Company Overview - Guangdong Huafeng New Energy Technology Co., Ltd. maintains a long-term credit rating of A- with a stable outlook for both the company and its convertible bonds [1][3] - The company primarily engages in the research, production, and sales of electric control and drive systems for new energy vehicles, as well as the development and production of electrode foils [13] Financial Performance - In 2024, the company reported a significant increase in operating revenue, reaching 10.31 billion yuan, with a profit of 0.97 billion yuan [13][29] - The company’s cash assets increased from 2.40 billion yuan in 2023 to 3.54 billion yuan in 2024, indicating improved liquidity [11] - The company’s total assets grew from 17.20 billion yuan in 2023 to 20.63 billion yuan in 2024, reflecting a positive trend in asset accumulation [11] Business Segments - The new energy vehicle drive system segment saw substantial growth, driven by increased orders from major clients such as Foton Motor, contributing to a revenue increase [29] - The electrode foil business also experienced growth due to a recovery in demand from the electronic components industry, with a notable increase in sales volume and revenue [29] Industry Analysis - The electronic aluminum foil industry is benefiting from a recovery in the consumer electronics sector and the growth of the new energy vehicle market, which is expected to continue driving demand [18][21] - In 2024, China's new energy vehicle sales reached 12.87 million units, a year-on-year increase of 35.5%, indicating a strong market for related components [22] - The aluminum oxide industry is also experiencing growth, with production expected to rise, further supporting the demand for electronic aluminum foils [18] Competitive Position - The company holds over 50 technology patents in the electrode foil sector and has established itself as a supplier to well-known aluminum electrolytic capacitor manufacturers [6][24] - Despite its competitive advantages, the company faces challenges such as high dependency on a single customer for its new energy vehicle drive systems, which affects its pricing power [5][8] Future Outlook - The company’s rating outlook remains stable, with potential for upgrades if asset quality improves significantly or if there are major technological breakthroughs in its new energy vehicle systems [6] - The ongoing expansion of the new energy vehicle market and the company's strategic initiatives in R&D are expected to enhance its market position and financial performance in the coming years [21][24]

证券代码：002806 证券简称：华锋股份 债券代码：128082 债券简称：华锋转债 广东华锋新能源科技股份有限公司 3、请问林程教授，年报提到同时聚焦低空经济、电动船舶 市场相关业务，提前谋划布局，全力推动市场开拓工作！具体有 哪些安排？如开展低空，以目前华锋区区二十亿不到的市值，是 肯定作为不大的，后续如何做到进一步引资？ 投资者您好：公司依托新能源汽车电控及驱动系统的技术积 累，积极布局低空飞行器核心部件，向低空飞行器的电机、电控 系统进行技术延伸；在电动船舶方面，开展电控技术迁移与产品 适配，转化为船舶动力系统，通过船级社认证，满足电动船舶对 高可靠性电控的需求。多谢您的关注。 4、请问对于接下来的车联网以及自动驾驶方面，公司有什 么布局？ 投资者您好：公司新能源汽车事业部将直面智能网联电动汽 车大发展的时代浪潮，充分发挥公司产学研深度融合的先天优 势，强化创新力度。借助 AI 赋能，将公司现有的电动商用车电 控系统产品拓展为面向下一代智能载运工具动力系统平台的智 能核心部件。多谢您的关注。 投资者关系活动记录表 编号：2025-001 | | □特定对象调研 □分析师会议 | | --- | -- ...