8月25日晚间，华培动力（603121.SH）发布2025年半年度报告显示，公司2025年上半年实现营收5.78亿 元；实现归母净利润2,017.59万元。在全球汽车产业向新能源与智能化转型的关键期，华培动力不仅在 动力总成、新能源传感器等核心业务领域持续突破，更以传感器技术为支点，跨界切入具身智能赛道， 构建"汽车关键部件+机器人核心传感器"的双增长曲线，持续为公司注入全新成长动能。 核心业务多点突破，全球化布局提速 在当今汽车行业，我国汽车的发展势头迅猛，市场竞争也日益激烈。作为汽车零部件领军企业，华培动 力紧抓汽车行业发展机遇，深耕主业与技术突破齐头并进，多个项目喜迎新突破。根据公告显示，面对 激烈的市场竞争压力，公司动力总成事业部持续提升核心产品竞争力，稳住基本盘，遵循"在老客户处 挖掘新项目、在新客户处寻求新突破"的市场规划，持续开拓博格华纳、盖瑞特、Scania、三菱重工、 利纳马、克诺尔、石川岛播磨、捷温科技等客户新项目。基于订单及客户的销售预测，预计2025上半年 内获得的新项目在生命周期内实现总销售额约8亿元人民币。 除了动力总成业务外，传感器作为华培动力的另一王牌业务在今年上半年也实现了重 ...

其中，Q2 单季度公司实现营业收入37.08 亿元，同比下降0.3%；实现归母净利润3.18亿元，同比增长 20%；实现归母扣非净利润3.06 亿元，同比增长15%，净利润表现超出我们业绩前瞻报告中的预期。 业绩表现超预期。公司2025 年上半年实现营业收入67.29 亿元，同比增长6%；实现归母净利润5.35 亿 元，同比增长13%；实现归母扣非净利润5.17 亿元，同比增长11%。 风险提示：原材料价格波动风险；客户需求不及预期风险；行业竞争加剧风险。 具体分业务来看，首先制冷配件方面，行业层面根据产业在线数据，2025 年上半年中国家用空调总产 量达到1.20 亿台， 同比增长6.9%，总销量为1.23 亿台，同比增长8.3%，其中内销上半年在以旧换新政 策拉动下实现销量6655 万台，同比增长9.0%，出口在一季度抢运高增长以后，二季度进入下行周期， 上半年实现销量5656 万台，同比增长7.5%。 公司上半年与家用空调景气度息息相关的制冷配件业务实现营收54.12 亿元，同比增长9%，整体表现略 好于行业平均，随着下半年内需高基数叠加出口抢运后，家用空调需求进入下行周期，公司有望依靠商 用制冷零部件 ...

Focus Events - The 20th Central Committee's Fourth Plenary Session will be held in October in Beijing, focusing on the report of work and the formulation of the 15th Five-Year Plan for national economic and social development [1] Macro News - The average interest rate for newly issued commercial housing loans in Q2 2025 is 3.09% [18] - The Ministry of Agriculture and Rural Affairs is guiding the orderly elimination of low-yield dairy cows and enhancing support for large-scale breeding enterprises [18] Company Focus - Feilong Co., Ltd. is expanding into the robotics industry, collaborating with several vehicle manufacturers on product development [20] - Yonghui Supermarket plans to raise up to 3.992 billion yuan through a private placement for store upgrades and logistics improvements [21] - WuXi AppTec is issuing new H-shares at a price of 104.27 HKD per share, aiming to raise approximately 7.7 billion HKD [23] - China Shipbuilding Emergency Response received a warning and a fine of 4 million yuan for information disclosure violations, with its stock being marked as ST [25] - Hongxiang Co., Ltd.'s actual controller has been released on bail [27] - A stock of Upwind New Materials has been suspended for review after a 1083.42% increase in price over 16 trading days [29] - CATL reported a net profit of 30.5 billion yuan for the first half of 2025, a 33% year-on-year increase [31] - XGIMI expects a 2062.33% increase in net profit for the first half of 2025 [33] - Zhiwei Intelligent reported a net profit of 102 million yuan for the first half of 2025, an 80.08% increase [34] - Jinhai Biological reported a net profit of 138 million yuan for the first half of 2025, a 51.52% increase [34] - Lideman is planning to acquire control of Xiansheng Xiangrui [36] - San Chao New Materials is planning a change in control, with stock suspension starting July 31 [36] - Digital Certification will change its controlling shareholder to Beijing Data Group [37] - Jin Orange is planning to acquire 55% of Samit [37] - Taotao Vehicle announced a strategic cooperation agreement with Yushu Technology for market expansion in robotics [38] - China State Construction recently secured 9 major projects totaling 28.33 billion yuan [40] - Yangtze Power plans to invest approximately 26.6 billion yuan in the Gezhouba shipping capacity expansion project [42] - Changying Precision has established partnerships with several leading humanoid robot brands [44]

毛利率方面，公司2024Q4单季度毛利率为20.24%，环比提升2.50个百分点，主要系2024Q3会 计准则调整导致低基数。 期间费用方面，公司2024Q4单季度期间费用率为11.27%，环比提升1.68个百分点；其中，销 售/管理/研发/财务费用率分别为1.55%/5.37%/4.00%/0.35%，环比分别+2.74/-0.17/-0.91/+0.02个 百分点（销售费用率环比大幅提升主要系2024Q3会计政策调整导致2024Q3销售费用率低基 数）。 减值损失方面，公司2024Q4计提减值较多，其中资产减值损失0.84亿元，信用减值损失0.46亿 元，短期拖累利润。 未经许可，不得转载或者引用。 | 投资要点 | | --- | 事件： 公司发布2024年年度报告。2024年公司实现营业收入127.02亿元，同比增长15.28%；实现归母 净利润7.84亿元，同比增长28.00%。其中，2024Q4单季度公司实现营业收入34.97亿元，同比 增长15.57%，环比增长14.51%；实现归母净利润1.79亿元，同比增长6.40%，环比下降 10.91%。公司2024Q4业绩稍微低于我们之前的预期。 20 ...