Investment Rating - The investment rating for the company is "Recommended (Maintain)" [1] Core Views - The company reported a significant increase in revenue and net profit for 2024, with operating income reaching 10.158 billion yuan (up 42.33% year-on-year) and net profit attributable to shareholders at 651 million yuan (up 40.13% year-on-year) [4] - The automotive electronics business has shown rapid growth, achieving revenue of 7.603 billion yuan (up 57.55% year-on-year) in 2024, with a gross margin of 19.2% [7] - The company has expanded its customer base significantly, with major clients including Geely, Chery, and SAIC, and has made inroads with international clients such as Volkswagen Group and Stellantis [7] Financial Summary - For 2024, the company achieved operating income of 10.158 billion yuan, with a year-on-year growth of 42.3% [6] - The net profit for 2024 was 651 million yuan, reflecting a year-on-year increase of 40.1% [6] - The gross margin for 2024 was reported at 20.7%, with a net margin of 6.4% [6] - The company’s return on equity (ROE) is projected to increase from 10.1% in 2025 to 14.9% by 2027 [6] Profit Forecast and Investment Suggestions - The company is expected to maintain strong growth in net profit, with projections of 870 million yuan for 2025 and 1.1 billion yuan for 2026, and a new forecast of 1.34 billion yuan for 2027 [8] - The company continues to receive a substantial number of new orders, particularly for competitive products like HUD and wireless charging [8]

Core Viewpoint - Goer Technology Co., Ltd. has returned to a revenue scale of over 100 billion yuan, achieving significant growth driven by the recovery of the consumer electronics industry and the AI technology wave [1] Group 1: Financial Performance - In the fiscal year 2024, Goer Technology reported a revenue of 100.95 billion yuan, a year-on-year increase of 2.41% [1] - The net profit attributable to shareholders reached 2.665 billion yuan, marking a substantial year-on-year growth of 144.93% [1] Group 2: Strategic Focus - The company continues to adhere to its product strategy of "precision components + intelligent hardware," focusing on serving leading global clients in the technology and consumer electronics sectors [2] - Goer Technology is actively promoting the development of emerging smart hardware businesses, including VR, MR, AR, AI smart glasses, smart wireless earphones, and smart home devices [2] - The company has strengthened its business expansion in automotive electronics, particularly in MEMS sensors and AR HUD modules [2] Group 3: Collaboration with Apple - Goer Technology has been a crucial partner for Apple since 2010, participating in the production of numerous Apple products, including microphones, speakers, and AirPods [2] - The collaboration has not only advanced hardware manufacturing but also established a benchmark in the green supply chain, achieving 100% renewable energy production for Apple products in its Chinese factories [3] Group 4: AI and Market Trends - The rapid development of generative AI technology is bringing new opportunities to the consumer electronics sector, particularly in AR products and AI smart glasses [4] - Goer Technology has strategically positioned itself in the manufacturing of AI smart glasses and related components, including acoustic, optical, and sensor modules [4] - Industry experts suggest that Goer Technology should increase R&D investment and accurately position product directions to seize opportunities in the AI smart glasses market [4][5] Group 5: Future Outlook - Although the hardware technology and application scenarios for AI smart glasses are not yet mature, significant growth is expected in the coming years due to the active investment from leading industry players [5] - The development of generative AI is anticipated to enhance content creation efficiency, providing strong support for the long-term growth of VR/MR products [5]

从指数持仓来看，沪深300汽车与零部件指数十大权重分别为：比亚迪（38.78%）、福耀玻璃 （10.74%）、赛力斯（10.71%）、上汽集团（8.18%）、长安汽车（7.4%）、拓普集团（4.53%）、赛 轮轮胎（4.49%）、长城汽车（3.76%）、德赛西威（3.7%）、华域汽车（3.27%）。 数据统计显示，沪深300汽车与零部件指数近一个月下跌3.48%，近三个月上涨5.64%，年至今上涨 5.04%。 据了解，为反映沪深300指数样本中不同行业公司证券的整体表现，为投资者提供分析工具，将沪深300 指数300只样本按行业分类标准分为11个一级行业、35个二级行业、90余个三级行业及200余个四级行 业。沪深300行业指数系列分别以进入各一级、二级、三级、四级行业的全部证券作为样本编制指数， 形成沪深300行业指数。该指数以2004年12月31日为基日，以1000.0点为基点。 沪深300汽车与零部件指数报10278.68点，前十大权 重包含上汽集团等 金融界3月26日消息，上证指数低开震荡，沪深300汽车与零部件指数 (300汽车，L11506)报10278.68 点。 从沪深300汽车与零部件指数 ...

