10月16日，常州星宇车灯股份有限公司（下称"星宇股份"）与节卡机器人股份有限公司（下称"节卡股份"） 签署战略合作协议。双方将依托长期合作积淀与技术互补优势，在 具身智能机器人创新、智能制造升级、产 业链协同 三大领域开展深度合作，推动人工智能与汽车产业、机器人产业融合发展。 未来，双方将以此次合作为基石，在技术研发、场景落地与产业链升级中持续突破，加速推动汽车制造与具身 智能技术深度融合和场景落地，为中国智能制造领域高质量发展注入新动能。 来源：节卡机器人 如需咨询企业合作事宜，欢迎联系机器人大讲堂-客服(19560423866，手机与微信同号)进行对接。 星宇股份董事长周晓萍、副董事长周宇恒、副总经理曹进，国投创新投资管理有限公司副总裁曹正，节卡股份 董事长李明洋、副总裁兼 CTO 许雄、副总裁孟小波、副总裁常莉等各方代表出席仪式，共同见证这一重要时 刻。 基于双方良好的业务合作根基以及在各自领域的资源优势，星宇股份与节卡股份的合作将围绕三大核心方向展 开：一是在具身智能领域的联合创新，研发 "感知-照明-显示-投影-交互"的一体化智能终端，拓展汽车之 外的智能交互场景。二是通过机器人与 AI 算法的融 ...

Investment Rating - The report maintains a "Strong Buy" rating for the company, with a target price range of 181.8 to 218.1 CNY, indicating an expected upside of 37% to 64% from the current price of 132.62 CNY [2][7]. Core Insights - The company has entered a strategic partnership with Jieka Co., a leader in collaborative robotics, to explore opportunities in the field of embodied intelligent robots. This collaboration aims to innovate in three key areas: integrated smart terminals for interaction, innovation in intelligent manufacturing, and the localization of core components in the robotics supply chain [2][7]. - The company is positioned as a significant player in the high-end intelligent automotive lighting market, with its projection headlights already being used in popular models such as the Wuling M9 and Zeekr 9X. The report anticipates further growth in market share as production ramps up [7]. - The financial forecasts indicate robust growth, with total revenue expected to reach 16.0 billion CNY in 2025, growing at a year-on-year rate of 20.8%. Net profit is projected to be 1.7 billion CNY, also reflecting a growth rate of 20.8% [3][8]. Financial Summary - Total revenue projections for the company are as follows: - 2024: 13.25 billion CNY - 2025: 16.02 billion CNY - 2026: 18.91 billion CNY - 2027: 22.19 billion CNY - Net profit forecasts are: - 2024: 1.41 billion CNY - 2025: 1.70 billion CNY - 2026: 2.08 billion CNY - 2027: 2.60 billion CNY - Earnings per share (EPS) is expected to grow from 4.93 CNY in 2024 to 9.10 CNY by 2027 [3][8]. Market Position and Growth Potential - The company has established a solid foundation for growth in the intelligent automotive lighting sector, with expectations of increased average selling prices (ASP) and market share expansion, particularly in overseas markets such as Serbia, Mexico, and the United States [7]. - The partnership with Jieka Co. is expected to enhance the company's capabilities in integrating AI with automotive and robotics industries, potentially leading to innovative applications and improved operational efficiencies [7].

资料显示，常州星宇车灯股份有限公司位于江苏省常州市新北区秦岭路182号，成立日期2000年5月18 日，上市日期2011年2月1日，公司主营业务涉及整车制造企业提供配套车灯产品,专注于汽车(主要是乘 用车)车灯的研发、设计、制造和销售。主营业务收入构成为：汽车零部件95.71%，其他4.29%。 星宇股份所属申万行业为：汽车-汽车零部件-车身附件及饰件。所属概念板块包括：MSCI中国、中 盘、融资融券、基金重仓、智能汽车等。 截至6月30日，星宇股份股东户数1.16万，较上期增加21.14%；人均流通股24732股，较上期减少 17.45%。2025年1月-6月，星宇股份实现营业收入67.57亿元，同比增长18.20%；归母净利润7.06亿元， 同比增长18.88%。 10月16日，星宇股份盘中下跌2.02%，截至09:48，报135.80元/股，成交7764.65万元，换手率0.20%，总 市值387.95亿元。 资金流向方面，主力资金净流出157.11万元，特大单买入2814.55万元，占比36.25%，卖出2499.60万 元，占比32.19%；大单买入1222.02万元，占比15.74%，卖出1694 ...

