01 事件概述 公司发布2025 年一季度报告，2025Q1 营收67.92亿元，同比+20.26%，环比-21.42%；归母净利 5.82 亿元，同比+51.32%，环 比-2.65%；扣非后归母净利 4.97 亿元，同比+34.08%，环比-0.09%。 02 分析判断 ► 收入利润同比增长显著 毛利率同环比提升 收入端： 2025Q1 营收 67.92 亿元，同比 +20.26% ，环比 -21.42% 。 2025Q1 ，公司主要客户中，理想销量同比 +15.50% ，环比 -41.48% ，奇瑞销量同比 +1.98% ，环比 -29.27% ，吉利销量同比 +49.50% ，环比 +1.46% ，驱动公司收入实现同比高速增长； 利润端： 2025Q1 归母净利 5.82 亿元，同比 +51.32% ，环比 -2.65% ；扣非后归母净利 4.97 亿元，同比 +34.08% ，环比 -0.09% 。 2025Q1 毛利率达 20.52% ，同比 +1.61pct ，环比 +2.12pct ；归母净利率达 8.57% ，同比 +1.76pct ，环比 +1.65pct 。利润端归母净 利和扣非后归母净 ...

Core Viewpoint - Huihan Co., Ltd. has demonstrated steady growth in its financial performance, with a focus on the eCall national standard policy process, leading to a "buy" rating from Minsheng Securities [1][3]. Financial Performance - In 2024, Huihan achieved a revenue of 1.022 billion yuan, a year-on-year increase of 25.68%, and a net profit attributable to shareholders of 175 million yuan, up 37.54% year-on-year [1]. - For Q1 2025, the company reported a revenue of 216 million yuan, representing a year-on-year growth of 16.85%, and a net profit of 43 million yuan, an increase of 30.67% year-on-year [1]. - The revenue from TBOX and eCall terminals reached 842 million yuan, a year-on-year increase of 32.19%, while IoT smart modules generated 136 million yuan, down 6.73% year-on-year [1]. - The gross margin for 2024 was 29.07%, an increase of 2.60 percentage points from 2023, and the net profit margin was 17.17%, up 1.48 percentage points from 2023 [1]. Research and Development - The company emphasizes R&D investment, with expenses reaching 67 million yuan in 2024, a year-on-year growth of 22.84% [2]. - Ongoing projects include NG-eCall and 5G R16 communication modules, aimed at maintaining leadership in the eCall sector and increasing market penetration in 5G [2]. - As of the report date, the company holds a total of 170 intellectual property rights [2]. Market Position and Policy Engagement - Huihan is a leading domestic player in the eCall market, with high technical requirements for eCall terminals, which are now mandatory in several regions including the EU and UAE [3]. - The company is one of the few that has obtained certifications from the EU, UN, and UAE, facilitating exports of eCall terminals for domestic vehicles [3]. - The Chinese version of the eCall standard (AECS) is under development, with Huihan participating in its drafting, which could significantly expand market opportunities once implemented [3]. - In 2024, China's automobile export volume was 5.859 million units, while domestic sales reached 31.436 million units [3]. Investment Outlook - The company is expected to benefit from the growth of domestic passenger vehicle production and sales, as well as advancements in automotive intelligence [3]. - Forecasted net profits for 2025, 2026, and 2027 are 231 million yuan, 309 million yuan, and 448 million yuan, respectively, with corresponding price-to-earnings ratios of 53, 40, and 27 times [3].

未经许可，不得转载或者引用。 投资要点 乘用车跟踪： 行业景气度跟踪： 3月产批零表现符合预期。 产量方面：乘联会口径3月狭义乘用车产量实现 248.1万辆（同比+12.9%，环比+42.9%）。销量方面：乘联会口径批发销量实现241.2万辆（同 比+10.2%，环比+36.5%。交强险口径销量为182.7万辆，同环比分别+19.7%/+42.7%。出口方 面：乘联会口径整体出口39.1万辆，同环比分别为-3.7%/+12.0%。 新能源跟踪： 3月新能源批发、零售渗透率有所上升。 3月新能源汽车批发渗透率46.8%，环比 +0.4pct；零售口径渗透率为53.0%，环比+1.8pct。 自主跟踪： 3月整体自主批发市占率环比下降。 批发/零售自主品牌市占率分别为66.0%/62.9% 城市NOA级别智能化整车环节跟踪： 城市NOA级别级别渗透率跟踪： 3月高阶智驾渗透率环比增长，产业趋势明确。 新能源乘用车 城市NOA级别级智能驾驶渗透率为18.3%，同/环比+7.9/+1.7pct，同环比增长。重点车企来看， 3月城市NOA级别智驾渗透率问界>理想>小鹏；问界智驾渗透率水平达84.0%；小鹏3月交付稳 定 ...

