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德赛西威(002920):智驾业务及海外市场共同促进盈利实现较高增长
Orient Securities· 2025-08-23 07:26
盈利预测与投资建议 ⚫ 调整收入、毛利率及费用率等,预测 2025-2027 年 EPS 为 4.79、5.94、7.38 元 (原为 4.43、5.43、6.67 元),维持可比公司 2025 年 PE 平均估值 34 倍,目标价 162.86 元,维持买入评级。 风险提示 乘用车行业销量低于预期、智能座舱产品业务收入低于预期、智能驾驶产品业务收入低 于预期。 智驾业务及海外市场共同促进盈利实现较 高增长 核心观点 公司主要财务信息 | | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业收入(百万元) | 21,908 | 27,618 | 34,149 | 41,452 | 49,526 | | 同比增长 (%) | 46.7% | 26.1% | 23.6% | 21.4% | 19.5% | | 营业利润(百万元) | 1,537 | 2,099 | 2,799 | 3,474 | 4,314 | | 同比增长 (%) | 32.7% | 36.6% | 33.4% | 24.1% | ...
思特威:营收净利再创新高,技术创新助力影像发展再攀新高峰
8月22日晚,思特威(688213.SH)披露了2025年半年度报告,2025年上半年,公司实现营业收入37.86 亿元,较上年同期增长54.11%;实现归属于母公司所有者的净利润3.97亿元,较上年同期增长 164.93%。 多家主流车厂继续深化合作,助力智能化网联化加速革新 在汽车电子领域,公司与多家主流车厂继续深化合作,行业解决方案能力、影响力显著提升,覆盖车型 项目数量持续增加,应用于智能驾驶(包括环视、周视和前视)和舱内等新一代产品出货量同比大幅上 升,未来也将持续助力汽车智能化趋势和车企智驾平权方案并从增量市场中获益。 公司坚持"智慧安防+智能手机+汽车电子"三足鼎立发展方向的同时,加强多元业务布局,在各个市场 尤其是智能手机和汽车电子领域持续深耕,加强产品研发和市场推广,促进产品销售。 智能手机全国产系列持续扩充,推动移动影像发展再攀新高峰 在智能手机领域,公司与多家客户的合作持续全面加深、产品满足更多的应用需求,应用于高阶旗舰手 机主摄、广角、长焦和前摄镜头的数颗新一代高阶5000万像素产品和应用于普通智能手机主摄的5000万 像素高性价比产品出货量大幅上升,带动公司智能手机领域营业收入显著增 ...
晶方科技: 晶方科技2025年半年度报告
Zheng Quan Zhi Xing· 2025-08-22 16:36
苏州晶方半导体科技股份有限公司2025 年半年度报告 公司代码:603005 公司简称:晶方科技 苏州晶方半导体科技股份有限公司 苏州晶方半导体科技股份有限公司2025 年半年度报告 重要提示 一、 本公司董事会、监事会及董事、监事、高级管理人员保证半年度报告内容的真实性、准确 性、完整性,不存在虚假记载、误导性陈述或重大遗漏,并承担个别和连带的法律责任。 二、 公司全体董事出席董事会会议。 三、 本半年度报告未经审计。 四、 公司负责人王蔚 、主管会计工作负责人段佳国及会计机构负责人(会计主管人员)段佳国 声明:保证半年度报告中财务报告的真实、准确、完整。 五、 董事会决议通过的本报告期利润分配预案或公积金转增股本预案 不适用 六、 前瞻性陈述的风险声明 √适用 □不适用 本报告中所涉及的未来计划、发展战略等前瞻性描述不构成公司对投资者的实质承诺,敬请 投资者注意投资风险。 七、 是否存在被控股股东及其他关联方非经营性占用资金情况 否 八、 是否存在违反规定决策程序对外提供担保的情况 否 九、 是否存在半数以上董事无法保证公司所披露半年度报告的真实性、准确性和完整性 否 十、 重大风险提示 公司已在本报告中 ...
【2025中报点评/华阳集团】25Q2毛利率环比提升,业绩符合预期
未经许可,不得转载或者引用。 | 盈利预测与估值 | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业总收入(百万元) | 7.137 | 10,158 | 12.699 | 15.556 | 18.714 | | 同比 (%) | 26.59 | 42.33 | 25.02 | 22.50 | 20.30 | | 归母净利润(百万元) | 464.82 | 651.36 | 898.57 | 1.130.19 | 1.404.37 | | 同比 (%) | 22.17 | 40.13 | 37.95 | 25.78 | 24.26 | | EPS-最新摊薄(元/股) | 0.89 | 1.24 | 1.71 | 2.15 | 2.68 | | P/E(现价&最新排薄) | 35.86 | 25.59 | 18.55 | 14.75 | 11.87 | 投资要点 公告要点: 公司发布2025年半年报。2025Q2公司实现营业收入28.22亿元,同环比+28.10%/+13.36%;归母 净 利 ...
