On February 17, 2022, Huayang Group (002906) issued an announcement that: Soochow Securities Huang Xioli Zhang Mengyu, Debon Fund Wang Lechen Wu Donghao, Harvest Fund Xie Zelin Liu Zhiqi Yan Jianlei, Xiangcai Fund Zhu Yifan Liu Sheng, China Canada Fund Zhang Yiran, Jing'an Investment Zeng Shaocong Hui Tianfu Yan Yongqing, Longhang Asset Li Fangyong, Pinpoint Baoyin Investment Li Mo, APS Bisheng Investment Wang Xinglin, Nanjing Self-operated Pan Pinlin Li Dong Jin Shufang Yu Shen, Miyuan Investment Jian Jia, Tongyuan Investment Zhuang Yan Lu Fengming Chen Xiaolei, Huaan Securities self-operated Wang Bing Jiang Tao, Galaxy Fund Shi Wenqi Feng Min Yuan Xi, Jiangxin Fund Gao Pengfei Hu Qing, Soochow Fund Tan Jing Huangpu, China Post Fund Zhang Di Xu Zhonghai, Boshi Fund Yao Shuang Yu Yue Zeng Peng Tang Shengbo, Changsheng Fund Meng Qi Zhang Junping Qian Wenli, Ningquan Asset Zhang Bin, Octorivers Qiu Luyu Li Jinpeng, Bopu Technology Yongguo Railway He Ruilin Yu Guang, Bobo Sroder Zhou Shanshan Yang Zhiting, Ceibal Ruibo Zhou Dan, Zhaotian Investment Zheng Qiwei, Zhaowan Assets Gao Wenli, Fuanda Fund Lu Xu, Jiutai Fund Shengxian He Xin, Yirong Investment Gao Li Linghang, AIA Cong Peichao, Soochow self-operated Yang Bolin Chen Lanjing, Qushi Asset Gu Jianjun, CICC Fund Jiang Panyu Liu Xiaolin, Nord Fund Huang Wei Yan Anqi Luo Shifeng, Mingya Fund Chen Siwen, Changxin Fund Chen Jiabin, Everbright Prudential Trust Li Xinyu Chen Feida, BOCOM Kanglian Life Chen Jianxin, Shanghai Investment Morgan Zhao Longlong Zang Yunfei Chen Siyu Chen Siyu, Orient Securities Derivatives Self-operated Zhai Shuxing Jin Yan, Guojun Self-operated Zhang Siwei Chen Xingyu Wu Bingwei, Peking University Founder Lu Xiaojing, Industrial Bank Fund Gao Peng, CMB Wealth Management Zhang Xuxin Mo Weige, Guo Shujie of Fortune Fund, Zhu Xihui of Mingyu Assets, Wang Lu of Tianfeng Self-operated, Cai Chengji of Bohong Investment Li Lihui Zeng Lingbo, Qin Yubin, Confidant of Shengshi, Zhou Yinjie of Chenxiang Investment, Ouyang Junming of Xiangsheng Assets, Wu Zijian of Gopher Asset Management Co., Ltd., Liu Peng of Taiyang Asset Management, Liu Jinlei of Wolong Port Investment, Hu Guanghua of Haitong Asset Management, Wu Yibo of Anxin Asset Management, Liu Wenshu of CITIC Securities, Li Chenyang of Hengqin Chunzhen Investment Management Center, Liu Jun of Donghai Asset Management, Guo Xuanhong of Juming Investment, Yuan Xiang, Shenzhen Avenue Zhicheng Investment Management Partnership Cai Tianfu, CITIC Construction Investment Manager Gu Xindi Jing Shuguang, Biyun Capital Feng Jiazhen, Founder Asset Management Equity Investment Department Qiao Linjian, Shanda Investment Shi Junyi, Biyun Capital Greencourt Gao Xinyu, Taiping Asset Zhao Yang Li Tao Qin Yuanyuan Chen Tianyun, Ruiyuan Fund Zheng Bin, DXAMCNathan, Chong Yun Yu Haihai Wang Yafei Zou Chen, Shengang Securities self-operated Xue Yubing, Hexi Investment Qin Zhoudan Song Zhengyuan, Shanghai Tongben Investment Management Center (Limited Partnership) Lin Liexiong, Qi Shanbin of China Life Security Fund, Rigorous industrial trust, Xu