Investment Rating - The report maintains a "Buy" rating for the company [6] Core Insights - The company achieved a revenue of 1.13 billion yuan in 2024, representing a year-over-year increase of 23.72%, with a net profit of 253 million yuan, up 68.4% year-over-year [4] - The automotive CIS segment is identified as a key growth driver, with significant increases in chip packaging and testing revenue, which reached 817 million yuan in 2024, a 33.55% increase year-over-year [8] - The company is actively expanding its optical device business and investing in overseas manufacturing bases to enhance its global presence and meet international customer demands [8] Financial Summary - The company forecasts total revenue of 1.56 billion yuan for 2025, with a year-over-year growth rate of 38.2% [7] - The projected net profit for 2025 is 399 million yuan, reflecting a year-over-year increase of 57.7% [7] - The gross margin is expected to improve to 45.4% in 2025, up from 43.3% in 2024 [7]

| 投资要点 | | --- | 事件： 公司发布2025年一季度报告。2025年一季度公司实现营业收入99.10亿元，同比增长12.16%， 环比下降9.40%；实现归母净利润20.30亿元，同比增长46.25%，环比增长0.52%；实现扣非后 归母净利润19.87亿元，同比增长30.90%，环比增长4.83%。公司2025Q1业绩整体符合我们的预 期。 2025Q1业绩符合预期，营收同比持续增长： 营收端，公司2025Q1实现营收99.10亿元，同比增长12.16%。与下游汽车行业相比，公司营收 同比增速持续跑赢全球汽车行业，体现出公司作为全球汽车玻璃龙头企业的强大竞争优势。 毛利率方面，公司2025Q1单季度毛利率为35.40%，同比下降1.42个百分点，预计主要系包装费 从销售费用调整至营业成本+折旧摊销有所提升所致。 费用率方面，公司2025Q1期间费用率为10.64%，同比下降5.25个百分点；分项来看，2025Q1 销售/管理/研发/财务费用率分别为3.02%/6.89%/4.27%/-3.53%，同比分别-1.37/-1.15/+0.01/-2.75 个百分点；其中，销售费用率同比下降主要系包 ...

Summary of Conference Call Records Industry Overview - The automotive industry is expected to experience significant growth in 2023, comparable to the surge seen in 2020, driven by the onset of a new era of smart vehicles over the next three to five years [1] - The passenger vehicle and parts sectors are both viewed positively, with a return to a solid growth phase anticipated for passenger vehicles [1] Key Insights on Passenger Vehicles - January production figures for the passenger vehicle sector were approximately 2.1 million units, while retail sales were reported at 1.778 million units, showing a decline both year-on-year and month-on-month [3] - Exports in January reached 380,000 units, with notable growth driven by BYD, which exported 65,000 units, up from 56,000 units in December [3] New Energy Vehicle (NEV) Insights - The retail penetration rate for new energy vehicles in January was 39.6%, influenced by seasonal factors and significant price reductions in December [4] - The penetration rate for L3 intelligent driving in new energy vehicles was 14.1%, showing good growth despite a general decline in new energy penetration [5] Technology and Innovation - BYD's new technology initiatives, such as the "Tian Shen Zhi Yan B" plan, have introduced advanced computing capabilities at competitive price points, enhancing the functionality of their vehicles [8] - The penetration rates for advanced driver-assistance systems (ADAS) are increasing, with models like the AITO Wenjie achieving an impressive 88.3% penetration for L3 capabilities [6] Market Dynamics - The overall market for passenger vehicles is experiencing fluctuations due to seasonal effects, with January typically being a slower month due to the Chinese New Year [16] - The inventory levels in January increased by 18,000 units, indicating a strategic buildup by manufacturers to prepare for the new year [17] Competitive Landscape - Tesla's sales in both China and the U.S. saw a decline in January compared to December, but the overall mileage for its Full Self-Driving (FSD) feature continues to grow, nearing 3 billion miles by December 2024 [7] - The competitive landscape remains dynamic, with various manufacturers adjusting their strategies in response to market conditions and consumer demand [19] Additional Observations - The commercial vehicle sector, particularly buses, is showing signs of recovery, with expectations for improved demand in the first quarter despite a decline in January sales [12] - The overall sentiment in the automotive industry remains optimistic, with expectations for a strong performance in the upcoming months driven by technological advancements and market recovery [15]