Investment Rating - The report maintains a positive outlook on the automotive parts industry, suggesting a focus on bottom opportunities as the sector has been performing well for over a month [1][3]. Core Insights - The robotics sector has been driven by the Tesla supply chain since mid-August, indicating a potential for further growth in related automotive parts [1][3]. - The report emphasizes the importance of fundamental and marginal changes in performance as third-quarter results are about to be released, recommending specific companies for investment [1][3]. Summary by Relevant Sections Company Insights - **Xingyu Co., Ltd.**: The company is shifting its strategic focus from domestic new energy vehicle clients to expanding into overseas markets, particularly in Europe. Collaborations with major clients like Volkswagen and BMW are strengthening, with expectations to secure headlight projects by the end of this year or next. The overseas factory is projected to ramp up production starting in 2027, becoming a new growth source by 2028. The domestic market growth from 2025 to 2027 is anticipated to come from the adoption of high-end headlights by new energy vehicle clients [2][4]. - **Changshu Automotive Trim**: The company is focusing on applications of PEEK materials, leveraging its core capabilities in injection molding. A recent strategic partnership with a Dutch sensor company aims to develop next-generation tactile sensing technology for automotive and robotics manufacturing, indicating a shift towards electronics [5]. - **Ningbo Huaxiang**: The company is entering the robotics sector through a unique ODM model, which is relatively scarce. If strategic partnerships with major clients deepen, revenue growth in its robotics business is expected to be supported. The company has a first-mover advantage in PEEK materials, potentially leading to cost benefits [5]. - **Daimay Co., Ltd.**: As an interior parts supplier, Daimay's capabilities align with the transformation into biomimetic materials and robotic skin. Being a supplier for Tesla and having a mature overseas base suggests potential interest or developments in the robotics field [5]. Investment Recommendations - The report recommends focusing on domestic leading manufacturers such as BYD, Geely, and XPeng, as well as companies with strong performance growth and robotics layouts like Fuyao Glass, New Spring, and others [2][5].

Investment Rating - The report maintains a positive outlook on the automotive parts industry, suggesting an "Overweight" rating, indicating that the industry is expected to outperform the overall market [2][11]. Core Insights - The automotive parts sector is experiencing a sustained rally, driven by developments in the robotics sector, particularly influenced by Tesla's supply chain. The report emphasizes the importance of monitoring Tesla's dynamics and suggests focusing on bottom opportunities as many stocks in the sector have reached relatively high levels [2][3]. - Key companies to watch include Xingyu, Changshu Automotive Trim, Daimay, and Ningbo Huaxiang, which are expected to benefit from upcoming quarterly performance releases and fundamental changes [2][3]. Company Summaries Xingyu - Xingyu is shifting its strategic focus from domestic new energy vehicle clients to expanding into overseas markets, particularly in Europe, with strengthened collaborations with Volkswagen and BMW. The company anticipates securing headlight project designations by the end of this year or next year, with production ramping up in overseas factories starting in 2027 [4]. - The domestic market growth from 2025 to 2027 is expected to be driven by the adoption of high-end headlights by new energy vehicle clients, with potential increases in per-vehicle value from over 1,000 yuan for standard LEDs to over 4,000 yuan for HD headlights and even 10,000 yuan for DLP headlights [4]. - The competitive landscape is favorable for domestic leaders like Xingyu, as international competitors face operational pressures, providing a conducive environment for growth [4]. Changshu Automotive Trim - The company is focusing on applications involving PEEK materials, leveraging its core capabilities in injection molding. A recent strategic partnership with a Dutch sensor company aims to develop next-generation tactile sensing technology for automotive and robotics manufacturing, with plans for mass production in China [5]. Ningbo Huaxiang - Ningbo Huaxiang is entering the robotics sector through its unique ODM model, which is considered rare. The company has established a presence in the PEEK materials field, which may yield cost advantages. Expected profits for next year are around 1.5 billion yuan, corresponding to a PE ratio of approximately 20 times for 2026 [5]. Daimay - As an interior parts supplier, Daimay's capabilities align with the transformation into biomimetic materials and robotic skin. The company is a supplier for Tesla and has a mature overseas customer base, suggesting potential developments in the robotics field [5]. Investment Recommendations - The report recommends focusing on domestic leading manufacturers such as BYD, Geely, and XPeng, as well as companies with strong performance growth and capabilities in robotics or overseas expansion, including Fuyao Glass, Xinquan, Fuda, Shuanghuan Transmission, and Yinlun [2].

