分析师：邱世梁 执业证书号：S1230520050001 qiushiliang@stocke.com.cn 证券研究报告 | 行业深度 | 汽车零部件 投资要点 乘用车整椅：设计壁垒高；高端车型利润厚；板块估值提升空间大 ——乘用车整椅行业深度系列报告（一） 汽车零部件 报告日期：2026 年 01 月 29 日 行业评级: 看好(维持) 研究助理：顾淳晖 guchunhui@stocke.com.cn 相关报告 1 《汽车轻量化浪潮下，以塑代 钢空间广阔》 2025.12.23 2 《 具身智能与新能源车：此 时此刻恰如彼时彼刻》 2025.12.04 3 《新能源应用驱动行业增长， 龙头持续受益国产化、集成化、 高端化产业趋势》 2025.02.21 http://www.stocke.com.cn 1/54 请务必阅读正文之后的免责条款部分 ❑ 座椅重要程度高：为安全件、驾乘者接触最久的内饰件，近年配置持续提高 我国 GB&QC/T、美国 FMVSS、欧盟 ECE 均对座椅有安全要求，如我国《GB 15083- 2019》要求整椅需通过座椅靠背及头枕吸能试验、座椅靠背及其调节装置的强度 试验等多项检测 ...

汽车零部件 执业证书编号：S0740523020004 Email：hejy02@zts.com.cn 执业证书编号：S0740522120003 Email：liuxc03@zts.com.cn 分析师：毛䶮玄 执业证书编号：S0740523020003 Email：maoyx@zts.com.cn | 总股本(百万股) | 211.14 | | --- | --- | | 流通股本(百万股) | 211.14 | | 市价(元) | 40.91 | | 市值(百万元) | 8,637.68 | | 流通市值(百万元) | 8,637.68 | | 评级： | 买入（维持） | 公司盈利预测及估值 | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | 指标 | | 2023A | 2024A | 2025E | 2026E | 2027E | | 分析师：何俊艺 | | 营业收入（百万元） | | 1,519 | 2,276 | 2,541 | 3,750 | 4,850 | | | | 增长率 yoy% | ...

Core Insights - Suzhou Lilai Industrial Manufacturing Co., Ltd. has completed its E-round financing, raising over 200 million RMB, with participation from Qingyuan Investment [1] Company Overview - Suzhou Lilai Industrial Manufacturing Co., Ltd. was established in 2004 and has a registered capital of 28,383.52 RMB [1] - The company specializes in the research, production, and sales of automotive and home appliance components [1] - Key products include aluminum and steel cutting parts, body parts, chassis parts, seat frames, and TV back panels, making it one of the few companies in the industry with integrated processes such as material cutting, mold manufacturing, stamping, welding, assembly, and surface treatment [1]

Investment Rating - The report assigns an "Accumulate" rating to the company with a target price of 14.10 CNY [4][10]. Core Insights - The company's main automotive parts business is experiencing steady growth while also expanding into humanoid robotics and low-altitude economy sectors. The report anticipates that the company will maintain stable growth in its core business and potentially open new growth avenues [2][10]. - Revenue projections for 2025, 2026, and 2027 are estimated at 20.872 billion CNY, 22.062 billion CNY, and 23.165 billion CNY, respectively, reflecting year-on-year growth rates of 6.3%, 5.7%, and 5.0% [3][20]. - The net profit attributable to the parent company is forecasted to be 630 million CNY, 699 million CNY, and 775 million CNY for 2025, 2026, and 2027, indicating growth rates of 23.8%, 10.9%, and 10.9% [3][20]. Financial Summary - Total revenue for 2023 is reported at 20,766 million CNY, with a projected decrease to 19,636 million CNY in 2024, followed by a recovery in subsequent years [3]. - The net profit for 2023 is 521 million CNY, with a slight decline expected in 2024 to 509 million CNY, before increasing in the following years [3]. - The earnings per share (EPS) for 2023 is 0.70 CNY, projected to rise to 1.04 CNY by 2027 [3]. Business Segment Forecast - The automotive interior segment is expected to generate revenues of 115.89 billion CNY, 121.69 billion CNY, and 127.77 billion CNY for 2025, 2026, and 2027, respectively, with a consistent growth rate of 5% [14]. - The automotive bumper segment is projected to achieve revenues of 46.71 billion CNY, 49.04 billion CNY, and 51.50 billion CNY over the same period, also reflecting a 5% growth rate [15]. - The lighting segment is forecasted to see revenues of 14.81 billion CNY, 16.29 billion CNY, and 17.10 billion CNY, with growth rates of 15%, 10%, and 5% respectively [16]. Valuation - The report suggests a valuation based on a price-to-earnings (PE) ratio of 15 times for 2026, leading to a target price of 14.10 CNY, which is below the average PE of comparable companies at 20.95 times [20][21]. - The company is positioned favorably due to its strong customer relationships and proactive expansion into new technology sectors, which supports its growth outlook [10][20].

