泓德睿享一年持有期混合A（009015）基金经理为姚学康、赵端端。 截至发稿，姚学康累计任职时间3年267天，现任基金资产总规模9.43亿元，任职期间最佳基金回报 22.28%， 任职期间最差基金回报-13.38%。 赵端端累计任职时间7年0天，现任基金资产总规模24.27亿元，任职期间最佳基金回报40.34%， 任职期 间最差基金回报-0.5%。 风险提示：市场有风险，投资需谨慎。本文为AI大模型自动发布，任何在本文出现的信息（包括但不 限于个股、评论、预测、图表、指标、理论、任何形式的表述等）均只作为参考，不构成个人投资建 议。 9月22日，宁波华翔涨5.02%，截至发稿，报35.75元/股，成交8.57亿元，换手率3.46%，总市值290.95亿 元。 资料显示，宁波华翔电子股份有限公司位于上海市浦东新区世纪大道1168号东方金融广场A座6层，成 立日期1988年9月26日，上市日期2005年6月3日，公司主营业务涉及从事汽车零部件的开发、生产和销 售。主营业务收入构成为：内饰件53.89%，外饰件18.06%，金属件17.68%，电子件8.28%，其他 2.09%。 从基金十大重仓股角度 数据显示，泓 ...

Company Overview - Ningbo Huaxiang is engaged in the development, production, and sales of automotive parts, with a revenue composition of 53.89% from interior parts, 18.06% from exterior parts, 17.68% from metal parts, 8.28% from electronic parts, and 2.09% from other categories [1][2]. Stock Performance - As of September 12, Ningbo Huaxiang's stock price decreased by 2.08% to 32.02 CNY per share, with a total market capitalization of 26.059 billion CNY [1]. - The stock has seen a significant increase of 163.50% year-to-date, with a 6.59% rise in the last five trading days, 40.69% in the last 20 days, and 118.84% in the last 60 days [1]. Financial Performance - For the first half of 2025, Ningbo Huaxiang reported a revenue of 12.879 billion CNY, reflecting a year-on-year growth of 11.03%. However, the net profit attributable to shareholders was -374 million CNY, a decrease of 170.16% compared to the previous year [2]. Shareholder Information - As of June 30, 2025, the number of shareholders increased by 29.27% to 48,200, while the average circulating shares per person decreased by 22.64% to 14,725 shares [2]. - The company has distributed a total of 4.38 billion CNY in dividends since its A-share listing, with 1.099 billion CNY distributed in the last three years [3]. Institutional Holdings - As of June 30, 2025, Hong Kong Central Clearing Limited is the second-largest circulating shareholder, holding 38.3112 million shares, an increase of 10.0031 million shares from the previous period [3]. - E Fund CSI Dividend ETF and China Merchants CSI Dividend ETF have seen reductions in their holdings, while Guangfa Technology Innovation Mixed A has exited the top ten circulating shareholders list [3].

Company Overview - Ningbo Huaxiang is engaged in the development, production, and sales of automotive parts, with a revenue composition of 53.89% from interior parts, 18.06% from exterior parts, 17.68% from metal parts, 8.28% from electronic parts, and 2.09% from other categories [1][2] Stock Performance - As of September 2, Ningbo Huaxiang's stock price decreased by 2.11% to 26.93 CNY per share, with a total market capitalization of 21.917 billion CNY [1] - The stock has increased by 121.61% year-to-date, with a 16.73% rise over the last five trading days, 34.25% over the last 20 days, and 80.71% over the last 60 days [1] Financial Performance - For the first half of 2025, Ningbo Huaxiang reported a revenue of 12.879 billion CNY, representing a year-on-year growth of 11.03%, while the net profit attributable to shareholders was -374 million CNY, a decrease of 170.16% compared to the previous year [2] Shareholder Information - As of June 30, 2025, the number of shareholders increased by 29.27% to 48,200, with an average of 14,725 shares per shareholder, down by 22.64% [2][3] - The top circulating shareholder is Hong Kong Central Clearing Limited, holding 38.3112 million shares, an increase of 10.0031 million shares from the previous period [3] Dividend Distribution - Since its A-share listing, Ningbo Huaxiang has distributed a total of 4.38 billion CNY in dividends, with 1.099 billion CNY distributed over the last three years [3]

