丨证券研究报告丨 [Table_scodeMsg1] 公司研究丨点评报告丨星宇股份（601799.SH） [Table_Title] 星宇股份：2025Q3 业绩符合预期，机器人开启 第二成长曲线 报告要点 [Table_Summary] 星宇股份 10 月 29 日发布三季度业绩报告称，2025 年三季度营业收入约 39.5 亿元，同比增加 12.7%；归属于上市公司股东的净利润约 4.3 亿元，同比增加 13.5%。2025Q3 业绩符合预期， 盈利能力保持稳定。发布 2025 年员工持股计划，彰显公司发展信心。客户多元化+海外战略助 力主业高成长，加速布局机器人开启第二成长曲线。预计公司 2025-2027 年归母净利润分别 16.3、21.6、27.0 亿元，对应 PE 分别为 21.6X、16.3X、13.1X ，维持"买入"评级。 分析师及联系人 [Table_Author] 高伊楠 张永乾 SAC：S0490517060001 SAC：S0490524030002 SFC：BUW101 请阅读最后评级说明和重要声明 %% %% %% %% 2、技术研发与产品开发风险。 research.9557 ...

November 13, 2025 08:48 AM GMT 中国汽车与共享出行行业 拓展边界⸺零部件供应商走 向全球 提升的产品质量但下降的国内利润促使中国汽车零部件供应 商寻求全球机会。我们偏好海外业务占比低但扩张迅速的企 业（星宇、德赛西威），以及海外业务规模大且持续改善的 企业（敏实、科博达）。考虑到电动车需求放缓，下调三花 和拓普评级。 全球扩张加速：中国汽车行业过去十年一直在探索海外机会。尽管近年来关税不 确定性增加，汽车零部件供应商仍加快海外扩张，从出口转向海外建厂，以应对 逆全球化趋势。我们预计中国汽车零部件供应商在2025-30年实现12%的复合增长 率，到2030年享有2400亿美元的市场机会，实现10%的海外市场份额（+3.5个百 分点）。 全球扩张的推拉因素：国内汽车价格竞争加剧、利润压力上升以及新项目亏损推 动供应商减少国内敞口。同时，得益于中国智能电动车的早期普及，中国供应商 近年来在产品质量和技术规格方面取得了进步。供应商如今能够为全球车企的新 一代车型提供具有竞争力的零部件。中国车企海外工厂的项目中标也有助于供应 商提高产能利用率。 从出口到海外建厂：对零部件供应商而言，收购带 ...

Core Viewpoint - As of November 13, a total of 124 stocks in the Shanghai and Shenzhen markets have experienced net buying from major funds for five consecutive days or more, indicating strong investor interest in these stocks [1] Group 1: Stocks with Significant Net Buying - The stock with the longest consecutive net buying days is Beijing Bank, which has seen net buying for 13 consecutive trading days [1] - Other notable stocks with significant net buying days include Xidi Micro, CITIC Bank, Dingyang Technology, Yindu Co., Galaxy Microelectronics, Xingyu Co., Shihua Technology, and Xinke Mobile [1]

