证券分析师 ：黄细里 执业证书编号：S0600520010001 联系邮箱：huangxl@dwzq.com.cn 2025年9月1日 请务必阅读正文之后的免责声明部分 核心结论 注：若无特殊说明，"本周"均代表2025.8.25-2025.8.31 2 证券研究报告 汽车周观点： 8月第3周乘用车环比+9.4%，继续看好汽车板块 ◼ 本周复盘总结：八月第三周交强险47.0万辆，环比上周/上月周度+9.4%/+6.8% 。 ➢ 本周细分板块涨跌幅排序:SＷ商用载货车(+1.6%) > SW商用载客车(+0.8%) >SW汽 车零部件(+0.4%) >SW乘用车（+0.3%）>SW摩托车及其他(+0.1%) 。本周已覆盖 标的威迈斯、蔚来-SW、雅迪控股、经纬恒润-W、立讯精密涨幅前五。 ◼ 本周团队研究成果：外发汽车智能化9月投资策略、重卡月报，外发赛力斯、中鼎股 份、华达科技、双环传动、恒帅股份、银轮股份、旭升集团、爱柯迪、上汽集团、拓 普集团、精锻科技、中集车辆、宇通客车、隆鑫通用、爱玛科技、江淮汽车、沪光股 份、福耀玻璃、长安汽车Q2业绩点评。 ◼ 本周行业核心变化：1）小鹏新P7上市，全系标配三图灵芯 ...

星宇股份 20250829.docx AceCamp AI 2025-08-30 摘要 星宇股份二季度赛力斯已成第一大客户，但上半年仍次于奇瑞，占比 18%-19%。奇瑞计划下半年香港上市，目标销量 180 万辆，全年挑战 300 万辆，7 月出口已回升，预计下半年销量增长。 受益于政策推动，二季度应收账款改善，票据和现金管理缓解。合资和 外资客户按合同执行，自主品牌客户拖延情况规范。主要客户经营状况 良好，对理想 I6 车型持乐观态度。 三季度极氪 9X、理想 I6 及特斯拉加长版等新车型值得期待，但预计不 会对总盘子产生颠覆性影响。公司更期待整体客户群体及其配套车型表 现良好，从而实质性提升公司的收入和利润。 上半年新能源收入占比超 40%，二季度毛利率环比提升，得益于规模效 应、高价值产品量产及内部质量管理。同时，公司通过多方面措施稳定 并提高盈利能力，以应对重要客户年降谈价压力。 海外业务拓展显著，上半年获奔驰、斯柯达、宝马等车型尾灯项目，并 完成欧洲前灯模组认可。预计 2026 年起，宝马 5 系项目量产及塞尔维 亚工厂产能提升将推动欧洲及海外收入增长。 Q&A 2025 年第二季度星宇股份的主要收 ...

Event Overview - The company released its 2025 semi-annual report, showing a revenue of 6.757 billion yuan for H1 2025, a year-on-year increase of 18.20%. The net profit attributable to shareholders was 706 million yuan, up 18.88% year-on-year, and the net profit excluding non-recurring items was 687 million yuan, an increase of 23.24% year-on-year. In Q2 2025, revenue reached 3.663 billion yuan, a year-on-year increase of 10.85% and a quarter-on-quarter increase of 18.36%. The net profit attributable to shareholders was 384 million yuan, up 9.35% year-on-year and 19.31% quarter-on-quarter, while the net profit excluding non-recurring items was 375 million yuan, a year-on-year increase of 14.98% and a quarter-on-quarter increase of 19.78% [2]. Revenue and Profitability - Revenue showed steady growth with Q2 2025 revenue at 3.663 billion yuan, reflecting a year-on-year increase of 10.85% and a quarter-on-quarter increase of 18.36% [3]. - Profitability remained robust, with Q2 2025 gross margin at 19.64%, a decrease of 0.73 percentage points year-on-year but an increase of 0.81 percentage points quarter-on-quarter. The net profit margin was 10.49%, down 0.14 percentage points year-on-year but up 0.08 percentage points quarter-on-quarter [3]. - Expense ratios remained stable, with increases in sales, management, and R&D expense ratios primarily due to rising employee compensation and R&D material consumption [3]. Contribution from Core Suppliers - The company serves as a Tier 1 supplier for the AITO M9, providing exclusive front and rear lamp assemblies. The M9 has achieved significant sales milestones, including being the best-selling luxury car in China for over 15 months and achieving over 40,000 pre-orders within 27 days of its launch [4]. - The AITO M8, which features advanced lighting systems designed by the company, also set a record with 50,000 pre-orders in just four days [4]. Long-term Development Support - The company officially launched its Intelligent Automotive Electronics and Visual Systems Industrial Center project on August 20, 2025. This project will include six main factories with a total construction area of approximately 250,000 square meters, aiming for an annual production capacity of about 10 million intelligent lamp assemblies [5]. Market Outlook and Financial Projections - The automotive lighting sector is positioned favorably, with the trend towards electrification driving both volume and price increases. The company has adjusted its revenue forecasts for 2025-2027 to 16.013 billion yuan, 19.108 billion yuan, and 22.632 billion yuan, respectively, with net profits projected at 1.733 billion yuan, 2.017 billion yuan, and 2.543 billion yuan [6]. - The expected earnings per share (EPS) for 2025-2027 are 6.07 yuan, 7.06 yuan, and 8.90 yuan, respectively, with corresponding price-to-earnings (PE) ratios of 20, 17, and 14 [6][7].

