Investment Rating - The investment rating for the company is "Buy" [22] Core Viewpoints - The company, Yutian Guanjia (301173.SZ), is a domestic manufacturer specializing in automotive sunroofs, holding capabilities in design, research and development, and production. It has established stable partnerships with major domestic automakers such as Changan Automobile, FAW Group, Geely Automobile, GAC Group, SAIC Volkswagen, and Great Wall Motors, with cooperation durations generally exceeding five years [6][14] - The company has become the second-largest supplier in the Chinese automotive sunroof market, achieving a market share of 16% with annual sunroof sales of 2.311 million units in 2023 [14] - The company is focusing on the electric vehicle sector, having established partnerships with eight of the top ten domestic electric vehicle manufacturers and recently winning a bid to supply sunroofs for BYD [15] Financial Performance - The company achieved revenues of 2.021 billion yuan, 2.491 billion yuan, and 2.406 billion yuan for the years 2022, 2023, and 2024 respectively, with year-over-year growth rates of 19.32%, 23.25%, and -3.39% [7][4] - The net profit attributable to the parent company was 71.4 million yuan, 159.7 million yuan, and 170.4 million yuan for the same years, with year-over-year growth rates of 66.63%, 123.69%, and 6.72% [7][4] - For the first half of 2024, the company's main revenue segments included panoramic sunroofs (8.19 billion yuan, 76.57%), small sunroofs (1.84 billion yuan, 17.21%), and other products (0.66 billion yuan, 6.21%) [7] Industry Overview - The automotive sunroof industry in China has seen a steady increase in sales, with 15.81 million units shipped in 2023. The penetration rate of sunroofs in vehicles has slightly decreased due to the rising market share of electric vehicles, which often prefer panoramic roofs [11][12] - The total sales of automotive sunroofs from 2020 to 2023 were 13.98 million, 14.43 million, 14.78 million, and 15.81 million units respectively, indicating a consistent upward trend [11][13] Competitive Analysis - Compared to peer companies, Yutian Guanjia's revenue and gross margin are below the industry average. The average revenue of comparable companies in 2023 was 8.949 billion yuan, with an average PE-TTM of 27.20X and an average gross margin of 20.44% [18][19]

Inflation Data - In January 2025, the overall CPI and core CPI in the U.S. increased to 3.0% and 3.3% year-on-year, respectively, both up by 0.1 percentage points from December 2024[1] - The month-on-month increases for January were 0.47% for overall CPI and 0.45% for core CPI, marking the highest levels in nearly 17 and 21 months, respectively[1] Core CPI Drivers - The rise in core CPI is attributed to three main factors: a tightening labor market leading to higher wages, the implementation of tariffs causing price increases in durable goods, and rising rents due to the ongoing monetary easing cycle[1] - Core services and core non-durable goods saw month-on-month increases of 0.72% and 0.18%, respectively, with the former reaching a 12-month high[1] Economic Outlook - The likelihood of the Federal Reserve lowering interest rates in 2025 has decreased significantly due to persistent inflation pressures[1] - The combination of fiscal expansion, tariffs, and immigration controls under the Trump administration is expected to maintain high economic growth and inflation levels in the U.S.[1] Market Implications - The potential for a rising dollar index is anticipated if core inflation continues to increase, which could exert pressure on the Chinese central bank's monetary policy options[1] - The report suggests that the Chinese central bank may need to rely on reserve requirement ratio cuts to provide liquidity, with limited space for interest rate reductions throughout 2025[1] Risk Factors - A failure by the Federal Reserve to lower interest rates could lead to a surge in the dollar index, increasing depreciation pressure on the Chinese yuan[2]

Group 1 - The report highlights that the current funding environment remains tight, with the central bank's recent actions leading to a gradual tightening of market liquidity, impacting bond market dynamics [1][2] - As of February 11, various interest rates have increased, with R001 and DR001 rising by 21.50 basis points and 20.66 basis points respectively, indicating a significant tightening in the funding landscape [1] - The report suggests that the yield curve is flattening, with the 1Y and 10Y government bond yield spread remaining stable, reflecting market expectations of monetary easing [1][2] Group 2 - The report recommends early positioning in credit bonds due to anticipated structural asset scarcity and stable performance of mid to long-term credit bonds in the upcoming quarters [2] - It notes that short-duration credit bonds have shown limited movement, while mid-duration bonds have increased by over 10 basis points from January lows, indicating a potential for further yield adjustments [2] - The analysis indicates that the demand for replacement bonds may increase, particularly for smaller banks, as they face pressure on their asset side due to the current market conditions [1][2]