Summary of China Auto Parts Industry Conference Call Industry Overview - **Industry**: China Auto Parts - **Focus**: Global expansion of auto parts suppliers due to deteriorating domestic margins and improving product quality [1][2][3] Key Insights Global Expansion Trends - **Accelerating Global Expansion**: Chinese auto parts suppliers are shifting from exports to offshoring, aiming to capture a US$240 billion opportunity and increase overseas market share to 10% by 2030, with a projected 12% CAGR from 2025 to 2030 [2][57]. - **Push-Pull Dynamic**: Domestic price competition and margin pressure are pushing suppliers to limit domestic exposure, while advancements in product quality and technology are pulling them towards global markets [3][29]. Market Dynamics - **Domestic Margin Pressure**: Average net margins for auto parts suppliers fell from 11.6% in 2022 to 9.9% in 2024, with over 50% of companies experiencing gross margin declines in 1H25 [76][84]. - **Export Growth**: China's auto parts export value grew at a CAGR of 10% from 2019 to 2024, up from 1% CAGR in 2014-2019 [25][52]. Strategic Shifts - **From Exports to Offshoring**: Suppliers are expected to establish offshore plants, with net margins for these plants projected to be 10-15 percentage points lower than exports [4][34]. - **Popular Offshore Locations**: Key sites for offshore plants include Mexico, Eastern Europe, North Africa, and Southeast Asia, chosen for their competitive labor and energy costs [35][96]. Company-Specific Insights Preferred Suppliers - **Strong Candidates for Global Expansion**: - **Xingyu (601799.SS)**: Low but expanding overseas exposure, expected to accelerate revenue through project wins [5][41]. - **Desay (002920.SZ)**: Similar profile to Xingyu, with potential for overseas revenue growth [5][41]. - **Minth (0425.HK)** and **Keboda (603786.SS)**: Sizable and improving overseas exposure, expected to grow earnings amid tariff disruptions [5][41]. Downgrades - **Sanhua (002050.SZ)** and **Tuopu (601689.SS)**: Downgraded due to slowing EV parts outlook and market optimism already priced in [5][41]. Financial Projections - **Market Share Growth**: Expected to capture 10.1% of overseas market share by 2030, with production value increasing at a CAGR of 32% from 2025 to 2030 [57][58]. - **Investment Ratings**: - **Overweight (OW)**: Xingyu, Desay, Minth, Keboda - **Equal Weight (EW)**: Fuyao, Sanhua, Tuopu - **Underweight (UW)**: Recodeal, Hirain [9][42]. Additional Considerations - **Challenges in Domestic Market**: Suppliers face a dilemma with JV OEMs offering decent margins but declining volumes, while local OEMs provide volume but at lower margins [28][62]. - **Quality Improvements**: Chinese suppliers have made significant advancements in product quality, enabling them to compete for global OEM contracts [3][88]. Conclusion The China auto parts industry is undergoing a significant transformation as suppliers seek to expand globally in response to domestic margin pressures and competitive dynamics. Key players are positioned to benefit from this shift, while others face challenges that may impact their growth prospects.

Investment Rating - The industry investment rating is "Recommended," indicating an expected increase in the industry index by more than 5% over the next 3-6 months compared to the benchmark index [70]. Core Insights - In October, the wholesale sales of narrow passenger vehicles reached 2.93 million units, a year-on-year increase of 7% and a month-on-month increase of 4% [2]. - The penetration rate of new energy vehicles exceeded 55%, with wholesale sales of electric vehicles at 1.62 million units, marking an 18% year-on-year increase [8]. - The report highlights potential investment opportunities in companies such as Geely Automobile and BYD, with a focus on Geely's low valuation for the upcoming year [4]. Summary by Sections Industry Overview - In October, the production of narrow passenger vehicles was 2.95 million units, reflecting an 11% year-on-year increase and a 4% month-on-month increase [2]. - The report estimates that retail sales for October were approximately 2.34 million units, showing a 3% year-on-year increase [8]. Sales Performance - The wholesale sales of new energy vehicles in October were 1.62 million units, with a penetration rate of 55%, which is a 5 percentage point increase year-on-year [8]. - The report indicates that the wholesale sales of domestic car manufacturers reached 2.14 million units in October, a 12% year-on-year increase [8]. Pricing and Inventory - The industry discount rate slightly increased in late October, with an average discount rate of 9.6%, reflecting a 0.1 percentage point increase month-on-month [8]. - The total inventory is estimated to be around 3.1 million units, with fuel vehicle inventory at approximately 850,000 units, indicating a higher overall inventory compared to the same period last year [8]. Future Outlook - The report anticipates that the fourth quarter will see a seasonal inventory reduction, with retail sales expected to reach 7.73 million units, a 6% year-on-year increase, while wholesale sales are projected to be 8.67 million units, a 1% year-on-year decrease [8]. - Potential catalysts for recovery in the automotive sector include better-than-expected retail sales post-Spring Festival and improved export performance [8].

