分析师 公司点评报告 · 电子行业 Q2 业绩持续创新高，交换机 PCB 收入高增 —— 2025 年半年报点评 2025 年 08 月 25 日 沪电股份（002463.SZ） | 推荐 | | --- | | 维持评级 | 高峰 ：010-80927671 ：gaofeng_yj@chinastock.com.cn 分析师登记编码：S0130522040001 钱德胜 ：021-2025-2665 ：qiandesheng_yj@chinastock.com.cn 分析师登记编码：S0130521070001 | 市场数据 | 2025-08-22 | | --- | --- | | 股票代码 | 002463.SZ | | A 股收盘价(元) | 55.63 | | 上证指数 | 3825.76 | | 总股本(万股) | 192,398.34 | | 实际流通 A 股(万股) | 192,243.03 | | 流通 A 股市值(亿元) | 1069 | 相对沪深 300 表现图 2025-08-22 资料来源：Wind，中国银河证券研究院 -40% -20% 0% 20% 40% 60% 80% 沪电 ...

未经许可，不得转载或者引用。 投资要点 本周复盘总结：八月第二周交强险42.9万辆，环比上周/上月周度+14.4%/+10.5%。 本周细分板块涨跌幅排序:SＷ商用载货车(+6.2%) > SW乘用车(+4.9%) >SW汽车零部件(+4.8%) >SW汽车（+4.7%）> SW商用载客车(+2.74%) >SW摩托车及其他(+2.71%) 。本周已覆盖标的 蔚来-SW，松原安全，拓普集团，小鹏汽车-W，福耀玻璃涨幅前五。 本周团队研究成果： 外发华阳集团、松原安全、小鹏汽车、零跑汽车、继峰股份、北汽蓝谷中报点评，外发客车8 月月报。 本周行业核心变化： 本周汽车A-H股表现都不错，各个子版块都有不同幅度反弹，其中商用载货车最佳。本周核心 变化：8月第二周交强险数据符合预期。东风H股私有化；小鹏Q2业绩符合预期；蔚来新ES8定 价超预期；长安Q2业绩略低于预期；长城坦克/哈弗新车订单亮眼；福耀Q2业绩超出预期 价超预期；长安Q2业绩略低于预期；长城坦克/哈弗新车订单亮眼；福耀Q2业绩超出预期。 当前时点汽车板块如何配置？ 我们认为汽车行业或又进入了新的十字路口阶段：汽车电动化红利进入尾声，汽车智能化正 在"黎 ...

作者： 躺倒鸭 来源： 躺倒鸭 闭店了！闭店了！多家#奔驰 店"倒闭"了。 虽然鸭不是"尊贵"的奔驰车主，但鸭是尊贵的网友。一打开小某书，就给我推奔驰4S店倒闭的信 息。 多位奔驰车主收到4S店发来 的的短信通知，门店已被梅赛德斯-奔驰官方终止授权。尚未使用的 奔驰原厂保养服务套餐可通过任何一家梅赛德斯奔驰授权店继续使用。 ---------------------------------- 目前看到的店已经有北京鹏龙海依捷、北京鹏龙瑞星、北京运通兴驰、浙江宝利德、德州广汇之 星、湖州之星、绍兴之星等。 | | 2025奔驰取消部分经销商授权盘点 | | | --- | --- | --- | | 序号 | 集团 | 授权终止日 | | 1 | 湖州之星 | 2025年06月27日 | | 2 | 绍兴之星 | 2025年06月27日 | | 3 | 浙江星宝行 | 2025年6月27日 | | ব | 浙江越星 | 2025年6月27日 | | 5 | 意时只是吸 | 2025年6月30日 | | 6 | 重庆星顺联芳 | 2025年6月30日 | | 7 | 重庆星顺汽车 | 2025年07月11日 | ...

2025海报集团金秋车展将于9月11日至14日举办 新能源车的参展比例预计再创历史新高 海南日报海口8月22日讯(海南日报全媒体记者 王培琳 实习生 劳桢茹)海南日报全媒体记者8月22日 从2025海报集团金秋车展组委会获悉，2025海报集团金秋车展将于9月11日至9月14日在海南国际会展中 心(西海岸)举行。此次车展亮点频出，不仅有车展与家博会双展联动的创新模式，更汇聚了汽车行业的 多元品牌与前沿车型，将为消费者带来一场集购车、休闲于一体的精彩体验。 本届车展吸引了众多品牌踊跃参展，从传统热门品牌到新兴新能源品牌悉数亮相，展品齐全，涵盖 传统燃油车、新能源车及商用车(皮卡、轻卡、冷链车、半挂车等)等多种车型，打造选车购车一站式体 验，价格一步到位、透明。尤其值得一提的是，新能源车的参展比例预计将再创历史新高，彰显出汽车 行业向电动化、智能化加速转型的趋势。在车展现场，各品牌将全方位展示旗下最新车型、前沿技术与 独特设计，消费者不仅能享受一步到位的价格优惠，更能近距离感受汽车行业的创新魅力。 与往年不同，今年的金秋车展创新性地实现了车展与家博会双展联动。消费者在车展现场，不仅能 挑选到心仪的爱车，还能一站式选 ...