Summary of Conference Call Notes Industry Overview - The conference call primarily discusses the automotive industry, focusing on electric vehicle manufacturers and their supply chains, particularly in the context of component suppliers and their performance in Q1 2025. Key Points and Arguments Company Performance - **Xiaomi**: Did not report Q1 results due to deliveries starting in April, but is expected to contribute significantly to component growth later in the year [1] - **Xpeng**: Achieved nearly double growth year-on-year, leading the market with a growth rate of approximately 139% [1] - **Geely and Li Auto**: Expected to see annual growth rates around 25% and 20-35% respectively, with Geely showing slightly faster growth [2] - **Wuxi Zhenhua**: Anticipated to benefit from Xiaomi's strong market position, projecting a profit of around 500 million with a 30% growth rate in Q1 [5] - **Aikidi**: Projected to generate approximately 1.2 billion in revenue with a 12% growth rate in Q1 [7] - **Bote Li**: Expected to see a 50% increase in shipments due to strong demand from Geely's new models [14] - **Desai**: Anticipated to achieve over 30% growth, driven by the automated driving business and strong demand from Xiaomi [15] Supply Chain Dynamics - The supply chain is experiencing explosive growth, particularly in the context of component suppliers adapting to the changing automotive landscape [2] - The performance of component suppliers is closely tied to the success of electric vehicle manufacturers, with significant contributions expected from companies like Xiaomi and Xpeng [3] - The overall sentiment is that the automotive supply chain is poised for a strong year, with potential for exceeding expectations in component performance [2] Market Trends - The automotive industry is undergoing a transformation, with a shift towards electric vehicles and smart technologies, which is expected to drive demand for components [2][20] - The growth of autonomous driving technology is highlighted as a key area for future investment and development, with companies like Desai leading the charge [15][20] Financial Metrics - **Profit Projections**: Companies like Bote Li and Desai are expected to see significant profit increases, with projections of 1 billion and 1.9-2 billion respectively for Q1 [15][19] - **Valuation Metrics**: Current valuations for several companies are noted, with Wuxi Zhenhua at 17 times earnings and Aikidi at 20 times earnings, indicating potential for growth as they capitalize on new business opportunities [5][6] Risks and Considerations - The automotive sector faces challenges such as supply chain disruptions and fluctuating demand, particularly in the context of international markets [11][19] - Companies are advised to monitor currency fluctuations and their impact on procurement costs, especially for those heavily reliant on imported components [19] Additional Important Content - The call emphasizes the importance of strategic positioning within the supply chain, particularly for companies that can leverage relationships with major automotive brands [3][7] - There is a focus on the potential for new technologies, such as humanoid robots and smart driving systems, to create new revenue streams for component suppliers [6][8] - The overall outlook for the automotive industry remains positive, with expectations of continued growth driven by innovation and increased consumer demand for electric vehicles [20]

