宁波华翔(002048)：内外饰龙头深蹲再起跳 机器人新引擎动力磅礴

Group 1 - The company is a leader in automotive interior and exterior parts, as well as metal components, with a diverse and high-quality customer base including major traditional and new energy vehicle manufacturers [1] - Revenue composition for H1 2025 shows that interior parts account for 53.9%, exterior parts 18.1%, metal parts 17.7%, and electronic components 8.3%, with domestic and overseas revenue at 81.0% and 19.0% respectively [1] - The overall gross margin of the company is 15.2%, with electronic components having a higher gross margin of 27.4%, and domestic business gross margin at 17.0%, significantly higher than the overseas margin of 7.8% [1] Group 2 - The company has divested its European subsidiary to eliminate long-term loss units and is focusing on the North American market while optimizing its domestic customer structure [2] - In H1 2025, the company reported a loss of 370 million yuan, primarily due to non-recurring losses from the European divestiture and North American repurchase, but the adjusted net profit margin improved to 5.0% [2] - The company expects continued recovery in profitability as it deepens overseas adjustments and increases collaboration with high-growth domestic brands [2] Group 3 - The company is actively expanding into the humanoid robot manufacturing sector, establishing a subsidiary to become a leading provider of hardware and application solutions [3] - A contract with Shanghai Zhiyuan for the production of full-size biped robots has been signed, indicating a commitment to meet future production demands [3] - The company is also investing in a joint venture to develop PEEK materials, which will support its emerging business and enhance supply chain control [4] Group 4 - The joint venture will provide the company with priority supply and favorable pricing for materials, enhancing its competitive advantage in the robot manufacturing business [4] - The PEEK materials segment is expected to evolve into a high-profit independent business, contributing to long-term growth [4] - Revenue forecasts for 2025-2027 are projected at 28.51 billion, 30.46 billion, and 33.22 billion yuan, with net profits of 440 million, 1.43 billion, and 1.65 billion yuan respectively, reflecting the company's recovery potential and expansion into new businesses [4]