炒股就看金麒麟分析师研报，权威，专业，及时，全面，助您挖掘潜力主题机会！ 9月23日，浙江世宝收涨9.98%，收盘价为14.32元，发生32笔大宗交易，合计成交量1159.47万股，成交 金额1.36亿元。 第1笔成交价格为11.72元，成交17.10万股，成交金额200.41万元，溢价率为-18.16%，买方营业部为机 构专用，卖方营业部为中信证券股份有限公司浙江分公司。 第2笔成交价格为11.72元，成交34.00万股，成交金额398.48万元，溢价率为-18.16%，买方营业部为中 国中金财富证券有限公司深圳分公司，卖方营业部为中信证券股份有限公司浙江分公司。 第3笔成交价格为11.72元，成交44.60万股，成交金额522.71万元，溢价率为-18.16%，买方营业部为机 构专用，卖方营业部为中信证券股份有限公司浙江分公司。 第4笔成交价格为11.72元，成交64.40万股，成交金额754.77万元，溢价率为-18.16%，买方营业部为机 构专用，卖方营业部为中信证券股份有限公司浙江分公司。 第5笔成交价格为11.72元，成交38.40万股，成交金额450.05万元，溢价率为-18.16%，买方营业部 ...

9月23日，浙江世宝大宗交易成交1159.47万股，成交额1.36亿元，占当日总成交额的10.58%，成交价 11.72元，较市场收盘价14.32元折价18.16%。 ...

Core Insights - The A-share market experienced a collective decline on September 23, with the automotive parts sector showing resilience and increasing in value [1] - The automotive parts ETF (562700) rose by 0.13% with a trading volume of 17.54 million yuan, leading its category [1] - Key stocks such as Xusheng Group, Yongding Co., and Dayang Motor reached their daily limit up, indicating strong market interest [1] Automotive Parts Sector - The automotive parts ETF tracks the CSI Automotive Parts Theme Index, which includes high-quality component manufacturers across various automotive systems [1] - The sector is benefiting from the trends of electrification and intelligence in the domestic automotive industry, suggesting significant growth potential [1] - Companies involved in robotics are increasingly integrating into the automotive parts sector, with humanoid robots seen as a "second curve" for automotive components [1]

Group 1 - Zhejiang Shibao (002703) saw a stock price increase of over 5%, reaching 5.22 HKD with a trading volume of 39.09 million HKD [1] - The company announced during an analyst meeting that it has strong technical reserves in steer-by-wire and rear-wheel steering, with multiple mainstream automakers already designated for these technologies [1] - The first mass production project for steer-by-wire is expected to begin in the second half of 2026, while the rear-wheel steering project is anticipated to start mass production in Q4 of this year [1] Group 2 - The steer-by-wire and rear-wheel steering products are primarily aimed at L3+ autonomous driving vehicles and high-performance luxury models, indicating high technical barriers and a broad market outlook [1] - CITIC Securities noted that regulatory focus on the safety of autonomous driving is increasing, leading to stricter requirements for L2-level assisted driving in both promotional and operational aspects [1] - It is expected that L3 will become the main upgrade direction for intelligent driving from Q4 2025 to 2026, with commercial solutions requiring high redundancy in system safety, which will significantly enhance the value of intelligent driving components [1]

Group 1 - Zhejiang Shibao (01057) saw a stock price increase of over 5%, closing at 5.22 HKD with a trading volume of 39.09 million HKD [1] - The company announced during an analyst meeting that it has strong technological reserves in steer-by-wire and rear-wheel steering, with multiple mainstream automakers already designated for these technologies [1] - The first mass production project for steer-by-wire is expected to begin in the second half of 2026, while the rear-wheel steering project is anticipated to start mass production in Q4 of this year [1] Group 2 - The steer-by-wire and rear-wheel steering products are primarily aimed at L3+ autonomous driving vehicles and high-performance luxury models, indicating high technical barriers and a broad market outlook [1] - CITIC Securities noted that regulatory focus on the safety of autonomous driving is increasing, leading to stricter requirements for L2 level assisted driving from promotion to operational aspects [1] - It is expected that L3 will become the main upgrade direction for intelligent driving from Q4 2025 to 2026, with commercial solutions requiring high redundancy for system safety, which will significantly enhance the value of intelligent driving components [1]

9月22日，浙江世宝大宗交易成交76.6万股，成交额900.05万元，占当日总成交额的2.64%，成交价11.75 元，较市场收盘价13.02元折价9.75%。 ...

