Investment Rating - The investment rating for the company is "Outperform" (Maintain) [1] Core Views - The company achieved a revenue of 144 million yuan in H1 2025, representing a year-on-year growth of 13.05%, and a net profit attributable to the parent company of 24.44 million yuan, up 10.15% year-on-year. The gross profit margin stands at 30.07% [1] - The company is expected to benefit from the production ramp-up of new projects in the smart home appliance and new energy vehicle sectors, as well as the collaboration with Turing Robotics to explore new growth areas [1] Financial Summary - Revenue projections for 2025-2027 are 520 million yuan, 630 million yuan, and 730 million yuan respectively, with corresponding EPS of 0.64 yuan, 0.78 yuan, and 0.90 yuan. The current stock price corresponds to P/E ratios of 50.8, 42.0, and 36.5 for the years 2025, 2026, and 2027 respectively [1][5] - The company’s revenue for 2023 is projected at 2.29 billion yuan, with a year-on-year growth of 13.2%, and a net profit of 390 million yuan, reflecting a growth of 12.2% [5][8] Automotive Wiring Harness Market - In H1 2025, China's automotive production and sales reached 15.62 million and 15.65 million units, respectively, with year-on-year growth of 12.5% and 11.4%. The new energy vehicle segment saw production and sales of 6.97 million and 6.94 million units, with a year-on-year growth of 41.4% and 40.3% [2] - The company has successfully introduced multiple new automotive wiring harness products, marking its deep penetration into the intelligent electrification of vehicles [2] Commercial Logistics Vehicles and Data Centers - The company has achieved large-scale delivery of battery pack wiring harnesses for commercial logistics vehicles and has completed technical breakthroughs in several emerging fields, including domestic air suspension wiring harnesses and data center cooling system wiring harnesses [3] - A strategic cooperation agreement was signed with Turing Robotics to advance the development of key subsystems for next-generation embodied intelligent humanoid robots [3]

Group 1 - The core point of the article is that 威贸电子 (Weimiao Electronics) experienced a significant increase in stock price by 4.76% with a high turnover rate of 27.90% on the trading day, indicating strong trading activity [2] - The total trading volume for 威贸电子 reached 4.41 billion yuan, with a price fluctuation of 21.30% throughout the day [2] - The stock was listed on the龙虎榜 (Dragon and Tiger List) due to its high turnover rate, with a net selling amount of 11.37 million yuan from brokerage seats [2] Group 2 - The top five brokerage seats accounted for a total transaction amount of 83.51 million yuan, with a buying amount of 36.07 million yuan and a selling amount of 47.44 million yuan, resulting in a net selling of 11.37 million yuan [2] - The largest buying brokerage was 湘财证券 (Xiangcai Securities) with a purchase amount of 7.36 million yuan, while the largest selling brokerage was 中国中金财富证券 (China Zhongjin Wealth Securities) with a selling amount of 10.83 million yuan [2] - Detailed trading data shows that multiple brokerage seats from 东方财富证券 (Orient Securities) were active in both buying and selling, indicating a diverse trading interest in 威贸电子 [2]

Core Viewpoint - The company has signed a strategic cooperation agreement with Turing Robot to innovate core components for embodied intelligence robots, focusing on advanced technologies and lightweight parts for next-generation humanoid robots [1] Group 1: Strategic Cooperation - The strategic cooperation agreement was signed on September 1, 2025, indicating a long-term commitment between the two companies [1] - The collaboration aims to leverage shared development visions and strategic considerations to enhance technological capabilities in the field of embodied intelligence [1] Group 2: Technological Focus - The partnership will focus on the innovation of high-reliability electronic harnesses, high-frequency and high-speed connectors, and PEEK-based composite materials [1] - The goal is to validate and apply these key subsystems in embodied intelligence robots, enhancing their performance and reliability [1] Group 3: Future Development - The companies will work on developing ultra-lightweight core components for the next generation of humanoid robot platforms [1] - Additionally, they will explore the upgrade and reconstruction of smart factories for manufacturing enterprises based on embodied intelligence technology [1]