25Q2 盈利稳健 全新产能启动布局 2025 年 08 月 31 日 ➢ 事件：公司发布 2025 年半年度报告，2025H1 营收 67.57 亿元，同比 +18.20%；归母净利润 7.06 亿元，同比+18.88%；扣非归母净利润 6.87 亿元， 同比+23.24%；其中 2025Q2 营收 36.63 亿元，同比+10.85%，环比+18.36%； 归母净利润 3.84 亿元，同比+9.35%，环比+19.31%；扣非归母净利润 3.75 亿 元，同比+14.98%，环比+19.78%。 星宇股份（601799.SH）系列点评五 ➢ 营收平稳增长 盈利能力保持稳健。1）收入端：2025Q2 营收 36.63 亿元， 同比+10.85%，环比+18.36%，稳健增长；2）利润端：2025Q2 归母净利润 3.84 亿元，同比+9.35%，环比+19.31%，扣非 3.75 亿元，同比+14.98%，环比 +19.78%。2025Q2 毛利率为 19.64%，同比-0.73pct，环比+0.81pct，归母净 利率为 10.49%，同比-0.14pct，环比+0.08pct，盈利能力稳健；3）费用端： ...

声明：市场有风险，投资需谨慎。本文为AI基于第三方数据生成，仅供参考，不构成个人投资建议。 国家知识产权局信息显示，常州星宇车灯股份有限公司申请一项名为"用于车辆的面发光模组"的专利， 公开号CN 120557590 A，申请日期为2025年08月。 天眼查资料显示，常州星宇车灯股份有限公司，成立于2000年，位于常州市，是一家以从事汽车制造业 为主的企业。企业注册资本28567.9419万人民币。通过天眼查大数据分析，常州星宇车灯股份有限公司 共对外投资了16家企业，参与招投标项目141次，财产线索方面有商标信息50条，专利信息4068条，此 外企业还拥有行政许可62个。 专利摘要显示，本发明涉及车辆面光源技术领域，尤其是一种用于车辆的面发光模组。一种用于车辆的 面发光模组，包括外壳及安装在外壳内的集成LED的PCBA板、扁平导光体、反射层和光学膜层，集成 LED的PCBA板水平布置于外壳内底面，扁平导光体竖直设置于PCBA板上方，其窄面底部设有用于耦 入LED光线的准直器，相对置的扁平面作为光传输通道，扁平导光体朝向反射层的斜面上设有微结构阵 列，微结构阵列的高度沿光传播方向呈指数分布；反射层和光学膜层分 ...

公司2025 年Q2 实现综合毛利率19.64%，同比-0.73%，环比+0.81%，环比有所改善，主要由于产品结构 的优化以及规模效应。公司2025 年Q2 的期间费用率为8.62%，同比+0.37 pct，环比-0.11 pct，其中研发 费用率为6.12%，同比+1.35 pct，环比+0.11 pct，同比增加较多主要由于新项目较多，职工薪酬及研发 材料消耗增加。公司2025 年Q2 实现归母净利润3.84 亿元，同比+9.35%，环比+19.31%。 事件：星宇股份发布2025 年半年报，公司实现营收67.57 亿元，同比增长18.20%，实现归母净利润7.06 亿元，同比增长18.88%。 营收稳健增长，未来有望延续高成长： 公司2025 年Q2 实现营收36.63 亿元，同比+10.85%，环比+18.36%，同比保持稳健增长，主要由于： 1）核心客户奇瑞、问界销量表现优秀，奇瑞、问界2025年Q2 分别实现销量59.87/ 10.68 万辆，分别同 比+3.22%/ 8.09%；2）吉利、理想、蔚来、小鹏等新能源客户陆续放量。 我们认为公司2025 年H2 营收有望维持高增长，主要由于：1）核 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [7] Core Views - The company achieved total operating revenue of 3.66 billion yuan in Q2 2025, representing a year-on-year growth of 10.8% and a quarter-on-quarter growth of 18.4%. The net profit attributable to shareholders was 380 million yuan, with a year-on-year increase of 9.3% and a quarter-on-quarter increase of 19.3%. This growth is primarily attributed to the addition of high-quality client Hongmeng Zhixing starting in 2024 and contributions from multiple new projects [5][13] - The sales volume of major clients showed stable year-on-year growth in Q2 2025, with specific sales figures for clients such as Hongmeng Zhixing, Chery, Li Auto, Hongqi, and FAW Volkswagen being 127,000, 640,000, 111,000, 116,000, and 207,000 vehicles respectively, with growth rates of 14.3%, 12.1%, 2.3%, 14.8%, and 10.3% [5][13] - The gross profit margin for Q2 2025 was 19.6%, up 0.3 percentage points year-on-year and 0.8 percentage points quarter-on-quarter, driven by the delivery of the Wenjie M8 model, which sold 41,000 units [13][14] - The company has undertaken 52 new model R&D projects for various clients in the first half of 2025, with 37 models entering mass production. The entry into a well-known international new energy vehicle company is expected to provide a foundation for future revenue growth [14] Financial Summary - The company is projected to achieve operating revenues of 16.1 billion yuan, 20.2 billion yuan, and 24.3 billion yuan for the years 2025, 2026, and 2027 respectively, with year-on-year growth rates of 21.5%, 25.3%, and 20.5% [15] - The net profit attributable to shareholders is expected to be 1.65 billion yuan, 2.28 billion yuan, and 2.85 billion yuan for the years 2025, 2026, and 2027 respectively, with year-on-year growth rates of 17.0%, 38.2%, and 24.9% [15] - Earnings per share (EPS) are projected to be 5.8 yuan, 8.0 yuan, and 10.0 yuan for the years 2025, 2026, and 2027 respectively, with a compound annual growth rate (CAGR) of 26.4% [15]

