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]

Core Insights - Junsheng Electronics officially launched its latest products in the robotics field at the 2025 Auto Show in Shanghai, including various sensor kits and solutions for battery management, lightweight exoskeletons, and wireless charging [1] - The company aims to develop robotics as its "second curve," leveraging synergies from its core components to drive innovation in robotics technology [1] Group 1: Robotics Component Breakthroughs - Battery management systems (BMS) and sensors are critical upstream components for humanoid robots, with Junsheng achieving breakthroughs in these areas due to its experience in automotive electronics [2] - The "Xingchi" system developed by Junsheng integrates high-voltage platforms and advanced cooling technologies, improving charging efficiency by 40% and reducing energy loss risks by 70% [3][2] - The new wireless charging technology achieves over 90% efficiency, allowing robots to operate without cables and enhancing their endurance by 30% [3] Group 2: Technical Synergies and Market Position - Junsheng's entry into the robotics sector is facilitated by the high technical similarity between automotive electronics and robotics, allowing for a smooth transition of technology [6] - The company has established itself as a major supplier in the automotive sector, providing solutions across various domains, which can be directly applied to robotics [7] - The global humanoid robot market is projected to reach between $38 billion and $205 billion by 2035, indicating significant growth potential for Junsheng's robotics initiatives [8] Group 3: Strategic Partnerships and Future Plans - Junsheng has initiated a strategic partnership with Shanghai Zhiyuan New Technology Co., focusing on core technology development and customized solutions for robotics [9] - The company plans to develop its robotics business in five phases, including enhancing core component R&D and building a global industrial ecosystem [8] - Junsheng's recent financial performance, with projected revenues of 55.864 billion yuan in 2024, supports its ongoing investments in technology and innovation [9]

Core Viewpoint - The article highlights the high-quality development initiatives and progress in three major economic development zones in Chongchuan, emphasizing the importance of projects in driving economic growth and innovation [1][8]. Group 1: Economic Development Zones - Chongchuan District has set a three-year goal for high-quality development, aiming for the three major parks to rank among the top 30, 40, and 5 in the province by 2027 [1][8]. - The three development zones—Chongchuan Economic Development Zone, Gangzha Economic Development Zone, and North High-tech Zone—are actively engaged in various projects, showcasing significant development momentum [1][3]. Group 2: Key Projects - Jiangsu Zhenghang Hongda Precision Machinery Co., Ltd. has invested 500 million yuan in a ship device R&D and manufacturing base, expected to generate an annual output value of 300 million yuan and contribute over 10 million yuan in taxes [2]. - The MiFan Technology project in North High-tech Zone, with an investment of approximately 400 million yuan, focuses on semiconductor packaging equipment, anticipating annual taxable sales of about 300 million yuan and tax revenue of 18 million yuan [3]. - The Horn Semiconductor Wheel Manufacturing Project in Gangzha Economic Development Zone has commenced production, aiming for an annual taxable sales of 100 million yuan and tax contributions of 5 million yuan [4]. Group 3: Major Investments and Growth - Tyco Electronics has invested 150 million USD in a manufacturing base in Chongchuan, which is expected to achieve an output value of 250 million yuan this year and double next year [6]. - The Sandy Cultural Tourism Resort Phase II, including the Sandy Polar Ice Kingdom and Sandy African Wilderness Hotel, is projected to attract 300,000 guests annually, generating over 15 million yuan in taxes [7]. Group 4: Strategic Goals and Future Plans - Chongchuan Economic Development Zone aims for an industrial output value of 50 billion yuan and 200 high-tech enterprises within three years, focusing on marine economy and intelligent manufacturing [9]. - North High-tech Zone targets becoming a high ground for innovation, with plans to sign over 40 major projects in three years, including significant clusters in integrated circuits and automotive electronics [10]. - Gangzha Economic Development Zone plans to cultivate 60 industrial enterprises and achieve a total output of 40 billion yuan within three years, emphasizing innovation and industry integration [10].

