Event Overview - The company released its Q3 2025 report, showing revenue of 10.71 billion yuan, a year-on-year increase of 16.09%, and a net profit attributable to shareholders of 1.14 billion yuan, up 16.76% year-on-year [2] Revenue and Profitability - Revenue for Q3 2025 reached 3.95 billion yuan, reflecting a year-on-year growth of 12.65% and a quarter-on-quarter increase of 7.92%. Key clients such as Chery Automobile and Seres contributed to this growth with sales increases of 17.32% and 10.49% year-on-year, respectively [3] - The net profit attributable to shareholders for Q3 2025 was 435 million yuan, up 13.48% year-on-year and 13.08% quarter-on-quarter. The gross profit margin was 19.86%, showing a slight year-on-year decrease of 0.08 percentage points but a quarter-on-quarter increase of 0.22 percentage points [3] - The company maintained stable expense ratios in Q3 2025, with sales, management, R&D, and financial expense ratios at 0.52%, 2.19%, 5.83%, and 0.08%, respectively [3] Strategic Partnerships and Innovations - The company is a core supplier for Huawei, providing exclusive front and rear lamp assemblies for the Aito M9 SUV, which has achieved significant sales milestones in the luxury car segment [4] - A strategic partnership was established with Jeka Robotics to innovate in the field of embodied intelligence, focusing on integrated smart terminals and the application of AI algorithms in automotive components [5] Market Outlook - The company is positioned in a high-quality market segment for automotive lighting, with projected revenues of 16.01 billion, 19.11 billion, and 22.63 billion yuan for 2025, 2026, and 2027, respectively. Corresponding net profits are expected to be 1.73 billion, 2.02 billion, and 2.54 billion yuan [6][7]

星宇股份（601799.SH）系列点评六 25Q3 盈利稳健 具身智能全新布局 2025 年 10 月 30 日 ➢ 事件：公司发布 2025 年三季度报告，2025 年前三季度营收 107.10 亿元， 同比+16.09%；归母净利润 11.41 亿元，同比+16.76%；扣非归母净利润 11.14 亿元，同比+19.90%；其中 2025Q3 营收 39.53 亿元，同比+12.65%，环比 +7.92%；归母净利润 4.35 亿元，同比+13.48%，环比+13.08%；扣非归母净 利润 4.27 亿元，同比+14.89%，环比+13.84%。 ➢ 营收同环比增长 盈利能力稳健。1）收入端：2025Q3 营收 39.53 亿元，同 比+12.65%，环比+7.92%。主要客户中，2025Q3 奇瑞汽车销量同比+17.32%， 环比+22.55%，赛力斯销量同比+10.49%，环比+15.89%，驱动营收同环比增 长；2）利润端：2025Q3 归母净利润 4.35 亿元，同比+13.48%，环比+13.08%； 扣非归母净利润 4.27 亿元，同比+14.89%，环比+13.84%。2025Q3 毛利率为 ...