Investment Rating - The report maintains a "Buy" rating for the company with a target price of RMB 42.13 [8][9]. Core Views - The company reported Q1 2025 revenue of RMB 2.489 billion, a year-on-year increase of 25.03% but a quarter-on-quarter decrease of 24.95%. The net profit attributable to the parent company was RMB 155 million, up 9.27% year-on-year but down 16.71% quarter-on-quarter, aligning with expectations [1]. - The company is expected to benefit from the wave of smart technology and accelerate its overseas expansion [1]. - The gross margin for Q1 was 18.19%, showing a slight decrease, while the net margin improved by 0.63 percentage points to 6.29% [3]. - The company has established itself as a platform enterprise in smart cockpits, with ongoing projects in intelligent driving and international expansion [4]. Summary by Sections Q1 Performance - Q1 2025 revenue was RMB 2.489 billion, with a year-on-year growth of 25.03% and a quarter-on-quarter decline of 24.95%. The net profit was RMB 155 million, reflecting a year-on-year increase of 9.27% [1][2]. - The company outperformed the overall industry growth rates, with significant contributions expected from major clients like Xiaomi, Chery, and Geely [2]. Financial Metrics - Q1 gross margin was 18.19%, down 3.38 percentage points year-on-year, while the net margin improved by 0.63 percentage points [3]. - Management and R&D expense ratios increased, primarily due to higher employee compensation and depreciation [3]. Business Development - The company has transitioned into a smart cockpit platform enterprise, expanding its client base to leading domestic and new energy vehicle manufacturers [4]. - New projects in HUD, cockpit domain control, and wireless charging are expected to contribute to revenue growth [2][4]. Profit Forecast and Valuation - Revenue forecasts for 2025-2027 are RMB 13.461 billion, RMB 16.933 billion, and RMB 21.130 billion, respectively, with net profits projected at RMB 926.66 million, RMB 1.226 billion, and RMB 1.621 billion [5][19]. - The company is assigned a 24x PE for 2025, reflecting a 15% premium over comparable companies due to its client structure optimization [5].

Investment Rating - The report maintains a "Buy" rating for the company with a target price of 42.13 RMB [8][9]. Core Views - The company's Q1 performance met expectations, with a revenue of 2.489 billion RMB, a year-on-year increase of 25.03%, and a quarter-on-quarter decrease of 24.95%. The net profit attributable to the parent company was 155 million RMB, up 9.27% year-on-year but down 16.71% quarter-on-quarter [1]. - The company is expected to benefit from the ongoing trend of smart technology and accelerate its international expansion [1]. - The company has established itself as a platform enterprise in smart cockpits, with ongoing projects in intelligent driving and internationalization [4]. Summary by Sections Q1 Performance - Q1 revenue was 2.489 billion RMB, with a year-on-year growth of 25.03% and a quarter-on-quarter decline of 24.95%. The net profit was 155 million RMB, reflecting a year-on-year increase of 9.27% and a quarter-on-quarter decrease of 16.71% [1][2]. - The gross margin for Q1 was 18.19%, showing a slight decrease, while the net margin improved by 0.63 percentage points to 6.29% [3]. Client Contributions and New Projects - Major clients such as Xiaomi, Chery, and Geely are expected to contribute significantly to revenue growth, with production increases of 28% and 43% year-on-year for Chery and Geely, respectively [2]. - New projects in HUD, screens, cockpit domain control, digital acoustics, and wireless charging are gradually contributing to revenue [2]. Profitability and Cost Management - The company anticipates that product iterations, cost reductions, and economies of scale will help mitigate the impact of declining margins [3]. - Management and R&D expenses have increased, primarily due to higher employee compensation and depreciation [3]. Growth and Valuation Forecast - The company is projected to achieve revenues of 13.461 billion RMB, 16.933 billion RMB, and 21.130 billion RMB for the years 2025, 2026, and 2027, respectively [5]. - The estimated net profit for 2025 is 926.66 million RMB, with a PE ratio of 24 times for 2025, reflecting a 15% premium over comparable companies [5]. International Expansion - The company has made strides in international markets, with products like HUD and wireless charging already being supplied overseas. Plans for establishing subsidiaries in Thailand and Mexico are underway [4].

