上半年收入同比增长 30%，利润接近翻倍。亚太股份 2025 年上半年实现营 业收入 26 亿元，同比增长 29.75%；实现归母净利润 2.01 亿元，同比增 长 92.12%。单季度看，25Q2 公司实现营收 13.43 亿元，同比增长 37%， 环比增长 7%；实现归母净利润 1.00 亿元，同比增长 129%，环比持平。 Q2 净利率同比提升 2.97pct，规模效应加速兑现。2025Q2 公司毛利率为 19.84%，同比增长 1.49pct，归母净利率 7.45%，同比+2.97pct；其中 实现销售/管理/研发/财务费用率 2.08%/2.76%/6.03%/0.30%，同比分别 +0.15/-0.91/-1.29/1.62pct，公司新增吉利、零跑等客户项目终端销 量快速增长，公司规模效应加速兑现。 电子控制系统贡献主要收入增量，在手项目、产品布局持续拓展。公司汽车 电子控制系统包括 EPB、ESC、IBS 等产品，20 年至 24 年收入复合增速 为 32%，进入通用、STELLANTIS 等全球采购平台。2025H1 公司新启动 114 个项目，其中 55 个涉及汽车电子控制系统产品。公司新 ...

伯特利（603596.SH） 优于大市 上半年收入同比增长 32%，公司海外业务加速 上半年收入同比增长 32%，智能电控产品销量同比增长 43%。2025H1 伯特利 实现营收 50.48 亿元，同比增长 31.58%；实现归母净利润 5.22 亿元，同比 增长 14.19%。其中智能电控产品销量 286 万套，同比增长 43.10% ;盘式制 动器销量 180 万套，同比增长 28.7%;轻量化制动零部件销量 658 万件，同比 增长 7.37%；机械转向产品销量 142 万套，同比增长 6.86%。单季度看，25Q2 公司收入 25 亿元，同比增长 20%，环比-4%；归母净利润 2.52%，同比增长 1.8%，环比-6.8%。 证券研究报告 | 2025年09月03日 产品结构及年降传导影响短期盈利能力，25Q2 公司毛利率 19.19%，同比 -2.24pct；归母净利率 9.98%，同比-1.78pct，我们预计为产品结构及年降 传 导 影 响 。 公 司 销 售 / 管 理 / 研 发 / 财 务 费 用 率 分 别 为 0.59%/2.69%/6.22%/-0.67% ， 同 比 变 动 分 ...

证券研究报告 | 2025年09月03日 保隆科技（603197.SH） 优于大市 产品结构及行业压力影响短期盈利，空悬收入同比增长 50% 上半年收入同比增长 24%，空悬收入同比增长 50%，整体净利润短期承压。 保隆科技 2025 年上半年实现营业收入 39.05 亿元，同比增长 24%；实现归母 净利润 1.35 亿元，同比下降 9.15%，主要受北美关税、主机厂价格战、产品 结构等因素影响。单季度看，25Q2 公司实现营收 20.45 亿元，同比增长 20%， 环比增长 7%；实现归母净利润 0.4 亿元，同比下降 51%，环比下降 58%。 | 盈利预测和财务指标 | 2023 | 2024 | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业收入(百万元) | 5,897 | 7,025 | 8,948 | 10,511 | 12,910 | | (+/-%) | 23.4% | 19.1% | 27.4% | 17.5% | 22.8% | | 净利润(百万元) | 379 | 303 | 392 | 473 ...

证券研究报告 | 2025年09月03日 新泉股份（603179.SH） 优于大市 全球化加速推进，看好座椅助力下主业中长期韧性 2025H1 收入同比增长 21%，核心客户加速放量。2025H1 公司实现营收 74.59 亿元，同比上升 21.01%；归母净利润 4.2 亿元，同比上升 2.80%；单季度看， 2025Q2 公司实现营业收入 39.40 亿元，同比增长 26%；归母净利润 2.09 亿 元，同比增长 1.19%。公司核心客户持续放量，吉利/奇瑞/理想 2025Q2 销量 同比增长 47%/12%/2%，收入规模加速成长。特斯拉中国销量略有下滑，公司 同时配套北美及欧洲市场获持续增量。 主机厂价格战背景下毛利率短期承压，降本增效加速推进。2025Q2 公司毛利 率 16.84%，同比-3.02pct，环比-2.66pct；销售/管理/研发/财务费用率分 别 0.63%/5.10%/4.31%/-0.08%；同比-1.00/0.74/0.59/-1.71pct，环比 -0.02/-1.58/-0.43/-0.67pct。主机厂价格战内卷加剧，公司毛利率短期承 压，降本增效加速，期间费用率持续下降 ...

