证券研究报告 旭升集团 (603305 CH) Q2 业绩企稳向上，新业务拓展加速 | 华泰研究 | | | 更新报告 | 投资评级(维持): | 买入 | | --- | --- | --- | --- | --- | --- | | 2025 年 | 9 月 | 02 日│中国内地 | 汽车零部件 | 目标价(人民币): | 21.37 | 旭升集团发布半年报，2025 年 H1 实现营收 20.96 亿元（yoy-2.47%），归 母净利 2.01 亿元（yoy-24.22%），扣非净利 1.77 亿元（yoy-25.65%）。 其中 Q2 实现营收 10.50 亿元（yoy+3.89%，qoq+0.29%），归母净利 1.05 亿元（yoy-2.41%，qoq+9.77%）。向后看，公司海内外产能有序扩张和爬 坡，且储能/机器人/低空新赛道布局提速，我们预计公司 25-27 年营收与利 润将触底反弹，实现较快增长。维持买入。 收入：Q2 营收恢复正增长，H1 储能业务实现营收 3 亿元 1）公司 Q2 营收同比+3.89%恢复正增长，其中 25Q2 核心客户特斯拉全球 产量同环比-7.69%/+7.0 ...

0 1 事 件 概 述 公司披露2025年半年度报告：2025H1营收20.96亿元，同比-2.47%；归母净利润2.01亿元，同比-24.22%；扣非归母净利润1.77亿元，同比-25.65%。 0 2 分 析 判 断 ► 25Q2业绩回暖 新项目盈利高增 1）收入端： 公司2025Q2营收10.50亿元，同比+3.89%，环比+0.29%。公司大客户特斯拉2025Q2全球交付38.41万辆，同比-13.48%，环比+14.09%，公司收入端 表现显著优于大客户销量降幅； 2）利润端： 2025Q2归母净利润1.05亿元，同比-2.41%，环比+9.77%，经营性利润环比持续提升，同比下降主要系可转债的利息 支出增加。2025Q2毛利率为22.75%，同比+1.10pct，环比+1.95pct，毛利水平同环比逐步回升；净利率为9.98%，同比-0.66pct，环比+0.84pct，系正常波动。 3） 费用端： 公司2025Q2销售/管理/研发/财务费用率分别为0.38%/4.06%/5.63%/-1.61%，同比分别-1.08/+0.67/+0.68/-3.04pct，环比分别+0.12/-0.60/+0. ...

Investment Rating - The investment rating for the company is "Accumulate" (maintained) [3] Core Views - The company has experienced rapid expansion in its energy storage and robotics businesses, achieving significant global breakthroughs [8] - The company reported a revenue of 2.096 billion yuan in the first half of 2025, a year-on-year decline of 2.47%, and a net profit attributable to shareholders of 201 million yuan, down 24.22% year-on-year [8] - The company is focusing on lightweight, high-strength, and excellent heat dissipation performance in its energy storage products, which has garnered market attention [8] - The company has established deep cooperation with several leading robotics companies, securing multiple customer projects [8] - The company has made significant progress in its global strategy, with its Mexico base officially starting operations in June 2025 and its Thailand base breaking ground in July 2025 [8] - The company expects net profits attributable to shareholders to be 522 million yuan, 628 million yuan, and 760 million yuan for 2025, 2026, and 2027 respectively, with corresponding PE ratios of 26.4, 22.0, and 18.2 [8] Financial Performance Summary - The company's revenue for 2023 is projected at 4.834 billion yuan, with a growth rate of 8.5%, followed by a decline of 8.8% in 2024, and a recovery with growth rates of 17.7%, 18.5%, and 19.4% in the following years [7] - The net profit for 2023 is expected to be 714 million yuan, with a significant drop of 41.7% in 2024, followed by a recovery with growth rates of 25.4%, 20.4%, and 20.9% in the subsequent years [7] - The company's EPS is projected to be 0.77 yuan in 2023, decreasing to 0.45 yuan in 2024, and then increasing to 0.55 yuan, 0.66 yuan, and 0.80 yuan in the following years [7] - The company's ROE is expected to decline from 11.4% in 2023 to 6.3% in 2024, before gradually recovering to 11.1% by 2027 [7]

