Core Viewpoint - Zejing Automotive Electronics has submitted its IPO application to the Hong Kong Stock Exchange, aiming to raise funds for production line upgrades, technology research and development, and global expansion [1] Industry Overview - The HUD (Head-Up Display) market in China has seen a rapid increase in penetration, surpassing 10% in 2023 and approaching 15% in the first half of 2024 [2] - The transition from W-HUD to AR-HUD is driven by advancements in smart cockpits and smart driving, with AR-HUD offering higher display precision and brightness [2] - The current penetration of HUDs in mid-to-high-end models is significantly lower than that of new energy vehicles, which exceed 50% [2] Company Position - Zejing Automotive Electronics is one of the largest HUD suppliers in China and the first to achieve mass production and delivery for international OEMs [2] - The company serves over 20 OEM clients and has a cumulative model designation count of 90, holding the highest number of authorized HUD patents among domestic suppliers [2] Sales and Financial Performance - In 2024, Zejing ranks second in the Chinese car-mounted HUD solutions market with a market share of 16.2%, selling 600,000 W-HUD units (17.8% market share) and 53,700 AR-HUD units (13.7% market share) [3] - Despite its leading position, the company has faced financial losses, with cumulative losses of approximately 570 million yuan over three years, although losses have been narrowing [3][4] Customer Concentration Risk - The company's revenue is highly concentrated, with the top five customers accounting for 93.0%, 93.8%, and 80.9% of total revenue from 2022 to 2024, respectively [4] - The largest customer in 2022 was likely NIO, while in 2023 and 2024, it is expected to be Li Auto, with both companies together accounting for 45.1% of Zejing's sales in 2024 [4][5] Competitive Landscape - Compared to competitors like Huayang Group, Zejing's revenue and profit scale are smaller, with Huayang achieving revenues of 5.638 billion, 7.137 billion, and 10.158 billion yuan from 2022 to 2024, alongside consistent profit growth [6] - The automotive industry's price pressures have led OEMs to pass costs upstream, impacting Zejing's profit margins [6] Supply Chain Concerns - The company's focus on AR-HUD may face supply chain challenges, particularly due to reliance on Texas Instruments for DLP technology, which dominates the market for high-performance components [7] - While Zejing is a pioneer in developing DLP HUD modules in China, its LCoS technology is still in the R&D phase, posing risks if DLP supply chains are disrupted [7]

Group 1: Financial Performance - In 2024, the company's revenue decreased by 17.46% compared to the previous year, while the net profit attributable to shareholders dropped by 23.94% [3] - The decline in revenue was primarily due to the operational cessation of the subsidiary Shaanxi Shaqi Zhaofeng Technology Co., Ltd. and a reduction in international after-sales business [3] Group 2: Market Strategy and Business Development - The company has seen a 40% increase in sales in the domestic OEM market for automotive wheel hub bearing units in 2024 [5] - The company is actively expanding into emerging markets such as Southeast Asia and the Middle East, with a gradual increase in the share of new market business [11] Group 3: New Projects and Innovations - A new subsidiary, Zhaofeng (Hangzhou) Intelligent Equipment Co., Ltd., was established to focus on the research, development, and manufacturing of ball screws and planetary roller screws [6][7] - The company is collaborating with Zhejiang University to establish an Intelligent Innovation Research Institute, focusing on projects like automotive steer-by-wire systems [9][10] Group 4: Shareholder Returns - The company plans to distribute cash dividends amounting to 45.84% of the distributable profit for 2024, with a cash dividend of RMB 7.050487 per share [11] - A three-year shareholder return plan (2024-2026) has been developed, emphasizing stable returns through share buybacks and cash dividends [11]

