11月25日， 东方财富 证券 投资者教育基地成功组织了"走进 豪恩汽电 ，智行未来之路"主题调研活动，带领19名投资者实地探访了深圳市豪恩 汽车电子 装 备股份有限公司（以下简称" 豪恩汽电 "）。本次活动旨在搭建投资者与上市公司之间的直接沟通桥梁，通过深度调研，帮助投资者更直观、全面地了解 豪 恩汽电 的业务布局、技术实力与发展战略。 活动伊始，投资者们参观了公司展厅。展厅内的产品阵列，浓缩了 豪恩汽电 在智能驾驶感知领域的技术发展史，清晰勾勒出公司从基础感知到融合智能的 技术跃迁路径。结合精心布置的汽车模型和公司的专业讲解，展现了智能视觉系统、超声波雷达系统、 毫米波雷达 系统以及基于AI算法的融合技术解决方 案在实际驾驶场景中的具体应用，使投资者们有了更为直观和深刻的理解。 高管分享：洞察核心业务与战略布局 在投资者问答环节，现场交流气氛热烈，投资者围绕公司业务发展与未来战略，与管理层进行了深入的沟通。投资者普遍关注公司产品在 机器人 领域的应 用前景，陈清锋先生指出，感知技术是各类机器人的核心需求，其应用广泛覆盖人型机器人、工作型机器人等主要品类，目前产品已覆盖感知端与决策端， 并与头部机器人公司建 ...

Core Insights - The company, Haon Automotive, has established itself as a leader in the intelligent perception technology sector, collaborating with major automotive manufacturers and entering the robotics supply chain [2][3][4] Group 1: Market Position and Demand - Haon Automotive's new generation AK2 ultrasonic radar is featured in popular models like the Wenjie M7, Xpeng P7, and Geely Galaxy M9, indicating strong market demand and technological resonance [3][4] - The company holds a leading market share of 27.3% among domestic ultrasonic radar suppliers as of the first half of the year, with a total order amount of approximately 20.9 billion yuan [4] Group 2: Technological Development and Strategy - The company is transitioning to a "technology leader" by planning new products such as laser radar and thermal imaging to meet L3 autonomous driving safety redundancy requirements [5] - R&D expenses have increased by over 48% year-on-year to approximately 145 million yuan, representing 11.48% of revenue, reflecting the company's commitment to maintaining core customer relationships and enhancing technical support [6] Group 3: Future Growth and Vision - The company aims for a tenfold growth in business scale, targeting a hundred billion yuan milestone, with its core business in intelligent driving perception acting as the main engine for this growth [7][8] - A strategic partnership with NVIDIA for the development of robotic control systems signifies the company's ambition to expand its footprint in the robotics sector, enhancing its competitive position [7]

Core Viewpoint - The company believes that the smart driving sector is a "long slope with thick snow," indicating that while competition is fierce, the market is far from reaching its conclusion. The ability to deeply bind technology, products, and customers is key to ultimate success [1] Market Perspective - The entire smart driving market is rapidly expanding, with increasing penetration rates and a swift evolution of functionalities from L2 to L2+ and L3, creating significant incremental space [1] Customer Strategy - The company is committed to strategic cooperation with leading automotive manufacturers to achieve deep binding relationships [1] Technological Development - The company has laid out a multi-dimensional perception product strategy, including camera perception systems, ultrasonic radar systems, and millimeter-wave radar systems, while also making forward-looking investments in perception fusion algorithms to build technological barriers [1] - The company insists on core technology being self-controllable and provides higher performance and lower-cost solutions through integrated hardware and software [1]

Group 1: Customer Structure and Revenue - In the first half of 2025, the top five customers accounted for approximately 70% of revenue, with the new energy business contributing around 50% [1] - The company has established partnerships with global clients such as Volkswagen, Toyota, and Ford, enhancing its industry recognition [1] Group 2: Cost Control and R&D Investment - The company aims for maximum sales and minimal expenses, with a focus on increasing automation to enhance efficiency [1] - R&D investment reached 103 million CNY in the first half of 2025, representing 12.85% of revenue, driven by strategic initiatives to secure technological leadership [3] Group 3: Corporate Culture and Strategic Goals - The company emphasizes a culture of excellence, aiming for top-tier clients, technology, products, and personnel, incentivized through a reward system based on contributions [2] Group 4: Market Competition and Future Outlook - The intelligent driving market is rapidly expanding, with increasing penetration and evolving functionalities, presenting significant growth opportunities [5] - The company views the robotics sector as a strategic growth area, leveraging its expertise in intelligent driving technology to capitalize on market demand [5] Group 5: Collaboration and Development - The partnership with NVIDIA focuses on developing a comprehensive robotic brain control system, currently in the development phase without revenue generation [4] - The company has not considered convertible bonds yet, but plans to explore this option based on future development needs [4]

Group 1: Financial Performance - In the first half of 2025, the company achieved a revenue of 805 million CNY, representing a year-on-year growth of 35.79% [3] - The net profit attributable to shareholders, after deducting non-recurring items, was 41.29 million CNY, with a year-on-year increase of 13.75% [3] - The gross profit margin for the first half of 2025 was 20.47%, a decrease of 0.84% compared to the same period last year [3] Group 2: Customer and Product Structure - The top five customers accounted for approximately 70% of the revenue in the first half of 2025, with the new energy business contributing around 50% [3] - The main products generating revenue were automotive intelligent driving perception systems, with revenue shares of 65% for onboard camera systems and 35% for ultrasonic radar systems [3] Group 3: Research and Development - The company invested 103 million CNY in R&D in the first half of 2025, which is 12.85% of its revenue, marking a year-on-year increase of 53.25% [3] - The company plans to expand its R&D team from 400-600 to approximately 1,000 personnel to support its global development strategy [6] Group 4: Global Strategy and Market Expansion - In the first half of 2025, overseas revenue accounted for about 40%, with expectations for further increases as the global strategy is implemented [5] - The company has established long-term partnerships with major automotive manufacturers globally, including Volkswagen, Ford, and BYD [5] Group 5: Future Product Development - The company anticipates significant growth in the sales of its intelligent driving products, particularly the AK2 ultrasonic system and APA automatic parking system [4] - The unit price of the perception systems is expected to rise from below 1,000 CNY to between 3,000 and 4,000 CNY per vehicle as the number of sensors increases [8] Group 6: Order Backlog - The company currently has a robust order backlog, with total project amounts ranging from 20 billion to 30 billion CNY, covering various advanced perception systems [7]