Group 1 - Huawei's HarmonyOS foldable computer has seen over 90,000 reservations, with total reservations exceeding 120,000 within 48 hours of its launch [1] - The nova series has a stock volume that is double that of the previous generation, indicating optimistic sales prospects [1] - HarmonyOS is viewed as a key strategy for Huawei to penetrate the mainstream consumer market, especially after the launch of the nova series and upcoming flagship phones [1] Group 2 - Huawei's internal project "543" aims to integrate AI into the HarmonyOS ecosystem, enhancing user experience through differentiated features [2] - The AI assistant "Xiao Yi" is evolving to become an integral part of HarmonyOS, showcasing advanced capabilities such as emotional recognition and immersive dialogue [3] - As of the end of last year, over 20,000 native HarmonyOS applications and services have been launched, with a target of reaching 100,000 applications to meet consumer demand [3] Group 3 - Huawei has made significant investments in the HarmonyOS ecosystem, with over 30 system updates and 150 new features since the launch of HarmonyOS 5 [5] - The nova series has played a crucial role in Huawei's market performance, leading the Chinese smartphone market with a 19.4% share in Q1 [5][6] - HarmonyOS has surpassed Apple's iOS in market share for four consecutive quarters, reaching 19% in Q4 2024, indicating a shift towards a "three-horse race" in the global mobile operating system market [6] Group 4 - The success of the nova 14 series will depend on pricing strategies and production capacity, as it aims to penetrate the mid-to-high-end market [6] - Huawei's future success in overseas markets will require maintaining a production scale of several tens of millions of units annually to support the HarmonyOS ecosystem [6]

点击招商研究小程序查看PDF报告原文 事件：公司发布关于收购法国 GMD 集团100%股权暨债务重组的公告。我们点评如下： 通过多元化债务重组方案1亿欧元收购GMD集团。 公司子公司 DSG 拟参与 GMD 集团100%股权收购及 债务重组项目，交易总金额合计约 1 亿欧元。本次交易通过多元化债务重组方案实现，DSG 将以现金 折价收购 GMD 集团部分债权，并通过债转股、股东借款偿还部分债务获取债务豁免等方式，推动标的 企业 GMD 集团债务结构优化。 GMD集团：法国领先的汽车电子厂商，收入规模超10亿欧元。 GMD成立于 1986 年，是一家领先的法 国汽车零部件承包商，在法国及海外开展业务，专注于乘用车和商用车零部件的生产。23/24年营业收 入达 9.8/10.2亿欧元，净利润-600/300万欧元。GMD在全球 12 个国家的 46 个工厂拥有超过 6,600 名员 工，主要分布在欧洲、亚洲和非洲，下游客户主要为欧美 Tier1 厂商以及整车厂商。目前 GMD 集团下 设三个主要的业务板块:塑料与皮革事业部、铸造事业部、冲压事业部，均为独立运营。 此次收购有望加速公司全球产能布局，加快提升汽车电子 ...

点击招商研究小程序查看PDF报告原文 公司公告24年年报及25Q1季报，24年总营收 367.7 亿同比+9.27%，归母净利 10.86 亿同 比-44.74%，扣非归母净利 8.99 亿同比-44.34%，毛利率14.02%同比-1.16pct，净利率2.95%同 比-2.89pct。25Q1营收86.02亿元同比+11.07%环比-16.52%，归母净利4.56亿元同比+57.55%环比 +2392.74%，扣非归母3.97亿元同比+51.83%环比+461.31%，其中政府补助0.74亿元；毛利率 14.13%同比+0.53pcts环比-0.83pcts，净利率5.31%同比+1.57pcts环比+5.13pcts。结合公司近况以 及业绩交流会内容，我们点评如下： 24年业绩大幅下滑，主因非PCB业务亏损扩大，并产生较大资产减值计提。 24年收入规模稳健增长， 盈利大幅下滑，主因 LED 业务减亏低于预期，对低效设备进行处置产生 1.64 亿损失，并对 LED 业务 相关资产计提了 5.95 亿资产减值损失。剔除该部分因素的影响，2024 年度净利润同比下降约 5%。单 Q4 季度收入 103.0 亿 ...