Investment Rating - The report maintains a "Buy" rating for the company [5] Core Views - The company established a wholly-owned subsidiary, Changzhou Xinquan Intelligent Robot Co., Ltd., with an investment of 100 million yuan, focusing on the research, design, manufacturing, and sales of intelligent robot components, which is expected to drive future growth [1] - The company is actively expanding its global footprint, with ongoing construction of production bases in Mexico and Slovakia, and is targeting mid-to-high-end foreign and joint venture brand clients [2] - The acquisition of Anhui Ruqi, a company specializing in automotive seating components, is expected to enhance the company's product offerings and integrate existing capabilities in interior systems [3] Financial Performance - For the first three quarters of 2025, the company reported revenue of 11.41 billion yuan, a year-on-year increase of 19%, while net profit attributable to shareholders was 620 million yuan, a year-on-year decrease of 9% [1] - In Q3 2025, the company achieved revenue of 3.95 billion yuan, a year-on-year increase of 15%, and a net profit of 200 million yuan, a year-on-year decrease of 27% [1] - The gross profit margin for Q3 2025 was 15.6%, down 1.2 percentage points from the previous quarter, while the net profit margin was 5.0%, down 0.3 percentage points [2] Profit Forecast - The company is expected to benefit from its global expansion and entry into the robotics sector, with projected net profits for 2025, 2026, and 2027 being 1 billion yuan, 1.27 billion yuan, and 1.56 billion yuan, respectively, corresponding to P/E ratios of 36, 29, and 23 times [3]

Core Viewpoint - Bohai Automobile (sh600960) experienced a significant stock price increase, reaching a limit up of 5.1 yuan, with a rise of 9.91%, and a total market capitalization of 4.848 billion yuan, attributed to major asset restructuring, industry chain integration, and business expansion [1] Group 1: Business Transformation and Asset Restructuring - The company is undergoing a critical phase of business transformation and asset restructuring, planning to acquire equity in four automotive parts companies for 2.728 billion yuan, which will significantly expand its business scale [1] - The transaction includes a performance compensation agreement with the counterpart, reducing the risk of underperformance, and the counterpart is the controlling shareholder, Haina Chuan, indicating strong support for the company's development [1] Group 2: Industry Chain Enhancement - The acquisition will add new businesses such as automotive exterior parts and seat frames, enhancing the company's industry chain layout, and it will raise 1.379 billion yuan for production line upgrades and R&D capability enhancement, which is beneficial for improving the company's overall competitiveness [1] - The automotive parts industry is currently experiencing positive development trends, and the market is paying more attention to companies with complete industry chains and expansion capabilities, aligning Bohai Automobile's initiatives with industry development trends [1] Group 3: Market Dynamics and Stock Performance - Although specific data on capital flow and technical aspects are not yet available, the positive news regarding major asset restructuring is expected to attract market capital attention [1] - In the automotive parts sector, if other related stocks perform well, it may create a sectoral linkage effect, further driving up Bohai Automobile's stock price [1]

Core Insights - Tiancheng Zikong (603085.SH) has received a project confirmation from a leading domestic electric vehicle manufacturer for passenger car seat assembly, marking a significant recognition of the company's innovation, R&D capabilities, product quality, and full supply chain support [1] Group 1: Project Details - The project is expected to commence mass production in June 2026, with a lifecycle of three years and an estimated total supply of 540,000 passenger vehicles during this period [1] - This collaboration signifies the company's ongoing expansion and deepening presence in the passenger vehicle market, which is crucial for enhancing its influence and market share in this sector [1] Group 2: Business Implications - The project will significantly contribute to the company's stable and sustainable development, as it continues to actively explore the passenger car seat market and strengthen its positioning in this business area [1] - The company's passenger car seat business includes key components such as complete car seats, seat frames, sliding tracks, angle adjusters, height pumps, and motors, which are essential for enhancing competitiveness and influence in the market [1] - Accumulated service experience, customer resources, and improved technological innovation capabilities will further bolster the company's competitive edge and business development in the passenger car seat sector [1]

