国盛证券（002670）发布研报称，敏实集团(00425)作为外饰件和车身结构件领域龙头，持续拓展新产 品新客户，预计2025-2027年归母净利润分别为28.13/34.43/40.73亿元，同增21%/22%/18%，当前对应市 值PE分别为13/11/9x。考虑到电池盒等新产品处于上量阶段，海外市场加速布局，首次覆盖，给予"买 入"评级。 敏实传统业务地位稳固，金属饰条、塑件、铝件产品类别丰富，业绩持续增长。公司凭借轻量化与智能 化双重升级打开价值空间：铝合金外饰件渗透率持续提升，相关产品逐步打入欧美高端品牌供应链;同 时积极布局智能外饰，相关产品进展积极，已开发华为、丰田等知名客户。电池盒业务作为新能源核心 赛道，敏实已构建全球化供应体系，塞尔维亚、法国、波兰等工厂相继量产，2020-2024年营收CAGR 高达173%。同时延伸至前后碰撞模块、副车架、压铸结构件等产品并陆续收获订单，逐步实现电池盒 及车身底盘结构一体化，进而推动单车配套价值量的大幅提升。 新兴赛道多点突破，第二增长曲线加速成型 风险提示：行业需求不及预期风险、海外市场推进不及预期的风险、汇率波动风险、原材料价格波动风 险、数据滞后性 ...

全球汽车外饰与车身结构部件领先企业，业务布局兼具深度与广度 敏实集团深耕行业三十余年，核心业务涵盖金属饰条、塑件、铝件及新能源汽车电池盒四大产品线。作 为全球化供应商，公司的业务布局广泛，服务宝马、奔驰、特斯拉、比亚迪等70余家国内外头部车企， 海外收入占比从2021年41%提升至2025H1的65%，全球化战略推进效果显著。业务结构持续优化，电池 盒业务作为重点发展的业务，2025H1营收占比达27%，跃升为第一大收入来源;铝件产品受益于汽车轻 量化趋势，2020到2024年营收CAGR为12%，毛利率维持30%以上。同时受益于产能利用率提升和成本 管控，公司的营收和净利润均实现较快增长。 国盛证券主要观点如下： 智通财经APP获悉，国盛证券发布研报称，敏实集团(00425)作为外饰件和车身结构件领域龙头，持续拓 展新产品新客户，预计2025-2027年归母净利润分别为28.13/34.43/40.73亿元，同增21%/22%/18%，当前 对应市值PE分别为13/11/9x。考虑到电池盒等新产品处于上量阶段，海外市场加速布局，首次覆盖，给 予"买入"评级。 风险提示：行业需求不及预期风险、海外市场推进不及 ...

Company Overview - ZERUN New Energy Technology Co., Ltd. successfully listed on the Shenzhen Stock Exchange's ChiNext on May 16, raising a total of 528 million yuan for projects including photovoltaic module junction box expansion, new energy vehicle battery box projects, and R&D center construction [1] - The company specializes in the R&D, production, and sales of photovoltaic module junction boxes, which are critical components that directly affect the safety and efficiency of photovoltaic power generation systems [1] - ZERUN has achieved significant innovation, becoming the first junction box supplier globally to obtain TUV Rheinland 35A certification, and holds 101 domestic patents, including 27 invention patents and 4 overseas invention patents, positioning its technical strength among the industry leaders [1] Industry Context - The listing of ZERUN is a successful case of Changzhou's promotion of the integration of industry and finance, contributing to a complete industrial chain in new energy vehicles and components, including vehicle manufacturing, power batteries, motors, and charging piles [3] - According to the "2024 Hurun Report on China's New Energy Industry Cluster Cities," Changzhou has ranked first in the country for three consecutive years in terms of investment heat in the new energy industry, with a capitalization rate of 68%, the highest among prefecture-level cities in China [3] - Changzhou plans to establish a 5 billion yuan new energy industry fund to support more enterprises in connecting with capital markets, enhancing the momentum for future listings [3]