Group 1: Financial Performance - In 2024, the company's operating revenue increased by 11.75% year-on-year, primarily driven by growth in the HDI segment and the introduction of global renowned terminal customers [1] - The net profit attributable to shareholders for 2024 was -87,433,652.40 CNY, indicating a reduction in losses compared to previous periods [2] - The company achieved profitability in Q4 2024 and Q1 2025, marking two consecutive quarters of profit [3] Group 2: Product Development and Market Position - The main products, including high-layer PCB, mid-to-high-end HDI, and flexible circuits (FPC), showed stable growth in 2024 [1] - The company is actively developing new technologies and products in AI, high-speed storage, high-frequency communication, smart driving, low-altitude flying vehicles, and robotics [1] - The company has enhanced its product structure by focusing on high-layer boards and high-end HDI boards, with an increasing proportion of products with 8 layers or more [7] Group 3: Capacity and Operational Efficiency - The new factory in Zhuhai is gradually increasing its capacity utilization, with expectations for steady growth in output [2] - The company is implementing strategies to optimize asset structure and cost control, which have improved operational quality and profitability [3] - The company plans to enhance manufacturing and operational efficiency, focusing on high-end products and emerging markets [8] Group 4: Strategic Initiatives and Market Expansion - The company is seeking advantageous mergers and acquisitions to enhance product structure, technology, and expand the value chain [2] - The company has established offices or subsidiaries in Taiwan, Hong Kong, Singapore, and Thailand to expand overseas marketing channels [4] - The company anticipates that the global PCB market will exceed $100 billion by 2027, driven by smart upgrades and emerging applications [6] Group 5: Research and Development - R&D expenses are increasing, focusing on new energy vehicles, smart driving, AI, and high-frequency communication [5] - The company is recognized as a high-tech enterprise and has established provincial and national-level research centers, indicating strong R&D capabilities [5] - The demand for PCBs is expected to grow significantly due to the increasing requirements for computing power and AI applications [6]

Group 1: Company Development Plans - The company aims to leverage the growth of the new energy vehicle industry and the implementation of the "Safety Performance Inspection Regulations for New Energy Vehicles" to enhance its market presence in vehicle inspection and automotive aftermarket services [1][8]. - The company has established 32 service outlets nationwide, achieving comprehensive market coverage [2]. Group 2: Technological Advancements - The company has developed new energy vehicle inspection equipment and systems, which have received certification from the Ministry of Public Security, and are currently in trial operation with mass production conditions [2][3]. - The company is actively exploring the application of AI technologies in its inspection systems to enhance its competitive edge [5][6]. Group 3: Market Opportunities and Challenges - The implementation of the new energy vehicle inspection regulations is expected to create significant market opportunities for companies with technological advantages [8]. - The overall level of vehicle inspection stations in China is still low, indicating potential growth in inspection demand as vehicle ownership increases [8][11]. Group 4: Financial Performance and Risks - The company reported a 263.73% drop in net profit for 2024, primarily due to reduced inspection demand following policy changes [10][11]. - The company is facing challenges from two rounds of policy adjustments that have decreased inspection frequency, impacting revenue from acquired inspection stations [10][11]. Group 5: Research and Development - In 2024, the company invested 43.89 million yuan in R&D and holds 90 patents and 209 software copyrights [7]. - The company plans to continue focusing on R&D to align with national policies and market demands, enhancing its innovation capabilities [7][12].

