Company Overview - The company's core technology integrates automotive and ICT technologies, widely applied in smart vehicles, new energy batteries, and industrial IoT [2] - Main products include vehicle networking smart terminals, IoT smart modules, software, and technical services [2] - Vehicle networking products include TBOX and eCall terminals, used in major automotive manufacturers like SAIC, Chery, Geely, BYD, Great Wall, GAC, Li Auto, and NIO [2] Financial Performance - From 2021 to 2024, the company's revenue compound annual growth rate (CAGR) is 34.31% [2] - Net profit CAGR is 43.65%, indicating a growth trend [3] Strategic Partnerships - Collaboration with SAIC began in 2012, with SAIC recognizing the company as a TBOX supplier during the early stages of automotive intelligence [4] - The first smart connected vehicle launched by SAIC in 2014 was equipped with the company's technology [4] Product Innovations - The eCall system is a critical automotive safety feature for emergency rescue, enhancing response times and reducing casualties [5][6] - The company is a drafting unit for the national standard AECS, showcasing industry recognition [7] Research and Development - The company emphasizes forward-looking R&D, adapting to industry trends and customer needs, resulting in a steady increase in R&D expenses [7] - A platform-based and modular approach to R&D allows for rapid market introduction and customization of products [7] Collaboration with Industry Leaders - Provides digital battery management solutions to clients like CATL, covering the entire lifecycle of battery management [8] - Solutions include identity authentication, data interaction, fault alarms, operation maintenance, and OTA upgrades [8] Competitive Advantages - The company maintains strong technological innovation and product iteration capabilities, mastering core technologies while excelling in R&D, production management, quality control, and supply chain management [9] - A stable and high-quality customer base enhances the company's competitive edge [9]

Group 1 - The Hong Kong government is actively promoting the development of autonomous vehicles through policy support, regulatory alignment, and financial assistance, with a focus on innovation in vehicle technology [1][2] - The Smart Traffic Fund has allocated approximately HKD 170 million to projects related to autonomous vehicles and vehicle networking, with 5 projects focused on autonomous driving and 8 on vehicle networking [1] - Testing in Hong Kong has reached a high level of automation, meeting national and international standards, with 12 autonomous vehicles currently being tested under a new regulatory framework [2] Group 2 - Significant advancements have been made in testing, including expanding from a single private vehicle to 10 vehicles operating simultaneously, and the approval for autonomous vehicles to operate at speeds of up to 50 km/h [2] - Future projects include autonomous shuttle buses connecting various locations, such as the Science Park and the MTR University Station, and a transportation system linking Hong Kong International Airport with the Hong Kong-Zhuhai-Macao Bridge [3] - The government aims to continue prioritizing safety while optimizing technical standards and sharing research outcomes with the industry to promote the development of autonomous vehicles [3]

Group 1: Financial Performance - In 2024, the company achieved a revenue of 1.022 billion CNY, representing a year-on-year growth of 25.68% [2] - The net profit attributable to shareholders was 175 million CNY, an increase of 37.54% year-on-year [2] - In Q1 2025, total revenue reached 216 million CNY, with a year-on-year growth of 16.85% [2] - The net profit attributable to shareholders for Q1 2025 was 43.298 million CNY, reflecting a year-on-year increase of 30.67% [2] Group 2: National Standard AECS Implementation - The national standard AECS was officially released on April 25, 2025, and will be mandatory for all M1/N1 class vehicles sold in China starting July 1, 2027 [2] - Prior to the implementation of the national standard, existing systems were defined by individual car manufacturers, lacking a unified standard [2] - The release of the national standard AECS is expected to significantly transform the automotive market, pushing existing systems to align with the new standard [2][3] Group 3: Market Impact and Product Pricing - The implementation of AECS is projected to create a market increment worth billions, significantly reducing rescue times and traffic accident mortality rates [4] - While market competition may drive down prices for AECS terminals, the importance of life safety ensures that there will be a price floor for these products [4] - The focus on life safety will lead to stringent requirements for technology solutions, hardware design, and quality assurance in the industry [4] Group 4: Technical Requirements and Standards - The technical barriers for AECS products include reliability and compliance with various testing standards, such as collision tests and emergency call trigger tests [5] - The company is among the first to obtain EU NG eCall certification, which enhances data transmission capabilities compared to traditional eCall systems [6] - The national standard AECS will utilize 4G/5G networks and integrate China's BeiDou satellite navigation system, differing from the EU's approach [6] Group 5: Product Composition and Market Strategy - The company's intelligent terminal products are developed using a modular approach, allowing customization across various vehicle types [7] - The specific market share of eCall and TBOX within the intelligent terminal sales is not disclosed due to the complexity of product forms [7] - The company believes that suppliers are unlikely to venture into eCall products due to the high safety standards required [7]

