行业研究丨深度报告丨汽车与汽车零部件 [Table_Title] 智驾平权系列六：AI 智能涌现新阶段，智驾 VLA 与世界模型之争 %% %% %% %% research.95579.com 1 丨证券研究报告丨 报告要点 [Table_Summary] 通用人工智能大模型迎来跨越式发展，模型规模、训练范式与推理能力持续突破，为各类 AI 应 用构建了坚实的底层技术底座。智能驾驶本质是"物理 AI"的应用，因此注定了往大模型方面 演进。通用大模型能力涌现，赋能智驾模型基座，智驾模型架构持续进阶，逐步进入 VLA 和世 界模型的物理 AI 时代，迈向智能涌现新阶段。 分析师及联系人 [Table_Author] 高伊楠 张扬 SAC：S0490517060001 SAC：S0490524030004 SFC：BUW101 请阅读最后评级说明和重要声明 2 / 30 %% %% %% %% research.95579.com 2 汽车与汽车零部件 cjzqdt11111 [Table_Title 智驾平权系列六： 2] AI 智能涌现新阶段，智驾 VLA 与世界模型之争 [Table_Summary2] 引 ...

● 本报记者 张妍頔 近日，已在上交所挂牌逾十五年的常州星宇车灯股份有限公司（简称"星宇股份"）正式向港交所主板递 交上市申请书，迈出了其"A+H"双资本平台布局的关键一步。根据弗若斯特沙利文的资料，按2024年的 销售额计算，星宇股份是国内市场占有率最高的汽车照明产品提供商，也是智能车灯市场占有率最高的 公司。此次星宇股份赴港上市，华泰国际担任独家保荐人。 2025年前三季度营收破百亿元 押注智能汽车 受益于近年来较强的盈利能力，星宇股份资金流动性较强，截至2025年9月30日，星宇股份账面上的货 币资金余额为24.12亿元，短期借款为0。 在汽车制造产业之外，星宇股份也在向具身智能延展。招股书表示，星宇股份利用其在智能车灯光学领 域的综合研发能力、智能生产技术及垂直一体化资源，聚焦核心零部件研发制造及具身智能机器人在工 业应用场景的部署，在该新兴行业寻求机遇。星宇股份已完成头部模组、关节模组、控制器及相关零部 件的结构件的开发与验证，并在照明、投影及显示领域提供光学技术解决方案。首批具身智能交互模组 及相关样件预计将于2026年交付。 2025年10月10日，星宇股份与节卡机器人股份有限公司一同成立了常州 ...

Core Insights - The report highlights a positive outlook for various industries in March 2026, driven by domestic demand policies and sector-specific growth opportunities [2][3] - Key stocks recommended across different sectors are expected to show significant profit growth and favorable valuations, indicating potential investment opportunities [2][3] Industry Summaries Social Services - China Oriental Education is positioned to benefit from the growth in new service consumption, with a projected net profit of 1.1 billion yuan in 2026, reflecting a 40% increase and a PE ratio of approximately 11 times [2][3] Construction - Yaxin Integration is expected to gain from significant investments in the cleanroom industry, with orders and performance not fully anticipated, particularly from major clients like Micron and TSMC [2][3] Non-Bank Financials - CITIC Securities is recommended as a leading brokerage benefiting from market recovery and favorable policy environments, with valuations not reflecting the improving profit trends [2][3] Agriculture - Youran Dairy, a leader in dairy farming, is set to benefit from rising beef and milk prices, with expectations of high earnings recovery due to favorable market conditions [2][3] Power Equipment and New Energy - Delijia is expanding its capacity in wind power gearbox projects, with a strong order backlog and projected profit growth of 55% in 2025 [2][3] - Sifang Co. is actively expanding its overseas presence and has secured multiple projects, with a focus on cutting-edge technologies like solid-state transformers [2][3] Automotive - Xingyu Co. is positioned in a high-growth segment of automotive lighting, with a focus on smart products and expanding its global customer base, projecting revenues of 16 billion yuan in 2025 [2][3] Home Appliances - Haier Smart Home is benefiting from domestic policies promoting appliance upgrades and is enhancing operational efficiency through digital transformation, with a stable increase in market share [2][3] Basic Chemicals - Chuanheng Co. is expected to increase its phosphate mining capacity significantly by 2028, with a strong dividend payout history and high-quality product offerings [2][3] Military Industry - Lianchuang Optoelectronics is experiencing substantial growth in laser products and is entering the commercial space launch market, indicating a broad market potential [2][3]

