沪光股份（605333）：2025年中报点评：25Q2量利齐升，业绩超预期

Investment Rating - The report maintains a "Buy" rating for the company [1] Core Views - The company reported a significant increase in both volume and profit in Q2 2025, exceeding expectations [7] - Revenue for H1 2025 reached 3.63 billion yuan, a year-on-year increase of 6.2%, while net profit attributable to shareholders was 276 million yuan, up 8.4% year-on-year [7] - The growth in revenue is driven by increased demand from core customers and the successful ramp-up of key projects [7] - The company is expanding its new energy projects and upgrading its wiring harness industry, which is expected to enhance its competitiveness in the automotive sector [7] - The financial forecast for 2025-2027 indicates a steady growth in revenue and net profit, with corresponding P/E ratios suggesting an attractive valuation [7] Summary by Sections Financial Performance - H1 2025 revenue was 3.63 billion yuan, with Q2 revenue at 2.09 billion yuan, showing a quarter-on-quarter increase of 11% and a year-on-year increase of 35% [7] - H1 2025 gross margin was 15.7%, with Q2 gross margin reaching 16.6% [7] - Operating cash flow for H1 2025 was 185 million yuan, a year-on-year increase of 67.9% [7] Revenue and Profit Forecast - Projected total revenue for 2025 is 10 billion yuan, with a year-on-year growth of 26% [1] - Expected net profit for 2025 is 871.74 million yuan, reflecting a year-on-year increase of 30% [1] - The report anticipates a continued increase in revenue and profit through 2027, with P/E ratios decreasing from 17.45 in 2025 to 11.77 in 2027 [1] Market Position and Strategy - The company is focusing on expanding its new energy wiring harness business, with new projects for major electric vehicle manufacturers [7] - The report highlights the successful production ramp-up of various projects, including those for traditional and new energy vehicle clients [7] - The company is also diversifying into other sectors, such as drones and robotics, to enhance its market presence [7]