万马科技 20250609 摘要 万马科技通过收购国通科技进入车联网领域，目前车联网已成为其核心 业务和主要增长点，2020 年至 2024 年，车联网收入占比显著提升， 而通信产品收入占比也有所增加，医疗信息化产品收入占比保持稳定。 公司在车联网领域布局三大产品：one SIM 一站式解决方案，为主机厂 提供自主 SIM 卡技术及服务；奥云自动驾驶解决方案，助力车企实现数 据闭环；以及智算中心，提供智算软硬件服务，尤其是在常州拥有全球 首个采用英伟达 H20 服务器平台的数据中心。 2025 年一季度，万马科技收入同比增长 78%，归母净利润同比增长 234%，表现亮眼。相比之下，2024 年全年收入增长 7.7%，利润下降 35%-36%。车联网对整体毛利贡献显著提升，从 2020 年的 21%增至 2024 年的 37%。 无人驾驶和智能网联汽车的发展趋势，特别是 Robotaxi 和无人配送车 辆，为万马科技的车联网产品提供了广阔的市场前景，特斯拉等新兴公 司交付量的增加也为行业和公司业绩奠定了基础。 Q&A 请介绍万马科技公司的主要业务及其发展历程。 无人驾驶尤其是 Robotaxi 的发展趋势显著 ...

Core Viewpoint - The company *ST Gao Hong announced a 75 million yuan investment in Hongxing Zhixin Technology, increasing its stake to 37.83%, despite opposition from a board member regarding the clarity of the investment's relation to the company's fundraising projects [1][4]. Investment Details - The investment in Hongxing Zhixin consists of two parts: 39 million yuan from Hongchang Venture Capital and 26 million yuan from Gao Hong Digital Technology, totaling 65 million yuan in capital increase [2]. - The total investment in Hongxing Zhixin by the two subsidiaries will amount to 75 million yuan, with a combined shareholding of 37.83% post-investment [3]. Financial Performance - As of March 31, 2025, Hongxing Zhixin reported total assets of 24.69 million yuan and a net profit of -34,500 yuan, indicating financial challenges [3]. Fundraising Project Concerns - The company faces significant uncertainties regarding its fundraising projects, with only 20.04% of the promised 869 million yuan for the "Vehicle Networking Series Product R&D and Industrialization Project" invested as of January 31, 2025 [4]. - The fundraising account for the project has a balance of only 2.87 yuan and is frozen, hindering the payment of project expenses and leading to staff departures [5]. Board Member Opposition - Board member Li Qiang opposed the investment, citing a lack of clarity on how the investment aligns with the company's fundraising projects and the absence of measures to protect the interests of these projects [4][5]. - Despite the opposition, the investment proposal was approved without requiring a shareholder meeting [5].

Investment Overview - The company plans to invest a total of RMB 39 million and RMB 26 million in Hongxing Zhixin Technology (Nanjing) Co., Ltd. through its subsidiaries, Hongchang (Beijing) Venture Capital Co., Ltd. and Beijing Datang Gaohong Digital Technology Co., Ltd. This will increase the registered capital of Hongxing Zhixin by RMB 14.13 million and RMB 9.42 million respectively, totaling RMB 65 million [1][2][3] - After the investment, the registered capital of Hongxing Zhixin will rise to RMB 107.33 million, with the company's subsidiaries holding a combined stake of 34.05% [1][2] Share Transfer Agreement - Due to financial issues, shareholder Guangzhou Xinying is unable to fulfill its capital contribution, leading to an agreement where Gaohong Digital will acquire a 3.77% stake from Guangzhou Xinying for RMB 670,000, which corresponds to the amount already paid by Guangzhou Xinying [2][3][12] - Following the completion of this transaction, the total investment by Hongchang and Gaohong Digital will amount to RMB 75 million, increasing their combined ownership in Hongxing Zhixin to 37.83% [2][3] Board Approval - The investment proposal was approved by the board with 6 votes in favor and 1 against, and it does not constitute a related party transaction or a major asset restructuring [2] Capital Increase and Valuation - The capital increase is priced at RMB 2.76 per share, based on an asset evaluation report from Beijing Hejia Asset Appraisal Co., Ltd. [3][5] - The evaluation report indicates that the total asset value of Hongxing Zhixin is RMB 24.65 million, with a net asset value of RMB 24.73 million [10] Company Background - Hongxing Zhixin was established on December 31, 2024, with a registered capital of RMB 55.4 million, focusing on integrated circuit chip manufacturing and related services [8][9] - The company has reported zero revenue and a net loss of RMB 34,500 [8] Strategic Importance - The investment aligns with the company's strategic focus on the vehicle networking industry, which is considered crucial for its ongoing development and competitive positioning [13]

