2025 年 9 月 5 日 公司研究 2Q25 业绩超预期，汽车+机器人双轮驱动 ——爱柯迪（600933.SH）2025 年半年报业绩点评 2Q25 毛利率表现亮眼：1H25 公司毛利率同比+0.6pcts 至 29.3%，销管研费用 率同比-0.1pcts 至 11.8%；2Q25 毛利率同比+2.1pcts/环比+1.0pcts 至 29.7%， 销管研费用率同比-0.5pcts/环比+0.1pcts 至 11.9%。我们认为，2Q25 公司毛利 率表现亮眼主要受益于原材料成本下降、规模效应、以及内部降本优化。 深入布局全球化，机器人业务有序推进：1）全球化稳步推进：公司持续推进"全 球制造基地+区域供应枢纽"的产能网络建设，a）墨西哥二期工厂已步入量产 爬坡，生产范围包括新能源汽车结构件及三电系统零部件；b）马来西亚工厂已 分别于 2024/7 和 2024/11 开始生产铝合金原材料和锌合金压铸件，此外已启动 铝铸件生产工厂建设，预计马来西亚工厂将实现生产辐射东南亚新兴市场+为欧 美售后提供战略支点。2）机器人业务稳步推进：1/15 公司公告拟以发行股份及 支付现金的方式购买卓尔博（宁波）精密机电 ...

Investment Rating - The investment rating for Huayang Group is "Buy" (maintained) [1] Core Views - Huayang Group reported strong business performance with steady growth in both revenue and profit. For H1 2025, the company achieved operating revenue of 5.311 billion yuan, a year-on-year increase of 26.65%, and a net profit attributable to shareholders of 341 million yuan, up 18.98% year-on-year [4][5] - The company maintains its profit forecast, expecting net profits attributable to shareholders of 917 million yuan, 1.204 billion yuan, and 1.519 billion yuan for 2025, 2026, and 2027 respectively, with corresponding EPS of 1.75 yuan, 2.29 yuan, and 2.89 yuan per share [4][5] Financial Performance Summary - In Q2 2025, Huayang Group achieved operating revenue of 2.822 billion yuan, a quarter-on-quarter increase of 13.36%, and a net profit of 186 million yuan, up 19.57% quarter-on-quarter [4] - The automotive electronics business generated revenue of 3.788 billion yuan in H1 2025, a year-on-year increase of 23.37%, while the precision die-casting business saw revenue of 1.292 billion yuan, up 41.32% year-on-year [5] - The gross margin for Q2 2025 was 19.50%, a year-on-year decrease of 2.44 percentage points, but an increase of 1.31 percentage points quarter-on-quarter [5] Business Development and Market Position - The company is expanding its customer base in the automotive electronics sector, securing new projects with major clients such as Stellantis, Ford, Volkswagen, Geely, Xiaomi, Xpeng, and Li Auto [6] - Huayang Group is also enhancing its production capacity with new facilities in Huizhou and Shanghai, and has initiated expansion projects in Changxing and Jiangsu, as well as establishing subsidiaries in Thailand and Mexico to accelerate overseas business development [6]

Investment Rating - The report assigns a "Buy" rating for the company, indicating a potential relative price increase of over 15% [20]. Core Views - The company is expected to achieve revenue, net profit attributable to shareholders, and net profit excluding non-recurring gains and losses of 6.746 billion, 940 million, and 879 million yuan in 2024, representing year-on-year growth of 13.24%, 2.86%, and 0.40% respectively [1][3]. - In Q1 2025, the company reported revenue, net profit attributable to shareholders, and net profit excluding non-recurring gains and losses of 1.666 billion, 257 million, and 236 million yuan, with year-on-year growth of 1.41%, 10.94%, and 6.64% respectively [1][3]. - The company is advancing its globalization strategy and is firmly positioned in the "new energy vehicles + intelligent driving" product segment, aiming to deepen partnerships with leading overseas auto parts suppliers while expanding its market share in traditional small parts [1][12]. - The company is also focusing on optimizing its product structure and expanding its business from small to medium and large components, benefiting from the global trend of automotive lightweight upgrades [1][12]. Financial Performance Summary - In 2024, the company achieved total revenue of 6.746 billion yuan, a year-on-year increase of 13.24%, and a total profit of 1.091 billion yuan, up 2.5% year-on-year [2]. - The automotive segment generated revenue of 6.508 billion yuan in 2024, reflecting a growth of 14.75%, while the industrial segment saw a decline in revenue to 171 million yuan, down 27.72% [3][10]. - The company's gross margin for 2024 was 27.65%, a decrease of 1.44 percentage points year-on-year, primarily due to rising raw material costs [10][11]. Production and Capacity Expansion - The company is steadily constructing production facilities both domestically and internationally, with factories in Henshan, Ma'anshan, and Malaysia on schedule, and the first phase of the Mexico factory turning profitable [11]. - The company is also expanding its product categories to align with trends in the automotive and humanoid robot industries, maintaining a high equipment utilization rate of over 90% [11].

Group 1: Financial Performance - In 2024, the company's revenue increased by 8.01% year-on-year, while net profit attributable to shareholders decreased by 26.20% [3] - The decline in profit is attributed to rising aluminum prices, customer cost-cutting demands, new business ramp-up phases, increased financial expenses from convertible bond issuance (¥10.98 million), and higher employee incentive plan costs (¥11.99 million) [3] Group 2: Market and Investor Relations - The company emphasizes investor returns through initiatives such as enhancing core competitiveness, implementing a stable dividend policy, and improving information disclosure quality [4] - In 2024, the company repurchased 870,920 shares through a dedicated securities account [4] Group 3: Industry Outlook - The global automotive industry is rapidly transitioning to electrification and intelligence, with lightweighting recognized as a key path for energy savings and emissions reduction [6] - As a core supplier in the automotive lightweighting sector, the company has achieved good results in various sub-markets [6] Group 4: Trade and Customer Concentration - The company’s sales to U.S. customers amounted to approximately ¥40 million in both 2023 and 2024, representing about 5% of total annual revenue, indicating minimal impact from U.S. tariffs [6] - The top five customers accounted for 65.59% of total sales in 2024, with no single customer exceeding 30% of total sales [7] Group 5: Strategic Initiatives - The company’s external acquisition strategy focuses on upstream and downstream industries, targeting areas such as automotive chassis systems, new energy vehicle components, and advanced materials [8] - In Q1 2025, the company reported revenue of ¥240 million, a year-on-year increase of 3.14%, but net profit dropped by approximately 60% due to increased R&D expenses and reduced income from high-margin projects [8]