证券代码：002906 证券简称：华阳集团 公告编号：2024-048 惠州市华阳集团股份有限公司 关于参加广东辖区 2024 年投资者 网上集体接待日活动的公告 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。 为进一步加强与投资者的互动交流，惠州市华阳集团股份有限公司（以下简 称"公司"）将参加由广东证监局、广东上市公司协会联合举办的"坚定信心 携 手共进 助力上市公司提升投资价值——2024 广东辖区上市公司投资者关系管理 月活动投资者集体接待日"，现将相关事项公告如下： 本次活动将采用网络远程的方式举行，投资者可登录"全景路演"网站 （https://rs.p5w.net）参与本次互动交流，活动时间为 2024 年 9 月 12 日（周 四）15:30-16:30。 届时公司董事长、总裁邹淦荣先生，财务负责人彭子彬先生，董事会秘书李 翠翠女士将在线就公司 2024 年半年度业绩等投资者关心的问题，与投资者进行 沟通与交流，欢迎广大投资者踊跃参与。 特此公告！ | --- | --- | --- | |-------|-------|----------- ...

Investment Rating - The report gives an "Accumulate" rating for the company, Huayang Group [4][7]. Core Views - The company reported a revenue of 4.19 billion yuan for H1 2024, representing a year-on-year increase of 46.2%, and a net profit attributable to shareholders of 290 million yuan, up 57.9% year-on-year [3][5]. - The automotive electronics business achieved a revenue of 3.07 billion yuan in H1 2024, a 65.4% increase year-on-year, driven by the mass production of new product lines [6][7]. - The company is expanding its production capacity with new facilities in Huizhou and plans for a new base in Zhejiang, which is expected to enhance local support and service capabilities [6][7]. Financial Summary - **Revenue and Profit Forecasts**: The company is expected to generate revenues of 8.995 billion yuan, 11.053 billion yuan, and 13.203 billion yuan for 2024E, 2025E, and 2026E respectively, with net profits projected at 627 million yuan, 878 million yuan, and 1.172 billion yuan for the same years [2][10]. - **Profitability Metrics**: The gross margin for H1 2024 was 21.8%, slightly down by 0.5 percentage points year-on-year, while the net profit margin for Q2 2024 was 6.6%, showing a minor decline [6][7]. - **Earnings Per Share (EPS)**: The EPS is projected to be 1.20 yuan for 2024E, 1.67 yuan for 2025E, and 2.23 yuan for 2026E, with a corresponding price-to-earnings (P/E) ratio decreasing from 26.0 in 2023 to 10.3 in 2026 [2][10]. Market Position and Strategy - The company is focusing on the integration of cockpit and driving functions, launching new products based on Qualcomm chips, and expanding its customer base, including partnerships with major automotive manufacturers [6][7]. - The report highlights the trend of centralized electronic architecture in the industry, positioning the company favorably for future growth [7].

Investment Rating - The report maintains a "Buy" rating for Huayang Group with a target price adjusted to 32.67 CNY from the previous 39.48 CNY [3][4]. Core Insights - The company's performance in H1 2024 shows significant year-on-year growth, with revenue reaching 4.19 billion CNY, up 46.2%, and net profit attributable to shareholders at 290 million CNY, up 57.9% [2][3]. - The increase in performance is attributed to the continuous release of orders and the ongoing expansion of new products, indicating a strong growth outlook [2][3]. - The company has made notable progress in order acquisition, particularly in the automotive electronics sector, with significant increases in orders for key products [3]. Financial Summary - For H1 2024, the company achieved a revenue of 4.19 billion CNY, a 46.2% increase year-on-year, and a net profit of 290 million CNY, reflecting a 57.9% increase [3]. - In Q2 2024, revenue was 2.20 billion CNY, up 41.9% year-on-year and 10.6% quarter-on-quarter, with a net profit of 150 million CNY, up 38.8% year-on-year and 1.7% quarter-on-quarter [3]. - The gross margin for Q2 was 21.9%, showing a slight decrease of 0.2 percentage points year-on-year but an increase of 0.4 percentage points quarter-on-quarter [3]. - The company has improved its expense management, with overall expense ratios decreasing year-on-year due to scale effects and management improvements [3]. Order and Product Development - The company has made significant advancements in acquiring orders for automotive electronics, with major products like cockpit domain controllers and HUDs receiving numerous project approvals [3]. - The precision die-casting business has also seen a substantial increase in orders for components related to electric drive systems and intelligent driving systems [3]. - Continuous investment in R&D has led to rapid iterations of automotive electronic products and technological advancements in precision die-casting [3].

