证券代码：300177 证券简称：中海达 投资者关系活动 类别 特定对象调研 分析师会议 媒 体 采 访 业绩说明会 新闻发布 会 路演活动 现 场 参 观 其他（请文字说明其他活动内容）： 参与单位名称及 人员姓名 华创证券：祝小茜 尚善资产：刘晓鹏 时间 2025 年 06 月 05 日下午 14:00-16:00 地点 公司广州总部 上市公司接待人 员姓名 董事会秘书：黄宏矩 证券事务代表：张赟 投资者关系活动 主要内容介绍 本次特定对象调研主要内容摘要如下： 1、公司的主营业务及 2024 年度、2025 年一季度业绩情况 答：公司专注于高精度导航定位技术产业链相关软硬 件产品和服务的研发、制造和销售，深化北斗精准位置行 业应用，全力打造高精度时空信息解决方案。多年来始终 聚焦在高精度导航定位产业，目前已发展成为国内高精度 导航定位产业的领先企业之一，是全球高精度导航定位的 主流企业。 公司以高精度卫星导航定位技术为基础，融合激光雷 达、声呐、光电、惯导等多种技术，已形成"海陆空天、 室内外"全方位、全空间的高精度定位技术产品布局。当 前，公司已实现卫星定位、激光雷达、声呐、光电、惯导 等相关核心技术 ...

在新能源汽车市场竞争白热化的背景下，比亚迪于2025年6月6日召开2024年度股东大会。会议聚焦电动 化与智能化技术路线、海外市场扩张及股东关切问题，董事长王传福直言"电动化上半场仍有遗憾"，并 宣布未来三年将密集推出智能驾驶技术，同时回应股东对产品营销的批评，承诺持续改进。 以下为部分会议要点： 海外销量爆发，王传福：海外和高端化都是重要战略 王传福透露，比亚迪上月单月海外销量约9万辆，预计今年数据会非常好。 针对技术路线，王传福透露，比亚迪未来三年将推出一系列智能驾驶技术，每场技术发布会都将"解决 一个大问题"。例如，通过算法优化与传感器匹配，提升电动车在复杂路况下的稳定性与响应速度。 智能化下半场：安全是核心竞争壁垒 在智能驾驶领域，王传福多次强调"安全是最重要的因素"。 "海外市场价格较为稳定，对公司盈利帮助较大。"他表示，未来海外销量相信会逐月提升，目前来看公 司在多个海外市场销量已有逐月提升迹象。 王传福强调，海外和高端化一样是公司的重要战略。 比亚迪汽车官微6月1日曾公布，比亚迪5月份销售382476辆，同比增长15.3%，再度创下年内月度销量 新高。其中，海外销量数据是亮点之一，比亚迪约8.9 ...

Core Viewpoint - The company, FAW Jiefang, is accelerating its global expansion and intelligent transformation amidst profound changes in the global automotive industry, showcasing China's manufacturing competitiveness through strategic actions and innovations [2]. Global Layout: Deepening International Cooperation and Expanding Global Market - FAW Jiefang's chairman emphasized that the global transition to new energy will accelerate, with the penetration rate of new energy in commercial vehicles expected to exceed 15% in the next five years [3]. - The company has maintained the top position in heavy truck sales in China for nine consecutive years, with cumulative sales exceeding 9 million units, and has seen rapid growth in both new energy and overseas sales for three consecutive years [3]. - During a visit to Saudi Arabia, FAW Jiefang signed multiple strategic cooperation agreements, totaling nearly 10,000 units, covering key sectors such as infrastructure, mineral transportation, and road logistics, further solidifying its leading position in the Saudi commercial vehicle market [3]. Overseas Market Expansion - FAW Jiefang launched the J6P heavy truck in Senegal, tailored for the African market, particularly suitable for long-distance logistics, infrastructure construction, and mineral transportation [4]. - The collaboration with TRACTAFRIC Group aims to enhance product localization, service networks, and parts supply systems, thereby improving customer satisfaction and injecting new momentum into modern transportation in West Africa [4]. Intelligent Development: Breaking Core Technologies and Leading Industry Innovation - FAW Jiefang achieved a significant breakthrough in autonomous driving technology with the successful launch of L4-level logistics unmanned vehicles, integrating core technologies for smart logistics solutions [5]. - The company aims to reduce labor costs and enhance logistics efficiency through advanced technologies, with expectations for commercial autonomous driving in commercial vehicles to reach a turning point by 2026 [6]. - FAW Jiefang's AI-driven project in commercial vehicle R&D has been recognized as a leading enterprise in Jilin Province, accumulating over 3,500 high-value technical insights to enhance decision-making and optimize R&D efficiency [6]. Strategic Collaborations - FAW Jiefang signed a strategic cooperation agreement with CATL to jointly develop bottom-swappable battery models for heavy trucks, marking a significant step in the new energy heavy truck sector [7]. - The company is committed to deepening international cooperation and expanding its global market presence while increasing investment in intelligent development, focusing on breakthroughs in key technologies such as intelligent driving and vehicle networking [7].

