| | Trivest Advisors Limited Wang,Sunkey | | --- | --- | | | United Super Pty Wu,Xia | | | Y2 Capital Xiao,Robin | | 时间 | 2025年7月9日-10日 | | 地点 | 广东省惠州市东江高新科技产业园上霞北路1号华阳工业园 | | | A区集团办公大楼 | | 形式 | 现场调研、电话会议 | | 上市公司接待人员 | 董事会秘书 李翠翠 | | 姓名 | 证券专员 邱晓彤 | | | 一、参观华阳集团展厅 | | | 二、问答交流主要内容 | | | 1、公司汽车电子业务合资、国际车企客户开拓进展？ | | | 答：今年以来公司汽车电子业务相继获得Stellantis集团、 | | | 福特、大众安徽、一汽大众捷达、上汽大众、上汽奥迪、长安福 | | | 特、北京现代、东风悦达起亚等客户定点项目并有多个合资及国 | | | 际车企客户竞标中。屏显示、HUD、座舱域控、数字声学、车载 | | | 手机无线充电等多类汽车电子产品均取得合资、国际车企客户项 | | | 目定点。 | | | 2、 ...

续航表现上，新车配备5C倍率三元锂电池组，提供90千瓦时和98千瓦时两种电池容量选择。在CLTC测 试工况下，续航里程分别为670公里和720公里，百公里电耗控制在13.4千瓦时。充电效率方面，该车支 持10分钟快充增加500公里续航里程的补能能力。 配置层面，理想i8将搭载禾赛ATL定制版激光雷达系统、空气悬架、双联屏显示系统以及AR-HUD抬头 显示等技术配置，内饰设计延续理想汽车的家族化风格。 从外观设计来看，理想i8融合了此前MEGA车型与L系列的设计元素，采用了封闭式前脸造型，配备分 体式前大灯组合以及贯穿式尾灯设计，整车顶部线条保持相对平直的轮廓。 动力配置方面，理想i8全系搭载双电机智能四驱系统，前轴电机最大功率150千瓦，后轴电机最大功率 250千瓦，系统综合功率达到400千瓦，最高行驶速度可达180公里/小时。 凤凰网科技讯（作者/于雷）6月19日，理想汽车CEO李想今日通过微博正式宣布，旗下全新车型理想i8 将于7月下旬发布，目前该车型的生产制造、团队培训以及交付服务等各项准备工作已进入最终阶段。 李想在发布的视频中首次展示了理想i8的无伪装动态行驶画面。 根据工信部公布的产品信息，理想i ...

Core Viewpoint - Weishi Electronics has restarted its fundraising plan for vehicle display components after terminating its previous convertible bond issuance, focusing on technological upgrades in its new projects [1][2][3]. Group 1: Fundraising and Project Details - The company plans to raise up to 480 million yuan through a private placement to fund the "lightweight vehicle new display component project" and to supplement working capital [2]. - The new project aims to increase production capacity by 4.33 million lightweight structural components and 1.85 million new vehicle backlight display modules [2]. - The products planned for this fundraising project are already in mass production and closely related to the company's main business of backlight display modules [2][4]. Group 2: Previous Convertible Bond Issuance - The company had previously attempted to issue convertible bonds but withdrew the application in April 2024 due to changes in the macro environment and adjustments in capital operation planning [3]. - The initial application for the convertible bonds was submitted in 2023 but faced multiple inquiries from the Shanghai Stock Exchange regarding project delays and feasibility [3][4]. Group 3: Project Delays and Reasons - The previous fundraising project, which included the expansion of backlight display modules, has faced multiple delays, with completion now expected by October 2025 [4][5]. - The delays were attributed to the need for additional space and equipment to accommodate larger display sizes, which required the acquisition of new land and construction of facilities [5]. - As of April 2025, the project has signed procurement contracts totaling 341 million yuan, with 77.85% of the raised funds already utilized [6].

【TCL华星】 当地时间5月13日，2025年SID显示周（SID2025）在美国加州圣何塞正式开幕。这 场全球最具影响力的显示领域专业盛会，汇聚了世界最前沿的显示技术成果，吸引了众多全球顶 尖科技企业参加。作为全球半导体显示行业领军企业，TCL华星携APEX臻图和印刷OLED全家桶 等众多创新成果亮相展会，成为全场焦点。 APEX臻图进阶焕新 极致体验立序显示新章 APEX臻图是TCL华星的先进显示技术品牌，秉持"洞见极致（PACE TO APEX）"理念，致力于以 全球领先技术，创极致产品体验。自发布以来，APEX臻图坚持以全场景、全尺寸布局"技术+场 景"深度融合的创新方案，为全球用户带来颠覆性视觉体验。此次亮相SID盛会，APEX臻图聚焦更 宜人的显示体验、更信赖的视觉健康、更永续的绿色低碳、更无限的未来想象四大维度，以众多 创新成果，诠释显示技术未来发展方向。 在更宜人的显示体验方面，超大36:9MLED显示(219")以百万级别的超高对比度还原鲜亮的真实色 彩，为用户带来身临其境的沉浸体验，结合逐点一致化校正技术、工厂色彩校正和现场色彩校正 技术，实现清晰、均匀、一致的完美显示效果，通过自由拼接实 ...