Key Points - The report from CITIC Securities highlights two critical time points in the year: the first is the external risk landing in early April, which is expected to create trading opportunities, and the second is the synchronization of the economic and policy cycles between China and the U.S. around mid-year, which will provide allocation opportunities for core assets [1][2][3] Group 1: Key Time Points - The first key time point is the external risk landing in early April, including the results of the U.S. trade policy memo and the clarity on "reciprocal tariffs." This is expected to lead to trading opportunities in the technology sector due to its weak macroeconomic correlation and strong industrial catalysts [2][3] - The second key time point is the synchronization of the economic and policy cycles between China and the U.S. in mid-year, which may lead to the fourth round of economic stimulus in China since 2013, as the U.S. faces economic weakening and increased tariff pressures [2][8] Group 2: Trading Opportunities - Following the external risk landing in early April, the technology sector is anticipated to experience new trading opportunities, particularly in the context of the U.S. trade policy developments and the expected adjustments in the macroeconomic environment [3][4] - The report emphasizes that edge AI is likely to be a significant catalyst for market movements, with upcoming product launches, particularly from companies like Xiaomi, expected to boost market sentiment [4][10] Group 3: Investment Focus - The report suggests focusing on core assets in both A-shares and Hong Kong stocks, particularly in sectors such as domestic computing power, edge AI, lithium batteries, military industry, and innovative pharmaceuticals in Hong Kong [10] - Additionally, it recommends paying attention to sectors that may experience potential earnings surprises in Q1, including wind power components, engineering machinery, automotive electronics, and service consumption [10]

Investment Rating - The report maintains an "Outperform" rating for the electronic industry [5] Core Insights - The storage manufacturers have announced price increases, indicating a potential rebound in storage prices. Sandisk plans to raise prices by over 10% starting April 1, 2025, reflecting the upward trend in NAND Flash wafer prices due to supply constraints and reduced inventory [9] - The mismatch in supply and demand is identified as a primary reason for the price increase in storage. Major manufacturers like Micron and Samsung are reducing production, with Micron expecting a decline in NAND shipments in Q2 2025 and Samsung cutting its supply by 10%-15% [9] - The demand for storage is surging due to increased capital expenditures in AI, with major companies like Meta, Google, Amazon, and Microsoft projected to spend a total of $297.2 billion in 2025, a 36.8% increase year-on-year [9] - The widening supply-demand gap in the storage market is expected to reverse previous pessimistic forecasts, potentially leading to a new investment cycle in the storage sector [9] Summary by Sections Market Performance - The electronic industry index decreased by 0.62% in the week of March 10-14, 2025, ranking among the bottom three sectors [12] - The semiconductor sector saw a decline of 2.11%, while the components sector experienced the highest increase of 6.68% [14] Industry Dynamics - The semiconductor sector is undergoing significant changes, including the appointment of a new CEO at Intel and the rise of Northern Huachuang to the sixth position among global semiconductor equipment suppliers [32][39] - Northern Huachuang is the only Chinese semiconductor equipment manufacturer in the top ten, with a projected 39.4% growth in sales for 2024 [39] - The report highlights the impact of geopolitical tensions on the semiconductor industry, with U.S. tariffs prompting companies to relocate manufacturing to the U.S. [35] Consumer Electronics - Apple faces challenges in the Chinese market, with a projected 2% decline in iPhone sales in 2025 and a significant drop of 31.7% in wireless earphone sales [52][55] - The report notes that Apple is losing market share to domestic brands like Xiaomi and Huawei, which offer more affordable alternatives [55] Automotive Electronics - Global automotive sales increased by 49% in February 2025, reaching 1.2 million units, despite challenges posed by EU tariffs on Chinese electric vehicles [60] - NIO has implemented a 10% workforce reduction, reflecting broader trends in the automotive sector [63]

