买入（维持） 证券研究报告·公司点评报告·汽车零部件 沪光股份（605333） 2024 年报及 2025 年一季报点评：2024 年业 绩高增，新产品新客户打开增长上限 | [Table_EPS] 盈利预测与估值 | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业总收入（百万元） | 4,003 | 7,914 | 10,006 | 12,078 | 14,348 | | 同比（%） | 22.11 | 97.70 | 26.44 | 20.70 | 18.80 | | 归母净利润（百万元） | 54.10 | 670.34 | 871.74 | 1,091.13 | 1,291.66 | | 同比（%） | 32.17 | 1,139.15 | 30.04 | 25.17 | 18.38 | | EPS-最新摊薄（元/股） | 0.12 | 1.53 | 2.00 | 2.50 | 2.96 | | P/E（现价&最新摊薄） | 243.27 | 19.63 | 15.10 | 12.06 ...

沪光股份 20250428 摘要 • 沪光股份 2024 年营收创新高，主要受益于新能源汽车市场爆发及赛力斯 等主要客户的业绩增长。赛力斯占营收 52%，上汽大众占 11%，理想汽 车占 6.5%，特斯拉占 6%，上汽通用占 4%。 • 沪光股份高压连接器业务快速发展，2024 年 10 月投产高压连接器生产线， 主要供应赛力斯问界 M7/M8 车型，自供比例逐步提升，目前日产能已突 破 700 套，并计划提升至 900 套。 • 公司积极拓展新业务领域，在低空飞行器和机器人领域取得突破，与航天 时代飞鹏、风飞等低空类客户合作，预计今年量产；与宝德机器人合作的 大型割草机业务预计四季度量产。 • 公司新增智己汽车和吉利汽车两大客户。智己汽车首款整车低压线束已定 点，吉利汽车极氪品牌全尺寸 SUV 高低压线束独供，预计三季度开始供货， 帝豪混动车型高压线束订单预计 9 月底量产。 • 2025 年一季度营收与去年持平，但净利润同比下降 7%，主要由于费用率 增加。赛力斯排产计划良好，预计二季度营收环比增长 30%-40%，费用 率有望恢复至去年同期水平。 Q&A 沪光股份 2024 年度及 2025 年一季度的 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company achieved significant revenue growth in 2024, with total revenue reaching 7.914 billion yuan, a year-on-year increase of 97.70%. The net profit attributable to shareholders was 670.34 million yuan, up 1,139.15% year-on-year [8] - The revenue growth was primarily driven by the core customer, Seres, which accounted for 53% of the company's revenue in 2024. The company has diversified its customer base, establishing strong partnerships with international automotive manufacturers such as Volkswagen, Daimler, and Audi, enhancing its order stability and market resilience [8] - The company is accelerating domestic substitution and has significant growth potential as a leading harness supplier. The new model M8 from Seres has received strong orders, which is expected to significantly boost performance once mass production begins [8] Financial Summary - The company forecasts revenue of 10 billion yuan in 2025 and 12.1 billion yuan in 2026, with expected year-on-year growth rates of 26% and 21%, respectively. The net profit attributable to shareholders is projected to be 872 million yuan in 2025 and 1.091 billion yuan in 2026, with corresponding growth rates of 30% and 25% [8] - The gross profit margin for 2024 was 17.49%, an increase of 4.6 percentage points year-on-year, attributed to improved capacity utilization due to scale effects. The net profit margin was 8.47%, up 7.12 percentage points year-on-year [8] - The company's earnings per share (EPS) for 2024 is projected at 1.53 yuan, with a price-to-earnings (P/E) ratio of 19.63 based on the current price [1][9]

