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-中报点评 ： 单二季度净利润同比增长29%，汽车电子和精密压铸业务持续增长 》—— 20250824 《国信证券-华阳集团-002906-一季报点评 ： 一季度收入同比增长25%，汽车电子和精密压铸产品持续放量》——20250429 《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 ...

Group 1: Weicai Technology - The overall capacity utilization rate of Weicai Technology reached 90% in the first half of 2025, expected to approach full production by September [1] - The company anticipates a doubling of revenue from computing power business for the entire year, with gross margin expected to rise in the second half due to price, capacity utilization, and business structure [1] - The company plans to invest 1.3 to 1.4 billion yuan in capital expenditures for equipment this year, with stable pricing [1] Group 2: Beixin Building Materials - The domestic gypsum board industry is facing a decline in demand and increased competition in the first half of 2025 [2] - Beixin Building Materials aims to enhance product competitiveness and focus on niche markets while expanding its international presence in regions such as Southeast Asia and Central Asia [2] - The company is pursuing mergers and acquisitions to achieve value integration and has successfully restructured partnerships with Jia Baoli Paint and Zhejiang Daqiao [2] Group 3: Huayang Group - Huayang Group is intensifying efforts to expand its international brand client base in the automotive electronics sector, securing multiple projects with international car manufacturers [3] - The company has achieved mass production of advanced HUD products and expects continued high growth in this segment [3] - There is significant growth in orders for magnesium alloy die-casting products and rapid revenue growth in optical communication module components [3]

证券研究报告 | 2025年08月24日 华阳集团（002906.SZ） 优于大市 单二季度净利润同比增长 29%，汽车电子和精密压铸业务持续增长 2025Q2 公司净利润同比增长 28.5%。公司 2025Q2 实现营收 28.22 亿元， 同比增加 28.10%，环比增加 13.36%，归母净利润 1.86 亿元，同比增加 28.52%，环比增加 19.57%。2025H1，公司汽车电子业务收入 37.88 亿元， 同比增加 23.37%，毛利率 16.91%，同比-2.89pct，公司精密压铸业务 收入 12.92 亿元，同比增加 41.32%，毛利率 24.22%，同比-1.51pct。 2025Q2 公司毛利率环比提升 1.3pct，四费率稳中有降。2025Q2，公司毛利 率 19.5%，同比-1.8pct，环比+1.3pct，净利率 6.6%，同比+0.0pct， 环比+0.4pct。2025Q2，公司四费率为 12.2%，同比-1.0pct，环比-0.4pct。 华阳与华为、小米深度合作，多款车型搭载华阳座舱产品。华阳为 M5、M7 提供 HUD、液晶仪表、无线充电及 NFC 钥匙模块等。公司为 ...

证券代码：002906 证券简称：华阳集团 惠州市华阳集团股份有限公司投资者关系活动记录表 编号：2025-009 | | 特定对象调研 | □分析师会议 | | --- | --- | --- | | | □媒体采访 | □业绩说明会 | | 投资者关系活动类 别 | □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） | | | 国信证券 | 唐旭霞、杨钐、林莺、闵晓平、傅嘉良、林蔚 | | | 鹏扬基金 巩海 | | | | 杭银理财 曹祥、郑亮 | | | | 长江证券 胡加琪、童松、张扬 | | | | 野村证券 应重熙 | | | | 国联民生证券 辛鹏 | | | | 光大自营 陈峰 | | | | 长城证券 金瑞 | | | | 乐世资本 舒畅然 | | | | 华西证券 陈乐音 | | | | 中信证券 卢华权 | | | 参与单位名称及人 员姓名 | 盛熙基金 谢丙东 | | | | 泽泉投资 马海华 | | | | 东方证券 李疆 | | | | 景领投资 宋玖伟 | | | | 国海汽车 陈飞宇 | | | | 光大保德信基金 ...

Core Viewpoint - The company reported significant growth in revenue and net profit for the first half of 2025, driven by strong performance in its automotive electronics and precision die-casting segments, despite a complex external environment [5][6][10]. Financial Performance - The company achieved operating revenue of 5.311 billion yuan, a year-on-year increase of 26.65%, with net profit attributable to shareholders reaching 341 million yuan, up 18.98% [5][6]. - In Q2 2025, the company recorded operating revenue of 2.822 billion yuan, a 28.10% increase year-on-year, and net profit of 186 million yuan, up 28.52% [5][6]. Business Segments - **Automotive Electronics**: Revenue from automotive electronics reached 3.788 billion yuan, growing 23.37% year-on-year. The company maintained the top market share in HUD products and wireless charging in China, with global market share rising to second place [6][10]. - **Precision Die-Casting**: This segment saw revenue of 1.292 billion yuan, a 41.32% increase year-on-year, driven by components for automotive intelligence and new energy vehicles [6][10]. Order Growth - The company reported significant growth in new orders for automotive electronics, including products like display screens and digital acoustics, with new projects from major international and domestic clients [8][9]. Technological Advancements - The company increased R&D investment to 440 million yuan, representing 8.29% of revenue, with advancements in automotive electronics and precision die-casting technologies [10][11]. - New products such as VPD and AR-HUD were launched, enhancing user experience and maintaining technological leadership [10][11]. Capacity Expansion and Globalization - The company is expanding production capacity and pursuing overseas operations, with new facilities in Huizhou and Shanghai, and subsidiaries established in Thailand and Mexico [12].

