Core Viewpoint - Tianyouwei Electronics Co., Ltd. is set to go public on the Shanghai Stock Exchange with an issue price of 93.50 yuan per share, aiming to raise approximately 37.4 billion yuan for various automotive electronic projects [3][4]. Company Overview - Tianyouwei was established in May 2003 and is located in Suhua City, Heilongjiang Province, with a registered capital of 120 million yuan. Major shareholders include Wang Wenbo, Lü Dongfang, and several investment firms [3][4]. - The company primarily engages in the research, design, production, sales, and service of automotive instruments, gradually expanding into the smart cockpit sector [5][6]. Financial Performance - The company has shown rapid revenue growth, with projected revenues of approximately 19.73 billion yuan, 34.37 billion yuan, and 44.65 billion yuan for 2022, 2023, and 2024, respectively, reflecting a compound annual growth rate (CAGR) of 50.45% [5][6]. - Net profits for the same years are estimated at 3.97 billion yuan, 8.42 billion yuan, and 11.37 billion yuan, with non-recurring net profits of 3.77 billion yuan, 8.94 billion yuan, and 11.08 billion yuan [5][6]. Key Products and Clients - Tianyouwei's main products include electronic combination instruments, full LCD combination instruments, dual-screen instruments, in-car infotainment systems, and automotive electronic development services [5][6]. - The company has established relationships with major automotive manufacturers such as Hyundai, BYD, Changan Automobile, FAW, and Chery, with a significant portion of revenue derived from these clients [5][7]. Customer Concentration - The company exhibits high customer concentration, with sales to the top five clients accounting for over 80% of total revenue during the reporting period. Sales to Hyundai alone represented 55.56% of revenue in 2024 [7][8][9]. Shareholding Structure - Wang Wenbo holds 53.60% of the shares, making him the controlling shareholder, while he and Lü Dongfang collectively control 88.99% of the voting rights, establishing them as the actual controllers of the company [9][10].

Investment Rating - The report maintains a "Recommended" rating for the company, indicating an expected price increase of over 15% relative to the benchmark index [7]. Core Views - The company’s subsidiary, Grammer, turned profitable in Q1 2025, achieving revenue of €487.4 million, a year-on-year increase of 2.3%, and a net profit of €9.7 million, marking a turnaround from losses [2][3]. - The restructuring measures under the "Top 10" plan are beginning to show results, particularly in the EMEA region, which has positively impacted performance [2][4]. - The company is expanding its market presence in the electric vehicle sector, with significant growth potential in domestic seat assembly projects, having secured 21 projects with a total lifecycle value of approximately ¥888-935 billion [3][4]. Summary by Sections Financial Performance - In Q1 2025, Grammer's revenue was €487.4 million, with a net profit of €9.7 million, leading to a significant increase in net profit attributable to the parent company of ¥65.4 million, a year-on-year increase of ¥106.8 million [2][3]. - The company forecasts revenue for 2025 to reach ¥267.50 billion, with net profit expected to be ¥6.61 billion, translating to an EPS of ¥0.52 [4][6]. Market Position and Strategy - The company aims to become a global leader in smart cockpits by leveraging the strengths of both Grammer and itself, focusing on cost reduction and efficiency improvements [4]. - The company has made significant strides in the passenger car seat business, achieving mass production and substantial revenue growth from new projects [3][4]. Future Projections - Revenue projections for 2025-2027 are set at ¥267.50 billion, ¥299.50 billion, and ¥359.50 billion respectively, with corresponding net profits of ¥6.61 billion, ¥9.50 billion, and ¥13.47 billion [4][6].

Group 1 - The event "2025 China Automotive Index University Tour" was launched at the University of Electronic Science and Technology of China, supported by the China Automotive Engineering Research Institute [1] - AI technology continues to empower intelligent driving and smart cockpit, leading to increasingly diverse functions in smart automotive products [1] - Dr. Shi Jia from the China Automotive Engineering Research Institute presented a report on "Innovative Thoughts on Evaluation Technology in the Era of Intelligent Driving," highlighting the latest trends in the intelligent automotive industry [1] Group 2 - The "2025 'Technology for Good' Public Welfare Plan" was launched during the April event, focusing on intelligent safety and green health, demonstrating social responsibility [3] - The China Automotive Index has achieved significant results in automotive safety, intelligence, and health, creating a bridge between automotive supply and demand [5] - The university tour provides students with opportunities to engage with cutting-edge automotive technologies, fostering interest in the automotive field and cultivating talent for the industry [5]

