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].

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected performance that will exceed the market by over 20% [19]. Core Views - In 2023, the company achieved total revenue of 7.137 billion yuan, a year-on-year increase of 26.59%, and a net profit attributable to shareholders of 465 million yuan, up 22.17% year-on-year. The revenue growth rate continued to accelerate throughout the year, demonstrating high growth elasticity amid fierce competition in the automotive industry [19][20]. - The company is expected to maintain its performance forecasts for 2024-2025 and has added a forecast for 2026, projecting net profits of 591 million yuan, 809 million yuan, and 1.008 billion yuan for 2024, 2025, and 2026 respectively, with corresponding EPS of 1.13, 1.54, and 1.92 yuan per share [19][20]. - The automotive electronics and precision die-casting businesses achieved revenues of 4.826 billion yuan and 1.660 billion yuan respectively in 2023, reflecting year-on-year growth of 28.85% and 25.42%, driven by significant increases in the production and sales of automotive electronic products and components related to automotive intelligence [20][21]. Financial Summary - The company's total revenue is projected to grow from 7.137 billion yuan in 2023 to 11.052 billion yuan in 2025, with a compound annual growth rate (CAGR) of approximately 26.8% [22]. - The net profit is expected to increase from 465 million yuan in 2023 to 809 million yuan in 2025, indicating a strong growth trajectory [22]. - The overall gross margin for the company was 22.36% in 2023, reflecting a slight increase of 0.26 percentage points year-on-year, showcasing the company's scale effects and lean management capabilities [20][21]. Business Expansion - The company has successfully expanded its customer base in the automotive electronics sector, securing projects with major clients such as Volkswagen, FAW Toyota, and SAIC Volkswagen. It has also made significant inroads into overseas markets [21]. - The company has launched several innovative products, including a cockpit domain controller and various display technologies, which have contributed to its revenue growth and market competitiveness [21].

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 | ...

Investment Rating - The report maintains an "Outperform the Market" rating for the company [11]. Core Views - The company achieved significant growth in 2023, with total revenue reaching 7.137 billion yuan, a year-on-year increase of 26.59%, and a net profit attributable to shareholders of 465 million yuan, up 22.17% year-on-year [4][5]. - The company is expanding its customer base and product offerings, particularly in automotive electronics and precision die-casting, with notable revenue growth in these segments [12][4]. - The company is increasing its R&D investment, which reached a historical high of 9.03% of revenue, focusing on innovative products such as HUD and other automotive electronic components [12][4]. Financial Performance - In 2023, the company reported a gross margin of 22.36% and a net margin of 6.51%, indicating stable profitability despite slight fluctuations [4]. - The forecast for net profit for 2023-2025 is 644 million yuan, 828 million yuan, and 1.046 billion yuan respectively, with corresponding EPS of 1.23 yuan, 1.58 yuan, and 1.99 yuan [5][8]. - Revenue is projected to grow to 8.858 billion yuan in 2024 and 11.056 billion yuan in 2025, maintaining a growth rate of around 24% [8][13]. Product and Market Development - The company has successfully expanded its automotive electronics business, securing new clients such as Volkswagen, SCANIA, and Maserati, and enhancing collaboration with existing clients [12]. - The precision die-casting segment is also seeing growth, particularly in projects related to new energy vehicles and smart automotive components [12]. - The company is actively pursuing overseas projects and has made significant progress in international markets [12]. Valuation - The report suggests a reasonable valuation range for the company at 33.21 to 39.36 yuan per share, based on a PE ratio of 27-32 times for 2024 [5].

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]