事件: [Table_Info1] 福达股份(603166) 汽车 [Table_Date] 发布时间：2025-09-01 [Table_Title] 证券研究报告 / 公司点评报告 汽车曲轴领军企业，人形机器人业务未来可期 [Table_Summary] 2025 年 8 月 12 日，公司发布 2025 年半年度报告：2025H1 公司实现营 收 9.37 亿元，同比+30.26%：归母净利润 1.46 亿元，同比+98.77%；扣 非归母净利润 1.34 亿元，同比 90.30%。 收入端持续提高，利润率相继增长。单看二季度：公司 Q2 实现营收 4.66 亿元，同比+16.83%；归母净利润 0.81 亿元，同比+93.28%；扣非归母净 利润 0.69 亿元，同比 73.35%；实现毛利率 28.49%，同比+1.37%；净利 率为 17.41%，同比+6.89%。公司收入的提高主要受益于新能源混动曲轴 和电驱齿轮等高附加值产品占比提升，收入增加，带动毛利率和净利率 显著改善，叠加公司降本增效成果斐然，销售、管理、财务费用均有所 下降。 坚持研发投入，技术优势明显。公司是乘用车曲轴领域唯一同时具备 ...

Investment Rating - The report maintains a "Buy" rating for the company [1] Core Views - The company reported a significant increase in its half-year performance, with a revenue of 937 million yuan for H1 2025, representing a year-on-year growth of 30.3%, and a net profit of 146 million yuan, up 98.8% year-on-year [4][5] - The growth in revenue is primarily driven by the strong demand for hybrid crankshafts in the passenger vehicle sector, despite a slight decline in quarter-on-quarter performance due to inventory adjustments by major clients [6] - The company is expanding its production capacity in the robotics sector, with new projects expected to contribute positively in the second half of the year [6] Financial Data and Profit Forecast - The company forecasts total revenue of 2,545 million yuan for 2025, with a year-on-year growth rate of 54.5% [5] - The projected net profit for 2025 is 331 million yuan, reflecting a growth rate of 78.9% [5] - The earnings per share (EPS) is expected to be 0.51 yuan for 2025, with a projected price-to-earnings (PE) ratio of 34x [5] Business Development - The company has successfully achieved full production capacity for its high-precision screw production line, which is expected to enhance product quality and reduce costs [6] - The robotics business is being positioned as a strategic growth area, with ongoing efforts to develop and deliver planetary gear reducers and linear actuators [6] - The company aims to strengthen its market position in hybrid crankshafts while diversifying its client base to mitigate revenue volatility from individual customers [6]

长江商报奔腾新闻记者 杨蝶 8月11日晚间，福达股份公告，2025年上半年，公司实现营业收入9.37亿元，同比增长30.26%；净利润 1.46亿元，同比增长98.77%。 此外，福达股份净利率由2024年上半年的10.23%提升至15.61%；同期毛利率从24.04%上升至27.8%；此 外净资产收益率达到5.95%，同比增长2.66个百分点。 同时，与盈利能力相关的现金流也在大幅增长。2025年上半年，公司经营活动产生的现金流量净额为 2.82亿元，同比增长81.28%；期末在手货币资金为2.38亿元，同比增长47.57%。公司流动性较为充足。 长江商报奔腾新闻记者注意到，福达股份业绩向好主要得益于三个方面的因素，一是乘用车曲轴，特别 是混合动力曲轴市场需求量增加，使得公司新能源曲轴业务收入较同期有所增长；二是公司持续提质增 效，在降本增效方面取得了成效；三是转让公司持有的合资公司25%股权，进一步优化现有资源配置， 使得投资收益增加。 汽车零部件生产商福达股份（603166.SH）经营业绩稳定增长。 资料显示，福达股份主要从事汽车、工程机械、农机、船舶等动力机械发动机曲轴、精密锻件、新能源 电驱齿轮、汽 ...

Investment Rating - The report maintains a "Buy" rating for the company [2] Core Insights - The company is expected to achieve a net profit attributable to shareholders of 145 to 155 million yuan for the first half of 2025, representing a year-on-year increase of 97.1% to 110.7% [5] - The company has officially reached production capacity of 30,000 sets of screw rods, which is a significant milestone for its robotics business [7] - The company has adjusted its profit forecast for 2025 to 331 million yuan, up from a previous estimate of 311 million yuan, reflecting strong growth in its traditional business and potential in robotics [7] Financial Data and Earnings Forecast - Total revenue is projected to grow from 1,648 million yuan in 2024 to 2,545 million yuan in 2025, with a year-on-year growth rate of 54.5% [6] - The net profit attributable to shareholders is expected to increase from 185 million yuan in 2024 to 331 million yuan in 2025, with a year-on-year growth rate of 78.9% [6] - The company's earnings per share is forecasted to rise from 0.29 yuan in 2024 to 0.51 yuan in 2025 [6]