Investment Rating - The investment rating for the company is "Outperform" (Maintain) [1] Core Views - The company achieved a revenue of 144 million yuan in H1 2025, representing a year-on-year growth of 13.05%, and a net profit attributable to the parent company of 24.44 million yuan, up 10.15% year-on-year. The gross profit margin stands at 30.07% [1] - The company is expected to benefit from the production ramp-up of new projects in the smart home appliance and new energy vehicle sectors, as well as the collaboration with Turing Robotics to explore new growth areas [1] Financial Summary - Revenue projections for 2025-2027 are 520 million yuan, 630 million yuan, and 730 million yuan respectively, with corresponding EPS of 0.64 yuan, 0.78 yuan, and 0.90 yuan. The current stock price corresponds to P/E ratios of 50.8, 42.0, and 36.5 for the years 2025, 2026, and 2027 respectively [1][5] - The company’s revenue for 2023 is projected at 2.29 billion yuan, with a year-on-year growth of 13.2%, and a net profit of 390 million yuan, reflecting a growth of 12.2% [5][8] Automotive Wiring Harness Market - In H1 2025, China's automotive production and sales reached 15.62 million and 15.65 million units, respectively, with year-on-year growth of 12.5% and 11.4%. The new energy vehicle segment saw production and sales of 6.97 million and 6.94 million units, with a year-on-year growth of 41.4% and 40.3% [2] - The company has successfully introduced multiple new automotive wiring harness products, marking its deep penetration into the intelligent electrification of vehicles [2] Commercial Logistics Vehicles and Data Centers - The company has achieved large-scale delivery of battery pack wiring harnesses for commercial logistics vehicles and has completed technical breakthroughs in several emerging fields, including domestic air suspension wiring harnesses and data center cooling system wiring harnesses [3] - A strategic cooperation agreement was signed with Turing Robotics to advance the development of key subsystems for next-generation embodied intelligent humanoid robots [3]

华源证券股份有限公司赵昊,万枭近期对威贸电子进行研究并发布了研究报告《威贸电子 (833346.BJ)》，给予威贸电子增持评级。 》研报附件原文摘录) 2025H1公司线束组件、注塑集成件分别实现营收5783万元(yoy+1.86%)、7215万元(yoy+20.38%)，毛利 率分别为32.56%、28.75%(yoy+0.59pcts)。销售区域方面，2025H1公司境内、境外业务分别实现营收 7,042万元(yoy+11.17%)、7,347万元(yoy+14.91%)。上半年，公司的蒸汽式电熨斗挂烫底板组件项目和 热泵线束组件项目等销量增长较快，为公司的注塑集成件业务及外销业务销量增长做出了 贡献。公司积极拓展新兴领域等战略举措，在稳固存量客户与项目基本盘的同时，持续开拓国内外增量 市场。上半年，公司线束与集成组件业务取得显著突破：商用物流车电池包线束实现规模化交付，吉利 银河、领克等新能源车型充电枪组件量产导入，并完成国产空气悬架线束总成、数据中心散热系统线束 与医用电动手术刀线束的技术攻关与量产爬坡。我们认为，随着公司组件化、集成化策略的持续推进， 后续注塑集成件的占比或将进一步增加。 在智能电动 ...