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 ...

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]

（原标题：外交部：中美双方并没有就关税问题进行磋商或谈判……盘前重要消息还有这些） 重要的消息有哪些 1．外交部：中美双方并没有就关税问题进行磋商或谈判 4月28日，外交部发言人郭嘉昆主持例行记者会。有记者问，据报道，特朗普总统4月22日接受《时代》杂志采访时表示，习近平主席给他打了电 话。请问中方对此有何评论？中美之间是否在谈判？对此，郭嘉昆表示，据我了解，近期两国元首没有通话。我要重申，中美双方并没有就关税 问题进行磋商或谈判。 2．外交部：欢迎更多外国朋友踊跃来华"探店""拔草" 4月28日，外交部发言人郭嘉昆主持例行记者会。有记者提问，近来，随着入境游日益便利、离境退税持续加力，来中国"买买买"成为跨境旅游新 趋势。据报道，"五一"入境游订单量已同比增长173%，不少外国游客带着大旅行箱来华扫货。最近举行的广交会上，境外采购商较往年同期增长 20%以上，消博会吸引了全球超6万专业采购商。驻外使领馆也积极宣介相关展会。中方希望借此传递什么信息？对外国人来华消费热潮有何评 论？对此，郭嘉昆表示，"游在中国"热度不减，"购在中国"蔚然成风。从外国采购商云集中国展会，到各国消费者踊跃来华"探店""拔草"，从特 ...

根据市场公开信息及4月28日披露的机构调研信息，知名私募保银投资近期对4家上市公司进行了调研， 相关名单如下： 1）泰恩康 （上海保银投资管理有限公司参与公司特定对象调研） 调研纪要：泰恩康在2024年10月的电话会议中，介绍了公司近期及未来一段时间内的产品研发和市场推 广计划。CKB软膏白癜风II期临床已完成全部200例受试者入组，预计2025年7月公布结果。和胃整肠丸 国产化生产注册申请已获受理，生产线改造已完成，争取年内获批。米诺地尔搽剂已完成上市前准备工 作，预计今年二季度会有收入体现。盐酸毛果芸香碱滴眼液预计今年上半年申报注册，目标是国内首仿 上市。未来一年内，公司将陆续报批多个产品，包括CKB、注射用紫杉醇聚合物胶束、复方硫酸钠片 等。销售团队架构稳定，计划成立品牌运营部；研发团队聚焦核心板块品种的研发。 2）环旭电子 （Pinpoint 保银投资参与公司特定对象调研） 4）华阳集团 （保银投资参与公司特定对象调研&电话会议） 调研纪要：环旭电子在全球制造布局上，国内制造比例降至60%，转移至墨西哥、波兰、越南等地。大 客户提前下单，但成本转嫁影响有限。AI加速卡业务预期增长150%，台湾和墨西哥 ...

Investment Rating - The investment rating for Huayang Group is "Buy" (maintained) [1] Core Views - The company reported a steady revenue growth in Q1 2025, achieving an operating income of 2.489 billion yuan, a year-on-year increase of 25.03%, continuing the positive growth trend from 2024 [4][5] - The net profit attributable to the parent company for Q1 2025 was 155 million yuan, reflecting a year-on-year growth of 9.27% [4] - The company has slightly adjusted its profit expectations for 2025-2027 due to a competitive industry environment, forecasting net profits of 917 million yuan, 1.203 billion yuan, and 1.519 billion yuan for the respective years [4] Financial Performance - In Q1 2025, the gross margin was 18.19%, down 3.38 percentage points year-on-year, while the net margin was 6.29%, down 0.91 percentage points year-on-year [5] - The company has improved its cost control, with sales, management, R&D, and financial expense ratios at 2.16%, 2.45%, 7.51%, and 0.45% respectively, showing a decrease in overall expense ratio by 1.56 percentage points year-on-year [5] Business Development - The automotive electronics business is thriving, with continuous R&D investments in the field of automotive intelligence, including the launch of cockpit domain control products based on Qualcomm chips [6] - The precision die-casting business has expanded into key components for new energy vehicles, with significant increases in order volumes for various projects [6] Financial Summary and Valuation Metrics - The company expects to achieve operating revenues of 13.847 billion yuan in 2025, with a year-on-year growth of 36.3% [7] - The projected earnings per share (EPS) for 2025 is 1.75 yuan, with a corresponding price-to-earnings (P/E) ratio of 18.0 times [4][7] - The return on equity (ROE) is expected to increase to 12.5% by 2025 [7]