11月24日，浩洋股份涨5.01%，截至发稿，报41.12元/股，成交2105.02万元，换手率0.64%，总市值 52.01亿元。 风险提示：市场有风险，投资需谨慎。本文为AI大模型自动发布，任何在本文出现的信息（包括但不 限于个股、评论、预测、图表、指标、理论、任何形式的表述等）均只作为参考，不构成个人投资建 议。 责任编辑：小浪快报 华夏稳健养老一年持有混合(FOF)A（007652）成立日期2019年11月26日，最新规模5657.61万。今年以 来收益6.39%，同类排名761/1038；近一年收益6.74%，同类排名783/1016；成立以来收益26.75%。 华夏稳健养老一年持有混合(FOF)A（007652）基金经理为李晓易、潘更。 截至发稿，李晓易累计任职时间6年307天，现任基金资产总规模10.6亿元，任职期间最佳基金回报 31.45%， 任职期间最差基金回报-22.02%。 潘更累计任职时间274天，现任基金资产总规模8.18亿元，任职期间最佳基金回报8.98%， 任职期间最 差基金回报4.77%。 资料显示，广州市浩洋电子股份有限公司位于广州市番禺区石碁镇莲运一横路18号，成立日期20 ...

Core Viewpoint - On November 17, Haoyang Co., Ltd. experienced a decline of 5.02%, with a stock price of 41.83 CNY per share and a total market capitalization of 5.291 billion CNY [1] Company Overview - Haoyang Co., Ltd. is located in Panyu District, Guangzhou, established on March 17, 2005, and listed on May 20, 2020. The company specializes in the research, production, and sales of stage entertainment lighting equipment, architectural lighting equipment, and trusses [1] - The revenue composition of the company is as follows: stage entertainment lighting equipment 90.84%, other accessories 5.38%, trusses 1.90%, and architectural lighting equipment 1.89% [1] Shareholder Information - Longxin Fund has a presence among the top ten circulating shareholders of Haoyang Co., Ltd. Longxin Jinli Trend Mixed A (519994) entered the top ten in the third quarter, holding 821,100 shares, accounting for 1.01% of circulating shares. The estimated floating loss today is approximately 1.8147 million CNY [2] - Longxin Jinli Trend Mixed A (519994) was established on April 30, 2006, with a latest scale of 4.03 billion CNY. Year-to-date return is 34.63%, ranking 2292 out of 8213 in its category; the one-year return is 28.87%, ranking 2490 out of 8130; and since inception, the return is 707.96% [2] Fund Manager Information - The fund manager of Longxin Jinli Trend Mixed A (519994) is Gao Yuan, who has been in the position for 8 years and 321 days. The total asset scale under management is 6.028 billion CNY, with the best fund return during his tenure being 218.49% and the worst being 19.19% [3] Fund Holdings - Longxin Fund's Longxin Shuangli Preferred Mixed A (519991) holds Haoyang Co., Ltd. as its tenth largest holding, with 71,100 shares, accounting for 3.33% of the fund's net value. The estimated floating loss today is approximately 157,100 CNY [4] - Longxin Shuangli Preferred Mixed A (519991) was established on June 19, 2008, with a latest scale of 91.3121 million CNY. Year-to-date return is 24.64%, ranking 3662 out of 8213 in its category; the one-year return is 27.73%, ranking 2675 out of 8130; and since inception, the return is 275.56% [4] Additional Fund Manager Information - The fund manager of Longxin Shuangli Preferred Mixed A (519991) is Zhu Yufeng, who has been in the position for 8 years and 32 days. The total asset scale under management is 9.16542 million CNY, with the best fund return during his tenure being 66.39% and the worst being -27.98% [5]

Group 1: Company Overview and Financial Performance - The company is a high-tech enterprise engaged in the R&D, production, and sales of stage lighting, architectural lighting, and truss equipment [2] - In the first three quarters of 2025, the company achieved revenue of approximately RMB 800 million, a year-on-year decrease of about 15.36% [2] - The net profit attributable to the parent company was approximately RMB 134 million, a year-on-year decrease of about 48.04% [2] Group 2: Strategic Initiatives - The company has increased R&D investment to explore new opportunities and has integrated Danish SGM company to enhance development momentum [2] - The new headquarters has been put into use to optimize production capacity [2] Group 3: Market and Trade Environment - Orders and shipments have shown signs of recovery since the third quarter, with expectations for stabilization in US-China trade policies [4] - If trade policy factors weaken, it could lower procurement costs for downstream customers, enhancing their purchasing power [4] Group 4: Product Development and Innovation - The penetration rate of new products continues to rise, with sales revenue of new products increasing year-on-year despite overall revenue decline [5] - The company plans to continue investing in independent innovation and R&D to enhance market share [5] Group 5: Industry Outlook - The company is focused on the sustainability of recovery in the US market, with industry consensus on cost pass-through to downstream due to trade friction [6] - The company aims to adjust product structure and enhance service quality to meet future market challenges and opportunities [6]

