Group 1: Industry Overview - In June, multiple automotive companies reported record high sales of new energy vehicles (NEVs), with BYD leading at 382,600 units sold, up from 341,700 units year-on-year [1] - The overall retail market for narrow passenger vehicles in June was approximately 2 million units, representing a year-on-year growth of 13.4% and a month-on-month increase of 3.2% [1] - The retail sales of NEVs are expected to reach 1.1 million units in June, with a penetration rate of around 55% [1] Group 2: Company Focus - OFILM Technology - OFILM has established itself in the smart automotive sector since 2015, obtaining supplier qualifications from over 20 domestic automotive manufacturers [2] - The company has segmented its smart automotive business into three major areas: intelligent driving, body electronics, and intelligent cockpit, aligning with industry trends of "domain concentration" and "domain integration" [2] - OFILM's product offerings include a comprehensive range of systems such as surround view systems, automatic parking systems, and integrated Ethernet gateways, showcasing its capability in system-level product customization [2] Group 3: Technological Advancements - In the field of intelligent driving, OFILM has developed a wide array of products including onboard cameras, laser radars, and automatic parking domain controllers, contributing to advanced autonomous driving solutions [2] - The company has a strong technical foundation in body electronics, with its BCM/BGM products integrating multiple functions and achieving a high level of technical sophistication [3] - OFILM is also focused on intelligent cockpit solutions, providing comprehensive visual solutions for in-cabin applications such as driver monitoring and passenger monitoring [3] Group 4: Future Outlook - According to projections, the domestic automotive market is expected to see the launch of several hybrid models in the second half of the year, with an anticipated annual NEV penetration rate of 55% [4] - OFILM is committed to enhancing its smart automotive business through increased resource allocation in R&D, sales, and production, aiming for rapid revenue growth in this sector [4]

智驾域控市场已经进入了高速发展阶段，国产供应商迎来了前所未有的发展机会，但同时竞争也愈来愈 激烈。现阶段，智能驾驶域控制器市场主要玩家有传统Tier1、消费电子跨界企业、整车厂等，参与者 众多，市场竞争格局正处于百花齐放的状态。 车身电子方面，欧菲光在硬件、软件方面沉淀深厚，技术优势明显，公司 BCM/BGM 车身域控产品技 术积累丰富，产品融合多核 MCU（微控制单元）、OTA（空中下载技术）、以太网网关、门模块等多 种功能或模块，集成化程度高，技术水平国内领先。公司第五代 BCM/BGM 车身域控产品技术积累丰 富，将传统车身电子部分的车身控制器、以太网网关、空调控制器、门模块等进行集成整合，产品集成 度更高，满足客户多样功能需求。公司秉持开放共享的原则，为客户提供高标准的软件，同时自产硬 件，从而产生成本优势，用高性价比产品吸引了广大客户群体。 智能座舱方面，公司深度布局舱内外光学传感器、仪表中控和抬头显示（HUD）产品。公司驾驶员监 测（DMS）、乘客监测（OMS）产品可针对人脸识别、疲劳监测等应用场景提供主动式服务，为客户 提供座舱内全场景一站式视觉解决方案；公司整合车载摄像头、显示屏、系统控制器三 ...

证券代码：301132 证券简称：满坤科技 吉安满坤科技股份有限公司 2025 年 6 月 6 日投资者关系活动记录表 编号：2025-003 | |  特定对象调研 分析师会议 | | --- | --- | | 投资者关系活动 类别 | 媒体采访 业绩说明会 | | | 新闻发布会 路演活动 | | | 现场参观 | | | 其他：（请文字说明其他活动内容） | | 参与单位名称及 人员姓名 | 红思客资产杨岌中金财富王翩 | | | 金航国际时文里 北斗星投资吴文贵 | | | 国海证券孙宏声宁波银行林木胜 | | | 诺泉投资刘振宇华创证券严卫松 | | | 幸福階乘基金张东晓 | | 时间 | 年 月 日（星期五）10:30-12:00 2025 6 6 | | 地点 | 公司会议室 | | 上市公司接待人 | 董事会秘书、财务总监：耿久艳女士 | | 员姓名 | 证券事务代表：莫琳女士 一、介绍公司整体情况 | | | 董事会秘书简要介绍了公司发展历程、主要产品、应用领 域、核心竞争力及行业未来的趋势等。 1、公司高多层产品占比是多少，重点领域汽车电子产品 | | | 二、问答 | ...

