Group 1 - The core viewpoint of the news is that Li Cheng Asset Management has conducted research on a listed company, Haoen Qidian, revealing significant growth in revenue and profit for the first half of 2025 [1] - Haoen Qidian reported a revenue of 805 million yuan, representing a year-on-year increase of 35.79%, and a net profit attributable to shareholders of 41.29 million yuan, up 13.75% [1] - The company has a strong customer base, with the top five clients accounting for approximately 70% of revenue, and its new energy business contributing 50% to total revenue [1] Group 2 - The main products of Haoen Qidian include vehicle-mounted camera systems (65%) and ultrasonic radar systems (35%) [1] - The gross profit margin is reported at 20.47%, a slight decrease of 0.84% year-on-year, attributed to R&D expenses of 103 million yuan, which account for 12.85% of revenue [1] - The company has a significant order backlog of 20-30 billion yuan and 40% of its revenue comes from overseas markets, indicating a continued push for globalization [1] Group 3 - The R&D team plans to expand to 1,000 members, with investment in R&D expected to maintain at 10-12% of revenue [1] - A private placement plan was disclosed on August 6, 2025, and was approved by the shareholders' meeting on August 21, pending review by the China Securities Regulatory Commission [1] - Haoen Qidian has established a strategic partnership with NVIDIA, covering the entire Jetson series of control domains [1]
【私募调研记录】理成资产调研豪恩汽电