Event Overview - The company released its 2025 semi-annual report, showing a revenue of 6.757 billion yuan for H1 2025, a year-on-year increase of 18.20%. The net profit attributable to shareholders was 706 million yuan, up 18.88% year-on-year, and the net profit excluding non-recurring items was 687 million yuan, an increase of 23.24% year-on-year. In Q2 2025, revenue reached 3.663 billion yuan, a year-on-year increase of 10.85% and a quarter-on-quarter increase of 18.36%. The net profit attributable to shareholders was 384 million yuan, up 9.35% year-on-year and 19.31% quarter-on-quarter, while the net profit excluding non-recurring items was 375 million yuan, a year-on-year increase of 14.98% and a quarter-on-quarter increase of 19.78% [2]. Revenue and Profitability - Revenue showed steady growth with Q2 2025 revenue at 3.663 billion yuan, reflecting a year-on-year increase of 10.85% and a quarter-on-quarter increase of 18.36% [3]. - Profitability remained robust, with Q2 2025 gross margin at 19.64%, a decrease of 0.73 percentage points year-on-year but an increase of 0.81 percentage points quarter-on-quarter. The net profit margin was 10.49%, down 0.14 percentage points year-on-year but up 0.08 percentage points quarter-on-quarter [3]. - Expense ratios remained stable, with increases in sales, management, and R&D expense ratios primarily due to rising employee compensation and R&D material consumption [3]. Contribution from Core Suppliers - The company serves as a Tier 1 supplier for the AITO M9, providing exclusive front and rear lamp assemblies. The M9 has achieved significant sales milestones, including being the best-selling luxury car in China for over 15 months and achieving over 40,000 pre-orders within 27 days of its launch [4]. - The AITO M8, which features advanced lighting systems designed by the company, also set a record with 50,000 pre-orders in just four days [4]. Long-term Development Support - The company officially launched its Intelligent Automotive Electronics and Visual Systems Industrial Center project on August 20, 2025. This project will include six main factories with a total construction area of approximately 250,000 square meters, aiming for an annual production capacity of about 10 million intelligent lamp assemblies [5]. Market Outlook and Financial Projections - The automotive lighting sector is positioned favorably, with the trend towards electrification driving both volume and price increases. The company has adjusted its revenue forecasts for 2025-2027 to 16.013 billion yuan, 19.108 billion yuan, and 22.632 billion yuan, respectively, with net profits projected at 1.733 billion yuan, 2.017 billion yuan, and 2.543 billion yuan [6]. - The expected earnings per share (EPS) for 2025-2027 are 6.07 yuan, 7.06 yuan, and 8.90 yuan, respectively, with corresponding price-to-earnings (PE) ratios of 20, 17, and 14 [6][7].

25Q2 盈利稳健 全新产能启动布局 2025 年 08 月 31 日 ➢ 事件：公司发布 2025 年半年度报告，2025H1 营收 67.57 亿元，同比 +18.20%；归母净利润 7.06 亿元，同比+18.88%；扣非归母净利润 6.87 亿元， 同比+23.24%；其中 2025Q2 营收 36.63 亿元，同比+10.85%，环比+18.36%； 归母净利润 3.84 亿元，同比+9.35%，环比+19.31%；扣非归母净利润 3.75 亿 元，同比+14.98%，环比+19.78%。 星宇股份（601799.SH）系列点评五 ➢ 营收平稳增长 盈利能力保持稳健。1）收入端：2025Q2 营收 36.63 亿元， 同比+10.85%，环比+18.36%，稳健增长；2）利润端：2025Q2 归母净利润 3.84 亿元，同比+9.35%，环比+19.31%，扣非 3.75 亿元，同比+14.98%，环比 +19.78%。2025Q2 毛利率为 19.64%，同比-0.73pct，环比+0.81pct，归母净 利率为 10.49%，同比-0.14pct，环比+0.08pct，盈利能力稳健；3）费用端： ...

01 事件概述 公司发布 2025 年一季度报告，2025Q1 实现营收 30.95 亿元，同比+28.28%；归母净利润 3.22 亿元，同比+32.68%；扣非归母净利润 3.13 亿元，同比+34.83%。 02 分析判断 ► 业绩高速增长 会计准则变更影响毛利率与费用率同环比表现 收入端 ： 2025Q1 营收 30.95 亿元，同比+28.28%，环比-23.16%。2024 年，公司承接了 69 个车型的新品研发项目，实现了 40 个车型项目批产。2025Q1，公司配套车型问界 M9 销量同比+117.43%，驱动公司收入快速增长； 利润端： 2025Q1归母净利润 3.22 亿元，同比+32.68%，环比-25.26%；扣非归母净利润 3.13 亿元，同比+34.83%，环比-27.60%。2025Q1 毛利率为 18.83%，同比+0.27pct，环比 +1.22pct。毛利率环比提升明显，主要系 2024 年报会计准则调整所致，部分项目由销售费用调整至营业成本； 费用端： 2025Q1 销售/管理/研发/财务费用率分别为 0.37%/2.25%/6.01%/0.11%，同比分别-0.03/- ...