Group 1: eCall Product Development and Certification - The company began its eCall product development in 2013, accumulating extensive experience in project management and overseas certifications [2] - In 2019, the company obtained the first EU eCall certification in China and was among the first globally to receive the UN-R144 standard certification [2] - On June 1, 2025, the company received the next-generation NG eCall certification, becoming one of the first globally to achieve this [2] - The company has expanded its certification scope to include regions such as the UK, UAE, and Saudi Arabia, making it one of the few domestic companies with comprehensive certifications [2] Group 2: Technical Challenges and System Functionality - The technical barriers for eCall products include reliability and safety, requiring various tests such as collision, emergency call trigger, and data protocol standards [3] - The eCall system is designed for emergency rescue, automatically triggered by sensors detecting severe collisions, and transmits critical data to emergency services [4] - The system's importance is recognized globally, serving as a third safety barrier alongside seat belts and airbags [5] Group 3: Market Penetration and Regulatory Impact - Currently, there are no certified eCall products in China, resulting in a penetration rate of 0% [6] - With the implementation of the national standard AECS, the penetration rate for eCall products in China is expected to reach 100% [6] - The AECS standard has been released, but detailed implementation guidelines are still pending [7] Group 4: Competitive Advantage and Future Strategy - The company holds a first-mover advantage in the eCall sector, having been a key supplier for domestic brands and involved in drafting the national standard [7] - The company plans to leverage its extensive overseas certification experience to support the domestic rollout of AECS and provide competitive products to automakers [7] - The company collaborates with major automotive manufacturers, enhancing its market position [7] Group 5: Additional Products and Business Areas - The company’s core technology integrates automotive and ICT technologies, applied in smart vehicles, new energy batteries, and industrial IoT [9] - Its product offerings include various forms of IoT smart terminals and modules, designed to meet diverse customer needs through modular development [9] - The company also provides digital battery management solutions for the new energy sector, collaborating with clients like CATL [9]

Company Overview - The company's core technology integrates automotive and ICT technologies, widely applied in smart vehicles, new energy batteries, and industrial IoT [2] - Main products include vehicle networking smart terminals, IoT smart modules, software, and technical services [2] - Vehicle networking products include TBOX and eCall terminals, used in major automotive manufacturers like SAIC, Chery, Geely, BYD, Great Wall, GAC, Li Auto, and NIO [2] Financial Performance - From 2021 to 2024, the company's revenue compound annual growth rate (CAGR) is 34.31% [2] - Net profit CAGR is 43.65%, indicating a growth trend [3] Strategic Partnerships - Collaboration with SAIC began in 2012, with SAIC recognizing the company as a TBOX supplier during the early stages of automotive intelligence [4] - The first smart connected vehicle launched by SAIC in 2014 was equipped with the company's technology [4] Product Innovations - The eCall system is a critical automotive safety feature for emergency rescue, enhancing response times and reducing casualties [5][6] - The company is a drafting unit for the national standard AECS, showcasing industry recognition [7] Research and Development - The company emphasizes forward-looking R&D, adapting to industry trends and customer needs, resulting in a steady increase in R&D expenses [7] - A platform-based and modular approach to R&D allows for rapid market introduction and customization of products [7] Collaboration with Industry Leaders - Provides digital battery management solutions to clients like CATL, covering the entire lifecycle of battery management [8] - Solutions include identity authentication, data interaction, fault alarms, operation maintenance, and OTA upgrades [8] Competitive Advantages - The company maintains strong technological innovation and product iteration capabilities, mastering core technologies while excelling in R&D, production management, quality control, and supply chain management [9] - A stable and high-quality customer base enhances the company's competitive edge [9]

