1月28日下午，"向新而行"场景赋能新质生产力系列活动——智能网联新能源汽车领域场景发布及供需 对接会在北京市顺义区环普国际科创园成功举办。本次活动作为中关村论坛系列活动，由北京市科学技 术委员会、中关村科技园区管理委员会、北京市顺义区人民政府联合主办，旨在搭建供需对接平台，推 动智能网联汽车技术与多元应用场景深度融合，加速创新成果转化落地。 聚焦前沿：专家共话产业趋势 此外，香谷智慧（北京）科技有限公司与清华大学联合发布合作规划，双方将共建国家香料香精科学与 技术创新中心，打造开放协同的关键技术攻关平台，推动嗅觉经济产业高质量发展。 场景驱动：四大类项目精准对接 本次活动聚焦新技术与应用场景的精准匹配，通过"科技新场景需求项目""科技新场景能力项目"和"科 技新场景示范项目"三大板块，为供需双方提供面对面交流平台。 需求发布方面，北京汽车研究总院有限公司与重庆长安汽车股份有限公司联合发布了四项技术需 求："多域融合的智能底盘控制技术""下一代高集成高性能车用增程器系统""基于多模态交互技术的智 能座舱"以及"基于多模态健康感知大模型的智能健康座舱"。 活动现场，行业专家围绕技术创新与产业发展分享了最新洞察。 ...

0 1 事 件 概 述 公司发布 2025 年度业绩预盈公告 ，预计 2025 年归母净利润 0.75 至 1.1 亿元，扣非归母净利润 0.28 至 0.41 亿元，同比扭亏为盈。 0 2 分 析 判 断 ► 2025Q4 业绩超预期 降本增效措施初显成效 2025Q4公司归母净利润0.75至1.10亿元，同比+2.90至3.25亿元，环比+1.38至1.73亿元；扣非归母净利润0.28至0.41亿元，同比+2.95至3.08亿元，环比+1.58至1.72亿元。 公司2025年扭亏为盈，主要原因系：①公司的前期投入和研发成果得到了有效释放，以域控制器产品为代表的新产品阵营收入快速放量，持续升级迭代的原有产品阵营收获 了更多的客户和项目机会，推动公司收入规模进一步扩大；②降本增效措施初显成效。2025年公司将降本增效作为重要经营指引之一，通过AI工具应用、国产替代、智能制 造等方式，使各项成本和费用得到了有效控制，毛利率有所提升，期间费用率显著下降。 0 3 投 资 建 议 公司为国内少数能实现覆盖智能驾驶电子产品、研发服务及解决方案、高级别智能驾驶整体解决方案的企业之一，持续受益智能电动化进程。预计公司20 ...

[Table_Title] 证券研究报告 / 公司点评报告 域控新品顺利放量，全年业绩扭亏为盈 [Table_Summary] 事件：公司发布 2025 年年度业绩预盈公告，预计 2025 年与上年同期相 比将实现扭亏为盈，实现归母净利润 7500.00 万元到 11000.00 万元，实 现扣除非经常性损益的归母净利润 2750.00 万元到 4100.00 万元。 点评：Q4 业绩超预期，规模效应显现。预计 25Q4 公司实现归母净利润 1.5~1.85 亿元，较去年同期大幅增长 2.9~3.3 亿元、实现扭亏为盈，环比 +1159%~1453%、盈利能力进一步提升。公司盈利能力显著改善的主要原 因在于两个方面：一方面，研发成果有效释放，以域控制器为代表的新 产品收入快速放量，叠加原有产品持续升级迭代、收获了更多客户和项 目机会，推动公司收入规模进一步扩大，前三季度实现营收 44.64 亿元， 同比+25.88%；另一方面，公司将降本增效作为重要经营指引，通过 AI 工具应用、国产替代、智能制造等方式，使各项成本、费用都得到了有 效控制，毛利率有所提升、期间费用率显著下降，前三季度销售/管理/研 发/财务 ...

