格隆汇11月24日｜华鑫证券研报指出，恒勃股份深耕汽摩进气系统领域，拓展新能源业务打开成长空 间。公司主营业务以汽车和摩托车进气系统及配件为核心，2025年上半年营收占比超90%。目前，公司 已在浙江台州、广东江门、重庆铜梁和江苏常州形成四大产业基地，具备规模化制造与快速响应能力。 公司深耕汽摩进出气系统领域，产品市占率有望进一步提升；同时积极进军新能源车配套产品领域，布 局高性能改性材料切入轻量化赛道，业绩有望持续稳步增长，给予"买入"投资评级。 ...

在轻量化材料尤其是镁合金方向业务的推进上，旭升集团相关负责人表示业务总体发展稳健。现阶段， 该公司已掌握半固态注射等核心工艺，相关产品已进入机器人关节壳体、躯干结构件及汽车中控部件等 项目的样件验证阶段，并获得部分客户的定点订单，小批量导入顺利推进，但当前镁合金业务仍处于导 入期，对旭升集团整体业绩贡献有限。 此次业绩说明会中，海外产能建设进度与轻量化材料（尤其是镁合金）新业务布局，成为投资者重点关 注的两大焦点，旭升集团也逐一披露了最新进展。 在海外产能布局方面，公司墨西哥工厂已于今年陆续实现投产，目前整体仍处于产线爬坡期，后续将逐 步释放产能；泰国基地则于7月份正式动工建设，各项建设工作与工艺导入正严格按照原计划稳步推 进，预计将于2026年下半年起陆续投入使用。 本报讯 （记者吴奕萱）11月19日，宁波旭升集团股份有限公司（以下简称"旭升集团"）在证券日报网 召开2025年第三季度业绩说明会，管理层与投资者进行了互动交流，针对市场关注的业绩表现、产能布 局、新业务进展等核心问题，进行了全面的回应。 业绩层面，旭升集团第三季度实现营业收入11.30亿元，同比增长0.41%；归属于上市公司股东的净利润 99 ...

Company Overview - The company was established in 2003 and primarily engages in the R&D, production, and sales of components for consumer electronics and new energy vehicle power batteries, as well as related 3C and semiconductor intelligent assembly automation equipment [1] - The revenue from wearable electronic structural components and functional components in consumer electronics has consistently maintained a high position in the company's business structure, accounting for over 60% since 2020 [1] - The gross profit margin for related businesses has remained high, with a gross profit share of over 60% in the past four years, serving as a core driver of the company's profits [1] - As of Q3 2025, the company achieved a revenue of 2.278 billion yuan, representing a year-on-year growth of 28.59%, benefiting from increased income from electronic product structural components and new energy structural and functional components [1] - The company has strategically acquired a professional carbon fiber product manufacturer, which will help extend its strategic layout towards upstream lightweight material ecosystems and solidify its composite material foundation [1] Market Position and Clientele - The company serves leading brands in the consumer electronics sector, leveraging a lightweight material technology platform to establish a first-mover advantage in AI lightweight structural components [2] - The company has seen an overall increase in project share with core clients while adopting a strategy of "old customers with new products, old products with new customers" [2] - Key clients include Samsung, Pegatron, Vitec, Amphenol, Meilun Electronics, Huatong Computer, Taijun Technology, GoerTek, and Luxshare Precision, with products ultimately applied in well-known consumer electronics brands such as Apple, Huawei, OPPO, Jabra, Bose, Sony, Facebook, and Sennheiser [2] - The company has expanded its project share in areas such as foldable smartphones and MR devices, driving overall performance growth [2]

Core Viewpoint - The company, Xingyuan Zhuomei (301398.SZ), has received a supplier designation notification from a domestic electric vehicle manufacturer to develop and supply magnesium alloy powertrain casing components for electric vehicles, with expected sales of approximately 2.021 billion RMB over the next four years from 2026 to 2029 [1] Group 1: Project Details - The project is set to begin mass production in the third quarter of 2026 [1] - The total sales amount for the project is projected to be around 2.021 billion RMB over the period from 2026 to 2029 [1] Group 2: Company Strengths - The notification reflects the client's high recognition of the company's core R&D capabilities, precision manufacturing, and comprehensive service levels [1] - The company focuses on innovative design and alternative applications of lightweight materials in the automotive parts industry, showcasing its competitive advantage in the field of magnesium alloy powertrain components for electric vehicles [1] Group 3: Future Directions - The company plans to continue being research and customer demand-oriented, maintaining close cooperation with industry chain partners to quickly respond to strategic planning and order demands [1] - The company aims to contribute to the green upgrade and high-quality development of the electric vehicle industry [1]

