Group 1: Business Outlook - The company's cleaning business is divided into traditional cleaning and ADAS cleaning systems, with a strong market share in traditional cleaning but facing competitive pressure for short-term growth [2] - The ADAS cleaning system business is expected to have a promising market outlook as L3+ level autonomous driving technologies, such as Robotaxi and unmanned delivery vehicles, become industrialized [2] Group 2: Production Capacity and Clientele - The company has secured mass production projects for ADAS cleaning systems with clients like Waymo and Meituan, planning to produce 250,000 units per year, with some capacity allocated to Thailand [3] - Production capacity will be adjusted based on client demand to optimize regional production layouts and enhance market responsiveness [3] Group 3: Motor Business Expansion - The company plans to expand its motor business by developing new electric motor categories and fluid products, focusing on four business units to create a diverse product range [3] - Recent growth in the motor business is attributed to a focus on vehicle body applications, with future plans to target in-car and chassis motor varieties [3] Group 4: Impact of Tariff Policies - The company monitors overseas market tariff policies and economic changes closely, with direct sales to the U.S. accounting for only 2.7% of total business in 2024, minimizing tariff impact [4] - The company employs EXW and FOB pricing strategies for exports, further reducing the effect of rising tariffs [4] Group 5: Profit Margin Trends - The company's gross margin is expected to decline in 2024 due to accounting changes, competitive pricing pressures, and raw material cost fluctuations [5] - Long-term cost competition remains a core concern in the automotive industry, with the company aiming to maintain stable and favorable gross margins through cost advantages and core competencies [5] Group 6: Future of ADAS Systems - The ADAS system is crucial for enhancing driving safety, prompting automakers to accelerate the adoption and upgrade of ADAS technologies, which will expand consumer demand [5] - The company's proactive positioning in the ADAS cleaning system market is anticipated to drive significant growth in the future [5]

Group 1: Research Basic Information - The research object is Hengshuai Co., Ltd., belonging to the automotive parts industry, and the reception time was April 7, 2025. The company's board secretary, Liao Weiming, received the visitors [17] Group 2: Detailed Research Institutions - Participating institutions include China - Europe Fund (fund management company, with relevant personnel including Zhong Ming, Wang Ying, etc.), Penghua Fund (fund management company, with relevant personnel including Yan Siqian, Huang Yisong, etc.), and Minsheng Securities (securities company, with relevant personnel including Bai Ru, Cui Yan, etc.) [18] Group 3: Main Content Company's Business Overview - In 2024, the automotive industry was generally stable and improving. The company focused on cleaning and motor businesses, took multiple measures to develop business, strengthened R & D, and improved production management. The main business income was 950.51 million yuan, a 4.31% increase from the previous year, and the net profit attributable to shareholders of the listed company was 213.71 million yuan, a 5.75% increase [22] - The cleaning and motor businesses were basically equal. The cleaning business declined year - on - year, while the motor business remained stable and its proportion increased. Domestic sales accounted for about 60%, and exports accounted for about 40%, with little change in the ratio [23] Q&A - **Motor Business Expansion Plan**: The company will continue existing strategies and explore emerging motor and fluid products, focusing on expanding in - vehicle and chassis motor varieties, and has obtained batch project approvals for EPB motors [23][24] - **Application of Harmonic Magnetic Field Motor Technology**: The technology has been applied to logistics system roller motors and is in the mass - production ramp - up phase. In the automotive field, it has limited mass - production scale but has potential for future applications [25] - **Application of Harmonic Magnetic Field Motor Technology in Cleaning Business**: Traditional cleaning business has low demand for new technologies currently, but there may be applications in high - level autonomous driving scenarios [25][26] - **Outlook for Cleaning Business**: The traditional cleaning business faces competition and short - term growth pressure, while the ADAS cleaning system business has good market prospects with the development of L3+ intelligent driving [26] - **Impact of Tariff Policy Changes**: The company closely monitors overseas tariff policies, has a small direct - sales business proportion in the US market (2.7% in 2024), and uses EXW, FOB and other quotation methods, so the impact of tariff increases is currently small [26][27] - **ADAS Active Sensing Cleaning System Business**: The company has obtained batch project approvals from customers such as Waymo and Meituan, and will configure an annual production capacity of 250,000 sets of gas - liquid mixing cleaning systems, with some production in Thailand [28]