Investment Rating - The report maintains a "Recommended" rating for the company [2] Core Insights - The company is expected to achieve a net profit attributable to shareholders of between 0.75 billion to 1.1 billion yuan in 2025, marking a turnaround from losses in previous years [8] - The fourth quarter of 2025 showed better-than-expected performance, with a net profit of 1.50 to 1.85 billion yuan, reflecting a year-on-year increase of 2.90 to 3.25 billion yuan [8] - The company's revenue is projected to grow significantly, with estimates of 7.32 billion yuan in 2025, 9.04 billion yuan in 2026, and 10.75 billion yuan in 2027, representing growth rates of 32.2%, 23.5%, and 18.9% respectively [2][9] Financial Forecasts - Revenue for 2024 is estimated at 5.54 billion yuan, with a growth rate of 18.5% [2] - The net profit attributable to shareholders is forecasted to be 94 million yuan in 2025, 416 million yuan in 2026, and 651 million yuan in 2027, with growth rates of 117.1%, 341.7%, and 56.6% respectively [2][9] - Earnings per share (EPS) are projected to be 0.78 yuan in 2025, 3.47 yuan in 2026, and 5.43 yuan in 2027 [2][9] Business Strategy and Market Position - The company is actively involved in the commercial aerospace sector, providing comprehensive technical systems and solutions throughout the lifecycle of commercial aerospace projects [8] - The company has established partnerships in satellite payload development and is contributing to the domestic C919 aircraft's avionics system integration, breaking foreign monopolies in this field [8] - The company is positioned to benefit from advancements in high-level intelligent driving technologies, with a focus on domain controllers, perception, and safety compliance [8]

Investment Rating - The report maintains a "Buy" rating for the company with a target price of 184.61 RMB [6][4]. Core Insights - The company is expected to turn a profit in 2025, projecting a net profit attributable to shareholders of between 0.75 billion and 1.1 billion RMB, which exceeds previous forecasts [1]. - The growth in revenue is driven by the release of prior R&D investments, particularly in core electronic products like domain controllers and 5G TBOX, alongside cost reduction and efficiency improvements [2]. - The company is transitioning from a research-driven phase to a product scaling phase, with expectations for revenue and profit recovery in 2026, supported by stable production phases with key clients [3]. Summary by Sections Financial Performance - The company forecasts a revenue increase to 7.51 billion RMB in 2025, with a growth rate of 35.49% compared to the previous year, and further growth to 9.77 billion RMB in 2026 [10]. - The net profit is projected to reach 0.88 billion RMB in 2025, with significant growth to 3.76 billion RMB in 2026, reflecting a 328% increase [10]. Product and Market Development - The company is focusing on high-level intelligent driving products, with collaborations with key clients like Geely and Xiaomi expected to stabilize production and contribute to revenue growth [3]. - The international expansion is ongoing, with partnerships with global manufacturers like Stellantis and Scania, aiming for production deliveries in 2026 [3]. Valuation and Estimates - Revenue forecasts for 2025, 2026, and 2027 have been adjusted to 7.51 billion, 9.77 billion, and 12.02 billion RMB respectively, with corresponding gross margin estimates of 24.3%, 24.9%, and 26.9% [4]. - The report employs a Sum-of-the-Parts (SOTP) valuation method, estimating a net profit of 2.64 billion RMB from hardware and 1.1 billion RMB from software in 2026, leading to a target price adjustment from 145.23 RMB to 184.61 RMB [4].

证券研究报告 经纬恒润 (688326 CH) 25 年业绩预告扭亏，规模效应凸显 | 泰研: 究 | | --- | | सह | 2026 年 1 月 28 日│中国内地 汽车零部件 公司发布 2025 年年度业绩预盈公告，预计 2025 年年度实现归属于母公 司所有者的净利润与上年同期相比，将实现扭亏为盈，实现归属于母公司所 有者的净利润 0.75 亿元到 1.1 亿元。公司的预盈利润区间下限超过我们此 前预测的 0.66 亿元，我们继续看好公司 2026 年公司规模化效应驱动下的 盈利增长，看好公司 2026 年海外业务落地放量，维持"买入"评级。 2025 回顾：扭亏为盈，研发成果释放与降本增效共同驱动 2025 年公司收入规模的扩大主要受益于前期研发投入的释放，以域控制器 等新产品阵营为代表的核心电子产品实现快速放量，同时原有产品持续迭代 获得更多客户与项目机会，推动整体收入增长。降本增效方面，公司通过 AI 工具优化开发流程、推动国产替代和提升智能制造水平，有效控制各项成本 费用，使毛利率有所提升、期间费用率显著下降，从而对盈利能力改善形成 实质支撑。产品与客户层面，公司电子产品包括区域控制器、 ...