Xiaohao of Xianghe And Xing, Ye Bingxi of Shanghai Bodu Investment Management Co., Ltd., Tong Wei of Huaxia Fund Hu Bin, Zhang Jia of Beijing JiusongShanhe Investment Fund, Wang Chun of Huaan Fund, Zhou Xinyu of China Merchants Fund, Sun Lushen, Yang Xiao of Shanghai Yinsheng Asset Management, Wang Sicong of Life Asset Management, Liu Jiang of Great Wall Fund, Tan Xiaobing of Great Wall Fund, Li Hao of Yude Investment, Wang Dewen of Evergreen Foundation, Zhong Ming of China Europe Fund, Li Shuai Lingli, PowerPacific Bauer Taiping Zhou Junkai, Jianxin Pension Zhang Bin, Liang Xue, Li Han, Industrial Securities Self-operated Wang Jun, BOCI Self-operated Chang Siyuan, Huachuang Self-operated Gan Zongwei, Shibei Investment Ge Hao, CITIC Asset Management Finished Yan Xujian Cheng Jiteng Zhao Yimao, Shanghai Trust Lufang Liu Bai Xu Jianchun, Hongyi Yuanfang Fund He Qian, Anxin Self-operated Jiang Jiaojiao, Yangtze River Asset Management Zhu Qinshi Yao Yuan, Ruiyang Investment Research Zhang Yanpu, Zhejiang Merchants Self-operated Jiang Peng, Western Securities Self-operated Zhai Wei Zhou Mi, Cloudalpha Liu Chang, King Asset Tower ManagementWise Lui, Qinghe Quanliu Chaoran, Zhejiang Yongxi Investment Management Co., Ltd. Chen Shuting, Jianxin Fund Tian Yuanquan Zhang Xianglong, Changan Fund Zhang Qiang, GF Securities Asset Management Department Yu Yang, Evolutionary Assets Hong Xiang, Oberweis Fangwen, BOC Fund Yan Fei Zhao Jianzhong Zhang Wenjie, China Post Teng Fei Gong Zheng, Industrial Securities Global Liu Pengkun Xie Shuying Li Jun, Oriental Fund Co., Ltd. Liu Xuan, Fuhua Investment Trust Asset Management Co., Ltd. Zhou Zhenli, Dunhe Asset Management Chen Liangyuan Gai Tingting, anglepoint Chen Chuan, CITIC Construction Investment Self-operated He Renke, Donghai Self-operated Zhang Jiadong, Jian Xi Jiang Jie Zhu Dengke, Jianshun Investment Luo Qing Shao Wei, China Merchants Fund Ma Liangxu, Tongtai Fund Wang Wei, Tongben Investment Yu Siying, East China Sea Fund Yang Hong, Fullerton Fullerton Investment Zhang Wei Michael, Ifing Securities Mao Mengyun, Zhengxin Valley Deng Chenliang, Conch Venture Capital Qi Teng, Gao Yi Asset Liu Dan Wu Renhao, Taiping Fund Wei Zhiyu, Huachuang Asset Management Sun Yuan, Haitong Securities Asset Management Co., Ltd. Li Tianshu Qian Lingling, Furong Fund Han Xu Li Yanzheng, Zhongyi Asset Zang Yi, Chinese Life Pension Insurance Wang Huanji, First Venture Securities Co., Ltd. Lan Yue, Hongde Wang Keyu, Huatai Securities Asset Management (Equity) Liu Rui Xu Ziwei Feng Xiao, Tamsui Spring Lu Changhong, Shanghai Huili Asset Management Co., Ltd. Tang Yutang, Zhejiang Merchant Fund Liu Wei Chen Baxin, Fu Pi Investment Zhang Jiao, Xingshi Investment Mao Jian, Zhongrong Fund Sun Zhidong Guo Xu, Orient Securities Yang Zhuocheng, Industrial Fund Zhang Chao, Wei Liyu, BOC Securities Asset Management Li Na, Western Lide Wen Zhenyu, Panjing Investment Cui Tongkui, Shanghai Ruibai Investment Management Co., Ltd. Lao Yihua, KIM Korea Investment Letter Liu Maoyu Xue Haidong, Panjing Wang Zhen Wang Li, Guolian An Zhang Yijian