► 汽车热管理龙头走向全球 北美经营体年度首次实现盈利 01 事件概述 公司披露 2024 年年度报告， 2024 年全年实现营业收入 127.0 亿元，同比 +15.3% ，毛利率为 20.1% ，同比 -1.5pcts ，归母净利润 7.8 亿元，同比 +28.0% ，实现扣非 净利润 6.8 亿元，同比 +17.5% 。 02 分析判断 ► 2024Q4 业绩符合预期 海外经营体盈利能力显著提升 1 ）营收端： 公司 2024Q4 实现营业收入 35.0 亿元，同比 +15.6% ，环比 +14.5% ，我们认为主要增量来自新能源汽车热管理业务及数字与能源业务订单陆续释放。 2 ）利润 端： 公司 2024Q4 毛利率为 20.2% ，同比 -2.7pcts ，环比 +2.5pcts ，归母净利润为 1.79 亿元，同比 +6.4% ，环比 -10.9% 。 公司 2024Q4 业绩同比增长的主要原因为： 1 ）持 续通过多维度降本增效措施，聚焦经营利润率的提升； 2 ）在"属地化制造、全球化运营"方面取得成效，北美经营体实现自营业务扭亏为盈，贡献业绩增量；业绩环比下降的 主要原因为：单季度资产及信用减 ...

Core Viewpoint - Yonggui Electric achieved significant revenue and profit growth in 2024, driven primarily by its new energy business, despite a decline in overall gross margin due to cost pressures and market challenges [1][4][6] Group 1: Financial Performance - In 2024, Yonggui Electric reported total revenue of 2.02 billion yuan, a year-on-year increase of 33.04%, and a net profit of 126 million yuan, up 24.47% [1] - The company's gross profit was 559 million yuan, with a gross margin of 27.67%, slightly down from 28.39% in 2023, indicating challenges in cost control and market competition [4] Group 2: Business Segments - The vehicle and energy information segment generated 1.17 billion yuan in revenue, a 52.24% increase, accounting for 57.90% of total revenue, marking a significant shift in revenue structure [4] - The new energy business alone contributed 1.12 billion yuan, becoming the main growth engine for the company [4] Group 3: Global Expansion - Yonggui Electric is accelerating its globalization strategy, establishing a subsidiary in Singapore and a production base in Thailand to enhance its local operational network [5] - This global expansion aims to mitigate market risks and reduce costs through localized production, although challenges such as cultural differences and regulatory issues remain [5] Group 4: R&D Investment - The company invested 165 million yuan in R&D, representing 8.18% of its revenue, with a year-on-year increase of 24.83%, focusing on key areas like electric vehicles and charging infrastructure [6] - Yonggui Electric secured 101 patent authorizations during the reporting period, bringing the total to 726, including 128 invention patents, reinforcing its technological leadership [6]

Investment Rating - The automotive industry maintains a "Recommended" investment rating, indicating a positive outlook for the sector's fundamentals and expectations for the industry index to outperform the benchmark index [5][30]. Core Insights - The automotive industry experienced an overall decline of 0.6% from April 13 to April 19, with significant new car launches ahead of the Shanghai Auto Show, including models from Zeekr, AITO, and NIO [1][2]. - Huawei and SAIC jointly launched the "Shangjie" brand, with an initial investment of 6 billion yuan and plans for a dedicated factory, aiming to introduce their first model priced between 180,000 to 250,000 yuan by mid-year [1][24]. - The automotive sector is witnessing a global expansion, with companies like BYD entering new markets in Europe and Southeast Asia, and Xpeng planning local production in Indonesia [21][23][27]. Market Performance Overview - The automotive sector's performance was mixed, with some sub-sectors like automotive services and motorcycles showing gains of 1.9% and 1.3%, while passenger vehicles and auto parts saw declines of 1.0% and 1.2% respectively [2][11]. - Notable individual stock performances included Huayang Racing (+19.4%), Jianbang Technology (+18.1%), and Jiuzhi Co. (+17.8%), while Xinquan Co. (-9.1%) and Meili Technology (-7.7%) faced significant declines [3][13]. Recent Developments - Several new models were launched, including the BYD Han L and Tang L, as well as the AITO Wenjie M8 and NIO Firefly, with prices ranging from 119,800 to 449,800 yuan [18][20]. - The industry is also seeing advancements in smart driving technology, with Xpeng aiming for L3 level autonomous driving by the end of 2025 [21]. - The establishment of the "Shangjie" brand by Huawei and SAIC is seen as a strategic move to capture a significant share of the growing market for new energy vehicles [24].

