拓普集团系列 车中旭霞 | 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）-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 ...

Core Viewpoint - The article emphasizes that Shuanghuan Transmission is leveraging its core businesses in automotive and robotics to build a precision gear platform supply system, with a focus on growth opportunities through globalization and product diversification [1][5][7]. Financial Performance - In 2024, Shuanghuan Transmission achieved revenue of 8.78 billion yuan, a year-on-year increase of 8.8%, and a net profit attributable to shareholders of 1.02 billion yuan, up 25.4% year-on-year [2]. - In Q4 2024, the company reported revenue of 2.04 billion yuan, a decrease of 7.4% year-on-year and 15.8% quarter-on-quarter, while the net profit was 290 million yuan, reflecting a year-on-year increase of 26.0% [2]. - For Q1 2025, revenue was 2.07 billion yuan, a slight decrease of 0.5% year-on-year, but net profit rose by 24.7% to 280 million yuan [2]. Cost Control and Profitability - The company has effectively managed costs, with sales, management, and R&D expense ratios for Q1 2025 at 1.0%, 3.8%, and 5.4%, respectively, showing stable cost control [4]. - The gross profit margin for Q1 2025 was 26.8%, an increase of 4.1 percentage points year-on-year, while the net profit margin was 13.4%, up 2.7 percentage points year-on-year [4]. Growth Opportunities - Shuanghuan Transmission is positioned to capitalize on two major upgrade opportunities: the trend of gear outsourcing and the surge in demand for gears driven by the electric vehicle boom [6][7]. - The company is pursuing a globalization strategy, including a planned investment of 120 million euros in Hungary to establish a production base for automotive gear components [21]. Product and Technology Development - The company is focused on building a platform supply system for gears, leveraging its expertise in materials, processes, and precision manufacturing to enhance product offerings in both automotive and robotics sectors [9][14]. - Shuanghuan Transmission has established itself as a leading supplier of high-precision gears, with a market share exceeding 70% in the domestic high-power electric vehicle segment [7][17]. International Expansion - The company is actively expanding its international presence, with overseas revenue reaching 940 million yuan in 2022, a year-on-year increase of 24% [17]. - Shuanghuan Transmission aims to enhance its global footprint by aligning with international automotive manufacturers and meeting global quality standards [21].

Core Viewpoint - Bertli is experiencing a harvest period in its electric control braking and lightweight business, with significant growth in revenue and profit driven by new product development and market expansion [1][2][4]. Financial Performance - In Q1 2025, Bertli achieved revenue of 2.638 billion yuan, a year-on-year increase of 41.83%, and a net profit attributable to shareholders of 270 million yuan, up 28.79% [2][6]. - The gross margin for Q1 2025 was 17.97%, down 2.78 percentage points year-on-year, while the net profit margin was 10.16%, down 1.13 percentage points [3][10]. Product Development and Market Position - Bertli is a leading domestic brake system manufacturer, with a total of 498 projects under research in Q1 2025, an increase of 6.41% year-on-year, and 120 new designated projects, up 13.21% [4][15]. - The company is positioned as a global chassis supplier, accelerating the development of new products, including electronic parking brake systems and lightweight components, with significant production capacity expansions planned [5][29]. Product Sales and Demand - The sales volume of disc brakes reached 930,000 sets, a year-on-year increase of 36.14%, while lightweight brake sales were 3.44 million units, up 23.45% [2][6]. - The sales volume of intelligent electric control products reached 1.4619 million sets, growing by 58.43% year-on-year, indicating strong demand in the market [2][6]. R&D Investment - The company continues to invest in R&D, with R&D expenses increasing by 16% year-on-year in Q1 2025, benefiting from scale growth, while the R&D expense ratio decreased by 1.08 percentage points [3][10]. Industry Trends - The automotive industry is moving towards lightweight and intelligent solutions, which aligns with Bertli's strategic focus on electric control systems and lightweight components, positioning the company to benefit from these trends [4][30].