Core Viewpoint - Huihan Co., Ltd. is experiencing growth in revenue and net profit, driven by its focus on automotive and ICT technologies, with a strong emphasis on R&D and strategic partnerships, particularly with SAIC Group and CATL [1][3][9] Company Overview - The company's underlying technology encompasses automotive and ICT technologies, with products including vehicle networking smart terminals, IoT smart module software, and technical services [2] - Its vehicle networking smart terminal products, such as TBOX and eCall terminals, are widely used in smart vehicles and safety applications, serving major automotive manufacturers like SAIC, Chery, Geely, BYD, Great Wall, GAC, Li Auto, and NIO [2] - The IoT smart module products are applied in automotive electronics and industrial IoT markets, including energy management solutions for clients in the new energy sector [2] Financial Performance - From 2021 to 2024, the company's revenue compound annual growth rate (CAGR) is 34.31%, while net profit CAGR is 43.65%, indicating a positive growth trend [3] Partnership with SAIC Group - The collaboration with SAIC Group began in 2012, with the company being selected as a TBOX supplier during the early stages of automotive intelligence [4] - SAIC recognized the company's technological capabilities and invested in it in 2015, leading to a stable and mutually beneficial relationship [4] eCall System - The eCall system is a vehicle emergency call system designed to enhance road rescue efficiency, featuring both automatic and manual triggering methods [5] - It integrates with GPS to provide critical accident information to emergency services, significantly improving response times [5][6] - The company is a drafting unit for the national standard AECS, reflecting its industry recognition [6] R&D Approach - The company emphasizes forward-looking R&D, adopting a "platform-based, modular" approach to develop its technology and products [7] - R&D expenses have been steadily increasing, indicating a commitment to innovation and adaptation to market demands [6][7] Collaboration with CATL - The company provides digital battery management solutions to CATL and other clients, facilitating comprehensive lifecycle management of batteries [8] - These solutions are integrated with BMS systems and are already in mass production for leading manufacturers in the automotive and energy sectors [8] Competitive Advantages - The company maintains a strong focus on technological innovation and product iteration, possessing core technologies and comprehensive capabilities across various operational aspects [9] - It has established a stable and high-quality customer base, enhancing its competitive edge in the market [9]

证券代码：301600 证券简称：慧翰股份 慧翰微电子股份有限公司 2025 年 5 月 26 日投资者关系活动记录表 编号：2025-014 | 投资者关系活 | ☑特定对象调研 □分析师会议 □媒体采访 | | | | --- | --- | --- | --- | | 动类别 | □业绩说明会 □新闻发布会 □路演活动 | | | | | ☑现场参观 □其他（电话会议） | | | | 参与单位 | 中金公司 | | | | 时间 | 2025 年 5 26 日 15:00-16:00 | 月 | | | 地点 | 1#楼 5 层 会议室（一） | | | | 上市公司接待 | 冯静女士、潘敏涛先生、金少明先生 | | | | 人员 | | | | | 投资者关系活 动主要内容 | 1、请简单介绍一下公司。 | | | | | 公司的底层技术是汽车与 ICT 技术，包括通信、安全、 | | | | | 计算等；广泛应用在智能汽车、新能源电池及工业物联网等 | | | | | 领域；公司的产品形态主要包括车联网智能终端、物联网智 | | | | | 能模组软件和技术服务。 | | | | | 公司车联网智 ...

Group 1 - The core policy document titled "Several Measures to Promote the Development of Intelligent Vehicle Networking and New Energy Vehicle Industry in Suzhou" was officially released, aiming to accelerate new industrialization and enhance the autonomous innovation capability of the industry [1][3] - The policy will be effective from July 1, 2023, until December 31, 2027, and includes 20 measures across four main areas [1][3] - The measures focus on promoting industrial agglomeration, enhancing innovation capabilities, strengthening industrial element guarantees, and improving the industrial development ecosystem [1][2][3] Group 2 - In promoting industrial agglomeration, the measures include establishing pilot demonstration zones, encouraging enterprises to increase effective investment, and providing financial rewards for recognized industrial clusters and unicorn enterprises [1][2] - For recognized leading enterprises, subsidies of up to 50 million yuan will be provided based on R&D investment, with additional support for national-level innovation centers and technology centers [2] - The measures also emphasize the construction of high-level laboratories, core technology breakthroughs, and the encouragement of large model innovation applications [2] Group 3 - The policy aims to enhance the consumption of new energy vehicles and expand their application scenarios, including public sectors such as government vehicles, taxis, and urban logistics [3] - The intelligent vehicle networking and new energy vehicle industry is a crucial part of the city's "1030" industrial system, with Suzhou being selected as a national pilot city for intelligent vehicle networking applications [3] - The measures provide substantial policy support for the high-quality development of the intelligent vehicle networking and new energy vehicle industry in Suzhou [3]

