公司披露 2025 年半年度报告， 2025H1 营收 28.0 亿元， 同比 -8.88% ；归母净利 0.13 亿元，同比 -83.98% ；单季度看，公司 2025Q2 营收 15.3 亿元，同比 -4.0% ，环比 +20.6% ；归母净利 0.1 亿元，同比 -53.5% ，环比 +135.9% 。 02 分析判断 ► 2025H1 本部业绩稳中有增 百炼拖累盈利承压 1 ）营收端： 2025H1 ，公司本部（剔除法国百炼集团）实现营业收入 15.99 亿元，与去年同期基本持平。其中，车身结构件（含大型一体化车身件）收入 7.56 亿元，同比 +13.43% ，这得益于公司大型一体化车身件订单陆续释放；百炼集团贡献收入 12.03 亿元，同比下滑，主要是欧美部分客户订单减少所致。 2 ）利润端： 2025H1 公司归母净利 0.13 亿元，同比下降 83.98% 。主要是由于法国百炼集团亏损，拖累了整体业绩。公司本部 2025H1 实现净利润 0.80 亿元，同比 +9.95% ，这得益于公司持续推进降本增效措施，优化产品结构，新能源汽车产品收入超 9 亿元。 2025Q2 公司归母净利 0.1 亿 ...

证券代码：001311 证券简称：多利科技 滁州多利汽车科技股份有限公司 2、请问公司目前主要客户有哪些？近期是否有大的变化？ 公司目前主要的客户包括特斯拉、零跑汽车、蔚来汽车、理想汽车、比亚 迪、江淮汽车、上汽集团、上汽大众、上汽通用等整车制造商和新朋股份、上 海同舟等汽车零部件制造商。2025 年上半年，公司客户结构稳定，并持续与 部分潜在客户进行对接沟通，积极拓展新客户、新产品，持续完善客户结构， 提高市场竞争力。 3、请问公司目前的排产情况如何，预计三四季度是否会有所改善？ 基于客户针对下半年终端产品产销量的量化预估，公司针对主要客户第三 季度的订单排期相较于第二季度将有所增加。公司后续会持续关注主要客户新 产品动态以及终端销售数据，为客户提供全面且多元的产品，进而强化公司的 核心竞争力。 投资者关系活动记录表 编号：2025-003 | | 特定对象调研 分析师会议 | | --- | --- | | 投资者关系活 | 媒体采访 □业绩说明会 | | | 新闻发布会 路演活动 | | 动类别 | 现场参观 | | | 其他（电话会议） | | | 天风证券、西部证券、长江证券、中泰证券 ...

证 券 研 究 报 告 [ReportFinancialIndex] 主要财务指标 | | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | | 营业总收入(百万) | 3,592 | 3,971 | 4,576 | 5,391 | | 同比增速(%) | -8.2% | 10.5% | 15.2% | 17.8% | | 归母净利润(百万) | 425 | 379 | 444 | 545 | | 同比增速(%) | -14.4% | -10.8% | 17.2% | 22.6% | | 每股盈利(元) | 1.37 | 1.22 | 1.43 | 1.75 | | 市盈率(倍) | 18 | 20 | 17 | 14 | | 市净率(倍) | 1.6 | 1.5 | 1.5 | 1.4 | 资料来源：公司公告，华创证券预测 注：股价为 2025 年 公司研究 汽车零部件Ⅲ 2025 年 08 月 22 日 多利科技（001311）2025 年中报点评 推荐（维持） 2Q 业绩承压，下半年增长仍可期 目标价：30.5 元 事项： 公 ...

