公司研究丨点评报告丨沪光股份（605333.SH） [Table_Title] 沪光股份 2025Q2 业绩点评：盈利能力超预期， 机器人业务开启第二成长曲线 丨证券研究报告丨 报告要点 [Table_Summary] 8 月 21 日公司披露 2025 年半年度报告，上半年实现营业收入 36.3 亿元，同比增长 6.2%；归 母净利润 2.76 亿元，同比增长 8.4%。Q2 营收稳健增长，盈利能力超预期。预计公司 2025- 2027 年归母净利润分别为 8.03、10.48、12.71 亿元，对应 PE 分别为 18.69X、14.33X、11.81X， 公司为汽车线束内资龙头，维持"买入"评级。 分析师及联系人 [Table_Author] 高伊楠 张永乾 SAC：S0490517060001 SAC：S0490524030002 SFC：BUW101 请阅读最后评级说明和重要声明 %% %% %% %% research.95579.com 1 沪光股份（605333.SH） cjzqdt11111 [Table_Title 沪光股份 2025Q2 2] 业绩点评：盈利能力超预期， 机器人业务开启第 ...

Group 1 - The article emphasizes the importance of timely and professional information interpretation in investment decision-making [1] - It highlights the company's focus on extracting investment value from significant events and analyzing industry chain companies [1] - The product aims to provide users with quick information on market impacts, presented in a professional yet accessible manner [1] Group 2 - The company offers satellite navigation and robotics services, with subsidiaries providing various testing services for satellites [1] - The RISC-V chip products can be utilized in spacecraft control computers, indicating a technological advancement in the aerospace sector [1] - The company also integrates robotics with automotive electronics, supplying components such as modules and wiring harnesses for vehicle applications [1]

尚界预售有望贡献业绩弹性，机器人线束稳步推进打开远期空间。公司为尚界H5 供应低压线束，尚界 将于8 月25 日开启预售，有望贡献销量弹性。 机器人线束方面，公司已成功为某知名AI 头部企业提供多个产品系列的线束总成，其中部分零件号出 货量已近千套，机器人线束作为整机质量的最后一公里，有望打开公司后续成长空间。 盈利预测：我们预测公司2025-2027 年实现营收95.0/117.2/142.2 亿元，同 比分别+20%/+23%/+21%，归 母净利润实现8.3/10.7/12.6 亿元，同比分别+23%/+30%/+17%，对应PE 分别为18.4/14.2/12.1，给予"推 荐"评级。 事件：2025 年8 月21 日，公司发布中期业绩报告，公司H1 实现收入36.3亿元，同比+6.2% ，其中， Q2 实现收入20.87 亿元，同/ 环比分别+10.7%/+35.3%；H1 实现归母净利润2.76 亿元，同比+8.4%，其中， Q2 实现归母净利润1.83 亿元，同/环比分别+18.9%/+96.9%；H1 实现扣非归母净利润2.68 亿元，同比 +9.48%，其中，Q2 实现扣非归母净利润1.78 ...

沪光股份 20250822 摘要 2025 年上半年，沪光股份新增一汽和东风两大国资企业合作，获得红 旗高压线束订单并完成东风供应商审核准入，连接器业务营收达 3,000 万至 4,000 万元，覆盖赛力斯、小米、上汽等客户。 沪光股份在低空经济领域与风飞合作，为其载人和载物飞行器提供线束， 并与宝时德合作，为其割草车提供线束，预计 2025 年第四季度量产。 沪光股份在人形机器人领域与智源和傅立叶合作，为智源的远征 A2、A3 及灵犀项目提供线束，并与京东建立联系，为其无人物流车项 目进行技术准备。 沪光股份 2025 年营收目标为 95 亿元，上半年净利率约为 7.6%，二季 度已达 8%以上，预计全年净利率可达 8%以上，目标净利润约为 8 亿 元。 沪光股份成立全资子公司全能巨升智能科技苏州有限公司，计划建立创 新中心，并建设制造、重大零部件公关、人才培养及服务与运行四大平 台，预计未来总投资额达 20 亿元。 Q&A 2025 年上半年，沪光股份的整体业绩表现如何？ 2025 年上半年，沪光股份实现了 36.29 亿元的营收，同比增长约 8%。毛利 率为 15.67%，净利率为 7.62%，净利润达 ...