证券代码：833346 证券简称：威贸电子 公告编号：2025-092 上海威贸电子股份有限公司关于签订战略合作协议的公告 本公司及董事会全体成员保证公告内容的真实、准确和完整，没有虚假记载、 误导性陈述或者重大遗漏，并对其内容的真实性、准确性和完整性承担个别及连 带法律责任。 一、 协议签署概况 （一） 基本情况 上海威贸电子股份有限公司（以下简称"公司"）与上海图灵智造机器人股 份有限公司（以下简称"图灵机器人"）于 2025 年 9 月 1 日签署了《战略合作协 议》。 （二） 审批情况 本协议为框架性协议，不涉及实质性交易，不涉及关联交易，亦不构成《上 市公司重大资产重组管理办法》规定的重大资产重组，上述协议签订事项无需提 交公司董事会或股东会审议。 二、 协议对手方情况 名称：上海图灵智造机器人股份有限公司 法定代表人：李海刚 注册资金：44,349.4035 万人民币 统一社会信用代码：91310112666062013A 地址：上海市宝山区铁山路 258 号 9 幢 128 室 成立时间：2007 年 9 月 10 日 截至本公告披露日，公司与图灵机器人不存在关联关系。 三、 协议主要内容 双方 ...

□业绩说明会 证券代码：833346 证券简称：威贸电子 公告编号：2025-091 上海威贸电子股份有限公司 投资者关系活动记录表 本公司及董事会全体成员保证公告内容的真实、准确和完整，没有虚假 记载、误导性陈述或者重大遗漏，并对其内容的真实性、准确性和完整性承 担个别及连带法律责任。 一、 投资者关系活动类别 √特定对象调研 □媒体采访 □现场参观 □新闻发布会 □分析师会议 □路演活动 √其他 （券商策略会） 二、 投资者关系活动情况 活动时间：2025 年 8 月 28 日至 2025 年 8 月 29 日 问题二：公司新增量产项目中提到医用电动手术刀线束项目，请您介绍一 下这个新项目。 回答：医用电动手术刀线束项目是公司在医疗领域的一个新突破，主要用 于手术切口与缝合等场景，产品对线束耐磨和柔韧性有非常高的技术要求。公 司运用在机器人线束上的技术开发经验，协助客户完成产品开发。目前，该项 目已进入量产爬坡阶段。 问题三:公司半年报提到商用物流车项目已实现规模化生产，请问是否涉 及无人驾驶？能否介绍一下相关项目的预期和规划？ 回答：公司目前已量产的项目主要是与国内头部物流车企合作的新能源物 流车项目， ...

Core Viewpoint - The report highlights the steady growth of Weimao Electronics, with a recommendation to "buy" the stock based on its performance and strategic initiatives in emerging markets [1][4]. Financial Performance - In H1 2025, the company achieved revenue of 144 million yuan (yoy +13.05%), net profit attributable to shareholders of 24.44 million yuan (yoy +10.15%), and operating cash flow of 24.56 million yuan (yoy +27.35%) [1]. - In Q2 2025, revenue was 71 million yuan (yoy +7.57%), with net profit of 13.43 million yuan (yoy +4.45%/qoq +22.04%) [1]. - The injection molding integrated components revenue grew by 20.38% yoy, contributing to overall performance [1]. Business Segments - The company reported revenue of 57.83 million yuan (yoy +1.86%) from wiring harness components and 72.15 million yuan (yoy +20.38%) from injection molding integrated components in H1 2025 [2]. - Domestic and overseas revenues were 70.42 million yuan (yoy +11.17%) and 73.47 million yuan (yoy +14.91%), respectively [2]. - The company has made significant breakthroughs in commercial logistics vehicle battery pack wiring harnesses and has begun mass production of components for new energy vehicles [2]. Strategic Initiatives - The company is actively expanding into new sectors such as flying cars, robotics, and medical applications, with strategic projects secured from Leap Motor and Huawei [3]. - The company is focusing on the development of products for autonomous driving and has made progress in domestic data center cooling system wiring harnesses, with mass production expected in Q1 2025 [3]. Profit Forecast - The projected net profits for 2025-2027 are 51 million yuan, 60 million yuan, and 71 million yuan, respectively, with corresponding PE ratios of 46.6, 39.8, and 33.6 times [4]. - The company is expected to leverage its integrated electronic component strategy to drive future growth through innovation [4].

