Core Viewpoint - The company reported a steady growth in revenue and net profit for the first half of 2025, indicating a positive performance trajectory in the automotive sector, particularly with the sales of its AITO brand vehicles [2][3]. Financial Performance - In H1 2025, the company achieved a revenue of 3.63 billion yuan, a year-on-year increase of 6.20%, and a net profit attributable to shareholders of 276 million yuan, up 8.40% year-on-year [2]. - For Q2 2025, the revenue reached 2.09 billion yuan, reflecting a year-on-year growth of 10.71% and a quarter-on-quarter increase of 35.28%. The net profit for Q2 was 183 million yuan, marking an 18.87% year-on-year rise and a significant 96.94% increase from the previous quarter [3]. - The gross margin for Q2 2025 was 16.63%, with net margin at 8.79%, both showing improvements due to enhanced capacity utilization [3]. Sales and Market Expansion - The AITO brand's sales performance was strong, with 109,181 units sold in Q2 2025, representing an 8.92% year-on-year increase and a remarkable 141.13% increase from the previous quarter [3]. - The company successfully expanded its customer base, with significant orders for the AITO M8 model, which surpassed 60,000 units delivered by August 1, 2025 [4]. Innovation and Business Development - The company is actively pursuing innovation in its business model, establishing a "1+N" strategy that focuses on core automotive wiring harnesses while expanding into new areas such as robotics and drones [5]. - A new subsidiary was formed to focus on intelligent robotics and AI software development, indicating a strategic move towards diversifying its product offerings [5]. Future Projections - Revenue projections for 2025-2027 are estimated at 9.56 billion yuan, 11.56 billion yuan, and 14.11 billion yuan respectively, with net profits expected to reach 780 million yuan, 943 million yuan, and 1.17 billion yuan [6][8]. - The company anticipates a steady increase in earnings per share (EPS) from 1.78 yuan in 2025 to 2.68 yuan in 2027, with corresponding price-to-earnings (PE) ratios decreasing from 20 to 14 [6][8].

Core Insights - The company reported a revenue of 3.63 billion yuan for the first half of 2025, representing a year-on-year increase of 6.20% [1] - The net profit attributable to shareholders for the same period was 276 million yuan, up 8.40% year-on-year, while the non-recurring net profit was 268 million yuan, reflecting a 9.48% increase [1] Revenue Performance - In Q2 2025, the company achieved a revenue of 2.09 billion yuan, marking a year-on-year growth of 10.71% and a quarter-on-quarter increase of 35.28% [2] - The sales volume of the company's brand, Seres, reached 109,181 vehicles in Q2 2025, which is an 8.92% increase year-on-year and a 141.13% increase quarter-on-quarter [2] Profitability Metrics - The net profit attributable to shareholders in Q2 2025 was 183 million yuan, showing an 18.87% year-on-year increase and a significant 96.94% quarter-on-quarter rise [2] - The gross margin for Q2 2025 was 16.63%, with year-on-year and quarter-on-quarter increases of 0.12 percentage points and 2.25 percentage points, respectively [2] Cost Management - The expense ratios for sales, management, R&D, and finance in Q2 2025 were 0.34%, 2.58%, 3.22%, and 0.57%, respectively, with notable reductions in R&D expense ratio due to the completion of prior projects [2] Business Expansion - The company successfully launched the Seres M8 model, with over 60,000 units delivered by August 1, 2025, indicating strong demand [3] - New business segments have been added, including low-voltage and high-voltage wiring harnesses for various automotive clients, enhancing the company's product offerings [3] Innovation and New Ventures - The company is actively expanding into new applications for wiring harnesses, particularly in robotics, with significant progress in humanoid robot projects and the establishment of a new subsidiary focused on intelligent robotics [4] - The company is also pursuing opportunities in the drone and autonomous vehicle sectors, with ongoing product trials and deliveries [4] Future Outlook - The company anticipates robust growth, projecting revenues of 9.56 billion yuan, 11.56 billion yuan, and 14.11 billion yuan for 2025, 2026, and 2027, respectively, with net profits expected to reach 780 million yuan, 940 million yuan, and 1.17 billion yuan [4]

（文章来源：每日经济新闻） 民生证券8月22日发布研报称，给予沪光股份（605333.SH）推荐评级。评级理由主要包括：1）25Q2业 绩符合预期问界销量表现亮眼；2）客户拓展顺利延伸连接器业务；3）发力创新业务构建"1+N"业务布 局。风险提示：新能源车销量不及预期；客户集中度高；原材料价格波动等。 ...