Group 1 - The Chinese imported automobile market is experiencing a continuous decline, with total imports expected to be only 220,000 units in the first half of 2025, a year-on-year decrease of 32% [1] - Since reaching a peak of 1.43 million imports in 2014, the market has been on a downward trend, with a 12% year-on-year decline in 2024, bringing imports down to 700,000 units [1] - The decline is attributed to the rise of the domestic automotive industry and the wave of electrification [1] Group 2 - Traditional luxury car brands, particularly the German trio (BMW, Mercedes-Benz, Audi), are facing significant challenges, with BMW deliveries down 15.5% to 317,900 units, Mercedes-Benz down 19% to 293,200 units, and Audi down 10.2% to 287,600 units [3] - In contrast, domestic new energy luxury vehicles are rising sharply, with Li Auto delivering 204,000 units and NIO delivering 74,000 units in the same period [3] - In the 300,000-400,000 yuan market, new energy vehicles achieved a market share of 52.5% in July, surpassing traditional fuel vehicles for the first time [3] Group 3 - Despite the challenges, traditional luxury brands still maintain a loyal customer base, with a market share of 58.7% in July, down from 60.2% in March [4] - The slow pace of electrification among traditional luxury brands is evident, with imported new energy passenger vehicles accounting for only 2% of the market in the first half of 2025, an 80% year-on-year decline [4] - Policy changes, such as the adjustment of luxury car tax thresholds, have led to a significant drop in sales for some models, with declines exceeding 20% [4] Group 4 - The future of the Chinese imported automobile market will be characterized by both challenges and opportunities, with the competition between traditional luxury and domestic luxury brands unlikely to end soon [5] - Domestic brands are leading in electrification, making it difficult for traditional ultra-luxury brands to catch up [5] - The market feedback indicates that high-end positioning now relies on technological strength and ecosystem development rather than solely on brand prestige [5]

Core Viewpoint - Valeo has secured three key orders in the Chinese market, focusing on electrification, thermal management, and intelligent cockpit solutions, which has garnered significant attention in the industry [1][4]. Company Overview - Founded in 1923, Valeo is a French automotive parts giant ranked 13th among global suppliers in 2025, specializing in electrification, automation, and intelligent solutions, with annual sales exceeding €22 billion, of which 17% comes from the Chinese market, making it the largest single market for the company [4]. - The company is currently facing challenges, including a 4.1% year-on-year decline in sales to €10.66 billion in the first half of 2025 and a 26% drop in net profit to €104 million, attributed to a weak dollar and reduced customer demand [4][5]. Market Environment - The automotive market is experiencing a downturn in production and sales, compounded by weak foreign exchange rates and geopolitical uncertainties, which have negatively impacted Valeo's revenue [5]. - In China, local competitors like Huawei and Huayu Vision are significantly squeezing Valeo's market share, with a reported 8% decline in sales to OEMs in the region [5]. Technological Breakthroughs - Valeo's recent projects include an external active grille shutter, which will be mass-produced by July 2026, featuring a new 4Nm high-torque motor platform that enhances vehicle performance and range by automatically adjusting the grille based on various parameters [7][9]. - The "five-in-one deep integration power electronic module" is another noteworthy project, which integrates multiple technologies to achieve approximately 20% weight reduction, supporting the development of next-generation electric drive systems [9][11]. - The panoramic head-up display (P-HUD) system, developed in collaboration with a leading Chinese automaker, transforms the windshield into a virtual interactive screen, enhancing driver safety by reducing the need for visual distraction [11][12]. Localization Strategy - Valeo's successful project execution is attributed to its early establishment in China and strong partnerships with upstream suppliers, enabling rapid commercialization of new technologies [12][14]. - The collaboration between Valeo's R&D center in Jingzhou and its factory in Foshan is crucial for optimizing product development tailored to the Chinese market, forming a robust supply chain network [12][14]. Industry Implications - The advancements made by Valeo reflect a significant shift in the role of component suppliers in the automotive industry, driven by the rapid iteration of local automakers and the need for suppliers to innovate quickly [14]. - Valeo's technological breakthroughs not only mark milestones for the company but also represent a slice of the broader transformation within the automotive industry as electrification and intelligent competition intensify [14].