Core Viewpoint - Haoyang Co., Ltd. has experienced fluctuations in stock performance, with a recent increase in share price and notable changes in shareholder structure and financial performance [1][2][3]. Financial Performance - As of June 30, 2025, Haoyang Co., Ltd. reported a revenue of 522 million yuan, a year-on-year decrease of 21.99% [2]. - The net profit attributable to shareholders was 77.75 million yuan, down 61.69% compared to the previous year [2]. - The company has distributed a total of 654 million yuan in dividends since its A-share listing, with 552 million yuan distributed over the past three years [3]. Stock Performance - On October 21, 2023, Haoyang's stock price rose by 2.03%, reaching 41.19 yuan per share, with a trading volume of 26.27 million yuan and a turnover rate of 0.80% [1]. - Year-to-date, the stock has decreased by 3.87%, but it has increased by 9.11% over the last five trading days [1]. Shareholder Structure - As of June 30, 2025, the number of shareholders increased by 9.03% to 10,700, while the average number of tradable shares per shareholder decreased by 8.29% to 7,620 shares [2]. - The top ten circulating shareholders include significant institutional investors, with Hong Kong Central Clearing Limited holding 3.54 million shares, a decrease of 40.47% from the previous period [3].

Group 1: Company Overview and Financial Performance - The company is a high-tech enterprise engaged in the R&D, production, and sales of stage lighting equipment, architectural lighting equipment, and truss equipment [2] - In the first half of 2025, the company increased R&D investment and integrated with Danish SGM company, leading to a new headquarters being put into use [2] - The company reported a revenue of approximately RMB 522 million, a year-on-year decrease of about 21.99% [2] - The net profit attributable to the parent company was approximately RMB 78 million, a year-on-year decrease of about 61.69% [2] Group 2: Business Structure and Market Performance - The company's business model is driven by "ODM + OBM," with overseas sales accounting for approximately 94% and domestic sales for about 6% in the first half of 2025 [4] - The U.S. market has been significantly impacted by changes in the trade environment, while demand in other overseas regions remains stable [4] - The domestic market faces intensified competition due to international trade environment changes, but there are signs of recovery in the U.S. market [4] Group 3: Product Development and Market Outlook - The penetration rate of new products continues to rise, with sales revenue from new products increasing year-on-year despite overall revenue decline [5] - The company aims to enhance R&D capabilities and introduce competitive products to increase market share [6] - According to Live Nation's Q2 report, overseas performance events are expected to grow steadily over the next two years, indicating a favorable market outlook [6] Group 4: Strategic Adjustments and Future Plans - The company is adjusting its product structure and enhancing R&D innovation to respond to future market challenges and opportunities [7] - With the stabilization of the U.S. trade environment, the company is optimistic about the recovery of the U.S. market [7]

Investment Rating - The investment rating for the company is "Buy" with a target price of RMB 54.88 [7][8]. Core Views - The company's revenue for H1 2025 was RMB 522 million, a decrease of 21.99% year-on-year, and the net profit attributable to shareholders was RMB 78 million, down 61.69% year-on-year. The decline in performance is attributed to international trade frictions and the early investment phase of newly acquired companies [1][2]. - Despite short-term profit pressure, the report is optimistic about the company's long-term development in the OBM (Original Brand Manufacturer) model, especially with the gradual realization of performance from the Danish SGM acquisition [1][3]. Summary by Sections Financial Performance - In H1 2025, the company's gross margin was 50.55%, down 1.30 percentage points year-on-year, and the net profit margin was 15.07%, down 15.52 percentage points year-on-year. The Q2 gross margin was 51.97%, showing a slight improvement compared to Q1, but the net profit margin dropped significantly [2]. - The total expense ratio for H1 2025 was 31.64%, an increase of 15.40 percentage points year-on-year, with sales, management, R&D, and financial expense ratios all rising [2]. Industry Outlook - The industry is expected to maintain a positive growth trend, with overseas performance in live entertainment activities projected to grow steadily over the next two years. The report anticipates a recovery in the U.S. market as trade policies stabilize [3]. Product Development - The company continues to invest in R&D, with 61 new patents granted in H1 2025, including 14 domestic and international invention patents. New product sales have shown year-on-year growth despite overall revenue decline [4]. Profit Forecast and Valuation - The forecast for the company's net profit attributable to shareholders has been revised downwards for 2025 and 2026 by 41% and 34% respectively, with expected profits of RMB 248 million and RMB 306 million. The 2027 net profit is projected to be RMB 377 million [5]. - The company is valued at a PE ratio of 28 times for 2025, with a target price of RMB 54.88, reflecting an increase in comparable company valuations and a shift from OEM to OBM [5].

