证券研究报告 | 公司点评报告 2025 年 09 月 03 日 冠盛股份（605088.SH） 北美无惧关税扰动，非经常项目和减值拖累盈利 中游制造/汽车 公司 Q2 收入 11.4 亿元，同比/环比+1.2%/+27.7%；Q2 归母净利润 0.8 亿元， 同比/环比-14.8%/-7.3%。上半年北美收入 5.3 亿元，同比+18.8%，体现强劲的 增长韧性。维持"增持"评级。 ❑ 减值和非经常项目影响盈利，毛利率稳定。 ❑ 风险提示：汇率波动、海外需求波动、贸易战风险 | 财务数据与估值 | | | | | | | --- | --- | --- | --- | --- | --- | | 会计年度 | 2023 | 2024 | 2025E | 2026E | 2027E | | 营业总收入(百万元) | 3180 | 4020 | 4507 | 5177 | 5953 | | 同比增长 | 8% | 26% | 12% | 15% | 15% | | 营业利润(百万元) | 337 | 335 | 435 | 530 | 634 | | 同比增长 | 21% | -1% | 30% | 22% | ...

Core Viewpoint - The report highlights the financial performance and operational strategies of Wenzhou Guansheng Automotive Parts Group Co., Ltd. for the first half of 2025, showcasing growth in revenue and net profit despite challenges in the automotive parts industry [2][3]. Financial Performance - The company's operating revenue for the first half of 2025 reached approximately 2.03 billion RMB, representing an increase of 8.22% compared to the same period last year [2]. - The total profit amounted to approximately 188.71 million RMB, reflecting a growth of 3.54% year-on-year [2]. - The net profit attributable to shareholders was approximately 161.82 million RMB, up by 2.73% from the previous year [2]. - The net cash flow from operating activities improved significantly, with a reduction in outflow to approximately -95.20 million RMB, a 64.31% improvement compared to the previous year [2]. Industry Overview - The automotive parts industry is closely linked to the automotive manufacturing sector, with demand driven by new vehicle sales and macroeconomic trends [3]. - In the first half of 2025, China's automotive production and sales reached 15.62 million and 15.65 million units, respectively, marking year-on-year growth of 12.5% and 11.4% [3]. - The industry has seen a shift towards consolidation, with increasing market concentration due to global economic slowdowns [3]. Business Operations - The company specializes in the automotive aftermarket, focusing on products such as constant velocity joints, drive shafts, wheel hub bearing units, and rubber vibration dampers, with a marketing network covering over 120 countries [4][5]. - The company has established subsidiaries in key regions including Germany, the USA, Mexico, and Malaysia to enhance local distribution and reduce delivery times [6][7]. - The operational model is characterized by a flexible production approach, allowing for small batch and customized orders to meet diverse customer needs [6][7]. Strategic Initiatives - The company is enhancing its global supply chain capabilities by establishing new warehousing centers in Europe and the Middle East, aiming to improve service efficiency and customer satisfaction [8][9]. - A focus on smart manufacturing and digital transformation is underway, with investments in AI technologies to optimize production processes and improve resource utilization [10][12]. - The company is also expanding into the new energy sector, with projects in solid-state lithium iron phosphate batteries expected to commence production by mid-2026 [10][11]. Competitive Advantages - The company possesses a comprehensive service capability, enabling it to meet one-stop procurement needs for customers, thereby reducing their operational costs [14][15]. - A strong global marketing network and a dedicated sales team with extensive experience contribute to high customer loyalty and satisfaction [15]. - The company's location in Zhejiang province, a major automotive parts production base, provides logistical advantages and access to a well-established supply chain [15].

Summary of Key Points from the Conference Call Company and Industry Overview - The focus is on **Guansheng Co., Ltd.**, a company specializing in universal joints and drive shaft assemblies within the automotive industry [2][4] - The company has a significant presence in both the aftermarket and original equipment manufacturer (OEM) markets for universal joints, with Guansheng being a representative in the aftermarket and Wanxiang Qianchao in the OEM market [5] Core Products and Revenue Breakdown - Guansheng started with universal joints and expanded into drive shaft assemblies in 2004, with these two categories representing the company's first and third largest product lines, respectively [2][4] - Together, universal joints and drive shaft assemblies account for **50%** of the company's total revenue [4] Market Trends and Innovations - There is a growing market interest in universal joints as potential components for humanoid robots, indicating a shift towards advanced applications in robotics [1][3] - The company is also venturing into solid-state battery technology, with plans to launch polymer semi-solid products in **2024** and scale production by the second half of **2026**, targeting a capacity of **2 GWh** [6] Customer Engagement and Future Plans - Guansheng is engaging with customers across various sectors, including commercial and residential energy storage, humanoid robotics, and low-altitude applications [6] - The company is seeking partnerships with external manufacturers to upgrade existing battery production lines to accelerate the deployment of semi-solid battery capacity [6] Valuation and Market Outlook - The current valuation of Guansheng is approximately **18x** the estimated price-to-earnings ratio for **2025** [7] - There is an expectation that the market has not fully priced in the potential of solid-state batteries and robotics, leading to a positive outlook for the company's future performance [7]