禾赛科技系列 车中旭霞 行业深度 《 汽车前瞻研究系列十六-激光雷达的市场空间、技术路线及产业链拆解 》——20220127 公司深度 《 禾赛科技（HSAI.O）-受益于激光雷达行业渗透率加速上行，技术及规模构建护城河》——20250415 公司点评 《禾赛科技（HSAI.O）-单二季度收入同比增长 54%，激光雷达产品在手订单充沛》-20250907 《禾赛科技（HSAI.O）-一季度收入同比增长46%，激光雷达新产品、新客户持续突破》-20250605 核心观点 2025Q2公司营收同比增长54%，实现净利润0.44亿元 2025Q2，公司实现收入为7.06亿元，同比增长53.9%，环比增长34.5%，净利润为0.44亿元（2024Q2为-0.72亿元， 2025Q1为-0.18亿元），调整后净利润（即加回股权激励费用后的净利润）为0.73亿元（2024Q2为-0.44亿元，2025Q1 为860万元）。分业务来看，1）2025Q2，公司产品收入为7.0亿元，同比增长71.1%，环比增长37.1%，同比增长主要 得益于中国市场需求强劲，ADAS激光雷达产品出货量及销售收入增加；2）2025Q2，公司服务 ...

分业务产品来看，蓝黛25H1电子元器件业务营收7.9亿元，同比-3.9%，毛利率15.0%，同比+5.6pct；汽车零部件业务营收9.5亿元，同比+33.2%，毛利率17.4%，同比 +2.7pct；25H1公司动力传动业务营收9.6亿元，同比+20.6%，归母净利润为0.7亿元，同比+48.3%；新能源销售占比持续提升；在传统燃油车平衡箱总成、变速器总成 等方面，深耕优质客户，稳定市场份额；海外产能方面：基于未来业务发展和海外市场拓展的需要，公司已设立泰国子公司，加速海外市场拓展。 参股无锡泉智博叠加自身齿轮业务积累，持续推进机器人业务 费用管控稳定，盈利能力同环比持续修复 费用层面，25Q2蓝黛科技销售/管理/研发费用率分别为1.2%/3.0%/3.4%，同比分别-0.3/+0.4/-0.4pct，环比分别-0.7/-0.8/0.0pct，整体费用管控相对稳定；25Q2公司毛利 率17.6%，同比+4.2pct，环比+2.2pct，净利率6.1%，同比+2.4pct，环比-0.3pct；预计公司盈利能力的提升主要系1）新能源业务放量带来规模效应向上；2）持续推进提 绩增效，深化降本工作等因素。 主业持续放 ...

核心观点 产品线持续发力，公司业绩稳定增长 福达股份2025年上半年实现营收9.4亿元，同比+30.3%，归母净利润1.46亿元，同比+98.8%；扣非归母净利为1.34 亿元，同比+90.3%；单二季度看，25Q2营收4.66亿元，同比 +16.8%，环比-1.1%，归母利润0.81亿元，同比+93.3%，环比+24.5%，扣非净利润0.69亿元，同比+73.4%，环比+4.7%。整体来看，得益于公司曲轴产能逐步释放，以及盈利能 力的持续提升，公司业绩持续释放。 费用管控稳定，毛利率持续提升 费用层面，25Q2福达股份销售/管理/研发费用率分别为1.1%/4.7%/5.6%，同比分别-1.2/+0.5/+0.1pct，环比分别+0.2/+0.5/-0.4pct，整体费用管控稳定；25Q2毛利率28.5%，同比 +4.9pct，环比+1.4pct；预计公司盈利能力的提升主要系1）曲轴、齿轮业务放量带来规模效应向上；2）持续推进提绩增效，深化采购降本工作等因素。 主业持续放量，新能源业务加速拓展 公司加大产品拓展，1）混动曲轴成品方面：完成理想、东风乘用车、小康动力、比亚迪等客户9个新品开发；2）混动曲轴毛坯产 ...

公司深度报告： 《拓普集团（601689.SH）深度：平台型汽车零部件的业务复盘和展望》-2023-03-21 相关研究报告： 《拓普集团（601689.SH）-盈利短期承压，机器人业务打开全新增量空间》 ——2025-05-04 《拓普集团（601689.SH）-三季度净利润同比增长55%，平台型供货矩阵持续放量》 ——2024-10-29 《拓普集团（601689.SH）-二季度净利润同比增长26%，迎来多品类发力新周期》 ——2024-09-02 《拓普集团系列四十二-业绩预增点评：平台型供货矩阵发力，净利润持续攀升》-2024-07-24 《拓普集团系列四十一-一季报点评：盈利能力持续提升，一季度净利润同比增长43%》-2024-05-04 《拓普集团系列四十-年报点评：2023年业绩稳定增长，2024年看好车端与执行器业务推进》-2024-01-20 《拓普集团系列三十九-三季报点评：三季度营收逆势稳增，车与机器人带来确定性和成长性》-2023-09-02 《拓普集团系列三十八-三季报点评：三季度营收逆势稳增，车与机器人带来确定性和成长性》-2023-09-02 《拓普集团系列三十七-2023中报点 ...