Summary of Huihan Co., Ltd. Conference Call Company Overview - **Company**: Huihan Co., Ltd. - **Industry**: Automotive Safety and Environmental Technology Key Financial Performance - **Q1 2025 Revenue**: 216 million CNY, up 16.85% YoY [2] - **Q1 2025 Net Profit**: 43 million CNY, up 30.67% YoY [2] - **Q1 2025 Non-recurring Net Profit**: 42 million CNY, up 35.18% YoY [2] - **2024 Revenue**: 1.022 billion CNY, up 25.68% YoY [3] - **2024 Net Profit**: 175 million CNY, up 37.54% YoY [3] - **2024 Non-recurring Net Profit**: 170 million CNY, up 37.04% YoY [3] - **Growth Rate**: Close to 40% compound annual growth rate [2][3] Industry Dynamics - **ECO Standard**: China's mandatory ECO installation standard will take effect from July 1, 2027, requiring new vehicles to be equipped [2][5]. - **Market Impact**: The early implementation of the ECO standard is expected to accelerate installation rates in the second half of 2025 [5]. - **Vehicle Categories**: M Class (passenger vehicles) and N Class (commercial vehicles) must comply with the new standard [6][7]. Competitive Landscape - **Market Share**: Huihan holds over 90% market share in the domestic CECO environmental sector [2][9]. - **Competition**: The introduction of the national standard may attract more competitors, but Huihan's technological advantages are expected to maintain its leading position [2][9]. - **Product Reliability**: High competition barriers exist due to the need for multiple certifications and long-term collaboration with automakers [12][13]. Technological Advancements - **NGECO Certification**: Huihan has obtained the NGECO certification, facilitating entry into the EU market [4][15]. - **Product Design**: Products are designed for extreme reliability, with rigorous component selection and testing [12]. Social Impact - **Safety Benefits**: The EU's eCall system saves 2,000 to 2,500 lives annually and reduces economic losses by over 20 billion euros [9]. - **Potential in China**: If similar standards are implemented, it could save over 7,000 lives annually in China [9]. Future Outlook - **Market Growth**: Significant growth in the domestic market is anticipated around 2027, with preparations starting as early as 2026 [31]. - **International Expansion**: Huihan is expanding its presence in Europe and other regions, with a focus on high-quality markets and clients [3][25][26]. Additional Insights - **Cost Sensitivity**: N Class vehicle manufacturers may be more cost-sensitive, but the national standard applies uniformly across vehicle classes [7]. - **Product Integration**: TBOX and ECALL functionalities share a common platform, allowing for flexible integration based on customer needs [17][18]. - **Market Position**: Huihan's market share in Europe is currently below 10%, but it dominates the supply chain for Chinese automakers exporting to Europe [28][29]. This summary encapsulates the key points from the conference call, highlighting Huihan's financial performance, industry dynamics, competitive landscape, technological advancements, social impact, future outlook, and additional insights.

Investment Rating - The report assigns a "Buy" rating for the company, marking its first coverage [1][36][38]. Core Views - The company has shown significant growth, with a 31% year-on-year increase in net profit for Q1 2025, driven by the growth of TBox and eCall products [1][4]. - The company is positioned to benefit from the rising penetration of connected vehicles and the overall growth of the automotive industry, particularly in smart and connected solutions [8][25][26]. Summary by Sections Financial Performance - In Q1 2025, the company reported revenue of 216 million yuan, a 16.85% increase year-on-year, and a net profit of 43 million yuan, up 30.67% year-on-year [4][10]. - For the full year 2024, the company achieved revenue of 1.022 billion yuan, a 25.68% increase, and a net profit of 175 million yuan, a 37.54% increase [4][10]. - The compound annual growth rate (CAGR) for net profit from 2019 to 2024 was 47%, with revenue CAGR at 30.01% [5][11]. Business Segments - The connected vehicle terminal devices segment generated revenue of 842 million yuan in 2024, a 32.19% increase, accounting for 82.39% of total revenue, with a gross margin of 27.71% [5][15]. - The IoT smart module segment reported revenue of 136 million yuan, a decrease of 6.73%, contributing 13.28% to total revenue, with a gross margin of 24.77% [5][15]. Profitability and Cost Management - The company's gross margin improved to 29.07% in 2024, up 2.05 percentage points year-on-year, with a net margin of 17.17%, an increase of 1.48 percentage points [6][20]. - In Q1 2025, the gross margin further increased to 29.33%, with a net margin of 20.02%, reflecting effective cost management [6][20]. Market Trends and Opportunities - The global connected vehicle market is projected to reach 228.1 billion USD in 2024, with the Chinese market expected to reach 543 billion yuan [26][28]. - The company has established strong partnerships with major automotive manufacturers, enhancing its market position and growth potential [29][35]. Future Projections - Revenue forecasts for 2025-2027 are 1.339 billion yuan, 1.705 billion yuan, and 2.126 billion yuan, respectively, with net profits projected at 238 million yuan, 308 million yuan, and 377 million yuan [36][38]. - The current price-to-earnings (PE) ratios are projected to be 49, 38, and 31 for the years 2025, 2026, and 2027, respectively [36][38].