Core Viewpoint - The company's performance for 2024 and Q1 2025 meets expectations, with significant revenue growth driven by new energy projects and increased orders from major clients [1][2]. Financial Performance - In 2024, the company achieved revenue of 7.914 billion yuan, a year-on-year increase of 98%, and a net profit attributable to shareholders of 670 million yuan, showing substantial growth [1]. - For Q4 2024, revenue reached 2.382 billion yuan, up 46% year-on-year and 13% quarter-on-quarter, with a net profit of 232 million yuan, reflecting a year-on-year increase of 202% and a quarter-on-quarter increase of 27% [1]. - In Q1 2025, revenue was 1.543 billion yuan, a year-on-year increase of 1% but a quarter-on-quarter decrease of 35%, with a net profit of 93 million yuan, down 8% year-on-year and 60% quarter-on-quarter [1]. Business Development Trends - The new energy sector significantly boosted revenue, with the company's complete harness, engine harness, and other harness businesses generating revenues of 6.878 billion, 172 million, and 658 million yuan respectively in 2024, reflecting year-on-year growth of 129.5%, 17.4%, and a decline of 9.8% [2]. - Major client sales, particularly from Saiers, surged by 264.6% to 389,776 units, contributing to a sustained increase in orders [2]. - Domestic and international revenues for 2024 were 7.480 billion and 228 million yuan, showing year-on-year growth of 96.6% and 229.4% respectively [2]. Profitability and Cash Flow - The gross margin for Q4 2024 was 17.9%, up 3.4 percentage points year-on-year but down 2.6 percentage points quarter-on-quarter; Q1 2025 gross margin was 14.4%, up 0.4 percentage points year-on-year but down 3.5 percentage points quarter-on-quarter [3]. - The operating cash flow for 2024 increased by 36% to 387 million yuan, benefiting from improved revenue scale and customer payment conditions [3]. - The company achieved a historical low in the period expense ratio of 5.8% in Q4 2024, contributing to a net profit margin increase of 5.0 percentage points year-on-year and 1.1 percentage points quarter-on-quarter to 9.7% [3]. Strategic Outlook - The company is accelerating its global layout and technology upgrades, with a factory in Romania securing contracts with European automotive clients, enhancing regional market profitability [3]. - The company is developing a comprehensive solution for high-voltage connectors and integrated connectors, which is expected to create new growth points [3]. Earnings Forecast and Valuation - Due to a slowdown in sales growth from core new energy clients, the net profit forecast for 2025 has been revised down by 9.3% to 806 million yuan, with a new forecast for 2026 net profit at 1.015 billion yuan [4]. - The current stock price corresponds to a price-to-earnings ratio of 17.3 times for 2025 and 13.7 times for 2026, with a target price adjustment down by 9.7% to 42.00 yuan, indicating a potential upside of 31.4% from the current stock price [4].

证券代码：605333 证券简称：沪光股份 公告编号：2025-034 日常关联交易预计的补充公告 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。 昆山沪光汽车电器股份有限公司（以下简称"公司"）于2025年4月26日披露了《关于 2024年度日常关联交易确认及2025年度日常关联交易预计的公告》（公告编号：2025-021）。 根据《上海证券交易所上市公司自律监管指南第1号—公告格式（2023年8月修订）》等规 范性文件的要求，现对该公告中的"（三）公司2025年度日常性关联交易预计金额和类别" 情况表补充披露"本年年初至披露日（2025.1.1-2025.4.25）与关联人累计已发生的交易 金额"科目，具体内容如下： （三）公司2025年度日常性关联交易预计金额和类别 昆山沪光汽车电器股份有限公司 注：表中数值尾数差异系四舍五入所致。 关于 2024 年度日常关联交易确认及 2025 年度 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 29 日 1 单位：万元 关联交易 类别 关联人 本次预 计金额 ...

Investment Rating - The report maintains a "Recommended" rating for the company [6] Core Views - The company achieved a revenue of 7.914 billion yuan in 2024, representing a year-on-year increase of 97.70%, and a net profit attributable to shareholders of 670 million yuan, up 1,139.15% year-on-year [1][4] - In Q1 2025, the company reported a revenue of 1.543 billion yuan, a slight increase of 0.64% year-on-year, but a significant decrease of 35.22% quarter-on-quarter, primarily due to the impact of major customer sales [2][4] - The company is successfully expanding its connector business, with significant orders from key customers, indicating a strong growth trajectory [3][4] Summary by Sections Financial Performance - In Q4 2024, the company achieved a revenue of 2.382 billion yuan, a year-on-year increase of 45.60% and a quarter-on-quarter increase of 12.66% [2] - The gross profit margin for Q1 2025 was 14.38%, showing a year-on-year increase of 0.42 percentage points, while the net profit margin was 6.03%, down 0.55 percentage points year-on-year [2] - The company expects revenues of 10.006 billion yuan, 12.508 billion yuan, and 15.384 billion yuan for 2025, 2026, and 2027 respectively, with net profits projected at 828 million yuan, 1.036 billion yuan, and 1.314 billion yuan for the same years [5][9] Business Expansion - The company has successfully extended its connector business, with significant orders from customers such as Seres, indicating a robust demand for its products [3] - The domestic market for wiring harnesses is expected to reach a total scale of 130.7 billion yuan in 2025, presenting a substantial growth opportunity for the company [3] Valuation Metrics - The report provides earnings per share (EPS) estimates of 1.89 yuan, 2.37 yuan, and 3.01 yuan for 2025, 2026, and 2027 respectively, with corresponding price-to-earnings (PE) ratios of 17, 13, and 11 [4][5]

