Core Viewpoint - The company, Tianshan Electronics, has reported significant growth in revenue and net profit, driven by advancements in the automotive display sector and a focus on customized display solutions [12][13]. Company Overview - Tianshan Electronics specializes in the research, design, production, and sales of customized LCD displays and modules, positioning itself as a national high-tech enterprise with comprehensive supply capabilities [3][4]. - The company emphasizes a business philosophy centered on health, sustainability, and progress, aiming to provide personalized display solutions to industry-leading clients [3]. Financial Performance - For the reporting period, the company achieved operating revenue of 1,476.848 million yuan, a year-on-year increase of 16.54% - The net profit attributable to shareholders reached 150.3843 million yuan, up 39.99% year-on-year, with a significant increase in net profit growth rate compared to revenue growth [12]. - The net cash flow from operating activities was 121.6201 million yuan, reflecting an 82.08% increase [12]. Business Model - The company operates on an order-based production model, ensuring efficient procurement and production processes tailored to customer demands [6][7]. - Tianshan Electronics has established a stable supply chain with multiple suppliers for key materials, ensuring timely and reliable procurement [6]. Key Growth Drivers - The automotive electronics sector has shown significant growth, with the company expanding its product offerings to include advanced display technologies for various vehicle types [12][13]. - The company is investing in dual-base collaboration to enhance production capabilities and meet increasing market demands in automotive and smart home sectors [13][14]. Product Development and Innovation - Tianshan Electronics is focusing on high-value product development, including innovations in touch screen technology and advanced display modules [15][17]. - The company is actively developing new products such as smart serial display modules and variable light control rearview mirror modules, targeting growth in the automotive sector [16]. Strategic Initiatives - The company has implemented a dual mechanism of stock incentive plans and share buybacks to enhance governance and drive sustainable growth [18]. - Tianshan Electronics aims to deepen its presence in the professional display market by leveraging technological innovation and expanding its product matrix [19].

► 行业新技术：高阶智驾加速普及 高压快充重构体验 智能驾驶：高算力芯片与激光雷达大规模上车。吉利 领克 900 成为全球首款搭载 Thor 芯片的量产车型，双Orin-X芯片成主流配置；零跑B10等车型以激光雷达下探至 10万元级市场，推动智驾平权。 智能座舱：高通骁龙 8295P芯片规模化普及，覆盖15万元以上车型 （如小鹏 G7、零跑B10、比亚迪汉L/唐L、方程豹钛3、吉利银河星 耀8、极氪007 GT）； 电动化： 800V高压快充成标配，续航与补能效率突破。 比亚迪全域 1 , 000V平台、华为尊界S800支持6C超充，续航普遍突破700km。 高端化 ：本次车展华为、小米新车集中发力高端市场，华为尊界定位百万级豪华轿车，通过华为品牌力 +智能驾驶、座舱黑科技赋能品牌；小米SU7 Ultra定位巅峰性能科技轿 车，主打性能、操控、科技，通过技术赋能高端。 ► 新势力新趋势：科技巨头重塑格局 智驾体验定义竞争力 华为： 尊界 S800、问界M8、享界S9增程三箭齐发，以鸿蒙智驾+高压平台技术冲击豪华市场，定位覆盖30万元至百万元级。 小米： S U7 ultra亮相车展， 具备 最大 马力 154 ...

Core Viewpoint - The 2025 Shanghai International Automobile Industry Exhibition will be held from April 23 to May 2, 2025, with the theme "Embrace Innovation, Win the Future," showcasing over 1,000 global enterprises and more than 100 new car launches, highlighting the industry's transformation and technological advancements [1][10]. Industry New Technologies - Advanced intelligent driving technologies are accelerating, with high-performance chips and LiDAR becoming mainstream. Geely's Lynk & Co 900 is the first mass-produced model equipped with the Thor chip, while models like Leapmotor B10 are introducing LiDAR technology to the 100,000 yuan market [2][21]. - The adoption of 800V high-voltage fast charging is becoming standard, with companies like BYD and Huawei leading the way, achieving ranges exceeding 700 km and charging efficiencies [2][27]. - The high-end market is seeing significant entries from tech giants like Huawei and Xiaomi, with models like Huawei's Aito S800 and Xiaomi's SU7 Ultra targeting luxury segments [2][3]. New Forces and Trends - Tech giants are reshaping the competitive landscape, with Huawei launching multiple models aimed at the luxury market, while new players like Xiaopeng, Li Auto, and Leapmotor are focusing on intelligent upgrades to penetrate mainstream markets [3][8]. - New energy vehicle brands are showcasing their strengths, with models like Xiaopeng G7 and Li Auto i8 emphasizing advanced intelligent driving capabilities [3][19]. Domestic Brand Trends - Domestic brands are leveraging technology to move upmarket, with BYD's Han L and Tang L featuring advanced intelligent driving systems and extended-range capabilities [4][19]. - Geely is expanding its market presence with models like the Galaxy Star 8 and Lynk & Co 900, focusing on hybrid and intelligent technologies [4][19]. - Companies like Changan, Great Wall, and SAIC are diversifying their product offerings, emphasizing high-end and technologically advanced vehicles [4][19]. Investment Recommendations - The report recommends investing in quality domestic brands that are accelerating in intelligence and globalization, specifically BYD, Geely, Xiaopeng, and Li Auto, while also suggesting to monitor Xiaomi Group [5]. - In the parts sector, it highlights new force supply chains and recommends companies like H Chain, T Chain, and intelligent driving component manufacturers [5].