Core Insights - The company reported a decline in revenue and net profit for the first half of 2025, with revenue at 2.096 billion yuan, down 2.47% year-on-year, and net profit at 201 million yuan, down 24.22% year-on-year [1] - In Q2 2025, the company experienced a revenue increase of 3.89% year-on-year, reaching 1.05 billion yuan, despite a decline in global deliveries from major client Tesla [2] - The company has initiated production at its Mexico facility and is expanding its operations in Thailand, aiming to enhance its international growth and customer base [3] Financial Performance - For H1 2025, the company's net profit was 201 million yuan, a decrease of 24.22% year-on-year, while the non-recurring net profit was 177 million yuan, down 25.65% year-on-year [1] - In Q2 2025, the gross margin improved to 22.75%, up 1.10 percentage points year-on-year, while the net margin was 9.98%, down 0.66 percentage points year-on-year [2] - The company’s expenses showed normal fluctuations, with sales, management, R&D, and financial expense ratios varying slightly compared to previous periods [2] Strategic Developments - The Mexico facility began operations in June 2025, focusing on localizing supply for lightweight products and enhancing production capacity through automation [3] - The company is also developing new business lines in energy storage and robotics, achieving approximately 300 million yuan in revenue from energy storage components in H1 2025, marking significant growth [3] - The company is advancing its magnesium alloy technology and has initiated collaborations for magnesium alloy electric drive housing projects with international clients [3] Investment Outlook - The company is positioned as a strong beneficiary in the lightweight sector of the new energy vehicle market, with projected revenues of 5.47 billion yuan, 6.72 billion yuan, and 8.21 billion yuan for 2025-2027 [4] - Expected net profits for the same period are forecasted at 500 million yuan, 610 million yuan, and 770 million yuan, with corresponding EPS of 0.52, 0.64, and 0.81 yuan [4] - The company maintains a "recommended" rating based on its market share acquisition capabilities and technological advancements [4]

Core Viewpoint - The report indicates that Xusheng Group's performance in Q2 2025 met expectations, driven by globalization and new business initiatives, leading to a "buy" rating for the company [1] Financial Performance - In H1 2025, the company reported revenue of 2.096 billion yuan, a year-on-year decrease of 2.47%, and a net profit attributable to shareholders of 201 million yuan, down 24.22% year-on-year [2] - Q2 2025 revenue reached 1.050 billion yuan, reflecting a year-on-year increase of 3.89% and a quarter-on-quarter increase of 0.29% [2] - The net profit for Q2 2025 was 105 million yuan, a decrease of 2.41% year-on-year but an increase of 9.77% quarter-on-quarter [2] - The gross margin for Q2 2025 was 22.75%, up 1.10 percentage points year-on-year and 1.95 percentage points quarter-on-quarter [2] Business Expansion - The company's Mexico factory commenced operations in June 2025, enhancing its overseas growth engine and securing important customer orders through OTS sample deliveries [3] - A new facility in Thailand began construction in July 2025, aimed at serving the rapidly growing Southeast Asian electric vehicle and high-end manufacturing markets [3] - The company has developed core components for energy storage systems, achieving approximately 300 million yuan in revenue in H1 2025, marking significant growth [3] Investment Outlook - The company is positioned as a strong beneficiary in the lightweighting sector for electric vehicles, with projected revenues of 5.47 billion yuan, 6.72 billion yuan, and 8.21 billion yuan for 2025, 2026, and 2027 respectively [4] - Expected net profits for the same years are 500 million yuan, 610 million yuan, and 770 million yuan, with corresponding EPS of 0.52 yuan, 0.64 yuan, and 0.81 yuan [4] - The stock is projected to have a PE ratio of 28, 22, and 18 times for 2025, 2026, and 2027 respectively, maintaining a "recommended" rating [4]

