Group 1 - A-share companies are increasingly seeking to list in Hong Kong, with 46 companies having plans to do so as of May 5, 2023, driven by policy support and the attractiveness of the Hong Kong market [1] - The majority of the companies planning to list in Hong Kong are from the consumer and technology sectors, including well-known brands like Haitian Flavoring and Dongpeng Beverage [2] - The semiconductor industry is also represented, with companies like Jiangbolong Electronics and Suzhou Naxin Microelectronics announcing their intent to list, reflecting rapid technological changes in AI, 5G, and smart vehicles [3] Group 2 - Strengthening global presence is a common goal for A-share companies planning to list in Hong Kong, enhancing their financing capabilities and competitive advantages in international markets [4] - For instance, Zhongwei New Materials reported overseas revenue of 17.884 billion yuan in 2024, accounting for 44.5% of total revenue, highlighting the importance of international markets for growth [4] - Other companies like Hehui Optoelectronics and Guanghetong also emphasize global expansion in their listing plans, with significant portions of their revenues coming from overseas [5] Group 3 - The Hong Kong market has become more attractive for A-share companies due to supportive policies, including streamlined approval processes and lowered thresholds for issuing H-shares [6] - The financing mechanisms in Hong Kong, such as the ability for H-share companies to quickly raise funds post-listing, enhance the appeal for A-share companies [7] - The diverse investor base in the Hong Kong market, including international institutions and sovereign funds, provides A-share companies with broader financing channels and better pricing references [7]

Core Viewpoint - The company has demonstrated strong revenue growth, with a 48% year-on-year increase in Q1 2025, driven by high customer sales and new business production [2][6][10] Revenue and Profitability - In Q1 2025, the company achieved revenue of 747 million yuan, up 48% year-on-year, and a net profit attributable to shareholders of 97 million yuan, up 28% year-on-year [2][6] - The company's gross margin improved by 1.3 percentage points to 25.00%, while the net profit margin decreased by 2.03 percentage points to 12.99% [10][2] - The sales, management, R&D, and financial expense ratios were 0.67%, 3.88%, 3.88%, and 0.00%, respectively, showing improvements in cost management [10] Business Expansion and New Initiatives - The company is actively developing smart collaborative robots and plans to establish a wholly-owned subsidiary in Wuhu with a registered capital of 20 million yuan to produce 3,000 smart robots annually [3][18] - The lightweight components business saw a revenue increase of 154% year-on-year in 2024, with significant orders in hand, indicating strong future growth potential [4][20] Market Trends and Customer Dynamics - The Chinese automotive production reached 7.56 million units in Q1 2025, a 14.5% increase year-on-year, benefiting from factors like vehicle trade-ins and promotions [2][6] - The company is focusing on expanding its equipment business internationally, particularly in regions along the Belt and Road Initiative, to support domestic brands in their overseas development [4][17] Product Line and Technological Advancements - The company has formed a relatively complete product line related to automotive body manufacturing equipment, including stamping molds, automated welding production lines, and AGV mobile robots [16][17] - The application of AI technology in mold design is expected to enhance development efficiency and shorten cycles, contributing to the growth of the components business [10][17]

记者 濮振宇 车载镜头业务收入增长，并不意味光学企业已经从中赚到了利润。随着上下游市场竞争变得激烈，不少 光学企业的车载光学业务面临着毛利率下滑的挑战。 收入增长依赖智能汽车 联创电子2024年财报数据显示，当年营收为102.11亿元，同比增长3.69%，其中车载光学产品营收为 20.6亿元，同比增长119.87%，占营收的比重从2023年的9.52%大幅增长到20.18%。 联创电子在运动相机镜头、智能汽车车载光学领域位居行业前列。在车载光学领域，联创电子作为国内 外ADAS镜头主力供应商，2024年持续深化与Mobileye、Nvidia 等国际方案商以及地平线、百度等国内 头部平台战略合作，产品成功导入比亚迪、蔚来、吉利等主流车企。 今年第一季度，联创电子营收为21.77亿元，同比下降11.71%，但核心光学业务发展顺利，其中车载光 学营收达7.7亿元，同比增长43.18%，发展势头良好；车载镜头强势领涨，营收达4.4亿元，同比增长 99.67%。 依靠智能汽车赛道拉动营收增长的光学企业，不只联创电子一家。欧菲光2024年营收为204.36亿元，同 比增长21.19%，其中智能汽车产品营收同比增长达到2 ...

