称：华阳集团 公告编号：2024-022 惠州市华阳集团股份有限公司 关于会计政策变更的公告 1、变更原因和变更日期 2023 年 10 月 25 日，财政部发布了《准则解释第 17 号》，对"关于流动负 债与非流动负债的划分"、"关于供应商融资安排的披露"和"关于售后租回交 易的会计处理"的内容进行进一步规范及明确，自 2024 年 1 月 1 日起施行。 本次会计政策变更是根据财政部相关文件的要求进行的合理变更，能更加客 观、公允地反映公司财务状况和经营成果，符合相关法律法规的规定。本次会计 政策变更不涉及对公司以前年度的追溯调整，不会对公司财务状况、经营成果和 现金流量产生重 ...

Financial Performance - The company's operating revenue for Q1 2024 was ¥1,990,785,130.49, representing a 51.34% increase compared to ¥1,315,429,083.28 in the same period last year[4]. - Net profit attributable to shareholders was ¥142,283,578.15, an increase of 83.52% from ¥77,531,063.60 in the previous year[4]. - The net profit after deducting non-recurring gains and losses was ¥137,768,577.70, up 89.26% from ¥72,791,524.89 year-on-year[4]. - Basic and diluted earnings per share were both ¥0.27, reflecting a 68.75% increase from ¥0.16 in the previous year[4]. - The company reported a net profit attributable to shareholders of ¥142,283,578.15, compared to ¥77,531,063.60 in the prior year, reflecting an increase of approximately 83.4%[51]. - The company reported a total comprehensive income of ¥140,638,115.85, compared to ¥74,024,323.85 in the previous period, indicating a growth of approximately 89.8%[51]. Cash Flow - The net cash flow from operating activities reached ¥105,266,946.92, a significant increase of 648.84% compared to ¥14,057,424.85 in the same period last year[4]. - The net cash flow from operating activities increased to ¥105,266,946.92, compared to ¥14,057,424.85 in the previous period, representing a significant improvement[47]. - Total cash inflow from operating activities reached ¥1,835,223,922.32, up from ¥1,228,925,731.73, indicating a growth of approximately 49.2%[47]. - The net cash outflow from financing activities was ¥28,190,152.62, an improvement from a net outflow of ¥80,521,854.93 in the previous period[48]. - The total cash inflow from investment activities was ¥419,122,837.95, compared to ¥338,200.00 in the previous period, showing a substantial increase[47]. - The company received cash from the recovery of investments amounting to ¥416,586,826.35, indicating a strong performance in investment recovery[47]. - The cash outflow for purchasing fixed assets and intangible assets was ¥191,031,096.79, compared to ¥86,937,306.74 in the previous period, reflecting increased investment in assets[47]. Assets and Liabilities - Total assets at the end of the reporting period were ¥9,805,984,568.12, a 3.74% increase from ¥9,452,636,036.47 at the end of the previous year[4]. - The total liabilities amounted to ¥3,656,272,064.83, an increase from ¥3,445,976,876.26 at the end of the previous year[15]. - The total assets of the company as of the end of the first quarter of 2024 amounted to CNY 9,805,984,568.12, up from CNY 9,452,636,036.47 at the end of the previous year, reflecting an increase of approximately 3.7%[38]. - The company’s total liabilities as of the end of the first quarter of 2024 were CNY 6,200,000,000, reflecting a year-over-year increase of approximately 5%[38]. Investments and Expenses - The company's financial expenses rose to ¥8,651,993.20 in Q1 2024, marking a 218.27% increase from ¥2,718,445.34 in Q1 2023, primarily due to higher interest expenses[24]. - The company's investment income increased by 89.37% to ¥6,848,218.28 in Q1 2024, up from ¥3,616,354.05 in Q1 2023, driven by returns from investments in joint ventures and idle fundraising[24]. - The company's research and development expenses for the first quarter of 2024 were CNY 160,352,837.33, compared to CNY 128,423,244.58 in the same period last year, marking an increase of approximately 25%[41]. Inventory and Equity - The company's inventory as of the end of the first quarter of 2024 was CNY 1,386,826,866.91, an increase from CNY 1,279,818,067.88 in the previous year, representing a growth of about 8.4%[38]. - Shareholders' equity attributable to the parent company was ¥6,121,906,515.78, up 2.39% from ¥5,979,230,993.41 at the end of the previous year[4]. - The company's short-term borrowings decreased to CNY 66,300,912.81 from CNY 83,184,293.71 in the previous year, indicating a reduction of approximately 20.3%[38]. Government Support and New Ventures - The company received government subsidies amounting to ¥3,225,207.28 during the reporting period[6]. - The company has established a new subsidiary, Changxing Huayang Precision Machinery Co., Ltd., with a registered capital of CNY 200 million, holding 10% of the equity, while its wholly-owned subsidiary holds 90%[28]. - The fixed asset investment for the new automotive lightweight precision die-casting parts project is estimated to be around CNY 1 billion[28].