Core Viewpoint - This week, three new stocks will be available for subscription in the A-share market, including Tianyouwei, Jiangshun Technology, and Zhongjie Automobile, with Tianyouwei having the highest issue price of 93.5 yuan per share in the year [2][3]. Group 1: Tianyouwei - Tianyouwei's issue price is 93.5 yuan per share, with a single account subscription limit of 12,500 shares, requiring a market value of 125,000 yuan in the Shanghai market for maximum subscription [2]. - The company is a leading supplier of automotive instrument panels, serving clients such as BYD, Changan Automobile, and FAW Bestune, and is expanding into the smart cockpit sector [2][3]. - Projected revenues for Tianyouwei from 2022 to 2024 are 1.972 billion yuan, 3.437 billion yuan, and 4.465 billion yuan, with net profits of 397 million yuan, 842 million yuan, and 1.136 billion yuan respectively [3]. Group 2: Jiangshun Technology - Jiangshun Technology's issue price is 37.36 yuan per share, with a single account subscription limit of 15,000 shares, requiring a market value of 150,000 yuan in the Shenzhen market for maximum subscription [4]. - The company specializes in the research, design, production, and sales of aluminum profile extrusion molds and related equipment, having established long-term partnerships with major domestic and international aluminum manufacturers [4][5]. - Projected revenues for Jiangshun Technology from 2022 to 2024 are 892 million yuan, 1.043 billion yuan, and 1.136 billion yuan, with net profits of 139 million yuan, 146 million yuan, and 155 million yuan respectively [5]. Group 3: Zhongjie Automobile - Zhongjie Automobile's issue price is 16.5 yuan per share, with a single account subscription limit of 7,000 shares, requiring a market value of 70,000 yuan in the Shenzhen market for maximum subscription [7]. - The company focuses on the research, production, and sales of precision components for automotive thermal management systems, with a strong emphasis on lightweight aluminum products [7][8]. - Projected revenues for Zhongjie Automobile from 2022 to 2024 are 713 million yuan, 822 million yuan, and 978 million yuan, with net profits of 78 million yuan, 83 million yuan, and 95 million yuan respectively [9].

本周将有3只新股申购。 本周（4月14日—4月18日），A股市场将有3只新股申购，为沪市主板的天有为、深市主板的江顺科技 和创业板的众捷汽车，3股分别将于本周一和周二开启申购。值得注意的是，天有为发行价高达93.5元/ 股，为目前A股市场年内发行价最高的新股。 资料显示，天有为是业内领先的汽车仪表盘供应商，公司客户包括比亚迪、长安汽车、一汽奔腾、奇瑞 集团等；江顺科技是国内铝型材挤压模具及挤压配套设备行业内的领先企业，众捷汽车是全球领先的汽 车热管理系统精密加工零部件供应商。 公司通过长期业务发展，具备了为汽车整车厂商同步研发及批量供货能力，积累了多家国内外知名汽车 整车厂商及汽车零部件供应商客户，主要包括现代汽车集团（包括其下属现代汽车、起亚汽车、现代摩 比斯等）、比亚迪、长安汽车、一汽奔腾、奇瑞集团、上汽通用五菱、HyolimXE、长信科技、吉利集 团、北京现代、悦达起亚、宝腾汽车、鑫源汽车、福田汽车、庆铃汽车、江淮汽车、神龙汽车、凯翼汽 车等。 2022年度—2024年度，公司实现营业收入分别为19.72亿元、34.37亿元、44.65亿元，归属于母公司股东 的净利润分别为3.97亿元、8.42亿元、1 ...

Core Viewpoint - The article highlights the significant achievements of ECARX in the automotive intelligence sector, emphasizing its global expansion and profitability goals for 2025, alongside its technological advancements and partnerships with major automotive brands [2][4][5]. Group 1: Financial Performance and Goals - ECARX aims to achieve sustained profitability by 2025, having reported a profitable fourth quarter in 2024 with a total shipment volume of over 2 million units, marking a 33% year-on-year increase [2][4]. - The company has empowered 8.1 million vehicles globally with its technology products, showcasing its rapid growth and financial health within just eight years of establishment [2][4]. Group 2: Technological Advancements - ECARX's technological product matrix has become a robust ecosystem that meets global market demands, attracting partnerships with leading automotive brands like FAW Hongqi and Volkswagen [4][9]. - The Antora series computing platform and the Cloudpeak software platform have been pivotal in the successful launch of multiple models, including the FAW Hongqi Tian Gong series [9][11]. Group 3: Global Expansion Strategy - The company has established a global presence with operations in 12 countries, including Malaysia, Sweden, and Germany, and has expanded its OEM customer base to 18 automotive manufacturers [22][20]. - ECARX's strategy includes collaborating with global automotive leaders to enhance its market position and adapt to diverse delivery requirements and compliance challenges [4][20]. Group 4: Market Position and Future Outlook - The successful partnerships and technological capabilities position ECARX as a potential leader in the global automotive intelligence supply chain, similar to the trajectory of CATL in the battery sector [23][26]. - The company’s focus on AI models and high-performance computing platforms indicates a clear path for future growth and innovation in the automotive intelligence market [13][26].

