上 市 公 司 计算机 | 基础数据: | 2025 年 06 月 30 日 | | --- | --- | | 每股净资产（元） | 32.73 | | 资产负债率% | 57.25 | | 总股本/流通 A 股（百万） | 120/90 | | 流通 B 股/H 股（百万） | -/- | 2025 年 08 月 29 日 经纬恒润 (688326) ——盈利拐点已现，厚积薄发正当时 报告原因：有业绩公布需要点评 增持（上调） | 市场数据： | 2025 年 08 月 28 日 | | --- | --- | | 收盘价（元） | 120.59 | | 一年内最高/最低（元） | 127.70/59.02 | | 市净率 | 3.7 | | 股息率%（分红/股价） | - | | 流通 A 股市值（百万元） | 10,858 | | 上证指数/深证成指 | 3,843.60/12,571.37 | | 注："股息率"以最近一年已公布分红计算 | | 一年内股价与大盘对比走势： 08-28 09-28 10-28 11-28 12-28 01-28 02-28 03-31 04-30 05-31 06-3 ...

Core Insights - The lecture by Ouyang Minggao focused on the revolution of China's new energy vehicles, discussing the transition from policy-driven to technology-led development in the industry [3][4]. Group 1: Electric Vehicle Development - Ouyang highlighted three stages of development: the electric vehicle era, the intelligent electric vehicle era, and the new energy intelligent electric vehicle era, emphasizing the importance of power battery technology as the core of success in China's new energy vehicles [3][4]. - The lecture detailed the technical principles and application scenarios of power electrification, vehicle intelligence, and low-carbon energy development, along with the future trends in these areas [3][4]. Group 2: Battery Technology - The presentation included an in-depth analysis of lithium battery structures and the electrochemical processes involved, addressing safety design challenges and innovations in solid-state battery technology, particularly the sulfide solid electrolyte route [3][4]. - Ouyang noted that existing new energy passenger vehicles reduce carbon emissions by approximately 15 million tons annually compared to traditional fuel vehicles, which is significant for achieving carbon neutrality goals [6]. Group 3: Intelligent Driving - The discussion on intelligent driving indicated that it has entered a popularization phase, becoming a key consideration for consumers when purchasing vehicles [4]. - Ouyang analyzed the evolution of intelligent driving technology, the performance advantages and limitations of various sensors, and the need for improved safety regulations and standards in China [4]. Group 4: Future Energy Trends - Ouyang projected that breakthroughs in energy storage, hydrogen energy, and intelligent technologies will lead to a new energy 3.0 era, where new energy becomes the mainstay of energy consumption [6]. - He mentioned that perovskite solar cells are driving a new wave of technological change in solar energy, with conversion efficiencies exceeding 40%, which could significantly enhance the energy efficiency of electric vehicles [6]. Group 5: Industry Interaction - The event attracted over 700 participants from various sectors, fostering discussions on battery safety, heavy-duty vehicle battery swapping, and talent cultivation in the industry [8]. - Ouyang encouraged interdisciplinary research and emphasized the importance of perseverance in foundational research and scientific exploration [8].

证券研究报告·海外公司研究·汽车零部件 亿咖通科技（ECX.O） [Table_Main] 1Q25 业绩点评：业绩符合预期，吉利合作 车型热销带动公司产品出货快速增长 买入（维持） 盈利预测与估值 2024A 2025E 2026E 2027E 营业总收入（百万元） 5,561 6,091 7,434 9,102 同比 18.3% 9.5% 22.0% 22.4% 归属母公司净利润（百万元） -936 -226 152 207 同比 - - - 36.0% 每股收益-最新股本摊薄（元/股） - - 0.58 0.77 P/E（现价&最新股本摊薄） - - 3.5 2.6 [Table_Summary] 数据来源：Wind，东吴证券（香港） [Table_Summary] 投资要点 ◼ 公司发布 2025Q1 财务业绩报告，业绩符合预期：2025Q1 公司实现营 收 12.2 亿元，同比增长 30%；毛利润为 2.4 亿元，同比增长 19%；毛 利率 20%，环比下降 1pct。 ◼ 公司通过不断研发新品，加速全球化落地布局未来发展： 1）技术产品研发加速，持续量产落地：截至 2025 年 3 月 31 日， ...

Investment Rating - The investment rating for the company is Neutral (maintained) [2] Core Views - The company has shown initial results in cost control, with a significant increase in automotive electronics contributing to profit recovery [6] - The company reported a revenue of 5.541 billion yuan in 2024, representing an 18.5% year-on-year growth, while the net profit attributable to the parent company was a loss of 550 million yuan [6] - In Q1 2025, the company achieved a revenue of 1.328 billion yuan, a 49.3% increase year-on-year, indicating a narrowing of losses [6] - The company is actively expanding its international market presence, securing contracts with major OEMs and enhancing its global service capabilities [6] Financial Data and Profit Forecast - Total revenue projections for 2025E are 7.335 billion yuan, with a year-on-year growth rate of 32.4% [5] - The company expects to achieve a net profit of 28 million yuan in 2025E, with a significant turnaround projected for 2026E at 175 million yuan [5] - The gross margin is expected to improve from 21.5% in 2024 to 23.8% in 2025E, reflecting better cost management and product mix [5] - The company anticipates a gradual recovery in profitability, with a projected return on equity (ROE) of 0.7% in 2025E, increasing to 6.2% by 2027E [5] Revenue and Cost Analysis - The company’s operating revenue is forecasted to grow from 5.541 billion yuan in 2024 to 10.207 billion yuan by 2027, with a compound annual growth rate (CAGR) of approximately 14.8% [7] - Research and development expenses are expected to stabilize, with a decrease in the R&D expense ratio from 18.7% in 2024 to 12.6% by 2027, indicating improved operational efficiency [6][7] - The company is focusing on the production of smart driving electronic products and chassis domain controllers, which are expected to contribute significantly to revenue growth [6]

21世纪经济报道记者巩兆恩报道 "今年是整车智能化技术进入爆发的元年，估计要持续五年。整车智能化为什么今年能爆发？我想要感谢DeepSeek，把全民的热情都调动起来了，实现了大 模型普及。"3月29日，中国电动汽车百人会副理事长、中国科学院院士欧阳明高在中国电动汽车百人会论坛（2025）上表示。 不过，欧阳明高特别强调，目前的全民智驾主要是L2+智能导航辅助驾驶（NOA）。多模态大模型作为端到端算法的基座模型可以赋能高阶自动驾驶技术， 但还要解决大模型的安全可靠性问题。L3自动驾驶需要相关部门尽快出台相关法律法规，L4级高度自动驾驶需要积累经验循序渐进，力争在2030年实现规 模量产，"目前暂时不宜提全民自动驾驶。" 随着动力电动化和整车智能化技术变革深化，智能电动汽车产业是往智能产业发展还是融入新能源产业体系？欧阳明高给出了答案："没有能源低碳化，只 有整车智能化，最终发展的结局就是汽车产业萎缩。没有能源低碳化也不是真正的新能源汽车。" 欧阳明高预测，2030年新能源汽车能源低碳化技术将全面爆发。 伴随新能源汽车、锂离子电池、氢燃料电池、钙钛矿光伏电池等新能源技术生产力革命和电力市场化改革的生产关系革命的双 ...