Core Insights - The company reported a total revenue of 26.6 billion yuan for 2024, representing a year-on-year increase of 35.02% [1] - The net profit attributable to shareholders reached 3.001 billion yuan, up 39.52% year-on-year, while the net profit excluding non-recurring items was 2.728 billion yuan, reflecting a 35.00% increase [1] - In Q1 of this year, the company achieved a revenue of 5.768 billion yuan, a slight increase of 1.4% year-on-year, but the net profit attributable to shareholders decreased by 12.39% [1] Revenue and Profit Growth - The automotive electronics business experienced rapid growth, with a tenfold increase exceeding 1.8 billion yuan, entering a phase of accelerated mass production [1][2] - In Q4, the company recorded a revenue of 7.248 billion yuan, a year-on-year increase of 30.63%, and a net profit of 767 million yuan, up 38.47% [1] Product Line Expansion - The company is focusing on developing nine product lines, including key products and core technologies in the robotics industry, alongside eight product lines for smart electric vehicles [2] - The thermal management module, featuring a self-developed high-precision electronic expansion valve, has established a benchmark in the industry [2] International Strategy and Production Capacity - The company has accelerated its international strategy, with factories in North America and Mexico fully operational, and plans for a second phase of projects underway [3] - The company is also planning and constructing a production base in Thailand to tap into the Southeast Asian market [3] Future Projections - Revenue projections for 2025-2027 are estimated at 34.128 billion yuan, 41.680 billion yuan, and 48.890 billion yuan, respectively, with net profits of 3.789 billion yuan, 4.710 billion yuan, and 5.589 billion yuan [4] - The expected earnings per share (EPS) for the same period are 2.18 yuan, 2.71 yuan, and 3.22 yuan, with price-to-earnings (PE) ratios of 24, 19, and 16 times [4]

Core Insights - The 2025 18th China (Nanjing) International Automobile Expo and Jiangsu International New Energy Vehicle Exhibition is being held from April 30 to May 4, 2025, covering an area of approximately 60,000 square meters and attracting over 70 global automotive brands with more than 800 models on display [1][5] - The event has become a significant platform for automotive brands, showcasing technological advancements and stimulating consumer interest in the automotive sector [1][5] Industry Developments - BYD's "blade battery" showcased at the expo has a volume utilization rate improvement of over 50%, enhancing the range of electric vehicles to match high-energy-density lithium batteries [2] - The "Aviator 06," developed through collaboration between Changan Automobile, Huawei, and CATL, features advanced smart driving capabilities and a luxurious user experience, indicating a shift towards intelligent automotive solutions [2][6] - The expo highlights the rapid evolution of domestic automotive brands, showcasing their technological advancements and positioning them as leaders in the global market [6] Consumer Engagement - The launch of the second round of automotive consumption subsidies in Nanjing starting May 1, 2025, offers up to 4,000 yuan per vehicle, further incentivizing consumers to purchase new energy vehicles [2][3] - The presence of various promotional pricing strategies, including trade-in policies and subsidies, has led to increased foot traffic and consumer interest at the expo [3][4] Historical Context - The Nanjing International Automobile Expo has been held for 18 consecutive years, reflecting the growth and transformation of the automotive industry in China since the first event in 2009 [5][6] - The event serves as a testament to China's transition from a technology-absorbing market to an innovator in the automotive sector, with a focus on smart and electric vehicles [6]

