格隆汇2月27日丨华昌达(300278.SZ)在投资者互动平台表示，公司与银河通用暂无业务合作。 ...

格隆汇2月27日丨华昌达(300278.SZ)在投资者互动平台表示，公司与银河通用暂无业务合作。 ...

内容概况：从汽车整车的制造流程来看，主要包括冲压、焊装、涂装和总装这四个环节。焊装阶段的工 艺最为复杂，也是汽车整体质量决定性的因素之一。近年来，随着汽车工业向自动化与智能化持续迈 进，焊装设备技术不断升级，从传统的焊接机器人逐步演进至激光焊接、搅拌摩擦焊等先进工艺，有效 提升了焊接质量与生产效率，降低了人工依赖，同时增强了汽车制造的精度与生产柔性。与此同时，国 家相继出台《中国制造2025》《机械行业稳增长工作方案（2025—2026年）》等一系列政策，明确将持 续加大对高端装备制造业的支持力度，为汽车焊装设备行业的技术创新与市场拓展创造了良好的宏观环 境与发展机遇。从市场结构看，汽车焊装设备主要服务于汽车改造领域与汽车新增产能领域。数据显 示，2025年中国汽车焊装设备行业市场规模为360.48亿元，同比增长3.96%，其中，汽车改造领域市场 规模为163.91亿元，同比增长4.69%；汽车新增产能市场规模为196.57亿元，同比增长3.35%。未来，随 着新能源汽车渗透率提升、轻量化材料应用增多以及智能制造要求的进一步提高，汽车焊装设备行业将 继续向更高效、更智能、更柔性的方向演进，市场规模有望保持稳健 ...

Group 1 - The company, Huachangda, stated that it has a sound governance structure and stable operations, with all major decisions being compliant and no governance risks present [2]

Group 1 - The core focus of the collaboration between the company and Tesla is on intelligent production lines in the automotive sector [1]

Core Viewpoint - Huachangda's stock performance shows a significant decline in both revenue and net profit, indicating potential challenges in the company's financial health and market position [2]. Group 1: Stock Performance - On February 3, Huachangda's stock rose by 3.09%, with a trading volume of 145 million yuan [1]. - The margin trading data indicates a financing buy of 13.065 million yuan and a repayment of 27.343 million yuan, resulting in a net financing outflow of 14.278 million yuan [1]. - As of February 3, the total margin trading balance for Huachangda was 492 million yuan, with the financing balance accounting for 6.12% of the circulating market value, which is above the 80th percentile of the past year [1]. Group 2: Financial Performance - For the period from January to September 2025, Huachangda reported a revenue of 1.779 billion yuan, a year-on-year decrease of 12.34% [2]. - The net profit attributable to shareholders was 11.9149 million yuan, reflecting a significant year-on-year decline of 84.64% [2]. - The company has not distributed any dividends in the past three years, with a total payout of 34.533 million yuan since its A-share listing [2]. Group 3: Shareholder Information - As of September 30, 2025, the number of Huachangda's shareholders was 54,200, a decrease of 6.51% from the previous period [2]. - The average number of circulating shares per shareholder increased by 6.96% to 26,138 shares [2]. - Among the top ten circulating shareholders, Huaxia CSI Robotics ETF increased its holdings by 5.1066 million shares, while Hong Kong Central Clearing Limited reduced its holdings by 628,730 shares [2].

Group 1 - The company, Huachangda (300278.SZ), stated that its business does not currently involve the field of space photovoltaic technology [1]

Group 1 - The company Huachangda announced an expected net profit attributable to shareholders of the listed company for the year 2025 to be between -55 million and -38 million yuan, compared to a profit of 77.6253 million yuan in the same period last year [1]

Core Viewpoint - The company expects a net profit loss of 38 million to 55 million yuan for the fiscal year 2025, compared to a profit of 77.6253 million yuan in the same period last year [1] Industry Summary - The smart equipment manufacturing industry is experiencing a recovery in market demand, but increased competition has led to a decline in project profitability [1] - The company is leveraging its technological advantages to actively explore the market, maintaining a healthy order backlog and achieving a year-on-year increase in main business revenue [1] Financial Performance - Despite the growth in main business revenue, the total profit has decreased year-on-year due to intensified industry competition, which has forced companies to lower product prices, eroding profit margins [1] - The sales gross margin has declined, with some projects even incurring losses [1] - Delays in customer payments have resulted in increased credit impairment losses [1] - The company has faced higher tariff costs and exchange losses due to U.S. tariff policies and currency fluctuations [1]

Financial Performance - The company expects a net profit loss of approximately RMB -55 million for the year 2025, a decline of 170.85% compared to the same period last year, which reported a profit of RMB 77.63 million [5]. - The net profit after deducting non-recurring gains and losses is projected to be RMB -78 million, representing a decrease of 452.71% from the previous year's profit of RMB 22.11 million [5]. - The company anticipates an asset impairment provision impact on net profit between RMB -75 million and RMB -60 million due to asset value assessments [8]. - Foreign exchange losses on receivables from USD-denominated debts are estimated at approximately RMB 9 million due to currency fluctuations [8]. - Non-recurring gains and losses are expected to positively impact net profit by about RMB 23 million, primarily from government subsidies and investment income [8]. Market Conditions - Despite a recovering market demand in the intelligent equipment manufacturing industry, intensified competition has led to a decrease in profit margins and some projects experiencing losses [7]. - The company has maintained a healthy order backlog, with main business revenue showing year-on-year growth, despite the overall profit decline [7]. Strategic Adjustments - The company is actively adjusting its strategy by increasing investment in technology research and development, expanding overseas markets, and optimizing its business structure to address multiple challenges [7]. Audit and Investor Advisory - The company has communicated with its auditing firm regarding the performance forecast, confirming no significant discrepancies in the reported data [6]. - Investors are advised to exercise caution as the final financial data will be disclosed in the official 2025 annual report [9].