墨西哥工厂于 2023Q4 实现盈亏平衡，海外拓展加速。公司墨西哥工厂于 2023 年二季度投产，并已于 2023 年第四季度实现盈亏平衡，主要生产供北美客 户的新能源汽车空调箱、冷却模块、液冷板等热管理产品。波兰工厂于 2023 年 10 月份首批 HVAC 产品开始生产发运交付，开始投产，配套北美客户德国 工厂以及捷豹路虎批量车型，后期将陆续建成热泵板换、储能液冷机组、电 池液冷板等产能，配套更多欧洲本地客户。公司在手订单充裕，2024 年新 获订单预计达产后为公司新增年销售收入约 90.73 亿元，累计获得项目 超 300 个，其中数字能源业务 9.53 亿元，新能源车业务 68.43 亿元， 燃油车及非道路业务 12.77 亿元。 发展数字能源及机器人业务，全新成长曲线发力。公司数字与能源业务包 括数据中心、储能、超充热管理等，数据中心领域，公司初步形成 3+3+N 的客户布局，与相关客户项目合作取得积极进展；机器人领域，公司积 极申请专利，围绕头部客户的需求在产品开发上取得重要进展，丰富了 合作品类，顺利完成第一代旋转关节模组、执行器模组的开发，并合资 设立苏州依智灵巧公司，提升竞争力，第三第四增长 ...

长城汽车（601633.SH） 优于大市 二季度净利润同比增长 19%，看好新品周期带来的向上势能 销量持续改善，二季度净利润同比增长 19%。2025 年上半年长城汽车营收 923.4 亿元，同比+1.0%，归母净利润 63.4 亿元，同比-10.2%，扣非利润 35.8 亿元，同比-36.39%；单极度看，二季度长城汽车营收 523.2 亿元，同比+7.7%， 环比+30.7%，归母净利润 45.9 亿元，同比+19.5%，环比+161.9%，扣非利润 21.2 亿元，同比-41.8%，环比+0.5%；销量维度来看，公司 Q2 销量 31.2 万 辆，同比+10.1%，环比+21.9%。结构来看，25Q2 坦克销量 6.2 万辆，同比-7.8%， 环比+46.9%，占比 19.7%，同比-3.8pct，环比+3.4pct；整体来看，得益于 销量的提升以及产品结构的持续优化，公司业绩稳定释放。 产品结构优化，单车盈利相对稳定。费率维度来看，长城汽车 25Q2 销售/管 理/研发费用率分别为 5.2%/1.8%/4.5%，同比+0.9/-0.2/-0.1pct，环比分别 -0.5/-0.5/-0.3pct，其 ...

证券研究报告 | 2025年09月03日 佛山照明（000541.SZ） 优于大市 照明主业表现承压，燎旺车灯收入稳步增长 子公司国星光电有待回暖。受行业竞争影响，国星光电 LED 封装等业务收入 有所下降。H1 国星光电实现营收 16.8 亿/-9.3%，归母净利润 0.2 亿/-56.3%； Q2 收入 9.1 亿/+0.2%，归母净利润 0.1 亿/-72.2%，对公司表现有所拖累。 毛利率受结构影响，盈利能力下降。同口径下，公司 H1 毛利率同比-0.4pct 至 18.7%，其中通用照明产品毛利率同比+0.4pct，LED 封装及组件毛利率 +0.2pct，车灯产品毛利率+0.1pct，公司毛利率下降预计主要系结构影响。 Q2 毛利率同比-2.3pct 至 17.9%。Q2 公司销售/管理/研发/财务费用率同比 分别+0.5/0.0/+0.5/+0.4pct 至 4.3%/5.0%/6.3%/-0.3%，公司研发及销售投 入有所增加。公司 Q2 归母净利率同比-2.5pct 至 2.2%。 风险提示：行业竞争加剧；原材料价格大幅上涨；车灯客户开拓不及预期。 投资建议：下调盈利预测，维持"优于大市"评 ...

