瑞鹄模具系列 车中旭霞 深度报告 《国信证券-华为行业专题-三种模式赋能车企，打造中国智能汽车品牌》 ——20240314 点评报告 《 国信证券- 瑞鹄模具-002997.SZ- 一季度收入同比增长48%，规模效应有望持续兑现》-20250501 《国信证券- 瑞鹄模具-002997.SZ- 2024年净利润同比增长73%，零部件+机器人加速拓展》 —— 20250329 《国信证券- 瑞鹄模具-002997.SZ- 零部件新业务稳定放量，三季度净利率同环比提升》 —— 20241023 《国信证券-瑞鹄模具-002997.SZ-新业务稳定放量，二季度归母净利润同比增长82%》 —— 20240821 《国信证券- 瑞鹄模具-002997.SZ- 一季度归母净利润同比增长77%，单季度业绩创新高》 —— 20240424 核心观点 瑞鹄模具2025Q1实现营收7.47亿元，同比+48%；实现归母净利润0.97亿元，同比+28%。受益于客户销量高增及新业务量产，公司营收增速超越行业33.5pct。自主品牌 持续发力，以旧换新、车企促销等因素助力，2025Q1中国汽车产量达到756万辆，同比增长14.5%。公司 ...

记者 濮振宇 车载镜头业务收入增长，并不意味光学企业已经从中赚到了利润。随着上下游市场竞争变得激烈，不少 光学企业的车载光学业务面临着毛利率下滑的挑战。 收入增长依赖智能汽车 联创电子2024年财报数据显示，当年营收为102.11亿元，同比增长3.69%，其中车载光学产品营收为 20.6亿元，同比增长119.87%，占营收的比重从2023年的9.52%大幅增长到20.18%。 联创电子在运动相机镜头、智能汽车车载光学领域位居行业前列。在车载光学领域，联创电子作为国内 外ADAS镜头主力供应商，2024年持续深化与Mobileye、Nvidia 等国际方案商以及地平线、百度等国内 头部平台战略合作，产品成功导入比亚迪、蔚来、吉利等主流车企。 今年第一季度，联创电子营收为21.77亿元，同比下降11.71%，但核心光学业务发展顺利，其中车载光 学营收达7.7亿元，同比增长43.18%，发展势头良好；车载镜头强势领涨，营收达4.4亿元，同比增长 99.67%。 依靠智能汽车赛道拉动营收增长的光学企业，不只联创电子一家。欧菲光2024年营收为204.36亿元，同 比增长21.19%，其中智能汽车产品营收同比增长达到2 ...

Core Insights - The company reported a total revenue of 26.6 billion yuan for 2024, representing a year-on-year increase of 35.02% [1] - The net profit attributable to shareholders reached 3.001 billion yuan, up 39.52% year-on-year, while the net profit excluding non-recurring items was 2.728 billion yuan, reflecting a 35.00% increase [1] - In Q1 of this year, the company achieved a revenue of 5.768 billion yuan, a slight increase of 1.4% year-on-year, but the net profit attributable to shareholders decreased by 12.39% [1] Revenue and Profit Growth - The automotive electronics business experienced rapid growth, with a tenfold increase exceeding 1.8 billion yuan, entering a phase of accelerated mass production [1][2] - In Q4, the company recorded a revenue of 7.248 billion yuan, a year-on-year increase of 30.63%, and a net profit of 767 million yuan, up 38.47% [1] Product Line Expansion - The company is focusing on developing nine product lines, including key products and core technologies in the robotics industry, alongside eight product lines for smart electric vehicles [2] - The thermal management module, featuring a self-developed high-precision electronic expansion valve, has established a benchmark in the industry [2] International Strategy and Production Capacity - The company has accelerated its international strategy, with factories in North America and Mexico fully operational, and plans for a second phase of projects underway [3] - The company is also planning and constructing a production base in Thailand to tap into the Southeast Asian market [3] Future Projections - Revenue projections for 2025-2027 are estimated at 34.128 billion yuan, 41.680 billion yuan, and 48.890 billion yuan, respectively, with net profits of 3.789 billion yuan, 4.710 billion yuan, and 5.589 billion yuan [4] - The expected earnings per share (EPS) for the same period are 2.18 yuan, 2.71 yuan, and 3.22 yuan, with price-to-earnings (PE) ratios of 24, 19, and 16 times [4]