计算机/软件开发 经纬恒润（688326.SH） 业绩短期承压，新客户新项目多点开花 2025 年 05 月 12 日 投资评级：买入（维持） | 日期 | 2025/5/9 | | --- | --- | | 当前股价(元) | 77.63 | | 一年最高最低(元) | 114.88/54.95 | | 总市值(亿元) | 93.13 | | 流通市值(亿元) | 69.90 | | 总股本(亿股) | 1.20 | | 流通股本(亿股) | 0.90 | | 近 3 个月换手率(%) | 95.59 | 股价走势图 数据来源：聚源 -30% 0% 30% 60% 90% 120% 2024-05 2024-09 2025-01 经纬恒润 沪深300 相关研究报告 《Q3 环比亏幅收窄，新客户持续拓展 长期发展可期—中小盘信息更新》 -2024.10.31 《盈利能力小幅承压，全栈式布局下 业绩修复可期—中小盘信息更新》 -2024.8.29 赵旭杨（分析师） 王镇涛（联系人） zhaoxuyang@kysec.cn wangzhentao@kysec.cn 证书编号：S0790124070021 公司发 ...

| 日期 | 2025/5/9 | | --- | --- | | 当前股价(元) | 77.63 | | 一年最高最低(元) | 114.88/54.95 | | 总市值(亿元) | 93.13 | | 流通市值(亿元) | 69.90 | | 总股本(亿股) | 1.20 | | 流通股本(亿股) | 0.90 | | 近 3 个月换手率(%) | 95.59 | 股价走势图 数据来源：聚源 -30% 0% 30% 60% 90% 120% 2024-05 2024-09 2025-01 经纬恒润 沪深300 计算机/软件开发 经纬恒润（688326.SH） 业绩短期承压，新客户新项目多点开花 2025 年 05 月 12 日 投资评级：买入（维持） 相关研究报告 《Q3 环比亏幅收窄，新客户持续拓展 长期发展可期—中小盘信息更新》 -2024.10.31 《盈利能力小幅承压，全栈式布局下 业绩修复可期—中小盘信息更新》 -2024.8.29 赵旭杨（分析师） 王镇涛（联系人） zhaoxuyang@kysec.cn wangzhentao@kysec.cn 证书编号：S0790124070021 公司发 ...

芯瑞达 20250508 摘要 • 芯瑞达三季度营收和净利润大幅增长，Mini LED 背光模组业务成核心驱动， 2D 业务占比显著提升，受益于国家补贴政策和 Mini LED 电视渗透率快速 提升，预计全年 Mini LED 电视出货量达 1,200 万台，同比增长 50%。 • 公司战略聚焦 Mini LED 背光模组，车载显示为第二增长曲线，积极布局 Micro LED 车载矩阵大灯。传统 LCD 显示终端业务收缩，车载显示业务 重点发展，已在奇瑞科技日展示智能座舱域控产品并完成定点。 • Mini LED 背光技术优势显著，单位价值远超传统 LED，市场容量潜力巨 大。若全球电视均采用 Mini LED 背光，市场规模将从 60-100 亿美元增 至 600-1,000 亿美元。公司目标 2025 年营收 12-15 亿元，Mini LED 业 务占比超 8 亿元。 • 2025 年一季度净利润显著提升，背光模组毛利率稳定，净利率达 18%。 公司通过技术方案增值、高效生产、严格预算管控和费用控制，实现盈利 能力领先，并受益于政府补助和理财收益。 • 车载显示业务采用 Mini LED 技术，覆盖传统 ...

惠州市德赛西威汽车电子股份有限公司 股票代码：002920 股票简称：德赛西威 惠州市德赛西威汽车电子股份有限公司 | 汇添富基金 | 王旭冉 | | --- | --- | | 天风资管 | 周春林 | | 天虫资管 | 刘琳 | | 华夏基金 | 胡斌 | | 华夏基金 | 郑晓辉 | | 华金自营 | 杨青松 | | 华金自营 | 黎国栋 | | 财通自营 | 郭琦 | | 平安证券 | 王跟海 | | 平安证券 | 王德安 | | 嘉实基金 | 蔡丞丰 | | 中航信托 | 韩伟琪 | | 长见投资 | 柯自超 | | 尚正基金 | 昌思遥 | | 中欧瑞博 | 周丹 | | 高毅资产 | 王彦玮 | | 华创自营 | 巩加美 | | 中邮基金 | 李沐曦 | | 天弘基金 | 杜昊 | | 华安证券 | 陈飞宇 | | 鹏华基金 | 王力 | | 永安国富 | 徐小明 | | 青骊投资 | 苏乐天 | | 富国基金 | 胡怀瑾 | | 中银基金 | 张响东 | | 万家基金 | 陈佳昀 | | 龙石资本 | 张钶 | | 宁银理财 | 潘亚洲 | | 财通资管 | 邓芳程 | | 申万证券 | 洪依 ...