Core Viewpoint - The company reported a decline in performance for Q1 2025, with revenue of 5.768 billion yuan, a year-on-year increase of 1.40% but a quarter-on-quarter decrease of 20.43%. The net profit attributable to the parent company was 565 million yuan, down 12.39% year-on-year and 26.23% quarter-on-quarter [4]. Financial Performance Summary - Q1 2025 revenue reached 5.768 billion yuan, showing a year-on-year growth of 1.40% but a quarter-on-quarter decline of 20.43% [4]. - The net profit attributable to the parent company was 565 million yuan, reflecting a year-on-year decrease of 12.39% and a quarter-on-quarter decrease of 26.23% [4]. - The gross margin for Q1 2025 was 19.89%, down 2.53 percentage points year-on-year but up 0.08 percentage points quarter-on-quarter [4]. - The net profit margin for Q1 2025 was 9.80%, down 1.54 percentage points year-on-year and 0.77 percentage points quarter-on-quarter [4]. - The operating expense ratio for Q1 2025 was 10.51%, an increase of 1.18 percentage points year-on-year and 2.15 percentage points quarter-on-quarter [4]. - Breakdown of expense ratios: sales expenses at 1.19%, management expenses at 3.30%, financial expenses at 0.10%, and R&D expenses at 5.93% [4]. Market and Customer Analysis - The decline in performance for Q1 2025 was primarily influenced by some major downstream customers. Key customer performances included: - Tesla's global sales were 337,000 units, down 13.0% year-on-year - Geely's sales were 704,000 units, up 47.9% year-on-year - BYD's sales were 1,001,000 units, up 59.8% year-on-year - Seres' sales were 45,000 units, down 46.3% year-on-year - Li Auto's sales were 93,000 units, up 15.5% year-on-year - Zeekr's sales were 41,000 units, up 25.2% year-on-year - Xiaomi's wholesale sales were 76,000 units [5]. - Improvement is expected in Q2 2025 due to the completion of major customer production line adjustments in Q1 and the launch of the AITO M8, which is anticipated to significantly enhance Seres' performance [5]. Strategic Initiatives - The company has established strategic partnerships with clients, innovatively implementing a Tier 0.5 collaboration model to enhance efficiency and reduce costs for automakers while maintaining its competitive edge [6]. - The company has developed eight major product series, including automotive NVH damping systems, interior and exterior trim systems, lightweight body components, intelligent cockpit parts, thermal management systems, chassis systems, air suspension systems, and intelligent driving systems, with an average selling price (ASP) of approximately 30,000 yuan per vehicle [6]. - In robotics, the company is actively investing in core components such as electric drive actuators, dexterous motors, body structural parts, and reducers, leveraging strong synergies with its main business in R&D and testing resources [6]. Profit Forecast and Investment Rating - Despite the decline in Q1 2025 performance, the company expects improvements in downstream customer production lines and new product launches. The profit forecasts for 2025-2027 are 3.554 billion yuan, 4.460 billion yuan, and 5.652 billion yuan, respectively, with corresponding EPS of 2.04 yuan, 2.57 yuan, and 3.25 yuan, and P/E ratios of 25x, 20x, and 16x [7].

01 事件概述 02 分析判断 ► 2025Q1营收、ASP环比明显改善 收入端， 2024Q4营收同比-11.0%，环比+35.2%，2024Q4集团销量136.4万辆，同比-15.4%，环比+65.8%，销量环比提升驱动营收环比改善，营收增速环比低于销量增速主要 系ASP下滑。2025Q1总营收1,408.6亿元，同比-1.5%，环比-28.5%；2025Q1集团销量94.5万辆，同比+13.3%，环比-30.7%，受益批发销量改善、ASP环比提升及华域收入提 升，营收增速环比好于销量增速 。 ASP： 2024Q4/2025Q1单车ASP为9.8/10.1万元，同比分别+5.4%/-13.1%，环比分别-18.5%/+3.1%，ASP 提升主要受售价偏高的新能源产品 占比提升驱动。 ► 2024Q4上汽通用减值影响利润 2025Q1规模效应驱动盈利改善 毛利端 ： 2024Q4/2025Q1 毛利率 11.6%/10.2% ，同比 -0.3/-1.2pct ，环比 0.0%/-1.4pct ， 2024Q4 毛利率下滑主要系 Q4 将相关保证类产品质保费自销售费用重分类至营业成 本，规模效应驱动毛利改善 ...

Core Insights - The local supply chain is reshaping the global automotive industry landscape through technological breakthroughs, rapid response, and cost advantages, with future competition in the smart vehicle sector focusing on ecosystem collaboration and supply chain integration efficiency [1][2] Industry Developments - The 2025 Shanghai Auto Show featured a dedicated "China Chip Exhibition Area," showcasing over 1,200 domestic automotive chips from more than 150 member units of the China Automotive Chip Industry Innovation Strategic Alliance, marking the largest participation in history [1] - Intel debuted its second-generation SDV (AI-enhanced Software Defined) SoC at the auto show, collaborating with Black Sesame Intelligence to develop an integrated cockpit and driving assistance platform, which is set to support scenarios from L2+ to L4 and aims for a reference design release in Q2 2025 [2] Competitive Landscape - The global smart driving assistance chip market is experiencing a shift as domestic chip companies like Horizon Robotics and Black Sesame Intelligence gain traction, challenging the dominance of Nvidia and Tesla [3][4] - A report from Founder Securities indicates that in 2024, the global installation volume of smart driving domain control chips is projected to reach 5.28 million units, with Nvidia's Drive Orin-X series holding nearly 40% market share and Tesla's FSD at 25.1% [3] Strategic Collaborations - Black Sesame Intelligence has initiated mass production of its first domestic single-chip central computing platform based on the Wudang C1296 chip, in collaboration with Dongfeng Motor and Junlian Zhixing [3] - Local chip companies are forming partnerships with multiple OEMs, which is crucial for driving large-scale production and ensuring supply chain security amid geopolitical factors [4] Market Positioning - Domestic chip companies are focusing on entry-level smart driving assistance systems, primarily used in vehicles priced below 200,000 yuan, while high-end products remain dominated by Nvidia [4] - The competition in high-end smart driving chips is expected to intensify in the next two to four years as urban NOA technology matures and becomes widely adopted [5]