Investment Rating - The investment rating for the company is "Accumulate" (maintained) [5] Core Views - The company achieved a revenue of 144 million yuan in H1 2025, representing a year-on-year growth of 13.05%, and a net profit attributable to shareholders of 24.44 million yuan, up 10.15% year-on-year [8] - The company is actively expanding into emerging industries such as flying cars, robotics, and medical applications, with a notable revenue growth of 20% year-on-year in injection molded integrated components [5][8] - The company has successfully penetrated the smart electrification sector and is focusing on new projects, including high-pressure control harnesses for electric vehicles and smart charging gun components for Huawei [8] Financial Summary - Revenue projections for the company are as follows: 2023: 229 million yuan, 2024: 260 million yuan, 2025E: 298 million yuan, 2026E: 344 million yuan, 2027E: 402 million yuan, with corresponding year-on-year growth rates of 13.24%, 13.69%, 14.60%, 15.39%, and 16.94% respectively [7] - Net profit attributable to shareholders is projected to be 39 million yuan in 2023, increasing to 71 million yuan by 2027, with growth rates of 12.17%, 14.28%, 14.33%, 16.88%, and 18.71% respectively [7] - The company’s earnings per share (EPS) are expected to rise from 0.48 yuan in 2023 to 0.88 yuan in 2027 [7]

证券代码：833346 证券简称：威贸电子 公告编号：2025-056 上海威贸电子股份有限公司 关于召开 2025 年第二次临时股东会通知公告（提供网络投票） 本公司及董事会全体成员保证公告内容的真实、准确和完整，没有虚假记载、 误导性陈述或者重大遗漏，并对其内容的真实性、准确性和完整性承担个别及连 带法律责任。 一、会议召开基本情况 （一）股东会届次 本次会议为 2025 年第二次临时股东会。 （二）召集人 本次股东会的召集人为董事会。 （三）会议召开的合法合规性 本次股东会的召开符合《公司法》等有关法律、法规及《公司章程》的规定。 （四）会议召开方式 本次会议采用现场投票和网络投票相结合方式召开。 （五）会议召开日期和时间 1、现场会议召开时间：2025 年 9 月 11 日 14:30。 2、网络投票起止时间：2025 年 9 月 10 日 15:00—2025 年 9 月 11 日 15:00。 登记在册的股东可通过中国证券登记结算有限责任公司（以下简称"中国结 算"）持有人大会网络投票系统对有关议案进行投票表决，为有利于投票意见的 顺利提交，请拟参加网络投票的投资者在上述时间内及早登录中国结算网上 ...

本次会议的召集、召开及议案审议程序符合《公司法》及有关法律、法规和 《公司章程》的规定。 （二）会议出席情况 证券代码：833346 证券简称：威贸电子 公告编号：2025-055 上海威贸电子股份有限公司 第四届监事会第六次会议决议公告 本公司及监事会全体成员保证公告内容的真实、准确和完整，没有虚假记载、 误导性陈述或者重大遗漏，并对其内容的真实性、准确性和完整性承担个别及连 带法律责任。 一、会议召开和出席情况 （一）会议召开情况 5.会议主持人：监事会主席庄兰芳 6.召开情况合法、合规、合章程性说明： 会议应出席监事 3 人，出席和授权出席监事 3 人。 二、议案审议情况 （一）审议通过《关于公司 2025 年半年度报告及其摘要的议案》 1.议案内容： 根据相关法律、法规要求，公司编制了《2025 年半年度报告》和《2025 年 半年度报告摘要》。 1.会议召开时间：2025 年 8 月 26 日 2.会议召开地点：公司会议室 3.会议召开方式：现场 4.发出监事会会议通知的时间和方式：2025 年 8 月 22 日 以邮件方式发出 具体议案内容详见公司在北京证券交易所网站（www.bse.cn）披露的 ...

证券代码：833346 证券简称：威贸电子 公告编号：2025-054 上海威贸电子股份有限公司 第四届董事会第七次会议决议公告 本公司及董事会全体成员保证公告内容的真实、准确和完整，没有虚假记载、 误导性陈述或者重大遗漏，并对其内容的真实性、准确性和完整性承担个别及连 带法律责任。 一、会议召开和出席情况 （一）会议召开情况 1.会议召开时间：2025 年 8 月 26 日 2.会议召开地点：公司会议室及网络会议 3.会议召开方式：现场与通讯 4.发出董事会会议通知的时间和方式：2025 年 8 月 22 日以邮件方式发出 5.会议主持人：董事长周豪良 6.会议列席人员：监事会成员 7.召开情况合法、合规、合章程性说明： 本次会议的召集、召开及议案审议程序符合《公司法》及有关法律、《公司 章程》的规定。 （二）会议出席情况 会议应出席董事 7 人，出席和授权出席董事 7 人。 董事周豪良、高建珍、庄远、张华林、朱燕婷因工作原因以通讯方式参与表 决。 二、议案审议情况 （一）审议通过《关于公司 2025 年半年度报告及其摘要的议案》 1.议案内容： 根据相关法律、法规要求，公司编制了《2025 年半年度报告》 ...