Investment Rating - The report maintains a "Buy" rating for the automotive and automotive parts sector, indicating an expected return exceeding the benchmark index by more than 15% over the next 6-12 months [9]. Core Insights - The 2025 Shanghai International Automobile Industry Exhibition showcased approximately 1,300 vehicles, with over 70% being new energy vehicles, highlighting the industry's shift towards innovation and smart technology [1]. - The report emphasizes the increasing prevalence of intelligent driving technologies, with companies like BYD and Nissan introducing advanced driver assistance systems, which are expected to intensify market competition [2]. - The introduction of new vehicles and the implementation of vehicle replacement policies are anticipated to boost industry sentiment and sales in 2025 [2]. Summary by Sections Automotive Sector - The report notes a decrease in the number of new heavyweight models compared to previous years, with some models already launched or scheduled for separate events [2]. - The focus on safety and intelligent driving is increasing, with models like the Guangqi Toyota and Leap Motor featuring advanced lidar technology priced below 150,000 yuan [2]. Automotive Parts Sector - Major global component manufacturers are showcasing their latest domain control platforms, indicating a shift towards electric and intelligent transformation [2]. - The report highlights the trend from L2 to L4 autonomous driving technologies, with companies like Momenta announcing plans for advancements in this area [2]. Investment Recommendations - The report recommends buying shares in XPeng Motors and suggests paying attention to Geely and BYD in the automotive sector. In the parts sector, it recommends Fuyao Glass and suggests关注博俊科技, 沪光股份, and 继峰股份 [2].

Core Insights - Beijing Four-Dimensional Map Technology Co., Ltd. and Shenzhen Hangseng Electronics Co., Ltd. signed a strategic cooperation agreement during the 20th Shanghai International Automobile Industry Exhibition, marking the first full-chain collaborative innovation in the domestic automotive electronics sector between a map provider and a Tier 1 supplier [1] Technical Collaboration - The two companies will collaborate in three core areas: 1. Joint chip development focusing on next-generation smart cockpit and ADAS dedicated chip architecture [3] 2. Optimization of ADAS systems by integrating high-precision positioning technology with existing ADAS control units to support L2+ level autonomous driving [3] 3. Upgrading smart cockpits by deploying AI large models in vehicle scenarios, achieving a voice command response time of 0.8 seconds [3] Manufacturing Support - Hangseng's digital factory in Shenzhen, with an annual production capacity of 3 million vehicle-mounted systems, will provide flexible production support for Four-Dimensional Map Technology [3] - The companies plan to establish a joint laboratory to enhance the reliability verification of automotive-grade products, targeting a Mean Time Between Failures (MTBF) of 50,000 hours [3] Industry Growth Potential - The technology areas involved in this cooperation are experiencing rapid growth, with the Chinese smart cockpit market projected to reach 120 billion yuan in 2024 and L2 level autonomous driving installation rates exceeding 45% [4] - The collaboration aims to complete 10 model projects by 2026, covering pure electric, hybrid, and fuel-powered platforms [4] Project Launch - The first cooperative project is set to commence in the third quarter, focusing on the development of a smart cockpit system for a high-end electric vehicle from a domestic brand [5]

