公 司 点 评 汽车行业 买入（维持） 华阳集团（002906）2025 年半年报点评 汽车电子与精密压铸双轮驱动，海内外客户群持续扩容 2025 年 8 月 25 日 投资要点： S0340124020014 电话：0769-22117626 邮箱： | 邮箱： wuzhenjie@dgzq.com.cn | | | --- | --- | | 主要数据 2025 年 8 证 券 研 究 报 告 股价走势 iFind | 月 22 日 | | 收盘价（元） | 31.75 | | 总市值（亿元） | 166.66 | | 总股本（百万股） | 524.92 | | 流通股本（百万股）524.73 | | | ROE（TTM） | 10.77% | | 12 月最高价（元） | 36.67 | | 12 月最低价（元） | 22.24 | | 资料来源：东莞证券研究所， | | 资料来源：东莞证券研究所， iFind 本报告的风险等级为中风险。 本报告的信息均来自已公开信息，关于信息的准确性与完整性，建议投资者谨慎判断，据此入市，风险自担。 请务必阅读末页声明。 事件：华阳集团发布2025年半年报。 分析师： ...

证券之星消息，根据市场公开信息及8月22日披露的机构调研信息，光大保德信基金近期对9家上市公司 进行了调研，相关名单如下： 1)开立医疗(光大保德信基金管理有限公司参与公司电话会议) 调研纪要：2025年上半年公司海外销售收入与去年同期基本持平，主要因去年基数较高，海外市场增速 不高但稳健。公司大力推进海外人员本土化及新产品注册，尤其在HD-650和SV-M4K200等高端新品推 出后，海外注册力度显著增强。内镜HD-650自推出后市场表现良好，近两个月已实现小批量销售，预 计全年销售将会放量，三甲医院多镜体配置订单占比提升。2025年上半年公司销售毛利率同比下降几个 百分点，但整体仍稳健，预计毛利率有望止跌稳。AI功能已在内镜系统实现质控功能，未来将重点发 展复杂诊断功能。公司已形成超声、软镜、外科及IVUS四条核心产品线，通过持续高研发投入推动各 线产品向高端化发展。 2)三维化学(光大保德信基金参与公司电话会议) 调研纪要：2025年上半年，多利科技营业收入同比增长13.15%，净利润同比下滑28.13%，主要因行业 竞争加剧、资产折旧摊销和费用增加。公司主要客户包括特斯拉、蔚来、比亚迪等，客户结构稳定 ...

Core Viewpoint - Huayang Group has demonstrated strong operational performance in the first half of 2025, with significant revenue and profit growth, and is actively expanding its market presence both domestically and internationally [1][2][3] Group 1: Financial Performance - In the first half of 2025, Huayang Group achieved a revenue of 5.311 billion yuan, representing a year-on-year increase of 26.65% [1] - The net profit attributable to shareholders reached 341 million yuan, up 18.98% compared to the same period last year [1] - The second quarter saw even stronger results, with revenue of 2.822 billion yuan, a year-on-year growth of 28.10%, and a net profit of 186 million yuan, increasing by 28.52% [1] Group 2: Market Position and Product Development - Huayang Group's HUD products and in-vehicle wireless charging products hold the top market share in China, while the global market share for in-vehicle wireless charging has risen to second place [2] - The precision die-casting business has seen significant revenue growth in components related to automotive intelligence and new energy vehicle systems [2] - The company has a balanced customer structure, with an increasing sales proportion from new energy vehicle manufacturers and international automotive clients [2] Group 3: Business Expansion and Innovation - The automotive electronics segment is actively pursuing international brand clients, securing projects with major companies like Stellantis and Ford [3] - Continuous investment in R&D has kept Huayang Group at the forefront of HUD technology, with successful mass production of advanced HUD products [3] - The company is also exploring opportunities in the robotics sector, leveraging its extensive experience in the automotive parts industry [3]

证券代码：002906 证券简称：华阳集团 惠州市华阳集团股份有限公司投资者关系活动记录表 编号：2025-009 | | 特定对象调研 | □分析师会议 | | --- | --- | --- | | | □媒体采访 | □业绩说明会 | | 投资者关系活动类 别 | □新闻发布会 | □路演活动 | | | □现场参观 | | | | □其他 | （请文字说明其他活动内容） | | | 国信证券 | 唐旭霞、杨钐、林莺、闵晓平、傅嘉良、林蔚 | | | 鹏扬基金 巩海 | | | | 杭银理财 曹祥、郑亮 | | | | 长江证券 胡加琪、童松、张扬 | | | | 野村证券 应重熙 | | | | 国联民生证券 辛鹏 | | | | 光大自营 陈峰 | | | | 长城证券 金瑞 | | | | 乐世资本 舒畅然 | | | | 华西证券 陈乐音 | | | | 中信证券 卢华权 | | | 参与单位名称及人 员姓名 | 盛熙基金 谢丙东 | | | | 泽泉投资 马海华 | | | | 东方证券 李疆 | | | | 景领投资 宋玖伟 | | | | 国海汽车 陈飞宇 | | | | 光大保德信基金 ...

