证券研究报告 | 浙商早知道 报告日期：2025 年 09 月 26 日 浙商早知道 2025 年 09 月 26 日 ： 张延兵 执业证书编号：S1230511010020 ： 021-80106048 ： zhangyanbing@stocke.com.cn ❑ 大势：周四上证指数收盘与前一天持平，沪深 300 上涨 0.6%，科创 50 上涨 1.2%，中证 1000 下跌 0.4%，创业板 指上涨 1.6%，恒生指数下跌 0.1%。 ❑ 行业：周四表现最好的行业分别是传媒（+2.2%)、通信（+2.0%)、有色金属（+1.9%)、电力设备（+1.6%)、计算 机（+1.5%)，表现最差的行业分别是纺织服饰（-1.5%)、综合（-1.3%)、农林牧渔（-1.2%)、家用电器（-1.1%)、 交通运输（-1.0%)。 ❑ 资金：周四沪深两市总成交额为 23711 亿元，南下资金净流入 110.5 亿港元。 ❑ 【浙商大制造中观策略 邱世梁/周艺轩】美利信（301307）公司深度：精密压铸全球龙头，有望开辟液冷、人形 机器人、半导体新赛道——20250924 ❑ 【浙商大制造中观策略 邱世梁/陈明雨/谢金翰 ...

投资要点 看点1：公司业绩拐点将近，有望加速扭亏 3）公司布局：①算力：通过美利信（上海）布局极端散热场景，并关注服务器市场机遇；②储能：北 美工厂已获客户定点，公司亦进入正浩等国内供应链。 1）通信：①5G-A/6G 基站建设：2025 年国内三大运营商5G-A 计划投资额接近200 亿元，6G 基站或在 2030 年前后大规模商用；②针对高功率基站散热问题，前瞻布局液冷相关产品：全球通信行业最早量 产"散热+可钎焊压铸"产品。 2）汽车：①一体化压铸利好份额提升。特斯拉、比亚迪等均已布局一体化压铸，公司也已成功试制超 大型压铸件并出货，且可开发相关模具；②公司获北美无人驾驶定点。行业方面，特斯拉Robotaxi 已在 美国两州获批试运行。 3）老项目密集投产期已过，新项目未来可期。新项目涵盖可钎焊压铸技术应用、半导体精密零部件、 极端散热场景技术、铝镁合金轻量化材料等方面。 看点2：看好公司液冷产品从通信基站向算力、储能场景延拓的潜力1）算力液冷：功耗提升下，液冷散 热方案或为AIDC 必然选择，空间巨大。根据中国信通院，预计2029 年中国智算中心液冷市场规模约达 1300 亿元，2024仅为184 亿 ...

Group 1 - Huayang Group held its first meeting of the fifth board of directors on September 5, 2025, to discuss various proposals including the appointment of the internal audit director [1] - For the first half of 2025, Huayang Group's revenue composition was as follows: automotive electronics accounted for 71.33%, precision die-casting 24.33%, and others 4.34% [1] - As of the report date, Huayang Group's market capitalization was 16.8 billion yuan [1] Group 2 - Haidilao is diversifying into various businesses such as hair washing in barbecue restaurants, opening a bakery by West Lake, and entering the high-end hotel sector [1] - The survival rate of sub-brands under Haidilao is less than 50% [1]

