证券研究报告 | 2025年11月17日 万丰奥威（002085.SZ） 优于大市 单三季度净利润同比增长 38%，通航飞机和 eVTOL 业务持续推进 2025Q3 万丰奥威实现净利润 2.29 亿元，同比增长 38%。公司 2025 年前三 季度实现营收 114.16 亿元，同比+0.40%，归母净利润 7.29 亿元，同比 +29.38%。分季度看，公司 2025Q3 实现营收 39.22 亿元，同比-1.93%， 环比-0.14%，归母净利润 2.29 亿元，同比+38.14%，环比+1.35%。分产 品看，2025 年前三季度，公司汽车金属轻量化零部件收入 93.85 亿元， 同比+0.02%，通航飞机制造收入 20.31 亿元，同比+2.20%。 2025Q3 公司净利率同比提升 1.3pct。2025Q3 公司毛利率 15.3%，同比 -0.4pct，环比-3.5pct，净利率 6.6%，同比+1.3pct，环比-0.4pct。 汽车轻量化为基，通航飞机+eVTOL 打开低空经济成长空间。1）汽车金属部 件轻量化业务方面，公司持续优化客户结构，加大以铝合金、镁合金为 主导的轻量化金属应用技术研发 ...

今日早盘，机器人板块低开高走，截至11:15，中大力德、格灵深瞳、航天智装涨超4%，国证机器 人产业指数上涨0.5%，中证汽车零部件主题指数微跌0.1%，机器人ETF易方达（159530）盘中成交额近 2亿元。 在国内外多家车企的战略规划中，"机器人"已成为高频词汇。在特斯拉年度股东大会上，马斯克称 人形机器人Optimus将是"史上最庞大的产品，预计市场规模达数十亿台"；广汽今年推出了自主研发的 第三代具身智能人形机器人GoMate，并计划在2025年实现自研零部件的批量生产；小鹏汽车则在不久 前宣布，计划在2026年底实现人形机器人IRON的规模化量产；比亚迪、奇瑞等也竞相入局机器人赛 道。 机器人ETF易方达（159530）、汽车零部件ETF（159565）分别跟踪以上指数，为投资者提供了把 握机器人产业链整体发展与细分领域机遇的便捷工具。 每日经济新闻 （责任编辑：董萍萍 ） 【免责声明】本文仅代表作者本人观点，与和讯网无关。和讯网站对文中陈述、观点判断保持中立，不对所包含内容 的准确性、可靠性或完整性提供任何明示或暗示的保证。请读者仅作参考，并请自行承担全部责任。邮箱： news_center@st ...

Core Viewpoint - Lingyun Co., Ltd. (600480) experienced a significant decline in stock price, dropping to a new low of 11.9 CNY per share, reflecting strong selling pressure in the market [1] Company Performance - As of the morning close, Lingyun Co., Ltd. saw a decrease of 3.48% in stock price, with a turnover rate of 1.53% and a trading volume exceeding 2.2 billion CNY, surpassing the total from the previous Friday [1] - The company's market capitalization is reported at 14.58 billion CNY, with a current share price of 11.93 CNY [2] Industry Outlook - Since October, several institutions, including Huaxi Securities, have lowered their earnings forecasts for Lingyun Co., Ltd. due to intensified industry competition, which is expected to pressure the company's gross margin in the short term [3] - Huaxi Securities revised its revenue projections for 2025-2027 to 20.742 billion CNY, 22.566 billion CNY, and 24.258 billion CNY, down from previous estimates of 21.495 billion CNY, 23.6 billion CNY, and 25.606 billion CNY [3] - The expected net profit attributable to the parent company for the same period has also been adjusted to 799 million CNY, 899 million CNY, and 994 million CNY, compared to earlier forecasts of 948 million CNY, 1.05 billion CNY, and 1.137 billion CNY [3]

