证券代码：301488 证券简称：豪恩汽电 深圳市豪恩汽车电子装备股份有限公司 投资者关系活动记录表 编号：2025-005 投 资 者 关 系 活 动类别 特定对象调研 □分析师会议 □媒体采访 □业绩说明会 □新闻发布会 □路演活动 □现场参观 □其他 （请文字说明其他活动内容） 参 与 单 位 名 称 及人员姓名 燕晗资本、深圳龙腾资产管理有限公司、深圳市九派资本管理有限公司、证券日 报、招商证券、光大证券、长城证券、中欧瑞博投资管理有限公司、东方财富证 券、宁波银行、中证乾元资本管理有限公司等 时间 2025 年 9 月 4 日下午 15：30-17：00 地点 公司会议室 上 市 公 司 接 待 人员姓名 董事长：陈清锋 董事会秘书：李小娟 财务总监：肖文龙 投 资 者 关 系 活 动 主 要 内 容 介 绍 1、2025 年上半年公司的客户结构情况？新能源客户占比情况？ 答：2025 年上半年的前五大客户营收占比 70%左右，新能源业务占比 50%左右。 2、在与海外车企合作中，公司的优势有哪些？ 答：公司在国内较早布局智驾感知领域，2010 年开始生意从无到有，公司通过进 入海外车企打开行业知名 ...

Group 1 - The core viewpoint of the article is that KOBODA (科博达) is enhancing its core competitiveness through the acquisition of Shanghai KOBODA Intelligent Technology Co., Ltd. for 345 million yuan, entering the automotive intelligence product sector with a significant valuation increase of 653.25% [2][3][4] - KOBODA aims to leverage the accumulated expertise of KOBODA Intelligent Technology in automotive intelligent central computing platforms and related domain controllers to upgrade its product matrix and open new business growth points [3][4] - The acquisition is expected to improve KOBODA's profitability and sustainable development capabilities, as well as strengthen its position and competitiveness in the automotive industry [4][5] Group 2 - KOBODA Intelligent Technology has been operating at a loss since its establishment in October 2022, with reported losses of 41.9 million yuan and 35.2 million yuan for 2024 and the first seven months of 2025, respectively [4][5] - The company has committed to achieving a cumulative net profit of no less than 630 million yuan from August 2025 to December 2030 [5] - KOBODA's revenue for the first half of 2025 reached 3.047 billion yuan, a year-on-year increase of 11.10%, with a net profit attributable to shareholders of 451 million yuan, up 21.34% [6][7] Group 3 - KOBODA's main business revenue for the first half of 2025 was 2.948 billion yuan, with domestic sales accounting for 1.801 billion yuan (61.08%) and foreign sales 1.148 billion yuan (38.92%) [7] - The company has seen significant growth in its global platform client business, with new projects expected to generate over 7 billion yuan in lifecycle sales [7] - KOBODA's R&D expenses have exceeded 400 million yuan in both 2023 and 2024, with 207 million yuan spent in the first half of 2025, indicating a strong focus on product and technology innovation [8]

Summary of Conference Call Records Industry Overview - The semiconductor industry is the cornerstone of the technology hardware sector, with technological iterations driving the flow economy and internet development, leading to three major investment opportunities: consumer electronics, digital infrastructure (national sovereign AI computing infrastructure), and automotive electronics, ultimately forming embodied intelligence [1][3][7] - The semiconductor industry is cyclical and closely related to the macro economy, with the financial reports indicating the industry is currently in an upward phase [1][6] Key Insights and Arguments - Global semiconductor sales are steadily growing, driven by capital, technology, and talent investments. The industry cycle typically lasts about 7 years, influenced by price and supply-demand relationships [1][8] - In the storage chip sector, domestic capacity is rapidly expanding, with market focus shifting towards bandwidth upgrades. Demand is driven by AI servers and mobile phones, with small model deployments causing price fluctuations [1][9] - AI infrastructure construction is a significant driver of semiconductor demand, with AGI (Artificial General Intelligence) creating strong needs for computing power. The deployment of large model training will continue to boost demand for high-performance computing devices and GPUs [1][12] Investment Opportunities - Future investment hotspots in technology hardware include consumer electronics (especially edge AI application innovations), AI-driven computing infrastructure, and automotive electronics (such as smart cockpits and autonomous driving) [2][7] - The semiconductor industry includes various segments such as chip design, manufacturing, and discrete components, with digital chips accounting for about 70% of the total semiconductor output value [5][6] Market Trends - The consumer electronics industry has seen stable smartphone shipments, with approximately 1.2 to 1.3 billion units shipped annually. The focus is on core components like screens, storage, and cameras [14][15] - Government subsidies have stimulated demand through trade-in programs, impacting the consumption of electronic products [16] - Long-term technological innovation is crucial in the consumer electronics sector, with hardware performance improvements and cost reductions providing new investment opportunities [17] Challenges and Opportunities - The semiconductor industry faces challenges in chip design and manufacturing, particularly in balancing cost reduction and performance improvement. However, there are opportunities for rapid growth in computing power based on world model algorithms [13] - The automotive electronics market is focusing on increasing vehicle value and changes in the supply chain for smart driving and smart cockpits, with new autonomous driving testing standards expected to be introduced [20][21] Conclusion - The semiconductor industry is positioned for growth, driven by technological advancements and increasing demand across various sectors, including AI, consumer electronics, and automotive applications. Investors should focus on emerging trends and the evolving landscape of technology hardware to identify potential opportunities and risks [1][7][12][19]

