证券代码：605333 证券简称：沪光股份 公告编号：2025-054 昆山沪光汽车电器股份有限公司 第三届董事会第十六次会议决议公告 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个别及连带责任。 一、董事会会议召开情况 （一）昆山沪光汽车电器股份有限公司（以下简称"公司"）第三届董事会 第十六次会议通知已于 2025 年 9 月 14 日通过专人送达、电话及邮件等方式通知 了全体董事。 （二）本次会议于 2025 年 9 月 18 日以现场结合通讯表决方式在昆山市张浦 镇沪光路 388 号公司四楼会议室召开。 （三）本次会议由成三荣召集并主持，会议应出席董事 7 人，实际出席董事 7 人。公司高级管理人员列席了本次会议。 （四）本次会议的召集、召开和表决程序符合有关法律、法规和《公司章程》 的规定，会议形成的决议合法有效。 根据《中华人民共和国公司法》《中华人民共和国证券法》《上市公司证券发 行注册管理办法》《上海证券交易所上市公司自律监管指引第 1 号——规范运作》 《上市公司募集资金监管规则》等法律、法规和规范性文件的有关规定， ...

每经AI快讯，沪光股份9月18日晚间发布公告称，公司第三届第十六次董事会会议于2025年9月18日在 昆山市张浦镇沪光路388号公司四楼会议室召开。会议审议了《关于新增募集资金专户并授权签订募集 资金监管协议的议案》等文件。 每经头条（nbdtoutiao）——"25基点太少，50基点太多"：美联储降息"走钢丝"，"特朗普代言人"投下唯 一反对票 （记者 张喜威） ...

Core Viewpoint - The transformation of Hu Guang Co., Ltd. from a traditional manufacturer to a leader in the automotive wiring harness industry exemplifies the shift of Chinese automotive parts companies from "catching up" to "leading" in the global market, particularly in the context of the rise of the new energy vehicle industry during the "14th Five-Year Plan" period [1] Group 1: Company Development - Since its establishment in 1988, Hu Guang has steadily progressed through a path of "quality foundation - intelligent transformation - comprehensive expansion" in the wiring harness industry [2] - The company entered the supply chain of SAIC Volkswagen in 2000 and achieved A-level supplier status, marking a significant milestone in its development [2] - The listing on the A-share market in 2020 served as a "golden key" for industrial upgrading, enabling the company to leverage capital for growth and break through the limitations of being a "parts supplier" [2][4] Group 2: Financial Performance - From 2020 to 2024, Hu Guang's revenue increased from 1.531 billion to 7.914 billion, while net profit rose from 74.43 million to 670 million [4] - In the first half of this year, the company achieved a revenue of 3.630 billion, a year-on-year increase of 6.20%, and a net profit of 276 million, up 8.40% year-on-year [4] Group 3: Technological Innovation - Hu Guang focuses on technological breakthroughs to address industry challenges, particularly in lightweight high-voltage wiring harness technology, which was previously monopolized by foreign companies [5][6] - The company has invested nearly 1 billion in R&D since 2020, with a reported R&D expenditure of 258 million in 2024, reflecting a year-on-year increase of 23.46% [6] - Hu Guang has developed a full range of high-voltage connectors and has filed 164 patents covering key areas such as product design and manufacturing processes [6] Group 4: Strategic Expansion - The company has established a global presence, with an engineering center in Europe since 2013 and a factory in Romania since 2022, which has reduced logistics costs and improved delivery times [8] - In 2024, Hu Guang's overseas revenue reached 228 million, a year-on-year increase of 229.41% [8] - The company is also expanding its domestic market presence through localized production and rapid response strategies [8] Group 5: Green Transformation - Hu Guang is committed to the "dual carbon" goals, exploring paths of "intelligent manufacturing + green low-carbon" [9] - The company aims to create a leading "zero-carbon factory" by optimizing its green manufacturing system and deploying photovoltaic systems [9] - Future plans include high-standard automated production lines in overseas factories and the development of a big data monitoring system to enhance core competitiveness [9]

