2025 年 05 月 05 日 公司研究 评级：买入(首次覆盖) 研究所： 证券分析师： 刘熹 S0350523040001 liux10@ghzq.com.cn [Table_Title] 2025Q1 归母净利润同比+31%，受益 TBox 与 eCall 成长动能 ——慧翰股份（301600）公司动态研究 最近一年走势 事件: 2025 年 4 月 30 日，公司表示，公司是 AECS 的起草单位，以往也是自 主品牌出海 e-Call 主力供应商。 4 月 24 日，公司发布 2025 年一季报：2025Q1，公司营业收入为 2.16 亿元，同比增长 16.85%；归母净利润为 0.43 亿元，同比增长 30.67%； 扣非归母净利润 0.42 亿元，同比增长 35.18%。 4 月 20 日，公司发布 2024 年年报：2024 年，公司实现营业收入 10.22 亿元，同比增长 25.68%；归母净利润 1.75 亿元，同比增长 37.54%；扣 非归母净利润 1.70 亿元，同比增长 37.04%。 投资要点: 2019-2024 年归母净利润 CAGR 为 47%，出货量提升+产品迭代驱 动成长 ...

客户方面，公司聚焦优质客户，与众多国内外领先的车企和Tire1 建立了长久、稳定的合作关系。公司 客户包括上汽、奇瑞、吉利、比亚迪、长城、广汽、长安、小米、理想、蔚来、宁德时代、德赛西威 等。 公司是国产eCall 龙头，重视国标政策进程。eCall 终端是继安全带和安全气囊之后重要的汽车被动安全 系统单元，对设备技术要求很高，目前欧盟、欧亚经济联盟、印度、阿联酋等国家和组织均要求标配 eCall 终端，公司是国内少数同时获得欧盟、联合国、阿联酋认证的企业，为国产车出口欧盟、英国、 日本等海外市场提供eCall 终端；同时中国版的eCall 标准AECS（车载事故紧急呼叫系统）也在紧锣密 鼓的进行中，慧翰参与了其核心部分的起草。若改标准正式实施，eCall 将成为中国汽车的法规件，届 时市场空间将大幅度提升（24 年我国汽车出口量585.9 万辆，国内汽车销量为3143.6 万辆）。 投资建议：我们认为公司作为车联网终端稀缺标的，有望受益于我国自主品牌乘用车产销量的提升和汽 车智能化提高。后续伴随国标落地，公司不仅海外认证经验领先，也是国标起草参与单位，有望充分受 益。我们预计公司25-27 年归母净利润分别 ...

Core Viewpoint - Huihan Co., Ltd. has demonstrated steady growth in its financial performance, with a focus on the eCall national standard policy process, leading to a "buy" rating from Minsheng Securities [1][3]. Financial Performance - In 2024, Huihan achieved a revenue of 1.022 billion yuan, a year-on-year increase of 25.68%, and a net profit attributable to shareholders of 175 million yuan, up 37.54% year-on-year [1]. - For Q1 2025, the company reported a revenue of 216 million yuan, representing a year-on-year growth of 16.85%, and a net profit of 43 million yuan, an increase of 30.67% year-on-year [1]. - The revenue from TBOX and eCall terminals reached 842 million yuan, a year-on-year increase of 32.19%, while IoT smart modules generated 136 million yuan, down 6.73% year-on-year [1]. - The gross margin for 2024 was 29.07%, an increase of 2.60 percentage points from 2023, and the net profit margin was 17.17%, up 1.48 percentage points from 2023 [1]. Research and Development - The company emphasizes R&D investment, with expenses reaching 67 million yuan in 2024, a year-on-year growth of 22.84% [2]. - Ongoing projects include NG-eCall and 5G R16 communication modules, aimed at maintaining leadership in the eCall sector and increasing market penetration in 5G [2]. - As of the report date, the company holds a total of 170 intellectual property rights [2]. Market Position and Policy Engagement - Huihan is a leading domestic player in the eCall market, with high technical requirements for eCall terminals, which are now mandatory in several regions including the EU and UAE [3]. - The company is one of the few that has obtained certifications from the EU, UN, and UAE, facilitating exports of eCall terminals for domestic vehicles [3]. - The Chinese version of the eCall standard (AECS) is under development, with Huihan participating in its drafting, which could significantly expand market opportunities once implemented [3]. - In 2024, China's automobile export volume was 5.859 million units, while domestic sales reached 31.436 million units [3]. Investment Outlook - The company is expected to benefit from the growth of domestic passenger vehicle production and sales, as well as advancements in automotive intelligence [3]. - Forecasted net profits for 2025, 2026, and 2027 are 231 million yuan, 309 million yuan, and 448 million yuan, respectively, with corresponding price-to-earnings ratios of 53, 40, and 27 times [3].

Investment Rating - The report maintains a "Recommended" rating for the company [4][7]. Core Insights - The company achieved a revenue of 1.022 billion yuan in 2024, representing a year-on-year increase of 25.68%, and a net profit attributable to shareholders of 175 million yuan, up 37.54% year-on-year [2][4]. - In Q1 2025, the company reported a revenue of 216 million yuan, a growth of 16.85% year-on-year, with a net profit of 43 million yuan, reflecting a 30.67% increase [1][2]. - The company emphasizes R&D investment, with R&D expenses reaching 67 million yuan in 2024, a 22.84% increase year-on-year, focusing on projects like NG-eCall and 5G R16 communication modules [3][4]. Financial Performance - The company's gross margin for 2024 was 29.07%, an increase of 2.60 percentage points from 2023, driven by rapid product iteration and cost reduction [2][4]. - The net profit margin for 2024 was 17.17%, up 1.48 percentage points from the previous year [2][4]. - The company forecasts revenues of 1.258 billion yuan in 2025, with a growth rate of 23.1%, and net profits of 231 million yuan, reflecting a growth rate of 31.9% [6][10]. Market Position and Opportunities - The company is a leading domestic player in the eCall sector, with certifications from the EU, UN, and UAE, positioning it well for exports to various international markets [4]. - The ongoing development of China's eCall standard (AECS) is expected to significantly expand the market space for the company, as it is involved in drafting the core components of this standard [4]. - The company is well-positioned to benefit from the growth of domestic automotive sales and the increasing trend towards automotive intelligence [4].