豪能股份 20250514 摘要 • 豪能股份通过收购浩能强进入航空航天领域，形成汽车与航空航天双重布 局，并积极拓展新能源汽车行星减速器及机器人减速器业务，实现多元化 发展。 • 公司汽车业务营收占比约 86%，同步器业务稳健，市场占有率高；差速器 业务国产替代加速，毛利率提升显著，尤其在商用车 AMT 重卡领域已进入 第一梯队，与多家主机厂达成独家配套合作。 • 新能源汽车对齿轮精度和静谧性提出更高要求，同时供应链开放，利好第 三方齿轮厂商。豪能股份在同步器领域具备模具、材料、切削和热处理等 工艺优势，客户资源广泛，龙头地位稳固。 • 受益于自主品牌和插混车型采用 DCT 变速箱，以及重卡 AMT 变速箱市场 改善，豪能股份同步器业务预计保持稳健增长，并积极拓展海外市场。 • 差速器业务受益于四驱车型需求增加和国产替代趋势，市场规模预计持续 增长。豪能股份与比亚迪、吉利等客户合作，产能扩张，有望成为公司核 心增长点。 • 公司布局空心电机轴，具有轻量化、高转速和易冷却优势，并拓展定子、 转子等产品，与一汽、吉利等合作顺利，提升新能源汽车电驱性能。 • 豪能股份通过子公司切入航空装备制造领域，业务涵盖航空结 ...

[ReportFinancialIndex] 主要财务指标 | | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | | 营业总收入(百万) | 2,360 | 2,837 | 3,366 | 4,013 | | 同比增速(%) | 21.3% | 20.2% | 18.6% | 19.2% | | 归母净利润(百万) | 322 | 452 | 558 | 684 | | 同比增速(%) | 76.9% | 40.4% | 23.4% | 22.8% | | 每股盈利(元) | 0.39 | 0.54 | 0.67 | 0.82 | | 市盈率(倍) | 37 | 26 | 21 | 17 | | 市净率(倍) | 3.9 | 3.2 | 2.9 | 2.6 | 资料来源：公司公告，华创证券预测 注：股价为 2025 年 5 月 7 日收盘价 公司研究 证 券 研 究 报 告 豪能股份（603809）2025 年一季报点评 强推（维持） 1Q25 业绩超预期，预计全年成长继续加速 事项： ❖ 公司发布 2025 年一季报，1Q25 ...

证 券 研 究 报 告 豪能股份（603809）2025 年一季报点评 强推（维持） 1Q25 业绩超预期，预计全年成长继续加速 事项： ❖ 公司发布 2025 年一季报，1Q25 营收 6.2 亿元、同比+13%、环比-7.8%，归母净利 1.04 亿元、同比+30%、环比+33%。 公司基本数据 | 总股本(万股) | 83,356.07 | | --- | --- | | 已上市流通股(万股) | 83,356.07 | | 总市值(亿元) | 118.78 | | 流通市值(亿元) | 118.78 | | 资产负债率(%) | 51.39 | | 每股净资产(元) | 4.77 | | 12 个月内最高/最低价 | 19.00/6.89 | 评论： [ReportFinancialIndex] 主要财务指标 | | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | | 营业总收入(百万) | 2,360 | 2,837 | 3,366 | 4,013 | | 同比增速(%) | 21.3% | 20.2% | 18.6% ...

Summary of Conference Call Notes Company and Industry Overview - The conference call discusses **Changjiang Automobile** and its joint venture with **Tuman Intelligent**, focusing on the **four-wheel drive system** and **screw rod production**. The collaboration aims to leverage both companies' strengths to overcome technical bottlenecks and enhance equipment qualifications and R&D capabilities [2][5]. Key Financial Performance and Growth Factors - In Q1 2025, Changjiang Automobile reported **revenue of 180 million yuan**, a **26% year-on-year increase**, with a profit of approximately **70 million yuan**, reflecting a **37% growth**. The revenue growth is primarily driven by overseas markets, with expectations for continued contributions from traditional business in 2025 [4][40]. - The gross margin for Q1 2025 improved due to **scale effects** and **internal process enhancements**, particularly a **10% increase in assembly line efficiency**. This improvement helped meet the rising demand from clients like BYD [2][6][7]. - The company anticipates **20%+ overall revenue growth** in 2025, with overseas revenue expected to rise from **40% in 2024 to 50% in 2025** [3][40]. Market Expansion and Performance - The Czech market is projected to grow by **80% in 2024**, with a net profit margin of **20%**, while the Mexican market is expected to grow by **30%**. This indicates significant revenue and profitability improvements in overseas markets [2][8]. - BYD is expected to account for approximately **15% of revenue in 2024**, with Volkswagen contributing around **40-50%**, of which **30% is from overseas**. BYD's sales are projected to increase significantly in 2025, potentially enhancing market share for Changjiang [25][37]. Joint Venture and Product Development - The joint venture with Tuman Intelligent will focus on producing screw rods using **extrusion and grinding processes**, targeting both vehicle and robotics sectors. The partnership includes exclusive agreements to protect interests and is expected to start sample deliveries in the second half of 2025 [2][10][21]. - The company is also developing screw rod equipment in collaboration with Tuman, leveraging Tuman's strengths in gear machine tools and grinding machines [11][12]. Challenges and Strategic Considerations - Despite strong overseas growth, the company faces challenges in management, particularly regarding local employee management and initial profit margins. However, the European market remains profitable, and the company is optimistic about its performance [30][31]. - The company plans to maintain a **high capacity utilization rate** of **80-90%** in overseas markets, with ongoing improvements in assembly line efficiency to support profitability [26]. Research and Development - R&D expenses are expected to increase in 2025, particularly for the **magnetic steel project**, with a total budget of **500 million yuan**. The company is in the early stages of this project, with significant investments planned for future phases [47][48]. Conclusion and Investor Communication - The company is in a preliminary R&D phase, with many details remaining confidential. The chairman expresses confidence in the company's future and encourages investors to reach out with any questions [54].