Core Viewpoint - In Q2 2025, Hu Guang Co., Ltd. achieved a net profit of 180 million yuan, representing a year-on-year growth of 19% [7] Financial Performance - In H1 2025, the company reported revenue of 3.63 billion yuan, an increase of 6.20% year-on-year, and a net profit attributable to shareholders of 276 million yuan, up 8.40% year-on-year [3][7] - In Q2 2025, the company achieved revenue of 2.09 billion yuan, a year-on-year increase of 10.71% and a quarter-on-quarter increase of 35.28%, with a net profit of 183 million yuan, up 18.87% year-on-year and 96.93% quarter-on-quarter [3][7] - The gross profit margin in Q2 2025 was 16.6%, up 0.4 percentage points year-on-year and 2.2 percentage points quarter-on-quarter, while the net profit margin was 8.8%, up 0.6 percentage points year-on-year and 2.8 percentage points quarter-on-quarter [5][19] Business Development - The company focuses on automotive wiring harnesses, with 96% of revenue in H1 2025 coming from this segment, and is recognized as a leading domestic player in this field [25] - The company is expanding its product offerings to include high-voltage wiring harnesses and has successfully delivered products for various new energy vehicle clients [6][25] - The client base has diversified, with the top five clients' revenue share decreasing from 99% in 2015 to 80.22% in 2024, indicating a broader market reach [6][28] Innovation and New Markets - The company is actively pursuing opportunities in new markets such as drone wiring harnesses and intelligent robotics, with successful deliveries and ongoing projects in these areas [6][36] - A dedicated R&D team has been established to focus on the development of wiring harnesses and connectors for robotics, enhancing the company's product portfolio [36] - The company is also investing in high-voltage connector production capabilities to meet the growing demand in the electric vehicle market [34] Operational Efficiency - The company has implemented smart manufacturing and digital transformation initiatives to reduce costs and improve efficiency, leading to enhanced profitability [29][31] - The four expense ratios have decreased, benefiting from the scale effects of increased sales and the ongoing ramp-up of new energy projects [22][29] Strategic Outlook - The company aims to optimize its customer structure and enhance its market presence by leveraging existing resources and expanding into new high-quality client segments [31][38] - Future plans include establishing a new R&D center to support advanced manufacturing and product development, expected to be operational by mid-2026 [41]

Investment Rating - The investment rating for the company is "Outperform the Market" [5][42] Core Views - The company has shown a strong performance with a net profit of 180 million yuan in Q2 2025, representing a year-on-year growth of 19%. The first half of 2025 saw a revenue of 3.63 billion yuan, up 6.2% year-on-year, and a net profit of 276 million yuan, up 8.4% year-on-year [1][8] - The company is focusing on expanding its product lines in the drone and robotics sectors, which are expected to drive future growth [2][38] - The company is positioned as a leader in the automotive wiring harness industry, with a significant focus on new energy vehicle clients, which is anticipated to support revenue growth [3][42] Financial Performance - In Q2 2025, the company achieved a revenue of 2.09 billion yuan, a year-on-year increase of 10.71% and a quarter-on-quarter increase of 35.28%. The net profit for the same quarter was 183 million yuan, reflecting an 18.87% year-on-year increase and a 96.93% quarter-on-quarter increase [1][8] - The gross margin for Q2 2025 was 16.6%, up 0.4 percentage points year-on-year, while the net margin was 8.8%, up 0.6 percentage points year-on-year [2][16] - The company’s four expense ratios decreased by 1.2 percentage points year-on-year in Q2 2025, indicating improved operational efficiency [2][21] Revenue and Profit Forecast - The company is expected to generate revenues of 9.52 billion yuan, 12.16 billion yuan, and 14.35 billion yuan for the years 2025, 2026, and 2027 respectively. The projected net profits for the same years are 805 million yuan, 1.02 billion yuan, and 1.22 billion yuan [3][42] - The earnings per share (EPS) are forecasted to be 1.84 yuan, 2.34 yuan, and 2.79 yuan for 2025, 2026, and 2027 respectively [4][42] Market Position and Strategy - The company has diversified its customer base, reducing the revenue contribution from its top five clients from 99% in 2015 to 80.22% in 2024, with a focus on new energy vehicle manufacturers [2][30] - The company is actively pursuing technological innovation and expanding into new markets, including drone and robotics wiring harnesses, to enhance its product offerings and market presence [38][40]

Investment Rating - The report indicates a positive outlook for the thermal management materials industry, driven by strong downstream market demand and technological advancements [3][21]. Core Insights - The thermal management materials industry is experiencing sustained growth due to increasing demand from downstream sectors such as consumer electronics, automotive electronics, and data centers. The global thermal management market is projected to grow at a compound annual growth rate (CAGR) of 8.5%, increasing from $17.3 billion in 2023 to $26.1 billion by 2028 [3][21]. - The penetration rates of heat pipes and vapor chambers are continuously rising, with local procurement becoming a significant trend as domestic companies mature technologically [3][21]. Summary by Sections 1. Industry Demand and Growth - The global demand for thermal management materials is on the rise, with a forecasted market size growth from $17.3 billion in 2023 to $26.1 billion by 2028, reflecting a CAGR of 8.5% [3][21]. - The shift towards high-performance, miniaturized, and integrated electronic products is intensifying the need for effective thermal management solutions [3][21]. 2. Market Segmentation - Heat pipes and vapor chambers are becoming mainstream solutions in high-end smartphones, with market sizes expected to reach $3.776 billion and $1.197 billion respectively by 2025, with CAGRs of 6.17% and 14.20% [15][18]. - The thermal interface materials market is projected to grow from $5.2 billion in 2019 to $7.6 billion by 2026, with a CAGR of 5.57% [16][19]. 3. Local Procurement Trends - Local procurement is becoming a dominant trend in the thermal management materials industry, driven by supply chain security concerns among domestic electronic brands [35][36]. - Domestic companies like Suzhou Tianmai and Zhongshi Technology are expected to benefit from this trend as they enhance their technological capabilities [35][36]. 4. Key Beneficiaries - Suzhou Tianmai is highlighted as a key player in the industry, having established itself early in the ultra-thin heat pipe and vapor chamber market, achieving significant production scale and client certifications [4][35].

