内外需求推升 汽车零部件企业中期业绩

Core Insights - The automotive parts industry is experiencing positive performance driven by sustained demand for new energy vehicles (NEVs) and steady growth in export business [1][2][3] Downstream Demand - As of August 21, 2025, 47 listed companies in the automotive parts sector reported their semi-annual results, with 29 companies showing year-on-year profit growth, exceeding 60% [1] - Zhejiang Wanliyang Co., Ltd. reported a revenue of 2.81 billion yuan, a 2.69% increase year-on-year, and a net profit of 277 million yuan, up 50.24% [2] - Other companies like Zhejiang Songyuan Automotive Safety Systems Co., Ltd. and Shentong Technology Group Co., Ltd. also reported revenue and profit growth in the first half of the year [2] - In July, China's NEV production and sales reached 1.24 million and 1.26 million units, respectively, marking year-on-year increases of 26.3% and 27.4% [2] Export Business Growth - Companies like Wuhan Guangting Information Technology Co., Ltd. benefited from the growing market for automotive software and information security, leading to increased overseas business [4] - Qingdao Jianbang Automotive Technology Co., Ltd. expanded its export footprint by selling products to over 30 countries, contributing to its revenue growth [4] Orders and Project Increases - Companies are seeing performance boosts from increased orders and project allocations, with Jin Gu Co., Ltd. noting growth from its low-carbon wheel business and new projects entering mass production [5] - Huizhou Huayang Group Co., Ltd. reported significant increases in new orders for automotive electronics, including display screens and wireless charging products [5] Industry Growth Logic - The growth logic for automotive parts companies has shifted from relying solely on domestic markets to a dual-driven model of "domestic demand + exports," with order reserves becoming a key indicator of growth potential [6] - The increase in exports reflects the enhanced global competitiveness of Chinese parts manufacturers and their deeper integration into international supply chains [6]