摘要 ► 智能电动方兴未艾 国产线 束之光加速替代 沪光股份主要从事汽车线束的研发、制造及销售，产品涵盖整车客户定制化线束、新能源汽车高压线束、仪表板线束、发动机线束、车身线束、门线束、顶棚线束及 尾部线束等。 2021-2024 年，受益于产能持续释放及新能源车线束放量，公司营业收入从 24.5 亿元增长至 79.1 亿元， CAGR 达 47.9% ； 2024 年营收 79.1 亿元，同比 +97.7% ，迎来成长拐点。随着汽车行业智能电动化进程加速，线束轻量化趋势凸显，行业国产替代加速，作为自主汽车线束行业龙头，公司有望持续受 益。 ► 客户结构持续优化 全球化战略推进顺利 公司客户结构持续优化，随新能源客户车型逐渐放量，公司前五大客户营收占比从 2015 年 CR5 98.7% 下降至 2024 年的 80.1% 。 2024 年公司作为赛力斯独家 线束供应商，已实现问界 M5 、 M7 、 M9 高低压线束量产，随着赛力斯问界系列车型继续放量，公司盈利能力有望持续向上；公司坚持"技术差异化、产品平台 化、客户全球化"的发展战略，近年来全球化布局加速。 2022 年公司全资子公司德国 KSHG 在罗 ...

01 事件概述 公司发布7月产销快报，2025年7月上汽集团批发销售33.8万辆，2025M1-7销量 239.0万辆，同比+15.0%。 分品牌看：7月上汽大众销量8.0万辆，2025 M1-7销量57.2万辆，同比-3.6%；7月上汽通用销量4.2万辆，2025 M1-7销量28.7万辆，同比+19.4%； 7月上汽乘用车销量6.0万辆，2025 M1-7销量42.8万辆，同比+11.0%； 7月上汽通用五菱销量12.1万辆，2025 M1-7销量87.4万辆，同比+35.3%； 7月上汽新能源销量11.7万辆，2025 M1-7销量76.4万辆，同比+43.5%； 7月上汽海外销量8.2万辆，2025 M1-7销量57.6万辆，同比+1.1%。 02 分析判断 ► 2025M1-7销量表现亮眼 自主+出口驱动增长 经营质量提升 受益于自主品牌创新和出口韧性，2025年7月上汽集团批发销量同比+34.2%，环比-7.6%；2025M1-7批发同比+15.0%，终端交付量256.7万辆，高于批发销量239.0 万辆，稳步去库后当前库存水平较低。结构端，新能源方面，7月新能源车销量11.7万辆，同比+64.9 ...

公司发布7月产销快报，7月新能源汽车批发销售34.4万辆，同比+0.6%，环比-10.0%；新能源乘用车批发销售34.1万辆，同比+0.1%，环 比-9.7%。分品牌看，7月王朝海洋、腾势、方程豹、仰望销量分别31.5万辆、11,365辆、14,180辆、339辆。 02 分析判断 ► 7月批发同比增长 出海稳步推进 公司7月新能源乘用车批发销售34.1万辆，同比+0.1%，环比-9.7%，批发环比下滑主要受7月淡季以及终端去库存影响，1-7月新能源乘 用车累计批发245.4万辆，同比+26.0%。其中，插混乘用车销售16.3万辆，同比-22.6%，环比-4.5%；纯电乘用车销售17.8万辆，同比 +36.8%，环比-14.0%。分品牌看，王朝海洋销量31.5万辆，腾势/仰望/方程豹销量分别1.1/0.03/1.4万辆，合计2.59万辆，占比7.5%， 高端化加速突破。 ► 出海稳步推进 海外建厂加速落地 受益海外车型上量及区域拓展，7月新能源出口销量8.1万辆，同比+169.0%，环比-10.3%，环比下滑主要原因为：巴西自7月1日起将纯电 动车进口关税从18%提高至25%，插电混动车从20%提至28%，公 ...

01 事件概述 公司发布7月销量公告，7月批发总销量23.8万辆，同比+57.7%，环比+0.7%；1-7月批发总销量164.7万辆，同比+48.8%。其中，7月新能源销量130,124辆，同比 +120.4%，环比+6.3%，渗透率54.7%；1-7月新能源累计85.5万辆，同比+125.5%。分品牌看：吉利品牌7月销量19.4万辆（银河95,043辆（含几何））；极氪7月销量 16,977辆；领克7月销量27,216辆。 02 分析判断 ► 1-7月新能源销量同比大增 全年销量目标300万辆 7月公司总批发销量23.8万辆，同比+57.7%，环比+0.7%；出口方面，公司7月出口销量3.5万辆。展望后续，吉利银河A7预计于8月8日上市，定位插混家轿，搭载 新一代混动系统，实测满油满电综合续航约2,100公里，轴距2.85米，续航、空间表现优异。吉利银河M9预计在2025Q3上市，定位为大型六座插电混动SUV，除空 间、续航之外，将搭载千里浩瀚H5智能安全辅助驾驶系统，具备全国都可开的无图领航辅助驾驶。因上半年超预期表现，集团将原目标271万辆上调约11%至300万 辆，彰显对下半年销量信心，我们看好反内卷 ...