Core Viewpoint - The article highlights the upcoming launch of four significant new vehicles in May 2025, showcasing advancements in electric and hybrid technology, smart driving capabilities, and luxurious interior designs [1][10]. Group 1: Upcoming Vehicle Launches - The four new vehicles set to launch are: Galaxy Star 8, Zhiji L6, Zun Jie S800, and GAC Trumpchi Xiangwang M8 [1][10]. - Galaxy Star 8 is a mid-to-large plug-in hybrid sedan featuring advanced smart driving systems and a luxurious interior [4][10]. - Zhiji L6 is a pure electric sedan with an upgraded 800V high-voltage platform, offering rapid charging and advanced driving assistance features [6][10]. - Zun Jie S800, a collaboration between Huawei and JAC, is positioned as a luxury vehicle with L3-level intelligent driving capabilities and a focus on comfort and technology [8][10]. - GAC Trumpchi Xiangwang M8 is a large MPV developed in partnership with Huawei, featuring a high-end interior and advanced smart driving systems [9][10]. Group 2: Vehicle Specifications and Features - Galaxy Star 8 offers two hybrid options, EM-i and EM-P, with electric ranges of 60 km and 130 km respectively, and includes a high-tech cockpit with multiple smart features [4][10]. - Zhiji L6 features a modern design with a new paint finish, an 800V platform for faster charging, and advanced AI integration for a seamless user experience [6][10]. - Zun Jie S800 boasts a luxurious interior with natural materials, advanced L3-level driving assistance, and a focus on safety and convenience through various smart technologies [8][10]. - GAC Trumpchi Xiangwang M8 includes a 2.0T plug-in hybrid system with a pure electric range of 248 km and a comprehensive driving assistance system [9][10]. Group 3: Market Implications - The new vehicles reflect the industry's shift towards electric and hybrid technologies, emphasizing smart driving and luxurious features, which are expected to enhance market competitiveness [10]. - The integration of advanced technologies and luxurious designs in these new models indicates a strong commitment from manufacturers to meet evolving consumer demands [10].

Group 1: Company Overview - The company has been focusing on corner module technology, providing comprehensive solutions that integrate hub motors, electronic mechanical brakes (EMB), steering systems, active suspension, and chassis domain controllers, enabling independent control of vehicle systems and enhancing application scenarios for personalized travel needs [2] - The EMB products are currently in the technology reserve stage and have not yet been mass-produced, with market launch dates dependent on customer project plans [3] Group 2: Performance and Growth - The company's performance growth in the previous year and the first quarter of this year is attributed to the increase in domestic automobile sales and the launch of new international projects, leading to scale effects and improved manufacturing capabilities [3] - The gross profit margin has improved year-on-year, contributing to steady performance growth [3] Group 3: Production Capacity and Market Strategy - The current capacity utilization rate is high, and production levels are determined by vehicle sales; the company plans to expand production lines based on market demand [3] - The company has secured numerous automotive electronics projects, with domestic suppliers being favored for their cost-effectiveness, service quality, and responsiveness compared to foreign brands [3] Group 4: Challenges and Responses - The company faces annual price reduction requests from vehicle manufacturers and plans to optimize product structure and enhance internal management to address pricing pressures [3] - The Moroccan production base project is progressing smoothly [3]

丨证券研究报告丨 行业研究丨专题报告丨汽车与汽车零部件 [Table_Title] 汽车行业一季度基金持仓分析——板块保持超 配，龙头配置维持高位 报告要点 [Table_Summary] 2025Q1 乘用车批发销量 673.0 万辆，内需稳健，有望支撑全年新能源与总量需求。内资方面， 偏好高景气行业，看好全球化和电动智能变革，高股息龙头强劲。外资方面，持股比例持续提 升，偏好盈利能力强的行业龙头以及高成长个股。2025Q1 乘用车销量平稳增长，新能源车市 场需求旺盛，新能源渗透率同比增长。一季度基金重仓比例维持高位，展望来看，"以旧换新" 政策延续，叠加换购需求，支撑内需韧性，有望带动板块需求超预期。智驾平权再塑整车机会， 机器人转型打开零部件空间，坚定看好汽车板块投资机会。 分析师及联系人 [Table_Author] 高伊楠 王子豪 SAC：S0490517060001 SAC：S0490524070004 SFC：BUW101 请阅读最后评级说明和重要声明 %% %% %% %% research.95579.com 汽车与汽车零部件 cjzqdt11111 [Table_Title 汽车行业一季度 ...