Core Viewpoint - The automotive industry is entering a new crossroads phase, with the end of the electric vehicle (EV) dividend and the dawn of intelligent vehicle technology. The company suggests increasing the allocation weight of "dividend style" investments in the second half of 2025 [6][9]. Group 1: Weekly Review - In the first week of August, the compulsory insurance for vehicles reached 375,000 units, showing a week-on-week decrease of 18.8% but a month-on-month increase of 3.6% [12]. - The performance of sub-sectors this week ranked as follows: SW motorcycles and others (+6.9%) > SW auto parts (+3.5%) > SW automobiles (+3.1%) > SW passenger vehicles (+2.1%) > SW commercial cargo vehicles (+1.8%) > SW commercial passenger vehicles (+0.2%) [12]. - The top five stocks covered this week with the highest gains were Yinlun Co., Chuanfeng Power, Junsheng Electronics, Jingwei Hengrun-W, and Naisite [12]. Group 2: Industry Changes - The collaboration between Xiaopeng Motors and Volkswagen has been upgraded, with a joint development of an electronic and electrical architecture that will be integrated into Volkswagen's pure electric vehicle platform in China, as well as its fuel and plug-in hybrid platforms [5]. - Geely Automobile reported a revenue of 77.7 billion yuan for Q2 2025, with a year-on-year increase of 28.4% and a quarter-on-quarter increase of 7.3%. However, the net profit attributable to shareholders was 3.62 billion yuan, down 60.0% year-on-year and 36.2% quarter-on-quarter [5]. - BAIC Blue Valley's Q2 revenue was 5.744 billion yuan, with a year-on-year increase of 156.8% and a quarter-on-quarter increase of 52.2%. The net profit attributable to shareholders was -1.355 billion yuan [5]. - A strategic partnership was established between Obsidian Light and Horizon Robotics, as well as with Digua Robotics, to promote the intelligence of robots [5]. - Junsheng Electronics has formed a strategic partnership with leading intelligent driving algorithm company Momenta [5]. Group 3: Market Focus - The automotive sector performed well this week, with A-shares showing better performance compared to Hong Kong stocks. The motorcycle sub-sector continued to lead in performance [8]. - The core changes this week included the general performance of domestic demand being average, the upgrade of the Xiaopeng and Volkswagen collaboration, the strategic partnership between Junsheng Electronics and Momenta, and the Q2 performance of Geely and BAIC Blue Valley meeting expectations [8][13]. Group 4: Investment Recommendations - The company recommends increasing the allocation weight of "dividend style" investments in the automotive sector for the second half of 2025 [6][9]. - The main lines for investment include: - **Dividend & Good Pattern**: Buses (Yutong Bus), Heavy Trucks (China National Heavy Duty Truck A-H / Weichai Power), Two-wheelers (Chuanfeng Power / Longxin General), and Auto Parts (Fuyao Glass + Xingyu Co. + Xinquan Co. + Jifeng Co.) [9]. - **AI Intelligentization Main Line**: Preferred stocks in Hong Kong (Xiaopeng Motors-W / Li Auto-W / Xiaomi Group-W) > A-shares (Seres / SAIC Group / BYD); preferred auto parts (Horizon Robotics-W / China Automotive Research / Desay SV / Bertley / Hezhima Intelligent) [9]. - **AI Robotics Main Line**: Preferred auto parts (Top Group + Precision Forging Technology + Fuda Co. + Xusheng Group + Aikedi) [9].