Core Viewpoint - The integration of Zeekr and Lynk & Co. post-Taizhou Declaration indicates that Geely is refocusing its strategy, which is expected to enhance the group's profitability, making it a potential investment opportunity alongside Xiaomi [1]. Group 1: Marketing and Brand Strategy - Xiaomi is creating significant traffic for Geely, compelling a reform in Geely's marketing system. The next five years are anticipated to be a period of growth for Chinese brands as joint venture brands exit the market. Although Geely's brand power is not as strong as Xiaomi's, the collaboration has introduced a symbiotic relationship, enhancing Geely's market presence [2]. - Geely's product line is strategically segmented across various price ranges, with models like Galaxy priced between $10,000-$20,000, Zeekr between $20,000-$50,000, and Volvo/Polestar/Lotus above $50,000. This segmentation is effective as it caters to different consumer demographics, distinguishing Geely from traditional competitors like Great Wall and Chery [2]. Group 2: Technological Advancements - The automotive industry is witnessing a surge in investment in autonomous driving, with rapid advancements in algorithms and significant movement of engineers. Geely aims to align with top chip suppliers and adopt varied supplier strategies across different price segments to enhance its smart driving experience [3]. Group 3: Historical Development and Strategic Milestones - Geely has undergone several phases of development since its inception in 1986, transitioning from a small startup to a major player in the automotive industry. Key milestones include becoming the first private car manufacturer in China in 2001 and acquiring Volvo in 2010, which significantly boosted its technological capabilities and global presence [4][5]. - The company has set ambitious goals for 2027, aiming for total vehicle sales to exceed 5 million units, following the strategic focus outlined in the Taizhou Declaration [5].

Meeting Information - The annual general meeting of North Optical Co., Ltd. is scheduled for May 20, 2025, at 2:30 PM, with online voting available from 9:15 AM to 3:00 PM on the same day [1][2] - The meeting will take place at the company's conference room located at 35 Chang Le Middle Road, Xi'an, Shaanxi Province [1] Meeting Agenda - The meeting will include the reading of the 2024 annual report, the independent director's annual performance report, and various proposals for voting [2][3] - Shareholders will have the right to speak, inquire, and vote during the meeting [2] Financial Performance - In 2024, the company reported a significant decline in performance, with total revenue of 1.297 billion yuan, a decrease of 41.06% year-on-year, and a net loss attributable to shareholders of 206.09 million yuan [8][22] - The total assets as of December 31, 2024, were 4.195 billion yuan, with total liabilities of 1.846 billion yuan, resulting in equity attributable to shareholders of 2.349 billion yuan [22] Board of Directors and Governance - The board of directors consists of 9 members, including 3 independent directors, and has established 5 specialized committees to enhance governance [10][11] - The board held 7 meetings in 2024, discussing 57 proposals related to financial reporting, budget, and risk management [8][10] Risk Management - The company has implemented a comprehensive internal control system to ensure compliance and mitigate risks, with no major risk events reported in 2024 [9][12] Future Plans - For 2025, the company plans to issue shares to specific investors and enhance its governance structure to ensure compliance and efficient operations [12][13] - The company aims to strengthen investor relations and improve communication with shareholders [12][13] Related Party Transactions - The company has outlined expected related party transactions for 2025, including sales and purchases with subsidiaries of its controlling shareholder, China Weapon Industry Group [28][29] - The estimated total for these transactions is approximately 3.796 billion yuan, with specific categories detailed for clarity [28][29] Financial Services Agreement - The company intends to adjust and renew its financial services agreement with China Weapon Finance Co., Ltd., which is a related party, to ensure the stability and security of its financial operations [39][41]

海外行业报告 | 行业动态研究 港股周报（2025.05.06-2025.05.09） 证券研究报告 南向资金加码美团等低估值龙头，关注港股龙头公司 下周财报披露 本周港股三大指数上涨，本周港股通 4 个交易日共净买入 67.716 亿元，年初至今净买入 5755.18 亿元，相当于 2024 年全年净买入 7440.3081 亿元的 77.35%；南向资金重点加仓美团（63.71 亿）等。当前互联网公司处于估值相对低位，小米、腾讯、阿里巴巴、美团、百度、拼多多、京东、 快手 25 年（阿里巴巴为 FY26）PE 分别为 28/ 17/ 12/ 11/ 9/ 8/ 7/ 6。 AI 方面，5 月 8 日星动纪元宣布开源首个 AIGC 生成式机器人大模型 VPP（Video Prediction Policy）。该模型由清华大学交叉信息学院的 ISRLab 和星动纪元共同研发。与之前机器人大模型 普遍都是基于 VLM（Vision-Language Model）模型的 VLA 模型（Vision-Language-Action Model）不同，VPP 则是基于类似 Sora 这样的 AIGC 生成式模型，它在 ...

