事件 公司发布2025 年中报，上半年实现营收847 亿元，同比+10%，实现归母净利润29亿元，同比+1%。其 中Q2 实现营收443 亿元，同比+10%，环比+10%，实现归母净利润16 亿元，同比+1%，环比+27%。 上汽集团销量回暖、中性化战略助公司收入向上2025H1 公司实现营收847 亿元，同比+10%，其中Q2 实现营收443 亿元，同比+10%，环比+10%，Q2 收入同环比增长明显。我们认为公司作为平台型公 司、收入实现较好增长主要得益于公司大客户上汽集团销量回暖、外部客户开拓成效显著。其中 2025H1 上汽集团批发销量205 万辆，同比+12%；上半年公司63.7%的收入来自上汽集团外的客户，主 要包括比亚迪、赛力斯、特斯拉上海、吉利汽车、奇瑞汽车、小米汽车等，外部客户收入占比同比提升 约2pct。分产品看，2025H1 内外饰件/功能件收入分别为615/136 亿元，同比分别+11%/10%，增速亮 眼。 Q2 毛利率回升明显，期间费用率环比下降 2025H1 公司实现归母净利润29 亿元，同比+1%，其中Q2 实现归母净利润16 亿元，同比+1%，环比 +27%，环比提升明显。Q ...

Core Viewpoint - The company reported a steady revenue growth in H1 2025, with a revenue of 84.68 billion yuan, a year-on-year increase of 9.6%, and a net profit attributable to shareholders of 2.88 billion yuan, a year-on-year increase of 0.7% [1] Group 1: Financial Performance - In Q2 2025, the company achieved a revenue of 44.30 billion yuan, with a year-on-year and quarter-on-quarter increase of 10.0% and 9.7% respectively, and a net profit of 1.61 billion yuan, reflecting a year-on-year increase of 0.8% and a quarter-on-quarter increase of 27.0% [1] - The company's H1 2025 gross margin decreased by 0.7% year-on-year to 11.4%, but improved in Q2 with a gross margin of 11.9%, showing a quarter-on-quarter increase of 1.05 percentage points [3] - The revenue from the interior and exterior trim segment in H1 2025 increased by 10.9% to 61.55 billion yuan, driven by the subsidiary's smart cockpit business [2] Group 2: Customer Base and Market Position - The revenue from non-SAE customers increased to 65.5% in H1 2025, up 3.3 percentage points from the full year of 2024, indicating an improvement in customer structure [2] - Major clients include leading domestic manufacturers such as BYD, Seres, Geely, Xiaomi, Chery, and Xpeng, which collectively accounted for 22% of total revenue from the top ten customers [2] Group 3: Strategic Initiatives - The company is pursuing cost reduction and efficiency improvement, with sales, management, and R&D expense ratios showing varied changes in H1 2025 [3] - The acquisition of a 49% stake in SAIC Qingtao for 200 million yuan marks the company's entry into the solid-state battery sector, aiming for synergy with electric drive and thermal management businesses [3] - A subsidiary plans to acquire a 5.3% stake in Lianchuang Automotive Electronics for no more than 155 million yuan, which is expected to enhance the company's full-stack service capabilities [3] Group 4: Profit Forecast and Valuation - The company maintains profit forecasts for 2025-2027 at 7.11 billion yuan, 7.81 billion yuan, and 8.71 billion yuan respectively, with a target price of 30.60 yuan based on a 13.6x PE for 2025 [4]

华域汽车最新股价报19.15元，较前一交易日上涨0.35元。盘中最高触及19.45元，最低18.82元，成交金 额达13.38亿元。 风险提示：投资有风险，入市需谨慎。（本内容由AI生成，仅供参考，不构成投资建议。）责任编 辑：磐石 根据最新公告，华域汽车拟以20，589.69万元收购控股股东持有的上海上汽清陶能源科技有限公司49% 股权。交易完成后，公司将进入固态电池领域，实现与现有业务的协同发展。 该公司主营业务为汽车零部件制造，主要产品包括汽车内外饰件、金属成型及模具、功能件、电子电器 件等。公司总部位于上海，是国内大型汽车零部件供应商。 ...

证券研究报告 华域汽车 (600741 CH) 业绩稳健，股权收购加码电动智能化 | 华泰研究 | | | 中报点评 | 投资评级(维持): | 买入 | | --- | --- | --- | --- | --- | --- | | 2025 年 | 8 月 | 29 日│中国内地 | 汽车零部件 | 目标价(人民币): | 30.60 | 公司公布 25H1 业绩：收入 846.8 亿元，同比+9.6%；归母净利润 28.8 亿 元，同比+0.7%。其中二季度公司实现收入 443.0 亿元，同比/环比 +10.0%/+9.7%；归母净利润 16.1 亿元，同比/环比+0.8%/+27.0%。我们认 为随高技术附加值产品逐步落地、大客户上汽与华为合作深化，智能化转 型加速，公司业绩有望持续改善。维持"买入"。 H1 营收稳健增长，上汽系外客户营收占比提升至 65.5% 25H1 公司营收稳健增长，分业务看：1）内外饰件 25H1 营收同比+10.9% 至 615.5 亿元，其中子公司延锋汽车饰件智能座舱业务推动业务扩张，营收 同比+11%至 602.2 亿元；2）功能件营收同比+17.2%至 136.4 亿 ...