伐谋-中小盘信息更新 德赛西威（002920.SZ） 智驾零部件龙头供应商，AI 赋能开启新增长 2025 年 08 月 21 日 投资评级：买入（维持） | 日期 | 2025/8/21 | | --- | --- | | 当前股价(元) | 118.70 | | 一年最高最低(元) | 144.50/83.78 | | 总市值(亿元) | 658.72 | | 流通市值(亿元) | 656.57 | | 总股本(亿股) | 5.55 | | 流通股本(亿股) | 5.53 | | 近 3 个月换手率(%) | 76.64 | 中小盘研究团队 赵旭杨（分析师） 王镇涛（联系人） zhaoxuyang@kysec.cn 证书编号：S0790523090002 证书编号：S0790124070021 wangzhentao@kysec.cn 公司发布 2025 中报，维持行业龙头地位增长水平，收入符合预期 德赛西威 2025H1 实现营业收入 146.44 亿元，同比+25.25%，归母净利润 12.23 亿元，同比+45.82%；其中 2025Q2，实现营业收入 78.52 亿元，环比+15.61%， 实现归 ...

上半年业绩高增，海内外客户矩阵持续扩张 华阳集团（002906.SZ）2025 年半年报点评 公司点评 | 华阳集团 事件：公司发布 2025 年半年度报告。2025 年上半年公司实现营业收入 53.11 亿元，同比增长 26.65%；归母净利润 3.41 亿元，同比增长 18.98%；扣非 后归母净利润 3.23 亿元，同比增长 16.53%。其中，2025Q2 实现营业收入 28.22 亿元，同比增长 28.10%，归母净利润 1.86 亿元，同比增长 28.52%。 汽车电子与精密压铸双轮驱动，核心产品引领市场新增长。分产品来看，2025 年上半年汽车电子和精密压铸业务均实现大幅增长，其中汽车电子实现营业 收入 37.88 亿元，同比增长 23.37%；精密压铸实现营业收入 12.92 亿元， 同比增长 41.32%。2025 年上半年汽车电子业务部分细分产品领跑市场，公 司 HUD 产品市占率继续位列国内第一名；车载无线充电产品市占率继续位 列国内第一名，全球市场占有率提升至第二名。 海内外客户群持续扩容，打开公司长期成长天花板。2025 年上半年公司汽 车电子新开拓订单继续增长，获得 Stellan ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [7] Core Views - The company reported a strong performance in H1 2025, achieving revenue of 5.31 billion yuan, a year-on-year increase of 26.6%, and a net profit attributable to shareholders of 340 million yuan, up 19.0% year-on-year. In Q2 2025, revenue reached 2.82 billion yuan, reflecting a year-on-year growth of 28.1% and a quarter-on-quarter increase of 13.4%. The net profit for Q2 was 190 million yuan, with a year-on-year increase of 28.5% and a quarter-on-quarter rise of 19.6% [5][13][14]. Summary by Sections Financial Performance - In H1 2025, the automotive electronics business generated revenue of 3.79 billion yuan, up 23.4% year-on-year, while the precision die-casting business achieved revenue of 1.29 billion yuan, a 41.3% increase year-on-year. The company leads the market in several segments, including HUD products and in-vehicle wireless charging, with the domestic market share at the top and global market share rising to second [14][15]. Profitability - The company’s net profit for H1 2025 was 340 million yuan, a 19.0% increase year-on-year. In Q2, the net profit was 190 million yuan, with a year-on-year growth of 28.5%. The gross margin for Q2 was 19.5%, showing a year-on-year decrease of 2.4 percentage points but a quarter-on-quarter increase of 1.3 percentage points, attributed to revenue scale growth. The expense ratio improved significantly, with a total expense ratio of 12.2% in Q2, down 1.7 percentage points year-on-year and 0.4 percentage points quarter-on-quarter [15][17]. Growth Prospects - The company has expanded its customer base, securing new projects with major clients such as Stellantis, Ford, and BYD, which supports long-term growth. The company is expected to see rapid growth due to its advantageous market position, product expansion, and continuous order acquisition [16][17]. Financial Forecast - The company is projected to achieve revenues of 12.3 billion yuan, 15.1 billion yuan, and 18.2 billion yuan for the years 2025, 2026, and 2027, respectively, with year-on-year growth rates of 21%, 22%, and 21%. The net profit attributable to shareholders is expected to be 910 million yuan, 1.16 billion yuan, and 1.45 billion yuan for the same years, with growth rates of 39%, 28%, and 25% [17][18].

