12月3日晚间，星宇股份（601799）发布公告称，公司正在筹划发行H股并在香港联交所上市事宜。目 前正在与相关中介机构就具体推进工作进行商讨，相关细节尚未确定，本次H股上市不会导致公司控股 股东和实际控制人发生变化。 星宇股份表示，本次筹划H股上市旨在深化国际化战略布局，借助国际资本市场拓展多元化融资渠道， 助力公司高质量发展。 业绩方面，星宇股份近年来保持稳健增长态势，今年前三季度实现营收107.1亿元，同比增长16.09%； 归母净利润11.41亿元，同比增长16.76%。 今年10月，星宇股份成立常州星宇智能机器人有限公司，注册资本1亿元，涉足机器人领域。10月16 日，星宇股份又马不停蹄地与节卡机器人股份有限公司签署战略合作协议，双方将在具身智能机器人创 新、智能制造升级、产业链协同三大领域开展深度合作，推动人工智能与汽车产业、机器人产业融合发 展。 按照协议约定，双方将主要围绕三大核心方向开展合作：一是具身智能领域的联合创新，研发制造"感 知—照明—显示—投影—交互"一体化智能终端，推动智能机器人交互场景落地；二是通过机器人与AI 算法融合，推动具身智能产品在汽车零部件等智能制造领域创新应用；三是 ...

Investment Rating - The report maintains a "Buy" rating for the company [4] Core Views - The company achieved a revenue of 13.25 billion yuan in 2024, representing a year-on-year increase of 29.32%, with a net profit of 1.408 billion yuan, up 27.78% year-on-year [1] - The average selling price of automotive lights increased from 162 yuan to 203 yuan, contributing to a sales revenue of 12.45 billion yuan for lighting products, which is a 29.8% increase year-on-year [7] - The company is a leading manufacturer and designer of automotive lighting systems in China, serving a wide range of domestic and international automotive manufacturers [2] Financial Summary - The projected revenues for 2025, 2026, and 2027 are 16.62 billion yuan, 20.07 billion yuan, and 22.12 billion yuan, respectively, with year-on-year growth rates of 25.4%, 20.8%, and 10.2% [3] - The expected net profits for the same years are 1.85 billion yuan, 2.30 billion yuan, and 2.66 billion yuan, with corresponding year-on-year growth rates of 31.3%, 24.6%, and 15.3% [3] - The company’s sales and management expenses have decreased, with sales expense ratio at 0.42%, management expense ratio at 2.29%, and R&D expense ratio at 4.95% [1] Product and Market Development - The company is expanding its production capacity with the construction of a smart manufacturing industrial park, which will enhance its ability to produce electric vehicle lighting products [2] - The company has undertaken 69 new model R&D projects in 2024, successfully launching 40 models into production [7] - Domestic revenue reached 12.04 billion yuan, a 29.2% increase year-on-year, while international revenue grew by 49.1% to 499 million yuan [7]