人民财讯9月26日电，TCL华星微博消息，小米17 Pro与Pro Max的主屏、背屏均由TCL华星独供，此外 还独供小米电视S Pro Mini LED电视全系，并供屏小米平板8。 ...

Group 1 - The company has achieved rapid growth in its suspension systems, new energy, and intelligent connected vehicle sectors during the first half of the year, successfully securing multiple series of electronic control shock absorber orders from major automakers such as Chery, Seres, and Changan [2] - A total of 141 new orders have been acquired, with an expected lifecycle revenue of 32.05 billion yuan, of which 73.9% comes from the new energy sector [2] - The company has also obtained 79 orders from traditional markets, projecting a lifecycle revenue of 17.89 billion yuan, which accounts for 55.8% of the total, and 62 orders from newly expanded markets with a lifecycle revenue of 14.16 billion yuan, representing 44.2% [2] Group 2 - FUSAI, a subsidiary of the company, was established in 2020 and has focused on building research and development capabilities and expanding market orders, achieving significant breakthroughs in the supply chains of major automakers like Hongqi, Volkswagen, and Toyota [3] - The company has built a stable R&D output capability by obtaining various certifications, including CNAS national laboratory certification, ASPICE software level 3 certification, and TiSAX cybersecurity certification, along with ISO9001 and IATF16949 certifications [3] - FUSAI has rapidly entered the supply chains of major automakers, achieving comprehensive breakthroughs in core products such as screens, instruments, radar, antennas, and intelligent domain controllers, driving significant revenue growth [3]

Group 1 - The core business of the company is focused on the research, production, and sales of automotive parts, with a strong competitive advantage in scale, product range, R&D capabilities, customer coverage, and resource layout [1] - The company has adjusted its market, product, and corporate structures to establish a core product lineup that includes chassis systems, thermal systems, new energy, intelligent networking, engine accessories, steering and safety systems, braking and transmission systems, and fasteners [1] - The company emphasizes its commitment to the automotive parts sector and plans to focus on application aspects in the humanoid robot field, given the significant differences in application scenarios, technical standards, and performance requirements between the two sectors [1] Group 2 - Fusay Company, a subsidiary of the company, is a strategic resource in the fields of intelligent cockpits, autonomous driving, and connected technologies, having established R&D teams in Changchun and Dalian [2] - The subsidiary has successfully integrated into the supply chains of major automotive manufacturers such as Hongqi, Volkswagen, and Toyota, achieving rapid revenue growth through its core products like screens, instruments, radars, antennas, and intelligent domain controllers [2] - The company is pursuing international development by acquiring a German fastener company to deepen its integration into the local automotive supply chain, aiming to absorb advanced technologies and expand its business coverage [2] Group 3 - The company announced its participation in the Qizhi Automotive Industry Chain Venture Capital Fund, with a total fund size of 1 billion yuan, contributing 100 million yuan to the investment [3] - The fund aims to invest in emerging business sectors, including the flying car project of Qiyu Technology, positioning the company to tap into the trillion-level flying car market [3] - This investment is seen as a foundation for cultivating new growth drivers and establishing substantial industrial linkages [3]

Group 1: Company Overview and Market Position - Fawer Automotive Parts Co., Ltd. is a leading domestic supplier of suspension damping systems, with a significant market share in the electronic damping system sector [2][3] - The revenue from electronic damping systems is projected to grow fivefold year-on-year in 2024, driven by early market positioning and strong product quality [2][3] Group 2: Subsidiary and Technological Advancements - Fawer Automotive Electronics Co., Ltd., a subsidiary, focuses on intelligent cockpit, autonomous driving, and connected technology, achieving rapid growth in revenue and market presence [4] - The company has established a robust R&D foundation, obtaining multiple certifications and awards, including a ranking of 22nd in the 2024 Chinese automotive intelligent supplier revenue list [4] Group 3: Strategic Direction and Investments - The company is committed to its core business in automotive parts, with no immediate plans to expand into the robotics sector due to significant differences in application and technology [5] - Fawer has invested 100 million yuan in the Qizhi Fund to explore emerging business opportunities, particularly in the flying car sector, aiming to establish a foothold in a trillion-yuan market [6]

Group 1: International Market Expansion - Fawer Automotive Parts Co., Ltd. is advancing its international development through multi-dimensional strategies, including establishing offices in Europe and acquiring a German fastener company to integrate into the local automotive supply chain [2][3] - In the U.S., the company has formed a local entity to enhance customer response efficiency and solidify its market share, while a factory in Mexico aims to reduce production costs and improve product competitiveness in North and Latin America [2][3] - The resource sharing, technical collaboration, and market synergy among overseas business units are gradually becoming evident, with plans to optimize operations and explore emerging market opportunities [3] Group 2: Subsidiary and R&D Focus - Fawer’s subsidiary, Fusay, is a core strategic resource in intelligent cockpits, autonomous driving, and connected technologies, focusing on R&D capability and market order expansion [3] - The company has established R&D teams in Changchun and Dalian, achieving stable R&D output and penetrating mainstream automotive supply chains with products like screens, instruments, and radar [3] Group 3: External Market Development - Since the beginning of the 14th Five-Year Plan, the company has significantly improved its external market revenue, with the external market revenue share increasing from 14% at the start of the 13th Five-Year Plan to 30% [3] - In 2024, the company secured 307 new orders, with 142 from external markets, leading to an external order revenue share of 48%, and over 80% of new energy orders covering various product series [3]