Group 1: Xinhua Insurance (601336.SH) - The core conclusion indicates that Xinhua Insurance's high equity investment ratio is expected to continue contributing to earnings elasticity as the capital market trends upward [6][7] - The liability side is undergoing a transformation towards dividend insurance, with accelerated growth in bancassurance channels and reforms in individual insurance channels, positioning the company for sustained business leadership [6] - The report anticipates significant profit improvement driven by dual efforts on both asset and liability sides, initiating coverage with a "Buy" rating [6] Group 2: Jinhua New Materials (920015.BJ) - Jinhua New Materials is positioned as a leading player in silane crosslinking agents, with stable growth expected in its core business and a second growth curve anticipated from hydroxylamine aqueous solution, which is set to break existing monopolies [9][10] - The company is projected to achieve total revenue of 1.04 billion, 1.31 billion, and 1.66 billion yuan from 2025 to 2027, with corresponding net profits of 200 million, 250 million, and 320 million yuan [9][10] - The current stock price corresponds to a PE ratio of 45.4, 35.8, and 28.0 for the years 2025 to 2027, with an initial coverage rating of "Add" [9][10] Group 3: Zhongke Feimeasure (688361.SH) - Zhongke Feimeasure is recognized as a leading provider of semiconductor quality control equipment, with a revenue of 702 million yuan in the first half of 2025, reflecting a year-on-year growth of approximately 51.39% [12][13] - The company is expected to achieve revenues of 2.061 billion, 3.128 billion, and 4.413 billion yuan from 2025 to 2027, with net profits projected at 184 million, 411 million, and 718 million yuan [12][13] - The current stock price corresponds to a PS ratio of 23.17, 15.27, and 10.82 for the years 2025 to 2027, with an initial coverage rating of "Add" [12][13] Group 4: Changan Automobile (000625.SZ) - Changan Automobile's sales in October 2025 reached 278,000 units, marking an 11% year-on-year increase, with cumulative sales from January to October totaling 2.374 million units, up 10% [15][17] - The company is expected to achieve revenues of 187 billion, 209.6 billion, and 229.7 billion yuan from 2025 to 2027, with year-on-year growth rates of 17.1%, 12.1%, and 9.6% [17] - The current stock price corresponds to an EPS of 0.64, 0.85, and 1.06 yuan for the years 2025 to 2027, maintaining a "Buy" rating [17] Group 5: Xingye Co., Ltd. (601799.SH) - Xingye Co., Ltd. reported a revenue of 10.71 billion yuan in the first three quarters of 2025, reflecting a year-on-year increase of 16.09%, with a net profit of 1.141 billion yuan, also up 16.76% [30][31] - The company is expected to achieve net profits of 1.719 billion, 2.115 billion, and 2.682 billion yuan from 2025 to 2027, maintaining a "Buy" rating [31][32] - The company is expanding into the robotics sector, indicating a strategic move towards new growth areas [31]

投资建议：我们认为车灯产品量价齐升逻辑顺畅，机器人新业务未来可期，公司有望开启新一轮高速成 长，我们预计公司2025-2027 年归母净利润为17.19/21.15/26.82 亿元，维持"买入"评级。 风险提示：汽车消费不及预期、主机厂年降风险、海外业务推进不及预期。 新增产能布局，主业成长可期。2025 年8 月，星宇智能汽车电子及视觉系统产业中心暨奔牛基地项目正 式启动，项目全面达产后将实现年产约1000万只智能车灯总成的配套生产能力，有效解决未来5-10 年 的产能缺口，为公司长远发展提供坚实支撑。另外，2025 年8 月，星宇与重庆市沙坪坝区签署了合作协 议，星宇将分期在沙坪坝区投资建厂，其中，项目一期计划投资10 亿元，预计2029 年实现年产值30 亿 以上。 进军人形机器人赛道，启动相关人才招聘。公司近期设立了全资子公司常州星宇智能机器人有限公司， 正式进军机器人赛道，子公司经营范围包括智能机器人研发、制造、销售以及人工智能软硬件开发等业 务。另外，公司启动了机器人业务相关人才招聘，涉及机器人关节模组开发、视觉算法开发、机器人结 构设计等多个岗位，彰显出公司积极拓展人形机器人业务的决心。 业绩 ...