Group 1 - The core point of the news is that Aolian Electronics experienced a decline of 5.37% in its stock price, reaching 19.72 CNY per share, with a total market capitalization of 3.374 billion CNY [1] - Aolian Electronics specializes in the research, production, and sales of automotive electronic and electrical components, with its main revenue sources being electronic throttle assemblies (37.46%), interior rearview mirror assemblies (33.09%), and shift controllers (29.17%) [1] - The company is located in Jiangning District, Nanjing, Jiangsu Province, and was established on June 21, 2001, with its listing date on December 29, 2016 [1] Group 2 - According to data from the top ten holdings of funds, one fund under Taiping Fund has a significant position in Aolian Electronics, with Taiping Quantitative Selection Mixed A holding 19,400 shares, accounting for 0.48% of the fund's net value [2] - The fund has reported a floating loss of approximately 21,700 CNY as of the latest update [2] - Taiping Quantitative Selection Mixed A was established on October 29, 2024, with a current scale of 63.6158 million CNY and has achieved a year-to-date return of 35.29% [2]

Group 1 - The core viewpoint of the news highlights the recent stock performance and financial metrics of Anhui Quanchai Power Co., Ltd, indicating a 35.71% increase in stock price year-to-date, with a recent decline of 4.92% over the last five trading days [1] - As of November 17, the stock price reached 10.64 CNY per share, with a market capitalization of 4.635 billion CNY and a trading volume of 93.736 million CNY [1] - The company has seen a net inflow of 1.8087 million CNY from major funds, with significant buying and selling activity on the stock [1] Group 2 - Anhui Quanchai Power Co., Ltd was established on November 24, 1998, and primarily engages in the research, manufacturing, and sales of engines, with 98.07% of its revenue coming from engine sales [2] - The company operates in the automotive industry, specifically in the automotive parts sector, and is recognized as a leading manufacturer of multi-cylinder diesel engines in China [2] - As of September 30, the number of shareholders increased to 43,000, with a year-on-year revenue growth of 9.43% and a net profit increase of 11.48% for the first nine months of 2025 [2] Group 3 - The company has distributed a total of 511 million CNY in dividends since its A-share listing, with 91.476 million CNY distributed over the past three years [3]

赛轮轮胎所属申万行业为：汽车-汽车零部件-轮胎轮毂。所属概念板块包括：青岛、轮胎、融资融券、 增持回购、股权转让等。 截至9月30日，赛轮轮胎股东户数4.74万，较上期减少28.33%；人均流通股69417股，较上期增加 39.52%。2025年1月-9月，赛轮轮胎实现营业收入275.87亿元，同比增长16.76%；归母净利润28.72亿 元，同比减少11.47%。 分红方面，赛轮轮胎A股上市后累计派现47.58亿元。近三年，累计派现27.58亿元。 赛轮轮胎今年以来股价涨12.26%，近5个交易日跌2.61%，近20日涨11.38%，近60日涨18.28%。 今年以来赛轮轮胎已经1次登上龙虎榜，最近一次登上龙虎榜为4月3日，当日龙虎榜净买入-1.87亿元； 买入总计2.12亿元 ，占总成交额比16.00%；卖出总计3.99亿元 ，占总成交额比30.10%。 资料显示，赛轮集团股份有限公司位于山东省青岛市郑州路43号橡塑新材料大楼，成立日期2002年11月 18日，上市日期2011年6月30日，公司主营业务涉及轮胎产品的研发、生产和销售。主营业务收入构成 为：轮胎产品98.89%，其他(补充)1.11%。 1 ...

海外客户方面，均胜电子已为某头部机器人公司批量交付机器人后脑勺、颈部、肩部、膝盖及手指等部 件，同时正在探讨下一代头部显示方案和头部总成供货。此外，公司还和另一家海外机器人公司就用于 末端物流和外卖配送的机器人开展相关合作。 2025年初，均胜电子基于在汽车核心零部件领域积累的研发、高端制造、大规模全球量产等方面的能 力，全面启动"汽车+机器人Tier1"的双轮驱动战略，聚焦机器人核心部件以及相关总成方案，并提供工 业场景训练及测试服务，系统化支持全球机器人公司的产品研发和制造，推动机器人在各类场景的应用 落地。 国内客户方面，均胜电子已与智元机器人、银河通用等头部客户进行合作，其中定制化主控板已实现批 量供货，多种精度 IMU、定制化鱼眼相机等传感器陆续送样，还为客户定制化开发集成高能量密度电 芯与智能电池管理系统的电池包，以及支持快充的大功率无线充电产品等。 近日，均胜电子（600699）在上证路演中心举办2025年第三季度业绩说明会，公司介绍了机器人业务最 新进展。均胜电子表示，公司为全球车企及机器人企业提供大小脑控制器、能源管理模块、高性能机身 机甲材料等关键零部件以及机器人头部总成、胸腔、底盘及肢体 ...