Core Viewpoint - DeepWay has established itself among the top ten in the new energy heavy truck industry in 2024, with a significant market penetration rate and sales growth [2][3]. Group 1: Market Performance - The new energy heavy truck market has seen a penetration rate exceeding 15% for eight consecutive months since August 2024, with March sales reaching 15,000 units, accounting for 20.93% of total heavy truck sales [2]. - DeepWay launched two new models, the Starry Sky II and Starry Path, and secured 2,273 orders during the product launch event [6]. Group 2: Company Strategy - DeepWay's CEO emphasizes three strategic directions: self-research and production of core components, internationalization, and investment in intelligent technology [3][26]. - The company has achieved significant cost reductions and improved adaptability to complex transport scenarios through the self-research of its three electric systems [5]. Group 3: Future Vision - The CEO views future new energy heavy trucks as industrial robots, highlighting the shift towards automation and the elimination of manual labor in logistics [7][10]. - DeepWay aims to transition from being merely a truck manufacturer to becoming a smart driving and industrial robotics company, with vehicle sales being a necessary step towards this goal [7][10]. Group 4: Industry Trends - The penetration rate of new energy in commercial vehicles is expected to increase, driven by the development of charging infrastructure [19][20]. - The CEO predicts that by 2030, 50% of trucks in China will be electric, as demand will drive supply in the market [21]. Group 5: Competitive Landscape - DeepWay acknowledges the competitive nature of the industry but believes that competition ultimately benefits consumers and drives innovation [25][26]. - The company is committed to maintaining its competitive edge through self-research, global expansion, and continuous improvement in intelligent technology [26].

Core Viewpoint - Lixun Precision's strong performance in 2024 is driven by its deep engagement in precision manufacturing and diversified business development, with significant growth in automotive and communication sectors [1][2][4]. Group 1: Financial Performance - In 2024, Lixun Precision achieved a revenue of 268.795 billion yuan, representing a year-on-year growth of 15.91% [1]. - The net profit attributable to shareholders was 13.366 billion yuan, an increase of 22.03% year-on-year [1]. - For the first half of 2025, the company expects a net profit of 6.475 billion to 6.745 billion yuan, indicating a growth of 20% to 25% year-on-year [1]. Group 2: Automotive Sector Growth - The automotive-related business generated revenue of 13.758 billion yuan in 2024, marking a growth of 48.69% [2]. - Automotive wiring harnesses accounted for 60% of the automotive business, contributing 2.7 billion yuan to the new sales of 4.5 billion yuan in 2024 [2]. - The acquisition of Leoni Group, a leading automotive wiring harness manufacturer, is expected to accelerate Lixun's overseas expansion [2]. Group 3: Communication Sector Developments - The communication business reported revenue of 18.36 billion yuan, a year-on-year increase of 26.29% [4]. - Lixun has developed innovative core components for AI data centers, addressing the growing demand for data transmission and management [4]. - The company has launched several advanced products, including 224G and 800G optical modules, which are currently in mass production [4]. Group 4: Product Line Expansion - Lixun's automotive product line includes wiring harnesses, connectors, smart cockpits, and power systems, successfully covering major domestic and international automakers [3]. - The company aims to enhance its capabilities in smart vehicle integration and has seen a sales increase of 1.5 billion yuan in smart control products in 2024 [3]. - In thermal management, Lixun expects revenue and profit growth of over 100% in 2025, with plans to penetrate North American cloud service providers [5].

