研报掘金丨东莞证券：予华阳集团“买入”评级，“汽车电子+精密压铸”双轮驱动

Core Viewpoint - Huayang Group is positioned as a leading supplier of automotive electronic products and components, leveraging a dual-driven business model of "automotive electronics + precision die-casting" to navigate through industry cycles [1] Group 1: Business Model and Strategy - The company has developed a dual-driven business matrix focusing on automotive electronics and precision die-casting, with automotive electronics being the largest revenue source [1] - Precision die-casting targets lightweight components made from aluminum/magnesium alloys, benefiting from trends in new energy vehicle powertrains and chassis lightweighting [1] - Huayang Group has transitioned from consumer electronics to automotive components over the past 30 years and has embraced "software-defined vehicles" since 2017, aiming to become a global Tier 1 supplier [1] Group 2: Product Development and Innovation - The recent launch of the high-performance in-vehicle AI computing platform "Huayang AIBOX" has been designated by leading domestic automakers, marking a significant step in the mass production of edge large models [1] - This innovation is expected to optimize overall vehicle hardware costs while potentially becoming a new rapid growth point for the company [1] Group 3: Financial Projections - The projected net profit attributable to shareholders for the years 2025, 2026, and 2027 is estimated to be 843 million, 1.034 billion, and 1.309 billion yuan respectively [1] - Corresponding price-to-earnings ratios (PE) for these years are expected to be 20.37, 16.60, and 13.11 times [1] - The company has been given a "buy" rating based on these projections [1]