沪光股份（605333.SH） 人形机器人项目首套样线下线，绑定赛力斯未来可期 2025 年 04 月 25 日 伐谋-中小盘信息更新 投资评级：买入（维持） | 日期 | 2025/4/24 | | --- | --- | | 当前股价(元) | 31.22 | | 一年最高最低(元) | 40.35/22.00 | | 总市值(亿元) | 136.36 | | 流通市值(亿元) | 136.36 | | 总股本(亿股) | 4.37 | | 流通股本(亿股) | 4.37 | | 近 3 个月换手率(%) | 80.65 | ——中小盘信息更新 | 周佳（分析师） | 赵旭杨（分析师） | 张越（分析师） | | --- | --- | --- | | zhoujia@kysec.cn | zhaoxuyang@kysec.cn | zhangyue1@kysec.cn | | 证书编号：S0790523070004 | 证书编号：S0790523090002 | 证书编号：S0790524090003 | 公司人形机器人项目首套样线成功下线，第二增长曲线可期 2025 年 4 月 24 日沪光人形机器人 ...

关于为全资子公司提供担保的进展公告 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。 证券代码：605333 证券简称：沪光股份 公告编号：2025-015 昆山沪光汽车电器股份有限公司 （一）担保基本情况 为了满足日常经营发展需要，重庆沪光向交通银行股份有限公司（重庆）分 行申请人民币 6,000 万元的综合授信额度，公司为其提供连带责任保证担保。公 司于近日与交通银行股份有限公司（重庆）分行签署了《最高额保证合同》，公 司为重庆沪光提供不超过人民币 6,000 万元的连带责任保证担保。 （二）已履行的审议程序 公司于 2024 年 4 月 25 日召开第三届董事会第五次会议，审议通过了《关 于 2024 年度对外担保预计的议案》，同意对合并报表内子公司提供总额不超过等 值人民币 20 亿元的担保，在年度预计担保额度内，可以根据实际情况在各控股 子公司之间相互调剂使用。担保形式包括但不限于信用担保（含一般保证、连带 责任保证等）、抵押担保、质押担保、融资租赁担保、履约保函等金融担保形式， 该议案已于 2024 年 5 月 31 ...

Summary of Conference Call Notes Companies and Industry Involved - **Companies**: SaiLisi (赛力斯) and HuGuang Co., Ltd. (沪光股份) - **Industry**: Automotive and Robotics Key Points and Arguments SaiLisi (赛力斯) - The M8 model has exceeded expectations with daily orders reaching 32,000 and weekly orders hitting 50,000, suggesting a potential monthly sales of over 20,000 units, significantly higher than the initial M9 performance [2][4] - SaiLisi's stock performance was weak at the beginning of the year due to overall automotive industry downturn and underwhelming earnings forecasts, but the market's pessimism has been fully priced in, leading to a rapid rebound following the successful launch of new models [2][4] - The company has ambitious sales targets, aiming for 1 million units by 2027, with projected sales of 450,000 to 500,000 units in 2025, indicating substantial growth potential [2][5] - The M8 model's strong market acceptance and improved supply chain readiness are expected to drive significant sales growth [2][4] - New product launches, including models priced below 250,000, are anticipated to further enhance sales elasticity and market presence [4][5] HuGuang Co., Ltd. (沪光股份) - HuGuang, as a key supplier to SaiLisi, benefits from the latter's sales growth and is actively expanding its customer base, with an estimated valuation of 13 to 15 times earnings [2][6] - The company has made significant advancements in the connector field, addressing low domestic production rates and enhancing its competitive edge in harness systems [6][7] - In the robotics harness sector, HuGuang is in contact with key clients and is leading the development of relevant standards, although the market has yet to reflect the potential of its robotics business [6][8] - Despite short-term stock performance challenges, HuGuang's strong capabilities and growth trajectory in the automotive wiring sector position it for future success, with a potential market value of 20 billion [6][8] - For investors concerned about SaiLisi's growth potential, HuGuang presents a more attractive risk-reward profile due to its lower valuation and high growth prospects in the robotics sector [9] Other Important but Possibly Overlooked Content - The automotive market's overall performance and the impact of external factors such as tariffs have been acknowledged, with the expectation that these influences will stabilize [4] - The strategic importance of timing and valuation in HuGuang's vehicle business is emphasized, particularly in relation to market conditions earlier in the year [2]

