证券代码：601799 证券简称：星宇股份 公告编号：2026-015 常州星宇车灯股份有限公司 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、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法律责任。 关于股份回购进展公告 重要内容提示： 公司将严格按照《上市公司股份回购规则》《上海证券交易所上市公司自律监 管指引第 7 号——回购股份》等相关规定，在回购期限内根据市场情况择机做出 回购决策并予以实施，同时根据回购股份事项进展情况及时履行信息披露义务， 敬请广大投资者注意投资风险。 特此公告。 常州星宇车灯股份有限公司董事会 根据《上市公司股份回购规则》《上海证券交易所上市公司自律监管指引第 7 号——回购股份》等相关规定，每个月的前 3 个交易日内披露截至上月末的回购 进展情况。现将公司回购公司股份的情况公告如下： 截至 2026 年 3 月 31 日，公司通过上海证券交易所交易系统以集中竞价交易 方式累计回购公司股份 218.82 万股，已回购股份占公司总股本的比例为 0.7660%， 回购成交的最高价为 130.01 元/股、最低价为 118.00 元/股，已支付的资金总额 ...

联合研究丨组合推荐 [Table_Title] 大消费行业 2026 年 4 月金股推荐 %% %% %% %% research.95579.com 1 丨证券研究报告丨 报告要点 [Table_Summary] 长江大消费九大优势行业（农业、零售、社服、汽车、纺服、轻工、食品、家电、医药）2026 年 4 月重点推荐金股。 分析师及联系人 [Table_Author] 陈佳 李锦 赵刚 SAC：S0490513080003 SAC：S0490514080004 SAC：S0490517020001 SFC：BQT624 SFC：BUV258 SFC：BUX176 高伊楠 于旭辉 蔡方羿 SAC：S0490517060001 SAC：S0490518020002 SAC：S0490516060001 SFC：BUW101 SFC：BUU942 SFC：BUV463 董思远 陈亮 彭英骐 SAC：S0490517070016 SAC：S0490517070017 SAC：S0490524030005 SFC：BQK487 SFC：BUW408 SFC：BUZ392 请阅读最后评级说明和重要声明 2/11 %% ...

2026 年 03 月 29 日 公司研究 评级：买入(维持) [Table_Title] 2025 年收入利润稳步提升，机器人业务加速布局 ——星宇股份（601799）2025 年年报点评 最近一年走势 | 相对沪深 300 | 表现 | | 2026/03/27 | | --- | --- | --- | --- | | 表现 | 1M | 3M | 12M | | 星宇股份 | -18.8% | -0.6% | -8.1% | | 沪深 300 | -4.4% | -3.3% | 14.5% | | 市场数据 | | | 2026/03/27 | | 当前价格（元） | | | 123.95 | | 52 周价格区间（元） | | | 116.02-158.50 | | 总市值（百万元） | | | 35,409.96 | | 流通市值（百万元） | | | 35,409.96 | | 总股本（万股） | | | 28,567.94 | | 流通股本（万股） | | | 28,567.94 | | 日均成交额（百万元） | | | 317.58 | | 近一月换手（%） | | | 1.08 | 研究所 ...

Investment Rating - The report maintains a "Recommended" rating for the automotive industry, indicating a positive outlook for the sector's fundamentals and expectations for the industry index to outperform the benchmark index [4][29]. Core Insights - The automotive industry experienced a slight decline of -0.2% during the week of March 23 to March 29, with various segments showing mixed performance. Notably, commercial and passenger vehicle segments saw slight increases of +0.6% and +0.1%, respectively [2][10]. - The report highlights significant developments in the industry, including the launch of multiple new models by Hongmeng Zhixing and the establishment of a Robotaxi division by Xiaopeng Motors, indicating a shift towards advanced mobility solutions [22][23]. - Analysts have adjusted Tesla's sales forecast for the year to 1.69 million units, reflecting a slight increase compared to the previous year's expectations [26]. Market Performance Overview - The overall automotive sector saw a decline of -0.2%, with most secondary segments experiencing downturns, while commercial and passenger vehicle segments showed slight gains [2][10]. - Individual stock performances varied, with notable gainers including Hunan Tianyan (+23.6%) and Jian She Industrial (+19.9%), while significant losers included Huada Technology (-32.3%) and Xuelong Group (-19.1%) [3][13]. Recent Industry Developments - Xiaopeng Motors has launched a three-year strategy for the Latin American market, aiming for comprehensive coverage by 2028, starting with Mexico [25]. - The report notes the expansion of Amazon's Zoox Robotaxi services and strategic partnerships formed by Xiaoma Zhixing with Uber and Verne to enhance commercial Robotaxi services [24][22]. - The introduction of new models, such as the AION UT by GAC Group, signifies ongoing innovation and competition in the electric vehicle market [25].