瑞鹄模具系列 车中旭霞 深度报告 《国信证券-华为行业专题-三种模式赋能车企，打造中国智能汽车品牌》 ——20240314 点评报告 《 国信证券- 瑞鹄模具-002997.SZ- 一季度收入同比增长48%，规模效应有望持续兑现》-20250501 《国信证券- 瑞鹄模具-002997.SZ- 2024年净利润同比增长73%，零部件+机器人加速拓展》 —— 20250329 《国信证券- 瑞鹄模具-002997.SZ- 零部件新业务稳定放量，三季度净利率同环比提升》 —— 20241023 《国信证券-瑞鹄模具-002997.SZ-新业务稳定放量，二季度归母净利润同比增长82%》 —— 20240821 《国信证券- 瑞鹄模具-002997.SZ- 一季度归母净利润同比增长77%，单季度业绩创新高》 —— 20240424 核心观点 瑞鹄模具2025Q1实现营收7.47亿元，同比+48%；实现归母净利润0.97亿元，同比+28%。受益于客户销量高增及新业务量产，公司营收增速超越行业33.5pct。自主品牌 持续发力，以旧换新、车企促销等因素助力，2025Q1中国汽车产量达到756万辆，同比增长14.5%。公司 ...

Core Viewpoint - The company achieved a net profit growth of 40% year-on-year in Q1, with expectations for accelerated performance in 2025 [2][9] Financial Performance - In 2024, the company reported revenue of 7.025 billion yuan, a year-on-year increase of 19.12%, and a net profit of 303 million yuan, a decrease of 20.14%, primarily due to 124 million yuan in stock incentive expenses. Adjusted operating net profit was 427 million yuan, up 13% [3][9] - In Q4 2024, the company achieved revenue of 1.999 billion yuan, a year-on-year increase of 14.69% and a quarter-on-quarter increase of 8.47%. The net profit was 54 million yuan, a year-on-year increase of 34.71% but a quarter-on-quarter decrease of 46.20% [3][9] - In Q1 2025, revenue reached 1.905 billion yuan, a year-on-year increase of 28.46%, with a net profit of 95 million yuan, up 39.99% year-on-year [3][9] Product Structure and Margins - The overall gross margin for 2024 was 25.05%, a decrease of 2.35 percentage points, influenced by the lower profitability of ADAS products. The sales, management, and R&D expense ratios were 3.29%, 5.81%, and 8.11%, respectively [4][14] - In Q1 2025, the expense ratios were 2.89% for sales, 5.93% for management, and 6.98% for R&D, indicating a reduction in stock incentive expenses and potential for accelerated net profit recovery [4][14] Market Position and Product Development - The company remains a leader in the TPMS market, selling 66.73 million transmitters in 2024, a year-on-year increase of 22% [6][32] - The company has established a comprehensive product layout in air suspension, achieving a shipment of 1.8093 million units in 2024, a year-on-year increase of 22%. It also secured a project with a well-known European OEM, marking a significant breakthrough for domestic suppliers [7][20][23] - The company has developed a range of 40 types of sensors across six categories, enhancing its capabilities in intelligent driving technologies [8][30] Subsidiary Performance - The profitability of key subsidiaries has improved significantly, with Ningguo Baolong achieving a net profit growth of 48% in 2024, and Baofu Overseas reporting a net profit increase of over 1300% [18][19] Order Backlog and Production Capacity - The company has over 14 billion yuan in orders for air suspension systems, with production capacity gradually being released from two expansions that added 4.28 million units [20][27] - The air suspension market is expected to grow significantly, with projections of 3 million units delivered by 2026, indicating substantial revenue potential [20][27] Strategic Partnerships and Market Trends - The company has established long-term supply relationships with major automotive manufacturers, including Tesla and various domestic brands, enhancing its market presence [20][23] - The air suspension system's penetration rate is expected to increase, with the market projected to reach approximately 24 billion yuan by 2026 [20][27]