Group 1: Financial Performance - In 2024, the company achieved a revenue of 1.022 billion, a year-on-year increase of 25.68%, and a net profit attributable to shareholders of 175 million, up 37.54% year-on-year [1] - For Q1 2025, the company reported a revenue of 216 million, representing a year-on-year growth of 16.85%, and a net profit of 43 million, an increase of 30.67% year-on-year [1] - The company's gross margin for 2024 reached 29.07%, an increase of 2.60 percentage points from 2023, while the net profit margin was 17.17%, up 1.48 percentage points from the previous year [1] Group 2: Research and Development - The company emphasizes R&D investment, with R&D expenses reaching 67 million in 2024, a year-on-year growth of 22.84% [2] - Ongoing projects include NG-eCall new emergency call protocol and 5G R16 communication modules, aimed at maintaining leadership in the eCall sector and increasing market penetration in 5G [2] - The company has accumulated a total of 170 intellectual property rights by the end of the reporting period [2] Group 3: Market Position and Standards - The company is a leading domestic player in the eCall market, which is a critical automotive passive safety system [3] - It is one of the few companies in China to have obtained certifications from the EU, UN, and UAE, facilitating the export of eCall terminals for domestic vehicles to overseas markets [3] - The company is actively involved in drafting the Chinese version of the eCall standard (AECS), which, once implemented, is expected to significantly expand the market space [3] Group 4: Investment Outlook - The company is positioned to benefit from the growth of domestic passenger vehicle production and sales, as well as the increasing intelligence in automobiles [3] - With the upcoming national standard implementation, the company is expected to leverage its experience in overseas certifications and its role in standard drafting [3] - Projected net profits for 2025, 2026, and 2027 are estimated at 231 million, 309 million, and 448 million respectively, with corresponding PE ratios of 53, 40, and 27 [3]

「IPO全观察」 栏目聚焦首次公开募股公司，报道企业家创业经历与成功故事，剖析公司商业模式和 经营业绩，并揭秘VC、CVC等各方资本力量对公司的投资加持。 作者丨刘杨楠 编辑丨 巴里 图源丨 AI作图 十多年前，博泰车联网创始人兼董事长应宜伦（又名应臻恺）正与美国康宁公司洽谈，希望找到一块 完全不留指纹的玻璃，这个需求和iPhone面世时乔布斯所提的需求如出一辙。 2014年，博泰车联网与康宁联合推出了一款不反光的车载玻璃屏幕。应宜伦也因其近乎苛刻的产品要 求，被称为"中国汽车界的乔布斯"。但应宜伦的自我评价却很低调——"一个热爱汽车的人"。 如今，成立16年的博泰车联网已经成为市场占有率第二的独立智能座舱厂商，公司的资本历程也迎来 拐点。 今年4月，创始人应宜伦带领博泰二度冲刺港股。虽然在智能座舱领域，博泰车联网是当之无愧的"元 老级"玩家，但对于成立至今还从未盈利的博泰车联网来说，在今天风云变幻的智驾市场中，仍不可 掉以轻心。 图源： 博泰车联网官网 "汽车不联网，如同功能机" 应宜伦（又名应臻恺或Ken Ying）是70后，高中时曾两次退学，成为了一名摄影师，并顺势进入广告 业。 2001年，他拿着6万 ...

