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/- ...