公司2025 年Q2 实现综合毛利率19.64%，同比-0.73%，环比+0.81%，环比有所改善，主要由于产品结构 的优化以及规模效应。公司2025 年Q2 的期间费用率为8.62%，同比+0.37 pct，环比-0.11 pct，其中研发 费用率为6.12%，同比+1.35 pct，环比+0.11 pct，同比增加较多主要由于新项目较多，职工薪酬及研发 材料消耗增加。公司2025 年Q2 实现归母净利润3.84 亿元，同比+9.35%，环比+19.31%。 事件：星宇股份发布2025 年半年报，公司实现营收67.57 亿元，同比增长18.20%，实现归母净利润7.06 亿元，同比增长18.88%。 营收稳健增长，未来有望延续高成长： 公司2025 年Q2 实现营收36.63 亿元，同比+10.85%，环比+18.36%，同比保持稳健增长，主要由于： 1）核心客户奇瑞、问界销量表现优秀，奇瑞、问界2025年Q2 分别实现销量59.87/ 10.68 万辆，分别同 比+3.22%/ 8.09%；2）吉利、理想、蔚来、小鹏等新能源客户陆续放量。 我们认为公司2025 年H2 营收有望维持高增长，主要由于：1）核 ...

Investment Rating - The report maintains a "Buy-A" rating for the company [7] Core Views - The company achieved a revenue of 6.757 billion yuan in Q2 2025, representing a year-on-year growth of 18.20%, and a net profit attributable to shareholders of 706 million yuan, up 18.88% year-on-year [1] - The company is expected to continue high growth in H2 2025, driven by strong sales from core clients such as Chery and Wanjie, as well as the ramp-up of new projects from clients like Geely, Li Auto, NIO, and XPeng [2] - The company's gross margin improved to 19.64% in Q2 2025, with a net profit of 384 million yuan, reflecting effective cost control and product structure optimization [3] - Future growth is driven by three main factors: client autonomy, product high-endization, and business globalization, with successful collaborations with traditional automakers and new clients [4] Financial Summary - The company is projected to achieve net profits of 1.7 billion, 2.11 billion, and 2.57 billion yuan from 2025 to 2027, with corresponding PE ratios of 20.8, 16.7, and 13.7 times [4][5] - The revenue forecast for the company is 10.25 billion yuan for 2023, 13.25 billion yuan for 2024, and 16.3 billion yuan for 2025, with a revenue growth rate of 24.3% in 2023 [11]

Investment Rating - The report maintains a "Buy-A" rating for the company [5][6] Core Views - The company achieved excellent performance in its 2024 annual report, with revenue of 13.253 billion yuan, a year-on-year increase of 29.32%, and a net profit attributable to shareholders of 1.408 billion yuan, up 27.78% year-on-year [1][2] - Future growth is driven by three main factors: customer autonomy, product high-endization, and business globalization [4] Revenue and Profitability - In 2024, the company maintained high revenue growth, achieving 13.253 billion yuan, with significant contributions from core customers such as Chery and Wanjie, which sold 2.4689 million and 389,800 units respectively, representing year-on-year increases of 38.62% and 264.65% [2] - The average selling price (ASP) of the company's headlights in 2024 was 203.13 yuan, a year-on-year increase of 25.31% [2] - The company's gross profit margin before accounting adjustments was 20.31%, a decrease of 0.87 percentage points year-on-year, primarily due to changes in customer structure [2] Cash Flow and Financial Health - The net cash flow from operating activities in 2024 was 909 million yuan, a year-on-year increase of 30.42%, mainly due to increased cash received from sales [3] - As of the end of 2024, accounts receivable and notes receivable were 1.592 billion yuan and 4.517 billion yuan, respectively, an increase of 260 million yuan and 1.451 billion yuan compared to the end of 2023 [3] Quarterly Performance - In Q4 2024, the company achieved revenue of 4.027 billion yuan, a year-on-year increase of 33.73% and a quarter-on-quarter increase of 14.78% [3] - The adjusted gross profit margin for Q4 2024 was 20.96%, an increase of 0.51 percentage points year-on-year and 1.02 percentage points quarter-on-quarter [3] Future Growth Drivers - The company is expanding its customer base by deepening cooperation with traditional automakers and successfully entering partnerships with new energy vehicle manufacturers [4] - The company has established three wholly-owned overseas subsidiaries and is expanding its global market presence, including new customers like Toyota in Japan [4] Valuation and Price Target - The report projects net profits for 2025, 2026, and 2027 to be 1.85 billion yuan, 2.29 billion yuan, and 2.79 billion yuan, respectively, with corresponding PE ratios of 19.1, 15.5, and 12.7 times [5][11] - A target price of 162 yuan per share is set for the next six months, based on a 25 times PE ratio [5][6]