Investment Rating - The investment rating for the company is "Outperform the Market" [7] Core Views - The company's performance in the first half of 2025 showed a decline in revenue and profit due to a challenging consumer environment, but it managed to increase its market share in core categories, demonstrating operational resilience [1][2] - The traditional business experienced slight declines, while the new energy business showed steady growth, with a revenue increase of 33.5% in the first half of 2025 [2] - The company is actively incubating new businesses and accelerating international expansion, with significant partnerships established in the data center sector and a growing presence in solar lighting and new energy solutions [3] Summary by Sections Financial Performance - In H1 2025, the company achieved revenue of 8.17 billion yuan, down 2.6%, and a net profit of 2.06 billion yuan, down 8.0% [1] - Q2 2025 revenue was 4.25 billion yuan, down 7.4%, with a net profit of 1.08 billion yuan, down 17.2% [1] - The core categories saw an increase in market share despite the overall decline in revenue and profit [1] Business Segments - Electrical connections revenue in H1 2025 was 3.66 billion yuan, down 5.4%, while smart electrical lighting revenue was 4.09 billion yuan, down 2.8% [2] - The new energy business generated 390 million yuan in revenue, up 33.5%, with over 30,000 offline terminal points developed in the C-end market [2] Cost Management and Profitability - The gross margin in Q2 2025 was 43.5%, a slight decrease of 0.1 percentage points, while the net margin was 25.5%, down 3.0 percentage points [3] - The sales expense ratio decreased to 7.0%, primarily due to reduced marketing and advertising expenses [3] Future Outlook - The profit forecast has been adjusted downwards, with expected net profits of 4.38 billion yuan, 4.70 billion yuan, and 5.10 billion yuan for 2025, 2026, and 2027 respectively, reflecting a growth of 2.5%, 7.4%, and 8.5% [4] - The current stock price corresponds to a PE ratio of 19.4, 18.1, and 16.7 for the years 2025, 2026, and 2027 respectively [4]

Investment Rating - The investment rating for the company is "Outperform the Market" [6][4]. Core Views - The company has shown a narrowing decline in revenue with a year-on-year growth of 7% in non-recurring profit for Q2 2025, indicating gradual reform effectiveness [1]. - The company is committed to its home furnishing strategy, with a significant increase in overseas business and a focus on optimizing its supply chain to enhance profitability [2][3]. - Despite challenges in the real estate sector, the company is expected to maintain a positive growth trajectory in net profit for 2025-2027, albeit with a downward revision in profit forecasts [4]. Summary by Sections Financial Performance - In H1 2025, the company achieved revenue of 8.24 billion yuan, a decrease of 4.0% year-on-year, with a net profit of 1.02 billion yuan, reflecting a growth of 2.9% [1]. - For Q2 2025, revenue was 4.79 billion yuan, down 3.4% year-on-year, while net profit was 710 million yuan, down 8.0% [1]. Channel Performance - In H1 2025, revenue growth by channel was as follows: Direct sales +5.6%, Distribution -4.1%, Bulk -11.3%, and Overseas +30.1% [2]. - The company has expanded its overseas business significantly, adding 18 new distributors and achieving over 40% growth in overseas project orders [2]. Profitability and Cost Control - The gross margin for Q2 2025 increased to 37.6%, up 3.2 percentage points year-on-year, with improvements across various product categories [3]. - The company has implemented strict cost control measures, resulting in a decrease in sales expense ratio to 9.1% and management expense ratio to 6.1% [3]. Profit Forecasts - The profit forecasts for 2025-2027 have been revised downwards, with expected net profits of 2.701 billion yuan, 2.923 billion yuan, and 3.095 billion yuan respectively, reflecting year-on-year growth rates of 3.9%, 8.2%, and 5.9% [4][5].

Investment Rating - The report maintains an "Outperform the Market" rating for Yadea Holdings [5][29][30] Core Viewpoints - Yadea Holdings has shown a rapid recovery in revenue and profit in the first half of 2025, with revenue reaching 19.19 billion yuan, a year-on-year increase of 33.0%, and net profit of 1.65 billion yuan, up 59.5% [1][7] - The company is actively launching new products and expanding its retail network, which is expected to drive sales and profit recovery in 2025 [2][29] - The company is focusing on the Southeast Asian market for growth, with plans to enhance production capacity and sales networks in the region [2][27] Summary by Sections Financial Performance - In the first half of 2025, Yadea's gross margin was 19.6%, an increase of 1.6 percentage points year-on-year, and net margin was 8.6%, up 1.4 percentage points, marking the highest levels since 2017 [1][13] - The company’s total revenue for 2025 is projected to be 37.554 billion yuan, with net profit expected to reach 2.939 billion yuan, reflecting a significant recovery from 2024 [4][29] Product Development and Market Strategy - Yadea launched several new models in 2025, including the "Morden" series aimed at female consumers and the upgraded "Crown S" series, which features advanced battery systems and smart functionalities [2][18][22] - The company has expanded its distribution network to 40,000 sales points and 4,000 distributors, enhancing its market reach [2][25] Growth Prospects - The company is strategically positioning itself in the Southeast Asian market, with production facilities in Vietnam and Indonesia, aiming for a total annual production capacity of 3 million units by 2025 [2][27][28] - The report anticipates that Yadea's international expansion and product innovation will contribute to sustained growth in revenue and profitability [29][30]