继峰股份系列 车中旭霞 公司深度： 《继峰股份（603997.SH）-自主崛起，国产乘用车座椅打开增长空间》——20220803 点评报告： 《 继峰股份 （603997.SH）-一季报点评：一季度盈利大幅改善，股权激励彰显座椅事业部盈利信 心》-20250501 《 继 峰 股 份 （ 603997.SH ） - 三 季 报 点 评 - 顺 利 剥 离 北 美 亏 损 资 产 ， 2025 年 业 绩 有 望 加 速 释 放 》-20241105 《继峰股份（603997.SH）-年报及一季报点评-乘用车座椅业务逐步量产，海外客户获得突破 》-20240430 《继峰股份系列七-2023年三季报点评-第三季度盈利改善，乘用车座椅业务逐步量产》-20231102 《继峰股份系列六-2023年中报点评-乘用车座椅量产，国产替代空间广阔》-20230901 《继峰股份（603997.SH）-2023年一季报点评-一季度扭亏为盈，看好乘用车座椅业务放 量》-20230501 《继峰股份（603997.SH）-2022年年报点评-加快格拉默经营整合，乘用车座椅订单加速》—— 20230402 《继峰股份（603997 ...

Core Viewpoint - The article emphasizes the strong growth potential of Hu Guang Co., Ltd. (沪光股份) in the automotive wiring harness industry, driven by the increasing demand from the electric vehicle market and the company's strategic initiatives in product innovation and customer diversification [3][28]. Industry Depth - The automotive industry is experiencing a rapid shift towards electric vehicles, which is significantly increasing the demand for wiring harnesses. Hu Guang Co., Ltd. is positioned as a leading player in this sector, focusing on high and low voltage wiring harnesses [26][30]. Company Performance - In 2024, Hu Guang achieved a revenue of 7.914 billion yuan, a year-on-year increase of 97.70%, and a net profit of 670 million yuan, up 1139.15% year-on-year. The growth is attributed to the booming electric vehicle market and the successful launch of new projects [3][8]. - For Q1 2025, the company reported a revenue of 1.543 billion yuan, a slight increase of 0.64% year-on-year, but a decrease of 35.22% quarter-on-quarter. The net profit for the same period was 93 million yuan, down 7.63% year-on-year and 59.86% quarter-on-quarter [2][7]. Financial Metrics - The gross margin for 2024 was 17.5%, an increase of 4.7 percentage points year-on-year, while the net margin was 8.5%, up 7.1 percentage points year-on-year. The company also saw a decrease in its four expense ratios, which stood at 7.09%, down 3.62 percentage points year-on-year [3][22]. - In Q1 2025, the gross margin was 14.4%, a year-on-year increase of 0.4 percentage points, but a decrease of 3.5 percentage points quarter-on-quarter. The net margin was 6.0%, down 0.6 percentage points year-on-year and 3.7 percentage points quarter-on-quarter [15][23]. Product Development - The company is focusing on innovation in low-voltage wiring harness products and expanding its capacity for high-voltage wiring harnesses. In 2024, it developed a full range of high-voltage connectors and charging sockets, enhancing its product offerings [5][30]. - Hu Guang has successfully partnered with various new energy vehicle manufacturers, diversifying its customer base and reducing reliance on a few major clients. The top five customers accounted for 80.22% of sales in 2024, down from 99% in 2015 [5][32]. Strategic Initiatives - The company is committed to digital transformation and smart manufacturing, aiming to enhance operational efficiency and reduce costs. This includes the implementation of automated production lines and digital management systems [39][43]. - Hu Guang is also expanding its business into new fields, such as drones and electric tools, to diversify its revenue streams and leverage its technological capabilities [44][52]. Global Expansion - The company is actively pursuing international markets, with overseas revenue increasing by 227.08% in 2024. It aims to enhance its global presence by establishing high-standard automated production lines abroad [49][48]. Future Outlook - The company plans to continue focusing on high-quality development in the automotive wiring harness sector while exploring new opportunities in emerging industries such as robotics and drones. This strategic approach is expected to drive sustainable growth and innovation [53][54].