Core Viewpoint - Lens Technology, a well-known company in the Apple supply chain, has submitted a listing application to the Hong Kong Stock Exchange, facing challenges due to its heavy reliance on Apple for nearly half of its revenue in 2024 [1][2]. Group 1: Financial Performance - In 2024, Lens Technology achieved operating revenue of 69.90 billion yuan, a year-on-year increase of 28.27%, and a net profit attributable to shareholders of 3.62 billion yuan, up 19.94% [4][8]. - The gross profit margin of Lens Technology has declined from nearly 30% in 2020 to less than 16% in 2024, indicating weak bargaining power within the supply chain [1][4]. - The company reported a net profit growth of nearly 40% in the first quarter of 2025, but the sustainability of this growth is questioned due to potential market fluctuations [6]. Group 2: Customer Dependency - A significant portion of Lens Technology's revenue comes from a few key clients, with revenue from the top five clients amounting to 38.88 billion yuan, 45.28 billion yuan, and 56.71 billion yuan for 2022, 2023, and 2024 respectively, accounting for 83.3%, 83.1%, and 81.1% of total revenue [2][3]. - Sales to the largest customer represented 71.0%, 57.8%, and 49.5% of total revenue in the same years, highlighting the company's dependency on major clients [2]. Group 3: Strategic Initiatives - Lens Technology aims to diversify its customer base and enhance global delivery capabilities through its listing, with plans to expand operations in Vietnam, Thailand, and Mexico [2][5]. - The company is focusing on vertical integration and has increased R&D spending to a record 2.79 billion yuan, targeting advanced technologies in areas such as foldable screens, AI glasses, and smart vehicles [3][4]. Group 4: Market Challenges - The company faces challenges in pricing power due to high customer demands for cost reductions, which has contributed to the declining profit margins in the consumer electronics sector [4][5]. - The competitive landscape in the smartphone and personal computer markets has shifted to a saturation phase, necessitating differentiation or breakthrough innovations for growth [5].

Investment Rating - The report maintains a "Buy" rating for the company with a target price of 315 RMB, compared to the last closing price of 275 RMB [1][8]. Core Insights - The company achieved a strong start in Q1 2025, with revenue reaching 4.85 billion RMB, a year-on-year increase of 39.2%, and a net profit of 980 million RMB, up 47.6% year-on-year [4][5]. - The growth is driven by strong performance in the special beverage segment and the continued success of the "Beverage" product line, which saw significant year-on-year increases [5][7]. - The company is focusing on national expansion and has made progress in its platform-based growth strategy, with plans for international market entry, particularly in Southeast Asia and the Middle East [7][8]. Financial Performance - In Q1 2025, the company reported a gross margin of 44.5%, an increase of 1.7 percentage points year-on-year, attributed to economies of scale and declining raw material costs [6]. - The net profit margin also improved, reaching 20.2%, up 1.1 percentage points year-on-year, indicating a positive trend in profitability [6]. - The company aims for revenue and profit growth of no less than 20% for 2025, with a strong focus on expanding its product offerings and market reach [7][8]. Future Projections - Revenue projections for 2025-2027 are estimated at 21 billion RMB, 26.2 billion RMB, and 31.3 billion RMB, representing year-on-year growth rates of 32%, 25%, and 19% respectively [8][9]. - Net profit projections for the same period are 4.6 billion RMB, 5.9 billion RMB, and 7 billion RMB, with growth rates of 37%, 29%, and 20% respectively [8][9]. - The company is expected to maintain a strong performance relative to the market, with a projected PE ratio of 31, 24, and 20 for the years 2025, 2026, and 2027 [8][9].

