0 1 事 件 概 述 公司发布 2025 年半年度报告， 2025H1 营收 303.47 亿元，同比 +12.07% ；归母 7.08 亿元，同比 +11.13% ；扣非 7.06 亿元，同比 +10.53% ；其中 2025Q2 营收 157.71 亿元，同比 +14.27% ，环比 +8.20% ；归母 3.67 亿元，同比 +11.18% ，环比 +7.85% ；扣非 3.86 亿元，同比 +17.89% ，环比 +20.55% 。 0 2 分 析 判 断 ►盈利稳健增长 加速新领域研发布局 1 ）收入端： 2025Q2 营收 157.71 亿元，同比 +14.27% ，环比 +8.20% ，主要系汽车电子业务与汽车安全业务稳健发展及并表香山股份所致； 2 ）利润端： 2025Q2 归母净利润 3.67 亿元，同比 +11.18% ，环比 +7.85% ，扣非 3.86 亿元，同比 +17.89% ，环比 +20.55% ，盈利水平稳定 增长。 2025Q2 毛利率达 18.39% ，同比 +2.89pct ，环比 +0.49pct ，归母净利率达 2.33% ，同比 -0.06pct ，环比 -0 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company achieved steady growth in Q1 2025, with revenue of 14.576 billion yuan, a year-on-year increase of 9.78%, and a net profit attributable to shareholders of 340 million yuan, up 11.08% year-on-year [4][5] - The overall gross margin improved by 2.6 percentage points to approximately 17.9% in Q1 2025, driven by cost reduction and efficiency enhancement measures [5] - The company is a leading global provider of automotive electronics and safety solutions, with stable development in its main business [4][5] Financial Performance - In Q1 2025, the automotive safety business generated approximately 9.2 billion yuan in revenue, while the automotive electronics business contributed about 4 billion yuan [5] - The gross margin for the automotive safety business increased by about 1.9 percentage points to approximately 15.6%, and for the automotive electronics business, it rose by about 2.1 percentage points to approximately 21.2% [5] - The company maintains its profit forecast for 2025-2027, expecting net profits of 1.392 billion yuan, 1.755 billion yuan, and 2.077 billion yuan, respectively, with corresponding EPS of 0.99 yuan, 1.25 yuan, and 1.47 yuan per share [4][7] Strategic Initiatives - The company is deepening its "Automotive + Robotics Tier 1" strategy, actively seizing opportunities in emerging markets and the growth of global smart electric vehicles [6] - In Q1 2025, the total amount of new orders acquired was approximately 15.7 billion yuan, indicating strong demand [6] - The company is focusing on the development of robotics sensor suites, battery management systems, lightweight mechas, and wireless charging solutions, with strategic partnerships in the robotics industry [6]

Core Insights - The Shanghai Auto Show serves as a key platform for showcasing cutting-edge technologies and innovations in the automotive industry, attracting significant market attention [1][2] - The event highlights the restructuring of the industry value chain, indicating a shift towards new growth areas and technological advancements [2] Group 1: Company Innovations and Strategies - JoySpace+, a new immersive smart cockpit solution, was unveiled by the company, addressing consumer demands for enhanced smart cockpit experiences with features like customizable buttons and multifunctional controls [4] - The company continues to strengthen its traditional strengths in automotive safety by launching innovative products such as a driver monitoring system and integrated smart steering wheel, aimed at reducing safety risks [5] - The strategy of advancing both smart technology and safety aligns with current regulatory trends, positioning the company as a leader in the "automotive + robotics" sector [6] Group 2: Globalization and Operational Resilience - The company has been actively restructuring and integrating global resources since 2018, with a focus on long-term value creation through systematic management [9] - From 2022 to 2024, the company's overall gross margin is projected to increase from 11.96% to 16.22%, with the first quarter of 2025 showing a further increase to 17.9% [10][15] - The company is implementing a flexible capacity network and cost transfer strategies to enhance operational efficiency and resilience [11][12] Group 3: Market Opportunities and Financial Performance - The company has secured a record high of new project orders in 2024, amounting to approximately 83.9 billion yuan, with significant contributions from automotive safety and electronics sectors [14] - The merger with Xiangshan Co. is expected to accelerate business potential, particularly in smart cockpit and new energy charging products [14] - The first quarter of 2025 reported a revenue of 14.576 billion yuan, reflecting a year-on-year growth of 9.78% [15] Group 4: Investment Outlook - The company is positioned to benefit from both Alpha and Beta returns, with a strong order backlog and a favorable market perception leading to potential value reassessment [13][17] - The technological advancements in robotics and automotive sectors are expected to create new valuation models, prompting several institutions to raise target prices for the company [17][18] - The ongoing evolution towards "automotive + robotics Tier 1" signifies the company's commitment to innovation and market leadership [19]