Core Viewpoint - The recent trend of newly listed stocks shows a pattern where they peak on the first day of trading and then experience a continuous decline, leading to significant losses for investors [1][8]. Company Overview - Tianyouwei, which specializes in the research, design, production, sales, and service of automotive instruments, is expanding into the smart cockpit sector. Its main products include electronic combination instruments, full LCD combination instruments, dual-screen instruments, in-car infotainment systems, air conditioning controllers, wireless chargers, and automotive electronic development services [5]. IPO Details - Tianyouwei was listed on April 24 with an initial offering price of 93.5 yuan. The underwriting institution, CITIC Jianzhong, aimed to raise approximately 3 billion yuan but ended up raising 3.74 billion yuan, exceeding the target by 736 million yuan. The total number of shares issued was 40 million, and CITIC Jianzhong earned around 175 million yuan in underwriting fees [7][8]. Stock Performance - On its first trading day, Tianyouwei opened high, reaching a peak of 140 yuan, and closed at 116 yuan, marking a 24% increase. However, the stock price declined for four consecutive days, dropping to 99 yuan, nearing the point of breaking its initial offering price [8][11]. - Similar trends were observed in other newly listed companies, such as Jiangshun Technology, which saw its stock price fall from 84 yuan to 55 yuan within five days, and Honggong Technology, which experienced a decline from 83 yuan to 51 yuan over ten days [11][14]. Market Sentiment - The current sentiment towards new stocks is cautious, with many investors wary of the potential for significant losses after the initial trading day. The analogy of a bride who looks beautiful on her wedding day but changes the next day reflects the unpredictability and volatility of newly listed stocks [17].

惠州市德赛西威汽车电子股份有限公司 股票代码：002920 股票简称：德赛西威 惠州市德赛西威汽车电子股份有限公司 | 汇添富基金 | 王旭冉 | | --- | --- | | 天风资管 | 周春林 | | 天虫资管 | 刘琳 | | 华夏基金 | 胡斌 | | 华夏基金 | 郑晓辉 | | 华金自营 | 杨青松 | | 华金自营 | 黎国栋 | | 财通自营 | 郭琦 | | 平安证券 | 王跟海 | | 平安证券 | 王德安 | | 嘉实基金 | 蔡丞丰 | | 中航信托 | 韩伟琪 | | 长见投资 | 柯自超 | | 尚正基金 | 昌思遥 | | 中欧瑞博 | 周丹 | | 高毅资产 | 王彦玮 | | 华创自营 | 巩加美 | | 中邮基金 | 李沐曦 | | 天弘基金 | 杜昊 | | 华安证券 | 陈飞宇 | | 鹏华基金 | 王力 | | 永安国富 | 徐小明 | | 青骊投资 | 苏乐天 | | 富国基金 | 胡怀瑾 | | 中银基金 | 张响东 | | 万家基金 | 陈佳昀 | | 龙石资本 | 张钶 | | 宁银理财 | 潘亚洲 | | 财通资管 | 邓芳程 | | 申万证券 | 洪依 ...

01 事件概述 公司披露 2024 年度报告和 2025 年第一季度报告：1）2024 年度实现营收 55.41 亿元，同比+18.46%；归母净利润-5.50 亿元，亏损同比增加 3.33亿元；扣非归母净利润-6.18 亿 元，亏损同比增加 3.35 亿元；2）2025Q1 营收13.28 亿元，同比+49.34%，环比-33.43%；归母净利润-1.20 亿元，亏损同比减少 0.72 亿元，亏损环比减少 0.20 亿元；扣非归母 净利润-1.34 亿元，亏损同比减少 0.85 亿元，亏损环比减少 0.09 亿元。 02 分析判断 ► 营收持续增长 汽车电子业务快速放量 收入端： 得益于电子产品业务快速放量，尤其是车身域控、新能源、智能辅助驾驶等业务的快速发展，公司营收持续增长。2024 年度实现营收 55.41 亿元，同比+18.46%，其 中电子产品业务/研发服务及解决方案业务/高级别智能驾驶解决方案业务营收分别同比+28.89%/-14.02%/+431.57%。2024Q4 营收 19.95 亿元，同比+9.68%，环比+31.34%； 2025Q1 营收 13.28 亿元，同比+49.34%，环比 ...

证券研究报告 经纬恒润 (688326 CH) 电子业务高增长，战略投入拖累盈利 2024 年回顾：毛利率下滑叠加费用加大投放导致亏损增加 24 年公司以智能驾驶、车身、新能源域控业务为核心的汽车电子业务实现 收入 44.06 亿元，yoy+28.89%，毛利率 19.4%，基本保持稳定；研发服务 和解决方案收入 10.60亿元，yoy-14.02%，毛利率同比下滑 9.8pct至 31.9%， 导致全年毛利率下降。24 年公司亏损持续扩大，主因抢占全球车企智能化 发展窗口期，公司在各类域控、新能源管理、高阶智能驾驶产品的研发投入 增加，以及获取定点项目所带来的销售、管理费用增长。1Q25 随着收入快 速增长带来费用率的下降，公司亏损幅度收窄。 2025 展望：汽车电子在手订单，加强海外布局 公司坚持"分布式电控单品-域控产品-L4 集成产品"短中长期结合的产品 模式。1）电子产品：逐步与吉利、小米、小鹏、奇瑞、一汽、上汽等国内 主流整机厂达成项目合作，涉及中央控制平台、车身和底盘域控、智驾、新 能源管理等全品类，同时公司也持续获得等海外斯特兰斯蒂等头部 OEM 订 单。2）公司推出重载自动驾驶特种载具(HA ...