Group 1: Company Overview and Performance - The company has developed into a leading supplier of automotive electronic products and components in China, with significant growth in both automotive electronics and precision die-casting businesses [5] - In the first half of 2024, the company achieved a revenue of 4.193 billion CNY, representing a year-on-year increase of 46.23% [5] - The automotive electronics segment saw a revenue increase of 65.41%, driven by new product lines entering mass production [5] - The precision die-casting segment's revenue grew by 23.55%, with significant sales in components related to automotive intelligence [5] Group 2: Client Base and Market Expansion - The company has expanded its client base to include major domestic and international automotive manufacturers, enhancing its market presence [5][6] - New projects with Stellantis, SAIC Audi, and other clients have been secured, indicating a strong demand for diverse product offerings [6] - The company is actively pursuing overseas production bases to support its growing business needs [6] Group 3: Product Development and Innovation - The company is continuously expanding its product lines, including HUD, wireless charging, and VPD, with several products achieving significant market share [6][7] - The introduction of new products such as the VPD, which integrates HUD technology, is expected to enhance user experience and expand product offerings [7] - The company is focusing on technological integration and product innovation to maintain competitiveness in the rapidly evolving automotive sector [7][8] Group 4: Financial Performance and Future Outlook - The net profit attributable to shareholders reached 287 million CNY, a year-on-year increase of 57.89%, with a net profit margin improvement of 0.48 percentage points [5] - The company aims to sustain its growth momentum by increasing R&D investments and enhancing product quality [8] - The automotive parts supply market in China is expected to continue expanding, providing ample opportunities for growth [8]

Investment Rating - The report maintains a "Buy" rating for Huayang Group (002906) [1][2] Core Views - The company achieved a revenue of 4.193 billion yuan in H1 2024, representing a year-on-year increase of 46.2%, and a net profit of 287 million yuan, up 57.9% year-on-year, aligning with previous performance forecasts [1] - The automotive electronics segment is expanding significantly, with H1 2024 revenue reaching 3.07 billion yuan, a 65.4% increase year-on-year, accounting for 73% of total revenue [1][2] - The company is increasing its R&D investment, with 373 million yuan spent in H1 2024, a 25.6% increase year-on-year, representing 8.9% of total revenue [2] Summary by Sections Financial Performance - In Q2 2024, the company reported revenue of 2.2 billion yuan, a 41.9% increase year-on-year and a 10.6% increase quarter-on-quarter [1] - The gross margin for H1 2024 was 21.8%, down 0.5 percentage points year-on-year, while the net margin was 6.9%, up 0.5 percentage points year-on-year [1] Business Segments - The automotive electronics business is seeing robust growth, with significant orders and new product lines entering mass production, including cockpit domain controllers and digital acoustics [1] - The precision die-casting business also showed steady growth, with revenue of 910 million yuan in H1 2024, a 23.6% increase year-on-year [2] Future Outlook - The company forecasts EPS of 1.20, 1.47, and 1.81 yuan for 2024, 2025, and 2026 respectively, with a projected CAGR of 26.9% for net profit [2][3] - The report indicates ongoing capacity expansion, with new facilities in Huizhou and Zhejiang expected to contribute to future growth [2]

