民生证券给予上海沿浦推荐评级，系列点评十三：2025Q2业绩符合预期汽车整椅业务可期

Group 1 - The core viewpoint of the report is a recommendation rating for Shanghai Yanpu (605128.SH) with a latest price of 35.32 yuan [2] - The performance in Q2 2025 is expected to meet forecasts, with promising prospects for the automotive seating business [2] - The company is actively expanding its customer base, moving from the Lear system to a comprehensive coverage of mainstream Tier 1 suppliers [2] - The business scope is expanding from automotive to railways, which opens up long-term growth opportunities [2]