25Q2 公司盈利能力修复，新领域获新突破 ——沪光股份 25H1 业绩点评 ◼ 事件描述 公司发布 2025 年中报。25H1 公司实现营收约 36.30 亿元，同比约 +6.20%；归母净利润约 2.76 亿元，同比约+8.40%。其中 25Q2，公司 实现营收约 20.87 亿元，同比约+10.7%，环比约+35.3%；归母净利润 约 1.83 亿元，同比约+18.9%，环比约+96.9%。 沪光股份(605333) 公司研究/公司点评 ◼ 投资建议 核心客户放量，定点持续获取中 25Q2，赛力斯、上汽乘用车、理想产量分别约 13.40 万辆、20.95 万辆、 11.11 万辆，同比分别约+12%、+22%、+16%，环比分别约+95%、+32%、 +6%。2025H1，公司陆续取得了 T 公司 E80 低压线束、吉利 T132A 低 压线束、上汽尚界 SHA 低压线束、L 汽车 W10 高压线束、一汽红旗 E702/BP62/P701 高压线束、奇瑞 ICARV23 高压线束等项目定点。 25Q2 公司盈利能力修复，期间费用率同环比有所优化 25Q2 公司毛利率约 16.6%，同比约+0.1pct， ...

Investment Rating - The report maintains a "Buy" rating for the company [4][7]. Core Views - The company achieved a revenue of approximately 7.914 billion yuan in 2024, representing a year-on-year increase of about 97.7%, with a net profit attributable to the parent company of approximately 670 million yuan, a year-on-year increase of about 1139.15% [1]. - The company is expanding its core customer base and exploring new fields, establishing a 1+N business layout to solidify its second growth curve [1]. - The company is benefiting from the growth of domestic automotive brands, with a projected increase in revenue from 10.235 billion yuan in 2025 to 14.666 billion yuan in 2027, reflecting a compound annual growth rate of approximately 19.7% [4][6]. Financial Performance - In 2024, the company's gross margin was approximately 17.49%, an increase of about 4.6 percentage points year-on-year, while the net margin was approximately 8.47%, an increase of about 7.1 percentage points year-on-year [2]. - The company reported a slight increase in expense ratios in Q1 2025, with a total expense ratio of approximately 7.97%, up by 0.99 percentage points year-on-year [2]. - The company is expected to achieve net profits of approximately 8.2 billion yuan, 10.4 billion yuan, and 12.9 billion yuan for the years 2025, 2026, and 2027, respectively, with year-on-year growth rates of 22.8%, 26.2%, and 24.5% [4][6]. Market Position and Growth Drivers - The company is positioned to benefit from the increasing market share of domestic brands, which accounted for approximately 65.2% of passenger car sales in 2024, a year-on-year increase of about 9.2 percentage points [3]. - The company is implementing technological innovations such as high-voltage connector integration and the use of aluminum instead of copper, which are expected to optimize cost structures and enhance profitability [3].