Summary of Hongquan Wulian Conference Call Company Overview - Hongquan Wulian was established in 2009 and is headquartered in Hangzhou with over 600 employees. The company specializes in the research and production of automotive electronic products, initially starting with intelligent network systems for buses and later expanding into heavy trucks, including Telematics Box and driving recorders. The company went public on the Sci-Tech Innovation Board in 2019. Due to the pandemic and macroeconomic downturn, commercial vehicle sales declined, significantly impacting performance. In 2024, revenue reached 520 million yuan, nearing breakeven, indicating a recovery in performance. The business is divided into four product lines: intelligent networking, intelligent cockpit, controllers, and software platform development [3][4]. Core Business Insights - The company’s revenue in 2024 was 520 million yuan, approaching breakeven [4] - Revenue breakdown for 2024: - Commercial vehicles: 80% - Intelligent networking: 60% (280 million yuan) - Intelligent cockpit: 12% (over 60 million yuan) - Controllers: 17% (85 million yuan) - Software platform: 13% (74 million yuan) [4][8] - The company has expanded into the passenger vehicle and two-wheeler markets since 2022, with passenger vehicle revenue accounting for 17% and two-wheelers for 1.6% in 2024 [4][5]. Market Strategy and Competition - Hongquan Wulian is responding to market competition by enriching its product line, collaborating with industry leaders, and increasing R&D investment to enhance technical capabilities and operational efficiency [4][6]. - Future development focuses on strengthening the passenger vehicle and two-wheeler segments, enhancing software platform capabilities, and expanding both domestic and international markets [4][7]. Regulatory and Market Trends - The domestic eCall national standard is expected to be released in May-June 2024 and will be mandatory from July 1, 2027. The company has established a dedicated team to leverage EU product standards experience and target key clients such as GAC, Chery, Changan, and Geely [4][10]. - The eCall system's main function is to automatically transmit data to rescue platforms after a collision, with technical challenges including customized communication module design and software modifications [10]. Future Projections - The company aims to achieve total revenue of 1 billion yuan by 2026 or 2027, with commercial and passenger vehicles each accounting for one-third of total revenue [4][8]. - The company plans to capture 10%-20% of the domestic market for 20 million passenger vehicles, translating to 200,000 to 400,000 units, which could generate revenue of 1 to 2 billion yuan [4][32]. Product Development and Innovation - The T-Box solution integrates dual-mode (Beidou/GPS) functionality, priced at approximately 500 yuan, with a gross margin of 30%-40% [4][25]. - The company is expanding its controller product line and moving towards integration with actuators to enhance competitiveness and provide more comprehensive solutions [12]. Challenges and Opportunities - The company has faced challenges in the European certification process, particularly in software aspects, but has successfully completed the necessary steps for eCall certification [13][14]. - The transition period for the mandatory installation of new national standard products will begin in May-June 2025 and end on July 1, 2027, allowing manufacturers and suppliers to prepare [29][30]. Conclusion - Hongquan Wulian is positioned to leverage its existing capabilities and market trends to enhance its product offerings and expand its market share in the automotive electronics sector, particularly in the context of new regulatory standards and growing demand for intelligent vehicle solutions [4][32].

TrendForce集邦咨询表示，2024年全球牵引逆变器市场装机量达2,721万台 ， 其中，SiC（碳化硅）逆变 器受惠于Tesla（特斯拉）及中国车厂的采用，渗透率于第四季达16%，为当年度最高，对于竞争激烈的功率半 导体产业是正面讯号。 从逆变器供应端分析，比亚迪于2024年第三季已超越日厂Denso（电装），并于第四季持续稳居 全球市占率最高位置。而第四季最大亮点在于华为受益于新能源车 问界系列的热销，首度成为全球 前五大供应商。目前，中国企业已在前五名席次中占据三席，打破过往欧洲、美国及日本供应商主导的市 场格局。 TrendForce集邦咨询指出，短期内牵引逆变器市场成长仍将依靠中国及欧洲带动，特别是BEV对于牵引 逆变器的需求较其他动力模式更高，突显中国市场的表现将更为关键。尽管2025年可能面临美国"弃电从 油"的潜在风险，但受惠于中国整车市场延续汰旧换新的补贴政策，以及在海外市场的大力布局， 预计牵 引逆变器装机市场仍将维持14%的年增长率 。 备注: [1] 电动车包括油电混合车(HEV)、纯电动车(BEV)、插电混合式电动车(PHEV)、燃料电池车(FCV) Mar. 4, 2025 ...