调研速递|华阳集团接受超百家机构调研,上半年营收53.11亿元亮点多
Xin Lang Cai Jing· 2025-08-22 11:41
Core Viewpoint - Huayang Group has demonstrated strong operational performance in the first half of 2025, with significant revenue and profit growth, and is actively expanding its market presence both domestically and internationally [1][2][3] Group 1: Financial Performance - In the first half of 2025, Huayang Group achieved a revenue of 5.311 billion yuan, representing a year-on-year increase of 26.65% [1] - The net profit attributable to shareholders reached 341 million yuan, up 18.98% compared to the same period last year [1] - The second quarter saw even stronger results, with revenue of 2.822 billion yuan, a year-on-year growth of 28.10%, and a net profit of 186 million yuan, increasing by 28.52% [1] Group 2: Market Position and Product Development - Huayang Group's HUD products and in-vehicle wireless charging products hold the top market share in China, while the global market share for in-vehicle wireless charging has risen to second place [2] - The precision die-casting business has seen significant revenue growth in components related to automotive intelligence and new energy vehicle systems [2] - The company has a balanced customer structure, with an increasing sales proportion from new energy vehicle manufacturers and international automotive clients [2] Group 3: Business Expansion and Innovation - The automotive electronics segment is actively pursuing international brand clients, securing projects with major companies like Stellantis and Ford [3] - Continuous investment in R&D has kept Huayang Group at the forefront of HUD technology, with successful mass production of advanced HUD products [3] - The company is also exploring opportunities in the robotics sector, leveraging its extensive experience in the automotive parts industry [3]
华阳集团(002906) - 002906华阳集团投资者关系管理信息20250821
2025-08-22 10:30
证券代码:002906 证券简称:华阳集团 惠州市华阳集团股份有限公司投资者关系活动记录表 编号:2025-009 | | 特定对象调研 | □分析师会议 | | --- | --- | --- | | | □媒体采访 | □业绩说明会 | | 投资者关系活动类 别 | □新闻发布会 | □路演活动 | | | □现场参观 | | | | □其他 | (请文字说明其他活动内容) | | | 国信证券 | 唐旭霞、杨钐、林莺、闵晓平、傅嘉良、林蔚 | | | 鹏扬基金 巩海 | | | | 杭银理财 曹祥、郑亮 | | | | 长江证券 胡加琪、童松、张扬 | | | | 野村证券 应重熙 | | | | 国联民生证券 辛鹏 | | | | 光大自营 陈峰 | | | | 长城证券 金瑞 | | | | 乐世资本 舒畅然 | | | | 华西证券 陈乐音 | | | | 中信证券 卢华权 | | | 参与单位名称及人 员姓名 | 盛熙基金 谢丙东 | | | | 泽泉投资 马海华 | | | | 东方证券 李疆 | | | | 景领投资 宋玖伟 | | | | 国海汽车 陈飞宇 | | | | 光大保德信基金 ...
福耀玻璃(600660):2025年半年报点评:2025Q2业绩超预期,汽玻龙头强者恒强
Soochow Securities· 2025-08-21 23:30
[Table_Tag] [Table_Summary] 投资要点 证券研究报告·公司点评报告·汽车零部件 福耀玻璃(600660) 2025 年半年报点评:2025Q2 业绩超预期,汽 玻龙头强者恒强 买入(维持) | [Table_EPS] 盈利预测与估值 | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业总收入(百万元) | 33,161 | 39,252 | 46,419 | 54,482 | 63,799 | | 同比(%) | 18.02 | 18.37 | 18.26 | 17.37 | 17.10 | | 归母净利润(百万元) | 5,629 | 7,498 | 9,852 | 11,163 | 13,089 | | 同比(%) | 18.37 | 33.20 | 31.39 | 13.32 | 17.25 | | EPS-最新摊薄(元/股) | 2.16 | 2.87 | 3.77 | 4.28 | 5.02 | | P/E(现价&最新摊薄) | 30.00 | 22.52 | ...
德赛西威(002920):中小盘信息更新:智驾零部件龙头供应商,AI赋能开启新增长
KAIYUAN SECURITIES· 2025-08-21 15:36
伐谋-中小盘信息更新 德赛西威(002920.SZ) 智驾零部件龙头供应商,AI 赋能开启新增长 2025 年 08 月 21 日 投资评级:买入(维持) | 日期 | 2025/8/21 | | --- | --- | | 当前股价(元) | 118.70 | | 一年最高最低(元) | 144.50/83.78 | | 总市值(亿元) | 658.72 | | 流通市值(亿元) | 656.57 | | 总股本(亿股) | 5.55 | | 流通股本(亿股) | 5.53 | | 近 3 个月换手率(%) | 76.64 | 中小盘研究团队 赵旭杨(分析师) 王镇涛(联系人) zhaoxuyang@kysec.cn 证书编号:S0790523090002 证书编号:S0790124070021 wangzhentao@kysec.cn 公司发布 2025 中报,维持行业龙头地位增长水平,收入符合预期 德赛西威 2025H1 实现营业收入 146.44 亿元,同比+25.25%,归母净利润 12.23 亿元,同比+45.82%;其中 2025Q2,实现营业收入 78.52 亿元,环比+15.61%, 实现归 ...