Core Viewpoint - The company is focused on automotive electronics and precision die-casting, aiming to become a leading system supplier for automotive electronic products and components both domestically and internationally [1][59]. Financial Performance - In Q2 2025, the company achieved a net profit of 186 million yuan, representing a year-on-year increase of 28.5% [2][11]. - For H1 2025, the company reported total revenue of 5.311 billion yuan, a year-on-year increase of 26.65%, with a net profit of 341 million yuan, up 18.98% [11][62]. - The automotive electronics business generated revenue of 3.788 billion yuan in H1 2025, up 23.37%, while the precision die-casting business saw revenue of 1.292 billion yuan, an increase of 41.32% [3][11]. Business Segments Automotive Electronics - The automotive electronics segment includes products such as electronic rearview mirrors, cockpit domain controllers, vehicle-mounted cameras, digital keys, and precision motion mechanisms, all of which saw significant sales growth in H1 2025 [9][12]. - The company maintains a leading market share in HUD products domestically and has improved its global market share in vehicle wireless charging [12][35]. - The customer base is diversifying, with significant revenue growth from clients like Changan, BAIC, Xiaomi, Stellantis, and NIO [9][12]. Precision Die-Casting - The precision die-casting segment focuses on lightweight automotive components, with applications in electric vehicle systems, communication modules, and automotive braking and transmission systems [53][55]. - Revenue from this segment increased significantly in H1 2025, with new projects secured from major clients such as ZF, Bosch, and BYD [55][56]. Product Development and Innovation - The company emphasizes R&D as a key competitive advantage, investing 440 million yuan in H1 2025, which is 8.29% of its revenue [27][28]. - The company has launched new products like VPD and continues to enhance its HUD technology, ensuring it remains at the forefront of market trends [36][44]. - Collaborations with tech companies like Huawei and Xiaomi have expanded the product offerings, including advanced HUD systems and wireless charging solutions [6][44]. Market Strategy - The company is expanding its production capacity and global footprint, with new facilities in Huizhou and Shanghai, and subsidiaries in Thailand and Mexico [56][57]. - The focus on smart cockpit technology and lightweight solutions aligns with industry trends towards electric and intelligent vehicles [1][8].

Core Insights - The company reported a net profit growth of 28.5% year-on-year in Q2 2025, with revenues reaching 2.822 billion yuan, an increase of 28.1% year-on-year and 13.36% quarter-on-quarter [1] - The automotive electronics segment generated revenue of 3.788 billion yuan in H1 2025, up 23.37% year-on-year, while the precision die-casting business saw revenue of 1.292 billion yuan, a 41.32% increase year-on-year [1] - The company has established deep collaborations with Huawei and Xiaomi, providing various cockpit products for multiple vehicle models [1] Financial Performance - In Q2 2025, the company's gross margin was 19.5%, a decrease of 1.8 percentage points year-on-year but an increase of 1.3 percentage points quarter-on-quarter [1] - The net profit margin for Q2 2025 was 6.6%, remaining stable year-on-year and increasing by 0.4 percentage points quarter-on-quarter [1] - The company's operating expenses ratio (four fees) was 12.2%, down 1.0 percentage points year-on-year and 0.4 percentage points quarter-on-quarter [1] Product and Market Development - The company is focusing on automotive intelligence and lightweighting, with continuous product upgrades and optimization of customer structure [2] - Significant revenue growth was observed in electronic rearview mirrors, cockpit domain controllers, vehicle cameras, digital keys, and other products in H1 2025 [2] - The company has secured new projects from international brands such as Stellantis, Ford, and Volkswagen, as well as domestic brands like Changan and Geely [3]

Summary of Huayang Group's Q2 2025 Earnings Call Company Overview - **Company**: Huayang Group - **Industry**: Automotive Electronics and Precision Die Casting Key Financial Metrics - **Q2 2025 Revenue**: 28.22 billion, up 28.1% YoY and 13% QoQ [3] - **Net Profit**: 1.86 billion, up 28.52% YoY and 19.6% QoQ [3] - **Gross Margin**: 19.50%, up 1.3 percentage points QoQ but down 1.76 percentage points YoY [2][3] Business Segments Performance Automotive Electronics - **Revenue**: 20 billion, up 24.78% YoY and 12.9% QoQ [2][3] - **Gross Margin**: 18.01%, down 2.02 percentage points YoY [3] - **Product Composition**: - Display and LCD products: 40% - HUD and wireless charging: 10% each - Cabin domain control: 14% - Precision motion mechanisms and digital acoustics: 3% and 2% respectively [10] Die Casting - **Revenue**: 6.87 billion, up 46.17% YoY and 13.51% QoQ [2][3] - **Gross Margin**: Declined both YoY and QoQ [3] Product Highlights - **Electronic Rearview Mirrors**: Shipments increased nearly 600% YoY [5] - **Cabin Domain Control**: Shipments up 149% YoY, totaling 230,000 units [3][5] - **AI-related Optical Module Die Casting**: Significant growth, with increases in the hundreds of percentage points [5] Customer Base and Market Expansion - **Top Customers**: Sales concentration among top five customers is balanced, each around 10% [6][9] - **New Clients**: Significant sales increase from new clients like Xiaomi and Franelis [6] - **Product Expansion**: Transitioned from single product offerings to multiple projects including display, HUD, and digital acoustics [6] Technological Innovations and Capacity Expansion - **VPD Product Launch**: Successfully mass-produced for Xiaomi's anticipated models, showcasing advanced display technology [7][18] - **Capacity Expansion**: Investments in new facilities in Huizhou and Zhejiang, along with a magnesium alloy die-casting project in Jiangsu [7] Challenges and Risks - **Gross Margin Pressure**: Due to rapid growth in low-margin products and increased market competition [12] - **Accounts Receivable Provision**: Full provision of 19 million for accounts related to Neta, reflecting cautious accounting practices [4][14] - **Tariff Impact**: Minimal impact from US tariffs due to effective supply chain management [13] Future Outlook - **HUD Product Growth**: Expected to maintain over 30% growth for the year, with multiple new projects in the pipeline [16] - **AR HUD Development**: Anticipated increase in AR HUD product offerings, with ongoing collaborations with Huawei [19][20] - **Overall Business Growth**: Optimistic outlook for Q3 and Q4, with expectations of over 20% growth in die casting and stable performance in automotive electronics [29] Conclusion Huayang Group demonstrates strong growth across its automotive electronics and die casting segments, with significant advancements in product offerings and customer diversification. However, challenges such as margin pressures and cautious financial practices highlight the need for ongoing strategic management.