Core Viewpoint - The Italian automotive industry, renowned for its luxury and sports car brands, is facing significant challenges due to the need for transformation towards electric and smart technologies, while maintaining its heritage of high-quality craftsmanship and design [10][11][12]. Industry Overview - Italy is home to a plethora of world-famous automotive brands such as Ferrari, Lamborghini, Maserati, and Alfa Romeo, making it a leading country in luxury and sports car production [3][5]. - The Italian automotive industry has a rich history, dating back to the establishment of Fiat in 1899, which marked the beginning of automotive manufacturing in Italy [7][8]. Market Performance - Recent data indicates a decline in new car sales in Italy, with 11.8493 million units sold in July 2025, a year-on-year decrease of 5.1%, and a total of 97.3396 million units sold from January to July 2025, down 3.8% [10]. - Stellantis, a multinational automotive group including Fiat Chrysler and Alfa Romeo, reported a nearly 27% year-on-year decline in automotive production in Italy during the first half of the year [10]. Technological Transformation - The industry is under pressure to adapt to stricter European emissions regulations, with electric and smart technologies becoming essential for future competitiveness [10][11]. - High-end brands like Ferrari and Maserati are exploring hybrid and electric models to maintain performance while transitioning to electric technologies [10]. Challenges in Transition - The shift to electric vehicles presents challenges, particularly in balancing driving experience and range, which are critical for sports car enthusiasts [10]. - Limitations in battery technology and inadequate charging infrastructure pose additional hurdles for the adoption of electric vehicles [10]. Educational Initiatives - Italian universities are collaborating to establish electric vehicle engineering programs to cultivate talent in the automotive sector, highlighting the importance of skilled professionals in the industry's transformation [11]. Competitive Strategy - The success of the Italian automotive industry is attributed to its focus on niche markets, innovation, quality control, and a strong emphasis on craftsmanship [11][12].

Financial Performance - In the first half of 2025, the company's revenue reached 5,446,058,322.9 yuan, representing a year-on-year growth of 19.21% [2][3] - The net profit attributable to shareholders was 353,689,763.03 yuan, an increase of 78.65% compared to the same period last year [2][3] - The net profit after deducting non-recurring gains and losses was 346,661,245.93 yuan, showing a growth of 97.24% year-on-year [2][3] - The net cash flow from operating activities was 147,249,898.89 yuan, a significant increase of 224.15% [3] - Basic and diluted earnings per share were both 0.3823 yuan, reflecting a growth of 79.91% [3] - The weighted average return on equity was 7.28%, up from 4.38% in the previous year [3] - As of the end of the reporting period, total assets amounted to 12,286,864,117.33 yuan, a growth of 2.64% year-on-year [2][3] - The net assets attributable to shareholders were 5,017,901,958.33 yuan, increasing by 7.17% compared to the end of the previous year [2][3] Business Overview - The company specializes in intelligent controller solutions, with main business areas including home appliances, power tools, industrial automation, automotive electronics, smart products, and AI service platforms [2] - The automotive electronics segment is a key strategic area for the company, which has maintained rapid growth in recent years [4] - The company has increased R&D investment in automotive electronics, focusing on product innovation and foundational technology research [4] - The automotive electronics business has achieved multiple international certifications, including ASPICE CL3, CMMI CL3, ISO26262 Asil-D, ISO21434, and IATF16949 [4] - The company has established a specialized team for business, R&D, and management operations, forming a core talent support system [4] Market Trends and Future Strategy - The acceleration of electrification, intelligence, connectivity, and sharing in the automotive industry is driving market demand and product line development [5] - The company is innovating and defining its offerings based on market needs, focusing on smart cockpit and thermal management areas [5] - Current mass-produced products include core components such as touch controls, electric controls, and energy management systems [5] - The company aims to seize opportunities in industry technology upgrades while expanding into new markets like in-car multimedia and vehicle networking [5] - The company is committed to participating in cutting-edge technology incubation and research to strengthen its innovative leadership in the automotive electronics value chain [5]

Investment Rating - The report maintains a "Buy" rating for the company [1] Core Insights - The company reported a strong revenue growth of 6.7% year-on-year for the first half of 2025, achieving total revenue of $2.242 billion [7] - The net profit attributable to the parent company surged by 304.7% year-on-year, reaching $0.63 million, indicating robust performance [7] - The Asia-Pacific region is identified as a significant growth driver, contributing to the majority of the revenue increase [7] - The company successfully launched 31 new customer projects in the first half of 2025, with a focus on electric vehicle-related projects [7] - The report highlights the company's leadership position in steer-by-wire technology and its positive outlook in the context of global electrification and automation trends [7] Financial Summary - Revenue projections for 2025-2027 are set at $4.4 billion, $4.5 billion, and $4.65 billion, reflecting a consistent growth rate of approximately 3% year-on-year [7] - The net profit forecasts for the same period have been revised upwards to $137.54 million, $161.83 million, and $187.24 million, with significant growth rates of 123%, 18%, and 16% respectively [7] - The company's P/E ratios are projected to decrease from 16.13 in 2025 to 11.85 in 2027, indicating improving profitability [7]