Investment Rating - The report maintains a "Buy" rating for the company with a target price of RMB 42.13 [8][9]. Core Views - The company reported Q1 2025 revenue of RMB 2.489 billion, a year-on-year increase of 25.03% but a quarter-on-quarter decrease of 24.95%. The net profit attributable to the parent company was RMB 155 million, up 9.27% year-on-year but down 16.71% quarter-on-quarter, aligning with expectations [1]. - The company is expected to benefit from the wave of smart technology and accelerate its overseas expansion [1]. - The gross margin for Q1 was 18.19%, showing a slight decrease, while the net margin improved by 0.63 percentage points to 6.29% [3]. - The company has established itself as a platform enterprise in smart cockpits, with ongoing projects in intelligent driving and international expansion [4]. Summary by Sections Q1 Performance - Q1 2025 revenue was RMB 2.489 billion, with a year-on-year growth of 25.03% and a quarter-on-quarter decline of 24.95%. The net profit was RMB 155 million, reflecting a year-on-year increase of 9.27% [1][2]. - The company outperformed the overall industry growth rates, with significant contributions expected from major clients like Xiaomi, Chery, and Geely [2]. Financial Metrics - Q1 gross margin was 18.19%, down 3.38 percentage points year-on-year, while the net margin improved by 0.63 percentage points [3]. - Management and R&D expense ratios increased, primarily due to higher employee compensation and depreciation [3]. Business Development - The company has transitioned into a smart cockpit platform enterprise, expanding its client base to leading domestic and new energy vehicle manufacturers [4]. - New projects in HUD, cockpit domain control, and wireless charging are expected to contribute to revenue growth [2][4]. Profit Forecast and Valuation - Revenue forecasts for 2025-2027 are RMB 13.461 billion, RMB 16.933 billion, and RMB 21.130 billion, respectively, with net profits projected at RMB 926.66 million, RMB 1.226 billion, and RMB 1.621 billion [5][19]. - The company is assigned a 24x PE for 2025, reflecting a 15% premium over comparable companies due to its client structure optimization [5].

Investment Rating - The report maintains a "Buy" rating for the company with a target price of 42.13 RMB [8][9]. Core Views - The company's Q1 performance met expectations, with a revenue of 2.489 billion RMB, a year-on-year increase of 25.03%, and a quarter-on-quarter decrease of 24.95%. The net profit attributable to the parent company was 155 million RMB, up 9.27% year-on-year but down 16.71% quarter-on-quarter [1]. - The company is expected to benefit from the ongoing trend of smart technology and accelerate its international expansion [1]. - The company has established itself as a platform enterprise in smart cockpits, with ongoing projects in intelligent driving and internationalization [4]. Summary by Sections Q1 Performance - Q1 revenue was 2.489 billion RMB, with a year-on-year growth of 25.03% and a quarter-on-quarter decline of 24.95%. The net profit was 155 million RMB, reflecting a year-on-year increase of 9.27% and a quarter-on-quarter decrease of 16.71% [1][2]. - The gross margin for Q1 was 18.19%, showing a slight decrease, while the net margin improved by 0.63 percentage points to 6.29% [3]. Client Contributions and New Projects - Major clients such as Xiaomi, Chery, and Geely are expected to contribute significantly to revenue growth, with production increases of 28% and 43% year-on-year for Chery and Geely, respectively [2]. - New projects in HUD, screens, cockpit domain control, digital acoustics, and wireless charging are gradually contributing to revenue [2]. Profitability and Cost Management - The company anticipates that product iterations, cost reductions, and economies of scale will help mitigate the impact of declining margins [3]. - Management and R&D expenses have increased, primarily due to higher employee compensation and depreciation [3]. Growth and Valuation Forecast - The company is projected to achieve revenues of 13.461 billion RMB, 16.933 billion RMB, and 21.130 billion RMB for the years 2025, 2026, and 2027, respectively [5]. - The estimated net profit for 2025 is 926.66 million RMB, with a PE ratio of 24 times for 2025, reflecting a 15% premium over comparable companies [5]. International Expansion - The company has made strides in international markets, with products like HUD and wireless charging already being supplied overseas. Plans for establishing subsidiaries in Thailand and Mexico are underway [4].