记者 黄敏 2025年6月6日上午，比亚迪（002594.SZ，01211.HK）召开了2024年年度股东大会。该公司董事长王传 福在股东大会上表示，电动化的上半场还有一定遗憾，比如充电速度比加油慢，电池低温性能依然没有 达到燃油车的程度。这些技术上的发展，逐步完成了的话，能让消费者体验更好，才可能把燃油车彻底 终结。针对出海业务，王传福称，目前逐步进入爆发期，海外某些地方的高端化甚至比国内发展更快， 国外汽车价格比较稳定。 "行业洗牌与变革是肯定的" 关于智能化的下半场，王传福称，如何把安全做到极致，现在的智能驾驶，传感器、激光雷达等，只是 一个开始，以后会构建多少算法，传感器之间的匹配，想象空间巨大。比亚迪未来三年将推出一系列技 术变革，并期待每一场发布会都能解决巨大的痛点，也期待工程师夜以继日的探索。 王传福称，燃油车时代，丰田等车企的地位是无法撼动的；而在另一场时代里面，绿色发展时代，传统 资源不能支撑全球可持续发展的时候，是需要变革的，行业需要重新洗牌，洗牌顺序是谁并不重要，但 变革肯定要发生。 "国外汽车价格比较稳定" 王传福表示，比亚迪将智能驾驶列为公司重要战略之一，并将安全放在首要位置。如何保 ...

Core Viewpoint - BYD's Chairman Wang Chuanfu stated that the company will launch a series of intelligent driving technologies in the next 3 to 5 years, indicating a strong focus on innovation and technology development in the automotive sector [1] Group 1: Overseas Sales Performance - The company expects very good overseas sales data this year, with a belief that overseas sales will increase month by month [1] - There are already signs of month-on-month sales growth in multiple overseas markets [1] - Stable pricing in overseas markets is significantly beneficial for the company's profitability [1] Group 2: Strategic Focus - Both overseas expansion and high-end market positioning are considered important strategies for the company [1] - The company plans to address major issues with each technology release, significantly enhancing the intelligent driving experience [1]

2025.06. 06 本文字数：575，阅读时长大约1分钟 作者 | 第一财经 李隽 "先把安全搞好，"6月6日上午，比亚迪（002594.SZ，01211.HK）董事长王传福在比亚迪2024 年度股东大会上表示，安全是智能驾驶发展第一目标，智能驾驶需要弥补人类驾驶的不足，实现减少 交通事故，降低保险赔付率。 王传福称，大家对智能驾驶都很关心，也看到了最近有关法规和监管部门意见，安全是第一位，汽车 是交通工具，首先要保证安全，现阶段把安全放在很高位置，对行业发展是好事，有利于智能驾驶长 期健康发展，比亚迪要跟同行一起努力，把安全上升到第一位。 王传福表示，人和机器有差异，在计算和反应速度方面，人都比不上机器，电子反应在微秒级别的反 应时间内工作，这是人和机器显著差异，人只有两个眼睛，但车有前后左右，其实需要有几十个眼睛 的视觉。 全世界汽车车祸每年有上百万宗，王传福认为，如果汽车智能驾驶能降低事故概率，对消费者体验也 更好，比如就算是小剐蹭，保险理赔一次，但也耽误了好多时间，如果没有事故发生，这些小碰撞发 生次数大幅降低，也是更好体验。而具体科技方面，用最好的科技提高机器反应速度，也可以让传感 器速度增加， ...

Group 1 - Company YuJia Innovation has announced a partnership with Chongqing Changan Automobile Co., Ltd. to supply auxiliary driving domain controllers for its main models in the new energy sector [2] - The company’s intelligent driving solutions include a comprehensive range of features from L0 to L2+ level autonomous driving solutions, as well as advanced L4 autonomous driving solutions, catering to diverse customer needs [2] - YuJia Innovation's iSafety series focuses on L0 to L2 level intelligent driving solutions, designed to be highly compatible with mainstream single-chip system (SoC) platforms, enhancing vehicle safety [2] Group 2 - The iPilot series offers advanced L2+ level intelligent driving functions, simplifying system architecture and improving data processing efficiency [3] - The iPilot solutions provide advanced driving features such as Navigation on Autopilot (NOA), Memory Parking (HAVP), and Automatic Parking Assistance (APA) for various driving scenarios [3] - The company has secured a platform designation for a new model from a globally recognized automaker, specifically targeting the Chinese market and covering multiple joint venture brands by the end of 2024 [2]