Investment Rating - The report maintains a "Buy" rating for Huayang Group, with a target price based on the last closing price of 23.63 [1][7]. Core Views - Huayang Group has achieved significant growth in its dual main businesses, automotive electronics and precision die-casting, with a notable increase in revenue and net profit in the first half of 2024 [1]. - The company reported a revenue of 4.193 billion yuan in H1 2024, a year-on-year increase of 46.23%, and a net profit of 287 million yuan, up 57.89% year-on-year [1]. - The automotive electronics segment saw a revenue of 3.071 billion yuan, growing 65.41% year-on-year, while precision die-casting revenue reached 914 million yuan, up 23.55% year-on-year [1]. Financial Performance - The report forecasts revenue growth for Huayang Group, estimating revenues of 9.107 billion yuan in 2024, 11.282 billion yuan in 2025, and 13.730 billion yuan in 2026, with respective growth rates of 27.60%, 23.88%, and 21.70% [3]. - The net profit is projected to reach 643 million yuan in 2024, 849 million yuan in 2025, and 1.041 billion yuan in 2026, with growth rates of 38.42%, 31.94%, and 22.63% respectively [3]. - The report indicates a gross margin of 21.94% for Q2 2024, with effective cost control reflected in the expense ratio [1]. Product Development and Market Position - Huayang Group is accelerating the iteration and mass production of new products, focusing on automotive electronics and precision die-casting [1]. - The company has successfully launched new product lines such as cockpit domain controllers and digital acoustics, which have entered large-scale production [1]. - The report highlights the company's commitment to R&D, with an investment of 373 million yuan in H1 2024, representing a 25.57% increase year-on-year [1].

Investment Rating - The investment rating for Huayang Group is "Outperform the Market" [2] Core Views - The company achieved significant growth in revenue and net profit in the first half of 2024, with revenue reaching 4.193 billion yuan, a year-on-year increase of 46.23%, and net profit of 287 million yuan, up 57.89% year-on-year [6][7] - The company has made substantial progress in order acquisition and new product development, expanding its customer base and securing projects with major domestic and international automotive clients [7] - The forecast for net profit from 2024 to 2026 is 660 million yuan, 877 million yuan, and 1.148 billion yuan respectively, with corresponding EPS of 1.26 yuan, 1.67 yuan, and 2.19 yuan [6][10] Financial Performance - In Q2 2024, the company reported revenue of 2.203 billion yuan, a year-on-year increase of 41.89% and a quarter-on-quarter increase of 10.64% [6] - The gross margin for the first half of 2024 was 21.76%, slightly down by 0.47 percentage points year-on-year, while the net margin improved to 6.90%, up 0.48 percentage points year-on-year [6] - The company’s revenue is projected to grow from 7.137 billion yuan in 2023 to 9.258 billion yuan in 2024, representing a year-on-year growth rate of 29.7% [8][10] Order Acquisition and Product Development - The automotive electronics segment saw revenue of 3.071 billion yuan in the first half of 2024, a 65.41% increase year-on-year, while precision die-casting revenue reached 914 million yuan, up 23.55% year-on-year [6][8] - The company has expanded its order book significantly, securing projects with clients such as Stellantis, Changan Mazda, and BYD, among others [7] - R&D investment in the first half of 2024 was 373 million yuan, a 25.57% increase year-on-year, accounting for 8.90% of revenue [7] Valuation and Investment Suggestion - The estimated reasonable value range for the stock is between 26.46 yuan and 31.5 yuan, based on a PE ratio of 21-25 times for innovative automotive electronic products [7] - The company is expected to maintain a strong growth trajectory, supported by new orders and product innovations [7]

Investment Rating - The investment rating for the company is "Accumulate (Maintain)" [2][9]. Core Views - The company achieved significant growth in H1 2024, with revenue reaching 4.193 billion yuan, a year-on-year increase of 46.2%, and net profit attributable to shareholders of 287 million yuan, up 57.9% year-on-year [2][3]. - The growth was driven by the dual engines of "automotive electronics and precision die-casting," with automotive electronics revenue increasing by 65.41% to 3.071 billion yuan, and precision die-casting revenue rising by 23.55% to 914 million yuan [3][6]. - The company is expanding its growth engine through new product development and customer acquisition, with R&D investment in H1 2024 amounting to 373 million yuan, a 25.57% increase year-on-year [3][6]. Summary by Sections Financial Performance - In H1 2024, the company reported a gross profit margin of 21.76% and a net profit margin of 6.9%, with a decrease in expense ratio to 14% [3][6]. - The company expects total revenue to reach 8.905 billion yuan in 2024, with a year-on-year growth rate of 25%, and net profit to be 629 million yuan, reflecting a growth rate of 35% [6][7]. Business Segments - The automotive electronics segment is seeing rapid growth due to new product lines entering mass production, including cockpit domain controllers and vehicle cameras [3][6]. - The precision die-casting segment is benefiting from increased sales of components related to automotive intelligence and optical communication modules [3][6]. Market Position - The company has made significant progress in customer acquisition, securing projects with major domestic manufacturers such as BYD and NIO, which has led to a substantial increase in order volume [6][3].

