证券研究报告 | 2025年08月26日 伟星股份（002003.SZ） 优于大市 二季度费用率增长致利润承压，毛利率延续提升趋势 上半年收入微增，毛利率提升，费用率增加。2025 年上半年收入同比+1.80% 至 23.38 亿元；归母净利润同比-11.19%至 3.69 亿元；扣非归母净利润 同比-9.71%至 3.62 亿元。受益于产品结构（金属产品表现较好）和客 户结构（国际大牌表现较好）变化，毛利率同比提升 1.1 百分点至 42.89%。 销售费用率同比+0.8 百分点至 8.78%（主因市场拓展投入增加），管理 费用率同比+0.9 百分点至 9.98%（受绩效奖金计提分摊影响）；财务费 用率同比+1.75 百分点至 1.16%（主要受汇兑损失较去年同期增加影响）。 主要因费用率增加，经营利润率和归母净利率分别同比-2.6/-2.3 百分 点至 19.4%/15.8%。公司拟每 10 股派息 1 元，分红率约 31.64%。 二季度受关税和终端消费疲软影响接单承压，费用率提升致利润承压。第二 季度收入同比-9.18%至 13.59 亿元，主要受关税和终端消费疲软影响、 接单承压；归母净利润同比-2 ...

Investment Rating - The investment rating for Geely Automobile is "Buy" and is maintained [6]. Core Views - Geely Galaxy A7 was officially launched on August 8, 2025, with 7 models priced between 81,800 to 117,800 yuan, including an 8,000 yuan limited-time trade-in benefit. The new platform is expected to usher in a new era of products for Geely Automobile [2][4]. - The GEA architecture supports a new vehicle cycle, with brands such as Zeekr, Lynk & Co, and Galaxy showing positive trends. The transition to new energy vehicles is progressing smoothly, and the scale effect is gradually becoming apparent, which will bring upward profit elasticity. The company’s solid foundation in fuel vehicles and innovative overseas expansion modes through joint ventures continue to open new markets [6]. - The intelligent strategy is set to accelerate the enhancement of intelligent driving capabilities. The strong new vehicle cycle is expected to provide significant profit elasticity, with a projected net profit attributable to shareholders of 16.1 billion yuan in 2025, corresponding to a PE ratio of 10.5X [6]. Summary by Sections Event Description - The Geely Galaxy A7 features the Raytheon AI Hybrid 2.0 system, achieving a fuel consumption of 2.67L per 100 km and a range of over 2100 km. It boasts a spacious interior with a wheelbase of 2845mm, leading in energy consumption, space, intelligence, and safety among its peers [4][7]. Product Strategy - Geely is focusing on electric and intelligent advancements, with a strong new vehicle cycle expected to continue. In 2025, 10 new energy models are anticipated, including 5 new models and several facelifts under the Geely brand, alongside new releases from Zeekr and Lynk & Co [6][7].

Investment Rating - The investment rating for Geely Automobile is "Buy" and is maintained [6]. Core Views - Geely Automobile reported July 2025 sales of 238,000 units, representing a year-on-year increase of 57.7% and a month-on-month increase of 0.7%. Cumulative sales for January to July 2025 reached 1.647 million units, up 48.8% year-on-year. The new platform is expected to empower Geely to enter a new product era [2][4][8]. - The GEA architecture supports a new vehicle cycle, with brands such as Zeekr, Lynk & Co, and Galaxy performing well. The transition to new energy vehicles is progressing smoothly, and the scale effect is expected to enhance profitability. The company maintains a solid foundation in fuel vehicles and continues to explore overseas markets through innovative joint ventures. The smart driving strategy is set to accelerate, enhancing driving capabilities [2][8]. Summary by Sections Sales Performance - In July 2025, Geely's sales reached 238,000 units, with a year-on-year growth of 57.7% and a month-on-month growth of 0.7%. The cumulative sales from January to July 2025 were 1.647 million units, reflecting a year-on-year increase of 48.8% [2][4][8]. - Breakdown of sales by brand shows Geely brand at 194,000 units, Lynk & Co at 27,000 units, and Zeekr at 17,000 units, with respective year-on-year growth rates of 70.0%, 27.9%, and 8.4% [8]. New Product Launches - Geely plans to launch 10 new energy models in 2025, including 5 new models and several updated versions under the Geely brand. Notable launches include the Galaxy Star 8 and various SUVs and sedans throughout the year [8]. Strategic Focus - The company is focusing on electrification and intelligence, with a strong new vehicle cycle continuing. The new product launches are expected to significantly enhance the smart driving capabilities across all brands [8]. Financial Outlook - The expected net profit attributable to shareholders for 2025 is projected to be 16.1 billion, with a corresponding PE ratio of 10X, indicating substantial profit elasticity under the new vehicle cycle [8].

