东莞证券研报指出，华阳集团穿越周期深耕汽车赛道，"汽车电子+精密压铸"双轮驱动。公司是国内外 领先的汽车电子产品及零部件系统级供应商，前瞻性构建了"汽车电子+精密压铸"双轮驱动业务矩阵。 汽车电子涵盖智能座舱、辅助驾驶与智能网联，是最大收入来源；精密压铸聚焦铝/镁合金轻量化零部 件，受益于新能源三电及底盘轻量化趋势。公司历经三十余年，从消费电子成功向汽车零部件转型，并 于2017年起全面拥抱"软件定义汽车"，目前正加速向全球化Tier1供应商跨越。公司近期推出高性能车 载AI计算平台"华阳AIBOX"，并获国内头部车企定点，标志着端侧大模型前装量产落地，在进一步优 化整车硬件成本的同时，有望成为公司新的快速增长点。预计公司2025-2027年归母净利润分别为 8.43/10.34/13.09亿元，对应PE分别为20.37/16.60/13.11倍，给予"买入"评级。 ...

深 度 研 汽车行业 买入（维持） 汽车电子多点开花，营收利润稳健增长 华阳集团（002906.SZ）深度报告 2026 年 2 月 26 日 投资要点： S0340521070002 电话：0769-22110619 邮箱： liumenglin@dgzq.com.cn SAC 执业证书编号： S0340124020014 电话：0769-22117626 邮箱：wuzhenjie@dgzq.com.cn | 邮箱：wuzhenjie@dgzq.com.cn | | | --- | --- | | 研 | | | 主要数据 | 2026 年 2 月 25 日 收盘价（元） 32.70 | | 总市值（亿元） | 171.65 | | 总股本（百万股） | 524.92 | | 流通股本（百万股）524.73 | | | ROE(TTM) | 11.04% | | 12 | 月最高价（元） 35.94 | | 证 | 12 月最低价（元） 26.82 | | 券 | | | 究 报 告 | 股价走势 | | 资料来源：东莞证券研究所，iFind | | 股价走势 资料来源：东莞证券研究所，iFind 究 报 ...

Investment Rating - The report maintains a "Buy" rating for the company [6] Core Insights - Huayang Group is a leader in automotive electronics and precision die-casting, focusing on automotive intelligence and lightweight products. The main business segments include automotive electronics and precision die-casting, with additional operations in precision electronic components and LED lighting [5][12] - The company's core business benefits from the increasing penetration of automotive electronic products, with revenues for automotive electronics and precision die-casting reaching 3.788 billion and 1.292 billion yuan respectively in the first half of 2025, representing year-on-year growth of 23.3% and 41.3% [5][31] - The intelligent driving domain controller is a key growth area, with a significant trend towards centralized electronic architecture in vehicles, which is expected to create a new market opportunity for Huayang [5][66] - The robotics sector is also a promising area, with similarities between automotive domain controllers and humanoid robot controllers, indicating potential for growth in this segment [5][6] Summary by Sections 1. Huayang Group: Leader in Automotive Electronics and Precision Die-Casting - Founded in 1993, Huayang Group aims to be a leading supplier of automotive electronic products and components both domestically and internationally [12] - The company focuses on product layout around automotive intelligence and lightweighting [12] 2. Core Business: Benefiting from Increased Penetration of Automotive Electronic Products - In 2024, the company achieved revenues of 10.158 billion yuan, a year-on-year increase of 42.3%, with continued strong growth in both automotive electronics and precision die-casting [18][31] - The automotive electronics segment is expected to see further growth as penetration rates for cockpit domain controllers and HUDs continue to rise [5][30] 3. Elastic Business One: Intelligent Driving Domain Controller - The trend of moving from distributed to centralized electronic architecture in vehicles is accelerating, with the penetration rate for intelligent driving domain controllers expected to approach 50% by 2025 [70] - The company is well-positioned to capitalize on this shift, benefiting from its supply chain and technological advantages [79][82] 4. Elastic Business Two: Robotics - The company is actively developing its automotive domain controller business, with expected doubling of cockpit domain controller shipments by 2025 [6][61] - The similarities in architecture and technology between automotive domain controllers and humanoid robots suggest a strong potential for growth in the robotics sector [5][6] 5. Investment Recommendations - The report forecasts revenues of 13.205 billion, 16.371 billion, and 19.672 billion yuan for 2025-2027, with net profits of 0.803 billion, 1.041 billion, and 1.290 billion yuan respectively, maintaining the earnings per share (EPS) estimates at 1.53, 1.98, and 2.46 yuan [6]