《华为汽车系列：三种模式赋能车企，打造中国智能汽车品牌》-20240314 点评报告： 赛力斯系列 车中旭霞 深度报告： 2025年H1，公司毛利率28.93%，净利润率4.71%，均创新高。2025年第二季度，公司毛利率29.52%，创单季度毛利率 新高；净利润率回升，达到5.07%。研发、销售高投入，管理费用持续在低位；2025H1，销售、管理、研发费用率分 别为14.33%、2.46%、4.69%；2025年第二季度，销售、管理、研发费用率分别为14.52%、2.03%、4.34%。 《赛力斯系列四：2025Q2利润环比高增，改款M7预售1小时小订超10万台 》-20250908 《赛力斯系列三：2024营收高速增长，净利润接近预告上限》-20250408 《赛力斯系列二-三季报点评：净利润高速增长，费用率有效降低》-20241106 《赛力斯：一季度净利润扭亏为盈，有望迎来经营上行周期》-20240504 核心观点 赛力斯2025H1营业收入624.02亿元，归母净利润29.41亿元；第二季度营收432.55亿元，归母净利润21.93亿元 2025H1，实现营收624.02亿元，同比-4%；2025第 ...

零跑汽车系列 车中旭霞 深度报告： 《零跑汽车深度之二：新品周期叠加渠道扩容，国际合作护航全球战略》-20241213 《零跑汽车深度之一：聚焦高性价比市场，核心技术全域自研》-20230831 点评报告： 《 零跑汽车系列六：2025H1营收大幅增长，实现半年度盈利 》-20250904 《零跑汽车系列五：2025Q1营收超100亿,毛利率创历史新高》-20250526 《零跑汽车系列四：2024Q4单季度扭亏为盈,新车型B10开启预售》-20250314 《零跑汽车点评：与Stellantis达成深度合作，三季报及10月销量表现优秀》-20231105 核心观点 零跑汽车2025年上半年收入同比大幅增长，净利润0.3亿元首次实现半年度转正 零跑汽车上半年收入242.5亿元，同比增长174%，主要原因是：整车及备件交付量的增加；战略合作、碳积分交易带 来的收入增加；整车交付量增长带动相关服务收入的增加。零跑汽车2025年H1归母净利润0.33亿元，相比2024年同期 的-22.1亿元，首次实现半年度扭亏为盈。2025年Q2单季度营收142.3亿元，环比增长42%；Q2单季度归母净利润1.63亿 元，一季度净 ...

Core Viewpoint - The company is experiencing significant growth in its automotive and refrigeration businesses, driven by increasing orders in the new energy vehicle sector and effective market strategies [5][11][12]. Financial Performance - In the first half of 2025, the company achieved revenue of 16.26 billion yuan, a year-on-year increase of 18.9%, and a net profit of 2.11 billion yuan, up 39.3% [5][6]. - For Q2 2025, revenue reached 8.59 billion yuan, reflecting an 18.8% year-on-year growth and a 12.1% quarter-on-quarter increase, with net profit of 1.21 billion yuan, up 39.2% year-on-year and 33.6% quarter-on-quarter [5][6]. Business Segments - The refrigeration business generated revenue of 10.39 billion yuan in H1 2025, a 25.5% increase, while the automotive parts business brought in 5.87 billion yuan, an 8.8% increase [5][11]. - The company holds the global market share leader position in several thermal management products, including electronic expansion valves and heat exchangers [4][11]. Cost Management and Profitability - The company has implemented cost reduction and efficiency improvement measures, resulting in a gross profit margin of 28.12% in H1 2025, up 0.66 percentage points year-on-year [3][6]. - In Q2 2025, the gross profit margin improved to 29.27%, with a net profit margin of 14.13%, reflecting a year-on-year increase of 2.03 percentage points [3][6]. Global Expansion Strategy - The company is actively expanding its global footprint, with manufacturing bases in Vietnam, Mexico, and Thailand to mitigate tariff challenges [4][15]. - Ongoing construction of factories in Mexico and Poland aims to enhance local production capabilities and meet the demands of major automotive clients [17][18]. Technological Advancements - The company is focusing on technological improvements in its robotics segment, with plans to invest at least 5 billion yuan in new projects related to intelligent control systems and robotics [4][22]. - The company has secured numerous patents, enhancing its product development capabilities in both thermal management and robotics [22][23].

