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： ...

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 ...

Summary of Conference Call on Xiaomi's Automotive Industry Company and Industry Involved - **Company**: Xiaomi Corporation - **Industry**: Automotive Industry, specifically focusing on electric vehicles and automotive supply chain Core Points and Arguments 1. **Xiaomi's Second Vehicle Launch**: Xiaomi is expected to enter the launch cycle for its second vehicle, which is anticipated to have a high probability of becoming a best-seller, positively impacting Xiaomi's long-term growth and supply chain dynamics [1][2][3] 2. **Investment Opportunities**: Key beneficiaries of Xiaomi's automotive expansion include companies like Huayang Group, Wuxi Zhenhua, and others, indicating a strong investment direction in the domestic market for mid-to-high-end vehicle replacements [2][3] 3. **Market Trends**: The domestic SUV market is projected to account for 50% of total passenger vehicle sales by 2024, with a significant shift towards larger, spacious models, which aligns with Xiaomi's new vehicle offerings [7][8] 4. **Product Features**: The new vehicle is expected to feature advanced technology, including Nvidia chips and a spacious design, which are critical for its market success [5][9] 5. **Brand Positioning**: Xiaomi's brand is solidifying its position in the mid-to-high-end market, with a stable consumer base, particularly among young female consumers [4][10] 6. **Profitability Trends**: Xiaomi's automotive business is expected to show improved profitability, with single-vehicle losses narrowing from over 60,000 yuan in Q2 to 10,000 yuan by Q4 of 2024 [12][13] 7. **Supply Chain Dynamics**: The automotive supply chain is expected to benefit from Xiaomi's entry into full-scale vehicle deliveries, enhancing the profitability of key suppliers [12][13] 8. **Technological Advancements**: The introduction of new automotive electronic products and technologies is anticipated to drive revenue growth and profitability for Xiaomi and its suppliers [14][15] 9. **Competitive Landscape**: Xiaomi is positioning itself against established brands by enhancing its performance attributes and brand image through participation in motorsport events [10][11] Other Important but Possibly Overlooked Content 1. **Supplier Relationships**: The call emphasized the importance of maintaining strong relationships with key suppliers, such as Huayang Group and Wuxi Zhenhua, which are crucial for Xiaomi's automotive strategy [12][19] 2. **Future Catalysts**: Upcoming events, including the launch of new models and delivery milestones, are expected to serve as significant catalysts for the automotive supply chain and investment opportunities [13][21] 3. **Market Perception**: There is a noted discrepancy in market perception regarding Xiaomi's automotive profitability, which may lead to investment opportunities as the market adjusts its expectations [12][13] This summary encapsulates the key insights from the conference call regarding Xiaomi's automotive strategy and the broader implications for the industry and its supply chain.

Group 1: Financial Performance - In Q1 2025, the company achieved revenue of 2.489 billion CNY, a year-on-year increase of 25.03% [4] - The net profit attributable to shareholders was 155 million CNY, reflecting a growth of 9.27%, which is lower than the revenue growth rate [4] - The gross profit margin decreased due to changes in accounting policies and pricing pressures from new automotive electronic products [5] Group 2: Business Development - The company’s automotive electronics business has expanded its customer base, including domestic and international automakers, with a significant increase in major clients [6] - New projects with clients such as Stellantis, Ford, and Volkswagen have been secured, contributing to a balanced distribution among the top five clients [6] - The total new orders received in Q1 2025 showed a substantial year-on-year growth [6] Group 3: Product Innovation - The company has launched the VPD product, which integrates multiple technologies for enhanced user experience and is now in mass production [6] - The cockpit domain control products have seen rapid growth in shipments, with new projects from major clients like BAIC and Changan [7] - The company is focusing on AI cockpit solutions in collaboration with芯驰科技, aiming to enhance automotive intelligence [7] Group 4: Market Strategy - Direct exports to the US accounted for 2.78% of revenue in 2024, with minimal impact from recent tariff policies [7] - The establishment of subsidiaries in Thailand and Mexico aims to mitigate geopolitical risks and enhance operational capabilities overseas [7]