01 事件概述 2025 年7 月重点新能源车企交付量发布，据各公司披露数据： 零跑50,129辆，同比+126.9%，环比+4.4%； 问界40,753辆，同比-1.9%，环比-8.8%； 小鹏36,717辆，同比+229.4%，环比+6.1%； 理想30,731辆，同比-39.7%，环比-15.3%； 蔚来27,017辆，同比+31.8%，环比+8.4%； 埃安26,557辆，同比-24.6%，环比-4.6%； 极氪16,977辆，同比+8.4%，环比+1.6%； 小米超30,000辆。 02 分析判断 ► 7月车市平稳运行 行业竞争格局优化 7月车市平稳运行，行业竞争格局优化。乘联会初步推算本月狭义乘用车零售总市场规模约为185.0万辆左右，同比去年增长7.6%，环比上月下降11.2%，其中新能源零售预 计可达101万，渗透率54.6%左右。7月7家样本新势力车企（不含小米）合计交付228,881辆，同比+16.1%，环比-1.8%。7月各车企陆续进入产销休整期，叠加6月末消费者 潜力提前释放影响，7月车市呈现常规季节性回落。工信部联合多部门规范新能源汽车竞争秩序，行业竞争格局趋于优化。同时，以旧换新政 ...

0 1 事 件 概 述 公司 2025 年 8 月 1 日发布 2025 年 7 月产销快报：批发销量 10.4 万辆，同比 +14.3% ，环比 -5.7% ； 1-7 月累计批发 67.4 万辆，同比 +3.6% 。其中， 1 ）哈弗 5.6 万辆， 同比 +6.2% ，环比 -9.9% ； 1-7 月累计批发 37.8 万辆，同比 +7.1% 。 2 ）魏牌 1.0 万辆，同比 +263.3% ，环比 -1.5% ； 1-7 月累计批发 4.5 万辆，同比 +96.8% 。 3 ）皮 卡 1.4 万辆，同比 +14.5% ，环比 +4.2% ； 1-7 月累计批发 11.0 万辆，同比 +5.8% 。 4 ）欧拉 0.4 万辆，同比 -10.0% ，环比 +31.0% ； 1-7 月累计批发 1.8 万辆，同比 -50.2% 。 5 ）坦克 2.0 万辆，同比 +7.2% ，环比 -7.2% ； 1-7 月累计批发 12.4 万辆，同比 -8.2% 。 0 2 分 析 判 断 ► 坦克销量稳健 魏牌增势强劲 坦克 7 月批发销售 2.0 万辆，同比 +7.2% ，环比 -7.2% 。魏牌 7 月批发销售 ...

01 事件概述 7月31日，公司发布2025年第一期员工持股计划（草案），覆盖公司核心技术（业务）骨干、中层管理人员（总计≤258人），股票来源为公司回购专用证券账户内已回 购的股份，合计不超过180万股，占公司当前总股本的0.30%，员工受让价格为24.97元/股，员工自筹资金总额不超过人民币4,494.60万元，本员工持股计划的份数上限 为4,494.60万份 。 02 分析判断 ► 发布员工持股计划 绑定人才助力长期成长 增 1）激励对象覆盖广泛： 本次激励对象包括公司核心技术（业务）骨干、中层管理人员（总计≤258人），覆盖人数较多，且预计2025-2030年费用摊销金额分别为 416/998/998/831/515/233万元，对公司业绩影响较小。 2）激励力度显著： 本次员工持股计划的授予价格为24.97元/股，相较现价折价47.03%。我们认为，本次员工持 股计划覆盖范围广泛，有助于吸引和留住优秀人才，充分调动核心人员积极性，提升经营效率，并通过阶梯式解锁与多重考核机制推动业绩增长，保障公司长期发 展。 ► 智能化&电动化齐驱 全球化再进一步 1）智能化： 公司积极布局线控制动系统并成为国内首家 ...

Core Viewpoint - The company reported a decline in revenue for the first half of 2025, but a significant increase in net profit, indicating improved operational efficiency and profitability despite lower sales volume [1]. Group 1: Financial Performance - In H1 2025, the company achieved revenue of 916 million yuan, a year-on-year decrease of 7.2%, while net profit attributable to shareholders was 78 million yuan, up 26.0% year-on-year, and non-recurring net profit was 77 million yuan, an increase of 35.6% year-on-year [1]. - For Q2 2025, the company reported revenue of 483 million yuan, a year-on-year increase of 15.6% and a quarter-on-quarter increase of 11.6%. Net profit for the same period was 45 million yuan, reflecting a year-on-year growth of 50.7% and a quarter-on-quarter growth of 37.2% [2]. - The gross margin for Q2 2025 reached 18.4%, an increase of 0.9 percentage points year-on-year, attributed to ongoing product structure optimization and improvements in production efficiency [3]. Group 2: Business Development - The company has expanded its customer base significantly, moving from partnerships with the Lear Group to covering mainstream Tier 1 suppliers, with new orders expected to contribute approximately 6.059 billion yuan in revenue over the next five years [4]. - The company is diversifying its business by entering the railway sector, having won a bid for a railway container project worth 587 million yuan, set to commence production in October 2023 [5]. - The company is also developing its high-speed rail seating business and has obtained the necessary supply qualifications, indicating a strategic move to enhance its product offerings [5]. Group 3: Future Projections - Revenue projections for 2025 to 2027 are estimated at 3.139 billion yuan, 4.091 billion yuan, and 5.114 billion yuan respectively, with net profits expected to reach 207 million yuan, 297 million yuan, and 386 million yuan [6][7]. - The company anticipates a steady growth rate in revenue and net profit, with corresponding earnings per share (EPS) projected to be 0.98 yuan, 1.41 yuan, and 1.83 yuan for the years 2025 to 2027 [6][7].

