宁波高发（603788.SH）：主销产品 份额持续提升，盈利能力稳定 近日，公司发布 2025 年半年度报告：2025 上半年，公司实现营收 78,680.32 万元，同比增长 7.83%；实现归母净利润 10,388.53 万元，同比增长 11.93%。 对此，我们点评如下： 主销产品份额持续提升，Q2 营收同比增速放缓。公司主要产品为档位操纵器 和踏板类产品（包括油门和刹车踏板）2025 年上半年分别销售 263 万套和 531 万套，国内市场份额分别为 19.4%和 39.3%。2024 年上半年电子换挡器和电 子油门踏板分别销售 142 万套和 352 万套。据公司 2025 半年报，公司两个主 销产品销量均创历史新高，市场份额进一步提升。受市场竞争加剧影响，营收 端增速低于销量增速，其中 2025Q2 公司营收增长仅为 5.02%。我们认为，公 司在两个产品上均已形成规模优势，随着年降压力放缓，市场竞争格局的肃清 （小规模、低运营质量的企业逐渐淘汰），公司营收增速有望提升。 oNLVVpkJBiMbANyMwNcs13Csm2xRND74XtFjRctwDxF4HaZd4MTtMRIUAoESrki ...

Core Viewpoint - The sale of Iveco marks the end of an era for a once-dominant commercial vehicle giant, highlighting the challenges faced by traditional automotive companies in the electric vehicle era [6][12][24]. Group 1: Company Overview - Iveco was sold for approximately €55 billion (around 452.9 billion yuan), with Tata Motors acquiring the remaining business for about €38 billion (approximately 313.1 billion yuan) [12][15]. - The acquisition will lead to the formation of a commercial vehicle group with an annual sales volume exceeding 540,000 units, positioning it as the seventh-largest commercial vehicle manufacturer globally [22]. Group 2: Market Dynamics - The decline of Iveco is attributed to its inability to compete on performance and comfort, as well as the rise of domestic competitors offering better value [8][21]. - The Chinese commercial vehicle market has seen significant growth, with heavy truck sales reaching approximately 539,160 units in the first half of 2025, reflecting a 6.9% year-on-year increase [20]. Group 3: Industry Trends - The transition to electric vehicles represents a "Darwinian moment" for traditional automakers, emphasizing the need for technological adaptation and strategic foresight [24]. - The automotive industry is witnessing a shift where technology and software integration are becoming critical, as exemplified by the partnerships between Chinese automakers and tech companies like Huawei [29][30]. Group 4: Historical Context - Iveco was established in the 1970s through the merger of five European automotive companies, quickly gaining prominence with its flagship model, the Daily, which became a top seller in Europe [16][17]. - The brand's historical significance in China is marked by its joint ventures, particularly in the light commercial vehicle sector, which has since lost its competitive edge [19][21]. Group 5: Future Outlook - The lessons from Iveco's decline serve as a warning and an opportunity for Chinese automakers to prioritize technological innovation and ecosystem development in the face of global automotive restructuring [24][32]. - The rapid evolution of the automotive landscape necessitates continuous innovation to avoid obsolescence, as seen in the struggles of established luxury brands transitioning to electric vehicles [25][26].

点击 最 下方 " 推荐"、"赞 "及" 分享 "，"关注"材料汇 添加 小编微信 ，遇见 志同道合 的你 4 汽车玻璃业务收入增长的驱动因素拆分 7 东吴证券 ■ 我们对福耀玻璃汽车玻璃业务营收增长的驱动因素进行了拆分，包括四大影响因素：【全球汽 车销量及保有量】、【福耀全球汽玻份额】、【汽玻单车面积】、【汽玻单平米价格】。其中, 后面三个因素是公司汽玻业务成长性的主要贡献来源。 正文 の东吴证券 一、汽车玻璃是具备持续升级能力的优质零部件赛道 图1:福耀汽车玻璃营收增长因素拆分 全球汽车销量 全球汽车产销量低速缓慢 增长,保有量持续提升 及保有量 汽玻销量 竞争对手扩张意愿低;福耀 福耀全球汽玻 当前仍在持续开本开支,未 份额 来市场份额有望持续提升 汽车玻璃营收 小天窗→全景天窗→全景天 汽玻单车面积 幕的升级贡献了汽车玻璃单 车面积提升的最大增量 汽玻单车ASP 汽玻单平米 汽车玻璃功能性提升带动汽 价格 玻单平米价格持续提升 数据来源:公司公告,东吴证券研究所绘制 汽车玻璃功能在行业电动智能化的趋势下持续升级 7 东吴证券 ■ 随着汽车电动智能化的发展和消费升级,汽车玻璃产品的功能也在持续升级的过程 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [2] Core Views - The core logic of the report highlights the recovery of automotive safety profitability, the arrival of mass production cycles for new automotive electronic technologies, and the potential growth from humanoid robots [7] - The company is positioned as a leading Tier 1 supplier in global automotive safety and electronics, with a strong order backlog ensuring future growth [7] Summary by Sections Company Overview - The company has established itself as a top Tier 1 supplier in automotive safety and electronics through global acquisitions and continuous asset integration [13] - The company has a significant market share in passive safety (second globally) and cockpit domain control systems (fourth globally) [19] Financial Analysis - The company is expected to achieve revenues of 55.864 billion in 2024, with a projected growth to 71.023 billion by 2027, reflecting a compound annual growth rate (CAGR) of 6.9% [2] - The net profit attributable to the parent company is forecasted to grow from 960 million in 2024 to 2.161 billion by 2027, with a CAGR of 31% [2] - The company has secured a record high of 839 billion in new orders in 2024, with a focus on new energy vehicle projects [46] Automotive Safety - The average selling price (ASP) for passive safety products is expected to increase, with the 2024 ASP in China projected at 200 USD and in high-income markets at 340 USD [7] - The company is optimizing production capacity, which is expected to drive an increase in gross margins [7] Automotive Electronics - The company is focusing on hardware upgrades in the automotive sector, with significant growth expected in smart cockpit and intelligent driving domain controllers [7] - The global market for smart cockpit systems is projected to grow at an annual rate of 14% to reach 357 billion by 2028 [7] Humanoid Robots - The company is collaborating with partners to develop humanoid robot components, positioning itself in the "automotive + robotics" Tier 1 space [7] - The industry for humanoid robots is still in its early stages, presenting significant opportunities for domestic substitution [7] Profit Forecast and Valuation - The company is expected to maintain a low valuation compared to peers in automotive safety and electronics, with projected P/E ratios decreasing from 28.4 in 2024 to 12.6 by 2027 [2] - The report anticipates a significant increase in net profit from 1.534 billion in 2025 to 2.161 billion in 2027, indicating strong growth potential [2]