Core Viewpoint - BYD's advanced intelligent driving solutions are expected to significantly penetrate the market, with projected sales of high-level NOA models reaching nearly 3 million units by 2025, indicating a penetration rate of 60% for highway NOA and 9% for urban NOA, leading to a total of 3.46 million units and a combined penetration rate of 69%, a substantial increase from 7.2% in 2024 [1] Summary by Sections Intelligent Driving Configuration - BYD's intelligent driving technology matrix includes three levels: 1) Tian Shen Zhi Yan A with three LiDARs and DiPilot 600, mainly used in the Yangwang brand for urban NOA 2) Tian Shen Zhi Yan B with one LiDAR and DiPilot 300, used in Tengshi and BYD brands for urban NOA 3) Tian Shen Zhi Yan C with high-definition three-camera setup and DiPilot 100, primarily in BYD models for high-speed NOA - All models priced above 100,000 yuan will be equipped with the Tian Shen Zhi Yan system, while models below this price, such as Qin PLUS DM-i, Sea Lion 0.5 DM-i, and Sea Gull, will also feature this technology, making advanced driving technology accessible at a starting price of 78,800 yuan [2] Upstream Hardware Supply Chain - The core incremental components in the hardware supply chain for intelligent driving include: 1) Main chips and domain controllers: Tian Shen Zhi Yan A uses dual NVIDIA Orin-X chips, B uses a single Orin-X, and C uses either Orin-N or Horizon J series chips 2) Cameras: All three configurations use 12 cameras, with a significant demand increase projected for 2024 and 2025, estimated at 10 million and 50 million units respectively 3) LiDAR: Tian Shen Zhi Yan A has three LiDARs, B has one, and C uses a pure vision approach, with demand expected to rise to 80,000 and 450,000 units for 2024 and 2025 respectively [3][4][5] Investment Strategy - The investment focus for 2025 is on edge AI, with BYD's automotive intelligent upgrade as a key direction. The hardware sector's core growth is anticipated in main chips, domain controllers, cameras, LiDAR, and connectors. - The investment tiers are categorized as follows: 1) First tier: Upstream components with potential supply-demand tightness and long-term product upgrade logic 2) Second tier: Components with volume growth logic, particularly in lens modules and LiDAR 3) Third tier: Components with volume growth logic and potential market share increase in connectors 4) Fourth tier: General automotive components and PCBs [7][8][9][10]

文/梧桐数据中心 12月6日IPO共审核2家公司（沪主板、北交所各1家），2家均获通过。 单位：万元 | | | 沪主板 | | | | --- | --- | --- | --- | --- | | 公司简称 主营业务 | 2023年营收 | 2023年净利润 | 审核结果 | 保荐/律所/审计 | | 汽车仪表的研发设计、 天有为 | 343,707.85 | 89.407.15 | 通过 | 中信建投/北京中伦/立信 | | 生产、销售和服务 | | | | | | | | 北交所 | | | | 主营业务 公司简称 | 2023年营收 | 2023年净利润 | 审核结果 | 保荐/律所/审计 | | 智能电、水、气表等智 能计量终端以及AMI系 开发科技 | 254,978.26 | 49,897.07 | 通过 | 华泰联合/北京中伦/立信 | | 统软件的研发、生产及 | | | | | | 销售 | | | | | 天有为 主要从事汽车仪表的研发设计、生产、销售和服务，并逐步向智能座舱领域拓展。王文博直接持有公司53.60%股份，为公司的控股股东；王文博、吕冬芳 夫妇合计控制公司91.49%股份 ...

Ueggddptyn 创业板投资风险提示 本次股票发行后拟在创业板市场上市，该市场具有较高的投资风险。创业板公司具有 创新投入大、新旧产业融合成功与否存在不确定性、尚处于成长期、经营风险高、业 绩不稳定、退市风险高等特点，投资者面临较大的市场风险。投资者应充分了解创业 板市场的投资风险及本公司所披露的风险因素，审慎作出投资决定。 深圳市豪恩汽车电子装备股份有限公司 （深圳市龙华区大浪街道豪恩科技园 A 栋第三层，B 栋第一层、第二层、第三 层、第四层，裕健丰工业区 4 号厂房 B 栋 1 层） 首次公开发行股票并在创业板上市 招股说明书 （深圳市红岭中路 1012 号国信证券大厦十六至二十六层） 深圳市豪恩汽车电子装备股份有限公司 招股说明书 声明 中国证监会、交易所对本次发行所作的任何决定或意见，均不表明其对注 册申请文件及所披露信息的真实性、准确性、完整性作出保证，也不表明其对 发行人的盈利能力、投资价值或者对投资者的收益作出实质性判断或保证。任 何与之相反的声明均属虚假不实陈述。 根据《证券法》的规定，股票依法发行后，发行人经营与收益的变化，由 发行人自行负责；投资者自主判断发行人的投资价值，自主作出投 ...