Core Insights - Huayang Group reported a revenue of 5.311 billion yuan for the first half of 2025, representing a year-on-year growth of 26.65% [1] - The net profit attributable to shareholders reached 341 million yuan, an increase of 18.98% compared to the previous year [1] - The basic earnings per share were 0.65 yuan, reflecting an 18.18% year-on-year growth [1] Revenue Breakdown - The automotive electronics segment generated 3.788 billion yuan in revenue, up 23.37% year-on-year, driven by strong sales of electronic rearview mirrors, cockpit domain controllers, and in-vehicle cameras [1] - The precision die-casting business achieved revenue of 1.292 billion yuan, a significant increase of 41.32% year-on-year, primarily due to rising demand for precision die-cast parts used in automotive intelligence components and new energy vehicle power systems [1] Market Position and R&D - The company maintains a leading market position in core products, with its HUD (Head-Up Display) holding the top market share domestically and second globally for in-vehicle wireless charging products [2] - Customer structure has improved, with significant revenue contributions from clients such as Changan, BAIC, Xiaomi, and Stellantis Group [2] - R&D investment totaled 440 million yuan, accounting for 8.29% of revenue, with notable achievements including the domestic mass production of virtual panoramic display products [2] Capacity Expansion - The company is expanding its automotive electronics business with new facilities in Huizhou and Shanghai, while also advancing projects for precision die-casting in Changxing and Jiangsu [2] - Overseas business development is ongoing with subsidiaries in Thailand and Mexico [2]

Group 1: Company Overview - Huayang Group is a leading company in the automotive electronics sector, expanding its product lines from single audio-visual systems to a comprehensive range of smart cockpit and driver assistance products [3][4]. - The company has significantly increased the per-vehicle value of its automotive electronics, expanding its customer base from domestic brands to international ones [3]. Group 2: Business Performance - The company’s HUD (Head-Up Display) products hold a leading domestic market share of 22.2% as of January to May 2025, with AR-HUD products at 24.9% [3]. - Continuous investment in R&D has allowed the company to maintain technological leadership in HUD products, including the launch of advanced products like SR-HUD and VPD (Virtual Panoramic Display) [3][4]. Group 3: Production Capacity Expansion - The company is systematically expanding its precision die-casting capacity, with new facilities coming online to support ongoing business growth [3]. - The first phase of a new precision die-casting component production base in Zhejiang has been completed, with a second phase already initiated [3]. Group 4: Product Development - The VPD product launched in 2023 offers enhanced display capabilities, integrating various information types and achieving global firsts in mass production with Xiaomi vehicles [4]. - The VPD product is designed to work in conjunction with AR-HUD displays, providing a richer user experience through improved clarity and stability under varying lighting conditions [4].