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 | 投资者关系活 | □特定对象调研 | □分析师会议 | | --- | --- | --- | | 动类别 | □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 | 张弼臣 | 鸿运私募基金管理(海南)有限公司 | | | 严韬 | 国信证券股份有限公司 | | 及人员姓名 | 刘一楠 | 北京汇方私募基金管理有限公司 | | | 王家豪 | 深圳市前海世传国际投资管理有限公司 | | | 徐牧基 | 鴻海精密工業股份有限公司 | | | 王朔 | 工银瑞信基金管理有限公司 | | | 王哲宇 | 弘毅远方基金管理有限公司 | | | 左一锟 | 招商证券 | | | 钟一览 | 上海浦东发展银行股份有限公司深圳分行 | | | 贾文斌 | 北京汉和汉华资本管理有限公司 | | | 曹志平 | 粤佛私募基金管理(武汉)有限公司 | | | 宋海亮 | 果行育德管理咨询(上海)有限公司 ...

登录新浪财经APP 搜索【信披】查看更多考评等级 公司代码：600130 公司简称：波导股份 宁波波导股份有限公司2024年年度报告摘要 第一节 重要提示 1、本年度报告摘要来自年度报告全文，为全面了解本公司的经营成果、财务状况及未来发展规划，投 资者应当到www.sse.com.cn网站仔细阅读年度报告全文。 2、本公司董事会、监事会及董事、监事、高级管理人员保证年度报告内容的真实性、准确性、完整 性，不存在虚假记载、误导性陈述或重大遗漏，并承担个别和连带的法律责任。 3、公司全体董事出席董事会会议。 4、天健会计师事务所（特殊普通合伙）为本公司出具了标准无保留意见的审计报告。 5、董事会决议通过的本报告期利润分配预案或公积金转增股本预案 公司2024年度利润分配预案：本年度利润不分配，本年度不进行资本公积金转增股本。 第二节 公司基本情况 1、公司简介 ■ 2、报告期公司主要业务简介 根据第三方市场调研机构的报告，2024年中国市场手机出货量达3.14亿部，同比增长8.7%，结束了连续 两年的下滑趋势，智能手机出货量2.94亿部，同比增长6.5%，占整体市场的93.7%，5G网络覆盖深化、 消费补贴政策刺 ...

Core Viewpoint - The company reported a significant increase in revenue for 2024, but continued to face losses in net profit, indicating challenges in profitability despite growth in the automotive electronics sector [1][2]. Financial Performance - In 2024, the company achieved revenue of 5.54 billion yuan, a year-on-year increase of 18.46%, but reported a net loss of 550 million yuan, which is an expanded loss compared to the previous year [1]. - For Q1 2025, the company generated revenue of 1.328 billion yuan, reflecting a year-on-year growth of 49.34%, while the net loss narrowed to 120 million yuan [1][3]. Product Performance - The automotive electronics segment saw robust growth, with revenue from electronic products reaching 4.406 billion yuan in 2023, up 28.89% year-on-year [2]. - The company has begun mass production of key components for new clients such as Xiaomi and Xpeng, contributing to the growth in automotive electronics [2]. Profitability and R&D - The gross margin for 2024 was 21.51%, a decrease of 3.11 percentage points year-on-year, primarily due to a shift in product mix towards lower-margin automotive electronics [2]. - R&D expenses for 2024 were 1.039 billion yuan, an increase of 7.3% year-on-year, with a R&D expense ratio of 18.8% [2]. - In Q1 2025, the gross margin was 21.4%, showing a slight recovery from the previous quarter, driven by increased sales volume in automotive electronics [3]. Future Outlook - The company is expected to maintain high revenue growth, with projected revenues of 7.2 billion yuan, 9 billion yuan, and 10.8 billion yuan for 2025, 2026, and 2027 respectively [4]. - The company is in a high R&D investment phase, with a target price of 95.8 yuan based on a price-to-sales ratio of 1.6 for 2025 [4].