Investment Rating - The report maintains a "Recommended" rating for the company, indicating a positive outlook for its stock performance relative to the benchmark index [4][6]. Core Insights - The company reported a revenue of 2.096 billion yuan for the first half of 2025, a year-on-year decrease of 2.47%, and a net profit attributable to shareholders of 201 million yuan, down 24.22% year-on-year [1]. - In Q2 2025, the company achieved a revenue of 1.05 billion yuan, reflecting a year-on-year increase of 3.89% and a quarter-on-quarter increase of 0.29%, outperforming its major client Tesla's sales decline [2]. - The company's gross margin improved to 22.75% in Q2 2025, up 1.10 percentage points year-on-year and 1.95 percentage points quarter-on-quarter, indicating a recovery in profitability [2]. - The company has commenced operations at its Mexico plant and is building a facility in Thailand, which will enhance its international growth and customer base [3]. - New business ventures in energy storage and robotics are expected to drive future growth, with significant revenue contributions anticipated from these sectors [3]. Financial Projections - Revenue forecasts for 2025, 2026, and 2027 are projected at 5.472 billion yuan, 6.721 billion yuan, and 8.213 billion yuan, respectively, with corresponding net profits of 495 million yuan, 614 million yuan, and 772 million yuan [5][11]. - The earnings per share (EPS) are expected to grow from 0.52 yuan in 2025 to 0.81 yuan in 2027, reflecting a positive trend in profitability [5][11]. - The price-to-earnings (PE) ratio is projected to decrease from 28 in 2025 to 18 in 2027, indicating an attractive valuation over time [5][11].

8月28日，宁波旭升集团股份有限公司（股票简称：旭升集团，股票代码：603305）发布了2025年半年度报告。公告显 示，公司上半年实现营业收入20.96亿元，其中二季度实现营收10.50亿元，同比增长3.89%，在行业竞争压力下展现出稳健恢复 态势。归属于上市公司股东的净利润2.01亿元；归属于上市公司股东的扣除非经常性损益的净利润1.77亿元。 旭升集团表示，公司持续巩固汽车业务市场份额，重点加大新产品研发和新客户开拓力度；并依托先发优势，正从零部件 供应商向轻量化系统解决方案商转型，为新能源车、机器人等业务提供持续竞争力。同时借助海外生产基地布局全球市场，持 续夯实全球化业务基础，公司在客户拓展与新兴业务布局方面取得显著突破。 旭升集团长期从事精密铝合金零部件的研发、生产与销售，并专注于为客户提供轻量化的解决方案。公司深耕精密铝合金 零部件领域多年，十分重视材料研究、工艺开发、自动化产线设计等方面核心能力的构建，并布局合作了新能源汽车产业链及 其关联产业链的优质客户，稳健经营，已成为汽车精密铝合金零部件龙头企业之一，尤其在新能源轻量化领域具有领先地位。 储能与机器人等新兴业务布局取得显著突破 在储能领域 ...

公司始终以铝合金轻量化技术为核心，深耕新能源汽车主业，同时前瞻布局储能、人形机器人等新兴领 域，形成"技术深耕+跨界突破"的双轮驱动格局，实现主业稳固精进与新兴业务快速突破的协同发展。 新能源汽车业务，公司一如既往地从技术、产品、市场三维筑牢主业根基，从压铸业务的电驱、电控系 统关键部件，到铝合金锻造业务的热管理、悬架核心锻造件，再到挤压业务的电池盒、车身等铝挤压产 品，以及集成业务的自动化集成系列产品，各条产品线紧密协同，产品线从单一部件向集成化、模块化 延伸，全方位覆盖新能源汽车制造需求。 登录新浪财经APP 搜索【信披】查看更多考评等级 证券代码：603305 证券简称：旭升集团 公告编号：2025-050 债券代码：113685 债券简称：升24转债 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述或者重大遗漏，并对其内容 的真实性、准确性和完整性承担个别及连带责任。 为落实国务院《关于加强监管防范风险推动资本市场高质量发展的若干意 见》《关于进一步提高上市 公司质量的意见》相关要求，积极响应上海证券交易所《关于开展沪市公司"提质增效重回报"专项行动 的倡议》，践行"以投资者为本"的 ...