Group 1: 5G-A Network Overview - The transition from "5G" to "5G-A" indicates a significant upgrade in network capabilities, with 5G-A offering peak download speeds of up to 10Gbps compared to 1Gbps for standard 5G [1] - To access 5G-A speeds, users must have compatible devices, activate a 5G-A data plan, and be within the coverage area of 5G-A base stations [1] - 5G-A is crucial for industries requiring high-speed connectivity, such as drones and smart driving, enhancing the overall user experience in various applications [1] Group 2: Technological Advancements - 5G-A enhances multiple dimensions including capacity, speed, latency, positioning accuracy, and connection stability, supporting advanced applications like XR and 3D without glasses [2] - In the smart driving sector, 5G-A's low latency and high precision enable real-time traffic signal reception and obstacle warnings, improving safety [3] - The integration of 5G-A with satellite navigation systems allows for centimeter-level vehicle positioning, facilitating advanced driving applications [3] Group 3: Industry Growth and Opportunities - The low-altitude economy is experiencing rapid growth, coinciding with the commercial rollout of 5G-A, which enhances operational efficiency in the drone industry [3] - Major telecommunications companies are actively expanding their 5G-A networks, with China Mobile planning to cover over 300 cities by the end of 2024 [5] - China Telecom and China Unicom are also increasing their 5G-A deployments, with significant investments and plans for extensive coverage [6] Group 4: Policy and Future Projections - Local governments are supporting 5G-A applications, with initiatives launched in provinces like Shandong and Chongqing to enhance network infrastructure [6] - By 2025, the information and communication industry aims to achieve comprehensive commercial deployment of 5G-A, with projections indicating that China will account for over 50% of global 5G-A users [7]

光伏&储能：山东省发布新能源上网电价市场化方案及机制电价竞价细则（136 号文首份省级承接政策），发布时间早、 内容全面、细节友好；同时 5 月组件排产环比基本持平好于预期，有望共同促进市场对"抢装后"需求预期的修复。 欧洲逆变器市场或生变，关注潜在受益公司。 子行业周度核心观点： 风电：浙江深远海风机招标预审启动，年内开工可能性持续提升，国内海风景气度加速向上；英国海风招标改革初步 落地，相关措施或有望加速英国项目需求释放，建议关注英国 AR7 海风招标进展及国内相关受益标的。 电网：1）陇东-山东特高压直流投产，Q2 哈密-重庆、金上-湖北、宁夏-湖南三条特高压直流也有望密集投产，看好 25 年特高压相关公司业绩弹性持续兑现；2）25 年南网配网设备第一批框架招标金额达 54 亿元，同比维持高位，南 网近年重点投入五省区主网架优化和城乡配电网升级，高投资强度预计将持续带动配网设备、计量产品需求增长。 新能源车：本周理想召开第二次 AI TALK 并官宣 L 系列智能焕新版正式上市，我们对公司维持原有观点，智驾最终还 是要回落给产品。智驾在目前的市场中只是整车产品性价比的一部分，最终还是要评判产品的综合素质 ...

2025.05. 11 本文字数：2500，阅读时长大约4分钟 作者 | 第一财经 曹璐 美国"对等关税"政策发酵，全球贸易格局继续调整，成为资本市场近期关注的焦点。Wind数据显 示，截至5月9日，近一个月来机构调研热度飙升，2210家上市公司迎来3068次调研，以区间18个交 易日计算，平均每天有超过170次调研。 这轮调研热潮中，电子、机械设备、医药生物等三大板块成为机构重点关注的领域。立讯精密 （002475.SZ）、水晶光电（002273.SZ）等公司吸引超300家机构扎堆调研。此外，机构投资者在关 注企业财报业绩的同时，也重点聚焦了关税冲击下的海外布局、成本转嫁策略等关键问题。 "财报季后和增量政策空窗期，仍建议关注具有产业进展的科技方向。"金鹰基金权益研究部金达莱对 第一财经表示，AI应用、人形机器人、智能驾驶等新质生产力方向近期已有所反弹，随着财报落 地，AI大模型产业进展或带动其再度有所表现，日历效应下利于节后资金回流和科技成长风格的估 值修复。 近一个月3068次调研 针对关税影响问题，该公司在调研中表示，目前市场上更多的是情绪上的恐慌，但从企业实际经营的 角度来看，大多数出口美国的终端产 ...