Investment Highlights - The SW Auto Parts Index increased by 1.69% this week, ranking 3rd among SW Auto sectors, with a year-to-date increase of 4.94% [3][12] - The latest PE (TTM) for SW Auto Parts is at the 85.68% historical percentile, while the PB (LF) is at the 79.62% historical percentile [3][35] - The trading activity in the auto parts sector has shown a gradual increase since February [3][30] Robotics Sector Review - The Wande Robotics Index rose by 2.27% this week, with a year-to-date increase of 2.54%, outperforming the SW Auto Parts sector by 0.58% [4][12] - The latest PE (TTM) for the robotics sector is at the 73.90% percentile for the past year, and the PB (LF) is at the 78.31% percentile [4][46] - The trading heat in the robotics sector is at a low point since 2025 [4][40] Key Company Developments - Sensible Group will establish a joint venture in North America with Green Harmony for robotic joint modules [5] - Top Group forecasts 2025 revenue between 28.75 billion to 30.35 billion yuan, with a net profit of 2.6 billion to 2.9 billion yuan [5] - Feilong Co. increased its investment in Longtai Company by 732 million yuan [5] - New Spring established a wholly-owned subsidiary in Shanghai [5] Top Performers of the Week - The top five gainers this week include: - Precision Forging Technology +28.98% - Sensible Group +17.05% - Naisite +16.22% - Yinlun Co. +7.73% - Changhua Group +7.34% [6][54] Major Events - The release of the world's first warehouse robot Gino 1 by Jizhi Jia [8] - Xiaomi open-sourced its first-generation robot VLA large model [8] - UBTECH and the humanoid robot innovation center launched the full-size research humanoid robot "Tiangong Walker DEX" [8] Investment Recommendations - For auto parts, focus on structural opportunities by selecting product-oriented companies and those entering high-value sectors to increase ASP, with a priority on companies expanding capacity in Europe, North America, and Southeast Asia [9] - For robotics, look for certainty in opportunities, especially with the anticipated release of Optimus V3 in Q1 2026, and monitor the order timeline and application deployment by domestic companies like Xiaopeng, Yuzhu, and Zhiyuan [9] - Recommended stocks based on EPS include: Fuyao Glass, Xingyu Co., Sensible Group, Junsheng Electronics, and Xingyuan Zhuomei, with New Spring as a focus [9] - Recommended stocks based on PE include: Top Group, Junsheng Electronics, Shuanghuan Transmission, Sensible Group, Yinlun Co., and Feilong Co., with a focus on Yapu Co. and Daimai Co. [9]

Core Viewpoint - The company, Xingyu Co., a leading domestic automotive lighting manufacturer, has submitted an application for H-share issuance and listing on the Hong Kong Stock Exchange, aiming to establish a dual capital platform of "A+H" Group 1: Product Pricing and Profitability - Xingyu Co. focuses on the high-end and intelligent transformation of automotive lighting, with average prices for front lights increasing from 473.6 yuan per unit in 2023 to 573.6 yuan in 2024, and further to 582.2 yuan in the first three quarters of 2025. The average price for rear lights also rose from 216.5 yuan in 2023 to 254 yuan in 2024, reaching 293.3 yuan in the first three quarters of 2025. High-end intelligent lighting prices range from 2000 to 6200 yuan for front lights and 480 to 2200 yuan for rear lights [1] - Despite the rising product prices, the company's gross profit margin has continued to decline, indicating challenges in cost control and product competitiveness. The gross profit margin fell from 20.5% in 2023 to 19.1% in 2024, with slight recovery in 2025 but remaining low at 18.83% in Q1, 19.27% in H1, and 19.49% in Q3, overall down by more than 1 percentage point compared to 2023 [1] Group 2: Cost Pressures and Profitability Challenges - The decline in gross profit margin is attributed to ongoing cost pressures, with sales costs increasing by 31.5% in 2024, outpacing the revenue growth of 29.3%. The gross profit margin for the core business controller dropped by 11.7 percentage points in the first three quarters of 2025 compared to 2024, further dragging down overall profitability [2] Group 3: Customer Dependency and Revenue Risks - The company has a high dependency on major customers, with revenue from the top five clients accounting for 68.2%, 69.5%, and 66.7% from 2023 to the first three quarters of 2025, significantly above the industry average. The largest customer's revenue share decreased from 36.6% in 2023 to 20.1% in the first three quarters of 2025, but the risk of reliance on a single customer remains [3] - The increasing customer concentration poses a significant risk, as any reduction in orders from core clients due to market fluctuations or supply chain adjustments could severely impact revenue and profits. The company's accounts receivable turnover days have increased from 44 days in 2021 to 103 days in 2024, with a further increase to 105 days in the first three quarters of 2025, indicating worsening cash flow issues [3] Group 4: Financial Position and Fundraising Necessity - In contrast to operational risks, the company's financial position appears strong, with total current assets of 12.975 billion yuan and total liabilities of 7.156 billion yuan, indicating a "no interest-bearing debt" status. After accounting for operational liabilities, the company holds over 4 billion yuan in cash and investments, providing ample liquidity for daily operations and global expansion [4] - Despite this strong financial position, the decision to raise funds in Hong Kong has raised questions about the necessity and efficiency of the fundraising, which may become a focal point for the Hong Kong Stock Exchange and investors during the listing review process [4]

（编辑 王雪儿） 证券日报网讯 2月13日，星宇股份在互动平台回答投资者提问时表示，公司对欧洲客户的销售包括公司 直接销售、塞尔维亚子公司直接销售等方式。截至2025年三季度，欧洲客户营收占比较低，公司将继续 深化国际化战略布局，利用公司在车灯领域的综合研发能力、智能生产技术及垂直一体化资源等优势， 积极拓展欧洲市场，获取优质项目，为公司经营发展提供强有力保障。 ...