Core Viewpoint - Aolian Electronics experienced a stock price decline of 2.02% on November 17, with a current price of 20.42 CNY per share, despite a year-to-date increase of 42.20% [1] Financial Performance - For the period from January to September 2025, Aolian Electronics reported a revenue of 324 million CNY, representing a year-on-year growth of 1.08%, while the net profit attributable to shareholders was 3.33 million CNY, showing a significant increase of 235.88% [2] Shareholder Information - As of October 31, Aolian Electronics had 16,300 shareholders, an increase of 1.40% from the previous period, with an average of 10,494 circulating shares per shareholder, which decreased by 1.38% [2] Dividend Distribution - Since its A-share listing, Aolian Electronics has distributed a total of 70.34 million CNY in dividends, with 5.99 million CNY distributed over the past three years [3] Market Activity - The stock saw a trading volume of 35.27 million CNY with a turnover rate of 1.00%, and the total market capitalization stood at 3.49 billion CNY [1] - The net outflow of main funds was 883,200 CNY, with significant buying and selling activity from large orders [1]

11月17日，万丰奥威（维权）盘中下跌2.01%，截至09:54，报16.12元/股，成交1.74亿元，换手率 0.50%，总市值342.28亿元。 资金流向方面，主力资金净流出2441.92万元，特大单买入291.83万元，占比1.68%，卖出1199.31万元， 占比6.90%；大单买入2574.57万元，占比14.82%，卖出4109.00万元，占比23.66%。 万丰奥威今年以来股价跌14.03%，近5个交易日跌3.36%，近20日跌3.12%，近60日跌3.76%。 今年以来万丰奥威已经2次登上龙虎榜，最近一次登上龙虎榜为4月23日，当日龙虎榜净买入1.99亿元； 买入总计3.70亿元 ，占总成交额比23.76%；卖出总计1.72亿元 ，占总成交额比11.02%。 万丰奥威所属申万行业为：汽车-汽车零部件-轮胎轮毂。所属概念板块包括：理想汽车概念、无人机、 小鹏汽车概念、低空经济、汽车零部件等。 截至9月30日，万丰奥威股东户数22.33万，较上期减少8.64%；人均流通股9509股，较上期增加9.46%。 2025年1月-9月，万丰奥威实现营业收入114.16亿元，同比增长0.40%；归母净利润7 ...

资料显示，上海友升铝业股份有限公司位于山东省聊城市茌平区信发街道办事处北环路3212号,重庆市 綦江区古南街道工业园区北渡铝产业园，成立日期1992年12月4日，上市日期2025年9月23日，公司主营 业务涉及集设计、开发、生产、销售、服务于一体的专业铝合金汽车零部件制造商。主营业务收入构成 为：门槛梁系列44.25%，电池托盘系列26.94%，保险杠系列10.66%，其他(补充)9.51%，其他5.46%， 副车架系列3.18%。 截至9月30日，友升股份股东户数4.41万，较上期减少37.50%；人均流通股917股，较上期增加60.01%。 2025年1月-9月，友升股份实现营业收入34.63亿元，同比增长27.44%；归母净利润3.59亿元，同比增长 38.08%。 11月14日，友升股份跌0.24%，成交额7805.64万元。两融数据显示，当日友升股份获融资买入额874.30 万元，融资偿还1013.50万元，融资净买入-139.20万元。截至11月14日，友升股份融资融券余额合计 1.83亿元。 融资方面，友升股份当日融资买入874.30万元。当前融资余额1.83亿元，占流通市值的7.62%。 融券 ...