证券研究报告 旭升集团 (603305 CH) Q2 业绩企稳向上，新业务拓展加速 | 华泰研究 | | | 更新报告 | 投资评级(维持): | 买入 | | --- | --- | --- | --- | --- | --- | | 2025 年 | 9 月 | 02 日│中国内地 | 汽车零部件 | 目标价(人民币): | 21.37 | 旭升集团发布半年报，2025 年 H1 实现营收 20.96 亿元（yoy-2.47%），归 母净利 2.01 亿元（yoy-24.22%），扣非净利 1.77 亿元（yoy-25.65%）。 其中 Q2 实现营收 10.50 亿元（yoy+3.89%，qoq+0.29%），归母净利 1.05 亿元（yoy-2.41%，qoq+9.77%）。向后看，公司海内外产能有序扩张和爬 坡，且储能/机器人/低空新赛道布局提速，我们预计公司 25-27 年营收与利 润将触底反弹，实现较快增长。维持买入。 收入：Q2 营收恢复正增长，H1 储能业务实现营收 3 亿元 1）公司 Q2 营收同比+3.89%恢复正增长，其中 25Q2 核心客户特斯拉全球 产量同环比-7.69%/+7.0 ...

0 1 事 件 概 述 公司披露2025年半年度报告：2025H1营收20.96亿元，同比-2.47%；归母净利润2.01亿元，同比-24.22%；扣非归母净利润1.77亿元，同比-25.65%。 0 2 分 析 判 断 ► 25Q2业绩回暖 新项目盈利高增 1）收入端： 公司2025Q2营收10.50亿元，同比+3.89%，环比+0.29%。公司大客户特斯拉2025Q2全球交付38.41万辆，同比-13.48%，环比+14.09%，公司收入端 表现显著优于大客户销量降幅； 2）利润端： 2025Q2归母净利润1.05亿元，同比-2.41%，环比+9.77%，经营性利润环比持续提升，同比下降主要系可转债的利息 支出增加。2025Q2毛利率为22.75%，同比+1.10pct，环比+1.95pct，毛利水平同环比逐步回升；净利率为9.98%，同比-0.66pct，环比+0.84pct，系正常波动。 3） 费用端： 公司2025Q2销售/管理/研发/财务费用率分别为0.38%/4.06%/5.63%/-1.61%，同比分别-1.08/+0.67/+0.68/-3.04pct，环比分别+0.12/-0.60/+0. ...

Investment Rating - The investment rating for the company is "Accumulate" (maintained) [3] Core Views - The company has experienced rapid expansion in its energy storage and robotics businesses, achieving significant global breakthroughs [8] - The company reported a revenue of 2.096 billion yuan in the first half of 2025, a year-on-year decline of 2.47%, and a net profit attributable to shareholders of 201 million yuan, down 24.22% year-on-year [8] - The company is focusing on lightweight, high-strength, and excellent heat dissipation performance in its energy storage products, which has garnered market attention [8] - The company has established deep cooperation with several leading robotics companies, securing multiple customer projects [8] - The company has made significant progress in its global strategy, with its Mexico base officially starting operations in June 2025 and its Thailand base breaking ground in July 2025 [8] - The company expects net profits attributable to shareholders to be 522 million yuan, 628 million yuan, and 760 million yuan for 2025, 2026, and 2027 respectively, with corresponding PE ratios of 26.4, 22.0, and 18.2 [8] Financial Performance Summary - The company's revenue for 2023 is projected at 4.834 billion yuan, with a growth rate of 8.5%, followed by a decline of 8.8% in 2024, and a recovery with growth rates of 17.7%, 18.5%, and 19.4% in the following years [7] - The net profit for 2023 is expected to be 714 million yuan, with a significant drop of 41.7% in 2024, followed by a recovery with growth rates of 25.4%, 20.4%, and 20.9% in the subsequent years [7] - The company's EPS is projected to be 0.77 yuan in 2023, decreasing to 0.45 yuan in 2024, and then increasing to 0.55 yuan, 0.66 yuan, and 0.80 yuan in the following years [7] - The company's ROE is expected to decline from 11.4% in 2023 to 6.3% in 2024, before gradually recovering to 11.1% by 2027 [7]

