研报掘金丨东莞证券：维持华阳集团“买入”评级 汽车电子与精密压铸双轮驱动

Core Viewpoint - Huayang Group is expected to achieve growth in both revenue and profit in the first half of 2025, driven by its automotive electronics and precision die-casting segments [1] Revenue and Profit Growth - In the first half of 2025, Huayang Group's automotive electronics revenue reached 3.788 billion yuan, representing a year-on-year increase of 23.37% [1] - Precision die-casting revenue amounted to 1.292 billion yuan, showing a year-on-year growth of 41.32% [1] Market Position - According to third-party statistics, Huayang Group's HUD products maintained the top market share in China in the first half of 2025 [1] - The company also held the leading position in the domestic market for in-car wireless charging products, with its global market share rising to second place [1] Expansion and Globalization - The company has been expanding its customer base both domestically and internationally, with significant achievements in order acquisition [1] - Huayang Group has established subsidiaries in Thailand and Mexico to promote the development of its overseas business, indicating a systematic approach to global expansion [1] Investment Rating - The report maintains a "Buy" rating for Huayang Group, reflecting confidence in its growth prospects [1]