Core Insights - The 2025 18th China (Nanjing) International Automobile Expo and Jiangsu International New Energy Vehicle Exhibition is being held from April 30 to May 4, 2025, covering an area of approximately 60,000 square meters and attracting over 70 global automotive brands with more than 800 models on display [1][5] - The event has become a significant platform for automotive brands, showcasing technological advancements and stimulating consumer interest in the automotive sector [1][5] Industry Developments - BYD's "blade battery" showcased at the expo has a volume utilization rate improvement of over 50%, enhancing the range of electric vehicles to match high-energy-density lithium batteries [2] - The "Aviator 06," developed through collaboration between Changan Automobile, Huawei, and CATL, features advanced smart driving capabilities and a luxurious user experience, indicating a shift towards intelligent automotive solutions [2][6] - The expo highlights the rapid evolution of domestic automotive brands, showcasing their technological advancements and positioning them as leaders in the global market [6] Consumer Engagement - The launch of the second round of automotive consumption subsidies in Nanjing starting May 1, 2025, offers up to 4,000 yuan per vehicle, further incentivizing consumers to purchase new energy vehicles [2][3] - The presence of various promotional pricing strategies, including trade-in policies and subsidies, has led to increased foot traffic and consumer interest at the expo [3][4] Historical Context - The Nanjing International Automobile Expo has been held for 18 consecutive years, reflecting the growth and transformation of the automotive industry in China since the first event in 2009 [5][6] - The event serves as a testament to China's transition from a technology-absorbing market to an innovator in the automotive sector, with a focus on smart and electric vehicles [6]

| 黄细里 刘力宇 | GMT - 1 | | --- | --- | | 高路 | | | 郭雨蒙 | 1970 | | 孙仁昊 | | | 赖闊旭 | סוגים | 未经许可，不得转载或者引用。 | 投资要点 | | --- | 事件： 公司发布2025年一季报，2025Q1公司营收达57.68亿元，同比+1.40%/环比-20.43%；归母净利 润达5.65亿元，同比-12.39%/环比-26.23%。从盈利能力看，公司25Q1毛利率达19.89%，同 比-2.53pct/环比+0.08pct；25Q1净利率达9.80%，同比-1.54pct/环比-0.77pct。25Q1公司期间费用 率达10.51%，同比+1.18pct/环比+2.15pct。其中销售费用/管理费用/财务费用/研发费用率分别 达1.19%/3.30%/0.10%/5.93%，同比分别-0.19pct/+0.55pct/-0.61pct/+1.44pct。 2025Q1业绩下滑主要受下游部分大客户影响，预计25Q2将得到改善： 从主要下游客户2025Q1表现来看：1）特斯拉全球销量为33.7万辆，同比-13.0%；2）吉利销量 为7 ...

01 事件概述 02 分析判断 ► 2025Q1营收、ASP环比明显改善 收入端， 2024Q4营收同比-11.0%，环比+35.2%，2024Q4集团销量136.4万辆，同比-15.4%，环比+65.8%，销量环比提升驱动营收环比改善，营收增速环比低于销量增速主要 系ASP下滑。2025Q1总营收1,408.6亿元，同比-1.5%，环比-28.5%；2025Q1集团销量94.5万辆，同比+13.3%，环比-30.7%，受益批发销量改善、ASP环比提升及华域收入提 升，营收增速环比好于销量增速 。 ASP： 2024Q4/2025Q1单车ASP为9.8/10.1万元，同比分别+5.4%/-13.1%，环比分别-18.5%/+3.1%，ASP 提升主要受售价偏高的新能源产品 占比提升驱动。 ► 2024Q4上汽通用减值影响利润 2025Q1规模效应驱动盈利改善 毛利端 ： 2024Q4/2025Q1 毛利率 11.6%/10.2% ，同比 -0.3/-1.2pct ，环比 0.0%/-1.4pct ， 2024Q4 毛利率下滑主要系 Q4 将相关保证类产品质保费自销售费用重分类至营业成 本，规模效应驱动毛利改善 ...

盈利能力方面，2025 年一季度公司销售毛利率 23.74%，同比下降 1.14pp，环比 提升 1.41pp，销售净利率 10.03%，同比提升 0.60pp，环比提升 1.52pp。毛利率 环比继续改善，一方面 2024 年下半年以来铜价回落使得上游原材料成本压力有 所缓解，另一方面公司也积极通过产品升级迭代、生产自动化、效率提升、工艺 改善，供应链降本以及为客户推出一站式整体解决方案等多项措施促进毛利率稳 步回升。公司积极管控费用，2025 年一季度期间费用率为 11.59%，同比下降 3.88pp。 ❑ 拟发行可转债，看好新能源智能汽车及 AI 算力机遇 投资要点 ❑ 2025Q1 公司业绩再加速，盈利能力环比继续改善 2025 年一季度，公司实现营业收入 7.61 亿元，同比增长 64.66%，归母净利润 0.76 亿元，同比增长 81.36%，扣非归母净利润 0.73 亿元，同比增长 80.12%。公 司营业收入实现快速增长，主要系新能源汽车渗透率进一步提高，公司市场占有 率进一步提升，同时美国工厂正式投入运营，生产销售较为稳定，带动公司销售 收入大幅增长。 证券研究报告 | 公司点评 | 其他电 ...