Core Viewpoint - Huihan Co., Ltd. (301600.SZ) has announced a substantial profit distribution plan in its first year of listing, reflecting strong operational performance and commitment to shareholder returns [1][4]. Financial Performance - In 2024, Huihan Co. achieved a revenue of 1.022 billion yuan, a year-on-year increase of 25.68%, and a net profit of 175 million yuan, up 37.54% [2][3]. - The company plans to distribute a total cash dividend of 175 million yuan, which represents 99.95% of its net profit for the year [1][4]. - The stock price reached 161.55 yuan per share as of May 14, 2024, marking a 305.5% increase from its IPO price of 39.84 yuan [5]. Business Operations - Huihan Co. specializes in providing intelligent connected solutions for smart vehicles and industrial IoT, focusing on the development, production, and sales of vehicle networking smart terminals and IoT smart modules [2][7]. - The company has seen significant growth in product shipments, driven by the global automotive industry's shift towards intelligence, connectivity, and electrification [2][7]. Research and Development - In 2024, Huihan Co. invested 66.56 million yuan in R&D, a 22.84% increase from the previous year, accounting for 6.51% of its revenue [8]. - The number of R&D personnel reached 258, making up 57.46% of the total workforce, reflecting a focus on innovation and product development [6][8]. - The company has been actively involved in standard-setting and has obtained various certifications, including EU eCall certification, enhancing its competitive edge in the market [7][8]. Market Position - As a primary supplier to major automotive manufacturers such as SAIC, Chery, Geely, and BYD, Huihan Co. leverages its expertise in information communication to optimize product design and expand its product matrix [7]. - The company reported that its vehicle networking smart terminals and IoT smart modules generated revenues of 842 million yuan and 136 million yuan, respectively, with the former growing by 32.19% [7].

Investment Rating - The report assigns a "Buy" rating for the company, marking its first coverage [1][36][38]. Core Views - The company has shown significant growth, with a 31% year-on-year increase in net profit for Q1 2025, driven by the growth of TBox and eCall products [1][4]. - The company is positioned to benefit from the rising penetration of connected vehicles and the overall growth of the automotive industry, particularly in smart and connected solutions [8][25][26]. Summary by Sections Financial Performance - In Q1 2025, the company reported revenue of 216 million yuan, a 16.85% increase year-on-year, and a net profit of 43 million yuan, up 30.67% year-on-year [4][10]. - For the full year 2024, the company achieved revenue of 1.022 billion yuan, a 25.68% increase, and a net profit of 175 million yuan, a 37.54% increase [4][10]. - The compound annual growth rate (CAGR) for net profit from 2019 to 2024 was 47%, with revenue CAGR at 30.01% [5][11]. Business Segments - The connected vehicle terminal devices segment generated revenue of 842 million yuan in 2024, a 32.19% increase, accounting for 82.39% of total revenue, with a gross margin of 27.71% [5][15]. - The IoT smart module segment reported revenue of 136 million yuan, a decrease of 6.73%, contributing 13.28% to total revenue, with a gross margin of 24.77% [5][15]. Profitability and Cost Management - The company's gross margin improved to 29.07% in 2024, up 2.05 percentage points year-on-year, with a net margin of 17.17%, an increase of 1.48 percentage points [6][20]. - In Q1 2025, the gross margin further increased to 29.33%, with a net margin of 20.02%, reflecting effective cost management [6][20]. Market Trends and Opportunities - The global connected vehicle market is projected to reach 228.1 billion USD in 2024, with the Chinese market expected to reach 543 billion yuan [26][28]. - The company has established strong partnerships with major automotive manufacturers, enhancing its market position and growth potential [29][35]. Future Projections - Revenue forecasts for 2025-2027 are 1.339 billion yuan, 1.705 billion yuan, and 2.126 billion yuan, respectively, with net profits projected at 238 million yuan, 308 million yuan, and 377 million yuan [36][38]. - The current price-to-earnings (PE) ratios are projected to be 49, 38, and 31 for the years 2025, 2026, and 2027, respectively [36][38].