Investment Rating - The investment rating for the company is "Buy" (maintained) [5] Core Views - The company achieved a record revenue of $8.03 billion in 2024, a year-on-year increase of 27%, exceeding initial guidance of single-digit growth [1] - Revenue from Chinese customers grew by 34% year-on-year, driven by local manufacturing demand and government consumption stimulus policies [2] - The company expects Q1 2025 sales revenue to increase by 6-8% quarter-on-quarter, with a projected gross margin of 19%-21%, reflecting a year-on-year increase of 5.3-7.3 percentage points [3] Summary by Sections Financial Performance - In Q4 2024, the company reported revenue of $2.207 billion, a year-on-year increase of 31.5% and a quarter-on-quarter increase of 1.7%, marking seven consecutive quarters of growth [4] - The gross margin for Q4 2024 was 22.6%, up 6.2 percentage points year-on-year and 2.1 percentage points quarter-on-quarter [4] - The average capacity utilization rate for the year was 85.6%, an increase of 10.6 percentage points year-on-year [1] Market Outlook - The semiconductor market is expected to recover in 2024, with inventory levels among chip design companies returning to healthy levels [2] - The company anticipates that the sales growth in 2025 will exceed the average growth of comparable peers, with capital expenditures remaining stable year-on-year [3] Revenue Projections - Revenue projections for 2024 to 2026 are $57.796 billion, $67.043 billion, and $75.088 billion, with growth rates of 27.7%, 16.0%, and 12.0% respectively [10] - The net profit attributable to the parent company is projected to be $3.699 billion, $5.358 billion, and $6.989 billion for the same years, with growth rates of -23.3%, 44.8%, and 30.4% respectively [10]

2025 年 02 月 10 日 行业研究●证券研究报告 比亚迪加速智驾全面落地，中阶或成销量生命线 投资要点 比亚迪天神之眼加速智驾全面落地，创智驾平权时代。比亚迪宣布将于 2 月 10 日在深圳总部召开智能化战略发布会，将发布"天神之眼"高阶智驾系统，旨在通 过技术创新降低智能驾驶使用门槛，推动全民智驾普及，让每一个人都能畅享高 阶智驾，拥有更安全、舒适、便捷的出行体验。"天神之眼"是比亚迪自主研发 的高阶智能驾驶辅助系统，它集成了多传感器深度融合技术、全自研高算力智驾 计算平台以及端到端算法架构等核心技术，旨在为用户提供更安全、便捷、舒适 的驾驶体验。该系统能够实时监测全车信息、车辆状态以及车主驾驶状态，实现 全场景、全天候、全地域的感知能力，最大程度地保障用户驾驶的安全与舒适。 "天神之眼"按照定位分为三个等级：DiPilot 100、DiPilot 300、DiPilot 600。（1） DiPilot 100：纯视觉方案，由 12 个摄像头、5 个毫米波雷达、12 个超声波雷 达等感知系统组成。能够实现高速领航 NOA（自适应跟车、自主变道、自动预 警及制动、自动上下匝道、自动汇入主路、智能泊车等 ...

新能源全面入市新政落地，关注功率预测、智 能微网等新业态推进 事件点评 电气设备 行业快报 投资评级 领先大市(维持) 首选股票 评级 一年行业表现 资料来源：聚源 2025 年 02 月 10 日 行业研究●证券研究报告 | 升幅% | 1M | 3M | 12M | | --- | --- | --- | --- | | 相对收益 | 1.8 | 2.5 | 8.78 | | 绝对收益 | 4.79 | -2.65 | 24.47 | 分析师 周涛 SAC 执业证书编号：S0910523050001 zhoutao@huajinsc.cn 相关报告 电气设备：分布式光伏新政落地，奠定行业量 质 齐 升 基 础 - 华 金 证 券 - 电 新 - 行 业 快 报 2025.1.26 电气设备：25 年国网投资拟超 6500 亿元，电 网投资持续高景气-华金证券-电新-行业快报 2025.1.17 东方电缆：拟投资建设深远海输电装备项目， 立足广西+辐射东盟-华金证券-电新-东方电缆- 公司快报 2025.1.13 风险提示：政策落地不及预期；能源成本大幅波动；行业竞争加剧。 电气设备：上海开启 4.3GW ...