Group 1 - The company, Huian Microelectronics, is one of the first globally to obtain the EU NG-eCall certification, which enhances traditional eCall with improved technical standards, data transmission capabilities, and network compatibility, upgrading from 2G/3G to 4G/5G and IMS technology [3] - The national standard AECS, while also compatible with 4G/5G, integrates the Beidou satellite navigation system, leading to differences in data transmission and voice channels [3] - The AECS standard is expected to create a market increment worth billions, although competition may lead to a decrease in terminal prices, there is a price floor due to safety concerns [3] Group 2 - The company's digital energy management solutions have been successfully implemented and have proven commercially viable, penetrating the supply chains of leading energy companies and expanding into multiple scenarios [3] - The energy sector presents significant market opportunities, driven by the demand for efficient charging in the electric vehicle market, which will further expand related markets [3] - The company acknowledges the competitive nature of the automotive industry and emphasizes the importance of maintaining product quality and safety standards while pursuing technological leadership and lean management [3] Group 3 - The company's product range includes both passenger and commercial vehicles, with a larger market size and higher technical barriers in the passenger vehicle sector, making it easier for the company to enter the commercial vehicle market [3] - The company is committed to technological innovation and has a stable and high-quality customer base, aiming for high-quality growth and continuous investment in research and development [3]

Group 1 - The company plans to acquire 60% of Kobotda Intelligent Technology for a cash consideration of 345 million yuan, increasing its stake to 80% [2][3] - Kobotda specializes in high-performance automotive intelligent central computing platforms and related domain controllers, with total assets of 779 million yuan and a net asset of 75 million yuan as of July 31, 2025 [3] - The acquisition is expected to enhance the company's technology, product offerings, and customer base, with a projected cumulative net profit of no less than 630 million yuan from Kobotda between August 2025 and 2030 [3] Group 2 - The company is a rare domestic automotive electronics supplier with strong software and hardware capabilities, focusing on electric control systems and ECU [4] - The shift towards centralized electronic architecture in vehicles is expected to accelerate the development of domain controller businesses, with the company already securing contracts for body and chassis domain controllers [4] - The company is also establishing its first overseas factory in Japan to gain international operational experience and accelerate global expansion [4] Group 3 - The company has successfully established a market presence with major domestic and international electric vehicle manufacturers, including Volkswagen, BYD, Tesla, and others [5] - Revenue projections for 2025-2027 are 7.87 billion yuan, 9.86 billion yuan, and 12.20 billion yuan, with net profits of 1.05 billion yuan, 1.34 billion yuan, and 1.71 billion yuan respectively [5][6] - The company maintains a "recommended" rating, with expected PE ratios decreasing from 29 in 2024 to 13 in 2027 [6]

Semiconductor Sector Dynamics - The world's first full-band 6G chip has been released [1] - OmniVision Technologies has launched the high-voltage isolation driver chip ORD110x [1] - AMD has officially released the Ryzen 5 9500F [1] Automotive Electronics Sector Dynamics - Hesai has secured a global exclusive lidar order from Motional [1] - Pony.ai has reached a strategic cooperation with Qatar National Transport Company [1] - Qualcomm and BMW Group have jointly launched a driver assistance system [1] AI Sector Dynamics - UBTECH has won the largest global contract for humanoid robots [1] - XianGong Intelligence has partnered with Stardust Intelligence to promote the large-scale application of humanoid robots in industrial and logistics scenarios [1] - The first large-scale reinforcement learning framework for embodied intelligence has been open-sourced [1] Metaverse Sector Dynamics - Oculens is set to unveil multiple new smart glasses [1] - Rivet has secured a $195 million contract with the U.S. Army to provide XR technology support for command systems [1] - VITRUE has raised a total of $100 million in two rounds of Series B financing [1]

Group 1 - Guizhou's digital economy is projected to reach a scale of 254.94 billion yuan in 2024, with a year-on-year growth of 18.3% [1] - The province has established 49 key data centers, achieving a computing power scale of 92.6 EFLOPS, with nearly 97% being intelligent computing [1][2] - Guizhou is becoming a national hub for computing power, with over 60,000 Gbps of outbound bandwidth and the construction of the world's first 400G all-optical network computing channel [2] Group 2 - The integration of digital and real economies is being supported by robust computing resources, with initiatives like "Ten Thousand Enterprises Integration" promoting digital transformation across various industries [2][3] - Guizhou is focusing on the development of intelligent computing, high-quality data sets, and industry-specific AI models to enhance its digital economy [3] - The province has launched 22 major AI model projects, including "Guizhou AI Doctor" and "Guizhou Smart Office," to facilitate intelligent upgrades and digital transformation in key sectors [3]