就在下周二！ 上海国际车展前期 "2025智能座舱车载声学创新大会暨第一届智能声学创新论坛"要 来了！ 随着智能化浪潮席卷汽车产业， 智能座舱正 逐步演变为集办公、休息与娱乐于一体的"第三空 间"。其中， 车载声学系统更是 承载了驾乘者对沉浸式声场、个性化交互，乃至情绪感知的更高 期待。 在这一趋势下， 4月22日 ，特于上海国际车展前期举办 "2025智能座舱车载声学创新大会暨第一 届智能声学创新论坛" ，本次大会将围绕智能座舱车载声学和声学AI+的前沿技术展开研讨和交 流。 现已有 300+ 行业来自产业链上下游的行业精英已报名，更有诸多重磅议程以及特别福利在等你， 是一场不容错过的行业盛会！ 时间 地点 4月22日 · 上海大华虹桥假日酒店 大会亮点 1、300+行业 精英 已锁定席位 来自比亚迪、上汽大众、中国商飞、小米汽车、零跑汽车、江淮汽车、 瑞声科技、歌尔股份、歌 尔丹拿、引望智能、彼格镁隆、科大讯飞、影石创新、苏州上声、龙旗科技、上海声望 、中国计 量科学 研究院、京东方精电（深圳）汽车技术、中国计量科学研究院、北京瑞森新谱科技、佛吉 亚、重庆梧桐车联、长三角国家技术创新中心等产业专家齐聚，产 ...

Core Insights - GAC Group's subsidiary, GAC Trumpchi, has launched a new high-end flagship MPV, the Trumpchi Xiangwang M8 Qiankun series, emphasizing the integration of "Eastern aesthetics and intelligent technology" [2] - Since the launch of its first luxury MPV in 2017, GAC Trumpchi has sold over 750,000 MPVs, maintaining the top sales position in China's luxury MPV market for 73 consecutive months [2] Intelligent and Safety Systems - The Xiangwang M8 Qiankun series features Huawei's Qiankun ADS advanced intelligent driving system, utilizing a combination of 192-line lidar and high-precision 4D millimeter-wave radar for enhanced perception [3] - The vehicle is equipped with a CAS 3.0 all-directional active collision avoidance system, which has successfully avoided approximately 2 million potential collision risks on actual roads [3] - The smart cockpit, powered by Huawei technology, supports up to 7 interconnected screens and allows seamless synchronization of mobile applications with the vehicle's interface [3] Structural and Battery Safety - The vehicle incorporates a "720° all-directional safety fortress" design, with 85.6% of its body made from high-strength steel, enhancing overall rigidity [4] - The battery system, co-developed with CATL, has undergone 145 rigorous tests, achieving a single-cell failure rate controlled at the PPB level, setting a new safety benchmark for new energy vehicles [4] Strategic Goals and Market Positioning - GAC Group aims to achieve over 60% market share for its self-owned brands by 2027, with a target of annual sales exceeding 2 million units [5] - The launch of the Xiangwang series aligns with GAC's "Panyu Action" strategy, which is crucial for the company's transformation and growth [5] - The Xiangwang series is positioned as a flagship product line covering sedans, SUVs, and MPVs, with plans to implement L3-level autonomous driving technology within the year [6] Customer Service and Infrastructure - The Xiangwang series has established a nationwide free vehicle pick-up and delivery service network covering 272 cities, ensuring 100% coverage in prefecture-level cities [6] - The series will leverage over 1,200 after-sales service points and access to more than 1.2 million charging stations, enhancing the service experience for new energy vehicle users [6]

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].

公司披露2025年员工持股计划草案 。 01 事件概述 ► 员工持股增强团队竞争力 考核目标彰显座椅业务信心 本次员工持股计划参加对象主要为座椅事业部的核心骨干员工及董事会认为需要激励的其他人员，人员总数不超过100人、股份总数不超过5,700万股（占股本总额 0.45%），股份来源于此前回购股票、员工受让价格为5.54元/股，为2025/4/9收盘价的53%。 本次股权激励考核目标主要针对座椅事业部，对座椅业务的收入、利 润、利润率设置考核目标，彰显公司对座椅业务快速发展和盈利的信心。 1）解锁期一：2025年座椅事业部收入考核触发值/中间值/目标值为40/45/50亿元，净利润考 核触发值/中间值/目标值为0.8/1.2/1.5亿元，净利率为2.0%/2.6%/3.0%；2）解锁期二：2026年座椅事业部收入考核触发值/中间值/目标值为70/85/100亿元，净利润考 核触发值/中间值/目标值为4.0/4.5/5.0亿元,净利率为5.7%/5.3%/5.0%；3）触发值/中间值/目标值对应完成系数为60%/80%/100%。 ► 智能电动突围 座椅国产替代空间广阔 公司先后于2021年10月、2022年7 ...

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].