Group 1 - The core viewpoint of the article is that Huayu Automotive plans to acquire a 49% stake in Shanghai SAIC Qingtao Energy Technology Co., Ltd. for 206 million yuan, marking its entry into the solid-state battery sector [1][2] - This acquisition will enhance the company's "smart power" platform product matrix and facilitate the synergistic development of solid-state battery business with electric drive and thermal management [1][2] Group 2 - SAIC Qingtao was established in November 2023 with a registered capital of 1 billion yuan, co-invested by SAIC Group and Qingtao (Kunshan) Energy Development Group Co., Ltd. [2] - The main products of SAIC Qingtao include semi-solid and all-solid-state batteries, primarily serving SAIC passenger vehicles and other automotive manufacturers [2] - In the first half of this year, SAIC Qingtao reported revenue of 46,600 yuan and a net loss of 40.68 million yuan [2]

外部客户收入占比提升 华域汽车业绩稳步增长。 长江商报消息 ●长江商报记者 潘瑞冬 上汽集团旗下汽零上市公司华域汽车（600741.SH）半年报出炉。 8月27日晚间，华域汽车发布的2025年半年报显示，2025年上半年，公司实现营业收入846.76亿元、归 母净利润28.83亿元。 长江商报记者注意到，2025年上半年，华域汽车的营业收入创出同期历史新高。 同一天，公司发布公告称，拟收购控股股东上汽集团持有的上海上汽清陶能源科技有限公司（下称"上 汽清陶"）49%股权。 对此，华域汽车表示，此次股权收购，标志着公司首次进入固态电池领域，有利于补全"智能动力"平台 产品矩阵，实现"固态电池"业务与"电驱动""热管理"等业务的协同发展。 根据半年报，2025年上半年，华域汽车实现营业收入846.76亿元，同比增长9.55%；归母净利润为28.83 亿元，同比增长0.72%；扣非净利润为26.81亿元，同比增长2.73%。 作为上汽集团的旗下企业，此前多年华域汽车的主要营业收入来自于上汽集团。 不过，随着公司业务的持续拓展，2025年上半年，华域汽车主营业务收入的63.7%来自于上汽集团以外 的整车客户。比亚迪、 ...

Core Viewpoint - Huayu Automotive's acquisition of a 49% stake in Shanghai SAIC Qingtao Energy Technology Co., Ltd. is a strategic move to enhance its position in the solid-state battery sector, aligning with the industry's shift towards smart and electric vehicles [1][10]. Group 1: Acquisition Details - The acquisition will be executed for 205.897 million yuan (approximately 20.6 million) using the company's own funds [1]. - Post-transaction, Huayu Automotive will hold 49% of Qingtao Energy, making it the second-largest shareholder, while Qingtao Energy will remain the majority owner with 51% [1]. - The transaction is classified as a related party transaction since SAIC Group is the controlling shareholder of Huayu Automotive [3]. Group 2: Strategic Importance - The acquisition is part of Huayu Automotive's strategy to strengthen its "smart power" segment, which includes key components like electric drive systems and thermal management systems [2]. - Solid-state batteries are identified as a critical technology for the future of electric vehicles, offering advantages such as higher energy density and improved safety [2]. - By entering the solid-state battery market, Huayu Automotive aims to fill a gap in its product offerings and enhance its competitive edge [9]. Group 3: Financial and Operational Insights - Qingtao Energy, established in November 2023, has a registered capital of 1 billion yuan and focuses on solid-state battery development [5]. - As of June 30, 2025, Qingtao Energy reported total assets of 360.0469 million yuan and equity of 290.9389 million yuan, indicating it is still in the investment and R&D phase [8]. - The company has established multiple production lines with a planned capacity of 55 GWh and is collaborating with major automotive manufacturers to commercialize its battery technologies [7]. Group 4: Market Expansion and Synergy - The acquisition allows Huayu Automotive to leverage its existing resources and customer base to enhance Qingtao Energy's operational capabilities and accelerate its market presence [9]. - The integration of solid-state battery technology into Huayu Automotive's product matrix will provide comprehensive power system solutions to its clients, increasing customer loyalty and market competitiveness [9]. - The move is expected to contribute to the high-quality development of the domestic new energy vehicle supply chain as solid-state battery technology matures [10].

