星宇股份 20250829.docx AceCamp AI 2025-08-30 摘要 星宇股份二季度赛力斯已成第一大客户，但上半年仍次于奇瑞，占比 18%-19%。奇瑞计划下半年香港上市，目标销量 180 万辆，全年挑战 300 万辆，7 月出口已回升，预计下半年销量增长。 受益于政策推动，二季度应收账款改善，票据和现金管理缓解。合资和 外资客户按合同执行，自主品牌客户拖延情况规范。主要客户经营状况 良好，对理想 I6 车型持乐观态度。 三季度极氪 9X、理想 I6 及特斯拉加长版等新车型值得期待，但预计不 会对总盘子产生颠覆性影响。公司更期待整体客户群体及其配套车型表 现良好，从而实质性提升公司的收入和利润。 上半年新能源收入占比超 40%，二季度毛利率环比提升，得益于规模效 应、高价值产品量产及内部质量管理。同时，公司通过多方面措施稳定 并提高盈利能力，以应对重要客户年降谈价压力。 海外业务拓展显著，上半年获奔驰、斯柯达、宝马等车型尾灯项目，并 完成欧洲前灯模组认可。预计 2026 年起，宝马 5 系项目量产及塞尔维 亚工厂产能提升将推动欧洲及海外收入增长。 Q&A 2025 年第二季度星宇股份的主要收 ...

Summary of the Conference Call for Xingyu Co., Ltd. Industry Overview - The automotive lighting industry is undergoing significant upgrades due to the rise of intelligent technologies, with DLP and HD smart headlights becoming key selling points for new models [4][13][14]. Company Insights Market Position - Xingyu Co., Ltd. maintains a strong domestic market share, with Chery and Seres leading, while Ideal, SAIC Volkswagen, Hongqi, and Toyota account for approximately 50% [2][5]. - The company is actively expanding its client base to include potential customers like Geely, Dongfeng, and Xiaomi, with specific plans to increase Geely's share [2][6]. Financial Performance - In 2024, overseas revenue is projected to reach 500 million yuan, a nearly 50% increase, primarily driven by the European market [2][7]. - The company expects revenue to reach around 600 million yuan in 2025, benefiting from new projects with clients like Mercedes-Benz and BMW, although short-term profit contributions from the European market may be limited due to long R&D cycles and economic conditions [2][7]. Profitability and Margins - The gross margin improved in Q4 2024 due to revenue growth, fixed cost dilution, and favorable client payment conditions [11][12]. - The company aims to maintain or even improve gross margins by reducing costs and enhancing operational efficiency in response to price pressures from OEMs [12]. Client Structure and Growth Expectations - The top five clients for 2024 include Chery, Volkswagen, Seres, Hongqi, and Ideal, with Chery being the largest, accounting for over 20% of revenue [3][45]. - The company anticipates increased contributions from Geely, Ideal, and Xiaopeng in 2025, with a focus on high-end models [45][46]. Technological Developments - Xingyu is collaborating with Huawei to develop DLP headlights and has independently developed HD headlights, with plans to showcase these at the Shanghai Auto Show [4][15]. - The company is expanding its technology offerings to non-Huawei clients, enhancing its overall value and gross margins [4][15]. Strategic Initiatives - The company is cautious about capital expenditures in 2025, with no immediate pressure on cash investments, and is focusing on high-end products for international markets [4][29]. - Xingyu is also exploring opportunities in the North American market, where competition is less intense compared to Europe [25][27]. Challenges and Risks - The company faces challenges in the European market due to long R&D cycles and economic conditions, which may limit short-term profitability [2][7]. - Increased accounts receivable turnover days are attributed to a shift in client structure towards domestic clients with longer payment terms [28][29]. Future Outlook - By 2025, the company expects to see a continued rise in the proportion of revenue from new energy vehicles, projected to exceed 35% in 2024 and approach 40% in Q4 [20][47]. - The company aims to enhance its global presence, particularly in Europe and Latin America, as Chinese automakers expand their international footprint [36][37]. Conclusion - Xingyu Co., Ltd. is well-positioned in the automotive lighting industry, with a strong domestic market presence and strategic initiatives aimed at expanding its international footprint and enhancing profitability through technological advancements and client diversification [44][48].