随着墨西哥、泰国基地的稳步推进，旭升集团正式搭建起"中国+北美+东南亚"三角产能网络，持续深 化"技术出海"与"本土共生"的双轨战略，在服务全球客户的同时，与合作伙伴共同成长，为中国企业的 国际化探索积累更多务实经验，构建可持续竞争优势，打造服务全球的轻量化零部件供应商。 5月30日，宁波旭升集团股份有限公司（股票简称：旭升集团股票代码：603305）在证券日报网路演平 台以"视频录播和文字网络互动"方式召开了公司2024年度暨2025年第一季度业绩说明会。公司管理层围 绕业绩报告披露的人形机器人、新能源轻量化、储能及海外基地包括墨西哥工厂及泰国新厂建设进度等 内容，积极主动向投资者介绍具体经营成果，并对投资者提出的问题作出详细解答。 旭升集团相关负责人表示，公司始终以铝、镁合金轻量化技术为核心，深耕新能源汽车主业，同时前瞻 布局储能、人形机器人等新兴领域，形成"技术深耕+跨界突破"的双轮驱动格局，以实现主业稳固精进 与新兴业务快速突破的协同发展。 旭升集团深度挖掘自身铝、镁合金精密加工专长，结合人形机器人独特的结构与性能需求，全力投入关 节壳体、躯干结构件等关键产品研发，轻量化结构件在未来人形机器人中大有可 ...

Core Viewpoint - The company is facing short-term performance pressure due to demand fluctuations and cost-cutting requests from clients, but it is expected to enhance profitability through new project launches and capacity utilization improvements in the future [2][10][24]. Financial Performance - In 2024, the company is projected to achieve revenue of 4.41 billion yuan, a year-on-year decrease of 8.8%, with a net profit of 420 million yuan, down 41.7% year-on-year [2][10]. - For Q1 2025, the company reported revenue of 1.05 billion yuan, a decline of 8.1% year-on-year and 7.8% quarter-on-quarter, with a net profit of 100 million yuan, down 39.2% year-on-year [2][10]. - The gross margin for Q1 2025 was 20.8%, a decrease of 3.0 percentage points year-on-year but an increase of 3.2 percentage points quarter-on-quarter [4][10]. Business Expansion and Strategy - The company is expanding its product categories and client base while enhancing production capacity and refining processes, marking the beginning of a new global expansion phase [5][6]. - The company has mastered three major aluminum alloy processes: die-casting, forging, and extrusion, and is expanding into the energy storage sector, with expected revenue of approximately 230 million yuan from energy storage projects in 2024 [6][22]. - The company is leveraging its global automotive client base to build a comprehensive customer resource system [6]. New Business Development - The company is focusing on humanoid robotics, utilizing its expertise in aluminum alloy precision processing to develop key components such as joint shells and torso structures, with several projects secured from domestic and international clients [8][22]. - The construction of a production base in Mexico is progressing, with plans for a Thailand base to support global customer outreach, focusing on aluminum-magnesium alloy components for new energy vehicles and humanoid robots [20][21]. Operational Efficiency - The company aims to enhance internal operational management and cost efficiency through technology and process innovations, including centralized procurement and strategic partnerships with suppliers [19][21]. - The company is implementing a "zero inventory" management model to optimize inventory turnover rates [19].