Summary of Key Points Core Viewpoint - The automotive industry is experiencing a shift towards value-based competition rather than price wars, driven by government policies aimed at reducing excessive competition and improving supply chain efficiency. This is expected to positively impact the market fundamentals for passenger vehicles as new models are launched and sales increase [5][21]. Group 1: Automotive Sales Data - In the week of July 14-20, 2025, passenger car sales reached 397,000 units, a year-on-year increase of 1.7% and a month-on-month increase of 7.1% [1]. - New energy vehicle sales for the same week were 217,000 units, reflecting a year-on-year increase of 11.5% and a month-on-month increase of 5.0%. The penetration rate for new energy vehicles was 54.7%, down 1.1 percentage points from the previous month [1]. Group 2: Market Performance - The automotive sector underperformed the market in the week of July 21-25, 2025, with a 1.02% increase, ranking 26th among sub-industries, compared to the Shanghai and Shenzhen 300 index which rose by 2.22% [2][38]. - Among sub-sectors, commercial trucks and automotive services saw the highest increases of 6.28% and 1.84%, respectively, while passenger vehicles and automotive parts had modest gains [2][38]. Group 3: Investment Recommendations - The company recommends focusing on high-quality domestic brands that are accelerating in smart technology and globalization, specifically highlighting companies such as Geely, BYD, Li Auto, Xiaomi, and Xpeng [3][6][23]. - For automotive parts, the focus is on companies involved in smart driving and new energy vehicle supply chains, with specific recommendations for Berteli, Horizon Robotics, and others [6][25]. Group 4: Policy Impact - Recent government initiatives to promote the replacement of older vehicles with new, lower-emission models are expected to stimulate demand. The updated subsidy policy includes higher incentives for scrapping older vehicles, which is anticipated to support market stability [21][44]. - The new policy expands the subsidy eligibility to include vehicles meeting the National IV emission standards, which is expected to further boost demand in the passenger vehicle market [46][47]. Group 5: Robotics and AI Developments - The World Artificial Intelligence Conference showcased significant advancements in robotics, with over 80 companies participating and demonstrating capabilities in humanoid robots and AI applications. Notably, Tesla announced plans to ramp up production of its Optimus robot, aiming for a production target of 1 million units within five years [4][20][27]. - The focus on robotics is expected to create new investment opportunities, particularly in companies that are integrating AI and robotics into their operations [28].

Core Viewpoint - The company reported a decline in net profit for the first half of 2025, with a net profit of 6.34 billion yuan, down 10.2% year-on-year, while the second quarter showed a recovery with a net profit of 4.59 billion yuan, up 19.1% year-on-year and 161.9% quarter-on-quarter [2]. Financial Performance - In H1 2025, the company achieved a net profit attributable to shareholders of 6.34 billion yuan, a decrease of 10.2% year-on-year, with a per-unit net profit of 11,000 yuan, down 2000 yuan year-on-year [2]. - The wholesale volume for H1 2025 was 570,000 units, an increase of 1.8% year-on-year, with Q2 2025 wholesale volume at 313,000 units, up 10.1% year-on-year and 21.9% quarter-on-quarter [2]. - Q2 2025 saw significant deliveries: Haval delivered 177,000 units (up 24.7% year-on-year), Wey brand delivered 21,000 units (up 106.3% year-on-year), while other brands like Ora and Tank experienced declines [2]. Product Development - The company is set to launch new models in H2 2025, including the Tank 400/500/700 with upgraded off-road technology and new SUVs from the Wey brand, enhancing its product matrix and brand positioning [3]. - The 2026 Haval Big Dog has been launched with a refreshed design, and the new flagship model, the Menglong PLUS, is expected to be released in H2 2025, focusing on luxury and performance [3]. Global Expansion - In H1 2025, overseas wholesale sales were 198,000 units, a slight decrease of 1.9% year-on-year, but Q2 2025 saw a recovery with 107,000 units sold, up 17.5% quarter-on-quarter [4]. - The company is expanding its global presence with new models launching in markets like Thailand and Mexico, and plans to enhance production capabilities in Brazil [4]. Investment Outlook - The company is expected to see revenue growth from 226.78 billion yuan in 2025 to 296.25 billion yuan in 2027, with net profits projected to rise from 14.09 billion yuan to 18.24 billion yuan in the same period [6].