Summary of Desay SV's Conference Call Company Overview - **Company**: Desay SV - **Industry**: Automotive Electronics and Intelligent Driving Solutions Key Points Financial Performance - In the first half of 2025, Desay SV's profitability improved, primarily due to optimization in sensor business solutions, scale expansion, and an increased proportion of intelligent driving domain control business. However, the gross margin slightly declined in Q2 due to the impact of the OEM business for Li Auto [2][4] - The annualized sales from new project orders exceeded 18 billion, with cockpit business nearing 10 billion and driving-related orders close to 8 billion [2][7] - The gross margin for overseas business significantly increased due to the implementation of large projects, with expectations for continued growth in the second half of the year, targeting a long-term goal of 20%-30% [2][8] Customer Structure - The customer structure in the first half of 2025 did not change significantly, but the ranking and proportion of major clients adjusted. Li Auto remains the largest customer, but its share has decreased, while Xiaomi and Chery have seen rapid growth [3][22] Product and Market Trends - The cockpit business is experiencing a trend towards multi-screen and large-screen solutions, with a significant number of display orders secured in the European market [2][31] - Desay SV is focusing on an "all-in-one" intelligent driving solution, which has gained orders from both domestic and international brands, leveraging cost advantages and innovative integration solutions [2][17] Gross Margin Expectations - For the second half of 2025, Desay SV anticipates a controlled impact from the ramp-up of Li Auto's OEM business, with gross margins expected to remain stable or slightly decline [2][7] - The gross margin for sensor business is lower than the overall company level but has improved compared to previous periods [6] Strategic Initiatives - Desay SV is committed to open sharing and actively participates in OEM projects to consolidate market position and prevent potential competitors from entering new business areas [2][16] - The company is also exploring emerging fields such as robotics and unmanned delivery, with a focus on rapid commercialization in unmanned delivery scenarios [14] Competitive Landscape - The market is competitive, with many companies attempting to develop their own chips, which may lead to inefficiencies. Desay SV aims to adapt and leverage its strengths during this transitional phase [15] - The company collaborates with multiple chip manufacturers, including NVIDIA and Qualcomm, to stay competitive and meet customer demands [23][24] Future Outlook - Desay SV does not plan to adjust its growth targets for 2025 despite strong performance in the first half, maintaining confidence for the second half [37] - The company is optimistic about the potential for significant opportunities in lightweight solutions and expects increased order acquisition and production scale in 2026 [18] Additional Insights - The gross margin for traditional non-OEM projects is around 20%, while OEM business margins range from 10-15%, significantly impacting overall profitability [30] - Desay SV's overseas market strategy is focused on sensor products, particularly in Europe and Japan, with no immediate plans to expand into the U.S. market [21] This summary encapsulates the key insights from Desay SV's conference call, highlighting the company's financial performance, customer dynamics, product trends, strategic initiatives, and future outlook.

Group 1: Investor Relations Activity - The investor relations activity took place from July 9 to July 10, 2025, at Huayang Industrial Park, Huizhou, Guangdong Province [2] - Participants included representatives from various investment firms such as China Investment Corporation, Fidelity, and Goldman Sachs Asset Management [1][2] Group 2: Automotive Electronics Business - The company has secured projects with major international automotive clients including Stellantis, Ford, and Volkswagen, among others [2] - The company’s HUD (Head-Up Display) products hold a domestic market share of 22.2% and AR-HUD products have a market share of 24.9%, both ranking first in the industry [3] Group 3: VPD Product Introduction - The VPD (Virtual Panoramic Display) product was launched in 2023, featuring an expanded display area across the windshield and improved clarity under various lighting conditions [2] - The product has been adopted by Xiaomi Automotive, marking the first mass production globally [2] Group 4: Precision Die Casting Business - The precision die casting business has seen an increase in orders from major clients such as Bosch and BYD [3] - New production capacity is being developed, with facilities in Zhejiang and Jiangsu already in operation or under expansion [3]

2025 年 05 月 09 日 德赛西威(002920.SZ) 2025Q1 业绩增长强劲，构建智驾软硬 一体全栈能力 事件：4 月 23 日，德赛西威发布 25 年一季报。25Q1 年公司营收 67.92 亿元，同比+20.26%；归母净利润 5.82 亿元，同比+51.32%；扣非后归母净 利润 4.97 亿元，同比+34.08%。 2025Q1 业绩增长强劲，盈利能力显著提升。公司营收端增长强劲主要系 新客户放量，25Q1 小米销量 7.6 万辆，预计贡献主要增量。25Q1 公司毛利 率 20.52%，同比+1.18pct，环比+2.12pct；剔除会计政策影响因素，同比 +1.78pct，环比+0.27pct。我们认为毛利率环比提升主要系：1）高毛利的 座舱域控、智驾域控占比提升；2）高计价成本的芯片前期已逐步出货。25Q1 公司期间费用率 13.27%，同比+0.31pct，环比+3.22pct。主要系公司持续 进行高研发投入，25Q1 研发费用 6.55 亿元，同比+25.3%，环比+8.41%。 此外公司 Q1 处置参股公司股权实现 0.8 亿投资收益，以及冲回 0.55 亿元 信用减值损失， ...

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]