Investment Rating - The investment rating for the company is "Buy," indicating that the expected return over the next 6-12 months is greater than 15% compared to the relevant market index [29]. Core Viewpoints - The company, Tian You Wei (603202.SH), specializes in the research, design, production, sales, and service of automotive instruments, gradually expanding into the smart cockpit sector. The company has achieved significant revenue growth, with projected revenues of CNY 1.972 billion, CNY 3.437 billion, and CNY 4.465 billion for 2022, 2023, and 2024 respectively, representing year-over-year growth rates of 68.93%, 74.27%, and 29.90% [2][3][7]. - The company has established long-term stable partnerships with well-known automotive manufacturers, including Hyundai Motor Group, which is its largest customer, accounting for over 50% of its revenue during the reporting period. The company has also successfully entered the supply chains of other major automotive brands such as BYD, Changan Automobile, and Geely [20][21]. - The trend towards digitalization and smart cockpits in the automotive industry is expected to enhance the company's operational outlook, as higher-value products like full LCD combination instruments and dual-screen instruments gain market share [21]. Financial Summary - The company’s financial performance from 2022 to 2024 shows a strong upward trend in both revenue and net profit. The projected net profit for 2024 is CNY 1.136 billion, with a year-over-year growth of 34.96% [3][7]. - The revenue breakdown for 2024 indicates that full LCD combination instruments will contribute CNY 2.046 billion (46.01%), dual-screen instruments CNY 1.642 billion (36.93%), and other automotive electronic products CNY 0.523 billion (11.76%) [7]. Industry Overview - The automotive instrument industry has evolved through three main stages: mechanical instruments, electronic instruments, and currently, digital full LCD instruments. The penetration rate of full LCD instruments is expected to rise significantly, from approximately 25% in 2020 to about 62% by 2025 [18][19]. - The domestic market for full LCD instruments is projected to grow from CNY 198 billion in 2022 to CNY 267 billion by 2025, with a compound annual growth rate of 10.52% [18]. Competitive Position - Compared to similar companies in the industry, Tian You Wei's revenue scale is below the average, but its gross margin is positioned in the mid-to-high range among peers. The average revenue for comparable companies in 2023 is CNY 22.895 billion, with an average PE-TTM of 28.12X and an average gross margin of 18.57% [25].

Group 1 - The core viewpoint of the news is that the commercial vehicle market, particularly in construction machinery and heavy trucks, is experiencing a year-on-year sales increase, which is expected to benefit the traditional commercial vehicle business of the company [1] - The recent policy issued by the Ministry of Transport, National Development and Reform Commission, and Ministry of Finance regarding the scrapping and updating of old operating trucks is anticipated to boost the sales of new heavy trucks, given the significant remaining stock of National IV heavy trucks [1] - The company is expanding into the passenger vehicle and two-wheeler markets, which have a larger capacity than the commercial vehicle market, providing better growth potential [1] Group 2 - The company has made significant investments in research and development, particularly in new national standard recorders, eCall systems, cockpit products, and controllers, which are now entering mass production [1] - The intelligent cockpit and controller segments are expected to see rapid growth in 2024, with an increasing number of product types and mass production projects [1] - The company has completed the development of the eCall product and has obtained the eCall certification from the UAE, as well as meeting all testing requirements for the EU E-MRK certification, with certificates expected to be issued soon [1]

Group 1 - The Tonghuashun Fruit Index concept fell by 6.26%, ranking among the top declines in the concept sector, with stocks like Dongshan Precision, GoerTek, and Pengding Holdings hitting the daily limit down [1][2] - Major outflows of capital from the Tonghuashun Fruit Index concept amounted to 5.13 billion yuan, with 18 stocks experiencing net outflows, and 11 stocks seeing outflows exceeding 100 million yuan [2] - The stock with the highest net outflow was Luxshare Precision, with a net outflow of 1.11 billion yuan, followed by GoerTek, Changying Precision, and Dongshan Precision with net outflows of 1.05 billion yuan, 494 million yuan, and 460 million yuan respectively [2] Group 2 - The top gainers in the concept sector included the China-Korea Free Trade Zone, which rose by 5.66%, while the AI PC concept fell by 3.53% [2] - Among the stocks with significant capital inflows, Zhongshi Technology and Lante Optics saw net inflows of 51.18 million yuan and 22.30 million yuan respectively [2] - The performance of the A50 ETF, which tracks the MSCI China A50 Connect Index, showed a decline of 2.15% over the past five days, with a net outflow of 4.36 million yuan [4]

