Core Viewpoint - Wuhu Yabo Xuan Electronic Technology Co., Ltd. (Yabo Xuan) reported strong financial performance for the first three quarters, driven by growth in automotive electronics and smart consumer electronics sectors [2] Group 1: Financial Performance - The company achieved operating revenue of 419 million yuan, representing a year-on-year increase of 55.90% [2] - Net profit attributable to shareholders was 48.72 million yuan, up 36.59% year-on-year [2] - The net profit after deducting non-recurring gains and losses was 48.02 million yuan, reflecting a 61.00% year-on-year growth [2] Group 2: Business Segments - The automotive electronics segment saw significant growth, with revenue reaching 91.58 million yuan in the first half of the year, a year-on-year increase of 194.96% [2] - The company is benefiting from the increasing penetration of the new energy vehicle market, leading to a sustained increase in automotive electronics orders [2] - The smart glasses sector is expected to contribute to business growth, with the company collaborating with Vision Technology Co., Ltd. to enter the AR glasses industry [2] Group 3: Industry Insights - The PCBA (Printed Circuit Board Assembly) market is experiencing rapid growth, particularly in consumer electronics and automotive electronics, with a rising demand for high-performance, miniaturized circuit boards [3] - Yabo Xuan's advantages in scale, efficiency, and cost control in PCBA manufacturing enable it to quickly meet market demands [3] - The company is expanding its production capacity by acquiring land for new facilities, which is expected to quickly align with customer orders and meet market demand [3]

此港股通报告之英文版本于 2025 年 2 月 17 日 中午 12 时 35 分由华兴证券(香港)发 布。中文版由华兴证券的王国晗（证券分析师登记编号: S1680524080001）审核。如果 您想进一步讨论本报告所述观点，请与您在华兴证券的销售代表联系。 预计本季度 IoT 和整体盈利强劲：我们预测小米 4Q24 收入首次超过 1,000 亿人民币大关 ，达到 1,050 亿元，同比提升 40%。分板块来看，我们根据 Canalys 数据（4,270 万部出 货）预测智能手机收入为 490 亿元人民币，且因高端机型贡献提升，单价同比增长 6%至 人民币 1,153 元。IoT 方面，我们预测总收入同比增长 46%至 297 亿元人民币，受益于国 内刺激政策，尤其是家电产品。我们预测互联网服务在强劲广告业务势能下收入同比提升 13%至 89 亿元人民币，并预测季度电车交付量为 7 万台、收入为 163 亿元人民币。我们 预测 4Q24 整体综合毛利率环比提升 20 个基点至 20.6%，并预计随着小米持续扩大规模， 电车毛利率将接近 20%。利润层面，我们预测小米的经调整净利润为 70 亿元人民币，涵 盖 ...