Core Viewpoint - Dongfeng Motor has launched the "Tianyuan Intelligent" technology brand at the 21st Shanghai International Automobile Industry Exhibition, establishing a comprehensive intelligent technology system to enhance its competitive edge in the automotive industry [1][8]. Group 1: Tianyuan Intelligent Technology Brand - The "Tianyuan Intelligent" brand symbolizes Dongfeng's commitment to user-centric innovation and aims to dominate the intelligent automotive landscape [3][8]. - The brand's framework consists of "One Core, Two Foundations, and Two Dimensions," which includes the enterprise-level Tai Chi model, Tianyuan electronic and electrical architecture, and Tianyuan OS [4][6]. - The Tai Chi model serves as the core of the technology brand, emphasizing integration, ecological collaboration, and continuous evolution [4][11]. Group 2: Technological Innovations - The Tianyuan electronic and electrical architecture acts as a highly integrated central intelligence platform, enabling deep integration across various vehicle domains [5]. - Tianyuan OS is designed to be an open-source operating system that focuses on safety, efficiency, and compatibility, providing a foundational software platform for both passenger and commercial vehicles [6][18]. - The Tianyuan intelligent cockpit integrates visual, voice, and biometric perception technologies to create a more user-friendly environment [7]. Group 3: Industry Impact and Future Directions - The launch of the Tianyuan Intelligent brand is seen as a significant step for Dongfeng in the intelligent automotive sector, injecting new momentum into the industry and promoting high-quality development [8][22]. - Dongfeng aims to accelerate its transition into a "smart mobility partner" through its "AI for ALL" initiative, enhancing its technological capabilities and market competitiveness [9][14]. - The company is collaborating with industry research institutions to develop the Tianyuan OS, promoting an open and shared ecosystem among automakers, suppliers, and chip partners [18][19].

人民网上海4月27日电 （焦磊）智能化作为消费者最关注、最具体验性的领域之一，成为许多供应商向 消费者直面展示技术与能力的机会。在2025上海车展现场，高通携手中国汽车产业伙伴，带来在关键技 术落地、智能体验升级以及产业生态共建方面的最新成果，展示高通在推动驾驶辅助普及、拓展座舱创 新边界以及加速舱驾融合发展方面的布局。 随着汽车产业智能化进程不断深入，驾驶辅助正逐渐成为智能汽车发展的焦点。相关数据显示，2024年 中国乘用车市场L2级乘用车在新车中的占比为59.7%。随着汽车行业将更加先进的驾驶辅助功能逐步渗 透到更多层级、更低价位段的车型，如何在性能、能效与成本之间寻求最优平衡，成为加速推动驾驶辅 助普及的关键。 据悉，高通打造的Snapdragon Ride平台以多款SoC、加速器、丰富的软件和软件栈、以及可实现高度可 扩展且模块化的开放可编程架构，为不同阶段的驾驶辅助系统和面向不同价位段市场的车型提供性能、 能效和成本的解决方案，降低合作伙伴产品开发的复杂性并加快商用。同时，高通为汽车制造商提供了 多样化选择，提供覆盖包括单独的座舱方案、驾驶辅助方案和舱驾一体平台在内的具有灵活性和可扩展 性的产品支持 ...

Investment Rating - The report maintains a "Buy" rating for the company with a target price of 44.66 CNY, based on a projected average PE of 29 times for comparable companies in 2025 [2][5]. Core Views - The company is expected to achieve a net profit attributable to shareholders of 8.11 billion CNY, 10.12 billion CNY, and 12.53 billion CNY for the years 2025, 2026, and 2027 respectively, indicating a strong growth trajectory [2]. - The automotive electronics and precision die-casting businesses are continuously securing new projects, reflecting robust demand and expansion opportunities [1][9]. Financial Summary - The company's revenue is projected to grow from 7,137 million CNY in 2023 to 17,273 million CNY in 2027, with a compound annual growth rate (CAGR) of 26.6% in 2023 and 17.5% in 2027 [4][11]. - The net profit attributable to the parent company is forecasted to increase from 465 million CNY in 2023 to 1,253 million CNY in 2027, with a growth rate of 22.2% in 2023 and 23.8% in 2027 [4][11]. - The gross margin is expected to stabilize around 20.8% to 21.6% over the forecast period, while the net margin is projected to improve from 6.5% in 2023 to 7.3% in 2027 [4][11]. - The company's earnings per share (EPS) is anticipated to rise from 0.89 CNY in 2023 to 2.39 CNY in 2027 [4][11]. Business Development - The automotive electronics segment is experiencing rapid growth, with the company actively engaging in the smart and connected vehicle transformation, launching various domain control products based on Qualcomm chip solutions [9]. - The precision die-casting business is also expanding, with significant increases in sales of automotive intelligent components and electric drive system parts, alongside new project acquisitions from major clients [9].