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].

富奥股份（000030）7月28日披露投资者关系活动记录表，公司于当日接待了华福证券的调研。 "未来，公司将持续加大外部市场开拓力度，进一步优化客户结构，巩固并扩大在新能源及智能化领域 的市场份额。"富奥股份表示。 在本次机构调研中，富奥股份向华福证券介绍，公司以客户市场为核心，以战略规划为前提，突出自主 研发能力建设，全面布局符合公司战略方向和整车技术发展趋势的新项目，集中精力开展传统产品的转 型升级。公司产业链布局完整，以底盘、汽车电子、热系统、减振器等产品为主导，并强化自主核心技 术，研发实力突出，建立核心人才库，研发团队建设得到持续完善，在全国范围内建有10家省级技术中 心，1家市级技术中心，11个CNAS认可实验室。客户资源优质，与众多知名车企合作稳定。国际化布 局逐步完善，海外自主建立工厂、开展国际并购，具备全球协同能力；持续深化全价值链降本增效，成 本控制高效。 公司与一汽集团基于战略共识，深度开展协同合作，针对智能转向、智能悬架（含空气弹簧）产品线， 分别与一汽股权公司合资设立富奥智能转向公司、富奥智能悬架公司，借助公司已有的研发基础和一汽 集团的资源支持，转向和悬架两个产品线将加速实现全面电 ...