经纬恒润 (688326 CH) Q2 盈利转正，平台型布局优势体现 2025 年 8 月 28 日│中国内地 其他电子 证券研究报告 1H25 公司营收 29.08 亿元（yoy+43.48%），归母净利-0.87 亿，较去年同 期亏损收窄 2.46 亿元。毛利率同比上升 0.59pct 至 23.15%，研发费用率降 至 15.12%（yoy-11.39pct）。2Q25 实现营收 15.8 亿元（yoy+38.9%）， 归母净利 0.33 亿元，成功扭亏为盈。公司营收持续保持同比高增长，主因 车身、底盘、智驾等域控产品出货量快速提升，公司与国内头部车企和海外 部分 OEM/Tier1 合作持续深化。展望 2025 年，我看好公司汽车电子业务平 台型全品类优势，受益于业务规模化逐步扭亏；且看好公司在 L4 领域布局 港口、Robobus、RoboTruck 有望给智驾业务带来正向技术赋能。目标价 140.11 元，维持"买入"评级。 1H25 回顾：产品布局进入收获期，实现 Q2 单季度盈利 1H25 公司电子产品业务实现收入 25.46 亿元（yoy+51.49%），毛利率 21.33%（yoy+2.1 ...

来源：瑞恩资本RyanbenCapital 2025年8月27日，中国证监会国际司发布关于奇瑞汽车股份有限公司境外发行上市及境内未上市股份"全 流通"备案通知书(国合函[2025]1459号)。 根据备案通知书，奇瑞汽车拟发行不超过约6.99亿股境外上市普通股并在香港联合交易所上市，以及18 名股东拟将所持合计20.16亿股境内未上市股份转为境外上市股份。 市场消息指，奇瑞汽车计划最快9月在香港启动IPO，募资15亿美元(约117亿港元)。 奇瑞汽车，于2025年2月28日在港交所递交招股书，中金公司、华泰国际、广发证券(香港)为其联席保 荐人。 奇瑞汽车，总部位于安徽芜湖，成立于1997年，作为一家全球领先的乘用车公司，业务涵盖设计、开 发、制造和销售多样化且不断扩展的乘用车产品组合，包括燃油车、新能源汽车。此外，公司还设计、 开发和制造主要用于乘用车的发动机、传动系统和底盘。根据弗若斯特沙利文的资料，于2024年前九个 月：按全球销量计，奇瑞汽车是中国第2大自主品牌乘用车公司、全球第11大乘用车公司。 https://www1.hkexnews.hk/app/sehk/2025/107145/docume ...

Group 1: Strategic Partnerships and Product Development - The company established joint ventures with FAW Group for intelligent steering and suspension systems to accelerate the mass production of fully electric products, supporting the "big chassis" strategy [2] - The company has developed C-EPS and DP-EPS products, which have received domestic orders and entered mass production, while R-EPS samples have been completed [3] Group 2: Market Position and Competitive Advantages - Founded in 1998, the company has advantages in scale, product range, R&D capabilities, and customer coverage, positioning itself as a mixed-ownership automotive parts listed company [3] - The company has established 10 provincial technology centers and 1 municipal technology center, along with 11 CNAS-recognized laboratories, enhancing its R&D strength [3] Group 3: Market Expansion and Revenue Growth - The company has significantly increased its external market revenue share from 14% at the beginning of the 13th Five-Year Plan to 30%, with external orders accounting for 48% of total orders in 2024 [4] - In 2024, the company secured 307 new orders, with 142 from external markets, and over 80% of new energy orders covering various product lines [4]

Group 1 - The company reported a revenue of 26.6 billion yuan for 2024, a year-on-year increase of 35.0%, and a net profit attributable to shareholders of 3.0 billion yuan, up 38.9% year-on-year [1] - In Q1 2025, the company achieved a revenue of 5.77 billion yuan, a year-on-year increase of 1.4%, but a quarter-on-quarter decrease of 20.4% [1] - The net profit attributable to shareholders in Q1 2025 was 570 million yuan, down 11.6% year-on-year and down 26.2% quarter-on-quarter [1] Group 2 - The company has increased its R&D expenses, with R&D expense ratio rising to 5.9% in Q1 2025, up 1.4 percentage points year-on-year [2] - The gross margin for Q1 2025 was 19.9%, a decrease of 2.5 percentage points year-on-year, attributed to product mix changes and price fluctuations [2] - The net cash flow from operating activities in Q1 2025 was 890 million yuan, compared to 580 million yuan in Q1 2024 [2] Group 3 - The company is deepening partnerships with major clients such as Tesla, Seres, and BMW, which is expected to provide stable growth momentum [3] - The company is continuing its capacity expansion with ongoing construction of factories in various locations including Mexico and Jinan [3] - The company is actively developing new products in the robotics sector, including electric drive systems, with significant revenue growth expected [3]