Core Viewpoint - In Q1 2025, the company achieved a net profit of 340 million yuan, representing a year-on-year increase of 11% [2][8]. Financial Performance - In Q1 2025, the company reported revenue of 14.576 billion yuan, a year-on-year increase of 9.78% and a quarter-on-quarter decrease of 1.04%. The net profit attributable to shareholders was 340 million yuan, up 11.08% year-on-year and up 1694.71% quarter-on-quarter [3][8]. - The gross margin for Q1 2025 was 17.90%, up 2.6 percentage points year-on-year and down 0.3 percentage points quarter-on-quarter. The net profit margin was 2.77%, down 0.1 percentage points year-on-year and up 2.3 percentage points quarter-on-quarter [11][8]. Order Status - The company has a robust order backlog, with new full lifecycle orders amounting to approximately 15.7 billion yuan in Q1 2025. The total new project order amount for 2024 reached a record high of approximately 83.9 billion yuan [4][5]. - The new orders in the automotive safety business amounted to approximately 57.4 billion yuan, while the automotive electronics business secured about 26.5 billion yuan. New orders related to new energy vehicles exceeded 46 billion yuan, accounting for over 55% of the total [41][5]. Business Expansion - The automotive electronics business is accelerating its development, with the company successfully obtaining its first mass production order for a regional controller project, which will provide over one million units for a well-known domestic new energy brand [7][51]. - The company is positioning itself as a "Tier 1" supplier in the automotive and robotics sectors, expanding into the embodied intelligent robotics industry chain [77][86]. Technological Innovation - The company is focusing on technological innovation in the automotive electronics sector, particularly in smart cockpit, smart driving, and smart connectivity, to maintain a leading position in key technology areas [47][48]. - The company has developed a new olfactory sensor for humanoid robots, which can accurately detect gas concentrations and is expected to enhance environmental monitoring and medical diagnostics [81][80]. Strategic Partnerships - The company signed a strategic cooperation agreement with Zhiyuan Robotics to collaborate on key technologies related to robotics, enhancing both parties' core competitiveness in the robotics field [84][83].

月度产销： 根据乘联会统计，3月全国乘用车市场零售194.0万辆，同比增长14.4%，环比增长40.2%；今年1-3月份累计销量512.7万辆，同比增长6.0%。其中3月新能源乘用车批 发销量达到112.8万辆，同比增长35.5%，环比增长35.9%；1-3月累计批发284.7万辆，同比增长42.8%。根据乘联会数据，4月狭义乘用车零售预计175.0万辆，新能源预计90.0万 辆。 周度数据： 根据上险数据，4.14-4.20国内乘用车上牌38.70万辆，同比+9.4%，环比+12.1%；其中新能源乘用车上牌20.43万辆，同比+28.9%，环比+10.9%。4月累计更新(4.7- 4.20)：4月国内乘用车累计上牌73.22万辆，同比+10.3%；其中新能源乘用车累计上牌38.85万辆，同比+27.7%。 本周行情： 本周（20250421-20250425）CS汽车上涨4.98%，CS乘用车上涨3.77%，CS商用车上涨2.26%，CS汽车零部件上涨6.72%，CS汽车销售与服务上涨3.38%，CS摩托车 及其他上涨4.47%，电动车上涨3.53%，智能车上涨3.25%，同期的沪深300指数上涨0.38% ...

核心观点 市场表现： 本周（4.21-4.25）我们构建的国信人形机器人指数上涨5.99%，强于沪深300指数5.61pct，强于上证综合指数5.43pct，年初至今上涨12.9%。拓普集团上涨9.29%，三 花智控上涨5.69%，中鼎股份上涨4.4%，银轮股份上涨7.01%，北特科技上涨17.04%，双林股份上涨16.53%，贝斯特上涨3.46%，祥鑫科技上涨10.36%，双环传动上涨7.61%， 斯菱股份上涨21.78%，豪能股份上涨16.01%，精锻科技上涨5.2%，蓝黛科技上涨7%，凌云股份上涨8.52%，旭升集团上涨6.14%，肇民科技上涨41.44%，爱柯迪上涨10.19%， 均胜电子上涨6.35%。征和工业上涨11.94%，美力科技上涨5.31%。 行业动态 ： 1）特斯拉2025年第一季度更新报告发布，展示Optimus人形机器人试生产线，表示到25年底生产数千台，目标29-30年年产百万台；2）特斯拉机器人大规模招聘； 3）小鹏Iron机器人亮相上海车展；4）首届具身智能机器人运动会在无锡开幕；5）智元发布具身智能一站式开发平台Genie Studio、发布并开源仿真评测工具Genie Si ...