查看完整报告 点击注册小程序 特别申明： 本订阅号中所涉及的证券研究信息由光大证券研究所编写，仅面向光大证券专业投资者客户，用作新媒体形势下研究 信息和研究观点的沟通交流。非光大证券专业投资者客户，请勿订阅、接收或使用本订阅号中的任何信息。本订阅号 难以设置访问权限，若给您造成不便，敬请谅解。光大证券研究所不会因关注、收到或阅读本订阅号推送内容而视相 关人员为光大证券的客户。 发布日期： 2025-09-02 全球化布局加速，积极布局新兴领域 我们看好公司1）全球化布局加速：1H25墨西哥子公司已实现稳定盈利（净利润约1,827万元），预计随墨 西哥工厂二期产能逐步爬坡，海外收入将持续增长；此外，公司积极推进摩洛哥工厂建设，全球化布局持 续深化。2）持续推进自研，一体化底盘战略清晰：公司为国内首家发布并量产ONE-BOX集成式线控制动 系统产品的企业，积极推动新一代线控制动产品WCBS1.5、WCBS2.0、以及EMB产业化，并依托制动技 术实力横向拓展至线控转向/空气悬架新产品、打造一体式底盘域控系统，预计自研电控转向等新产品将进 一步增强公司盈利能力。3）积极布局新兴领域：公司已设立2亿元产业基金，积极布 ...

Group 1: Financial Performance - In 1H25, total operating revenue increased by 30.0% year-on-year to 5.16 billion yuan, accounting for 39% of the original full-year forecast [1] - Gross margin decreased by 2.5 percentage points year-on-year to 18.6%, while net profit attributable to the parent company rose by 14.2% year-on-year to 520 million yuan, representing 34% of the original full-year forecast [1] - In 2Q25, revenue was 2.53 billion yuan, a year-on-year increase of 19.7% but a quarter-on-quarter decrease of 4.2% [1] Group 2: Product Performance - In 1H25, sales of intelligent electronic control products, disc brakes, lightweight brakes, and mechanical steering products grew by 43.1%, 28.7%, 7.4%, and 6.9% year-on-year, respectively [2] - The number of new project approvals increased by 44% year-on-year to 282, with intelligent electronic control products accounting for 63% of new mass production projects [2] - The decline in sales growth of lightweight brake products was attributed to lower-than-expected sales from domestic core customers, but revenue is expected to remain stable as production capacity ramps up in Mexico [2] Group 3: Global Expansion and Strategic Initiatives - The company’s Mexican subsidiary achieved stable profitability in 1H25, with a net profit of approximately 18.27 million yuan, and overseas revenue is expected to continue growing as production capacity increases [3] - The company is the first in China to release and mass-produce the ONE-BOX integrated line control braking system, actively promoting the industrialization of new generation line control braking products [3] - A 200 million yuan industrial fund has been established to invest in emerging fields such as humanoid robots and low-altitude economy, extending the company's main business advantages into the robotics sector [3] Group 4: Investment Outlook - The company maintains a "buy" rating, despite a 10% reduction in net profit forecasts for 2025, 6% for 2026, and 1% for 2027, due to intensified competition in downstream industries [3]

Investment Rating - The report maintains a "Buy" rating for the company, indicating a positive outlook for future performance [3][6]. Core Insights - The company's revenue for 1H25 increased by 30.0% year-on-year to 5.16 billion yuan, accounting for approximately 39% of the original full-year forecast. However, the gross margin decreased by 2.5 percentage points to 18.6% [1]. - In 1H25, the company saw significant growth in its intelligent electronic control products, with sales increasing by 43.1% year-on-year. The number of new projects also rose by 44% to 282 [2]. - The company is accelerating its global expansion, with its Mexican subsidiary achieving stable profitability and ongoing construction of a factory in Morocco [3]. Summary by Sections Financial Performance - 1H25 total revenue reached 5.16 billion yuan, with a net profit of 520 million yuan, reflecting a year-on-year increase of 14.2% [1]. - The gross margin for 2Q25 was 19.2%, showing a year-on-year decline of 2.2 percentage points [1]. Product Development - The company is focusing on new product development, particularly in integrated chassis systems, with successful mass production of line control braking systems [2]. - The company is preparing for mass production of new products such as EMB and air suspension systems, with significant production capacity planned [2]. Global Strategy - The Mexican subsidiary reported a net profit of approximately 18.27 million yuan, with expectations for continued growth as production capacity increases [3]. - The company has established a 200 million yuan industrial fund to invest in emerging fields such as humanoid robots and low-altitude economy [3]. Earnings Forecast - The report has adjusted the profit forecasts for 2025, 2026, and 2027 down by 10%, 6%, and 1% respectively, but maintains a positive long-term growth outlook due to the integrated chassis strategy [3].