证券研究报告 | 2024年04月15日 一季度净利润同比增长 75%-88%，新产品、新客户持续放量 2023Q4 毛利率同比提升 0.5pct，四费率稳中有降。2023 年公司毛利率为 22.4%，同比+0.3pct,净利率为 6.6%，同比-0.2pct。其中 2023Q4 毛利率 22.9%，同比+0.5pct，环比+1.0pct，净利率 7.2%，同比+0.2pct，环比+1.1pct。 公司 2023Q4 毛利率同环比提升预计与汽车电子产品规模化放量有关。 华阳与华为签署智能车载光业务合作意向书，问界 M5、M7 搭载丰富华阳座 舱产品。2022 年 6 月 30 日，华阳多媒体与华为签署智能车载光业务合作意 向书，双方将在智能汽车尤其是 AR-HUD 领域进行合作。华阳为 M5、M7 提供 10.25 英寸高清液晶仪表、大功率无线充电及 NFC 钥匙模块等产品，2024Q1， M5、M7 销量分别为 2931、69688 辆。 聚焦汽车智能化和轻量化，产品持续升级，客户结构优化。1）汽车电子： 产品维度，公司搭载国内外多类芯片方案的座舱域控均已量产，推出舱泊一 体产品、行泊一体域控产品，并预研舱 ...

关于全资子公司通过高新技术企业重新认定的公告 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。 证券代码：002906 证券简称：华阳集团 公告编号： 2024-020 惠州市华阳集团股份有限公司 华阳通用、华阳多媒体、华阳光电本次高新技术企业的认定系原证书有效期 满后进行的重新认定。根据国家对高新技术企业税收优惠政策的相关规定，华阳 通用、华阳多媒体及华阳光电自本次通过高新技术企业重新认定后可连续三年 （2023 年度至 2025 年度）继续享受国家关于高新技术企业的相关优惠政策，按 15%的税率缴纳企业所得税。华阳通用、华阳多媒体、华阳光电 2023 年已按照 15%的企业所得税税率进行纳税申报及预缴，本次通过高新技术企业重新认定不 影响公司已披露的 2023 年度相关财务数据，有利于公司的长远发展。 特此公告。 惠州市华阳集团股份有限公司 董事会 二〇二四年四月十三日 惠州市华阳集团股份有限公司（以下简称"公司"）全资子公司惠州华阳通 用电子有限公司（以下简称"华阳通用"）、惠州市华阳多媒体电子有限公司（以 下简称"华阳多媒体"）及惠州市华阳光电技术有限公 ...

[ T able_StockInfo] 2024 年 04 月 11 日 证券研究报告•2024Q1 业绩预告点评 买入 （维持） 当前价：27.98 元 华阳集团（002906）汽车 目标价：——元（6 个月） Q1 业绩超预期，规模效应成效显著 风险提示：竞争加剧的风险；新产品推广不及预期的风险；海外市场风险等。 [Table_QuotePic] 相对指数表现 -40% -28% -16% -4% 8% 20% 23/4 23/6 23/8 23/10 23/12 24/2 24/4 华阳集团 沪深300 请务必阅读正文后的重要声明部分 1 华阳集团（002906）2024Q1 业绩预告点评 分析师承诺 本报告署名分析师具有中国证券业协会授予的证券投资咨询执业资格并注册为证券分析师，报告所采用的数据均 来自合法合规渠道，分析逻辑基于分析师的职业理解，通过合理判断得出结论，独立、客观地出具本报告。分析师承 诺不曾因，不因，也将不会因本报告中的具体推荐意见或观点而直接或间接获取任何形式的补偿。 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 ...

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 ...