► 行业新技术：高阶智驾加速普及 高压快充重构体验 智能驾驶：高算力芯片与激光雷达大规模上车。吉利 领克 900 成为全球首款搭载 Thor 芯片的量产车型，双Orin-X芯片成主流配置；零跑B10等车型以激光雷达下探至 10万元级市场，推动智驾平权。 智能座舱：高通骁龙 8295P芯片规模化普及，覆盖15万元以上车型 （如小鹏 G7、零跑B10、比亚迪汉L/唐L、方程豹钛3、吉利银河星 耀8、极氪007 GT）； 电动化： 800V高压快充成标配，续航与补能效率突破。 比亚迪全域 1 , 000V平台、华为尊界S800支持6C超充，续航普遍突破700km。 高端化 ：本次车展华为、小米新车集中发力高端市场，华为尊界定位百万级豪华轿车，通过华为品牌力 +智能驾驶、座舱黑科技赋能品牌；小米SU7 Ultra定位巅峰性能科技轿 车，主打性能、操控、科技，通过技术赋能高端。 ► 新势力新趋势：科技巨头重塑格局 智驾体验定义竞争力 华为： 尊界 S800、问界M8、享界S9增程三箭齐发，以鸿蒙智驾+高压平台技术冲击豪华市场，定位覆盖30万元至百万元级。 小米： S U7 ultra亮相车展， 具备 最大 马力 154 ...

Core Viewpoint - The 2025 Shanghai International Automobile Industry Exhibition will be held from April 23 to May 2, 2025, with the theme "Embrace Innovation, Win the Future," showcasing over 1,000 global enterprises and more than 100 new car launches, highlighting the industry's transformation and technological advancements [1][10]. Industry New Technologies - Advanced intelligent driving technologies are accelerating, with high-performance chips and LiDAR becoming mainstream. Geely's Lynk & Co 900 is the first mass-produced model equipped with the Thor chip, while models like Leapmotor B10 are introducing LiDAR technology to the 100,000 yuan market [2][21]. - The adoption of 800V high-voltage fast charging is becoming standard, with companies like BYD and Huawei leading the way, achieving ranges exceeding 700 km and charging efficiencies [2][27]. - The high-end market is seeing significant entries from tech giants like Huawei and Xiaomi, with models like Huawei's Aito S800 and Xiaomi's SU7 Ultra targeting luxury segments [2][3]. New Forces and Trends - Tech giants are reshaping the competitive landscape, with Huawei launching multiple models aimed at the luxury market, while new players like Xiaopeng, Li Auto, and Leapmotor are focusing on intelligent upgrades to penetrate mainstream markets [3][8]. - New energy vehicle brands are showcasing their strengths, with models like Xiaopeng G7 and Li Auto i8 emphasizing advanced intelligent driving capabilities [3][19]. Domestic Brand Trends - Domestic brands are leveraging technology to move upmarket, with BYD's Han L and Tang L featuring advanced intelligent driving systems and extended-range capabilities [4][19]. - Geely is expanding its market presence with models like the Galaxy Star 8 and Lynk & Co 900, focusing on hybrid and intelligent technologies [4][19]. - Companies like Changan, Great Wall, and SAIC are diversifying their product offerings, emphasizing high-end and technologically advanced vehicles [4][19]. Investment Recommendations - The report recommends investing in quality domestic brands that are accelerating in intelligence and globalization, specifically BYD, Geely, Xiaopeng, and Li Auto, while also suggesting to monitor Xiaomi Group [5]. - In the parts sector, it highlights new force supply chains and recommends companies like H Chain, T Chain, and intelligent driving component manufacturers [5].

Summary of Hu Guang Co., Ltd. Conference Call Company Overview - **Company**: Hu Guang Co., Ltd. - **Industry**: Automotive components, specifically wiring harnesses and connectors Key Points Revenue Projections - Hu Guang expects to generate additional revenue of 500-600 million CNY, primarily from: - Xiaomi Automotive: approximately 300 million CNY from three models - Leda Automotive: approximately 400 million CNY from two models - Geely Automotive and its Zeekr brand: approximately 300 million CNY from three models - Zeekr 9X has a unit value close to 10,000 CNY - The company is expanding its market share through recommendations from Huawei to brands such as Jianghuai, SAIC, Chery, and BAIC [1][2] Profitability Metrics - Last year's gross margin remained stable at over 18%, with operating expense ratio reduced to below 8% - Net profit margin is expected to stabilize above 8% starting from Q2 2024 - The company anticipates an increase in revenue scale this year, with gross margin expected to remain robust and potential for improvement, aiming for an annual profit margin close to 9% - Current valuation is below 15 times earnings [1][3][4] Connector Development - The company is benefiting from the mass production of the Seres M8, with connector revenue expected to reach nearly 100 million CNY - Actively exploring opportunities with major OEMs including Huawei, Xiaomi, Tesla, and Li Auto - Some Tesla part numbers have already been included in the catalog, and projects with Huawei are ongoing, while Xiaomi's new platform connector project is in the bidding process [1][5] New Business Directions - Hu Guang is transitioning from a product-based company to a platform-based company - New business expansions include wiring harness orders for lawnmowers, set to begin mass production in Q4, with a unit value of approximately 4,000 CNY - The company is also venturing into wiring harnesses for low-altitude aircraft and related upstream connector products, engaging deeply with domestic customers [1][6] Future Outlook - Long-term core competencies lie in R&D and management capabilities, aiding in domestic substitution and accelerating market share growth - Continuous growth in both domestic and international online markets, with a focus on deepening connector layouts - The company plans to explore new application scenarios this year, with expectations of achieving substantial results - Current valuation levels are considered low, highlighting potential investment opportunities [1][7]