英特尔是今年首次参加上海车展。2024年初，英特尔发布了第一代SDV（AI增强型软件定义）座舱SoC （系统级芯片，System on Chip），此次车展发布了第二代SDV SoC，并宣布与黑芝麻智能共同开发舱 驾融合平台，整合双方在智能座舱芯片（英特尔SDV SoC）和辅助驾驶芯片（黑芝麻华山A2000、武当 C1200）的技术优势，打造跨域融合解决方案。该平台通过软硬件协同设计，实现座舱交互与辅助驾驶 功能的深度联动，支持从L2+到L4的场景需求，并计划于2025年第二季度发布参考设计。 除了和英特尔合作外，黑芝麻智能近日也发布了基于武当系列芯片构建的安全智能底座，联合东风汽 车、均联智行宣布，基于武当C1296芯片的首个国产单芯片中央计算平台量产启动，该舱驾一体化方案 正式进入量产阶段。 黑芝麻智能首席营销官杨宇欣4月29日对第一财经记者表示，供应链正在快速重构，中国核心供应链在 全面融入全球的供应链体系，中国已经深度融入全球创新网络。 跨国车企绑定中国供应链，中国供应 链已从"成本优势"转向"技术赋能"，成为全球创新的关键一环；与此同时，中国本土供应链走向全球， 构建全球化服务能力。本土供应链凭借技 ...

Core Insights - Changan Automobile is accelerating its three major plans: "Shangri-La" for new energy, "Beidou Tianshu" for intelligence, and "Haina Baichuan" for globalization, as part of its participation in the 21st Shanghai International Auto Show [1][3] - The automotive industry is transitioning into the "second half of intelligence," where key competitive factors include intelligence, globalization, and energy diversification, which are the strengths of Changan Automobile [1][3] Group 1 - Changan Automobile showcased its three major brands and new intelligent vehicles, including Changan Qiyuan Q07, Deep Blue S09, and Avita 06, at the auto show [1] - The company introduced its all-solid-state battery, achieving a revolutionary breakthrough in safety and energy density with a high energy density of 400Wh/kg and a 70% improvement in safety [3] - Changan Automobile is elevating its five major overseas markets to the same strategic level as the Chinese market, promoting localization and transitioning from "product export" to "brand export" [3] Group 2 - The company is positioning itself as a localized entity in global markets, exemplified by the concept of "European Changan" to compete with top global companies [3] - Changan Automobile also displayed innovative achievements in three fields: aerial transportation, bionic robots, and intelligent equipment, including flying cars and humanoid robots [3] - The future vision for automobiles is "evolutionary intelligent automotive robots," with a commitment to both self-research and collaboration, having released over 20 industry-leading technologies [3]

证券代码：300684 证券简称：中石科技 北京中石伟业科技股份有限公司 投资者关系活动记录表 编号：2025-04-30 投资者关系活 动类别 □特定对象调研 □媒体采访 □新闻发布会 □现场参观 □分析师会议 ☑ 业绩说明会 □路演活动 □其他（电话会议） 形式 □现场 ☑ 网上 □电话会议 参与单位名称 及人员姓名 线上参与公司 2024 年度网上业绩说明会的投资者 时间 2025 年 4 月 30 日（星期三）15:00-17:00 地点 价值在线（https://www.ir-online.com.cn/）网络互动 上市公司接待 人员姓名 董事长：吴晓宁 总经理：HAN WU（吴憾） 董事会秘书：张伟娜 独立董事：张文丽 财务负责人（CFO）： SHU WU（吴曙） 保荐代表人：周丽涛 投资者关系活 动主要内容介 绍 1.去年营业收入同比增长 24.51%，净利润同比增长 173.04%，请 问增长的主要驱动因素有哪些，这些因素在未来是否具有可持续性？ 答:尊敬的投资者您好,公司营业收入较去年同期增长主要系：消费 电子行业需求回暖，公司逐步拓展北美大客户除手机外的其他终端产品 业务，新产品和新项目放 ...