Pan Ming, Hangzhou Bank Wealth Management Chen Lanfang, Wuhan Huishi Asset Management Co., Ltd. Zhang Shunzhe, Hengsheng Fund Luo Juan, CPIC Xianrong Wang Xiaona, Fountain Barings Shengbo, Fusheng Diankana, CICC Asset Management Li Chen Cao Yan, CapHE Mu Matt, Huaxia Jiuying tian Yumin, Southern Fund Wang Bo, Danyi Investment Zhu Liang, Chengluo Investment Wang Zhiqi, Mitsui Sumitomo Asset Management Ming Liu, Taikang Asset Management Cheng Xiang Huang Chengyang, Caitong Self-operated Chu Yiqin, Huajin Asset Management Zhou Xinwei, Huashan Investment Tian Xing, Zhongshan Self-operated Liu Wenting, Agricultural Bank of China Hui Li Ren Shiqing, Yihe Jiufu Chen Shuai Min Hongwei, Xiniu Investment Lu Zihao, Huatai Assets Pu Shaozeng, Shanghai Senjin Investment Co., Ltd. Zhou Yang, PICC Assets Wang Weixi Tian Lei, Red Chip Investment Hou Wenkuan, China Overseas Fund Fan Zongwu Xie Jiaoyang, Huabao Fund Wang Tianle Yinhua Zhang Yinuo, Yu Xiaochang of Xiangju Capital Long Yaohua, Gui Zhiyuan of Shanghai Life Insurance, Yao Dandan of Shanghai Yunrong Capital, Luo Kai of Binyuan Capital, Wang Tao of CITIC Prudential Asset Management Co., Ltd., Fan Ke of Hongyi Yuanfang, Zhao Yang, Liu Lancheng of Galaxy Self-operated, Liu Qiang of Zhongtai Self-operated Fu Xin, Golden Pine Xusong Investment Zhang Zezheng, Sun Haozhong of CITIC Prudential, Wang Rui of Dingfeng Asset Management, Wang Weiyi of Zhejiang Commercial Asset Management, Wang Weiyi, Haifutong Gong Yanhai, Dongxing Zhang Huxue, Xu Wei of Zhongke Fertile Land Fund Huang Yiming, Millennium Liu Haoming, Jiahe Fund Hu Lianming, Guojun Asset Management Luo Tong Ding Zhongyuan, Tianzhi Fund Chen Fujia, Infore Capital Zhang Guoping, Yimi Fund Sun Huidong, Puying Asset Chen Chao, Guangdong Huizheng Investment Management Co., Ltd. He Yunfeng, Tianhong Fund Wang Lin, Point72 Jacob Li, Capstone Fund Ji Yi Li Lei, Jianxin Pension Fu Jian, Tairen Li Lingmin, 3WFun Yang Wenbin, Zheng Feng of Xiaokasa Assets, Zheng Lei of Taikang Assets, Xu Chengshang of Yinsheng Capital, Li Zejiang of Zhongyuan Agricultural Insurance Co., Ltd., Blackrock Andy He, Yongan Guofu Qi Junwen Xu Xiaoming, Chaos Investment Fang Sixin Wang Yantai Yuan Fei, Curious Investment Mao Jianing, Minsheng Trust Hu Yu, Shanxi Securities Asset Management Hu Yueheng, Ningyin Wealth Management Luo Libo, Dymon Asis Xu Lei, Shenjiu Asset (Hawthorn Tree) Wen Xiao, Cloison Lixing Asset Management Co., Ltd. Lv Weizhi, Guohai Self-operated Wu Xingyu, Chunda Zeng Hai, Ping An Fund Zhai Sen, Dongwu Asset Management Li Guo, Haifutong Fund Fan Tingfang, Yongzhu Investment Tan Zhu, Rongtong Fund Ren Tao, Chenqi Holdings Deng Dongsheng, Northeast Self-operated Jin Jiayin, Jianxin Insurance Asset Manager Yue Xiaolin Dong Ruilin, Kunlun Health Zhou Zhipeng, RPower Ruibai Capital Li Yishan, E Fund Ge Qiushi, ICBC Guo Zhaoyang, Fengchi Asset Li Xincheng, Cathay Fund Chen Yaqiong, Haichuan Fuhui Huang Yucheng, Chen Xiang Shi Jiayi, Hainan Palm Bay Investment Gong Xianfeng, Hive Fund Wang Chao, Shiwa Asset Cui Jianming investigated our company on February 15, 2022.