常州星宇车灯股份有限公司 2025 年第二次临时股东会会议材料 常州星宇车灯股份有限公司 2025 年第二次临时股东会 会议材料 会议召开日期：2025 年 11 月 20 日 常州星宇车灯股份有限公司 2025 年第二次临时股东会会议材料 目 录 | 公司 年第二次临时股东会议程 | 2025 | | 3 | | --- | --- | --- | --- | | 公司 年第二次临时股东会须知 | 2025 | | 4 | | 公司 | 2025 | 年第二次临时股东会议案审议及表决方法 | 5 | | 议案一、关于审议《常州星宇车灯股份有限公司 | | 2025 年员工持股计划（草案）》 | | | 及其摘要的议案 | | | 6 | | 议案二、关于审议《常州星宇车灯股份有限公司 | | 2025 年员工持股计划管理办法》 | | | 的议案 | | | 7 | | 议案三、关于提请股东会授权董事会办理公司 | | 2025 年员工持股计划相关事宜的 | | | 议案 | | | 8 | | 议案四、关于 2020 | | 年公开发行可转换公司债券募投项目结项并将节余募集资金 | | | 永久补充流动资 ...

Core Insights - The automotive industry in China is transitioning from a growth phase to a mature phase, with a compound annual growth rate (CAGR) of 4% from 2010 to 2023, and is expected to see wholesale sales exceed 34 million vehicles in 2025, representing an 11% increase [1][18][24] - The report emphasizes the importance of branding and globalization as key strategies for automotive companies to maintain volume and profitability amidst intensifying competition in the electric vehicle (EV) sector [2][18] - The advent of AI and advancements in smart driving technology are set to reshape the automotive landscape, with significant investment opportunities anticipated in the components related to autonomous driving systems [3][18] Industry Characteristics and Changes - The automotive market in China is experiencing a gradual decline in total volume dividends, with annual growth rates expected to stabilize at low single digits as the industry matures [18][24] - The penetration rate of new energy vehicles (NEVs) is projected to rise significantly, with sales expected to grow from 1.21 million in 2019 to 14 million by 2024, reflecting a CAGR of 63% [18][32] - The shift from traditional fuel vehicles to electric vehicles is creating structural changes in production capacity, leading to both challenges and opportunities for manufacturers [18][32] Investment Opportunities - Recommended investments include companies in the electric vehicle sector such as XPeng Motors, Jianghuai Automobile, and Yutong Bus, as well as firms involved in smart technology and robotics [4][6] - The report highlights the potential for domestic automotive parts manufacturers to expand their global footprint, leveraging their established production capabilities and cost management skills [2][18] - The anticipated mass production of robots in 2026 is expected to create new investment opportunities in related component sectors, particularly those overlapping with automotive technologies [3][18]

- The report predicts adjustments in the constituents of the CSI 300 Index, with 11 stocks expected to be adjusted. Predicted additions include Huadian New Energy, Shenghong Technology, and Shanghai Electric, while removals include Nasda, Xingyu Shares, and Foster. The additions are primarily concentrated in the electronics sector, with five stocks selected, while removals are mainly from the power equipment and automotive sectors, with four stocks removed from the power equipment sector[2][13][14] - The report predicts adjustments in the constituents of the CSI 500 Index, with 50 stocks expected to be adjusted. Predicted additions include Beiqi Blue Valley, Electric Investment Energy, and OFILM, while removals include Shenghong Technology, Ruixin Micro, and Xinnowei. Some additions to the CSI 500 Index come from the original constituents of the CSI 300 Index, such as Lu'an Huaneng, Trina Solar, and Baiyunshan, while some removals from the CSI 500 Index transition to the latest constituents of the CSI 300 Index, such as Shenghong Technology, Ruixin Micro, and Guolian Minsheng. Additions are mainly concentrated in the power equipment, electronics, and automotive sectors, while removals are concentrated in the pharmaceutical, electronics, and computer sectors[3][16][18] - The report highlights the event return characteristics of sample adjustments for the CSI 300 and CSI 500 indices. It notes that the market tends to react in advance to the impact of constituent adjustments, with stock prices rising before additions and falling before removals. Specifically, stocks added to the indices exhibit positive excess returns before the adjustment date, while stocks removed from the indices show negative excess returns before the adjustment date[4][5][23]