民生证券给予沪光股份推荐评级，系列点评八：25Q2业绩符合预期“1+N”业务布局加速

Group 1 - The core viewpoint of the report is that Minsheng Securities recommends Hu Guang Co., Ltd. (605333.SH) based on strong performance indicators and growth potential [2] - The Q2 2025 performance met expectations, with impressive sales figures for the Wanjie model [2] - The company is successfully expanding its customer base, particularly in the connector business [2] - There is a focus on innovative business development, establishing a "1+N" business layout [2] Group 2 - Risks include the possibility of new energy vehicle sales falling short of expectations [2] - High customer concentration is identified as a potential risk factor [2] - Fluctuations in raw material prices may impact the company's performance [2]