Investment Rating - The report maintains a "Recommended" rating for the company, indicating a potential upside of over 15% relative to the benchmark index [4][6]. Core Views - The company reported a revenue of 2.8 billion yuan for H1 2025, a decrease of 8.88% year-on-year, and a net profit attributable to shareholders of 13 million yuan, down 83.98% year-on-year. The Q2 2025 revenue was 1.53 billion yuan, a decline of 4.0% year-on-year but an increase of 20.6% quarter-on-quarter [1][2]. - The performance of the company's main operations remained stable, with a revenue of 1.599 billion yuan in H1 2025, roughly unchanged from the previous year. The revenue from body structure components increased by 13.43% year-on-year, driven by the release of large integrated body component orders. However, the French subsidiary's revenue decreased due to reduced orders from European and American clients [2]. - The company is focusing on high-end customer and product strategies, with significant breakthroughs in core business areas. The production capacity for large integrated body components was released in June, and the company is accelerating its global capacity layout [3]. Summary by Sections Financial Performance - In H1 2025, the company's net profit attributable to shareholders was 13 million yuan, a decline of 83.98% year-on-year, primarily due to losses from the French subsidiary. The main operations achieved a net profit of 80 million yuan, up 9.95% year-on-year, supported by cost reduction and efficiency improvement measures [2]. - The company’s expenses were optimized, with sales, management, R&D, and financial expense ratios at 4.9%, 3.8%, 5.1%, and -1.0% respectively, showing a continuous improvement in expense structure [2]. Strategic Developments - The company is a pioneer in integrated die-casting and is actively engaging with leading new energy vehicle manufacturers. The order backlog continues to grow, and production for core customer projects is expected to ramp up starting in 2025, which may drive gradual improvement in performance [4]. - The company has established itself as a core supplier for Huawei's Seres, with significant vehicle delivery numbers expected to drive capacity utilization and performance recovery [3]. Earnings Forecast - The report adjusts the earnings forecast, estimating revenues of 6.42 billion, 7.80 billion, and 9.54 billion yuan for 2025, 2026, and 2027 respectively, with net profits of 127 million, 288 million, and 435 million yuan for the same years. The EPS is projected to be 0.40, 0.92, and 1.38 yuan [4][5].

Core Viewpoint - The company, Meilixin Technology Co., Ltd., is actively involved in the integrated die-casting and autonomous driving sectors, showcasing significant technological advancements and a diverse client base in both traditional and new energy vehicle markets [2][7]. Company Overview - Meilixin Technology was established on May 14, 2001, and went public on April 24, 2023. The company specializes in the research, production, and sales of aluminum alloy precision die-casting parts for the communication and automotive sectors [7]. - The revenue composition of the company includes 64.66% from automotive components, 31.14% from communication structural parts, and 2.50% from other categories [7]. Industry Position - The company is recognized as a "specialized, refined, distinctive, and innovative" small giant enterprise, which is a prestigious title in China for companies excelling in niche markets with strong innovation capabilities and high market share [2]. - Meilixin is one of the few companies with large-scale integrated die-casting technology, possessing 8800-ton and 7000-ton die-casting islands, and has received customer recognition for the quality of its products [2]. Financial Performance - For the first quarter of 2025, Meilixin reported a revenue of 8.81 billion yuan, reflecting a year-on-year growth of 14.39%. However, the net profit attributable to shareholders was a loss of 6010.95 million yuan, a decrease of 1076.12% compared to the previous year [8]. - The company has distributed a total of 2527.20 million yuan in dividends since its A-share listing [9]. Market Activity - On August 12, the stock price of Meilixin increased by 0.20%, with a trading volume of 116 million yuan and a turnover rate of 4.22%, leading to a total market capitalization of 5.328 billion yuan [1]. - The stock has seen a net inflow of 446,600 yuan from major investors, indicating a lack of clear trend in major holdings [4][5].