Summary of Conference Call Records Industry Overview: Automotive Sector Key Points - The automotive sector is experiencing a divergence in profitability, with strong performers like BYD and Geely expected to recover in Q3, while companies like Changan and BYD face challenges due to increased sales and R&D expenses [1][2] - The overall performance of the automotive sector in Q2 showed improvement in retail and wholesale data compared to Q1, with a notable increase in new energy vehicle penetration, surpassing 50% [1][8] - Concerns regarding the reduction of new energy vehicle purchase tax and subsidy cuts are present, but stable pricing and new model launches may drive demand [1][5] Company-Specific Insights - **BYD**: Expected to see better profitability recovery in Q3, with a focus on sales alpha without significant price wars [2] - **Geely**: Q2 operating profit was 31.8 billion yuan, with new models expected to launch in Q3 and Q4, aiming for a profit target of 20 billion yuan for the year [13] - **Li Auto**: Q2 performance was under pressure with sales of approximately 110,000 vehicles, but Q3 delivery is expected to be between 90,000 and 95,000 vehicles [9] - **Great Wall Motors**: Q2 net profit was approximately 4.6 billion yuan, with new product cycles expected to provide opportunities [12] - **Xpeng Motors**: Q2 performance slightly exceeded expectations, with a gross margin over 14%, and profitability expected in Q4 2025 [16] Automotive Parts Sector Key Points - The automotive parts sector showed moderate growth in Q2, with a self-owned market share reaching 68.5% [19] - Companies like Fuyao Glass and Huguang Electronics exceeded expectations due to customer structure optimization and scale effects [3][19] - The overall revenue growth of the parts sector was 7.6% year-on-year, lagging behind the 13% growth in passenger vehicle wholesale sales [19] Company-Specific Insights - **Fuyao Glass**: Expected to see improved profitability in H2 2025 due to enhanced production efficiency and increased industry demand [20] - **Huguang Electronics**: Q2 performance exceeded market expectations, with significant contributions from new models [21] - **Yuanpu**: Anticipated to see sustained growth in H2 2025, with new business developments in the seating assembly and robotics sectors [22] Robotics Industry Key Points - The robotics industry has a positive outlook, driven by new technology iterations and upgrades in customer relationships among several companies [6][7] - Companies like Haoneng Fuda and Wuxi Zhenhua are highlighted for their strong performance and advantageous customer structures [6] Heavy Truck Sector Key Points - The heavy truck sector's performance in Q2 was in line with expectations, but profitability did not show significant surprises due to intense competition [31] - The sector is viewed as defensive, with steady but slow growth anticipated, supported by high dividend rates [31][32] Financial Automotive Sector Key Points - Financial Automotive reported a positive performance in Q2, marking a significant turnaround in profitability [33] - The company aims to improve its profitability to match competitors, indicating substantial growth potential if successful [33]