证券分析师 曾朵红 [Table_Tag] [Table_Summary] 投资要点 ◼ 风险提示：原材料价格波动，销量不及预期。 2025 年 04 月 09 日 证券研究报告·公司点评报告·乘用车 比亚迪（002594） 2025 年一季报预告点评：大超市场预期，全 球化和智能化强化优势 买入（维持） | [Table_EPS] 盈利预测与估值 | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业总收入（百万元） | 602,315 | 777,102 | 983,284 | 1,157,132 | 1,316,140 | | 同比（%） | 42.04 | 29.02 | 26.53 | 17.68 | 13.74 | | 归母净利润（百万元） | 30,041 | 40,254 | 55,021 | 68,294 | 82,111 | | 同比（%） | 80.72 | 34.00 | 36.68 | 24.12 | 20.23 | | EPS-最新摊薄（元/股） | 9.88 | 13 ...

Group 1 - The global millimeter-wave radar market is projected to reach approximately $4.7 billion in 2024, up from $3.49 billion in 2022, indicating significant growth driven by advancements in autonomous driving technology [1][3] - By 2030, the market size is expected to expand to around $11.45 billion, reflecting the rapid penetration of millimeter-wave radar across various price segments in the automotive industry [3] - The demand for short- and mid-range millimeter-wave radar is the primary focus in the automotive market, with short- and mid-range mmWave accounting for 38% of the market share in 2023 [6] Group 2 - Level 3 autonomous vehicles typically utilize five millimeter-wave radars, while Level 5 vehicles are anticipated to employ eight radars, enhancing their sensing capabilities [5] - The current market composition for vehicle-mounted millimeter-wave radar includes 2% for LiDAR, 26% for camera modules, 34% for long-range mmWave, and 38% for short- and mid-range mmWave [6] - Major listed companies in the industry include Desay SV Automotive, Huayu Automotive Systems, Luxshare Precision, OFILM Group, Jingwei Hirain Technologies, and United Imaging [1]

Group 1: Core Insights - The automotive industry is rapidly transforming towards electrification and intelligence, with AI technology as a core driving force [1][2] - In the first half of 2024, the penetration rate of new passenger cars with L2-level assisted driving and above in China reached 55.7%, indicating a swift adoption of intelligent driving technologies [1] - High-level intelligent driving technology is becoming standard in the mainstream market, particularly in the price range of 100,000 to 200,000 yuan [1] Group 2: Opportunities and Innovations - AI is redefining automotive products and companies, with foundational AI capabilities expected to become widespread in new passenger cars in the coming years [2] - The advancement of high-level intelligent driving technology is anticipated to reach a commercial tipping point for urban Navigation on Autopilot (NOA) by 2025 [2] - The evolution of cars into social entities is creating diverse application scenarios, including smart cockpits and intelligent connectivity, providing significant market opportunities for suppliers [2] Group 3: Safety Challenges - The application of AI in automotive technology presents notable safety challenges, including risks of AI misjudgment and operational errors [3] - Ensuring the accuracy and safety of AI systems in complex driving environments is a critical issue for the industry [3] - Data privacy and user safety concerns arise from the reliance on extensive data collection and processing, necessitating stricter security mechanisms [3] Group 4: Regulatory Considerations - The lag in legal and regulatory frameworks is hindering the widespread adoption of AI in automobiles, particularly for L3 and L4 level autonomous driving [4] - There is a need for the development of relevant laws and standards to keep pace with rapid technological advancements [4] Group 5: Future Outlook - Despite challenges, the application prospects of AI in automotive intelligence remain broad, with predictions that by 2030, around 10% of new cars globally will possess L4 autonomous driving capabilities [5] - Continuous technological breakthroughs and collaborative efforts across the industry are essential for achieving this goal [5] - Emphasizing safety and establishing comprehensive security mechanisms and regulatory frameworks are crucial for the successful scaling of AI-driven automotive intelligence [5]