春季行情可能进入主升阶段 定期报告 投资要点 风险提示：历史经验未来不一定适用，政策超预期变化，经济修复不及预期。 2025 年 02 月 09 日 策略类●证券研究报告 | 分析师 | 邓利军 | | --- | --- | | SAC | 执业证书编号：S0910523080001 | | | denglijun@huajinsc.cn | | 报告联系人 | 张欣诺 | | | zhangxinnuo@huajinsc.cn | | 报告联系人 | 张诗瀑 | | | zhangshipu@huajinsc.cn | 相关报告 短期风险有限，可持股过节 2025.1.24 机构资金流入 A 股规模可能上升 2025.1.23 2024Q4 基金持仓点评-加仓电子、银行、电 新，减仓有色、医药 2025.1.23 政策强化春季行情开启 2025.1.22 新股整体交投情绪或有稳定迹象，不排除将 进 入 布 局观 察 窗 口 - 华 金 证 券新 股 周 报 2025.1.19 http://www.huajinsc.cn/ 1 / 13 请务必阅读正文之后的免责条款部分 一、春季行情可能进入主升阶段 （一 ...

2025 年 02 月 09 日 宏观类●证券研究报告 油价回升服务走高，CPI 稍好于预期 事件点评 CPI、PPI 点评（2025.1） 投资要点 分析师 秦泰 SAC 执业证书编号：S0910523080002 qintai@huajinsc.cn 报告联系人 周欣然 zhouxinran@huajinsc.cn 相关报告 美国就业强劲，薪资通胀螺旋开始转动—— 美国就业数据点评（2025.1） 2025.2.8 1 月外储略增或未干预汇率，预计新增贷款 4.25 万亿——华金宏观·双循环周报（第 93 期） 2025.2.7 乙巳之初，风起云涌——2025 年春节海内外 宏观综述 2025.2.4 PMI 开年走低，主因春节提前和出口风险— —PMI 点评（2025.1） 2025.1.27 "两新"补贴和抢出口共同推动工业利润回 升 — — 工 业 企 业 利 润 点 评 （ 2024.12 ） 2025.1.27 http://www.huajinsc.cn/ 1 / 4 请务必阅读正文之后的免责条款部分 1 月 CPI 在春节提前、油价回升、服务消费稳中向好的共同拉动下，抵冲食品涨幅 温和的影响 ...

投资要点 2025 年 02 月 09 日 行业研究●证券研究报告 模拟厂商 24Q4 业绩指引向好，多领域技术迭 代拓宽市场空间 模拟厂商 24Q4 业绩指引向好，模拟芯片市场拐点已至 若取业绩预告中值计算，多家模拟公司 24Q4 单季营收和归母净利润预计同环比均有所改 善。工业和汽车业务营收占比较高的纳芯微营收同环比涨幅居前。根据纳芯微 2024 年 11 月投资者调研纪要，纳芯微表示工业市场库存水位已恢复正常水平，但市场需求仍疲软； 光伏市场正在去库存，预计 25Q1 回归正常库存水平，当前需求低于正常需求；通信行业 库存去化需至 25Q1 完成；汽车电子需求较旺盛。利润增长原因既包括行业需求逐渐复苏、 公司产品结构优化，也包括股份费用冲回等费用减少。24Q4 圣邦股份归母净利润预计创 22Q4 以来新高；即使剔除相关费用减少对利润的正向影响，24Q4 圣邦利润仍维持较高 环比增速。 我们认为，随着下游库存持续去化，需求逐渐恢复，中国模拟芯片市场拐点已至，其中消 费类产品价格基本触底，工业等市场随着需求复苏，价格跌幅有望收窄，未来模拟公司营 收规模和盈利能力预计进一步提升。 多领域技术加速迭代，模拟芯片 ...

美国就业强劲，薪资通胀螺旋开始转动 事件点评 美国就业数据点评（2025.1） 投资要点 美国 1 月非农就业走低但此前两月数据大幅上修，失业率再降至 8 个月低位，近 3 个月劳动 力市场紧张程度迅速提升，美联储近期降息必要性再度下降。当地时间 2 月 7 日，美国劳工 统计局公布数据，1 月美国新增非农就业 14.3 万人低于市场预期，但同时对 2024 年 11 月、 12 月新增就业人数分别上修 4.9 万、5.1 万人至 26.1 万人、30.7 万人，这意味着过去三个月 共新增和上修非农就业达 24.3 万人，考虑到年初低温寒潮天气往往对美国就业数据造成短期 向下扰动，本次公布的总体数据表现显示美国近期劳动力市场需求趋势强劲。受此带动，1 月美国失业率连续第二个月下行 0.1 个百分点至 4.0%的近 8 个月低位，明显低于美联储于 2024 年 12 月提供的最新预测（2024Q4 和 2025Q4 分别为 4.2%和 4.3%）。美联储以失业 率作为产出缺口的代表性指标，这意味着美联储近期降息的必要性再度明显下降。就业行业 分布呈现出较为明显的短期天气影响特征，专业商务服务教育医疗、休闲酒店两 ...