Group 1: Financial Performance - In 2024, the company achieved a revenue of 1.022 billion, a year-on-year increase of 25.68%, and a net profit attributable to shareholders of 175 million, up 37.54% year-on-year [1] - For Q1 2025, the company reported a revenue of 216 million, representing a year-on-year growth of 16.85%, and a net profit of 43 million, an increase of 30.67% year-on-year [1] - The company's gross margin for 2024 reached 29.07%, an increase of 2.60 percentage points from 2023, while the net profit margin was 17.17%, up 1.48 percentage points from the previous year [1] Group 2: Research and Development - The company emphasizes R&D investment, with R&D expenses reaching 67 million in 2024, a year-on-year growth of 22.84% [2] - Ongoing projects include NG-eCall new emergency call protocol and 5G R16 communication modules, aimed at maintaining leadership in the eCall sector and increasing market penetration in 5G [2] - The company has accumulated a total of 170 intellectual property rights by the end of the reporting period [2] Group 3: Market Position and Standards - The company is a leading domestic player in the eCall market, which is a critical automotive passive safety system [3] - It is one of the few companies in China to have obtained certifications from the EU, UN, and UAE, facilitating the export of eCall terminals for domestic vehicles to overseas markets [3] - The company is actively involved in drafting the Chinese version of the eCall standard (AECS), which, once implemented, is expected to significantly expand the market space [3] Group 4: Investment Outlook - The company is positioned to benefit from the growth of domestic passenger vehicle production and sales, as well as the increasing intelligence in automobiles [3] - With the upcoming national standard implementation, the company is expected to leverage its experience in overseas certifications and its role in standard drafting [3] - Projected net profits for 2025, 2026, and 2027 are estimated at 231 million, 309 million, and 448 million respectively, with corresponding PE ratios of 53, 40, and 27 [3]

Core Viewpoint - Huihan Co., Ltd. has demonstrated steady growth in its financial performance, with a focus on the eCall national standard policy process, leading to a "buy" rating from Minsheng Securities [1][3]. Financial Performance - In 2024, Huihan achieved a revenue of 1.022 billion yuan, a year-on-year increase of 25.68%, and a net profit attributable to shareholders of 175 million yuan, up 37.54% year-on-year [1]. - For Q1 2025, the company reported a revenue of 216 million yuan, representing a year-on-year growth of 16.85%, and a net profit of 43 million yuan, an increase of 30.67% year-on-year [1]. - The revenue from TBOX and eCall terminals reached 842 million yuan, a year-on-year increase of 32.19%, while IoT smart modules generated 136 million yuan, down 6.73% year-on-year [1]. - The gross margin for 2024 was 29.07%, an increase of 2.60 percentage points from 2023, and the net profit margin was 17.17%, up 1.48 percentage points from 2023 [1]. Research and Development - The company emphasizes R&D investment, with expenses reaching 67 million yuan in 2024, a year-on-year growth of 22.84% [2]. - Ongoing projects include NG-eCall and 5G R16 communication modules, aimed at maintaining leadership in the eCall sector and increasing market penetration in 5G [2]. - As of the report date, the company holds a total of 170 intellectual property rights [2]. Market Position and Policy Engagement - Huihan is a leading domestic player in the eCall market, with high technical requirements for eCall terminals, which are now mandatory in several regions including the EU and UAE [3]. - The company is one of the few that has obtained certifications from the EU, UN, and UAE, facilitating exports of eCall terminals for domestic vehicles [3]. - The Chinese version of the eCall standard (AECS) is under development, with Huihan participating in its drafting, which could significantly expand market opportunities once implemented [3]. - In 2024, China's automobile export volume was 5.859 million units, while domestic sales reached 31.436 million units [3]. Investment Outlook - The company is expected to benefit from the growth of domestic passenger vehicle production and sales, as well as advancements in automotive intelligence [3]. - Forecasted net profits for 2025, 2026, and 2027 are 231 million yuan, 309 million yuan, and 448 million yuan, respectively, with corresponding price-to-earnings ratios of 53, 40, and 27 times [3].

