恒帅股份（300969.SZ）1月8日在投资者互动平台表示，公司的ADAS主动感知清洗系统是在相关领域 的前瞻性布局，部分客户已陆续进入定点环节。针对已定点项目，公司将根据投产进度陆续配置气液混 合式清洗系统25万套/年的产能。在未来高级别自动驾驶领域公司上述产品会有较好的市场前景，有望 成为公司未来重要增长动力之一。 （文章来源：每日经济新闻） 每经AI快讯，有投资者在投资者互动平台提问：2026年随着L3级自动驾驶开始放量，请问贵公司ADAS 主动感知清洗系统应收增长弹性如何？请大胆做个预测。 ...

证券日报网12月24日讯，恒帅股份（300969）在接受投资者提问时表示，公司的ADAS主动感知清洗系 统是在相关领域的前瞻性布局，部分客户已陆续进入定点环节。针对已定点项目，公司将根据投产进度 陆续配置气液混合式清洗系统25万套/年的产能。在未来高级别自动驾驶领域公司上述产品会有较好的 市场前景，有望成为公司未来重要增长动力之一。 ...

证券代码：300969 证券简称：恒帅股份 宁波恒帅股份有限公司 投资者关系活动记录表 问题四：公司主动感知清洗系统产品的相关进展？ 答：公司的 ADAS 主动感知清洗系统是在相关领域的前 瞻性布局，部分客户已陆续进入定点环节。针对已定点项目， 公司将根据投产进度陆续配置气液混合式清洗系统 25 万套/ 年的产能。在未来高级别自动驾驶领域公司上述产品会有较好 的市场前景，有望成为公司未来重要增长动力之一。 问题五：公司毛利率波动情况，未来趋势情况？ 编号：2025-029 | | □特定对象调研 □分析师会议 | | --- | --- | | 投资者关系活动类 | □媒体采访 □业绩说明会 | | 别 | □新闻发布会 □路演活动 | | | 现场参观 | | | 其他（电话会议） 乾瞻资产：胡恺敏、汤卓凡；工银瑞信：袁路欣；财通证券： | | | 李浩时；大成基金：马越洋；中信资管：程骥腾；康曼德：刘 | | 参与单位名称及人 | 恒杰；博时基金：王轶林；博善资产：黄腾飞；国海证券：陈 | | 员姓名 | 飞宇；中信证券：李景涛、陈彦龙；浙商证券：吴婷婷；国金 | | | 证券：何冠男；汇正财经：古攀 ...

Core Points - The company, Hengshuai Co., Ltd. (300969.SZ), announced on October 13 that it will arrange the production schedule for a capacity of 250,000 sets per year of gas-liquid mixed cleaning systems based on relevant fixed-point situations [1] - Part of this production capacity will be allocated to manufacturing in Thailand [1] Summary by Sections - **Production Capacity**: The company plans to produce 250,000 sets per year of gas-liquid mixed cleaning systems [1] - **Geographical Expansion**: A portion of the production capacity will be utilized for manufacturing in Thailand [1]

Core Viewpoints - The traditional cleaning segment remains under pressure, and the motor segment has experienced a decline due to sporadic factors [2] - The company has seen an increase in expense ratios, leading to fluctuations in profitability [2] Financial Performance - In Q1 2025, the company achieved revenue of approximately 203 million, a year-on-year decrease of about 16.04% [1] - The net profit attributable to the parent company was approximately 42 million, a year-on-year decrease of about 35.48% [1] - The gross margin for Q1 2025 was approximately 32.22%, down by about 4.57 percentage points year-on-year [2] - The net profit margin was approximately 20.61%, down by about 6.21 percentage points year-on-year [2] - The total expense ratio was approximately 11.33%, an increase of about 3.48 percentage points year-on-year [2] Business Development - The company has entered the production ramp-up phase for the drum motor products developed in collaboration with Germany's Lenze [3] - New production bases in Thailand and the United States have been completed, strengthening the global production layout [3] - The company has secured batch projects for active perception cleaning systems from clients such as Waymo and Meituan [3] - The company plans to configure a production capacity of 250,000 sets per year for gas-liquid mixed cleaning systems [3] - The matching of harmonic magnetic field motor technology with the customized needs of humanoid robots is expected to open new growth avenues for the company [3] Investment Outlook - The company is expected to see revenue growth from new product applications and project rollouts, with projected revenues of approximately 1.1 billion, 1.27 billion, and 1.47 billion for 2025 to 2027, representing year-on-year growth of approximately 14.7%, 15.2%, and 15.8% respectively [4] - The net profit attributable to the parent company is projected to be approximately 230 million, 270 million, and 320 million for 2025 to 2027, with year-on-year growth of approximately 8.6%, 17.4%, and 17.8% respectively [4] - As of May 6, 2025, the stock price corresponds to a PE ratio of approximately 27.5, 23.5, and 19.9 for 2025 to 2027 [4] Rating - The company maintains a "Buy" rating [5]

Financial Performance - The company's Q1 2025 revenue was 202.83 million yuan, a decrease of 16.04% from 241.59 million yuan in Q1 2024 [3] - Net profit attributable to shareholders was 41.80 million yuan, down 35.48% from 64.79 million yuan in the previous year [3] - The gross margin for Q1 2025 was 32.22%, showing a decline from 36.79% in Q1 2024 and 32.5% in Q4 2024 [3] Business Challenges - The traditional cleaning business segment continues to face pressure, with no signs of relief in Q1 2025 [3] - The electric motor business also experienced a short-term decline due to overdue accounts from some clients, leading to a temporary halt in supply to those clients [3] Strategic Initiatives - The company is focused on risk management of accounts receivable, maintaining a cautious approach in project and client selection [4] - Plans to expand the customer base and maintain stable relationships with emerging clients to enhance market share [4] Production and Growth Prospects - The Thai factory is progressing well with equipment debugging and is entering a ramp-up production phase [5] - The factory is expected to provide new growth momentum due to sufficient order demand and low initial depreciation burden [5] Technology Development - The company has secured mass production projects for the ADAS active perception cleaning system with clients like Waymo and Meituan, targeting an annual capacity of 250,000 sets [6] - Development of harmonic magnetic field motor technology is underway, with successful applications in logistics systems and positive feedback from clients in humanoid robotics [6] Market Impact - Direct sales to the U.S. market accounted for only 2.7% of total business in 2024, minimizing the impact of U.S. tariffs [7] - The company plans to optimize production capacity and strategies in response to external environmental changes [7]