Core Insights - BMW has partnered with Chinese autonomous driving company Momenta to develop a new generation of intelligent driving assistance systems, set to debut in the 2026 domestic Neue Klasse iX3 model, which will feature comprehensive point-to-point driving assistance capabilities for both highways and urban roads [3][4] - This collaboration comes in response to a significant 15.5% year-on-year decline in BMW's sales in China during the first half of the year, highlighting the urgency for BMW to adapt to the competitive landscape where rivals like Mercedes-Benz and Audi have already engaged with local suppliers [3][7] Group 1 - The intelligent driving assistance system will utilize an AI-driven "perception-planning-control" integrated architecture, employing large-scale neural networks for environmental perception, path planning, and vehicle control, aiming to achieve a level of driving judgment comparable to human drivers [3][5] - Momenta's AI system will be deeply integrated with BMW's chassis system, allowing real-time adjustments to suspension stiffness and vehicle posture during maneuvers, thereby maintaining BMW's signature driving precision and handling [5][6] - BMW's shift towards collaboration with a younger Chinese tech company like Momenta is driven by the latter's more open cooperation model, which aligns better with BMW's needs [5][6] Group 2 - Historically, BMW has been cautious in its approach to intelligent driving, focusing primarily on basic features like adaptive cruise control and lane-keeping, but the current market dynamics necessitate a more aggressive strategy [6][7] - The competitive landscape has prompted BMW to reassess its market strategy, as evidenced by a series of internal reviews that identified strategic shortcomings as a key factor in its declining sales [8][9] - Other luxury automakers, such as Audi and Mercedes-Benz, have been quicker to adapt, with Mercedes having invested in Momenta as early as 2017 and Audi launching a new brand to compete with emerging players [9][10] Group 3 - The collaboration with Momenta marks a significant pivot in BMW's approach to intelligent driving, recognizing the need to integrate cutting-edge technology from local suppliers to remain competitive in the Chinese market [9][10] - Despite the partnership, challenges remain for BMW, as the new models will not be available until 2026, raising concerns about the company's ability to keep pace with rapidly changing market demands [10] - To succeed in the competitive landscape, BMW must not only embrace external partnerships but also focus on product definition, invest in local R&D teams, and effectively integrate external technologies with its internal systems [10]

Core Insights - The celebration marks the 23rd anniversary of Red Star Macalline's presence in Tianjin, highlighting the brand's evolution and its integration with the city [1][3][11] - The event featured brand ambassador Dilireba, who engaged with the audience, enhancing the brand's youthful image [5][9] - Red Star Macalline is shifting from a traditional home furnishing retailer to a lifestyle leader, focusing on scene-based, high-end, and intelligent strategies for future growth [11][13] Strategic Developments - The "3 + Star Ecosystem" strategy and the "M + Home Design Center" were key highlights, indicating a dual focus on high-end appliances and comprehensive design services [6][8] - The company plans to introduce 2,000 design studios and over 8,000 designers by 2025, aiming to create the largest home design service network in China [8] Brand Engagement - The celebration included interactive segments like the "Wishing Bottle" where audience members shared their hopes for the brand, showcasing community engagement [9] - The event concluded with a symbolic cake-cutting ceremony, emphasizing the brand's connection with its customers and the local community [9][13]

Core Viewpoint - The company reported significant growth in sales, particularly in the new energy vehicle segment, indicating a strong market position and potential for future profitability [1][2][3] Sales Performance - In May, the total wholesale sales reached 235,000 units, representing a year-on-year increase of 46.4% and a month-on-month increase of 0.5% [1][2] - Cumulatively, from January to May, the total wholesale sales amounted to 1.173 million units, up 48.6% year-on-year [1][2] - New energy vehicle sales in May were 138,021 units, showing a year-on-year increase of 135.2% and a month-on-month increase of 9.9%, with a penetration rate of 58.7% [1][2] Brand Performance - The sales breakdown for May includes 189,000 units for the Geely brand, 18,908 units for Zeekr, and 27,630 units for Lynk & Co [1][2] - The launch of the Geely Galaxy Star 8, priced between 115,800 to 155,800 CNY, has generated over 10,000 pre-orders within six days [2] New Product Launches - The Lynk & Co 900 was officially launched in May, with four configurations priced between 289,900 to 396,900 CNY, achieving over 30,000 orders by mid-May [2] - The Zeekr 9X luxury SUV, set to launch in Q3 2025, features advanced technology and is expected to be priced over 1 million CNY [2] Technological Advancements - The company is deepening its integration of AI technologies, having announced a comprehensive AI strategy in May that includes various cutting-edge technologies [3] - The Lynk & Co 900 will be among the first vehicles to utilize the NVIDIA Thor chip, enhancing its competitive edge in the market [3] Financial Projections - The company forecasts revenues of 404.78 billion CNY, 489.69 billion CNY, and 572.83 billion CNY for 2025-2027, with net profits of 16.21 billion CNY, 22.09 billion CNY, and 25.98 billion CNY respectively [3]