嗷 创业板投资风险提示：本次发行股票拟在创业板上市，创业板公司具有创新投入大、新旧产业融合存在 不确定性、尚处于成长期、经营风险高、业绩不稳定、退市风险高等特点，投资者面临较大的市场风险。 慧翰微电子股份有限公司 Flaircomm Microelectronics, Inc. （福建省福州市马尾区江滨东大道116号综合楼1#7楼） 首次公开发行股票并在创业板上市 招股说明书 声明：本公司的发行申请尚需经深圳证券交易所和中国证监会履行相应程序。本招股说明书不具有据以 发行股票的法律效力，仅供预先披露之用。投资者应当以正式公告的招股说明书作为作出投资决定的依 慧翰微电子股份有限公司 招股说明书（申报稿） 重要声明 保荐人（主承销商） （申报稿） 广东省广州市黄埔区中新广州知识城腾飞一街 2 号 618 室 投资者应充分了解创业板的投资风险及本公司所披露的风险因素，审慎作出投资决定。 据。 中国证监会、交易所对本次发行所作的任何决定或意见，均不表明其对发行 人注册申请文件及所披露信息的真实性、准确性、完整性作出保证，也不表明其 对发行人的盈利能力、投资价值或者对投资者的收益作出实质性判断或保证。任 何与之相反的声 ...

创业板投资风险提示：本次发行股票拟在创业板上市，创业板公司具有创新投入大、新旧产业融合存在 不确定性、尚处于成长期、经营风险高、业绩不稳定、退市风险高等特点，投资者面临较大的市场风险。 投资者应充分了解创业板的投资风险及本公司所披露的风险因素，审慎作出投资决定。 慧翰微电子股份有限公司 Flaircomm Microelectronics, Inc. （福建省福州市马尾区江滨东大道116号综合楼1#7楼） 首次公开发行股票并在创业板上市 招股说明书 （申报稿） 声明：本公司的发行申请尚需经深圳证券交易所和中国证监会履行相应程序。本招股说明书不具有据以 发行股票的法律效力，仅供预先披露之用。投资者应当以正式公告的招股说明书作为作出投资决定的依 据。 保荐人（主承销商） 广东省广州市黄埔区中新广州知识城腾飞一街 2 号 618 室 慧翰微电子股份有限公司 招股说明书（申报稿） 重要声明 中国证监会、交易所对本次发行所作的任何决定或意见，均不表明其对发行 人注册申请文件及所披露信息的真实性、准确性、完整性作出保证，也不表明其 对发行人的盈利能力、投资价值或者对投资者的收益作出实质性判断或保证。任 何与之相反的声明均 ...

创业板投资风险提示：本次股票发行后拟在创业板市场上市，该市场具有较高的投资风险。创业板公司 具有创新投入大、新旧产业融合成功与否存在不确定性、尚处于成长期、经营风险高、业绩不稳定、退 市风险高等特点，投资者面临较大的市场风险。投资者应充分了解创业板市场的投资风险及本公司所披 露的风险因素，审慎作出投资决定。 慧翰微电子股份有限公司 Flaircomm Microelectronics, Inc. （福建省福州市马尾区江滨东大道116号综合楼1#7楼） 首次公开发行股票并在创业板上市 招股说明书 （申报稿） 发行股票的法律效力，仅供预先披露之用。投资者应当以正式公告的招股说明书作为作出投资决定的依 据。 广东省广州市黄埔区中新广州知识城腾飞一街 2 号 618 室 保荐人（主承销商） 声明：本公司的发行申请尚需经深圳证券交易所和中国证监会履行相应程序。本招股说明书不具有据以 慧翰微电子股份有限公司 招股说明书（申报稿） 重要声明 中国证监会、交易所对本次发行所作的任何决定或意见，均不表明其对注册 申请文件及所披露信息的真实性、准确性、完整性作出保证，也不表明其对发行 人的盈利能力、投资价值或者对投资者的收益作出 ...