中信証券財富管理 (香港) CITIC Securities Wealth Management (HK) 投资策略 每周投资策略 上周环球 大类资产表现 本周主要地区 经济数据公布日程 (1) 美国市场焦点 预计美联储年内将 连续降息三次 股票 "降息交易" 主线重新明确； Mobileye；Klaviyo ETF Invesco标普500等权重 房地产ETF (2) 欧洲市场焦点 俄乌和平之路 并不容易 按一下此處編輯母版標題樣式 文件名 产品及投资方案部 ｜2025年8月25日 每周投资策略 (3) 菲律宾市场焦点 二季度GDP超预期， 降息有望延续增长势头 股票 受益于区域资金流入 ETF iShares MSCI菲律宾 ETF 资料来源：中信证券财富管理 (香港) 1 上周环球 股市表现 鲍威尔鸽派发言推动全球股市周五大幅拉升 | | | | | | 环球主要股票市场表现 | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 指数 | 收盘价* | 1周变动 | 1个月变动 ...

Financial Data and Key Metrics Changes - The company reported record second quarter revenue of $5.2 billion, reflecting a 2% year-over-year growth [18] - Operating income totaled $628 million, with a record earnings per share of $2.12, marking a 34% increase [7][19] - Operating cash flow was $510 million, contributing to a strong balance sheet and capital allocation flexibility [7][24] Business Line Data and Key Metrics Changes - Advanced Safety and User Experience (ASUX) segment revenues declined by 3%, impacted by the roll-off of legacy programs and production slowdowns in China [9][20] - Engineered Components Group (ECG) revenues increased by 5%, driven by growth in Europe and local Chinese OEMs [22] - Electrical Distribution Systems (EDS) segment revenues also grew by 5%, supported by strong volume growth in North America and Asia Pacific [27] Market Data and Key Metrics Changes - In North America, revenue grew by 3% despite a year-on-year decline in vehicle production, driven by active safety and electrified programs [20] - European revenues decreased by 1%, slightly better than vehicle production trends, while revenues in China also declined by 1% due to unfavorable customer mix [20] Company Strategy and Development Direction - The company is focused on maximizing shareholder value, with plans for the spin-off of Electrical Distribution Systems on track [6] - The strategic emphasis is on electrification, automation, and digitalization trends across multiple industries, enhancing competitive positioning [5] - The company aims to optimize operational efficiency and cost structure to remain agile in a dynamic market environment [5] Management's Comments on Operating Environment and Future Outlook - Management expressed caution regarding potential consumer demand weakening in the second half of the year due to evolving trade and regulatory policies [17] - The company remains confident in its ability to navigate the dynamic environment and deliver strong financial results [32] - Future guidance reflects a conservative outlook, anticipating a 3% decline in global vehicle production for the full year 2025 [25] Other Important Information - The company received the Volkswagen Group Award for Resilient Supply Chains, highlighting its effective supply chain management [6] - New business bookings totaled $5.4 billion, positioning the company for strong future growth [8] Q&A Session Summary Question: Visibility for Q4 production - Management indicated that they have reasonable visibility into production schedules, with a conservative outlook for the second half of the year due to market dynamics [35][36] Question: Content opportunities from shifting vehicle mix - Management noted that they have already seen a shift towards larger vehicles, which has provided content opportunities despite a slowdown in EV adoption [38] Question: Bookings target visibility - Management expressed confidence in achieving the $31 billion bookings target, despite a challenging macro backdrop [41][42] Question: Growth in non-automotive sectors - Management reported strong growth in industrial, aerospace, and defense sectors, with expectations for solid double-digit growth in the back half of the year [45][46] Question: Assumptions for second half growth - Management highlighted that growth in the second half will be driven by ongoing ADAS program launches and strong performance in the EDS business [52][53] Question: Capital allocation post-EDS spin - Management clarified that they will focus on M&A opportunities in engineered components and ASUX sectors while maintaining manageable leverage [56][57]

随着先进驾驶辅助系统(ADAS)技术不断成熟，消费者对高速和城市通勤场景下驾驶辅助体验的期待提升，L2级高速NOA与城市NOA加 速渗透，带动域控方案对前视一体机方案的替代，并推高中高算力SoC需求。Canalys(现并入Omdia)预计，2025年中国市场L2级及以上功 能渗透率将达62%，较2024年显著提升，高速NOA与城市NOA分别达到10.8%和9.9%。 Canalys预计2027–2028年，城市NOA增速将反超高速NOA，市场结构快速演变，将重塑SoC竞争格局。基于当前表现与节奏判断，高通 凭借Snapdragon Ride平台(包括骁龙8650、8620和8775等SoC)在产品性能与市场落地的表现，已连续两年位列Canalys中国ADAS SoC领导 力矩阵的"冠军阵营"。 驾驶辅助普及加速：市场倾向于平台化、性能和成本最优平衡SoC厂商 这一策略对SoC产品的平台化能力、算法复用效率以及端到端的交付能力提出了更高要求。同时，主机厂产品迭代节奏明显加快，小改 款车型频繁推出以应对市场竞争，这使得主机厂对SoC厂商的工具链完整度、FAE(现场应用工程师)服务响应能力和算法支持强度提出了 更加 ...