Core Viewpoint - BYD is making significant moves in the electric vehicle market, particularly targeting the Japanese microcar segment and expanding its overseas sales, which have shown substantial growth recently [1][2][4]. Group 1: Expansion into Japan - BYD plans to launch a low-cost micro electric vehicle in Japan next year, aiming to capture a share of the $18 billion microcar market [2]. - The new micro electric vehicle is designed specifically for overseas markets and is not sold in China, potentially enhancing BYD's competitiveness in Japan [2]. - The pricing strategy for the new model is expected to be lower than BYD's existing small electric car, the Dolphin, which is priced at approximately 2.9 million yen (around 145,000 RMB) [2]. Group 2: Sales Performance - In May, BYD's total new energy vehicle sales reached 382,500 units, a year-on-year increase of 15.3%, with cumulative sales from January to May reaching 1.7634 million units, up 38.7% [4]. - Overseas sales of BYD's new energy vehicles in May amounted to 89,047 units, with passenger car and pickup sales abroad increasing by 133.6% year-on-year [4]. Group 3: Competitive Positioning - In April, BYD surpassed Tesla in electric vehicle sales in Europe, selling 7,231 units, a 169% increase year-on-year, while Tesla's sales dropped by 49% [3]. - The European market is becoming increasingly competitive, with BYD's growth occurring despite the upcoming tariffs on Chinese electric vehicles [3]. Group 4: Future Growth Prospects - Analysts predict that BYD's overseas sales will continue to grow rapidly, supported by an expanding product lineup and improved production capabilities [5][6]. - The company is also focusing on local production in countries like Uzbekistan and Thailand, which is expected to enhance its competitiveness in international markets [5]. - BYD's strategic initiatives in smart driving technology and high-end vehicle offerings are anticipated to further boost its profitability and market presence [6].

Group 1 - Chery Automobile has integrated its subsidiaries Lion Technology and Dazhuo Intelligent into a new "Chery Intelligent Center," which will focus on smart cockpit, intelligent driving assistance, and digital architecture, forming a complete closed-loop system from hardware to software [1] - Elon Musk announced that Tesla will deliver the Model Y autonomous driving vehicle in June, with successful testing on public roads in Austin without any accidents [1] - Toyota reported a 10% year-on-year increase in global sales in April, reaching 876,864 vehicles, driven by strong demand for hybrid vehicles and a surge in U.S. purchases due to import tariffs [1] Group 2 - Great Wall Motors has received authorization for a patent related to a battery cooling and fire extinguishing system, designed to quickly cool and extinguish fires in battery cells during thermal runaway situations [1]

Core Viewpoint - Chery Automobile has recently integrated its subsidiaries Lion Technology and Dazhuo Intelligence with the R&D headquarters to establish the "Chery Intelligent Center," marking a significant step in its smart strategy [1] Group 1: Company Developments - The newly formed Chery Intelligent Center will have a complete operational advantage and will include R&D and innovation modules such as intelligent cockpit, intelligent driving assistance, and digital architecture [1] - The integration aims to create a full-link closed loop encompassing hardware, algorithms, data, software, ecology, and scenarios [1] Group 2: Strategic Importance - According to Chery Group spokesperson Jin Yibo, this integration is a crucial move in advancing Chery's smart strategy [1]

Investment Rating - The report does not provide a specific investment rating for the company [1] Core Views - The company has launched a restricted stock incentive plan for 2025, aiming to grant approximately 14.18 million shares to 421 individuals, which is about 1.65% of the total share capital, at a price of 20.6 yuan per share. This plan is expected to motivate the core team and stimulate growth [1] - The incentive plan sets performance targets for revenue and net profit growth from 2024 as a base, requiring growth rates of at least 15%/32.25%/52.09% for the years 2025-2027, indicating a strong emphasis on sustained growth [2] - The company is focusing on product upgrades and has partnered with ByteDance and Midea to enhance its smart strategy, aiming for a transformation towards full-chain intelligence and user operation [3] - The company anticipates steady sales growth in Q2 2025, with supply chain issues previously encountered now resolved, and aims to leverage its strengths to increase market share [3] Financial Summary - The projected total revenue for the company is expected to grow from 21.036 billion yuan in 2023 to 34.158 billion yuan in 2027, with a compound annual growth rate (CAGR) of approximately 8.3% [6] - The net profit attributable to the parent company is forecasted to increase from 1.881 billion yuan in 2023 to 3.348 billion yuan in 2027, reflecting a CAGR of about 12.7% [6] - The company's gross margin is expected to improve from 16.5% in 2023 to 18.6% in 2027, indicating enhanced profitability [6] - The projected earnings per share (EPS) are expected to rise from 2.18 yuan in 2023 to 3.89 yuan in 2027, with corresponding price-to-earnings (P/E) ratios decreasing from 17.67 to 9.93 over the same period [4][6]