车灯智能化及海外市场拓展将是盈利增长 点 核心观点 乘用车行业需求低于预期，前照灯、后组合灯配套量低于预期。 公司主要财务信息 | | 2024A | 2025A | 2026E | 2027E | 2028E | | --- | --- | --- | --- | --- | --- | | 营业收入(百万元) | 13,253 | 15,257 | 18,162 | 21,237 | 24,523 | | 同比增长 (%) | 29.3% | 15.1% | 19.0% | 16.9% | 15.5% | | 营业利润(百万元) | 1,594 | 1,818 | 2,251 | 2,801 | 3,354 | | 同比增长 (%) | 32.9% | 14.0% | 23.9% | 24.4% | 19.7% | | 归属母公司净利润(百万元) | 1,408 | 1,624 | 1,911 | 2,379 | 2,848 | | 同比增长 (%) | 27.8% | 15.3% | 17.7% | 24.5% | 19.8% | | 每股收益（元） | 4.93 | 5.69 | 6.69 | 8.3 ...

车灯智能化及海外市场拓展将是盈利增长 点 核心观点 盈利预测与投资建议 ⚫ 预测 2026-2028 年 EPS 分别为 6.69、8.33、9.97 元（原 2026-2027 年为 7.13、 8.79 元，新增 2028 年预测，调整收入、毛利率及费用率等），可比公司 26 年 PE 平均估值 22 倍，目标价 147.18 元，维持买入评级。 风险提示 乘用车行业需求低于预期，前照灯、后组合灯配套量低于预期。 公司主要财务信息 | | 2024A | 2025A | 2026E | 2027E | 2028E | | --- | --- | --- | --- | --- | --- | | 营业收入(百万元) | 13,253 | 15,257 | 18,162 | 21,237 | 24,523 | | 同比增长 (%) | 29.3% | 15.1% | 19.0% | 16.9% | 15.5% | | 营业利润(百万元) | 1,594 | 1,818 | 2,251 | 2,801 | 3,354 | | 同比增长 (%) | 32.9% | 14.0% | 23.9% | 24.4% | ...

证券简称：星宇股份 证券代码：601799 编号：2026-014 常州星宇车灯股份有限公司 关于召开 2025 年年度业绩说明会的预告公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、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法律责任。 重要内容提示： 投资者可以在2026年4月1日上午8:00至下午16:00通过公告后附的电话、邮件 等联系公司，提出所关注的问题，公司将在说明会上选择投资者普遍关注的问题 进行回答。 公司已于2026年3月20日披露了《星宇股份2025年年度报告》，为便于广大 投资者更全面深入地了解公司2025年年度的经营成果及财务状况，公司决定于 2026年4月2日通过网络文字互动方式召开"星宇股份关于2025年年度业绩说明 会"。 一、说明会类型 本次业绩说明会以网络方式召开，公司将针对2025年年度的经营成果及财务 指标的具体情况与投资者进行互动交流和沟通，在信息披露允许的范围内就投资 者普遍关注的问题进行回答。 第 1 页 共 2 页 会议召开时间：2026年4月2日（星期四）上午10:00-11:00 会议召开地点：上海证券报·中国证券网（htt ...

常州星宇车灯股份有限公司 2025 年年度股东会会议材料 常州星宇车灯股份有限公司 2025 年年度股东会 会议材料 会议召开日期：2026 年 4 月 10 日 | | . | | | --- | --- | --- | | | | | | > | 15 | | | | | + | | 公司 2025 年年度股东会议程 | 2 | | --- | --- | | 公司 2025 年年度股东会须知 | 3 | | 公司 年年度股东会议案审议及表决方法 4 2025 | | | 议案一、关于《公司董事会 年度工作报告》的议案 5 2025 | | | 议案二、关于《公司 2025 年度财务决算报告》的议案 6 | | | 议案三、关于《常州星宇车灯股份有限公司 2025 年年度报告》全文和摘要的议案 | 9 | | 的议案 10 | | | 议案五、关于《未来三年（2026-2028 年）股东分红回报规划》的议案 | 11 | | 议案六、关于续聘会计师事务所的议案 12 | | | 议案七、关于制定《董事、高级管理人员薪酬管理制度》的议案 13 | | | 议案八、关于公司董事和高级管理人员 2025 年度实 ...