Summary of Key Points from the Conference Call of Xingyuan Zhuomei Company Overview - Xingyuan Zhuomei is one of the few high-tech enterprises in China capable of developing a full range of magnesium alloy precision castings, with products supplied to renowned brands such as Tesla, BMW, and Audi [2][4] - The company was established in 2003 and went public on the A-share Growth Enterprise Market in December 2022 [4] Industry Insights - The magnesium alloy market is positioned to gradually replace aluminum in various applications, particularly in the robotics sector, as the industry develops [2][5] - Magnesium alloys are currently less utilized in robotics due to manufacturers' uncertainty regarding material performance, but they have significant potential for future adoption [2][7] - In the automotive sector, magnesium alloys are already widely used in interior components and can replace aluminum parts, leading to cost reductions [11] Financial Performance - The company's overall gross margin is maintained at around 30%, benefiting from high-value parts and export products [3][21] - The completion of a recent capital increase is expected to significantly enhance production capacity, with a new factory projected to be operational by Q1 2026 [3][22] Product Development and Supply Chain - The company is currently focused on producing motor housings for clients such as Zhiji, Jike, and BYD, with a customization design cycle of 6 months to 1 year [14][15] - The time from order receipt to product delivery and testing typically spans 6 months to 1 year, with ongoing efforts to improve yield rates [15][16] Market Trends and Future Outlook - Magnesium alloy applications are expanding beyond high-end vehicles to more affordable models, with brands like Geely and BYD beginning to adopt these materials [17] - The company anticipates significant growth in demand for motor housings and display backs in the next two years, indicating a robust market outlook [18][28] - Future large parts such as door inner panels and seat frames are expected to penetrate the market rapidly, with existing orders already in place [19][20] Technological Advancements - The company is utilizing a 6,000-ton magnesium alloy die-casting machine, which is among the largest in the industry, to produce large automotive components [25] - Semi-solid forming technology is being adopted in the new factory, which is expected to improve surface quality and internal structure [26] Challenges and Considerations - The development of thick base plates faces challenges related to material strength, but advancements in alloy formulations are expected to address these issues in the near future [12] - The company is also exploring opportunities in the two-wheeled electric vehicle market, although it is still in the early stages of development [27] Competitive Landscape - The company is accelerating its layout in Thailand to recover lost orders in North America due to trade tensions, which is expected to contribute to growth [30] - The magnesium supply landscape is stable, with major producers like Baowu Group holding a significant market share, ensuring that production demands can be met even with increased demand [29] Conclusion - Xingyuan Zhuomei is well-positioned for growth in the magnesium alloy market, with a strong focus on innovation, expanding applications, and a solid financial foundation. The company is optimistic about future demand and technological advancements that will enhance its competitive edge in the industry [28]

Core Insights - The company, Tianrong Tianyu, is focusing on the automotive supply sector, expanding its product categories and establishing deep relationships with clients [1] - The company has diversified its customer base, reducing reliance on a single automaker by securing numerous clients from European, Japanese, and domestic new energy vehicle manufacturers [1] - In the first half of 2025, the company achieved 96 new product varieties and 4 increased production product varieties, which are expected to generate an additional annual sales revenue of 160 million yuan upon mass production [1] Company Strategy - The company is continuously optimizing costs and enhancing competitiveness in core technology areas such as chassis, shock absorbers, passive safety, electronic control, thermal management, and seat frames [1] - The automotive business primarily serves leading tier-one suppliers and is steadily expanding its order scale with domestic automakers [1]

Core Viewpoint - Tiancheng Zikong (603085.SH) has received a project confirmation from a leading domestic automotive company for passenger car seat assembly, marking a significant recognition of its innovation, R&D capabilities, and product quality [1] Group 1: Project Details - The project is set to begin mass production in April 2026 and will have a lifecycle of three years, with an expected total supply of 153,000 passenger vehicles [1] - This collaboration signifies the company's ongoing expansion and deepening presence in the passenger car market [1] Group 2: Strategic Importance - The project is crucial for consolidating and enhancing the company's influence in the passenger car sector, which is expected to boost its market share in the passenger car seat business [1] - The company plans to continue actively expanding its passenger car seat market and strengthen its positioning in this business area [1] Group 3: Business Overview - The company's passenger car seat business includes complete car seats and core components such as seat frames, sliding tracks, angle adjusters, height pumps, and motors [1] - Accumulated service experience, customer resources, and enhanced technological innovation capabilities will further strengthen the company's competitiveness and influence in the passenger car seat sector [1]