事项： 机构：华创证券 研究员：张程航 预计2025-2026 年主业延续较好增长趋势。产品角度，欧洲电动车放量将继续推动公司电池盒营收放 量，而传统的饰件业务则将保持稳定，并受益于区域性的订单增加。客户角度，除了欧洲电动车拉动 外，自主客户的持续开拓以及不断下降的合资客户占比，将逐步为公司非欧系客户降低营收下降风险、 提高经营稳定性，其中随电池安全标准趋严、自主车企出海，敏实电池盒业务预计也将在自主车企市场 打开更大局面。盈利角度，电池盒业务毛利率有望继续提升，整体费用率随营收扩增预计小幅改善。在 此情形下，我们预计公司今明两年将继续保持15-20%的利润增速，为后续新品开拓奠定较好基础。 积极布局低空、机器人新业务领域。依托于敏实在汽车行业积累的金属成形、材料工艺、塑料件加工、 复杂零件系统集成等能力，公司近年积极布局了低空业务（如机体系统、旋翼系统等），机器人业务 （如肢体结构件、智能皮肤、关节总成、充电设备等）。今年7 月，公司公告宣布其子公司敏翼与亿航 签订开发委托服务协议，将为亿航提供低空飞行器指定零部件的设计、开发、制造与组装，同时敏实汽 研与亿航签订战略合作协议，双方同意联合研发及开展低空飞行 ...

Core Viewpoint - The article discusses the ongoing issues in the automotive supply chain, particularly focusing on the extended payment terms imposed by large parts manufacturers on smaller suppliers, despite recent commitments from automakers to shorten their payment periods [3][4]. Group 1: Payment Terms and Industry Dynamics - A recent lawsuit highlights the contract disputes between a mold company and a joint venture parts manufacturer, revealing underlying issues related to payment terms and cash flow for small enterprises [3]. - Automakers have received praise for their commitment to a 60-day payment term, but the larger issue lies with major parts manufacturers who impose even longer payment terms on smaller suppliers [3][4]. - For instance, Huayu Automotive, a major parts supplier under SAIC, has an accounts payable turnover period of 163 days, while Dongfeng Technology has a turnover period exceeding 196 days [4]. Group 2: Impact on Smaller Suppliers - The accounts payable turnover days do not equate to the contractual payment terms, indicating that actual payment cycles can be significantly longer, affecting the cash flow of smaller suppliers [4]. - Larger parts manufacturers, such as CATL, have been able to maintain a favorable accounts receivable turnover period of around 60 days, while their own accounts payable turnover days exceed 258 days, further straining smaller suppliers [4][5]. - The article suggests that these large manufacturers are leveraging their negotiating power to impose harsher terms on smaller suppliers, exacerbating the financial strain within the supply chain [5]. Group 3: Call for Transparency and Fairness - The article advocates for greater transparency in payment policies from large manufacturers, similar to the commitments made by automakers, to foster a healthier competitive environment [5]. - It emphasizes that while extended payment terms may seem like a financial strategy, they should not undermine fair competition and the integrity of the supply chain [5]. - The article questions whether large parts manufacturers should also take responsibility and clarify their payment practices to ensure fairness across the industry [5].