格隆汇10月14日｜国盛证券研报指出，星宇股份成立常州星宇智能机器人有限公司，在机器人这个新兴 赛道，公司正在加快资源投入及团队组建，结合过往在车灯的研发及海内外优质客户的积累，新业务发 展值得期待。2025H1，公司承接多家客户共52个车型的新品研发项目，实现37个车型项目批产，带动 公司总收入/净利润增长18.2%/18.88%。虽然车企价格战仍给供应链压力，公司盈利水平环比改善， 2025Q2毛利率/净利率分别为19.64%/10.49%，较2025Q1环比有所提升。公司深耕国内、布局欧美，全 球化稳步推进。维持"买入"评级。 ...

事件。公司成立常州星宇智能机器人有限公司，并开启相关业务人员招聘。 2025H1，公司承接多家客户共52 个车型的新品研发项目，实现37 个车型项目批产，带动公司总收入/净 利润增长18.2%/18.88%。公司与华为合作包括问界M9、M8，享界S9 等中高端车型，单车价值量高， 随着交付量提升，高端项目收入贡献持续增加，预计持续优化客户结构。虽然车企价格战仍给供应链压 力，公司盈利水平环比改善，2025Q2 毛利率/净利率分别为19.64%/10.49%，较2025Q1 环比有所提升。 深耕国内、布局欧美，全球化稳步推进。公司注重研发，资金投入、人才引进与外部合作（牵手地平 线、华为）多线并进，与海外技术差距快速缩小，实现光源从卤素、氙气到LED/OLED 的升级，产品 从小灯、尾灯到前照灯的突破，ADB、DLP 等智能车灯已量产。公司零部件自制、优势突出，客户端 车企覆盖面广。2021-2023 年的电动化浪潮，公司迅速和新势力、华为等达成深度合作，拿下多个优质 高端项目。公司已进入外资豪华品牌供应链，随着欧洲工厂产能释放及注册成立墨西哥星宇和美国星 宇，公司全球化发展进入新阶段。 盈利预测与估值：预计2 ...

