华源证券股份有限公司赵昊,万枭近期对威贸电子进行研究并发布了研究报告《威贸电子 (833346.BJ)》，给予威贸电子增持评级。 》研报附件原文摘录) 2025H1公司线束组件、注塑集成件分别实现营收5783万元(yoy+1.86%)、7215万元(yoy+20.38%)，毛利 率分别为32.56%、28.75%(yoy+0.59pcts)。销售区域方面，2025H1公司境内、境外业务分别实现营收 7,042万元(yoy+11.17%)、7,347万元(yoy+14.91%)。上半年，公司的蒸汽式电熨斗挂烫底板组件项目和 热泵线束组件项目等销量增长较快，为公司的注塑集成件业务及外销业务销量增长做出了 贡献。公司积极拓展新兴领域等战略举措，在稳固存量客户与项目基本盘的同时，持续开拓国内外增量 市场。上半年，公司线束与集成组件业务取得显著突破：商用物流车电池包线束实现规模化交付，吉利 银河、领克等新能源车型充电枪组件量产导入，并完成国产空气悬架线束总成、数据中心散热系统线束 与医用电动手术刀线束的技术攻关与量产爬坡。我们认为，随着公司组件化、集成化策略的持续推进， 后续注塑集成件的占比或将进一步增加。 在智能电动 ...

证券研究报告 电子 | 消费电子 北交所|公司点评报告 hyzqdatemark 2025 年 08 月 28 日 证券分析师 赵昊 SAC：S1350524110004 zhaohao@huayuanstock.com 万枭 SAC：S1350524100001 wanxiao@huayuanstock.com 市场表现： | 基本数据 | 27 | | 年 | 08 | | 日 | | 月 | 2025 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 收盘价（元） | | | | | | 29.42 | | | | | 一 年 高 / 最 低 | | 最 | | | 38.52/10.57 | | 内 | | | | （元） | | | | | | | | | | | 总市值（百万元） | | | | | | 2,373.54 | | | | | 流通市值（百万元） | | | | | | 1,312.83 | | | | | 总股本（百万股） | | | | | | 80.68 | | | | | 资产负债率（%） | ...

8月18日晚间，立讯精密发布《关于向香港联交所递交境外上市股份(H股)发行上市申请并刊发申请资料 的公告》，公告表示公司已于2025年8月18日向香港联交所递交了发行境外上市股份(H股)并在香港联交 所主板挂牌上市的申请，这标志着这家精密智造龙头企业在全球化布局上又迈出了重要的一步。 自立讯精宣布筹划赴港上市的消息公布以来，引发了资本市场高度关注。在业内看来，这不仅是立讯精 密全球化战略的关键落子，更将成为其业务版图升级的重要引擎，借助港股国际化平台的资本与资源优 势，公司有望在全球精密智造赛道开启新的增长周期。 消费电子+汽车电子+通信 全球精密智造行业"六边形战士" 根据联交所披露的上市申请材料，截至2024年年底，立讯精密在精密智造解决方案(PIMS)行业中排名全 球第四、中国大陆第一，同时在消费电子、汽车电子、通信与数据中心等各主要业务线均处于全球领先 地位。经过多年的研发、创新和行业经验累积，立讯精密已经搭建了独特的全栈式开发与智造平台，是 拥有最全面及最多元化的产品组合的全球精密智造解决方案提供商。 作为立讯精密的起家之本，消费电子业务始终是其稳健发展的核心支撑。其消费电子业务覆盖连接器、 线束组 ...

Investment Rating - The report initiates coverage with an "Accumulate" rating for the company [3][5][36]. Core Insights - The company is a leading manufacturer of electronic wire harnesses, with products widely used in new energy vehicles and the low-altitude economy, indicating strong growth potential [5][6][29]. - Revenue and profit are expected to grow steadily in 2024, driven by new product launches and strengthened partnerships with domestic brands [5][13]. - The company has successfully expanded into the European and North American markets, with overseas revenue exceeding 50% for the first time in 2024 [5][6][24]. - The low-altitude economy, particularly through partnerships in the eVTOL sector, presents significant future growth opportunities [5][29][36]. Summary by Sections Company Overview - The company was established in 1998 and specializes in the R&D, production, and sales of various wire harness components and injection-molded integrated parts, covering over 300 series and 3,000 models [5][9][19]. Financial Performance - The company forecasts revenue of 2.6 billion yuan and a net profit of 400 million yuan for 2024, representing year-on-year growth of 13.69% and 14.28%, respectively [5][13][24]. - The projected revenue for 2025-2027 is expected to reach 3.06 billion yuan, 3.61 billion yuan, and 4.15 billion yuan, with corresponding net profits of 510 million yuan, 610 million yuan, and 720 million yuan [3][38]. Market Trends - The automotive wire harness market is projected to grow significantly, with the average value of wire harnesses in new energy vehicles potentially increasing to 5,000-6,000 yuan per vehicle [5][24][22]. - The global eVTOL market is expected to grow from 1.2 billion USD in 2023 to 23.4 billion USD by 2030, with a CAGR of 52% [5][35][36]. Competitive Position - The company is positioned favorably against competitors, with a slightly higher valuation compared to industry averages, reflecting its growth potential in the eVTOL sector [5][38][42].

Industry Overview - The eVTOL (electric Vertical Take-Off and Landing) industry is experiencing significant growth, with the low-altitude logistics market in China expected to exceed 100 billion yuan in the next five years [4] - The successful sea transportation of goods using a 2-ton eVTOL named "Kai Rui Ou" marks a critical advancement in low-altitude logistics applications [4] Company Performance - eVTOL concept stocks have seen an average price increase of 17.69% this year, with Meili Technology leading with a 127.4% increase [5] - Notable companies such as Yongyue Technology, Shanhe Intelligent, Ruikeda, Zongheng Co., and Huayi Technology have all reported stock price increases exceeding 60% [5] - Beidouxingtong is expected to turn a profit with a projected net profit of approximately 1 to 1.5 million yuan, driven by demand in emerging sectors [6] - Ruikeda anticipates a significant profit increase, projecting a net profit of 151 to 171 million yuan, representing a year-on-year growth of 132.44% to 163.22% [6] Market Dynamics - The eVTOL industry is transitioning from technology validation to large-scale application, with small drones leading in commercial deployment [4] - Companies like Guanglian Aviation are establishing partnerships within the low-altitude economic industry chain to support drone development and production [5]

点击招商研究小程序查看PDF报告原文 公司近期公布 24 年年报、 25 年一季报以及上半年业绩展望： 1 ） 24 年营收 2688 亿，同比增长 15.91% ，归母净利 133.66 亿，同比增长 22.03% ； 2 ） 25 年第一季度营收 618 亿，同比增长 17.9% ，归母净利 30.44 亿，同比增长 23.17% ； 3 ）展望上半年业绩区间为 64.75-67.45 亿，对应增长区间为 20- 25% 。此外，公司还发布了 2025 年股票股权激励计划草案。结合公司管理层业绩说明会，我们更新公司观点如下： 24 年及 25Q1 业绩符合预期，持续稳健增长。 公司 24 年营收 2688 亿，同比增长 15.91% ，归母净利 133.66 亿，同比增长 22.03% ，业绩处于前期预告 20-25% 区间，符合市场预期，对应 EPS 为 1.85 元。其中 Q4 单季营收 916 亿，同比 20.5% 环比 24.52% ， 归母净利 42.91 亿，同比 19.90% 环比 16.63% ，扣非净利 35.77 亿，同比 13.45% 环比 13.27% 。此外， 25 年一季度营收 ...