Core Viewpoint - The electric two-wheeler industry is experiencing a recovery in revenue and profit in the first half of 2025, driven by the "old-for-new" policy promoting sales growth [2][10]. Group 1: Financial Performance - In the first half of 2025, the company's operating revenue reached 19.19 billion yuan, a year-on-year increase of 33.0%, while net profit was 1.65 billion yuan, up 59.5% year-on-year [3][11]. - The gross margin for the first half of 2025 was 19.6%, an increase of 1.6 percentage points year-on-year, and the net margin was 8.6%, up 1.4 percentage points year-on-year, marking the highest gross margin since 2017 and a record high for net margin [5][11]. - The comprehensive expense ratio slightly decreased to 10.4%, down 0.3 percentage points year-on-year, with sales, management, R&D, and financial expense ratios showing minor fluctuations [4][16]. Group 2: Product and Market Strategy - The company is focusing on new product development and expanding its store network, with the launch of new models aimed at different consumer segments, including the "Morden" series targeting female users [6][19]. - The company held a global retail summit in December 2024 to outline its development plans for 2025, expecting a positive transformation in sales and profits [6][7]. - The company is actively expanding into the Southeast Asian market, with production bases established in Vietnam and Indonesia, aiming to enhance production capacity and sales networks [8][28]. Group 3: Sales and Distribution - The company has significantly increased its distribution channels, with 40,000 sales points and 4,000 distributors by 2023, which is expected to further improve under the "old-for-new" policy in 2025 [27]. - The company plans to continue enhancing its channel coverage to better reach end consumers, which is anticipated to support ongoing sales and profit recovery [27][18].

Core Viewpoint - Yinlun Co., Ltd. (002126.SZ) is positioned as a leader in thermal management, with accelerated expansion into digital energy and robotics sectors, showcasing a robust growth trajectory in revenue and profit [2][4][6]. Financial Performance - In H1 2025, the company achieved revenue of 7.17 billion yuan, a year-on-year increase of 16.5%, and a net profit of 440 million yuan, up 9.5% year-on-year [6][7]. - Q2 2025 revenue reached 3.75 billion yuan, reflecting a 17.9% year-on-year growth and a 9.8% quarter-on-quarter increase, with net profit at 230 million yuan, up 8.3% year-on-year [6][7]. - The growth in revenue and profit is attributed to the recovery in commercial vehicle sales and rapid expansion in digital energy business [6][7]. Segment Analysis - The commercial vehicle and non-road business generated 2.43 billion yuan in H1 2025, a 3.9% increase year-on-year, while the digital energy business saw revenue of 690 million yuan, up 58.9% [7][11]. - The passenger vehicle segment reported revenue of 3.83 billion yuan, a 20.5% increase year-on-year, with significant contributions from new energy vehicle thermal management products [7][11]. International Operations - North American operations generated 790 million yuan in revenue in H1 2025, with net profit of 30 million yuan, while the European segment is expected to turn profitable by year-end [11][16]. - The company’s Mexico plant achieved breakeven in Q4 2023, focusing on thermal management products for North American clients [11][16]. Product Development and Innovation - The company is expanding its product portfolio from components to integrated modules, enhancing its competitive edge [15]. - In the digital energy sector, the company is developing solutions for data centers and energy storage, with a strategic client base established [4][15]. Future Growth Prospects - The company anticipates new orders in 2024 to contribute approximately 9.073 billion yuan in annual sales, with a strong pipeline of over 300 projects [3][4]. - The stock incentive plan aims for revenue targets of at least 15 billion yuan and net profit of no less than 1.05 billion yuan by 2025 [13][14].

科博达系列 车中旭霞 公司深度： | 《科博达-603786-深度报告：一体两翼，汽车电子核心标的》-20191021 | | --- | | 财报点评： | | 《 科博达（603786.SH）-中报点评-单二季度净利润同比增长61%，在手订单充沛》-20250901 | | 《 科博达（603786.SH）-年报点及一季报点评- 在手订单充沛，打造域控制器平台型企业 》-20250428 | | 《 科博达（603786.SH）-三季报点评-单三季度归母净利润同比增长31%，打造域控制器平台型企业 》-20241029 | | 《科博达（603786.SH）-中报点评-加快全球化布局，打造域控制器平台型企业》-20240825 | | 《 科博达（603786.SH）-年报及一季报点评-新产品放量，全球化加速，打造域控制器平台型企业 》-20240421 | | 《科博达（603786.SH）-2023年三季报点评-拓客户、拓品类进展顺畅，打造域控制器平台型企业》 -20231029 | | 《科博达（603786.SH）-2023年中报点评-单季度营收创新高，打造域控制器平台型企业》-20230820 ...