证券研究报告 | 公司动态点评 2025 年 09 月 01 日 经纬恒润（688326.SH） 单二季度扭亏为盈，有望持续受益智能驾驶迎来业绩反转 | 财务指标 | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业收入（百万元） | 4,678 | 5,541 | 7,006 | 8,787 | 10,856 | | 增长率 yoy（%） | 16.3 | 18.5 | 26.4 | 25.4 | 23.5 | | 归母净利润（百万元） | -217 | -550 | 22 | 198 | 321 | | 增长率 yoy（%） | -192.2 | -153.3 | 104.1 | 785.4 | 62.1 | | ROE（%） | -4.3 | -12.8 | 0.5 | 4.4 | 6.6 | | EPS 最新摊薄（元） | -1.81 | -4.59 | 0.19 | 1.65 | 2.67 | | P/E（倍） | -64.5 | -25.5 | 627.1 | 70.8 | 43.7 ...

研发投入维持高位，高潜力产品有望充分受益于智驾平权。公司2024年公司研发投入8.31亿元，同比 +28.94%，营收占比达8.19%。公司多个研发项目有望随着高阶智驾渗透率提升而放量。汽车电子方面， 公司智驾域控产品已完成多个国产化方案设计开发并参与竞标，已推出基于高通8775芯片的舱驾一体域控 产品，预研中央计算单元产品；精密压铸方面，中大吨位模具及产品半总成装配技术标准化，持续增强新 能源汽车关键零部件开发制造能力及半总成装配技术能力。 华龙证券股份有限公司杨阳,李浩洋近期对华阳集团（002906）进行研究并发布了研究报告《2024年年报 点评报告：归母净利润同比+40.13%，智能化加速有望深度受益》，给予华阳集团买入评级。 华阳集团 事件： 3月28日，华阳集团发布2024年报：2024年公司实现营收101.58亿元，同比42.33%，实现归母净利润6.51 亿元，同比+40.13%；2024Q4实现营收33.16亿元，同比+41.73%，实现归母净利润1.87亿元，同比 +11.57%。 观点： 智能化加速驱动订单高增，客户持续拓展继续增长潜力。2024年公司归母净利润同比+40.13%，其中毛利 ...

Investment Rating - The report maintains a "Buy" rating for the company with a target price of 168.34 CNY, based on a projected EPS of 4.43, 5.43, and 6.67 CNY for 2025-2027 [2][6]. Core Views - The company is expected to experience steady growth in its smart cockpit and intelligent driving businesses, driven by new customers and projects [1][9]. - The revenue forecast for 2025-2027 shows a growth trajectory with expected revenues of 33.73 billion CNY in 2025, 40.99 billion CNY in 2026, and 49.03 billion CNY in 2027, reflecting a year-on-year growth of 22.1%, 21.5%, and 19.6% respectively [4][12]. Financial Performance Summary - **Revenue**: The company reported a revenue of 21.91 billion CNY in 2023, with a year-on-year growth of 46.7%. The revenue is projected to grow to 27.62 billion CNY in 2024, 33.73 billion CNY in 2025, and continue to increase through 2027 [4][12]. - **Net Profit**: The net profit attributable to the parent company is expected to rise from 1.55 billion CNY in 2023 to 3.70 billion CNY in 2027, with a growth rate of 30.6% in 2023 and maintaining around 22.6% growth in subsequent years [4][12]. - **EPS**: The earnings per share are projected to increase from 2.79 CNY in 2023 to 6.67 CNY in 2027, indicating a strong upward trend in profitability [4][12]. - **Profit Margins**: The gross margin is expected to stabilize around 19.9% over the forecast period, while the net margin is projected to improve slightly from 7.1% in 2023 to 7.6% in 2027 [4][12]. Business Segment Insights - **Smart Cockpit**: The smart cockpit business is anticipated to generate 182.30 billion CNY in revenue in 2024, with a year-on-year growth of 15.4%. The company has secured new project orders exceeding 16 billion CNY annually [9][12]. - **Intelligent Driving**: The intelligent driving segment is projected to achieve revenues of 73.14 billion CNY in 2024, reflecting a significant growth of 63.1%. The gross margin for this segment is expected to improve by 4.0 percentage points [9][12].