Company Overview - Ningbo Huaxiang is engaged in the development, production, and sales of automotive parts, with a revenue composition of 53.89% from interior parts, 18.06% from exterior parts, 17.68% from metal parts, 8.28% from electronic parts, and 2.09% from other categories [1]. Stock Performance - As of September 1, the stock price of Ningbo Huaxiang increased by 2.02%, reaching 27.83 CNY per share, with a trading volume of 1.166 billion CNY and a turnover rate of 6.03%, resulting in a total market capitalization of 22.649 billion CNY [1]. - Year-to-date, the stock price has risen by 129.02%, with a 20.37% increase over the last five trading days, a 39.36% increase over the last 20 days, and an 82.59% increase over the last 60 days [1]. Financial Performance - For the first half of 2025, Ningbo Huaxiang reported a revenue of 12.879 billion CNY, reflecting a year-on-year growth of 11.03%. However, the net profit attributable to shareholders was -374 million CNY, a significant decrease of 170.16% compared to the previous year [2]. Shareholder Information - As of June 30, 2025, the number of shareholders increased by 29.27% to 48,200, while the average circulating shares per person decreased by 22.64% to 14,725 shares [2]. - The company has distributed a total of 4.38 billion CNY in dividends since its A-share listing, with 1.099 billion CNY distributed in the last three years [3]. Institutional Holdings - As of June 30, 2025, Hong Kong Central Clearing Limited is the second-largest circulating shareholder, holding 38.3112 million shares, an increase of 10.0031 million shares from the previous period [3].

Company Overview - Ningbo Huaxiang is engaged in the development, production, and sales of automotive parts, with a revenue composition of 53.89% from interior parts, 18.06% from exterior parts, 17.68% from metal parts, 8.28% from electronic parts, and 2.09% from other categories [1][2] Stock Performance - As of August 29, Ningbo Huaxiang's stock price increased by 2.34% to 25.38 CNY per share, with a total market capitalization of 20.655 billion CNY [1] - The stock has risen 108.85% year-to-date, with a 9.97% increase over the last five trading days, 26.52% over the last 20 days, and 68.50% over the last 60 days [1] Financial Performance - For the first half of 2025, Ningbo Huaxiang reported a revenue of 12.879 billion CNY, reflecting a year-on-year growth of 11.03%, while the net profit attributable to shareholders was -374 million CNY, a decrease of 170.16% compared to the previous year [2] Shareholder Information - As of June 30, 2025, the number of shareholders increased by 29.27% to 48,200, with an average of 14,725 shares per shareholder, down by 22.64% [2] - The company has distributed a total of 4.38 billion CNY in dividends since its A-share listing, with 1.099 billion CNY distributed in the last three years [3] Institutional Holdings - As of June 30, 2025, Hong Kong Central Clearing Limited is the second-largest circulating shareholder with 38.3112 million shares, an increase of 10.0031 million shares from the previous period [3] - E Fund CSI Dividend ETF and China Merchants CSI Dividend ETF have reduced their holdings, while Guangfa Technology Innovation Mixed A has exited the top ten circulating shareholders list [3]