Core Viewpoint - The company reported its 2024 annual and 2025 Q1 financial results, showing a mixed performance with revenue growth but a decline in net profit for 2024, followed by a significant increase in net profit for Q1 2025 [3]. Financial Performance - In 2024, the company achieved revenue of 561 million yuan, a year-on-year increase of 7.72%, while Q1 2025 revenue reached 150 million yuan, up 78.24% year-on-year [3]. - The net profit attributable to the parent company for 2024 was 41 million yuan, a decrease of 35.92%, whereas Q1 2025 net profit was 5 million yuan, reflecting a growth of 237.89% [3]. Business Segments - The connected vehicle business experienced rapid growth in 2024, generating revenue of 255 million yuan, a year-on-year increase of 43.56%, with a gross margin of 48.03%, down 18.48 percentage points from the previous year [4]. - The communication business reported revenue of 267 million yuan, a decline of 9.95% year-on-year, attributed to project implementation cycles, with a gross margin of 24.78%, an increase of 1.06 percentage points [4]. - Overall net profit margin for 2024 was 7.36%, down 4.93 percentage points from the previous year, primarily due to increased sales and R&D expenses [4]. Strategic Developments - The company is a leading third-party connection management service provider in China, with over 14 million connections by the end of 2024, including over 13 million domestic connections and over 1 million overseas connections [5]. - Key partnerships have been established with major automotive manufacturers such as Geely, Li Auto, SAIC, Dongfeng, and others [5]. - The company launched the Youka Changzhou Intelligent Computing Center and introduced innovative technologies like the Youka "Aoyun" autonomous driving solution and the global vehicle connection ONE SIM [5]. International Expansion - The company is accelerating its overseas business development, with six global data centers established in regions including China, ASEAN, Europe, North America, West Pacific, and the Middle East [6]. - In 2024, the company successfully expanded its services to Europe, the Middle East, and Central Asia in collaboration with Dongfeng Liuzhou Automobile, providing advanced connected vehicle services [6]. - A significant partnership was formed with SAIC for connected vehicle services in the Saudi market [6].

金融界4月9日消息，上证指数低开高走，中证车联网主题指数 (CS车联网，930725)上涨1.38%，报 1167.31点，成交额377.82亿元。 数据统计显示，中证车联网主题指数近一个月下跌18.69%，近三个月下跌2.50%，年至今下跌9.63%。 从中证车联网主题指数持仓样本的行业来看，信息技术占比36.28%、可选消费占比31.79%、工业占比 17.36%、通信服务占比14.58%。 资料显示，指数样本每半年调整一次，样本调整实施时间分别为每年6月和12月的第二个星期五的下一 交易日。权重因子随样本定期调整而调整，调整时间与指数样本定期调整实施时间相同。在下一个定期 调整日前，权重因子一般固定不变。特殊情况下将对指数进行临时调整。当样本退市时，将其从指数样 本中剔除。样本公司发生收购、合并、分拆等情形的处理，参照计算与维护细则处理。 跟踪CS车联网的公募基金包括：鹏华中证车联网主题联接A、鹏华中证车联网主题联接C、鹏华中证车 联网主题ETF。 据了解，中证车联网主题指数将内容与服务提供商、软件提供商、硬件提供商、汽车厂商等相关上市公 司纳入车联网主题，以反映车联网上市公司的整体表现。该指数以201 ...

Investment Rating - The report maintains a "Buy" rating for the company, indicating a positive outlook for future performance [5]. Core Insights - The IoT industry is experiencing significant growth, with a projected national market size of approximately 3.6 trillion yuan in 2023, and an expected compound annual growth rate (CAGR) of 18.9% during the 14th Five-Year Plan period [1]. - The company is actively innovating and launching new products, including various smart gateways and routers, to meet the demands of multiple sectors such as vehicle insurance and remote monitoring [2]. - The company's business expansion is showing results, with a focus on emerging fields like vehicle insurance, asset management, and cold chain logistics, which are expected to drive future growth [3]. Summary by Sections Market Overview - The national IoT industry is projected to exceed 5 trillion yuan by 2025, with a CAGR of 23.4% during the 13th Five-Year Plan [1]. - The government is supporting the development of the connected vehicle industry through new policies aimed at enhancing infrastructure and technology standards [1]. Product Development - The company has introduced several innovative products in 2024, including the GV850/851 smart bus gateway and the WR210LG router, catering to various industrial standards [2]. - There is a continued emphasis on developing connected products for two-wheeled vehicles, exploring applications of AI and large model technologies [2]. Financial Forecast - The company's net profit forecasts for 2024 and 2025 have been adjusted to 189 million yuan and 246 million yuan, respectively, reflecting a decrease of 17% and 20% from previous estimates [3]. - The report projects a net profit of 294 million yuan for 2026, with corresponding price-to-earnings ratios of 34, 26, and 22 for the years 2024, 2025, and 2026 [3]. Key Financial Metrics - Revenue is expected to grow from 1,002 million yuan in 2022 to 1,674 million yuan by 2026, with a growth rate of 19.45% in 2026 [4]. - The company's return on equity (ROE) is projected to increase from 9.8% in 2022 to 13.23% in 2026 [11].