Core Viewpoint - The company is actively expanding its automotive electronics and precision die-casting businesses, with a strong focus on innovation and product development, positioning itself as a leader in the domestic market. Group 1: Automotive Electronics Business - The company is enhancing its automotive electronics business by expanding its product lines from single audio-visual systems to a comprehensive range of intelligent cockpit and driver assistance products, making it one of the most complete automotive electronics providers in China [2] - The unit value of the automotive electronics business is continuously increasing, with customer base expansion from domestic brands to international ones, indicating significant order acquisition success and capacity expansion [2] Group 2: Precision Die-Casting Business - The company is systematically expanding its precision die-casting capacity in line with future planning and existing orders, with new capacities being gradually released to support ongoing business growth [3] - New production facilities for precision die-casting have been launched, including a project in Zhejiang and an expansion in Jiangsu [3] Group 3: HUD Products - The company maintains a leading market share in the domestic HUD market, with a 22.2% share for HUD products and 24.9% for R-HUD products from January to May 2025, both ranking first [4] - Continuous investment in R&D has led to advanced HUD technologies, including the mass production of SR-HUD and VPD products, enhancing competitive advantages [4] Group 4: VPD Products - The company launched VPD products in 2023, which provide enhanced display capabilities and clarity under various lighting conditions, integrating with R-HUD products for a superior user experience [5] - The VPD product has been adopted by Xiaomi vehicles, marking a significant milestone as the first mass-produced unit globally, with ongoing bids from multiple domestic and international automakers [5] Group 5: Financial Performance - In the first quarter of 2025, the company reported a main revenue of 2.489 billion yuan, a year-on-year increase of 25.03%, and a net profit attributable to shareholders of 155 million yuan, up 9.27% year-on-year [5] - The company has a debt ratio of 44.55% and a gross profit margin of 18.19%, indicating a stable financial position [5] Group 6: Analyst Ratings - Over the past 90 days, 16 institutions have rated the stock, with 13 buy ratings and 3 hold ratings, reflecting positive market sentiment [5]

Group 1: Company Overview - Huayang Group is a leading company in the automotive electronics sector, expanding its product lines from single audio-visual systems to a comprehensive range of smart cockpit and driver assistance products [3][4]. - The company has significantly increased the per-vehicle value of its automotive electronics, expanding its customer base from domestic brands to international ones [3]. Group 2: Business Performance - The company’s HUD (Head-Up Display) products hold a leading domestic market share of 22.2% as of January to May 2025, with AR-HUD products at 24.9% [3]. - Continuous investment in R&D has allowed the company to maintain technological leadership in HUD products, including the launch of advanced products like SR-HUD and VPD (Virtual Panoramic Display) [3][4]. Group 3: Production Capacity Expansion - The company is systematically expanding its precision die-casting capacity, with new facilities coming online to support ongoing business growth [3]. - The first phase of a new precision die-casting component production base in Zhejiang has been completed, with a second phase already initiated [3]. Group 4: Product Development - The VPD product launched in 2023 offers enhanced display capabilities, integrating various information types and achieving global firsts in mass production with Xiaomi vehicles [4]. - The VPD product is designed to work in conjunction with AR-HUD displays, providing a richer user experience through improved clarity and stability under varying lighting conditions [4].

Core Viewpoint - The visit to Huayang Group by the Huizhou Securities and Futures Industry Association represents a significant opportunity for collaboration and understanding between the company and industry stakeholders, highlighting Huayang Group's strong market position and innovative capabilities in the automotive electronics sector [1][5]. Company Overview - Huayang Group has focused on product development in automotive intelligence and lightweighting, with its automotive electronics business covering three main areas: intelligent cockpits, intelligent driving, and intelligent networking, making it one of the most comprehensive companies in the domestic intelligent cockpit sector [3]. - The precision die-casting business includes key automotive components, precision 3C electronic parts, and industrial control components, establishing Huayang Group as a highly competitive player in the domestic die-casting industry [3]. Industry Insights - The president of the Huizhou Securities and Futures Industry Association emphasized Huayang Group's significant influence in the industry, noting its excellent performance and stable development, which have garnered widespread market recognition [5]. - Huayang Group aims to achieve a revenue breakthrough of 10 billion in 2024, with overseas markets identified as a crucial growth area, supported by increased investment in technology research and development [6]. Product Experience - During the visit, attendees experienced advanced automotive technologies such as AR-HUD, PHUD, wireless charging for mobile devices, and electronic rearview mirrors, showcasing the convenience and trend of intelligent cockpits [5][6]. - The president of the association personally tested the HUD product capabilities, enhancing understanding of Huayang Group's core products [6]. Q&A Session - The Q&A session addressed various topics, including the relationship between internal development and external mergers, strategic planning, competitive advantages, stock incentives, future outlook, R&D investment, and risk management related to raw material cost fluctuations [8]. - Huayang Group's executives provided detailed and professional responses, earning high recognition and satisfaction from the attendees [8].