Group 1: NIO Inc. (蔚来汽车) - The company reported a significant increase in Q4 gross margin, driven by product structure optimization and scale effects, with expected revenues of 128.4 billion, 157.1 billion, and 180.8 billion CNY for 2026-2028, and net profits of 4.0 billion, 35.9 billion, and 73.2 billion CNY respectively, maintaining a "Buy" rating [1][8] - In 2025, NIO achieved total revenue of 87.49 billion CNY, a year-on-year increase of 33.1%, with a gross margin of 13.6%, and a narrowed net loss of 12.43 billion CNY [6][7] - The company delivered 124,800 vehicles in Q4 2025, with a significant increase in average selling price (ASP) to 252,000 CNY, primarily due to the high delivery volume of the ES8 model [6][7] Group 2: Minth Group (敏实集团) - The company reported a total revenue of 25.74 billion CNY in 2025, a year-on-year increase of 11.2%, with a net profit of 2.69 billion CNY, up 16.1% [11] - The battery box business contributed significantly to revenue growth, achieving 7.53 billion CNY, a 41.1% increase year-on-year, while overseas revenue accounted for 63% of total revenue [11][12] - The company is expected to achieve revenues of 30.3 billion, 35.1 billion, and 40.1 billion CNY for 2026-2028, with net profits of 3.15 billion, 3.74 billion, and 4.34 billion CNY respectively, maintaining a "Buy" rating [12] Group 3: Leap Motor (零跑汽车) - The company achieved a total revenue of 64.73 billion CNY in 2025, doubling year-on-year, with a net profit of 1.08 billion CNY [14][16] - Leap Motor is in a strong new product cycle, with plans to cover the 100,000 to 300,000 CNY price range, and aims to achieve a sales target of 1 million vehicles in 2026 [15][16] - Expected revenues for 2026-2028 are 105.6 billion, 130.9 billion, and 154.3 billion CNY, with net profits of 4.6 billion, 7.5 billion, and 10.3 billion CNY respectively, maintaining a "Buy" rating [16] Group 4: Top Group (拓普集团) - The company reported a total revenue of 29.6 billion CNY in 2025, a year-on-year increase of 11%, with a net profit of 2.78 billion CNY, down 7.4% [19] - The company expects revenues of 35 billion, 40.2 billion, and 45.3 billion CNY for 2026-2028, with net profits of 3.7 billion, 4.4 billion, and 5.2 billion CNY respectively, maintaining a "Buy" rating [21] - The company is focusing on breakthroughs in vehicle technology and expanding its robot and liquid cooling business, which are expected to drive new growth [20][21] Group 5: China Ping An (中国平安) - The company is positioned as a leader in the insurance sector, leveraging its unique financial synergy to enhance its market position in the insurance and banking collaboration [23][25] - The insurance channel is entering a new growth phase, with policies supporting the promotion of dividend insurance products, which are expected to meet the stable savings demand of residents [24] - Ping An's dual synergy system with banks is expected to enhance its competitive advantage, with a focus on expanding its customer base and improving conversion efficiency [25][26] Group 6: China Resources Cement (华润建材科技) - The company reported a total revenue of 21.055 billion CNY in 2025, a year-on-year decrease of 8.61%, but a net profit increase of 127.33% to 479 million CNY [28] - The cement business faced revenue and margin pressures, with a total cement product sales volume of 55.421 million tons, down 10.2% year-on-year [28][29] - The company expects to achieve net profits of 734 million, 890 million, and 981 million CNY for 2026-2028, maintaining a "Buy" rating [30] Group 7: Xingyu Co., Ltd. (星宇股份) - The company achieved a total revenue of 15.257 billion CNY in 2025, a year-on-year increase of 15.12%, with a net profit of 1.624 billion CNY, also up 15.32% [32] - The company is expanding its global presence and has initiated the application for H-share listing to enhance its international strategy [33] - The company is actively exploring the field of embodied intelligence, with the first batch of interactive modules expected to be delivered in 2026 [34]

夜幕降临，成都周边的露营地里，一辆新能源汽车正静静地停在草坪上。车主没有支起幕布，也没有拿出便携式投影仪。他只是在车机屏幕上轻 点了几下，车头的两颗大灯瞬间射出强光，在对面的一面白墙上，清晰地投射出了一部黑白老电影。 而在另一条拥堵的城市高架上，一辆车强行加塞成功后，其尾部的贯穿式灯带并没有像往常一样闪烁两下双闪，而是通过数千颗细小的 LED 灯 珠，拼凑出了一个巨大的、闪烁的"点赞" Emoji 表情。后车司机的路怒症，在这个略显俏皮的光影交互中被瞬间消解。 看到这一幕，哪怕是三十年前最疯狂的汽车工程师也会感到荒谬。 汽车的车灯，这个诞生了一百多年、最初仅仅为了让人在黑夜中 "看清前路"的物理发光体，在 2026 年的今天，竟然演变成了一个兼具电影放映 机、情绪表达器、甚至游戏显示屏的"娱乐工具"和"社交外衣"。 从被动照明到主动感知，再到疯狂的娱乐化异化，车灯正在经历一场底层逻辑的彻底重写。据《 2025 智能车灯产业白皮书》预测， 2025-2030 年 期间，全球智能车灯市场规模预计将从 8.53 亿美元扩张至 83 亿美元。同期， 2024 版 C-NCAP （中国新车评价规程）正式新增 ADB （ ...