The main contents of this survey are:
Q: What is the landing status of the company's new automotive electronics products?
A: The company has a rich automotive electronic product line, products continue to iteratively upgrade and gradually introduce more intelligent products and technologies. W-HUD2.0, AR-HUD, high-power wireless charging, digital instrument products have obtained a number of new project fixed points, sales continue to increase; intelligent cockpit domain controller products equipped with Qualcomm, Renesas, Xinchi and other chip solutions, has been obtained Changan and other customer project fixed points; the company launched digital power amplifier products equipped with dual DSP (digital signal processor), multi-speaker channel, and obtained multiple project fixed points; streaming media rearview mirrors, Yu Eye cameras, 360 surround view system, DMS, APA, DaB and other products have mass production or fixed-point projects; electronic exterior mirrors, intelligent cockpit multimodal interaction solutions and other new products have been introduced to the market.
Q: What is the latest development in the company's automotive electronics and precision die casting business?
A: Since 2022, the company's new order development for automotive electronics and precision die casting business has made good progress. The automotive electronics business has undertaken new project fixed-point projects for customers such as Great Wall, Geely, Chery, Dongfeng, Jinkang Cyris, Changan Ford, including smart cockpit domain controllers, central control, streaming media rearview mirrors, HUD, wireless charging, cameras and other products; the precision die-casting business has undertaken new fixed-point projects for customers such as Japan Seiki, BYD, DJI, Sagitar Juchuang, Hella, and Tyco (Auto), including new energy vehicles, HUDs, lidar, automotive connectors and other die-cast parts products.
Q: The recent mass production of huD products and related progress of the company?
A: The company's W-HUD has been mass-produced with Dongfeng Nissan Venucia, Changan, and Great Wall models, and the AR-HUD is mass-produced with a Wide Range of Vehicle models. At present, it has obtained fixed-point projects for great wall, Changan, GAC, BAIC, Chery, Dongfeng Honda, BYD, Dongfeng, Jinkang Cyris, Vietnam Vinfast and other car companies, and orders have increased significantly. At the same time, the company HUD has entered the supplier system of a number of international brand car companies.
Q: How did the company acquire Jiangsu Zhongyi?
A: Founded in 2002, Jiangsu Zhongwing's main business is automotive magnesium and aluminum alloy die-cast parts, and its main customers are Bosch, Thyssenknuber, Huawei, etc. The company acquired Jiangsu Zhongyi in the third quarter of 2021, focusing on automobile lightweighting, laying out the Yangtze River Delta, expanding the magnesium alloy product line, and further enhancing the comprehensive competitiveness of the precision die casting business. At present, it is constantly improving and optimizing the management system and mechanism of Jiangsu Middle Wing, and the integration trend with the company is good.
Huayang Group's main business: engaged in automotive electronics, precision die casting, precision electronic components and LED lighting and other businesses
Huayang Group's 2021 third quarter report shows that the company's main revenue was 3.131 billion yuan, up 47.78% year-on-year; net profit attributable to the mother was 208 million yuan, up 133.13% year-on-year; deducted non-net profit was 176 million yuan, up 189.26% year-on-year; among them, in the third quarter of 2021, the company's single-quarter main revenue was 1.08 billion yuan, up 19.2% year-on-year; single-quarter net profit attributable to the mother was 71.3362 million yuan, up 90.27% year-on-year. In the single quarter, the non-net profit was 62.4248 million yuan, up 96.12% year-on-year; the debt ratio was 33.76%, the investment income was 37.558 million yuan, the financial expense was 4.539 million yuan, and the gross profit margin was 22.96%.
A total of 14 institutions have given ratings, 10 buy ratings and 4 overweight ratings in the last 90 days; the average target price of institutions in the past 90 days has been 69.42. According to the Valuation Analysis Tool of Securities Star, Huayang Group (002906) has a good company rating of 3 stars, a good price rating of 2 stars, and a comprehensive valuation rating of 2.5 stars. (Rating Range: 1 ~ 5 stars, maximum 5 stars)
The above content is compiled by Securities Star based on public information, if you have any questions, please contact us.
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