电子业强劲，战略投资挤压盈利能力

ElectronicsRobust, StrategicInvestment Strained Profitability Rating (Maintain):BUYTarget price (RMB):85.72 Huatai Research Annual Results Review 18 May 2025│China (Mainland) Other Electronics AnalystXIE ChunshengSAC No. S0570519080006SFC No. BQZ938xiechunsheng@htsc.com+(86) 21 2987 2036 For 2024, Jingwei Hirain recorded revenue of RMB5,541mn (+18.46% yoy) andattributable netprofit (NP)of RMB-550mn, slightly exceeding the preliminaryguidance of RMB-510mn and widening fromthe RMB-217mn loss in 2023, mainlydue to a 4.1pp yoy decline in gross profit margin (GPM) to 21.5% and a 24.46%yoy increase in operating expenses, in our view. In 1Q25, revenue reachedRMB1,328mn (+49.34% yoy) withattributable NP of RMB-120mn, narrowing fromthe RMB-192mn loss in the same period last year. The company’s revenuecontinued to grow at a high pace, primarily driven by rapid shipment growth inbody, chassis, and smart driving domain controllers, in ourview. Looking into 2025,we are optimistic about the company’s platform-based, full-category automotiveelectronics advantage, which should support a return to profitability on the back ofbusiness scaling. Our target price is RMB85.72. Maintain BUY. AnalystZHANG YuSAC No. S0570523090002SFC No. BSF274zhangyu@htsc.com+(86) 10 6321 1166 AnalystTANG ShiheSAC No. S0570524090007SFC No.BUQ838tangshihe@htsc.com+(86) 10 6321 1166 Key data 2024review:GPMdecline&higher expenseswidened lossesIn 2024, the company’s automotive electronics segment, centering on smart driving, body, and NEV domain controllers, generated revenue of RMB4,406mn (+28.89%yoy) with aGPMof 19.4%,remaininglargelystable. Revenue from R&D servicesand solutions reached RMB1.06bn (-14.02%yoy), whilesegment GPMdropped9.8pp yoy to 31.9%, dragging down overallGPM for 2024. Losses widened in 2024,mainly duetoincreasedR&D investmentinvariousdomaincontrollers,NEVmanagement,andadvanced smartdrivingproducts,asthecompany activelycaptured the global OEM smartization window. Salesand administrative expensesalso rose due to designated project acquisitions. In 1Q25, revenue growth drove adecline in expense ratio, helping narrowthe company’slosses. 2025 outlook: solid automotive electronics order backlogJingwei Hirainfollows a product strategy combining“distributed electronic control units-domain controllers-L4 integrated solutions”across short,medium, andlong-term horizons. 1) For electronic products, the company has gradually securedproject collaborations with key domestic OEMs including Geely, Xiaomi, Xpeng,Chery, FAW, and SAIC, covering central computing platforms, body and chassiscontrollers, smart driving, and NEV management. It has also continued to winorders from leading overseas OEMs such as Stellantis. 2) The company launchedheavy-duty autonomous special vehicles (HAV) and is actively collaborating withRhinoon urban NOA development, enabling a dual-track approach with L2+ andL4. 3) The Koblenz R&D center in Germany and the production capacity ramp-upat the Malaysia plant support the optimization of its global supply chain layout. Source:Wind Target price of RMB85.72;maintain BUYGiven the growing number of designated projects for collaborating models, we slightly revise up our 2025E/2026E revenue forecasts by 3/7% to RMB7.29/9.12bnandintroduce2027ErevenueestimateofRMB11.18bn.However,duetogreater-than-expectedGPM declinein software, we revise down our 2025E/2026EGPMforecasts by 3.5/3.1pp to 23.2/24.1%, and cut our 2025E/2026E attributableNPforecasts by 92/20% to RMB20/300mn, introducing 2027ENPforecast ofRMB480mn.InourSOTPvaluation,weproject2026EattributableNPforhardware/software segments at RMB190/110mn, based on19.5/60.0x 2026E PE(25% premiums over their peers' averages of15.6/47.9x on Wind consensus,mainly factoring in the company's platform-based hardware product portfolio andintegrated hardware-software advantage). Our target price isRMB85.72 (previous:RMB95.24, based on 2025E hardware/software PE of 26.5/72.2x). Maintain BUY. Risks: weaker sales ramp-up of new products than we expect; disappointingexpense control outcomes. Source:Wind,Huatai Research Source:Wind, Huatai Research Full financials Disclaimers Analyst CertificationI/We, XIE Chunsheng, ZHANG Yu, TANG Shihe, hereby certify that the views expressed in this report accurately reflect the personal views of theanalyst(s) about the subject securities or issuers; and no part of the compensation of the analyst(s) was, is,or will be, directly or indirectly, related to the inclusion of specific recommendations or views in this report. General Disclaimers and DisclosuresThis research report has been prepared by Huatai Financial Holdings (Hong Kong) Limited (hereinafter referred to as “HFHL”).The information herein is strictly confidential to the recipient. This report is intended for HFHL, its clients and associatedcompanies. Any other person shall not be deemed a client of the Company merely from his or her receipt of this report. This report is based on