Investment Rating - The report maintains an "Outperform the Market" rating for Huayang Group [4][5][12] Core Views - In Q2 2024, the company's net profit reached 145 million yuan, a year-on-year increase of 39%, with H1 revenue at 4.193 billion yuan, up 46.23% year-on-year [1][5] - The automotive electronics segment is experiencing significant growth, with new product lines entering mass production, contributing to a substantial increase in sales revenue [1][5][12] - The company is focusing on automotive intelligence and lightweight solutions, optimizing its customer structure and expanding its international market presence [2][5][12] Financial Performance - Q2 2024 revenue was 2.203 billion yuan, a year-on-year increase of 41.89% and a quarter-on-quarter increase of 10.64% [1][5] - H1 2024 gross margin was 21.8%, with a net margin of 6.9% [6][7] - The company forecasts revenues of 9.47 billion, 12.12 billion, and 15.34 billion yuan for 2024, 2025, and 2026 respectively, with corresponding net profits of 646 million, 921 million, and 1.182 billion yuan [3][5] Product Development and Market Position - The automotive electronics business is expanding with products like cockpit domain controllers and precision motion mechanisms entering mass production [2][10][12] - The company has established deep collaborations with major clients like Huawei, enhancing its product offerings in smart cockpit solutions [2][12][13] - Huayang Group's precision die-casting business is also growing, focusing on components for electric vehicles and intelligent driving systems [5][14][15] R&D and Innovation - R&D investment in H1 2024 was 373 million yuan, accounting for 8.90% of revenue, reflecting a 25.57% increase year-on-year [8][10] - The company is actively involved in setting national and industry standards, enhancing its competitive edge in technology and product innovation [8][10][12] - New product launches include advanced HUD systems and integrated cockpit solutions, positioning the company as a leader in automotive electronics [10][12][14]

Investment Rating - The report maintains a "Buy" rating for Huayang Group [1] Core Views - The company reported a revenue of 4.19 billion yuan in the first half of 2024, a year-on-year increase of 46%, and a net profit attributable to shareholders of 290 million yuan, up 58% year-on-year [2] - In Q2 2024, the company achieved a revenue of 2.2 billion yuan, with a quarter-on-quarter increase of 42% and a year-on-year increase of 11%, while the net profit attributable to shareholders was 145 million yuan, reflecting a quarter-on-quarter increase of 39% and a year-on-year increase of 2% [2] - The automotive electronics segment saw significant growth, with revenue reaching 3.1 billion yuan in H1 2024, a 65% increase year-on-year, while precision die-casting revenue was 900 million yuan, up 24% year-on-year [2] - New product launches and customer acquisitions are driving revenue growth, with notable clients including Volkswagen, FAW Toyota, and BYD [2] - The gross margin for Q2 2024 was 21.9%, showing a slight improvement due to the ramp-up of new product capacity [3] - The report forecasts revenue for 2024-2026 to be 90.3 billion yuan, 112.3 billion yuan, and 132.8 billion yuan, respectively, with year-on-year growth rates of 27%, 24%, and 18% [3] Summary by Sections Financial Performance - Total revenue for 2022 was 5.638 billion yuan, increasing to 7.137 billion yuan in 2023, with projections of 9.033 billion yuan for 2024 [1] - Net profit attributable to shareholders was 380.46 million yuan in 2022, expected to rise to 652.36 million yuan in 2024, reflecting a year-on-year growth of 40.35% [1] - The latest diluted EPS is projected to be 1.24 yuan per share in 2024, with a P/E ratio of 18.88 [1] Cost Management - The company has effectively controlled expenses, with a period expense ratio of 13.9% in Q2 2024, down 0.9 percentage points year-on-year [3] - The net profit margin for Q2 2024 was 6.6%, with operational profit margin improving due to effective cost management [3] Market Position - The company is expanding its market presence with new product offerings such as HUD and wireless charging, contributing to revenue growth [2] - The penetration rate in the new energy vehicle sector is expected to continue increasing, supporting stable revenue growth [2]