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]

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]