Core Viewpoint - The launch of Tesla's "Model Y L" is a strategic move to capture the growing Chinese SUV market, particularly targeting family-oriented consumers, while also addressing financial performance amidst increasing competition [1][3][6]. Group 1: Market Strategy - The Model Y L is designed specifically for the Chinese market, with a pre-sale price aimed at the 400,000 RMB range, which resonates with local consumer preferences [3]. - This model enters a competitive segment dominated by local brands like Li Auto and NIO, indicating Tesla's recognition of the need to adapt to local market dynamics [6][13]. - The introduction of the Model Y L is seen as a proactive strategy rather than a defensive response to declining sales, showcasing Tesla's ability to leverage existing resources and technology [8][13]. Group 2: Manufacturing Efficiency - The Model Y L utilizes the existing Model Y platform, allowing Tesla to minimize development costs and time by reusing a highly localized supply chain [9]. - The manufacturing process benefits from Tesla's advanced "Gigapress" technology, which simplifies production adjustments compared to traditional methods [9]. - The expected increase in average selling price (ASP) by 50,000 to 80,000 RMB with minimal cost increase per unit will significantly enhance Tesla's gross margin in China [11][13]. Group 3: Brand Positioning - The launch signifies a shift in Tesla's brand perception in China, moving from a high-tech aspirational brand to a more accessible and practical option for consumers [14][19]. - While Full Self-Driving (FSD) remains a long-term goal, the immediate focus on practical features like increased seating capacity addresses current consumer needs without requiring extensive market education [15][17]. - This strategic pivot allows Tesla to compete effectively in the family vehicle segment, which is crucial for market share retention [19][20]. Group 4: Data Acquisition - Each Model Y L serves as a data collection terminal, crucial for enhancing Tesla's AI models, particularly in complex driving scenarios [20][21]. - Targeting middle-class families as users will generate high-quality driving data necessary for training FSD systems, thus creating a feedback loop for continuous improvement [23][25]. - The Model Y L not only sells a vehicle but also positions itself as a gateway to future FSD services, appealing to consumers likely to invest in advanced driving features [25][26].

Group 1: Global Expansion and Production Capacity - The company has established production bases in Thailand and Mexico, and sales service institutions in the USA, Brazil, South Korea, and Japan, forming a robust global business layout [2][3] - In 2021, the company built a project in Monterrey, Mexico, with an annual production capacity of 3.6 million ultra-lightweight aluminum alloy wheels, with phase one (1.8 million units) already operational and phase two expected to be completed in Q3 2025 [2][3] Group 2: Applications in Robotics and Aerospace - The company has developed high-strength, non-heat-treated die-casting aluminum alloys suitable for robot components, currently undergoing material validation in Europe [4] - Aluminum-based rare earth intermediate alloys have been applied in large aircraft and aerospace components, including critical parts for aircraft engines and electric flying cars [5] Group 3: Innovations in Material Development - The company is a pioneer in domestic non-heat-treated alloy materials, achieving significant advancements in material research and production costs, with applications in new energy vehicles and drones [6][7] - Recent innovations include low-carbon A356 alloys and various high-performance aluminum alloys, which have been successfully applied in high-end manufacturing sectors [7] Group 4: Impact of Futures Market - The listing of casting aluminum alloy futures fills a gap in the domestic recycled metal derivatives market, promoting a green circular economy [7] - Futures provide transparent market price signals and enhance risk management capabilities, allowing the company to better hedge against price fluctuations in recycled aluminum [7]

Core Viewpoint - The success of Xiaomi's automotive business is fundamentally rooted in the "Xiaomi Methodology," which has allowed it to "disrupt" the traditional automotive industry over the past 2-3 years. Unlike the product-driven logic of traditional automakers, Xiaomi employs a user-driven approach, leveraging big data to optimize product quality and expand its market presence [2][6]. Group 1: Product Strategy - Xiaomi aims for a comprehensive product layout, focusing on strengthening its presence in the market above 200,000 yuan with models like SU7 and YU7, while also targeting the market below 200,000 yuan, similar to its Redmi phone strategy [2][6]. - The company is committed to executing its "user-car-home ecosystem" strategy, emphasizing brand elevation and globalization, ensuring that its automotive business aligns with its overall strategic goals [2][3]. Group 2: Technology Strategy - Xiaomi positions itself as a "fast follower" in technology, with a focus on enhancing electric and intelligent driving capabilities. The company plans to allocate approximately 30% of its annual R&D budget, which is no less than 30 billion yuan, to automotive research and development [3][6]. Group 3: Market Performance - Since the official delivery of the SU7, Xiaomi's automotive revenue and gross margin have been on the rise, achieving a gross margin of 23.2% in Q1 2025. The average selling price (ASP) per vehicle remains around 240,000 yuan, with single-vehicle operating losses gradually narrowing [38][40]. - The SU7 has surpassed the Tesla Model 3 to become the best-selling electric sedan in its price range, with an average monthly sales of 26,500 units in the first five months of 2025 [49][52]. Group 4: User Demographics - The user demographic for the SU7 shows a higher proportion of female users compared to Xiaomi's smartphone users, with a significant focus on young consumers aged 25-35. The vehicle's design and performance appeal to this demographic, particularly in first- and second-tier cities [53][54]. Group 5: Sales and Distribution - Xiaomi's automotive sales strategy employs a "t+N" model, where "t" represents self-operated delivery centers and "N" includes partnerships with top automotive dealers. As of May 31, 2025, Xiaomi has established 298 brand stores across 82 cities, with plans to expand further into emerging markets [43][44].