(一)测试规模从单一私家车扩展至10部同时运行，以收集多车并行的数据； (二)经评估安全后在特定路线载客； (三)在更复杂的道路进行测试，目前已扩展在机场岛上的路线，未来亦计划在东涌测试并同时运行； (四)根据测试路段的最高车速上限，香港运输及物流局会批准自动车驾驶时时速提升至50公里。经运输 署加快审批，有关项目可在五个月内达至上述所提及跃进。项目申请人亦正计划将测试推展至香港南区 数码港。另一项目位于西九文化区，将试行能配合香港左上右落道路运作的自动驾驶小型巴士，在整个 系统研发完成及证明可安全运作后，将会于文化区的公共道路上进行载客测试。按照目前进度，我们期 望自动驾驶服务在未来一两年可在个别社区正式投入运作。 其中，自动驾驶项目涵盖多种香港道路场景，例如使用不同种类路口、行人优先斑马线及公共交通交汇 处等，稳步提高自动车应对香港的复杂路况。至于各车联网技术及相关辅助项目则逐步增加车联网应用 场景，提升系统兼容性，例如有项目把应用场景显著增加至超过20个，也有项目能兼容最少两个自动车 品牌互相通讯，这让多辆自动车同时使用，进一步完善自动驾驶在行车安全和运作效率的配套。 透过智慧交通基金的项目，港府、业界 ...

证券代码：301600 证券简称：慧翰股份 慧翰微电子股份有限公司 2025 年 5 月 7 日投资者关系活动记录表 编号：2025-013 | 投资者关系活 | ☑特定对象调研 □分析师会议 □媒体采访 | | | | --- | --- | --- | --- | | 动类别 | □业绩说明会 □新闻发布会 □路演活动 | | | | | □现场参观 ☑其他（电话会议） | | | | 参与单位 | 兴业证券、嘉实基金、博时基金、平安资产、华商基金、鹏 | | | | | 华基金、泰康资产、海富通基金、信达澳银基金、中信保诚 | | | | | 基金、中银基金、天治基金、诺德基金、友邦保险、民生加 | | | | | 银基金、金鹰基金、天弘基金 | | | | 时间 | 2025 年 5 月 7 日 16:00 | | | | 地点 | 1#楼 5 层 会议室（一） | | | | 上市公司接待 | 隋榕华先生、冯静女士、潘敏涛先生、金少明先生 | | | | 人员 | | | | | 投资者关系活 | 1、请介绍一下 24 年和 25 年一季度的经营情况 | | | | 动主要内容 | 2024 年，公 ...

慧翰股份 20250507 摘要 • 慧翰股份 2025 年一季度营收 2.16 亿元，同比增长 16.85%，归母净利润 0.43 亿元，同比增长 30.67%，扣非净利润 0.42 亿元，同比增长 35.18%，公司持续保持快速增长趋势，接近 40%的复合增长率，在手订 单饱和，净利润率持续提升。 • 中国版 ECO 强制安装国标提前落地，要求自 2027 年 7 月 1 日起新上市车 辆强制安装，预计今年下半年到明年安装节奏加快，M 类和 N 类车型均需 安装，中高端车型或更早安装。 • 欧盟 eCall 系统每年挽救 2000-2,500 人生命，减少超 200 亿欧元经济损 失。中国每年交通事故死亡人数约 6 万，若参照欧盟数据，每年可挽救 7,000 人以上，加速推动该标准对社会进步贡献重大。 • 慧翰股份在国内 CECO 环保领域市占率超 90%，是绝对龙头。国标推出 将吸引更多厂商进入市场，可能导致竞争加剧，但公司凭借技术优势和市 场领导地位，有望继续保持领先地位。 • COX 产品竞争门槛高，产品可靠性是关键，需经多种认证及与车厂长时间 磨合，对供应链有严格把控。公司产品设计极简化，提高可靠 ...

2025 年 05 月 05 日 公司研究 评级：买入(首次覆盖) 研究所： 证券分析师： 刘熹 S0350523040001 liux10@ghzq.com.cn [Table_Title] 2025Q1 归母净利润同比+31%，受益 TBox 与 eCall 成长动能 ——慧翰股份（301600）公司动态研究 最近一年走势 事件: 2025 年 4 月 30 日，公司表示，公司是 AECS 的起草单位，以往也是自 主品牌出海 e-Call 主力供应商。 4 月 24 日，公司发布 2025 年一季报：2025Q1，公司营业收入为 2.16 亿元，同比增长 16.85%；归母净利润为 0.43 亿元，同比增长 30.67%； 扣非归母净利润 0.42 亿元，同比增长 35.18%。 4 月 20 日，公司发布 2024 年年报：2024 年，公司实现营业收入 10.22 亿元，同比增长 25.68%；归母净利润 1.75 亿元，同比增长 37.54%；扣 非归母净利润 1.70 亿元，同比增长 37.04%。 投资要点: 2019-2024 年归母净利润 CAGR 为 47%，出货量提升+产品迭代驱 动成长 ...