证券日报网讯 2月13日，星宇股份（601799）在互动平台回答投资者提问时表示，公司重视投资者回 报，会结合当期盈利水平、财务状况及经营发展需求等，综合制定具体的利润分配方案。 ...

证券日报网讯2月13日，星宇股份（601799）在互动平台回答投资者提问时表示，公司会在定期报告中 披露对应报告期末时点的股东人数信息，请关注公司定期报告披露情况。 ...

Core Viewpoint - The A-share market shows positive momentum with significant gains in various sectors, particularly in the small metals, electric grid equipment, and semiconductor industries, while the film and gaming sectors are experiencing declines [3]. Market Performance - The Shanghai Composite Index rose by 0.12% to 4137.06, while the Shenzhen Component Index increased by 0.8% to 14274.93. The ChiNext Index saw a rise of 1.18% to 3323.56, and the STAR Market Index gained 0.93% to 1804.89 [4][12]. - Over 2700 stocks in the market experienced an increase by midday [3]. Sector Highlights - The electric grid equipment sector showed strong performance, with companies like Hailianxun rising over 18% and others reaching their daily limit [4]. - The shipping sector also performed well, with China Merchants Energy hitting its daily limit and achieving a historical high [5]. - The computing power leasing sector saw significant gains, with Yuke Technology hitting its daily limit and other companies like Dazhi Technology and Capital Online also rising [5]. Trading Volume - The total trading volume in the Shanghai and Shenzhen markets exceeded 1 trillion yuan [6]. Currency Movement - The offshore RMB against the US dollar broke the 6.9 yuan mark, indicating a strengthening of the currency [8]. Stock Movements - The film and cinema sector continued to adjust, with companies like Hengdian Film and Bona Film hitting their daily limit down [9]. - AI application stocks in the Hong Kong market showed strength, with Zhiyuan rising over 11% [10].

Core Viewpoint - The company, Xingyu Automotive Lighting, is preparing for an IPO on the Hong Kong Stock Exchange, aiming to leverage its position as a leading automotive lighting provider in China and globally, with a focus on innovation and smart manufacturing [1][2]. Financial Performance - For the year 2024, the company reported revenues of approximately RMB 13.253 billion and a net profit of RMB 1.408 billion, with a gross margin of 19.09% [1][5]. - In the first nine months of 2025, the company achieved revenues of RMB 10.710 billion and a net profit of RMB 1.141 billion, reflecting a year-on-year revenue growth of 16.09% and a net profit growth of 16.76% [5]. - The company's gross margin for the first nine months of 2025 was 19.29%, maintaining stable net profit margins throughout the reporting period [5][8]. Market Position - As of 2024, the company holds an 11.0% market share in the Chinese automotive lighting market, ranking first, and a 4.2% share globally, ranking seventh [2][11]. - In the high-end passenger car lighting market (vehicles priced above RMB 200,000), the company has a dominant market share of 22.1% in China [2]. - The company is a leader in the smart automotive lighting sector, with a 70.2% market share in China and ranking first globally [2]. Industry Overview - The global automotive lighting market is projected to grow from RMB 246.6 billion in 2020 to RMB 294.7 billion in 2024, with a compound annual growth rate (CAGR) of 4.6% [7][9]. - The Chinese automotive lighting market is expected to increase from RMB 88.7 billion to RMB 108.7 billion during the same period, with a higher CAGR of 5.2% [7][9]. - By 2030, the global automotive lighting market is anticipated to reach RMB 450.5 billion, with a CAGR of 7.4% from 2025 to 2030, while the Chinese market is expected to grow to RMB 168.6 billion, with a CAGR of 7.8% [7][9]. Strategic Initiatives - The company is actively exploring the field of embodied intelligence, aiming to leverage its R&D capabilities in smart lighting and transfer these technologies to new applications, with the first products expected to be delivered in 2026 [4]. - The company has established partnerships with nine of the top ten global automotive manufacturers based on 2024 sales volume, indicating strong industry relationships [1]. Corporate Governance - The company's board of directors consists of nine members, including four executive directors, one non-executive director, and four independent non-executive directors [14]. - Major shareholders include Ms. Zhou Xiaoping, who directly holds approximately 42.00% of the issued share capital, and other significant stakeholders [16][17].