Core Viewpoint - The integrated die-casting concept has shown a significant increase of 3.74%, ranking 9th among concept sectors, with 52 stocks rising, including notable gains from Shengli Precision, Minglida, Bojun Technology, and Top Group [1] Group 1: Market Performance - The integrated die-casting sector received a net inflow of 860 million yuan from main funds, with 33 stocks experiencing net inflows, and 5 stocks exceeding 50 million yuan in net inflow [1] - Shengli Precision led the net inflow with 414 million yuan, followed by Top Group, Genesis, and Huichuan Technology with net inflows of 161 million yuan, 92 million yuan, and 64 million yuan respectively [1] - The top-performing stocks in the integrated die-casting sector included Shengli Precision (9.90%), Top Group (6.73%), and Genesis (6.41%) [2] Group 2: Fund Flow Ratios - The highest net inflow ratios were observed in Shengli Precision (21.14%), Beiqi Blue Valley (13.14%), and Genesis (11.87%) [2] - The trading turnover rates for the leading stocks were 17.29% for Shengli Precision, 2.22% for Top Group, and 6.50% for Genesis [2] Group 3: Additional Stock Performance - Other notable performers included Minglida (7.41%), Bojun Technology (7.13%), and Huichuan Technology (3.41%) [3] - Stocks such as Feirongda (5.45%) and Sanxiang New Materials (6.26%) also contributed to the positive performance of the sector [3]

Group 1 - Wencan Co., Ltd. operates over 20 production bases globally, focusing on lightweight and high-safety aluminum castings for automotive clients, particularly in the fields of integrated body castings for electric vehicles, structural components, battery boxes, and braking systems [1] - The company is a leader in the production of integrated large castings, with over 1 million units supplied annually, and has 12 die-casting islands with a capacity of over 6000 tons, including 7 islands with a capacity of 10,000 tons, which will increase to 10 by the end of the year [1] - The newly launched 10,000-ton super die-casting island in Anhui will further solidify Wencan's leadership position in the global integrated die-casting sector [1] Group 2 - Anhui Xiongbang, a subsidiary of Wencan, features a fully digitalized ecosystem that enhances the entire casting process through advanced technologies such as AI, 3D imaging, and autonomous logistics systems, significantly improving efficiency and quality [2] - The factory will house over 28 large intelligent die-casting units, 250 processing centers, 200 high-end robots, and 50 fully automated production lines, making it Wencan's most automated and intelligent facility [2] - The introduction of high-performance AI visual systems for inspection and autonomous guided vehicles for logistics will create a flexible material transport network, enhancing workshop logistics efficiency and safety [2] Group 3 - The establishment of an aluminum die-casting circular industrial park in collaboration with NIO in Liu'an City aims to boost the development of the automotive parts industry in Anhui, promoting a complete industrial chain for a world-class intelligent automotive industry cluster [3] - Wencan has been a strategic partner of NIO since 2017, collaborating on various projects, including large-scale integrated die-casting and material recycling, and plans to deepen this partnership in future innovative fields [3] - The official launch of Anhui Xiongbang marks the completion of a new production base in Central China, demonstrating Wencan's commitment to empowering Chinese manufacturing and leading the global automotive lightweight revolution [4]