Core Viewpoint - Zhejiang Shibao (002703) has a strong technological reserve in steer-by-wire and rear-wheel steering, with multiple mainstream automakers already designated for collaboration. The first mass production project for steer-by-wire is expected to begin in the second half of 2026, while the rear-wheel steering project is set to start mass production in the fourth quarter of this year [1] Group 1 - The company has deep technological reserves in steer-by-wire and rear-wheel steering [1] - Multiple mainstream automakers have designated the company for collaboration [1] - The first mass production project for steer-by-wire is expected to start in the second half of 2026 [1] Group 2 - The first mass production project for rear-wheel steering is expected to begin in the fourth quarter of this year [1] - These products are primarily aimed at L3+ intelligent driving vehicles and high-performance luxury models [1] - The technology has high barriers to entry and a broad market outlook [1]

| 判，仅个别客户的谈判仍在进行中。公司预计下半年产 | | --- | | 品价格将逐步趋稳，有助于毛利率保持稳定。从产品结 | | 构来看，C-EPS 产品受价格下行影响较大，其毛利率下 | | 降尤为明显。由于 C-EPS 贡献了约 50%的收入，因此对 | | 公司上半年毛利影响较大。随着高端 EPS 产品销量的逐 | | 步提升，以及电调管柱、电动循环球等产品收入贡献的 | | 扩大，公司毛利率有望得到进一步改善。 | | 2、问：公司在线控转向和后轮转向方面的量产时间表 | | 能否介绍一下？ | | 答：公司在线控转向和后轮转向领域技术储备深厚，已 | | 获多家主流车企定点，线控转向首个量产项目预计于 | | 2026 年下半年开始量产，后轮转向首个量产项目预计于 | | 今年四季度开始量产。这两类产品分别主要面向 L3+智 | | 能驾驶车型及高性能豪华车型，技术壁垒高，市场前景 | | 广阔。 | | 3、问：公司目前产能利用率如何？未来扩产重点是哪 | | 类产品？ | | 答：目前整体产能利用率保持在 80%-90%的健康水平。 | | 未来扩产重点围绕电动化、智能化转向产品，以匹配市 ...

Group 1 - The core viewpoint of the news is that Zhejiang Shibao's stock performance has shown significant fluctuations, with a year-to-date increase of 21.04% and a recent decline of 2.00% on September 18 [1][2] - As of June 30, 2025, Zhejiang Shibao achieved a revenue of 1.524 billion yuan, representing a year-on-year growth of 35.32%, and a net profit attributable to shareholders of 93.03 million yuan, up 39.09% year-on-year [2] - The company specializes in the research, design, manufacturing, and sales of automotive steering systems and key components, with 95.55% of its revenue coming from steering systems and components [1][2] Group 2 - Zhejiang Shibao is classified under the automotive industry, specifically in the automotive parts sector, focusing on chassis and engine systems [2] - The company has a total market capitalization of 11.262 billion yuan, with a trading volume of 559 million yuan and a turnover rate of 6.88% as of September 18 [1] - The company has distributed a total of 209 million yuan in dividends since its A-share listing, with 69.36 million yuan distributed in the last three years [3]

Industry Overview - EPS (Electric Power Steering) systems have become the mainstream design solution for automotive steering, replacing traditional hydraulic systems due to their high efficiency, safety, and environmental benefits [1][7] - The market size of China's EPS industry is projected to reach 38.2 billion yuan in 2024, with a year-on-year growth of 6.81% [1][7] - The industry is experiencing a clear upgrade trend, with DP-EPS (Dual Pinion Electric Power Steering) and R-EPS (Rack Electric Power Steering) systems achieving higher transmission efficiency compared to traditional systems [1][7] Market Size - The EPS market in China is expected to grow to 40.8 billion yuan by 2025, driven by increasing demand for comfort and safety in vehicles [11] - The rapid development of new energy vehicles (NEVs) is creating new opportunities for the EPS industry, as these vehicles require systems that can handle increased weight from battery packs [5][11] Key Companies - Leading companies in the EPS market include Bosch and Huayu Automotive, with domestic players like Nissin and Zhejiang Shibao gaining market share [8][9] - Zhejiang Shibao reported a revenue of 1.524 billion yuan in the first half of 2025, a year-on-year increase of 35.32%, with a net profit margin rising from 1.1% in 2022 to 5.5% in 2024 [9] - Bertli Automotive Safety Systems achieved a revenue of 5.164 billion yuan in the first half of 2025, reflecting a year-on-year growth of 30.04% [10] Industry Development Trends - Continuous technological innovation is driving the EPS industry towards higher efficiency and intelligence, with R-EPS and line-controlled steering systems (SBW) being key focus areas [11] - The industry is also seeing a push towards domestic production of core components, with local companies making significant technological advancements [11] - Environmental upgrades are being prioritized, with the adoption of recyclable materials and reduced emissions in production processes [12]