证券日报网讯 12月17日，浙江世宝在互动平台回答投资者提问时表示，公司与众多国内传统车企及新 势力车企均有长期配套合作，公司的智能转向、线控转向、电调管柱等产品均适用于L3及以上自动驾 驶。工业和信息化部L3自动驾驶准入目录的公布，有利于推进高级别自动驾驶的上路及普及，将会促 进公司智能化转向产品的推广及量产。 （文章来源：证券日报） ...

格隆汇12月17日丨浙江世宝(002703.SZ)在投资者互动平台表示，公司与众多国内传统车企及新势力车 企均有长期配套合作，公司的智能转向、线控转向、电调管柱等产品均适用于L3及以上自动驾驶。工 信部L3自动驾驶准入目录的公布，有利于推进高级别自动驾驶的上路及普及，将会促进公司智能化转 向产品的推广及量产。 ...

12月17日，智能驾驶概念延续强势，浙江世宝（002703）开盘后迅速冲上涨停，收获2连板。随后浙江世宝一度开板，午后再度拉升封板，最新股价报 14.47元/股。索菱股份、万集科技、德赛西威跟涨。 消息面上，浙江世宝12月17日在互动平台表示，公司与众多国内传统车企及新势力车企均有长期配套合作，公司的智能转向、线控转向、电调管柱等产品 均适用于L3及以上自动驾驶。工信部L3自动驾驶准入目录的公布，有利于推进高级别自动驾驶的上路及普及，将会促进公司智能化转向产品的推广及量 产。 12月15日，工业和信息化部公布我国首批L3级有条件自动驾驶车型准入许可，长安汽车与北汽极狐成为首批获准企业，其获批车型将分别在重庆指定拥 堵路段和北京指定高速路段开展上路试点。这标志着我国L3级自动驾驶从测试阶段迈入商业化应用的关键一步。（详见长安、极狐L3级自动驾驶，获准 上路试点） 创业板指午后涨幅扩大至2%，截至发稿上涨2.02%，沪指涨0.58%，深证成指涨1.38%。 | 上证指数 | 深证成指 | 创业板指 | | --- | --- | --- | | 3846.91 | 13092.75 | 3133.80 | | + ...

Core Insights - Zhejiang Shibao's intelligent steering system is applicable to various vehicle types, including light commercial vehicles, medium and heavy commercial vehicles, passenger cars, and new energy vehicles [2] - The company is a major supplier of electric steering gear for domestic new energy light trucks and has its electro-hydraulic steering gear applied in heavy unmanned mining trucks [2] - The intelligent electric EPS products used in passenger cars are widely adopted by clients such as Chery, Geely, NIO, Li Auto, and Leap Motor [2]

Investment Rating - The investment rating for the company is "Buy" and is maintained [4][7]. Core Insights - The company achieved a revenue of 44.3 billion yuan in Q2 2025, representing a year-on-year increase of 10.0%, and a net profit attributable to shareholders of 1.61 billion yuan, up 0.8% year-on-year [2][4][7]. - The company is focusing on the trend of smart electrification, accelerating the development and application of emerging business products, and continuously optimizing its customer structure, indicating a positive outlook for future growth [2][7]. Summary by Sections Financial Performance - In Q2 2025, the company reported a revenue of 443.0 billion yuan, a year-on-year increase of 10.0% and a quarter-on-quarter increase of 9.7%. The gross margin was 11.9%, up 0.4 percentage points year-on-year and 1.1 percentage points quarter-on-quarter. The net profit attributable to shareholders was 1.61 billion yuan, with a net profit margin of 3.6% [4][7]. - The company’s investment income from joint ventures was 1.29 billion yuan, a year-on-year increase of 11.2%. The income tax rate was 15.9%, up 11.5 percentage points year-on-year [7]. Strategic Developments - The company is accelerating its strategic transformation by acquiring a 49% stake in SAIC Qingtao for 210 million yuan, marking its entry into the solid-state battery sector. Additionally, it plans to acquire up to 15 million yuan for a 5.3% stake in Lianchuang Electronics to enhance its smart chassis business [7]. - The company is actively expanding its external customer base, with revenue from customers outside the SAIC Group reaching 63.7%, an increase of 1.7 percentage points year-on-year. By mid-2025, 80% of the new business orders were related to new energy vehicles [7]. Future Outlook - The company aims for a revenue target of 170 billion yuan in 2025, with an expected year-on-year growth rate of 0.7% and a planned gross margin of over 12.9%, an increase of 0.8 percentage points year-on-year. The projected net profits for 2025-2027 are 6.98 billion, 7.31 billion, and 7.77 billion yuan, respectively [7][11].

Core Viewpoint - Fuyao Co., Ltd. is focusing on enhancing its core competencies in the automotive parts sector, emphasizing independent R&D and strategic planning to align with market trends and customer needs [1][2][3] Group 1: Company Overview - Fuyao Co., Ltd. specializes in the R&D, production, and sales of automotive parts, holding significant advantages in scale, product range, R&D capabilities, customer coverage, and resource layout [1] - The company has established a complete industrial chain layout, focusing on chassis, automotive electronics, thermal systems, and shock absorbers, while strengthening its core technologies [1] Group 2: Strategic Collaborations - The company has formed deep collaborative partnerships with FAW Group, establishing joint ventures for intelligent steering and suspension products, leveraging existing R&D foundations and resources [2] - This collaboration aims to accelerate the mass production of fully electric products and integrate market channels, manufacturing capabilities, and R&D resources [2] Group 3: Market Development - Since the 14th Five-Year Plan, Fuyao has prioritized external market development, significantly increasing external market revenue from 14% at the beginning of the 13th Five-Year Plan to 30% [3] - In 2024, the company secured 307 new orders, with 142 from external markets, achieving an external order revenue share of 48%, and over 80% of new energy orders covering various product series [3] - The company plans to continue expanding its external market efforts and optimize its customer structure to strengthen its market share in the new energy and intelligent sectors [3]