德赛西威(002920) - 2025年8月21日投资者关系活动记录表
2025-08-21 12:34
Financial Performance - The company's revenue for the first half of 2025 reached 1.46 billion yuan, representing a year-on-year growth of 25.25% [10] - Gross margin was 20.33%, with a net profit margin of 8.43%, showing increases of 0.29% and 1.19% respectively compared to the previous year [10] - New project orders secured during the first half of the year have an annualized sales value exceeding 18 billion yuan [10] Strategic Goals - The company aims to maintain strong growth and achieve international transformation, aspiring to enter the top tier of global automotive parts suppliers [10] - Key strategic directions include stabilizing domestic business, high-level R&D investment, and continuous innovation in intelligent solutions [12] Market Expansion - The company is focusing on overseas markets, particularly Europe, Japan, and Southeast Asia, with tailored strategies for each region [12][15] - In Europe, the company is establishing a complete research, production, and sales capability, while in Japan, it is making steady progress with major automotive brands [15] Product Development - The company is advancing its intelligent driving and cockpit products, with a focus on high-value, high-technology content products [10] - The integration of hardware and software capabilities is emphasized, with a full-stack approach to product development [18] Regulatory Compliance - New regulations in intelligent driving are seen as beneficial for the industry's healthy development, with the company actively participating in standard-setting [12] - The company is enhancing its capabilities to meet stricter safety and reliability requirements for intelligent driving systems [12][14] Competitive Advantage - The company maintains a competitive edge through innovative product offerings and a diverse product matrix that meets a wide range of customer needs [12][14] - Continuous investment in R&D and a focus on high-performance, cost-effective solutions are key to sustaining market leadership [12][14] Future Outlook - The company is exploring new business opportunities in areas such as autonomous delivery and robotics, aiming for sustainable long-term growth [12][16] - The development of low-speed autonomous vehicles is underway, targeting applications in logistics and special modifications [16]
瑞声科技半年净利飙升六成,光学与结构件撑起新增长曲线
Jing Ji Guan Cha Bao· 2025-08-21 08:29
Core Insights - AAC Technologies reported a strong half-year performance, exceeding market expectations with a revenue of 13.32 billion yuan, a year-on-year increase of 18.4%, and a net profit of 876 million yuan, up over 60% [1][2] - The company's net profit margin improved from 4.8% in the same period last year to 6.6%, indicating a clear trend of profit recovery [1] Revenue Breakdown - The optical business continued its high growth trajectory, generating revenue of 2.65 billion yuan, a nearly 20% year-on-year increase, with a gross margin improvement to 10.2% [1] - Precision structural components and electromagnetic drive businesses also performed well, with revenue growth exceeding 27%, driven by new products like ultra-thin motors and liquid cooling heat sinks [1] - The sensor and semiconductor business saw a significant revenue increase of 56% year-on-year, driven by AI interaction demand, with high signal-to-noise ratio microphones achieving scale production [1] - The automotive acoustics segment maintained its expansion, generating revenue of 1.74 billion yuan, a 14% year-on-year increase, further enhanced by the acquisition of Hebei Chuguang for smart microphones and sensors [1] Traditional Business Performance - Traditional acoustic business remains a core segment, with revenue of 3.52 billion yuan, a year-on-year increase of 1.8%, supported by mid-to-high-end products and innovative designs [2] Financial Health - The company's financial position remains robust, with operating cash flow of 2.89 billion yuan, a 9% increase year-on-year, and cash on hand of 7.75 billion yuan, resulting in a net debt ratio of only 4.7% [2] - Capital expenditures increased significantly to 1.44 billion yuan, a 57% rise compared to the same period last year, primarily directed towards optical, automotive, and semiconductor sectors [2] Shareholder Returns - The company maintains a year-end dividend policy with a payout ratio of 15%, while not declaring an interim dividend, ensuring strong cash flow and prudent capital management to support future business development [2] Strategic Transition - AAC Technologies is undergoing a critical phase of business structure transformation, with traditional acoustic business growth slowing, while optical, structural components, and sensor businesses are rapidly expanding, creating new growth opportunities [2] - The ongoing trends of smartphone premiumization and automotive intelligence are expected to further enhance the company's profitability in optical lenses, automotive acoustics, and sensors [2]