Core Viewpoint - The company's 1H25 performance aligns with previous forecasts, showing a revenue increase but a significant net loss primarily due to the divestiture of European operations [1][2]. Financial Performance - 1H25 revenue reached 12.879 billion yuan, up 10.9% year-on-year; net profit attributable to shareholders was -374 million yuan, down 170.2% year-on-year; and non-recurring net profit was 600 million yuan [1]. - 2Q25 revenue was 6.618 billion yuan, up 11.9% year-on-year and 5.7% quarter-on-quarter; net profit attributable to shareholders was -630 million yuan, reflecting a loss due to the impact of European business divestiture [1]. - The gross margin for 1H25 was 15.2%, down 0.5 percentage points year-on-year, while 2Q25 gross margin was 16.4%, showing a slight improvement [2]. Business Development Trends - The company is benefiting from an optimized customer structure, with domestic revenue increasing by 17.02% year-on-year to 10.438 billion yuan, while overseas revenue decreased by 9.43% year-on-year to 2.441 billion yuan due to the divestiture of European assets [1]. - The company is actively pursuing technological upgrades and capital collaboration, including a three-year agreement for full-size bipedal robot manufacturing and the establishment of a 1 billion yuan investment fund to explore acquisition opportunities in smart cockpit and robotics core components [2]. Profit Forecast and Valuation - Due to the impact of the European business divestiture, the company's 2025 net profit forecast has been reduced by 58.6% to 499 million yuan, while the 2026 profit forecast remains unchanged [3]. - The current stock price corresponds to a price-to-earnings ratio of 37.6 times for 2025 and 14.6 times for 2026; the target price has been raised by 69.6% to 26.80 yuan, indicating a potential upside of 16.2% from the current stock price [3].

Group 1 - The core viewpoint of the news highlights the significant stock performance of Ningbo Huaxiang, with a year-to-date increase of 103.92% and a recent rise of 7.41% on August 27, reaching a price of 24.78 CNY per share [1] - The company has seen substantial trading activity, with a total transaction volume of 2.59 billion CNY and a market capitalization of 201.67 billion CNY [1] - Ningbo Huaxiang's main business involves the development, production, and sales of automotive parts, with revenue composition including interior parts (53.89%), exterior parts (18.06%), metal parts (17.68%), electronic parts (8.28%), and others (2.09%) [1] Group 2 - As of June 30, 2025, Ningbo Huaxiang reported a revenue of 12.879 billion CNY, reflecting a year-on-year growth of 11.03%, while the net profit attributable to shareholders was -374 million CNY, a decrease of 170.16% [2] - The company has distributed a total of 4.38 billion CNY in dividends since its A-share listing, with 1.099 billion CNY distributed in the last three years [3] - The number of shareholders increased by 29.27% to 48,200 as of June 30, 2025, while the average circulating shares per person decreased by 22.64% to 14,725 shares [2]

Core Viewpoint - The company is issuing shares to specific investors, which will dilute immediate returns but aims to enhance long-term competitiveness and financial stability through strategic investments in projects related to the automotive parts industry [2][3][6]. Financial Impact Analysis - The company plans to issue 244,149,936 shares, increasing total shares to 1,057,983,058 [4]. - The projected net profit for 2025 is estimated at 953 million yuan, with scenarios predicting stable, 10% growth, or 10% decline in net profit compared to 2024 [4][5]. - Basic earnings per share (EPS) before the issuance is projected at 1.13 yuan, which could drop to 0.87 yuan under stable profit conditions post-issuance [5][6]. Necessity and Reasonableness of the Issuance - The funds raised will be allocated to projects such as the Wuhu Automotive Parts Intelligent Manufacturing Project and the Chongqing Automotive Interior Parts Production Base, which align with the company's core business and future strategic layout [7][8]. - The issuance is deemed necessary to enhance the company's core competitiveness and sustainable development capabilities [6][8]. Relationship with Existing Business - The projects funded by the issuance are closely related to the company's main operations in automotive parts design, development, production, and sales [7]. - The company has a strong talent pool and technical capabilities to support the implementation of these projects, ensuring effective execution [8][9]. Measures to Mitigate Dilution of Immediate Returns - The company plans to enhance operational efficiency and reduce costs through optimized business processes and internal controls [10]. - Strict management of raised funds will be implemented to ensure they are used effectively and transparently, protecting the interests of small investors [10][11]. - The company will accelerate project construction to realize expected benefits quickly, thereby mitigating the dilution of immediate returns [10][11]. Commitments from Company Leadership - The board and senior management have committed to diligently executing measures to mitigate the impact of share issuance on immediate returns, ensuring accountability [12][13]. - The controlling shareholder and actual controller have also made commitments to uphold these measures and accept responsibility for any losses incurred due to non-compliance [13].