Investment Rating - The report maintains a "Buy" rating for the company [3][5]. Core Views - The company's performance in 2024 met expectations, with revenue reaching 7.914 billion yuan, a year-on-year increase of 97.7%, and a net profit attributable to shareholders of 670 million yuan, up 1,139.2% year-on-year [1][4]. - The company has a strong customer base, including major automotive manufacturers such as SAIC Volkswagen, Daimler, and others, which supports its leading position in the domestic wiring harness market [2]. - The company is expanding its overseas market presence, particularly in Europe, by enhancing its management team and optimizing supply chain management [2]. - The growth in the electric vehicle market and the increasing demand for high-voltage wiring harnesses due to automation trends present significant growth opportunities for the company [2]. Financial Performance Summary - In 2024, the company achieved a gross margin of 17%, an increase of 5 percentage points year-on-year, and a net profit margin of 8%, up 7 percentage points year-on-year [1]. - For Q1 2025, the company reported revenue of 1.54 billion yuan, a year-on-year increase of 1%, with a net profit of 90 million yuan, down 8% year-on-year [1]. - The company forecasts net profits of 848 million yuan, 1.028 billion yuan, and 1.209 billion yuan for 2025, 2026, and 2027, respectively, with corresponding P/E ratios of 16.5, 13.6, and 11.5 [3][4].

Investment Rating - The report maintains a "Buy" rating for the company [3][5]. Core Views - The company's performance in 2024 met expectations, with revenue reaching 7.914 billion yuan, a year-on-year increase of 97.7%, and a net profit attributable to shareholders of 670 million yuan, up 1,139.2% year-on-year [1][4]. - The company has a diversified customer base, including major clients such as Seres and Volkswagen, which supports revenue growth [1][2]. - The company is expanding its overseas market presence, particularly in Europe, enhancing its supply chain management and responding quickly to international customer demands [2]. Financial Performance - In Q1 2025, the company reported revenue of 1.54 billion yuan, a year-on-year increase of 1%, with a net profit of 90 million yuan, down 8% year-on-year [1]. - The gross profit margin for 2024 was 17%, an increase of 5 percentage points year-on-year, while the net profit margin was 8%, up 7 percentage points year-on-year [1]. - The company expects net profits for 2025, 2026, and 2027 to be 848 million yuan, 1.028 billion yuan, and 1.209 billion yuan, respectively, with corresponding P/E ratios of 16.5, 13.6, and 11.5 [3][4]. Market Position and Growth Potential - The company is positioned as a leader in the domestic wiring harness market, having entered the supply chains of renowned automotive manufacturers [2]. - The demand for high-voltage wiring harnesses is expected to grow due to the increasing production of electric vehicles and advancements in autonomous driving technology [2]. - The company has developed a full range of high-voltage connectors and is focusing on enhancing its product structure to increase market share [2].

每经记者 陈晴 每经编辑 陈俊杰 并购重组 冠城新材：终止重大资产重组程序，转为一般关联交易推进 中国电信发布一季报，2025年第一季度营收为1345.09亿元，同比增长0.01%；归属于上市公司股东的净 利润为88.64亿元，同比增长3.11%。 回购增持 冠城新材公告，公司拟将持有的12家公司股权转让至公司控股股东或实际控制人指定的关联公司，交易 方式为现金出售资产。经审慎评估，本次交易不构成重大资产重组，公司决定终止本次重大资产重组程 序，并将其转为一般关联交易事项继续推进。 业绩披露 沪光股份：2024年归母净利润6.7亿元，同比增长1139% 沪光股份发布年报，2024年营业收入79.14亿元，同比增长97.70%；归属于上市公司股东的净利润6.7亿 元，同比增长1139.15%。 大名城：2024年归母净利润亏损约23亿元 大名城发布年报，2024年营业收入41.71亿元，同比下降64.34%；归属于上市公司股东的净利润亏损 23.36亿元，上年同期净利润2.23亿元。 中国神华：2025年第一季度归母净利润近120亿元，同比下降18.0% 中国神华发布一季报，2025年第一季度营业收入695.8 ...

昆山沪光汽车电器股份有限公司 2024 年度独立董事述职报告（张玉虎） 本人作为昆山沪光汽车电器股份有限公司（以下简称"公司"）独立董事，严 格按照《中华人民共和国公司法》《上市公司独立董事管理办法》等法律法规及《公 司章程》《独立董事工作制度》等相关规定，本着对公司和全体股东诚信和勤勉的 态度，尽责地履行独立董事的职责，积极出席相关会议认真审议董事会各项议案， 对公司董事会审议的相关重大事项发表了公正、客观的独立意见，维护了公司的 规范化运作及股东的整体利益。现将 2024 年度履行职责情况报告如下： 独立董 事姓名 本年度参加 董事会次数 亲自出席 （次数） 委托出席 （次数） 缺席 （次数） 出席股东大会 （次数） 张玉虎 9 9 0 0 2 2024 年度公司共召开了 9 次董事会、2 次股东大会。具体情况如下： 作为独立董事本人对提交董事会和股东大会的议案均认真审议，与公司经营 管理层保持了充分沟通，审慎地发表独立意见，以谨慎的态度行使表决权，2024 年度公司董事会的召集、召开符合法定程序，重大事项均履行了相关的审批程序， 本人对董事会上的各项议案均投同意票，未对议案提出异议，没有反对、弃权情 形 ...