Core Insights - Beijing Four-Dimensional Map Technology Co., Ltd. and Shenzhen Hangseng Electronics Co., Ltd. signed a strategic cooperation agreement during the 20th Shanghai International Automobile Industry Exhibition, marking the first full-chain collaborative innovation in the domestic automotive electronics sector between a map provider and a Tier 1 supplier [1] Technical Collaboration - The two companies will collaborate in three core areas: 1. Joint chip development focusing on next-generation smart cockpit and ADAS dedicated chip architecture [3] 2. Optimization of ADAS systems by integrating high-precision positioning technology with existing ADAS control units to support L2+ level autonomous driving [3] 3. Upgrading smart cockpits by deploying AI large models in vehicle scenarios, achieving a voice command response time of 0.8 seconds [3] Manufacturing Support - Hangseng's digital factory in Shenzhen, with an annual production capacity of 3 million vehicle-mounted systems, will provide flexible production support for Four-Dimensional Map Technology [3] - The companies plan to establish a joint laboratory to enhance the reliability verification of automotive-grade products, targeting a Mean Time Between Failures (MTBF) of 50,000 hours [3] Industry Growth Potential - The technology areas involved in this cooperation are experiencing rapid growth, with the Chinese smart cockpit market projected to reach 120 billion yuan in 2024 and L2 level autonomous driving installation rates exceeding 45% [4] - The collaboration aims to complete 10 model projects by 2026, covering pure electric, hybrid, and fuel-powered platforms [4] Project Launch - The first cooperative project is set to commence in the third quarter, focusing on the development of a smart cockpit system for a high-end electric vehicle from a domestic brand [5]

Financial Data and Key Metrics Changes - Total revenue in Q4 2024 was $0.1 million, a decrease from $0.35 million in Q4 2023. For the full year 2024, total revenue was $0.8 million compared to $1.5 million in 2023 [17] - Gross margin loss for Q4 2024 was $0.2 million, consistent with Q4 2023. The full year gross margin loss for 2024 was $0.8 million compared to a break-even gross margin in 2023 [18] - Operating loss for Q4 2024 was $12.8 million, compared to a loss of $12.1 million in Q4 2023. The full year operating loss totaled $49.7 million, up from $46.9 million in 2023 [21] - Net loss in Q4 2024 was $12.2 million, compared to a net loss of $9.3 million in Q4 2023. The full year net loss for 2024 was $49.3 million, compared to a loss of $43.5 million in 2023 [21] Business Line Data and Key Metrics Changes - The company reported a backlog of $0.3 million as of December 31, 2024 [18] - R&D expenses for Q4 2024 were $9 million, up from $8.4 million in Q4 2023. For the full year, R&D expenses totaled $35.1 million compared to $34.1 million in 2023 [20] Market Data and Key Metrics Changes - The company highlighted significant opportunities for growth in the non-automotive market, particularly through collaborations with key partners [12] - The company expects to ship around 5 million imaging radar chipsets to customers by 2030 based on current engagements [13] Company Strategy and Development Direction - The company is focused on driving radar technology evolution and enhancing customer relationships, with a commitment to innovation [5][6] - Collaborations with major players like NVIDIA and partnerships with top global auto OEMs are central to the company's strategy [7][8] - The company aims to pursue four design-ins with automakers in 2025, with projected annual revenue between $2 million to $5 million [24] Management's Comments on Operating Environment and Future Outlook - Management noted that while broader economic shifts have led to delays in automakers' rollout of advanced driver assist systems, the total addressable market continues to expand [24] - The company remains optimistic about its market potential, supported by recent fundraising initiatives totaling nearly $17 million [15][23] Other Important Information - The company raised gross proceeds of $54.5 million in January 2025, enhancing its financial stability [23] - The company maintains a strong focus on R&D to ensure continuous innovation and technological advancements [20] Q&A Session Summary Question: What programs are expected to drive $1 million-plus revenue quarters towards the end of 2025? - Management identified three leading projects in final stages: Tianyi (non-automotive), trucks in Europe, and a collaboration with HiRain for a Chinese car manufacturer [31] Question: What is the current cash balance and share count post-fundraising? - The current cash balance is approximately $73 million, with a share count of 85.7 million [35][38] Question: Can you provide an update on the China EV market opportunity? - The company noted that Chinese car manufacturers are focusing on launching self-driving services and are looking for radar solutions to enhance their offerings [39] Question: What is the status of discussions with OEMs? - Management indicated that evaluations with OEMs are in final stages, with the company shortlisted against one or two competitors [44] Question: What is the expected operating expense trajectory over the next few years? - The company expects operating expenses to remain similar over the next few years, with additional investments in next-generation technologies [47]