华阳集团 (002906 CH) Q2 营收增速强劲，毛利率环比+1.3pct | 华泰研究 | | | 中报点评 | 投资评级(维持): | 买入 | | --- | --- | --- | --- | --- | --- | | 2025 年 | 8 月 | 21 日│中国内地 | 汽车零部件 | 目标价(人民币): | 44.82 | 华阳集团发布半年报，2025 年 H1 实现营收 53.11 亿元（yoy+26.65%）， 归母净利 3.41 亿元（yoy+18.98%），扣非净利 3.23 亿元（yoy+16.53%）。 其中 Q2 实现营收 28.22 亿元（yoy+28.10%，qoq+13.36%），Q2 毛利率 环 比 +1.32pct 达 到 19.50% ， 归 母 净 利 1.86 亿元（ yoy+28.52% ， qoq+19.57%）。展望后续，公司或将持续受益于智能化浪潮并加快出海布 局，我们维持"买入"评级。 收入：增速持续跑赢大盘，新产品 VPD 率先量产 证券研究报告 1）Q2 公司营收同环比+28.10%/+13.36%，显著跑赢 Q2 国内乘用车产量 增速（同环比+1 ...

Group 1: 泰恩康 (Tianenkang) - The company has completed the enrollment of 200 subjects for the Phase II clinical trial of CKB ointment, with results expected in July 2025 [1] - The registration application for the domestic production of Hewei Zhengchang Wan has been accepted, and the production line transformation is complete, aiming for approval within the year [1] - Minoxidil lotion has completed pre-listing preparations, with expected revenue recognition in Q2 of this year [1] - The company plans to submit multiple product approvals within the next year, including CKB and injectable paclitaxel polymer micelles [1] Group 2: 环旭电子 (Huanxu Electronics) - The domestic manufacturing ratio has decreased to 60%, with production shifting to Mexico, Poland, and Vietnam [2] - AI accelerator card business is expected to grow by 150%, with capacity expansion in Taiwan and Mexico [2] - The company is focusing on wearable products and SiP modules, with new product lines in Vietnam [2] - Annual capital expenditure (Capex) is projected to be over $200 million [2] Group 3: 艾力斯 (Ailis) - The company is advancing multiple key products, with Golai Resep tablets entering the comprehensive review stage and aiming for inclusion in annual medical insurance negotiations [3] - A new large molecule R&D department has been established, focusing on lung cancer, with plans for IND submission next year [3] - The company plans to continue expanding its marketing team and optimize resource allocation to ensure stable operations [3] - Cash dividends totaling 292.5 million yuan are planned for 2024, with an increase in mid-term dividends expected in the first half of 2025 [3] Group 4: 华阳集团 (Huayang Group) - The automotive electronics business has seen an expanding customer base, with a significant year-on-year increase in new orders [4] - The company has achieved larger display viewing angles for VPD products and is promoting them to multiple automakers [4] - Huayang Group is reducing geopolitical risks by establishing subsidiaries in Thailand and Mexico [4]

研发投入维持高位，高潜力产品有望充分受益于智驾平权。公司2024年公司研发投入8.31亿元，同比 +28.94%，营收占比达8.19%。公司多个研发项目有望随着高阶智驾渗透率提升而放量。汽车电子方面， 公司智驾域控产品已完成多个国产化方案设计开发并参与竞标，已推出基于高通8775芯片的舱驾一体域控 产品，预研中央计算单元产品；精密压铸方面，中大吨位模具及产品半总成装配技术标准化，持续增强新 能源汽车关键零部件开发制造能力及半总成装配技术能力。 华龙证券股份有限公司杨阳,李浩洋近期对华阳集团（002906）进行研究并发布了研究报告《2024年年报 点评报告：归母净利润同比+40.13%，智能化加速有望深度受益》，给予华阳集团买入评级。 华阳集团 事件： 3月28日，华阳集团发布2024年报：2024年公司实现营收101.58亿元，同比42.33%，实现归母净利润6.51 亿元，同比+40.13%；2024Q4实现营收33.16亿元，同比+41.73%，实现归母净利润1.87亿元，同比 +11.57%。 观点： 智能化加速驱动订单高增，客户持续拓展继续增长潜力。2024年公司归母净利润同比+40.13%，其中毛利 ...