3 月31 日晚公司发布2024 年度报告，2024 年分别实现营收、归母、扣非归母1451.76、59.46、55.73 亿 元，同比分别+305.04%、+342.72%、+215.71%；销售毛利率26.15%，同比+15.76pct；销售净利率 3.27%，同比+14.87pct。 2024 年公司净利润实现同比扭亏为盈，主要系新能源汽车销量增加，摊薄提升；同时营业毛利率同比 增长，期间费用率同比下降。 2024Q4 营收净利同比增长显著，盈利能力稳步提升。2024Q4，分别实现营收、归母、扣非归母 385.49、19.08、18.10 亿元，同比分别+101.18%、+1325.88%、+200.47%。销售毛利率28.70%，同比 +15.16pct，环比+3.17pct；净利率3.45%，同比+7.13pct，环比-1.48pct。 新能源车销量同比高增，旗下车型销量领先。2024 年，公司新能源汽车销量42.69 万辆，同比 +182.84%。问界凭借产品力与高端化战略，位居中国高端汽车市场第一梯队。2024 年，全景智慧旗舰 SUV 问界M9 累计交付量突破15 万辆，连续蝉联中国50 万元 ...

证券研究报告 | 公司点评报告 2025 年 04 月 03 日 赛力斯（601127.SH） 2024 业绩高增，领跑高端 SUV 市场 中游制造/汽车 2024 年 11 月，公司发布全新一代赛力斯超级增程系统。该系统采用赛翼 （C2E）增城架构，实现 RoboREX 智能控制，热效率达 44.8%，综合油耗 降低 15%，1 升油可发电超 3.6 度，处于行业量产增程器的领先水平。2024 年，公司增程器销量达 47 万台。 此外，智能座舱及智能驾驶领域，公司与华为联合开发并量产的鸿蒙座舱和 ADS 智驾系统，率先实现全国无图智驾。公司深度融合整车控制技术，持续 优化智驾体验，实现全维安全进化。智能测试领域，公司运用大数据、自动 化和 AI 技术，构建 VTS+VHR+IDS 三大系统，提供全链路、全生命周期主动 智慧服务。 强烈推荐（维持） 目标估值：NA 当前股价：125.82 元 基础数据 | 总股本（百万股） | 1633 | | --- | --- | | 已上市流通股（百万股） | 1510 | | 总市值（十亿元） | 205.5 | | 流通市值（十亿元） | 190.0 | | 每股净 ...

本文为IPO早知道原创 作者｜ 苏打 微信公众号｜ipozaozhidao "在智能化浪潮下，谁更能开放合作，谁就能率先引领产业拐点的到来。" 作为目前国内唯一同时覆盖智能座舱和智能驾驶关键SoC的芯片供应商，芯擎此次推出了 12组不同的芯片方案。 2025年3月27日，在芯擎科技"擎随芯动，智融万象"2025芯擎·生态科技日上， 芯擎科技创始人、 董事兼 CEO汪凯博士正式发布自动驾驶芯片"星辰一号"，以及智能座舱和智能驾驶全系列解决方 案。 " 自 2021年发布 龍 鹰一号 以来 ， 这款芯片至少获得了三个 '第一' 。 首先，它 是 国内首颗 7 纳米的 智能座舱 车规芯片 ；第二， 它实现了 一 次性流 片 就 成功， 并在 2023年 量产当年实现 出货 20万件 ；第三， 今年初 芯擎获得了 德国大众的超大的 订单，这 是国产 座舱 芯片 首次正式 走出国门， 意味着 我们 以及 是能够 与 国际最先进的芯片同台竞争 "。 汪凯表示， 芯擎 是 目前 国内唯一 能够覆盖智能座 舱 及 自动驾驶关键 SOC的芯片供应商。 " 这 是一 件 很难的事情， 最初 ' 舱 ' 是 刚性需求，现在 ' 驾 ...

Group 1: Business Layout and Growth - The company has optimized its product structure and diversified its business layout, focusing on core areas such as consumer electronics (mobile phones, tablets, laptops), which are steadily recovering [2] - The automotive display business is experiencing rapid growth, with the LIPO business related to OLED screens expected to enter mass production in 2025 [2] - The company is also expanding into high-potential areas such as AR/VR displays, industrial control displays, medical displays, and new precision structural components [2] Group 2: Mini-LED Technology in Automotive Market - Mini-LED technology is gaining traction in the automotive display market due to its impressive display effects and energy-saving features, meeting the demand for new display technologies [2] - The trend towards smart cockpits is accelerating, with an increase in the number and size of display screens in vehicles, indicating a broad market outlook for the automotive display industry [2] - As a leading company in Mini-LED automotive backlight display technology, the company holds significant advantages in technology reserves, patents, and production capabilities, which are expected to enhance future performance in this sector [2] Group 3: Ultra-Narrow Bezel Technology - The ultra-narrow bezel technology (LIPO technology) enhances the structural strength and sealing of OLED modules, improving screen-to-body ratio and achieving a thinner design [3] - This technology significantly increases product drop reliability, thereby enhancing the company's competitiveness in the OLED panel sector [3] - The company will continue to uphold its innovative philosophy to further strengthen its competitive edge [3]