Core Insights - The company reported a decline in revenue and net profit for the first half of 2025, with revenue at 2.096 billion yuan, down 2.47% year-on-year, and net profit at 201 million yuan, down 24.22% year-on-year [1] - In Q2 2025, the company experienced a revenue increase of 3.89% year-on-year, reaching 1.05 billion yuan, despite a decline in global deliveries from major client Tesla [2] - The company has initiated production at its Mexico facility and is expanding its operations in Thailand, aiming to enhance its international growth and customer base [3] Financial Performance - For H1 2025, the company's net profit was 201 million yuan, a decrease of 24.22% year-on-year, while the non-recurring net profit was 177 million yuan, down 25.65% year-on-year [1] - In Q2 2025, the gross margin improved to 22.75%, up 1.10 percentage points year-on-year, while the net margin was 9.98%, down 0.66 percentage points year-on-year [2] - The company’s expenses showed normal fluctuations, with sales, management, R&D, and financial expense ratios varying slightly compared to previous periods [2] Strategic Developments - The Mexico facility began operations in June 2025, focusing on localizing supply for lightweight products and enhancing production capacity through automation [3] - The company is also developing new business lines in energy storage and robotics, achieving approximately 300 million yuan in revenue from energy storage components in H1 2025, marking significant growth [3] - The company is advancing its magnesium alloy technology and has initiated collaborations for magnesium alloy electric drive housing projects with international clients [3] Investment Outlook - The company is positioned as a strong beneficiary in the lightweight sector of the new energy vehicle market, with projected revenues of 5.47 billion yuan, 6.72 billion yuan, and 8.21 billion yuan for 2025-2027 [4] - Expected net profits for the same period are forecasted at 500 million yuan, 610 million yuan, and 770 million yuan, with corresponding EPS of 0.52, 0.64, and 0.81 yuan [4] - The company maintains a "recommended" rating based on its market share acquisition capabilities and technological advancements [4]

Core Viewpoint - The report indicates that Xusheng Group's performance in Q2 2025 met expectations, driven by globalization and new business initiatives, leading to a "buy" rating for the company [1] Financial Performance - In H1 2025, the company reported revenue of 2.096 billion yuan, a year-on-year decrease of 2.47%, and a net profit attributable to shareholders of 201 million yuan, down 24.22% year-on-year [2] - Q2 2025 revenue reached 1.050 billion yuan, reflecting a year-on-year increase of 3.89% and a quarter-on-quarter increase of 0.29% [2] - The net profit for Q2 2025 was 105 million yuan, a decrease of 2.41% year-on-year but an increase of 9.77% quarter-on-quarter [2] - The gross margin for Q2 2025 was 22.75%, up 1.10 percentage points year-on-year and 1.95 percentage points quarter-on-quarter [2] Business Expansion - The company's Mexico factory commenced operations in June 2025, enhancing its overseas growth engine and securing important customer orders through OTS sample deliveries [3] - A new facility in Thailand began construction in July 2025, aimed at serving the rapidly growing Southeast Asian electric vehicle and high-end manufacturing markets [3] - The company has developed core components for energy storage systems, achieving approximately 300 million yuan in revenue in H1 2025, marking significant growth [3] Investment Outlook - The company is positioned as a strong beneficiary in the lightweighting sector for electric vehicles, with projected revenues of 5.47 billion yuan, 6.72 billion yuan, and 8.21 billion yuan for 2025, 2026, and 2027 respectively [4] - Expected net profits for the same years are 500 million yuan, 610 million yuan, and 770 million yuan, with corresponding EPS of 0.52 yuan, 0.64 yuan, and 0.81 yuan [4] - The stock is projected to have a PE ratio of 28, 22, and 18 times for 2025, 2026, and 2027 respectively, maintaining a "recommended" rating [4]

Investment Rating - The report maintains a "Recommended" rating for the company, indicating a positive outlook for its stock performance relative to the benchmark index [4][6]. Core Insights - The company reported a revenue of 2.096 billion yuan for the first half of 2025, a year-on-year decrease of 2.47%, and a net profit attributable to shareholders of 201 million yuan, down 24.22% year-on-year [1]. - In Q2 2025, the company achieved a revenue of 1.05 billion yuan, reflecting a year-on-year increase of 3.89% and a quarter-on-quarter increase of 0.29%, outperforming its major client Tesla's sales decline [2]. - The company's gross margin improved to 22.75% in Q2 2025, up 1.10 percentage points year-on-year and 1.95 percentage points quarter-on-quarter, indicating a recovery in profitability [2]. - The company has commenced operations at its Mexico plant and is building a facility in Thailand, which will enhance its international growth and customer base [3]. - New business ventures in energy storage and robotics are expected to drive future growth, with significant revenue contributions anticipated from these sectors [3]. Financial Projections - Revenue forecasts for 2025, 2026, and 2027 are projected at 5.472 billion yuan, 6.721 billion yuan, and 8.213 billion yuan, respectively, with corresponding net profits of 495 million yuan, 614 million yuan, and 772 million yuan [5][11]. - The earnings per share (EPS) are expected to grow from 0.52 yuan in 2025 to 0.81 yuan in 2027, reflecting a positive trend in profitability [5][11]. - The price-to-earnings (PE) ratio is projected to decrease from 28 in 2025 to 18 in 2027, indicating an attractive valuation over time [5][11].