Core Viewpoint - The company, Yizhiming (300415.SZ), indicates a trend of accelerated penetration of lightweight materials in various scenarios such as smart terminals and new energy [1] Group 1: Industry Trends - Lightweight materials are increasingly being adopted in smart terminals and new energy applications [1] - The advantages of semi-solid magnesium alloy forming equipment, including high consistency, high density, and environmental safety, are expected to drive significant growth in this sector [1]

Group 1 - The company is focusing on the research and development of lightweight materials, primarily aluminum and magnesium alloys [2] - The application of these lightweight components is being expanded beyond the automotive industry to sectors such as transportation, 5G, marine equipment, and low-altitude aircraft [2]

Core Viewpoint - Huazhong Automotive (06830) saw a significant stock increase of over 26% in early trading, currently up 22.64% at HKD 0.325, with a trading volume of HKD 5.868 million [1] Group 1: Strategic Partnership - On October 15, Huazhong Automotive and Moli Technology held a strategic cooperation signing ceremony in Xiangshan, Ningbo [1] - The partnership will focus on four key areas: AI empowerment, embodied robotics applications, dexterous hand development applications, and lightweight material innovation [1] Group 2: Company Background - Huazhong Automotive specializes in automotive interior and exterior parts as well as body structure components, and is a Hong Kong-listed company under Ningbo Huaxiang (002048) Group [1] - Moli Technology is an AI technology enterprise focusing on algorithm research and applications in robotic vision, position control, force control, and intelligent end-effectors [1] - Moli Technology has developed various robots, including flying inspection robots, ironing robots, polishing robots, and assembly robots [1]

Core Viewpoint - The strategic cooperation agreement between Lichung Group and Beijing Weijing Intelligent Technology aims to expand Lichung's business from automotive aluminum alloy materials to humanoid robotics, enhancing the application of aluminum alloys in emerging industries while addressing key manufacturing cost challenges for Weijing Intelligent [1] Group 1: Strategic Cooperation - Lichung Group signed a strategic cooperation agreement with Weijing Intelligent on October 9, 2025, focusing on business collaboration and equity investment [1] - The cooperation aims to leverage both parties' strengths in lightweight materials and embodied intelligent products, facilitating deep industrial synergy [1] Group 2: Industry Expansion - The partnership will assist Lichung Group in extending its reach into the humanoid robotics sector, thereby broadening the application scenarios of aluminum alloy materials in new industries [1] - This collaboration is expected to enhance Lichung's core competitiveness by integrating advanced technologies and resources [1]

Investment Rating - The report initiates coverage with an "Accumulate" rating for the company [3][6]. Core Insights - The company has established long-term partnerships with major automotive manufacturers, focusing on internal combustion engine intake systems and components, while also expanding into the new energy vehicle sector [1][2]. - The company is actively developing and applying modified high-performance polymer materials, particularly PEEK, which is expected to become a core material in high-end precision manufacturing due to its excellent properties [2][3]. - A joint venture has been formed with Discover Material Inc. to enhance market expansion and overall efficiency by leveraging over 30 years of experience in modified materials [3]. Financial Summary - The company forecasts revenue growth from 785 million in 2023 to 1,459 million by 2027, reflecting a compound annual growth rate (CAGR) of approximately 15.96% [4]. - Net profit is projected to increase from 115 million in 2023 to 237 million by 2027, with a CAGR of 18.94% [4]. - Earnings per share (EPS) are expected to rise from 1.27 in 2023 to 2.29 by 2027, indicating strong profitability growth [4]. Profitability and Valuation Metrics - The report anticipates a price-to-earnings (P/E) ratio of 57.10 in 2025, decreasing to 40.32 by 2027, suggesting improving valuation as earnings grow [3][4]. - The net asset return rate is projected to increase from 9.2% in 2024 to 12.6% in 2027, indicating enhanced operational efficiency [4].

Core Viewpoint - The company is focusing on integrated die-casting as a significant strategic direction, with high market expectations for its performance and profitability in the future [1] Group 1: Integrated Die-Casting Project - The company has purchased multiple sets of die-casting units ranging from 2500T to 9000T, primarily located in its subsidiaries Changzhou Bojun and Chengdu Bojun [1] - The current die-casting equipment deployed includes 5000T and 9000T in Changzhou Bojun, and 2500T, 3500T, and 5000T in Chengdu Bojun [1] - The company has existing orders related to integrated die-casting, including products such as rear floor, shock tower, front-end module, rear side inner panel, and front lower crossbeam assembly [1] Group 2: Production and Development Status - Some projects, including shock towers and rear floors, have already entered mass production, while others like front-end modules and front lower crossbeam assemblies are still in the product development phase [1] - The specific mass production timelines for these projects will depend on customer release schedules [1]