Investment Rating - The report maintains a "Buy" rating for the company with a target price of RMB 81.02 [8][19]. Core Insights - The company is accelerating its globalization strategy, highlighted by the acquisition of Czech IMI, which will serve as a strategic foothold in Europe [3][13]. - The company has successfully secured new orders from major global clients such as BMW, Mercedes-Benz, and Ford, indicating strong demand for its new products and technologies [2][14]. - The company aims to enhance its overseas production capabilities and expand its market share in the automotive electronics sector [3][19]. Summary by Sections Investment Rating - The investment rating is maintained as "Buy" with a target price set at RMB 81.02, reflecting confidence in the company's growth potential [8][19]. Globalization Strategy - The company is focusing on strengthening its existing automotive electronic products while developing new domain control products. The recent acquisition of Czech IMI is a key part of this strategy, aimed at enhancing overseas production capabilities [3][13]. - The company has achieved significant results in promoting new products and technologies to European and American clients, with a notable increase in overseas sales [2][14]. Acquisition of Czech IMI - The company announced the acquisition of 100% of Czech IMI for EUR 9.426 million, which will enhance its international production layout and support the ramp-up of global orders [3][16]. - This acquisition is expected to allow the company to produce for global platform clients, including Volkswagen, Ford, BMW, and Mercedes-Benz, starting with lighting control products [3][17]. Financial Forecast - The company forecasts revenues of RMB 78.3 billion, RMB 101.5 billion, and RMB 125.6 billion for the years 2025 to 2027, with net profits of RMB 10.5 billion, RMB 14.38 billion, and RMB 18.37 billion respectively [5][19]. - The report maintains a PE target of 31 times for 2025, indicating a strong outlook for profitability [5][19].

Group 1 - The Hong Kong stock market opened slightly higher on June 6, with the Hang Seng Index up 0.14% and the Hang Seng Tech Index up 0.13%, but all three major indices turned negative shortly after opening [1] - The largest ETF in the A-share market, the Hang Seng Tech Index ETF (513180), followed the index and experienced a slight decline, with Kuaishou showing significant strength while NIO, Xpeng Motors, and Xiaomi Group led the declines [1] - The Hong Kong Stock Connect Automotive ETF (159323) experienced a slight pullback, with major holdings such as Xpeng Motors, Li Auto, BYD, and Geely Auto showing varying degrees of decline [1] Group 2 - According to Zhongtai Securities, the annual strategy for the automotive sector indicates that the market share of strong domestic brands is expected to increase by 8-14%, with 8-10 strong domestic manufacturers likely to see significant opportunities (over 50% increase) [1] - The report highlights the high degree of synergy between the automotive and robotics industries, predicting that 60-70% of mainstream listed automotive parts companies will engage in robotics, presenting investment opportunities driven by domestic and international policy resonance and industry acceleration [1] - The Hong Kong Stock Connect Automotive ETF (159323) has seen a net inflow of 40.94 million yuan over the past eight trading days, indicating strong investor interest in the automotive sector, which includes leading companies in the intelligent driving field [2] - The ETF's index focuses heavily on the Hong Kong automotive sector, with a leading proportion of passenger vehicles and a scarcity of new car manufacturers compared to A-shares; the top five weighted stocks account for nearly 65% of the index [2] - The index also covers the automotive parts sector and the automotive intelligence field, which are expected to benefit significantly from the dual technological waves of intelligent driving and robotics [2]

Investment Rating - The report maintains a "Buy" rating for the company with a target price of RMB 81.02 [8][19]. Core Insights - The company is accelerating its globalization strategy, highlighted by the acquisition of Czech IMI, which will serve as a strategic foothold in Europe [3][16]. - The company has successfully secured new orders from major global clients such as BMW, Mercedes-Benz, and Ford, indicating strong demand for its products [2][14]. - The company aims to enhance its product offerings in automotive electronics and develop new domain control products, focusing on expanding its customer base [2][13]. Summary by Sections Acquisition of Czech IMI - The company announced the acquisition of 100% of Czech IMI for EUR 9.426 million to enhance its overseas market presence and production capabilities [3][16]. - This acquisition will establish a factory in the Czech Republic, serving as a strategic base for the company in Europe and facilitating the production of global platform client orders [3][17]. Globalization Strategy - The company has been actively promoting new products and technologies to European and American clients, achieving significant results in recent years [2][14]. - In 2024, the company expects to generate over RMB 1.2 billion in sales from new projects, with a significant portion coming from overseas clients [14][15]. - The company plans to continue expanding its global footprint by targeting new business opportunities and enhancing its existing client relationships [15][19]. Financial Forecast - The report forecasts revenues of RMB 78.3 billion, RMB 101.5 billion, and RMB 125.6 billion for 2025, 2026, and 2027 respectively, with net profits of RMB 10.5 billion, RMB 14.38 billion, and RMB 18.37 billion [5][19]. - The company is expected to maintain a PE ratio of 31 times for 2025, reflecting strong growth potential [5][19].