Market Performance - The Shanghai and Shenzhen 300 Index increased by 2.00%, while the automotive sector rose by 1.85%, ranking 20th among A-share industries [1] - The SW passenger vehicle index saw a rise of 1.83%, whereas the SW commercial vehicle index decreased by 0.18% [1] - The SW automotive parts index increased by 2.42%, with Chengfei Integration and Wanxiang Qianchao leading the gains [1] Industry Highlights - Hongmeng Zhixing's total order volume during the May Day holiday increased by 100% year-on-year, surpassing 22,000 units [2] - Leap Motor achieved record high orders during the May Day holiday, exceeding 18,000 units, with a single-day order of over 3,700 units on the last day [2] - BYD's cumulative sales of new energy vehicles from January to April increased by 46.98%, totaling 1.3809 million units [2] - Chinese automakers are increasing their plug-in hybrid vehicle offerings in Europe to mitigate tariffs on pure electric vehicles [2] - Chery Automobile plans to raise approximately $1.5 billion through an IPO in Hong Kong [2] - SAIC Motor reported a year-on-year sales increase of 4.6% in April, marking four consecutive months of growth [2] - Geely plans to privatize Zeekr by acquiring all its shares, aiming for a complete merger [3] - BYD's registered capital increased from approximately 2.909 billion RMB to about 3.039 billion RMB [3] - BYD aims for 50% of its sales to come from overseas markets by 2030, focusing on expansion in Europe and Latin America [3] - UK automotive manufacturers will benefit from a 10% preferential tariff rate on exports to the US under a new trade agreement [3] - SAIC-GM-Wuling plans to adopt solid-state battery technology by 2027 [3] - iFlytek and Chery have established a joint venture to enhance collaboration in the automotive acoustic technology sector [3] - The Ministry of Industry and Information Technology is soliciting opinions on safety standards for automotive door handles [4] Future Outlook - The acceleration of electric and intelligent vehicle development among major automakers, combined with favorable policies, is expected to sustain steady growth in industry sales [5] - The inclusion of National IV heavy trucks in the subsidy program may catalyze domestic sales in the heavy truck sector [5] - Recommended companies for investment include BYD, Great Wall Motors, Leap Motor, and others in the passenger vehicle segment, as well as major players in the commercial vehicle and parts sectors [5]

汽车行业跟踪（2025.5.5-2025.5.9）：极氪或将被私有化退 市，零跑汽车五一期间订单量创新高 [Table_Industry] 汽车行业 [Table_ReportDate] 2025 年 5 月 11 日 2 证券研究报告 行业研究 [行业周报 Table_ReportType] [Table_StockAndRank] 汽车 投资评级 看好 上次评级 看好 邓健全 汽车行业首席分析师 执业编号: S1500525010002 联系电话: 13613012393 邮箱: dengjianquan@cindasc.com 赵悦媛 汽车行业联席首席分析师 执业编号：S1500525030001 联系电话：13120151000 邮箱：zhaoyueyuan@cindasc.com 赵启政 汽车行业高级分析师 执业编号：S1500525030004 邮箱：zhaoqizheng@cindasc.com 丁泓婧 汽车行业分析师 执业编号: S1500524100004 联系电话: 13062621910 邮箱: dinghongjing@cindasc.com 徐国铨 汽车行业研究助理 邮箱: xugu ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company's overall gross margin is steadily recovering, and the robotics business is opening up growth opportunities [1] - In 2024, the company achieved operating revenue of 55.864 billion yuan, a year-on-year increase of 0.24%, and a net profit attributable to shareholders of 960 million yuan, a year-on-year decrease of 11.33% due to one-time restructuring costs of approximately 550 million yuan from overseas business [4][5] - The company maintains a positive outlook despite adjusting earnings forecasts for 2025-2026 due to intensified competition in the downstream market [4] Financial Performance Summary - The company reported revenue of 55.864 billion yuan in 2024, with a gross margin of 16.2% and a net margin of 2.4%, reflecting a year-on-year increase of 1.14 and 0.15 percentage points respectively [5][7] - The automotive safety and automotive electronics segments generated revenues of 38.617 billion yuan and 16.600 billion yuan respectively, with domestic business growing by 6.68% year-on-year while overseas business declined by 1.83% [5] - The projected net profits for 2025-2027 are 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 [4][7] Business Development - The company is deeply engaged in the electric and intelligent automotive sector, collaborating with Momenta to develop comprehensive intelligent driving solutions, with mass production expected by the end of 2025 [6] - The company is also expanding into the robotics industry, focusing on core technologies such as "brain," "small brain," and "limbs," which is expected to create a second growth curve [6]