Investment Rating - The report maintains a "Buy-A" rating for the company [7] Core Views - The company achieved a revenue of 6.757 billion yuan in Q2 2025, representing a year-on-year growth of 18.20%, and a net profit attributable to shareholders of 706 million yuan, up 18.88% year-on-year [1] - The company is expected to continue high growth in H2 2025, driven by strong sales from core clients such as Chery and Wanjie, as well as the ramp-up of new projects from clients like Geely, Li Auto, NIO, and XPeng [2] - The company's gross margin improved to 19.64% in Q2 2025, with a net profit of 384 million yuan, reflecting effective cost control and product structure optimization [3] - Future growth is driven by three main factors: client autonomy, product high-endization, and business globalization, with successful collaborations with traditional automakers and new clients [4] Financial Summary - The company is projected to achieve net profits of 1.7 billion, 2.11 billion, and 2.57 billion yuan from 2025 to 2027, with corresponding PE ratios of 20.8, 16.7, and 13.7 times [4][5] - The revenue forecast for the company is 10.25 billion yuan for 2023, 13.25 billion yuan for 2024, and 16.3 billion yuan for 2025, with a revenue growth rate of 24.3% in 2023 [11]

| 项目 | 2024年中报 | 2025年中报 | 同比增幅 | | --- | --- | --- | --- | | 营业总收入(元) | 57.17亿 | 67.57 亿 | 18.20% | | 归母净利润(元) | 5.94亿 | 7.06亿 | 18.88% | | 扣非净利润(元) | 5.58亿 | 6.87亿 | 23.24% | | 货币资金(元) | 16.28亿 | 19.61 亿 | 20.42% | | 应收账款(元) | 29.67亿 | 43.9亿 | 47.97% | | 有息负债 (元) | 1.68亿 | 1.4亿 | -16.73% | | 毛利率 | 19.03% | 19.27% | 1.27% | | 净利率 | 10.39% | 10.45% | 0.57% | | 三费占营收比 | 2.84% | 2.60% | -8.34% | | 每股净资产 (元) | 32.87 | 37.23 | 13.26% | | 每股收益 (元) | 2.09 | 2.49 | 18.88% | | 每股经营性现金流(元) | 1.07 | 4.19 | 292.58% | ...

Investment Rating - The report maintains a "Strong Buy" rating for the company, expecting it to outperform the benchmark index by over 20% in the next six months [2][8]. Core Views - The company reported a net profit of 384 million yuan for Q2 2025, representing a year-on-year increase of 9% and a quarter-on-quarter increase of 19%. The non-recurring net profit was 375 million yuan, up 15% year-on-year and 20% quarter-on-quarter [2][3]. - The company is focusing on advanced technologies, particularly in the smart automotive lighting sector, which is expected to drive significant growth [2][3]. - The company has made substantial investments in R&D, with a notable increase in R&D expenses due to rising employee compensation and material costs [8]. Financial Summary - Total revenue is projected to grow from 13,253 million yuan in 2024 to 22,188 million yuan in 2027, with year-on-year growth rates of 29.3%, 20.8%, 18.1%, and 17.3% respectively [4][9]. - The net profit attributable to the parent company is expected to rise from 1,408 million yuan in 2024 to 2,598 million yuan in 2027, with growth rates of 27.8%, 20.8%, 22.1%, and 25.1% respectively [4][9]. - The earnings per share (EPS) is forecasted to increase from 4.93 yuan in 2024 to 9.10 yuan in 2027 [4][9]. Market Position and Growth Potential - The company is becoming a leading player in the high-end smart automotive lighting market, with significant product upgrades and collaborations with major tech firms [8]. - The global automotive lighting market is expected to expand to 47.6 billion USD by 2028, and if the company captures a 10% market share, its revenue could reach 33.8 billion yuan [8]. - The company is also expanding its global footprint, with notable revenue growth in the European market and plans to enter the North American market [8].