Core Viewpoint - The automotive industry, particularly the electric vehicle sector, is a crucial pillar of China's economy, experiencing rapid growth and technological innovation, which presents new market opportunities for companies like Kunshan Huguang Automotive Electric Co., Ltd [2][3]. Group 1: Industry Outlook - The electric vehicle industry in China has maintained its position as the world's largest for ten consecutive years, driving growth in the automotive wiring harness market and promoting technological advancements [2]. - The company emphasizes the importance of integrating modern technologies such as mobile internet, digital economy, and artificial intelligence to sustain growth in the automotive sector [2]. Group 2: Company Strategy - The company plans to enhance its market competitiveness by focusing on technology upgrades and product innovation, including high-pressure connector integration and aluminum substitution for copper [3]. - The company aims to expand its supply share with existing clients through customized solutions and improved production efficiency via smart manufacturing and data integration [3][4]. - The company is committed to vertical integration and global expansion to reduce reliance on external suppliers and enhance profit margins [3]. Group 3: Future Plans - In the automotive wiring harness sector, the company intends to deepen its focus on high and low voltage products while optimizing its customer structure for sustainable growth [3]. - The company is also exploring new profit growth points in other fields, such as drones and electric lawnmowers, and has established a dedicated team for developing wiring harnesses for robots [3][5]. - The establishment of a wholly-owned subsidiary in Hong Kong is part of the company's global development strategy, aimed at enhancing international cooperation and expanding overseas business [5]. Group 4: Performance and Market Response - The company reports that production and operations are normal, with new models and clients contributing to a positive market trend, supported by government policies and promotional activities [5]. - The company anticipates a recovery in market performance, particularly with the introduction of new models from its largest client, Seres [5].

Investment Rating - The report maintains a "Buy" rating for the company [7] Core Views - The company has received recognition from downstream customers due to its excellent product performance and consistency, with a trend towards diversifying its customer base and expanding towards high-quality clients, indicating the emergence of a leading position in the wiring harness sector [2][4] - The first sample line of the humanoid robot project successfully went offline on April 24, 2025, suggesting that the robot wiring harness could initiate a second growth curve for the company as the robot industry accelerates [2][4] - The company expects net profits attributable to shareholders to reach 844 million, 1.12 billion, and 1.44 billion yuan for 2025, 2026, and 2027 respectively, with corresponding P/E ratios of 15.73X, 11.82X, and 9.19X [2][4] Summary by Sections Financial Performance - In 2024, the company achieved an operating revenue of 7.914 billion yuan, a year-on-year increase of 97.7%, and a net profit attributable to shareholders of 670 million yuan, a year-on-year increase of 1,139.15% [4][10] - For Q1 2025, the company reported an operating revenue of 1.543 billion yuan, a year-on-year increase of 0.64%, and a net profit of 93.1 million yuan, a year-on-year decrease of 7.63% [4][10] - The gross profit margin for 2024 was 17.5%, up 4.6 percentage points year-on-year, while the Q4 gross profit margin was 17.9% [10] Business Development - The company is diversifying its customer base beyond its main client, Seres, to include major automotive brands such as Volkswagen, Mercedes-Benz, and Audi, which supports stable growth in its core business [10] - The company is also expanding its product lines into upstream areas, with significant breakthroughs in high-frequency and high-speed connectors [10] Future Outlook - The company anticipates a rebound in performance in Q2 2025 as downstream customer sales recover, following a temporary decline in Q1 due to reduced sales from key clients [10] - The report highlights the potential for the humanoid robot project to contribute significantly to future growth, indicating a strategic shift towards new markets [10]