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经纬恒润:ZCU产品自配套小米汽车以来,出货量持续增长
Ju Chao Zi Xun· 2025-05-15 02:55
中央计算平台CCP产品配套小鹏,出货量持续增加;此外,公司的车身域控制器成功助力福田比亚乔轻卡NP6车 型通过欧标最新信息安全等法规认证并量产,标志着经纬恒润正式在欧洲推出商用车域控产品并落地配套。 (4)底盘控制方面,公司底盘域控制器产品配套长安阿维塔并陆续起量;后轮转向产品将于今年量产配套某高 端智慧品牌。 (5)AR HUD方面,公司新获多个车型项目定点并将陆续量产,该产品也是公司单车价值量较高的产品之一。 (6)自研工具软件方向,主要软件系列产品INTEWORK、ModelBase、OrienLink均实现了客户群体的扩大与应 用,涵盖红旗、比亚迪、蔚来、长安、重汽、零跑、百度阿波罗、极氪、广汽、赛力斯、博世等客户。 据介绍,得润电子的研发投入主要在智能驾驶、车身域控、新能源和动力、底盘控制、ARHUD、自研工具软件 等方向,研发成效主要体现如下: (1)智能驾驶方面,公司ADAS推出新一代产品,采用800万像相机,同时ADAS出货量持续提升,2024年出货 量超100万套。 (2)车身域控方面,ZCU、CCP产品出货量持续提升,成为公司收入增量的重要来源。 (3)新能源和动力方面,多合一控制器XCU ...
北方华创(002371):1Q25略超预期 经营稳中有升
Xin Lang Cai Jing· 2025-04-29 02:43
Core Viewpoint - The company reported strong financial results for 2024 and Q1 2025, with revenue and net profit growth exceeding market expectations, indicating robust operational performance and market position [1][2][4]. Financial Performance - For 2024, the company achieved revenue of 29.838 billion yuan, a year-on-year increase of 35.14%, and a net profit of 5.621 billion yuan, up 44.17% year-on-year, aligning with previous forecasts [1]. - In Q1 2025, revenue reached 8.206 billion yuan, reflecting a 37.90% year-on-year growth, with net profit at 1.581 billion yuan, up 38.80% year-on-year, slightly exceeding market expectations [1]. Revenue Breakdown - In 2024, electronic equipment revenue was 27.707 billion yuan, up 41.28% year-on-year, with a gross margin of 41.50%, an increase of 3.83 percentage points [2]. - Semiconductor equipment revenue included over 8 billion yuan from etching equipment, over 10 billion yuan from thin film deposition equipment, and over 2 billion yuan from thermal processing equipment [2]. Expense Management - Sales and management expenses for 2024 were 1.085 billion yuan and 2.111 billion yuan, showing a year-on-year increase of 0.1% and 20.5%, respectively, indicating improved expense efficiency [3]. - R&D expenses rose to 3.669 billion yuan, a 48.2% increase year-on-year, with R&D personnel increasing from 3,656 to 4,583, reflecting a strong commitment to innovation [3]. Inventory and Debt - As of the end of 2024 and Q1 2025, inventory stood at 23.479 billion yuan and 25.211 billion yuan, respectively, while contract liabilities were 6.214 billion yuan and 5.751 billion yuan [3]. - Long-term borrowings increased from 3.946 billion yuan at the end of 2024 to 4.858 billion yuan in Q1 2025, with plans to issue bonds up to 15 billion yuan for working capital [3]. Profit Forecast and Valuation - The company maintains its profit forecast, expecting revenue growth of 27.2% and 24.1% for 2025 and 2026, reaching 37.960 billion yuan and 47.102 billion yuan, respectively [4]. - The current stock price corresponds to a P/E ratio of 31.4x for 2025 and 25.1x for 2026, with a target price of 515 yuan, indicating a potential upside of 14% [4].