Financial Performance - In the first half of 2025, the company achieved revenue of approximately RMB 522 million, a year-on-year decrease of about 21.99% [2] - The net profit attributable to the parent company was approximately RMB 78 million, a year-on-year decline of about 61.69% [2] Business Development - The company is a high-tech enterprise engaged in the R&D, production, and sales of stage lighting equipment, architectural lighting equipment, and truss equipment [2] - The integration of Danish SGM company has been completed, enhancing development momentum and optimizing production capacity [2] Market Outlook - Demand in Europe remains positive, while Asia's performing arts activities continue to grow steadily, driving demand for performance equipment [4] - The Middle East is showing signs of recovery, and overall demand, except for the U.S. affected by tariffs, is on an upward trend [4] Product Innovation - The penetration rate of new products continues to rise, with sales revenue of new products increasing year-on-year despite the overall revenue decline [5] - The company plans to maintain a strategy of enhancing R&D capabilities and launching competitive products to increase market share [6] Future Strategy - Despite challenges from international trade friction and the integration phase of the Danish subsidiary, the company's competitive position remains intact [8] - The company aims to adjust product structure, optimize the proportion of products in niche markets, and enhance service quality to meet future market challenges and opportunities [8]

Core Viewpoint - The company, Haoyang Electronics, reported a decline in revenue and net profit for 2024 and Q1 2025, while outlining strategies to address market challenges and drive future growth [1][2]. Group 1: Financial Performance - In 2024, the company achieved revenue of approximately 1.212 billion yuan, a year-on-year decrease of about 7.12% [1] - The net profit attributable to the parent company was approximately 302 million yuan, down about 17.61% year-on-year [1] - For Q1 2025, total revenue was 300 million yuan, reflecting a year-on-year decline of approximately 8.04% [1] - The net profit attributable to the parent company for Q1 2025 was around 53 million yuan, a significant drop of about 47.04% year-on-year [1] Group 2: Market Outlook and Strategies - The company is optimistic about the U.S. market, believing that if tariffs return to reasonable levels, they can mitigate tariff impacts through price adjustments [2] - In 2024, the company plans to acquire assets from Denmark's SGM and establish subsidiaries in Denmark and the U.S. to support market needs [2] - Future growth drivers include enhancing core technology R&D, optimizing production efficiency, and expanding enterprise customer resources [2] - Demand outlook indicates positive trends in Europe, steady growth in Asia due to performing arts activities, and a recovery in the Middle East, while the U.S. remains affected by tariffs [2] Group 3: R&D and Product Development - The company has multiple innovative product projects under development, with updates to be disclosed in regular reports [2] - There is a commitment to increasing R&D investment in the coming years, although the growth rate of R&D expenses is expected to slow compared to 2024 [2] - The aim is to maintain or improve gross margins and operational quality through the introduction of new products [2]

Financial Performance - In 2024, the company achieved a revenue of approximately RMB 1.212 billion, a year-on-year decrease of about 7.12% [2] - The net profit attributable to the parent company was approximately RMB 302 million, down about 17.61% year-on-year [2] - In Q1 2025, total revenue was RMB 300 million, reflecting a year-on-year decline of approximately 8.04% [2] - The net profit attributable to the parent company for Q1 2025 was approximately RMB 53 million, a significant decrease of about 47.04% year-on-year [2] Market Outlook - The overseas performance of the entertainment industry is expected to maintain steady growth over the next two years, despite uncertainties in U.S. tariff policies [3] - The company believes that if tariffs can be adjusted to a more reasonable level, it can mitigate the impact through price adjustments [3] - Demand in Europe remains positive, while Asia continues to see steady growth in entertainment activities, contributing to increased demand for performance equipment [6] Strategic Initiatives - In 2024, the company acquired assets from Denmark's SGM and established subsidiaries in Denmark and the U.S. to leverage their technology and capacity for the U.S. market [4] - The company plans to enhance its core technology research and development, optimize production efficiency, and expand its customer base to drive future profit growth [5] - Ongoing investment in R&D is expected to continue, with a projected overall increase in R&D expenses, although the growth rate may slow compared to 2024 [8] Product Development - The company has multiple innovative product projects under development, with updates to be disclosed in regular reports [7] - New product development may face uncertainties, and investors are advised to be aware of associated risks [7] Investment Strategy - Recent external investments aim to enrich and enhance the company's position in the performance equipment industry, improving market competitiveness and customer service capabilities [9]

Core Viewpoint - Haoyang Co., Ltd. reported a revenue of 1.212 billion yuan and a net profit of 302 million yuan for the year 2024, with a proposed cash dividend of 13 yuan per 10 shares to shareholders [1] Group 1: Financial Performance - The company achieved a gross profit margin of 50.37%, an increase of 0.75% year-on-year, indicating strong profitability [1] - The total revenue for 2024 was 1.212 billion yuan, with a net profit attributable to shareholders of 302 million yuan [1] Group 2: Product Development and Innovation - In 2024, the company invested approximately 85.85 million yuan in research and development, resulting in 119 new authorized patents, including 33 domestic and international invention patents [2] - Key patented technologies developed include high-precision light-speed cutting technology, dynamic humidity balance technology, ultra-wideband positioning technology, human posture prediction, and precise fast tracking, enhancing product competitiveness [2] Group 3: International Expansion - The company has been actively planning overseas expansion, focusing on Southeast Asia, North America, and Europe, and has made significant progress in its international strategy [3] - The acquisition of Danish SGM company's assets and the establishment of wholly-owned subsidiaries in Denmark and the USA have strengthened the company's international sales channels [3] - Upcoming production capacity expansions for stage lighting equipment are expected to be operational by the end of 2025 and 2026, which will further enhance the company's growth potential [3]