在持续动荡与博弈的动储江湖，新能源材料巨擘中伟股份 (300919.SZ) 仍在持续向上成长。 Wind显示，中伟股份年营收至少已经连续7年实现高速增长，在2017-2024年期间，中伟股份年营 收规模增长了20.60倍，从季度趋势看，中伟股份已至少连续16个季度 （2021年一季度以来） 实 现持续正增长；根据可查数据，这已经是其至少连续20个季度实现盈利。展现了持续发展韧性与 强大潜力，堪称动储江湖真正的 "逆周期之王"。 而今年是中伟股份成立的第11个年头，是其登陆资本的第5年，目前公司锚定 "成为全球领先的新 能源材料科学公司" 企业愿景，已形成镍系、钴系、磷系、钠系等多元化的新能源材料产品矩阵 和技术布局，且已经在多个领域成为国际顶级玩家。 也正是这一年 （2020年12月23日） ，中伟股份成功登陆创业板，实现成立6年即上市的壮举。伴 随新能源汽车产业彻底爆发，中伟股份股价也出现史诗级上扬，市值最高超过1400亿元，成为贵 州省市值仅次于茅台的上市企业，实控人邓伟明身价飙升，一跃成为贵州首富。公司还成功跻身 "中国民营企业500强" 之列，并是贵州唯一入选 "2024中国制造业民营企业500强" ...

Group 1 - The core viewpoint of the article highlights the global launch of XPeng's flagship model X9, showcasing significant technological advancements and global expansion plans [1] - The 2025 X9 model features four versions priced between 359,800 to 419,800 yuan, with plans for domestic launch in Q2 2025 and entry into the European market in the second half of the year [1] - The X9 incorporates 496 detailed improvements, including zero-gravity seats, 180° reclining electric seats, and a 10-point massage system, along with the industry's first self-developed Turing AI chip [1] Group 2 - XPeng has established a comprehensive self-research system for autonomous driving, including cloud and vehicle-side large models, AI chips, and underlying architecture, with a 72 billion parameter base model currently in training [1] - The company has received nearly 4,000 orders for its split-type flying car, with plans for mass production in 2026, aiming to become the first large-scale manufacturer of flying cars [3] - XPeng's charging network spans 31 countries with 2.07 million charging piles, and partnerships with international companies like Volkswagen and BP Pulse have been established [1]

Summary of the Conference Call for Yinlun Co., Ltd. Company Overview - **Company**: Yinlun Co., Ltd. - **Industry**: Manufacturing, specifically in cooling systems and components for vehicles and data centers Key Points and Arguments Global Expansion and Production Capacity - Yinlun has established a significant global presence with production bases in the US, Mexico, Southeast Asia, and Europe to adapt to international trade changes and ensure supply chain stability [2][4] - The company anticipates a production value of **$30 million** in North America by 2025, with the Mexican factory expected to generate **900 million RMB** and the new Polish factory projected to earn **160 million RMB** [2][3] Impact of Tariffs - The impact of US tariffs is manageable for Yinlun, as the company is expanding production capabilities in the US and Mexico to mitigate tariff challenges while maintaining market share [2][6] - Despite potential tariff increases in Mexico, the company is prepared to ensure order acquisition and enhance competitiveness through its overseas layout [4][12] Robotics and Data Center Business - Yinlun has begun mass supplying small modules in the humanoid robot sector and aims to become a supplier of rotary actuator assemblies, targeting core customers in North America and domestically, including TAPSI, DPIH, PCI, and Amazon [2][17] - In the data center business, the focus is on large server clients, with developments in cooling towers and diesel generators, expecting revenue realization this year [2][30] Revenue and Market Share - In 2024, overseas revenue reached over **800 million RMB**, accounting for **44%** of total revenue, with a target of increasing this to **60-78 billion RMB** by 2028 [4][34] - The company’s Mexican factories primarily supply the US market, with expected revenues of **600 million RMB** for both 2024 and 2025 [20] Future Plans and Market Adaptation - Plans include expanding production capacity in the Houston area and further developing facilities in Mexico and Southeast Asia, with a new research center in Frankfurt to support European market growth [7][32] - The company is adapting to potential tariff changes by ensuring flexibility in production capacity and optimizing the supply chain to meet market demands [12][22] Additional Important Insights - The company has a cautious outlook on the potential for further tariff increases from Mexico, noting that some products may be exempt due to local production limitations [8][21] - Yinlun's global layout allows it to respond effectively to political and tariff disruptions, maintaining competitiveness despite potential challenges [32] - The company is optimistic about the growth of its overseas business, which is seen as a significant opportunity for domestic enterprises to expand internationally [34][37] Conclusion Yinlun Co., Ltd. is strategically positioned to navigate the complexities of international trade and tariffs through its global manufacturing footprint. The company is focused on expanding its market share in robotics and data centers while ensuring adaptability to changing market conditions. The outlook for overseas revenue growth remains strong, providing a solid foundation for future investments and business development.