Group 1: Macro Insights - In September, exports increased significantly, reaching a six-month high, indicating the resilience of China's export sector. The export growth rate for Q3 was 6.5%, slightly higher than in Q1 and Q2, supporting the GDP growth target of "above 5%" for the year [2] - Imports surged by 7.4% year-on-year in September, marking the highest increase in a year and a half, with industrial metals like copper and iron ore, as well as integrated circuits, being the main drivers [2] - Looking ahead to Q4, export growth may slow due to high base effects and recent escalations in US-China tariffs, but it is expected to remain positive overall, with strong support from regions outside the US [2] Group 2: Company-Specific Insights - Duople (301528.SZ) is a leading domestic provider of ultrasonic phased array testing equipment, showing strong profitability with H1 2025 revenue of 80 million yuan, up 56.2% year-on-year, and a net profit of 20 million yuan, up 12.15% [6][7] - Kaishan (300257.SZ) is a leader in high-end equipment manufacturing and renewable energy, with a revenue of 4.235 billion yuan in 2024, a 1.64% increase, and a net profit of 320 million yuan, down 26.05% [8] - 361 Degrees (01361.HK) reported strong Q3 performance with a 10% increase in adult and children's apparel sales in offline channels and a 20% increase in e-commerce sales, projecting net profits of 1.261 billion yuan for 2025 [14] - Xingyu (601799.SH) established a robotics subsidiary to expand into the emerging robotics sector, while maintaining strong growth in its core automotive lighting business, with a projected net profit of 1.7 billion yuan for 2025 [16][17] Group 3: Industry Trends - The basic chemical sector is experiencing a configuration opportunity, with a significant adjustment in the index from a peak of 9565.18 points to a low of 3876.11 points, a cumulative decline of 59.5% [12] - Strategic metals are expected to see a revaluation due to geopolitical tensions, with a focus on rare earths, tungsten, and antimony as potential investment opportunities [9][11] - The liquid cooling market is anticipated to grow, with East Sunshine's acquisition of Qinhuai Data expected to enhance its capabilities in AI infrastructure and cooling solutions [13]

Q&A 新宇股份在机器人领域的最新进展是什么？ 新宇股份在机器人领域的最新进展主要包括成立了心宇智能机器人公司，注册 资金为 1 亿元，由董事长的儿子担任法人代表。公司已经开始在 51JOB 和官网 上进行人才招募，招聘方向包括关节模组工程师、视觉算法工程师和结构工程 师等。这表明公司在更高附加值、更高单价的重要产品上进行布局，而不是市 场传闻中的灯控类型产品。目前，公司与现有客户建立了有效的沟通渠道，但 尚未有实质性的客户接触信息。 星宇股份盈利能力强于外资厂商（净利润率 10%-11% vs <5%），得 益于高自制率（大灯模组、光源芯片、控制器等），自制模具节省开支， 以及优秀的管理体系和快速响应服务。 新宇股份通过产品升级（M9 车型 DLP 车灯单价超万元）、供应链国产 化（与欧冶半导体、技能光电合作）和海外产能扩展（欧洲塞尔维亚建 厂，北美调研选址）实现发展。 新宇股份调整客户结构，自主品牌占比近 70%，并积极开拓海外市场， 预计明后年国内外市场贡献将推动 20%以上营收增长，长期有望占据全 球市场 20%以上份额，实现 90 亿左右中远期利润。 星宇股份 20251013 摘要 新宇股份正从客 ...

业 研 究 / 行 业 点 评 证 券 研 究 报 告 证券分析师 戴文杰 A0230522100006 daiwj@swsresearch.com 樊夏沛 A0230523080004 fanxp@swsresearch.com 联系人 朱傅哲 (8621)23297818× zhufz@swsresearch.com 本研究报告仅通过邮件提供给 中庚基金 使用。1 2025 年 10 月 13 日 紧抓科技主线，寻找低估成长新机 会 看好 ——2025/10/9-2025/10/10 汽车周报 本期投资提示： 请务必仔细阅读正文之后的各项信息披露与声明 行 业 及 产 业 行 汽车 - ⚫ 观点：四季度补贴额度吃紧带来一波市场抢装，好产品也需要大产能支撑。我们看到近 期密集上市一批改款车型，有望让火爆的 Q4 车市再上强度。对于整车可关注供给能有 效释放的企业，如吉利、比亚迪、长城，理想、蔚来等。同时我们建议在消费端不明朗 的情况下关注"未来产业"，科技才是持续创造超额收益的主要阵地。而当下阶段更应 该关注业绩有支撑、估值相对较低且有提升潜力的公司，包括机器人、AI、低空经济等 科技引领赛道。推荐质地优、 ...