摘要：技术领航 品牌赋能 当地时间5月13日，2025年SID显示周(SID2025)在美国加州圣何塞正式开幕。这场全球最具影响力的显示领域专业 盛会，汇聚了世界最前沿的显示技术成果，吸引了众多全球顶尖科技企业参加。作为全球半导体显示行业领军企 业，TCL华星携APEX臻图和印刷OLED全家桶等众多创新成果亮相展会，成为全场焦点。 APEX臻图进阶焕新 极致体验立序显示新章 APEX臻图是TCL华星的先进显示技术品牌，秉持"洞见极致(PACE TO APEX)"理念，致力于以全球领先技术，创极 致产品体验。自发布以来，APEX臻图坚持以全场景、全尺寸布局"技术+场景"深度融合的创新方案，为全球用户带 来颠覆性视觉体验。此次亮相SID盛会，APEX臻图聚焦更宜人的显示体验、更信赖的视觉健康、更永续的绿色低 碳、更无限的未来想象四大维度，以众多创新成果，诠释显示技术未来发展方向。 在更宜人的显示体验方面，超大36:9 MLED显示(219")以百万级别的超高对比度还原鲜亮的真实色彩，为用户带来 身临其境的沉浸体验，结合逐点一致化校正技术、工厂色彩校正和现场色彩校正技术，实现清晰、均匀、一致的完 美显示效果，通过自 ...

Core Viewpoint - Huayang Group reported Q1 2025 revenue of 2.489 billion yuan, a year-on-year increase of 25.03% but a quarter-on-quarter decrease of 24.95%, with a net profit attributable to shareholders of 155 million yuan, up 9.27% year-on-year and down 16.71% quarter-on-quarter, indicating performance in line with expectations [1] Group 1: Financial Performance - Q1 revenue growth was driven by significant contributions from major clients such as Xiaomi, Chery, and Geely, with domestic passenger car production increasing by 16% year-on-year [1] - Gross margin for Q1 was 18.19%, showing a slight decline of 3.38 percentage points year-on-year and 0.85 percentage points quarter-on-quarter, while net margin improved by 0.63 percentage points quarter-on-quarter to 6.29% [2] - The company expects to mitigate the impact of declining margins through product iteration, cost reduction, and economies of scale [2] Group 2: Strategic Developments - The company has evolved into a smart cockpit platform enterprise, expanding its client base to leading domestic and new energy vehicle manufacturers [2] - New projects in HUD, screens, cockpit domain control, digital acoustics, and wireless charging are expected to contribute to revenue growth, with ongoing international expansion efforts including the establishment of subsidiaries in Thailand and Mexico [2] - The company is also exploring new fields such as body domain control, with a recent partnership with Chipone Technology for cockpit and body domain control [2] Group 3: Forecast and Valuation - The company maintains its previous revenue forecasts for 2025-2027 at 13.5 billion, 16.9 billion, and 21.1 billion yuan, with net profits projected at 930 million, 1.23 billion, and 1.62 billion yuan respectively [3] - Given the optimization of the client structure towards leading new energy customers, the company is assigned a 15% valuation premium over comparable peers, resulting in a target price of 42.13 yuan for 2025 [3]

华阳集团系列 车中旭霞 深度报告 《国信证券-华阳集团-002906-深度报告：汽车电子核心企业，打造智能座舱全生态》——20220609 点评报告 《国信证券-华阳集团-002906-年报点评 ： 单四季度收入同比增长42%，汽车电子产品量价双升》——20250401 《国信证券-华阳集团-002906-三季度业绩点评：单三季度净利润同比增长54%，汽车电子新产品、新客户持续放量》—— 20241101 《国信证券-华阳集团-002906-三季度业绩预告点评：单三季度归母净利润预计同比增长41%-62%，汽车电子收入同比大幅增 长》——20241016 《国信证券-华阳集团-002906-中报点评：单二季度净利润同比增长39%，汽车电子和精密压铸持续放量》——20240821 《国信证券-华阳集团-002906-一季报点评：一季度净利润同比增长84%，汽车电子新产品持续放量》——20240428 《国信证券-华阳集团-002906-一季报预告点评：一季度净利润同比增长75%-88%，新产品、新客户持续放量》——20240415 《国信证券-华阳集团-002906-年报点评：单四季度净利润同比增长48%，汽车 ...