证券代码：605333 证券简称：沪光股份 公告编号：2025-014 | 序 号 | 户名 | 开户银行 | 募投项目 | 专户账号 | 账户状态 | | --- | --- | --- | --- | --- | --- | | 1 | 昆 山沪 光汽 车 电 器股 份有 限 | 交通银行股份有限 | 昆山泽轩汽车电器 | 325060650013000858308 | 本次注销 | | | 公司 | 公司苏州吴中支行 | 有限公司汽车线束 | | | | 2 | 昆 山泽 轩汽 车 电器有限公司 | 交通银行股份有限 公司苏州吴中支行 | 部件生产项目 | 325060650013000859379 | 本次注销 | | 3 | 昆 山沪 光汽 车 电 器股 份有 限 | 江苏昆山农村商业 银行股份有限公司 | 补充流动资金 | 2010020085368 | 已注销 | | | 公司 | 南港支行 | | | | | | 上 海泽 荃汽 车 | 招商银行股份有限 | 沪光股份上海技术 | 121938666210008 | 存续 | | 4 | 电器有限公司 | 公司苏州分行 | 研发中心 | | | ...

证券代码：605333 证券简称：沪光股份 公告编号：2025-013 昆山沪光汽车电器股份有限公司 关于归还临时补充流动资金的闲置募集资金的公告 2025 年 4 月 14 日，公司提前归还 6,000 万元至募集资金专户，并将上述募集 资金的归还情况及时告知了保荐人中信建投证券股份有限公司及保荐代表人。具 体内容详见公司于 2025 年 4 月 15 日在上海证券交易所网站（www.sse.com.cn） 及指定媒体披露的《关于归还临时补充流动资金的闲置募集资金的公告》（公告编 号：2025-013）。 截至本公告披露日，公司实际使用闲置募集资金临时补充流动资金 10,000 万 元，已全部归还至募集资金专户。 特此公告。 昆山沪光汽车电器股份有限公司董事会 2025 年 4 月 15 日 1 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。 昆山沪光汽车电器股份有限公司（以下简称"公司"）于 2024 年 4 月 25 日召 开第三届董事会第五次会议、第三届监事会第五次会议，审议通过了《关于使用部 分闲置募集资金临时补充流 ...

沪光股份（605333）公告，公司于2025年4月14日提前归还6000万元至募集资金专户，并已将归还情况 及时告知保荐人中信建投（601066）证券股份有限公司及保荐代表人。此前，公司于2025年1月24日已 提前归还4000万元至募集资金专户。截至本公告披露日，公司实际使用闲置募集资金临时补充流动资金 1亿元，已全部归还至募集资金专户。 ...

Investment Rating - The report maintains a positive investment rating for the automotive and automotive parts industry, focusing on domestic autonomous industry chains and key companies such as BYD, Geely, and Xpeng [5]. Core Insights - The report highlights the impact of recent U.S. tariffs on the automotive sector, noting that the tariffs have a limited effect on automotive parts, particularly for companies with overseas operations [2][3]. - It emphasizes the importance of monitoring tariff developments and suggests a focus on domestic autonomous vehicle manufacturers that are less affected by U.S. tariffs [3][24]. - The report recommends a selection of companies in the automotive sector, particularly those involved in smart and electric vehicles, as well as automotive parts suppliers [3][4]. Summary by Sections Weekly Data - In the first week of April 2025, passenger car sales reached 337,000 units, a year-on-year increase of 25.6% but a month-on-month decrease of 30.2%. New energy vehicle sales were 168,000 units, up 37.8% year-on-year but down 30.4% month-on-month, with a penetration rate of 50.0% [1][3]. Market Performance - The automotive sector underperformed the market, with the A-share automotive sector declining by 5.26% from April 7 to April 11, ranking 24th among sub-industries [1][3]. Key Recommendations - The report suggests focusing on a core portfolio that includes companies like BYD, Geely, Xpeng, Xiaomi, Berteli, Top Group, and others [1][3]. - It also highlights the potential of companies involved in the new energy vehicle supply chain and those focusing on smart driving technologies [3][4]. Tariff Impact - The U.S. tariffs, particularly the reciprocal tariffs, are expected to have a significant impact on exports and the economy, with a potential drag on GDP growth [10][19]. - The report notes that the automotive parts sector is less affected by the tariffs, especially for companies with production facilities in Mexico and Southeast Asia [2][24]. Company Focus - The report identifies key companies in the automotive parts sector that are well-positioned to benefit from the current market dynamics, including those involved in smart and electric vehicle technologies [3][4][25].