Summary of Key Points from Conference Call Records Industry Overview - **Military Industry**: The military sector is expected to enter a new growth cycle from 2025 to 2027, following a period of demand adjustment and performance decline in 2023-2024. Analysts are optimistic about the military sector's future performance, indicating clear signs of a bottoming out in terms of earnings and holdings [1][1][1]. Company Insights - **Tianqin Equipment**: The company holds "four military certificates" and specializes in ammunition storage and protection products. Its customer base includes major manufacturers and various military branches, covering multiple protective device packaging and components [2][2][2]. - **Xinyu Guoke**: This company offers a wide range of military explosives, with over 400 products in production and development, serving various military branches including the army, navy, air force, and police [2][2][2]. Smart Driving Sector - **Strategic Partnership**: Shenzhou Car Rental and Baidu Apollo have formed a strategic partnership to launch the world's first autonomous vehicle rental service, aiming to innovate the application of autonomous driving technology in the rental industry. This collaboration is expected to accelerate the deployment of autonomous driving technology across various urban scenarios, tapping into a significant market potential [3][3][3]. - **Market Growth**: The smart driving market is projected to experience rapid growth, with IDC forecasting that the global connected vehicle scale will reach 78.3 million by 2025, with a compound annual growth rate (CAGR) of 11.5%. By 2026, the scale of autonomous vehicles is expected to reach 89.3 million, with a CAGR of 14.8% [3][3][3]. Additional Company Developments - **Dazhong Transportation**: Collaborating with Baidu to conduct smart connected vehicle demonstrations in Jiading, leveraging advanced technologies for scalable L4-level autonomous driving systems across various industries and scenarios [4][4][4]. - **Ningbo Huaxiang**: The company is enhancing cooperation in robotics and aims to leverage its advanced manufacturing experience in automotive parts to participate deeply in the intelligent robotics industry chain [17][17][17]. Market Trends - **Stock Performance**: The military sector stocks have shown significant performance, with several companies reaching historical highs. The military and automotive sectors are highlighted as key areas of growth, with a notable number of stocks achieving new highs [11][11][11][16][16][16]. Conclusion - The military and smart driving sectors are poised for growth, with strategic partnerships and technological advancements driving innovation and market expansion. Companies within these sectors are well-positioned to capitalize on emerging opportunities, despite recent performance challenges in the military industry.

5月9日，A股早盘走势震荡，截至发稿，中证A500指数跌0.41%，成分股中，润和软件涨超6%，软通动 力、华能国际、百济神州-U、兴业银行等跟涨。 相关ETF中，截至发稿，A500指数ETF（159351）跌0.31%，成交额超5亿元，换手率近4%，早盘交投 活跃，溢折率0.04%，盘中频现溢价交易。 资金流向上，Wind金融终端数据显示，A500指数ETF（159351）昨日获超7500万元资金净流入，该 ETF已连续三个交易日获资金净流入，累计"吸金"超1.8亿元。 A500指数ETF（159351）紧密跟踪新一代标杆指数中证A500指数，该指数优选各行业市值代表性强、 表征行业龙头的500只股票，兼顾大市值的同时均衡覆盖A股各行业核心龙头资产。此外，该指数在电 子、电力设备、医药生物、计算机等行业权重较大，成长属性更强。A500指数ETF（159351）还配备 了场外联接基金（A类022453；C类022454）。 消息面上，据中国证券报，中国上市公司协会5月8日发布的中国上市公司2024年经营业绩报告显示，截 至5月7日，除公告延迟披露公司外，沪深北三家证券交易所共5412家上市公司公布2024年年 ...

Investment Rating - The report maintains a "Buy" rating for the company with a target price of 67.50 CNY, based on a 27x PE valuation for comparable companies in 2025 [2][5]. Core Insights - The company reported a significant revenue increase of 41.8% year-on-year in Q1, with total revenue reaching 2.638 billion CNY and a net profit of 270 million CNY, reflecting a 28.8% increase [9]. - The company is expanding its customer base, having added eight new clients in North America, including Ford and Changan Mazda, which is expected to drive future growth [9]. - The company is focusing on new technology and product development, aiming to enhance its competitive edge and increase the value per vehicle through innovations in electric control systems and lightweight components [9]. Financial Performance Summary - Revenue projections for 2025-2027 are 13.011 billion CNY, 15.962 billion CNY, and 19.698 billion CNY, respectively, with year-on-year growth rates of 30.9%, 22.7%, and 23.4% [4][11]. - The net profit attributable to the parent company is forecasted to be 1.518 billion CNY in 2025, 1.863 billion CNY in 2026, and 2.298 billion CNY in 2027, with growth rates of 25.6%, 22.8%, and 23.3% [4][11]. - The company's gross margin is expected to stabilize around 22.0% to 22.5% from 2025 to 2027, while the net margin is projected to remain at 11.7% [4][11].