Financial Performance - The company achieved a revenue of 1.566 billion CNY in 2024, representing a year-on-year growth of 24.51% [8] - The net profit for 2024 was 201 million CNY, showing a significant increase of 173.04% compared to the previous year [8] - In Q1 2025, the revenue reached 349 million CNY, with a year-on-year growth of 16.41%, and the net profit was 62 million CNY, up by 105.70% [8] Growth Drivers - The growth in revenue was primarily driven by the recovery in consumer electronics demand, expansion into North American markets, and the introduction of new products [2][3] - The company is focusing on high-value products and optimizing its product structure, which has led to an increase in gross margin [3] - New business opportunities in data centers, servers, and smart vehicles are expected to contribute to future growth [11] Market Position and Clientele - The company has established a comprehensive coverage of top clients in the 3C industry, including major players like Samsung, Microsoft, Google, and Amazon [3] - The market share in the consumer electronics sector is anticipated to expand due to the growth of AI terminal devices and ongoing technological innovations [3] International Trade and Strategy - Export revenue accounts for 38.20%, primarily to Southeast Asia, with minimal exposure to the U.S. market [4] - The company has developed strategies to mitigate risks from international trade uncertainties by establishing overseas production bases, particularly in Thailand [5][12] R&D and Innovation - In 2024, the company invested 84.35 million CNY in R&D, which is 5.39% of its revenue, and employs a significant number of technical staff [14] - The focus on high-performance thermal management technologies and new product development is expected to enhance competitive advantage [4][6] Future Outlook - The company is optimistic about the growth prospects in AI hardware, smart vehicles, and clean energy sectors, which are expected to drive new product demand [14] - Continuous investment in R&D and innovation is planned to maintain a leading position in the market and meet evolving customer needs [14]

Investment Rating - The report maintains a "Buy" rating for the company, indicating a positive outlook for future returns exceeding the market benchmark by more than 15% over the next 6-12 months [4]. Core Views - The company is expected to achieve a robust performance in 2024, with total revenue projected to increase by 35.0% year-on-year to 26.6 billion yuan and net profit expected to rise by 39.5% to 3.0 billion yuan [1][4]. - Short-term profitability may fluctuate due to a decline in sales from major clients and increased costs associated with new factories and business development, but the long-term growth potential in smart vehicles and robotics remains strong [2][3]. Summary by Sections Financial Performance - In 2024, the company's gross margin is expected to decrease by 2.1 percentage points to 20.8%, while the selling, general, and administrative (SG&A) expense ratio is projected to decline by 1.1 percentage points to 8.0% [2]. - For Q1 2025, revenue is anticipated to show a slight year-on-year increase of 1.4% but a significant quarter-on-quarter decline of 20.4%, amounting to 5.7 billion yuan in net profit, which reflects a year-on-year decrease of 12.4% [1][2]. Business Segments - The automotive electronics segment is experiencing high growth, with revenue expected to increase by 906% to 1.8 billion yuan. Other segments, including interior functional parts and chassis systems, are also showing steady growth [2]. - The robotics segment is beginning to contribute positively to profits, with the electric drive system achieving a gross margin of 50.9% in 2024 [2][3]. Global Expansion and Strategic Positioning - The company is accelerating its global footprint, with plans to add a third closed air suspension production line in 2025 and new factories in Mexico and Thailand set to commence operations in 2024 and 2026, respectively [3]. - The dual-platform strategy in smart vehicles and robotics is expected to enhance the company's competitive edge, with significant client partnerships established with major automotive brands [3]. Profitability and Valuation Metrics - The report projects a decline in net profit margin to 10.0% in 2025, with a gradual recovery expected in subsequent years [10]. - Key valuation metrics include a projected P/E ratio of 27 for 2025 and a P/B ratio of 4.1, indicating a favorable valuation relative to expected earnings growth [11].