Investment Rating - The report maintains a positive outlook on the automotive industry, particularly on intelligent autonomous vehicles, robot components, and leading heavy-duty truck manufacturers [4][6]. Core Insights - The automotive industry is experiencing a recovery in demand, with wholesale sales of passenger vehicles reaching 7.11 million units in Q2 2025, a year-on-year increase of 13% and a quarter-on-quarter increase of 10.8% [4][8]. - The penetration rate of new energy vehicles (NEVs) reached a record high of 51.1% in Q2 2025, with wholesale sales of NEVs hitting 3.63 million units, up 33.6% year-on-year and 25.2% quarter-on-quarter [4][8]. - The performance of major automakers such as Xiaopeng and Leap Motor exceeded expectations, while most others met forecasts [4][15][19]. Summary by Sections 1. Passenger Vehicles - Q2 2025 saw a steady recovery in passenger vehicle sales, with wholesale and retail volumes increasing significantly compared to Q1 [4][8]. - The demand for NEVs continues to grow, with a notable increase in sales and market penetration [4][8]. 2. Auto Parts - The auto parts sector is experiencing a divergence in profitability, with some companies outperforming while others struggle due to increased competition and supply chain pressures [4][6]. - Companies like Fuyao Glass and Shanghai Yalong reported better-than-expected performance in Q2 2025 [4][6]. 3. Heavy-Duty Trucks - The domestic market for heavy-duty trucks remains robust, with Q2 2025 sales of heavy trucks reaching 201,000 units, a year-on-year increase of 21% [4][6]. - Exports are recovering, particularly in non-Russian regions, despite a decline in sales to Russia [4][6]. 4. Investment Recommendations - The report recommends focusing on intelligent autonomous vehicles, robot components, and leading heavy-duty truck manufacturers, highlighting specific companies such as Xiaopeng, Geely, and Leap Motor for passenger vehicles, and China National Heavy Duty Truck and Weichai Power for heavy-duty trucks [4][6].

Core Viewpoint - The company achieved steady growth in H1 2025, with new models set to launch in the second half of the year, which is expected to accelerate performance growth [1] Group 1: Financial Performance - In H1 2025, the company reported revenue of 3.63 billion yuan, a year-on-year increase of 6.2%, and a net profit attributable to shareholders of 280 million yuan, up 8.4% year-on-year [1] - In Q2 2025, the company achieved revenue of 2.09 billion yuan, a year-on-year increase of 10.7%, and a net profit of 180 million yuan, up 18.9% year-on-year [1] - The revenue growth in Q2 2025 was slightly limited due to the sales of the Wanjie M7 model, which totaled 13,000 units compared to 37,000 units in the same period last year [1] Group 2: Profitability and Cost Management - The company’s gross profit margin in Q2 2025 was 16.6%, with a quarter-on-quarter increase of 2.2 percentage points and a year-on-year increase of 0.1 percentage points [1] - The net profit margin attributable to shareholders in Q2 2025 was 8.8%, with a quarter-on-quarter increase of 2.8 percentage points and a year-on-year increase of 0.6 percentage points [1] - The company experienced a decrease in sales, R&D, and financial expense ratios, indicating improved cost management due to scale effects [1] Group 3: Industry Position and Growth Potential - The company is a core player in the automotive wiring harness sector, benefiting from the industry's shift towards new energy, intelligence, and the increasing market share of high-end domestic brands [2] - The company plans to establish "one center and four platforms" to enhance its presence in the embodied intelligence industry chain [2] - The company is expected to enter the robotics sector, which opens up additional growth opportunities [2] Group 4: Earnings Forecast and Investment Recommendation - The company’s EPS is projected to be 1.83 yuan, 2.54 yuan, and 3.14 yuan for the years 2025 to 2027 [2] - Based on comparable company valuations, the 2025 PE ratio is estimated to be between 18-32 times, with a target price of 45.79 yuan per share, leading to a "buy" rating [2]

Investment Rating - The report maintains a "Buy" rating for the company [6] Core Insights - The company reported a revenue of 3.63 billion yuan for the first half of 2025, representing a year-on-year growth of 6.2%, and a net profit attributable to shareholders of 276 million yuan, up 8.4% year-on-year [2][4] - The second quarter of 2025 saw a robust revenue growth of 2.09 billion yuan, with a quarter-on-quarter increase of 10.71% and a year-on-year increase of 35.28% [10] - The company is a leading domestic player in automotive wiring harnesses and is expected to achieve net profits of 803 million, 1.048 billion, and 1.271 billion yuan for 2025-2027, with corresponding PE ratios of 18.69X, 14.33X, and 11.81X [2][10] Summary by Sections Financial Performance - In Q2 2025, the company achieved a net profit of 183 million yuan, with quarter-on-quarter growth of 18.87% and year-on-year growth of 96.93% [10] - The gross margin was 16.6%, with a slight increase compared to previous periods, while the net margin reached 8.8% [10] - The company’s operating expenses ratio was 6.7%, showing a decrease from previous quarters, indicating effective cost control [10] Business Growth - The core business remains stable, with revenue growth supported by models such as the Wenjie M9 and others, contributing to a sequential increase in revenue [10] - The company is expanding its connector product line to enhance value, covering a range of high-voltage connectors and charging products [10] - The robotics wiring harness business is being developed, with a dedicated R&D team and successful product deliveries to leading AI companies [10] Future Outlook - The company is positioned to continue its growth trajectory, with expectations of increasing net profits over the next few years [2][10] - The establishment of a comprehensive robotics manufacturing base and innovation center is anticipated to further enhance the company's capabilities in the robotics sector [10]