Group 1 - The automotive supply chain is experiencing a surge in joint ventures and collaborations, breaking traditional boundaries and fostering a new wave of partnerships [2][3] - Recent collaborations include partnerships between major players such as Visteon and ByteDance's Volcano Engine, Bosch and Horizon, and others, focusing on innovative solutions in smart cockpits and autonomous driving [3][4] - The launch of the first fully autonomous iVISION smart headlight by a consortium of Chinese companies marks a significant advancement in domestic supply chain capabilities, expected to accelerate market penetration by 35% [3] Group 2 - The automotive supply chain is facing intense competition and pressures, leading companies to embrace collaboration as a key strategy to overcome challenges and reduce costs [5][6] - Global trade issues and tariff challenges are prompting companies to explore cooperative strategies to enhance their market positions and operational efficiencies [5][6] - Collaborations are seen as essential for expanding into international markets, allowing domestic companies to leverage foreign expertise and distribution channels while foreign firms benefit from local market insights [9] Group 3 - Future collaborations in the automotive supply chain are anticipated to deepen and broaden, enabling companies to share risks, reduce investments, and achieve synergies [8] - Joint procurement and shared production facilities are expected to lead to significant cost savings, enhancing competitiveness for both vehicle manufacturers and parts suppliers [8] - The shift towards collaborative models is viewed as a necessary evolution in the industry, moving away from competitive pressures to a more cooperative framework that benefits all stakeholders [9]

Summary of Conference Call on Intelligent Driving Chips Industry Overview - The domestic mid-tier intelligent driving chip market is primarily dominated by Horizon Robotics' Journey 6 series, which strikes a balance between performance and price, making it widely adopted by mainstream OEMs. Qualcomm and NVIDIA solutions are used less frequently [1][2] - The high-end market is mainly led by NVIDIA's Orin series chips, but Horizon has introduced a full-stack high-end solution, HSD, based on G6P, gaining some market share due to cost advantages and superior performance [1][2] - Qualcomm's 8,775 chip is positioned for the mid-to-low-end market, expected to be deployed in the second half of 2025, but OEMs show limited willingness to adopt it due to the challenges of simultaneous development of cockpit and intelligent driving systems [1][5] Key Insights - The domestic vehicle chip design sector has largely achieved independence, but the production side still relies on foreign foundries, limiting the localization rate of mid-tier and high-end chips. The future trend is to enhance design independence and seek more production collaborations [1][6] - NIO is making the fastest progress in self-developed chips, having implemented its self-developed ZAM chip in the ET9 model, improving computing power utilization and reducing costs, although it faces challenges in capacity and R&D costs [1][7] Market Dynamics - The domestic vehicle chip market can be segmented into low, mid, and high tiers. The low tier includes basic L2 functions, while the mid-tier has expanded to high-speed NOA, which has become mainstream following BYD's intelligent driving strategy [2] - The pricing trend for mainstream vehicle chips is generally declining, with low-tier chips around $20, mid-tier chips like Horizon's 6M at approximately $70, and high-end chips like NVIDIA's Orin X exceeding $300 [3][17] Competitive Landscape - The low-tier market is primarily led by Horizon, Mobileye, and Bosch, with Horizon's share expected to increase. The mid-tier market is dominated by the Journey 6 series, which is projected to capture a significant portion of the domestic OEM market in the next two years [18] - In the high-end market, NVIDIA still holds the largest share, with a small portion allocated to Qualcomm's 8,650 and Horizon's HSD solution [18] Self-Developed Chips - NIO is the fastest in self-development, with its ZAM chip already in use, while other companies like XPeng and Li Auto are at different stages of development. The advantages of self-developed chips include better software-hardware coupling and cost savings [7][9] - However, self-developed chips face disadvantages such as limited manufacturing capacity and high R&D costs, which could lead to higher costs compared to externally sourced chips if sales volumes are insufficient [8][9] Future Trends - The trend towards self-developed chips is not expected to be prevalent among traditional automakers like Geely and Chery due to their complex R&D systems and high investment risks. In contrast, emerging companies like NIO and XPeng are more inclined to pursue self-development as it aligns with their brand identity [9][10] - The integration of cockpit and intelligent driving functions is currently less common due to high performance requirements and rapid iteration speeds, with a trend towards separating these functions until higher-performance chips become available [15] Geopolitical and Regulatory Impact - Geopolitical factors and tariffs have limited effects on the vehicle chip industry, with few restrictions on chip exports from China to other countries, except the U.S. Companies like Horizon face slow overseas expansion due to insufficient data accumulation and mass production experience [20]