证券之星价投圈财报分析工具显示： 业务评价：公司去年的ROIC为8.93%，历来资本回报率一般。去年的净利率为4.43%，算上全部成本 后，公司产品或服务的附加值不高。从历史年报数据统计来看，公司近10年来中位数ROIC为11.19%， 中位投资回报一般，其中最惨年份2024年的ROIC为8.93%，投资回报也较好。公司历史上的财报相对良 好。 偿债能力：公司现金资产非常健康。 据证券之星公开数据整理，近期华域汽车（600741）发布2025年中报。截至本报告期末，公司营业总收 入846.76亿元，同比上升9.55%，归母净利润28.83亿元，同比上升0.72%。按单季度数据看，第二季度 营业总收入443.02亿元，同比上升10.01%，第二季度归母净利润16.13亿元，同比上升0.83%。本报告期 华域汽车公司应收账款体量较大，当期应收账款占最新年报归母净利润比达708.31%。 本次财报公布的各项数据指标表现尚佳。其中，毛利率11.38%，同比减4.53%，净利率3.94%，同比减 7.81%，销售费用、管理费用、财务费用总计43.21亿元，三费占营收比5.1%，同比减4.55%，每股净资 产19.89元 ...

华域汽车 20250828 摘要 华域汽车 2025 年上半年营收 1,233 亿元，同比增长 8.2%，归母净利 润 30.42 亿元，同比增长 0.72%。净资产 68.26 亿元，同比增长 34.45%。加权平均净资产收益率 4.53%，同比减少 0.31 个百分点， 主要受未分配利润增加影响。 功能件总成收入同比增长 16%，得益于与奇瑞合作并表零部件公司；内 外饰件增长 9.4%，主要来自国内市场需求提升。电子电器和热加工板 块分别下降 5.3%和 15%。 特斯拉营收占比降至第五位（5.6%），比亚迪（6.7%）和赛力斯 （6.4%）分别占据第三和第四位。小鹏首次进入前十大客户，贡献 10 亿元（1.2%）。自主品牌和新能源车企贡献增加。 业外销售占比 65.5%，海外销售占比 19.8%。欧洲和北美市场回暖力 度不大，海外收入同比下降，但仍维持 20%的收入贡献。 内外饰件和功能件是主要利润贡献板块，内外饰件利润与去年同期持平， 功能件利润增长 2.8%。金属成型及模具板块受特斯拉产量下降影响， 利润下降。 Q&A 从各个业务板块来看，华域汽车总体合并收入同比增长 9.55%。其中，功能件 总成 ...

Economic Indicators - In July, the profits of high-tech manufacturing increased by 18.9%, reversing a 0.9% decline in June, significantly contributing to the overall profit growth of industrial enterprises [1] - The profits of industrial enterprises above designated size fell by 1.5% year-on-year in July, but the decline narrowed by 2.8 percentage points compared to June [1] Company News - Macro Technology reported a revenue of 550 million yuan for the first half of the year, a year-on-year increase of 35%, with net profit rising by 10587.74% to 87.3751 million yuan [4] - Deep Property A achieved a revenue of 637 million yuan, up 374.85% year-on-year, with net profit increasing by 1732.32% to 103 million yuan [4] - Huaxi Securities reported a revenue of 2.073 billion yuan, a 46.72% increase year-on-year, with net profit rising by 1195.02% to 512 million yuan [5] - Mairui Medical's revenue decreased by 18.45% to 16.743 billion yuan, with net profit down 32.96% to 5.069 billion yuan, proposing a cash dividend of 13.10 yuan per 10 shares [5] - Baosteel's revenue was 151.372 billion yuan, down 7.28% year-on-year, while net profit increased by 7.36% to 4.879 billion yuan, with a proposed cash dividend of 0.12 yuan per share [5] Strategic Developments - The Ministry of Industry and Information Technology announced plans to establish new satellite communication businesses and expand access for private enterprises [1] - Shanghai government released implementation opinions to accelerate the renovation of urban villages, focusing on areas with urgent public needs and safety concerns [2] - Jilin Province will implement a tax refund policy for overseas travelers starting September 1 [3] Investment Opportunities - Huayu Automotive plans to acquire a 49% stake in Shanghai SAIC Qingtao Energy Technology Co., marking its entry into the solid-state battery sector [6] - Debang Lighting intends to gain control of Zhejiang Jiali Industrial Co., a well-known automotive lighting manufacturer, through a cash acquisition [6] - Guanghe Technology announced plans to invest approximately 2.6 billion yuan in a cloud manufacturing base project [7] - China General Nuclear Power Group plans to acquire multiple nuclear power companies for a total price of 9.375 billion yuan [7] Industry Insights - CICC's report highlights the transformative impact of drones in agriculture, suggesting investment opportunities in the integration of low-altitude economy and agricultural technology [8] - CITIC Securities anticipates a recovery in the white liquor industry, with a potential bottoming out in the third quarter of this year, presenting a favorable investment outlook [8]