经纬恒润（688326.SH）系列点评七 2025Q4 业绩超预期 商业航天全面布局 glmszqdatemark [盈利预测与财务指标 Table_Forcast] | 项目/年度 | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | | 营业收入（百万元） | 5,541 | 7,324 | 9,043 | 10,748 | | 增长率（%） | 18.5 | 32.2 | 23.5 | 18.9 | | 归属母公司股东净利润（百万元） | -550 | 94 | 416 | 651 | | 增长率（%） | -153.3 | 117.1 | 341.7 | 56.6 | | 每股收益（元） | -4.59 | 0.78 | 3.47 | 5.43 | | PE | / | 188 | 43 | 27 | | PB | 4.2 | 4.3 | 3.9 | 3.4 | 资料来源：Wind，国联民生证券研究所预测；（注：股价为 2026 年 1 月 27 日收盘价） 2026 年 01 月 28 日 | 推荐 | 维持评级 | | ...

Core Viewpoint - The company expects to achieve a net profit attributable to shareholders of the parent company in the range of 75 million to 110 million yuan for the year 2025, marking a turnaround from a loss of 55.03 million yuan in the previous year [2] Group 1: Performance Expectations - The projected net profit range for 2025 represents a significant improvement compared to the previous year's loss [2] - The expected net profit after deducting non-recurring gains and losses is estimated to be between 27.5 million and 41 million yuan, compared to a loss of 61.84 million yuan in the prior year [2] Group 2: Reasons for Performance Change - The primary reasons for the performance change include the release of R&D results and an expansion in revenue scale, driven by the rapid development of automotive intelligence and electrification [2] - New product lines, particularly domain controller products, have seen rapid revenue growth, while existing products have gained more customers and project opportunities [2] - Cost reduction and efficiency improvement measures have begun to show results, with the application of AI tools, promotion of domestic alternatives, and smart manufacturing effectively controlling costs and expenses, leading to an increase in gross margin and a significant decrease in period expense ratio [2]

【天风汽车】经纬恒润业绩预告点评——0127 财务预告： 25年：预计实现归母净利0.75-1.1e，扭亏为盈；扣非净利0.28-0.41e； 25Q4：预计实现归母净利1.5-1.9e，按中值计算实现1.7e，环比+1306%；扣非净利1.51-1.64e，业绩超预期。 业绩高增主要来自于1）收入端：Q4汽车和高端装备的咨询服务等项目确收，以及汽车电子域控产品客户规模放 量；2）费用端：成本及各项费用得到有效控制，费用率下降，规模效应显著。 【天风汽车】经纬恒润业绩预告点评——0127 财务预告： 25年：预计实现归母净利0.75-1.1e，扭亏为盈；扣非净利0.28-0.41e； 25Q4：预计实现归母净利1.5-1.9e，按中值计算实现1.7e，环比+1306%；扣非净利1.51-1.64e，业绩超预期。 业绩高增主要来自于1）收入端：Q4汽车和高端装备的咨询服务等项目确收，以及汽 投资建议：预计26年实现4e利润，考虑到公司刚开始盈利，主业预计中期实现收入150亿，7%净利率，对应利润 10.5亿，PE 20x，对应市值210亿； ——————————— ——————————— 后续看点：①ZCU：整 ...

商业航天板块盘初上扬，长江通信涨停，航天智装、戈碧迦涨超10%，经纬恒润、航宇微、西部材料跟 涨。 ...