星宇股份(601799)：设立机器人子公司 战略布局新兴赛道

Group 1 - The company has established a new subsidiary, Changzhou Xingyu Intelligent Robot Co., Ltd., with a registered capital of 100 million yuan, focusing on the research and development, sales of intelligent robots, and artificial intelligence software and hardware [1] - The company is accelerating resource investment and team formation in the emerging robotics sector, leveraging its past experience in automotive lighting and a strong customer base [1] - The company has a diverse customer base, including major automotive brands such as Volkswagen, Toyota, Mercedes-Benz, BMW, and NIO, with a focus on high-end vehicle models [1] Group 2 - In the first half of 2025, the company undertook new product development projects for 52 vehicle models, achieving mass production for 37 models, leading to a revenue and net profit growth of 18.2% and 18.88% respectively [2] - The collaboration with Huawei on high-end models like the AITO M9 and M8 is expected to enhance revenue contributions as delivery volumes increase [2] - The company is advancing its global strategy by deepening domestic operations and expanding into European and American markets, with significant partnerships and technological upgrades in automotive lighting [2] Group 3 - Revenue projections for 2025-2027 are estimated at 16.1 billion, 19.7 billion, and 24.1 billion yuan, with year-on-year growth rates of 22% [3] - The forecasted net profit for the same period is 1.7 billion, 2.2 billion, and 2.7 billion yuan, with growth rates of 23%, 26%, and 26% respectively [3] - The company maintains a "buy" rating with corresponding price-to-earnings ratios of 23, 18, and 14 for the years 2025, 2026, and 2027 [3]