在新能源汽车市场蓬勃发展的大背景下，恒勃股份积极投身布局，不断开拓汽车热管理系统相关产品。 公司开发的冷却水壶、膨胀箱、水侧分流板和冷却液流体模块等产品，已经在市场上取得了良好的反 响。公司在新能源汽车热管理系统方面取得突破，助力知名新能源汽车品牌解决电池热管理难题，显著 提升了车辆续航能力和安全性，获得了市场高度认可。 公司还将热管理管路应用拓展到数据中心冷却系统、充电桩热管理系统等领域，进一步拓宽了业务范围 和收入来源。这种跨领域的业务拓展，不仅体现了公司强大的技术研发实力和创新能力，也为公司未来 的持续增长奠定了坚实的基础。通过在新能源汽车及相关新兴领域的提前布局和深入耕耘，恒勃股份有 望在这一快速增长的市场中占据有利地位，分享行业发展带来的红利。 研发投入助力技术创新，增强核心竞争力 4月21日晚间，恒勃股份（301225）正式披露2024年年报，这份年度答卷不仅展现了公司在复杂行业环 境下的经营成果与发展脉络，更凸显出其在行业变革中强劲的投资价值，诸多亮点吸引着市场与投资者 的目光。 营收利润双增长，盈利能力持续提升 从数据来看，公司的营收和利润均呈现出稳健增长的态势。年报显示，恒勃股份2024年全 ...

Core Insights - Hengbo Co., Ltd. reported a revenue of 865 million yuan for 2024, representing a year-on-year growth of 10.15% [1] - The net profit reached 131 million yuan, with a year-on-year increase of 14.23% [1] - Basic earnings per share were 1.29 yuan, reflecting a growth of 1.57% year-on-year [1] Business Overview - The company's core business includes the R&D and production of intake systems for internal combustion engines and hybrid vehicles, fuel evaporation systems, thermal management systems for new energy vehicles, and cathode filtration systems for hydrogen fuel cells [1] - The traditional intake system business remains a stable revenue contributor, supported by market expansion and product optimization [1] New Energy Vehicle Developments - Hengbo Co., Ltd. has made significant progress in thermal management systems for new energy vehicles, which have become a new growth point for performance [1] - Products such as cooling water tanks and expansion tanks have achieved mature mass production, with major clients including GAC Group and Geely Group [1] - The company is also developing products like water-side diverters and coolant fluid modules, having secured 13 project development qualifications, with 7 already in mass production [1] R&D Investment - In 2024, the R&D expenditure reached 52.59 million yuan, a year-on-year increase of 15.05%, accounting for 6.08% of total revenue [2] - The company has consistently increased R&D investment over the past three years, focusing on various systems including ICE, HEV, fuel evaporation, and hydrogen fuel cell technologies [2] Hydrogen Energy Initiatives - Hengbo Co., Ltd. is advancing the application of hydrogen fuel cell components in medium and heavy-duty vehicles, exploring the market for hydrogen fuel cell passenger and commercial vehicles [2] - The company has developed key filtration efficiency parameters for fuel cell cathode filters and is testing new materials to enhance product performance [2] International Expansion - The company has successfully completed registration and land acquisition for a factory in Japan, with production expected to commence in 2025 [3] - This factory aims to reduce raw material costs and improve product quality while expanding into the Japanese and surrounding markets [3] - In Southeast Asia, the company has completed preliminary preparations for a project in Malaysia and is planning to establish a manufacturing network centered around Singapore, covering Malaysia, Thailand, and Indonesia [3]

Core Viewpoint - Hengbo Co., Ltd. reported a steady growth in revenue and profit for the year 2024, indicating a positive outlook for the company in the automotive and new energy sectors [1][2]. Financial Performance - The company achieved an operating income of 865 million yuan, a year-on-year increase of 10.15% - The net profit attributable to shareholders was 131 million yuan, reflecting a growth of 14.23% - Basic earnings per share stood at 1.29 yuan per share [1]. Business Segments - Hengbo Co., Ltd. specializes in the research, production, and sales of ICE & HEV intake systems, fuel evaporation systems, new energy vehicle thermal management systems, and hydrogen fuel cell cathode filtration systems [1]. - The traditional intake system business remains a stable revenue contributor, while the new energy vehicle thermal management systems have emerged as a significant growth driver [1][2]. Product Development and Innovation - The company has made notable advancements in thermal management systems for new energy vehicles, enhancing battery thermal management and improving vehicle range and safety [1]. - Hengbo has expanded its thermal management applications to data center cooling systems and charging station thermal management systems, showcasing its strong R&D capabilities and innovation [2]. R&D Investment - In 2024, the company allocated 52.59 million yuan for R&D, marking a 15.05% increase from the previous year [2]. - Hengbo has invested heavily in developing technologies across various sectors, filling domestic technological gaps and establishing a presence in the international supply chain [2]. Client Relationships - The company has strengthened its customer base by deepening partnerships with renowned international brands such as Honda, Yamaha, and Suzuki, as well as major domestic automakers like GAC Group, Geely Group, and Chery Group [2]. - Hengbo has successfully broken foreign monopolies in competitive bidding for high-performance intake systems [2]. Dividend Distribution - Hengbo Co., Ltd. plans to distribute a cash dividend of 4.20 yuan per 10 shares, totaling 42.63 million yuan [3]. - The total expected cash dividends and share buybacks for 2024 amount to 96.13 million yuan, representing 73.36% of the net profit attributable to shareholders [3].