8月28日，宁波旭升集团股份有限公司（股票简称：旭升集团，股票代码：603305）发布了2025年半年度报告。公告显 示，公司上半年实现营业收入20.96亿元，其中二季度实现营收10.50亿元，同比增长3.89%，在行业竞争压力下展现出稳健恢复 态势。归属于上市公司股东的净利润2.01亿元；归属于上市公司股东的扣除非经常性损益的净利润1.77亿元。 旭升集团表示，公司持续巩固汽车业务市场份额，重点加大新产品研发和新客户开拓力度；并依托先发优势，正从零部件 供应商向轻量化系统解决方案商转型，为新能源车、机器人等业务提供持续竞争力。同时借助海外生产基地布局全球市场，持 续夯实全球化业务基础，公司在客户拓展与新兴业务布局方面取得显著突破。 旭升集团长期从事精密铝合金零部件的研发、生产与销售，并专注于为客户提供轻量化的解决方案。公司深耕精密铝合金 零部件领域多年，十分重视材料研究、工艺开发、自动化产线设计等方面核心能力的构建，并布局合作了新能源汽车产业链及 其关联产业链的优质客户，稳健经营，已成为汽车精密铝合金零部件龙头企业之一，尤其在新能源轻量化领域具有领先地位。 储能与机器人等新兴业务布局取得显著突破 在储能领域 ...

Investment Rating - The report maintains a "Strong Buy" rating for the company, with a target price of 16.4 yuan [1]. Core Views - The company's performance is under pressure in the short term, but there are signs of improvement in operational performance. New business areas such as magnesium alloy, energy storage, and robotics are being developed simultaneously [7][8]. - The company reported a revenue of 4.41 billion yuan for 2024, a year-on-year decrease of 9%, and a net profit of 416 million yuan, down 42% year-on-year. For Q1 2025, revenue was 1.05 billion yuan, down 8% year-on-year, with a net profit of 96 million yuan, down 39% year-on-year [1][3]. Financial Summary - **2024 Financial Performance**: - Total revenue: 4,409 million yuan, YoY growth: -8.8% - Net profit: 417 million yuan, YoY growth: -41.7% - Earnings per share: 0.44 yuan [3][4]. - **2025-2027 Financial Projections**: - Expected revenue growth: 5,029 million yuan in 2025, 6,091 million yuan in 2026, and 6,970 million yuan in 2027, with respective YoY growth rates of 14.1%, 21.1%, and 14.4% [3][8]. - Projected net profit: 521 million yuan in 2025, 634 million yuan in 2026, and 770 million yuan in 2027, with respective YoY growth rates of 25.2%, 21.6%, and 21.5% [3][8]. - **Valuation Metrics**: - Price-to-earnings (P/E) ratio is projected to be 28 in 2024, decreasing to 15 by 2027 [3][4]. - Price-to-book (P/B) ratio is expected to remain around 1.8 to 1.5 from 2024 to 2027 [3][4]. Business Development - The company is actively developing new business lines: - **Magnesium Alloy**: Successful development of semi-solid injection molded motor housings, with collaborations with foreign clients [7]. - **Energy Storage**: Revenue from energy storage components reached 234 million yuan in 2024, more than doubling year-on-year [7]. - **Robotics**: Investment in humanoid robots, with key product developments and project engagements with multiple clients [7].

Investment Rating - The report maintains a "Strong Buy" rating for the company, with a target price of 16.4 CNY [1][7]. Core Views - The company's performance is under pressure in the short term, but there are signs of improvement in operational performance. New business areas such as magnesium alloy, energy storage, and robotics are being developed simultaneously [1][7]. Financial Performance Summary - In 2024, the company reported a revenue of 4.41 billion CNY, a year-on-year decrease of 9%, and a net profit attributable to shareholders of 416 million CNY, down 42% year-on-year. The first quarter of 2025 saw a revenue of 1.05 billion CNY, a decrease of 8% year-on-year, with a net profit of 96 million CNY, down 39% year-on-year [1][3]. - The company expects revenues to grow to 5.03 billion CNY in 2025, with a projected year-on-year growth rate of 14.1% [3][8]. - The net profit is projected to increase to 521 million CNY in 2025, reflecting a year-on-year growth of 25.2% [3][8]. Business Development Summary - The company is actively developing its magnesium alloy business, which has seen significant price reductions in the past 1-2 years, leading to increased applications in the die-casting industry. A successful collaboration on magnesium alloy electric drive housing has been established with a foreign client [7]. - The energy storage segment has also been a focus, with revenue from energy storage products reaching 234 million CNY in 2024, more than doubling year-on-year [7]. - In the robotics sector, the company has invested in the development of key products such as joint shells and torso components, securing projects with several domestic and international clients [7].