【2025年中报点评/沪光股份】25Q2量利齐升，业绩超预期

Core Viewpoint - The company reported better-than-expected performance in its 2025 H1 results, with revenue and net profit showing significant year-on-year growth, driven by increased demand from core customers and successful project ramp-ups [2][3]. Financial Performance - In 2025 H1, the company achieved revenue of 3.63 billion yuan, a year-on-year increase of 6.2%, and a net profit attributable to shareholders of 276 million yuan, up 8.4%. The adjusted net profit was 268 million yuan, reflecting a 9.5% increase [2]. - For Q2 2025, revenue reached 2.09 billion yuan, with a quarter-on-quarter increase of 11% and a year-on-year increase of 35%. The net profit for this quarter was 180 million yuan, showing a year-on-year growth of 19% and a quarter-on-quarter surge of 97% [2]. Revenue Drivers - The significant revenue growth in Q2 2025 was primarily driven by the ramp-up of production for key projects and increased demand from major customers, including new energy vehicle clients like Seres and NIO, as well as stable orders from traditional clients like SAIC Volkswagen [3]. - New projects such as the high-voltage wiring harness for L Automotive and low-voltage wiring harness for Mercedes-Benz have been launched, laying a solid foundation for future revenue growth [3]. Profitability and Cash Flow - The company improved its gross margin to 15.7% in H1 2025, a year-on-year increase of 0.3 percentage points, with Q2 2025 gross margin reaching 16.6% [4]. - Operating cash flow for H1 2025 was 185 million yuan, a year-on-year increase of 67.9%, attributed to shorter customer payment cycles and increased government subsidies [5]. Business Expansion - The company is actively expanding its new energy wiring harness business, with new projects covering mainstream new energy vehicle manufacturers. The production of wiring harnesses for M Automotive's battery packs has also commenced, contributing to the growing share of new energy business [6]. - The company is undergoing a transformation in its wiring harness industry, with successful deliveries of wiring harnesses for drones and smart robots, enhancing its competitive edge in the automotive "new four modernizations" trend [6]. Profit Forecast and Investment Rating - The company maintains revenue forecasts of 10 billion yuan, 12.1 billion yuan, and 14.3 billion yuan for 2025-2027, representing year-on-year growth rates of 26%, 21%, and 19% respectively. The net profit forecasts for the same period are 870 million yuan, 1.09 billion yuan, and 1.29 billion yuan, with corresponding year-on-year growth rates of 30%, 25%, and 18% [7].