Core Viewpoint - The company has demonstrated strong financial performance in the first half of the year, with significant contributions from overseas business expansion and product matrix development [1][2][3]. Financial Performance - The company's revenue for the first half of the year reached 3.047 billion yuan, representing a year-on-year increase of 11.1% - The net profit attributable to shareholders was 451 million yuan, up 21.3% year-on-year - The net profit excluding non-recurring items was 430 million yuan, reflecting a 25.2% year-on-year growth - In Q2, revenue was 1.673 billion yuan, showing a year-on-year increase of 26.2% and a quarter-on-quarter increase of 21.7% - The net profit attributable to shareholders in Q2 was 245 million yuan, up 60.7% year-on-year and 19.0% quarter-on-quarter - The net profit excluding non-recurring items in Q2 was 241 million yuan, with a year-on-year increase of 68.4% and a quarter-on-quarter increase of 27.8% [1]. Product Development and Market Expansion - The company has expanded its product matrix, with significant sales in various segments: lighting control (1.544 billion yuan, +12.0%), motor control (502 million yuan, +14.5%), energy management (383 million yuan, +20.2%), and vehicle electrical systems (448 million yuan, +8.0%) in the first half of 2025 - The company secured over 7 billion yuan in new lifecycle orders, including a key contract for a central domain control product with a renowned international automaker, enhancing the company's reputation in the domain control product sector [2]. - The company is also introducing smart distribution boxes and smart control products, which are expected to increase the per-vehicle value as the product matrix expands [2]. Strategic Acquisitions - The company announced plans to acquire 100% of Czech IMI for 9.4256 million euros, marking a significant step in its globalization strategy - This acquisition will establish a manufacturing base in Europe, enhancing the company's ability to meet overseas customer demands and reducing supply chain uncertainties - The company is also optimizing its domestic production capacity with a new facility in Anhui, which is now operational and expected to improve production efficiency and product performance stability [3]. Earnings Forecast - The company has adjusted its earnings per share (EPS) forecast for 2025-2027 to 2.54, 3.22, and 3.92 yuan respectively, up from previous estimates - The target price is set at 76.20 yuan, based on a 30 times price-to-earnings (PE) ratio for comparable companies in 2025, maintaining a buy rating [3].

Investment Rating - The industry investment rating is "Outperform the Market - A" [6] Core Insights - The report highlights the strong demand for storage products driven by AI applications and data centers, leading to a price increase of over 10% by SanDisk [3] - The potential of silicon carbide (SiC) in various applications, including AI and AR glasses, is emphasized, with Nvidia exploring SiC for its next-generation products [2] - The electronic sector has shown significant relative and absolute returns over the past year, with a 12-month relative return of 44.5% and an absolute return of 81.4% [8] Summary by Sections Industry Performance - The electronic sector index fell by 4.57% in the past week, ranking 28 out of 31 industries [31] - The semiconductor sub-sector experienced the largest decline at -6.55% [32] - The electronic industry PE ratio is 64.23, with a 10-year PE percentile of 85.64% [41] Investment Recommendations - For SiC CoWoS, companies to watch include Tianyue Advanced, Sanan Optoelectronics, and Jingsheng Mechanical [11] - In the storage industry, recommended companies are Zhaoyi Innovation, Baiwei Storage, Jiangbolong, Demingli, and Shannon Chip [11] - In consumer electronics, focus on Luxshare Precision, Lens Technology, GoerTek, Pengding Holdings, and Crystal Optoelectronics [11]

Group 1 - Guizhou's digital industry scale is projected to reach 254.94 billion yuan in 2024, with a year-on-year growth of 18.3% [1] - The province has established 49 key data centers, achieving a computing power scale of 92.6 EFLOPS, with nearly 97% being intelligent computing [1] - Guizhou has become one of the eight national integrated computing network hubs, with outbound bandwidth exceeding 60,000 Gbps and a low-latency network connecting to 42 major cities [1] Group 2 - Guizhou's computing resources are serving over 50 countries and regions, providing cloud rendering computing services to more than 200,000 users [2] - The province is promoting deep integration of the real economy and digital economy, with a 17.3% increase in integration levels compared to the end of the 13th Five-Year Plan [2] - The implementation of automated production lines in companies like Guizhou Yaguang Electronics has led to a 40% increase in production capacity and a 20% reduction in manufacturing costs [2] Group 3 - Guizhou is focusing on 24 key industries to develop nearly 100 typical application scenarios for large models, enhancing industry intelligence and digital transformation [3] - Future development will emphasize intelligent computing, high-quality data sets, industry large models, and digital information industries to strengthen the digital economy [3]