见习记者 占健宇 当前，汽车行业正加速向电动化、智能化转型，在此背景下，零部件赛道既迎来了国际化布局的机遇， 也时刻面临着技术升级的挑战。 本报记者 张文湘 开辟增长新曲线 作为深耕行业超25年的技术型企业，凯众股份以研发为核心，通过并购协同与新场景探索，持续拓宽增 长边界。 根据公司近日公告，凯众股份正在推进收购安徽拓盛汽车零部件股份有限公司（以下简称"安徽拓胜"） 60%股权。据悉，安徽拓胜主要从事影响汽车NVH（噪声、振动和声振粗糙度）性能的橡胶基弹性体减 震、密封元件研发与生产业务，与凯众股份主业高度契合。 侯振坤向记者表示，安徽拓胜与凯众股份均聚焦减震元件赛道，核心技术原理相通且客户重叠度高，具 备天然协同基础。在研发端，双方可实现人才梯队互补，安徽拓胜的资深设计师与凯众股份的年轻团队 形成合力，达到1+1>2的协同效应，"此次并购将通过规模效应摊薄固定成本、提升盈利能力，同时与 安徽拓胜形成业务互补，共同拓宽市场与技术边界。" 深耕汽车零部件行业的上海凯众材料科技股份有限公司（以下简称"凯众股份"），凭借对细分赛道的专 注与技术沉淀，在汽车减震元件、轻量化踏板等核心产品领域稳居行业前列，赢得多家主 ...

Investment Rating - The report maintains a "Buy-A" rating for the company, indicating an expected price increase of over 15% relative to the benchmark index [3][7]. Core Views - The company achieved a revenue of 20.055 billion yuan in 2024, a year-on-year increase of 14.35%, and a net profit of 445 million yuan, up 15.20% year-on-year. The fourth quarter of 2024 saw a revenue of 6.989 billion yuan, marking a 41.61% increase year-on-year and a 58.67% increase quarter-on-quarter [3][4]. - The wind power industry is thriving, with the company's wind blade sales reaching 21.22 GW in 2024, a 33.54% increase year-on-year, generating revenue of 8.2 billion yuan, up 22.37% year-on-year. The first quarter of 2025 continued this trend with revenue of 1.718 billion yuan, a 29.88% increase year-on-year [3][4]. - The automotive parts segment achieved a record high revenue of 7.101 billion yuan in 2024, a 3.51% increase year-on-year. The first quarter of 2025 saw a revenue of 1.668 billion yuan, a decrease of 9.75% year-on-year [4]. - The rail transit segment reported a revenue of 2.355 billion yuan in 2024, a 25.60% increase year-on-year, with both domestic and overseas markets reaching historical highs [5][6]. Financial Summary - The company is projected to achieve revenues of 22.639 billion yuan, 24.583 billion yuan, and 26.628 billion yuan from 2025 to 2027, representing year-on-year growth rates of 12.9%, 8.6%, and 8.3% respectively. Net profits are expected to reach 691 million yuan, 867 million yuan, and 1.063 billion yuan, with growth rates of 55.3%, 25.5%, and 22.6% respectively [7][9]. - The earnings per share (EPS) are forecasted to be 0.84 yuan, 1.05 yuan, and 1.29 yuan for the years 2025 to 2027, with corresponding price-to-earnings (P/E) ratios of 14.1, 11.2, and 9.1 [7][9].

Investment Rating - The report maintains a "Buy-A" rating for the company [1] Core Views - The company reported a revenue of 20.055 billion yuan in 2024, a year-on-year increase of 14.35%, and a net profit attributable to shareholders of 445 million yuan, up 15.20% year-on-year [3] - The wind power blade sales have seen rapid growth, with a sales volume of 21.22 GW in 2024, representing a year-on-year increase of 33.54% [4] - The automotive segment achieved record sales revenue of 7.101 billion yuan in 2024, marking a 3.51% year-on-year increase [5] - The rail transit segment also showed steady growth, with sales revenue of 2.355 billion yuan in 2024, up 25.60% year-on-year [6] Financial Performance Summary - The company is projected to achieve revenues of 22.639 billion yuan, 24.583 billion yuan, and 26.628 billion yuan for the years 2025, 2026, and 2027, respectively, with year-on-year growth rates of 12.9%, 8.6%, and 8.3% [9] - The net profit attributable to shareholders is expected to reach 691 million yuan, 867 million yuan, and 1.063 billion yuan for the years 2025, 2026, and 2027, reflecting growth rates of 55.3%, 25.5%, and 22.6% [9] - The earnings per share (EPS) are projected to be 0.84 yuan, 1.05 yuan, and 1.29 yuan for the years 2025, 2026, and 2027, with corresponding price-to-earnings (P/E) ratios of 14.1, 11.2, and 9.1 [9] Market Data - As of May 13, 2025, the closing price of the company's stock was 11.78 yuan, with a year-to-date high of 14.90 yuan and a low of 8.52 yuan [2]