Investment Rating - The report maintains an "Outperform" rating for Huayang Group [3][5] Core Viewpoints - In Q1 2025, Huayang Group achieved a revenue of 2.489 billion yuan, representing a year-on-year increase of 25.03% and a quarter-on-quarter decrease of 24.95%. The net profit attributable to shareholders was 155 million yuan, up 9.27% year-on-year but down 16.71% quarter-on-quarter. The growth was supported by the continued expansion of automotive electronics and precision die-casting products [1][7] - The company is focusing on automotive intelligence and lightweight solutions, with significant collaborations with major clients like Huawei and Xiaomi, providing advanced cockpit products for models such as the AITO M5, M7, and Xiaomi SU7 Ultra [2][51] - The company has seen a notable increase in its customer base, with a balanced distribution among its top five clients, and has secured numerous new projects with both domestic and international automotive manufacturers [2][43] Financial Summary - Revenue projections for 2025, 2026, and 2027 are set at 12.517 billion yuan, 15.428 billion yuan, and 19.033 billion yuan respectively, while net profit estimates have been slightly adjusted to 847 million yuan, 1.1 billion yuan, and 1.42 billion yuan for the same years [3][4] - The company's gross margin for Q1 2025 was 18.2%, down 2.7 percentage points year-on-year, while the net margin was 6.3%, down 0.9 percentage points year-on-year [19][25] R&D and Innovation - Huayang Group emphasizes R&D as a key driver for competitiveness, with R&D investment reaching 831 million yuan in 2024, a 28.94% increase year-on-year, accounting for 8.19% of revenue [28][30] - The company has developed a range of innovative products, including the first mass-produced 5.1-inch SR-HUD and various advanced cockpit control products, with significant market share in HUD and wireless charging solutions [39][40] Market Position and Customer Base - The company has expanded its product offerings and improved its market position, with significant growth in orders from new energy vehicles and smart driving systems [2][57] - Huayang Group has received multiple awards for quality and performance, including recognition from Stellantis and other major automotive clients [46][48]

Core Viewpoint - The company reported a significant increase in revenue for 2024, but continued to face losses in net profit, indicating challenges in profitability despite growth in the automotive electronics sector [1][2]. Financial Performance - In 2024, the company achieved revenue of 5.54 billion yuan, a year-on-year increase of 18.46%, but reported a net loss of 550 million yuan, which is an expanded loss compared to the previous year [1]. - For Q1 2025, the company generated revenue of 1.328 billion yuan, reflecting a year-on-year growth of 49.34%, while the net loss narrowed to 120 million yuan [1][3]. Product Performance - The automotive electronics segment saw robust growth, with revenue from electronic products reaching 4.406 billion yuan in 2023, up 28.89% year-on-year [2]. - The company has begun mass production of key components for new clients such as Xiaomi and Xpeng, contributing to the growth in automotive electronics [2]. Profitability and R&D - The gross margin for 2024 was 21.51%, a decrease of 3.11 percentage points year-on-year, primarily due to a shift in product mix towards lower-margin automotive electronics [2]. - R&D expenses for 2024 were 1.039 billion yuan, an increase of 7.3% year-on-year, with a R&D expense ratio of 18.8% [2]. - In Q1 2025, the gross margin was 21.4%, showing a slight recovery from the previous quarter, driven by increased sales volume in automotive electronics [3]. Future Outlook - The company is expected to maintain high revenue growth, with projected revenues of 7.2 billion yuan, 9 billion yuan, and 10.8 billion yuan for 2025, 2026, and 2027 respectively [4]. - The company is in a high R&D investment phase, with a target price of 95.8 yuan based on a price-to-sales ratio of 1.6 for 2025 [4].

2025 年 04 月 29 日 经纬恒润-W(688326.SH) 25Q1 业绩符合预期，汽车电子业务带 动营收高速增长 事件：4 月 28 日，经纬恒润发布 2024 年年报及 2025 年一季报。2024 年 公司实现营收 55.4 亿元（同比+18.46%），归母净利润-5.5 亿元（同比亏 损扩大），扣非归母净利润-6.18 亿元（同比亏损扩大）。2025Q1 公司实现 营收 13.28 亿元（同比+49.34%），归母净利润-1.2 亿元（同比亏损收窄）， 扣非归母净利润-1.34 亿元（同比亏损收窄）。 25Q1 营收端继续保持高速增长，毛利率企稳回升。公司 25Q1 营收端同 比+49.34%主要系公司汽车电子业务区域控制器等新产品及新客户的放量。 盈利能力方面，公司 25Q1 毛利率 21.4%（剔除会计准则变更的影响，同比 -2.09pct，环比+0.59pct），同比下降主要系公司产品结构的改变，环比提 升主要系汽车电子业务销量提升带动规模效应。同时，公司研发效率逐步 提升，25Q1 公司研发费用 2.48 亿元，与 24Q4 基本持平。 公司汽车电子产品布局完善，为未来增长奠定基础。 ...