兴业证券全球首席策略分析师张忆东认为，中国香港凭借其独特的制度优势、国际化地位以及专业服务 体系，在"一带一路"倡议中扮演着不可替代的"超级联系人"角色。A股公司通过赴港上市，不仅进一步 拓宽了融资渠道，还可以借助香港市场的国际化平台吸引更多投资者，提升企业知名度。 赴港上市的时机也十分重要，众多A股公司接连选择在今年奔赴港股上市，还与当前港股市场资金流动 性改善这一大背景有关。香港交易所官网数据显示，2025年前三个月，香港证券市场平均每日成交金额 为2427亿港元，较去年同期的994亿港元上升144%。 4月14日，深圳市江波龙（301308）电子股份有限公司发布公告称，公司已于2025年3月21日向香港联合 交易所有限公司(以下简称"香港联交所")递交了发行境外上市外资股(H股)并在香港联交所主板挂牌上市 的申请。4月11日，宁德时代（300750）新能源科技股份有限公司(以下简称"宁德时代")公告称，香港 联交所上市委员会于2025年4月10日举行上市聆讯，审议公司本次发行并上市的申请。4月6日，深圳市 兆威机电（003021）股份有限公司发布公告称，公司拟发行境外上市外资股(H股)股票并申请在香港联 ...

各位观众好 我是方正机械分析师赵璐今天由我们整个制造组跟大家汇报一下出口这边的观点我们看到昨天晚上美国这边对没有进行反制的国家关税延迟了90天的期限这里面在机械行业这个方向的话我们建议可以重点关注的几个方向一个就是像 传统的这种老牌的这种出口企业这个手工具类和电动工具的出口企业啊包括像创科实业全封控股以及巨星科技欧盛电器还有像开创电器那么这里面像巨星科技和欧盛电器今天上午其实已经达到了这个涨停了那目前像啊创科实业啊全封控股还有开创电器目前涨幅其实还都相对有限我们建议都是可以重点关注的那目前大部分的手工具和电动工具企业其实都已经啊实现了这个产能的这个50%以上或者是这个这个 部分的已经转移到了这个东南亚这边地区啊有的是在越南泰国或者柬埔寨这些地区啊所以呃这个东南亚这边的这个关税暂缓对于他们来说应该是最直接受益的那此前的话基本上各家公司都是跌幅也已经达到20%多的一个水平啊所以这些是可以重点关注的手工具和电动工具企业 然后其次的话就是还有其他类的这种消费类设备企业那么它的这种目的地销售目的地最终其实也是向往欧美的包括像杰昌驱动啊做这个线性驱动的还有就是像这个银都股份做餐饮设备的啊还有像春风动力啊滔滔车业以及像这几 ...