汽车电子及精密压铸双轮驱动，盈利实现 较快增长 | | 买入 （维持） | | --- | --- | | 股价（2025年08月22日） | 31.75 元 | | 目标价格 | 46.69 元 | | 52 周最高价/最低价 | 37.31/22.18 元 | | 总股本/流通 A 股（万股） | 52,492/52,473 | | A 股市值（百万元） | 16,666 | | 国家/地区 | 中国 | | 行业 | 汽车与零部件 | | 报告发布日期 | 2025 年 08 月 23 日 | 公司主要财务信息 | | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业收入(百万元) | 7,137 | 10,158 | 12,645 | 15,093 | 17,789 | | 同比增长 (%) | 26.6% | 42.3% | 24.5% | 19.4% | 17.9% | | 营业利润(百万元) | 473 | 702 | 928 | 1,190 | 1,471 | | 同比增长 (% ...

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 ...

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].

Summary of Xiaomi's Automotive Supply Chain and Market Outlook Industry Overview - Xiaomi is set to deliver 450,000 vehicles in 2025, with projections of 750,000 to 800,000 vehicles in 2026, creating growth opportunities for supply chain companies [1][3] - The YU7 model is expected to account for 300,000 units, while other models like Ultra will contribute an additional 150,000 units [1] Key Points on Supply Chain Companies Wuxi Zhenhua - Wuxi Zhenhua is a major supplier of stamping parts for Xiaomi, with an expected revenue contribution from Xiaomi business reaching nearly 20% in 2025, totaling 500 million yuan [5] - The company reported a first-quarter performance of 95 million yuan, with second-quarter expectations exceeding 100 million yuan [5] Fute Technology - Fute Technology holds over 10% market share in the three-electric system sector, with projected total revenue of 2.6 billion yuan in 2025, where Xiaomi's business will account for 23% [6] - Future contributions from Xiaomi could approach half of Fute's total revenue with the launch of a third vehicle [6] Top Group - Top Group's business with Xiaomi has increased to 13-14%, with expectations to meet Xiaomi's needs better as the third vehicle and overseas expansion occur [7] - By 2026, Xiaomi's business could match that of Seres, reaching 30-40% of Top Group's total customer base [7] Jingdian Technology - Jingdian Technology exclusively supplies differential assemblies for Xiaomi vehicles, valued at approximately 200 yuan per vehicle [9] - The deep collaboration with Xiaomi has allowed Jingdian to expand its other business areas, enhancing its core competitiveness [9] Huayang and Desay - Huayang upgraded its automotive products from 1,000 yuan to over 3,000 yuan per unit, with expected supply ratios of 4-5% in 2025 and nearly 10% in 2026 [4][11] - Desay is anticipated to become a significant customer for Xiaomi, with potential revenue contributions of 20% in 2025, positioning Xiaomi as Desay's second-largest customer [12] Additional Insights - The supply chain for Xiaomi's electric vehicles includes various companies such as Yinlun, Bolong Precision, and Songyuan, with new suppliers like Huada Technology emerging [10] - The third range-extended electric vehicle is expected to bring significant supply chain increments, indicating strong continuity but potential fluctuations in unit value [10] - Smaller suppliers like Huguang and Zeekr play a role in providing specific components, enhancing the overall supply chain through deep collaboration [8] Conclusion - Xiaomi's automotive ambitions are set to significantly impact its supply chain partners, with various companies poised to benefit from increased demand and collaboration as new models are introduced and production ramps up [1][3][6]

Group 1: 泰恩康 (Tianenkang) - The company has completed the enrollment of 200 subjects for the Phase II clinical trial of CKB ointment, with results expected in July 2025 [1] - The registration application for the domestic production of Hewei Zhengchang Wan has been accepted, and the production line transformation is complete, aiming for approval within the year [1] - Minoxidil lotion has completed pre-listing preparations, with expected revenue recognition in Q2 of this year [1] - The company plans to submit multiple product approvals within the next year, including CKB and injectable paclitaxel polymer micelles [1] Group 2: 环旭电子 (Huanxu Electronics) - The domestic manufacturing ratio has decreased to 60%, with production shifting to Mexico, Poland, and Vietnam [2] - AI accelerator card business is expected to grow by 150%, with capacity expansion in Taiwan and Mexico [2] - The company is focusing on wearable products and SiP modules, with new product lines in Vietnam [2] - Annual capital expenditure (Capex) is projected to be over $200 million [2] Group 3: 艾力斯 (Ailis) - The company is advancing multiple key products, with Golai Resep tablets entering the comprehensive review stage and aiming for inclusion in annual medical insurance negotiations [3] - A new large molecule R&D department has been established, focusing on lung cancer, with plans for IND submission next year [3] - The company plans to continue expanding its marketing team and optimize resource allocation to ensure stable operations [3] - Cash dividends totaling 292.5 million yuan are planned for 2024, with an increase in mid-term dividends expected in the first half of 2025 [3] Group 4: 华阳集团 (Huayang Group) - The automotive electronics business has seen an expanding customer base, with a significant year-on-year increase in new orders [4] - The company has achieved larger display viewing angles for VPD products and is promoting them to multiple automakers [4] - Huayang Group is reducing geopolitical risks by establishing subsidiaries in Thailand and Mexico [4]