线束全自动柔性生产线是一种集自动化、信息化与柔性制造于一体的先进生产系统，主要用于汽车、家电、工业设备等领域的线束 制造。 线束全自动柔性生产线具有高度自动化、智能化和柔性化等显著特点。首先，在自动化方面，该生产线通过集成先进的自动裁线、 剥皮、压接、插接、焊接、检测及打标设备，实现线束生产全过程的自动操作，大大减少了人工干预，提高了生产效率和一致性。 其次，在智能化方面，该系统广泛应用工业机器人、机器视觉、PLC控制系统以及MES（制造执行系统）等智能制造技术，能够实 现实时监控、数据采集、过程控制与质量追溯，提高了产品的质量管理水平。此外，其柔性化特点尤为突出，可根据不同产品设计 快速切换生产工艺和设备参数，适应多品种、小批量的定制化生产需求，有效解决传统生产线在频繁换型时的效率低和资源浪费问 题。同时，整线具备高度的模块化与可扩展性，企业可根据自身产能需求灵活增减设备模块，提升投资回报率。再者，全自动柔性 线束生产线支持与ERP系统对接，实现订单驱动式生产，使整个制造流程更加协同与透明。 根据调研，中国线束全自动柔性生产线市场增速显著，按收入计算，2023年市场规模为5.57亿，2024年规模为6.12 ...

Q&A 沪光股份在 2024 年及 2025 年第一季度的经营业绩如何？ 2024 年，沪光股份实现营业收入 79.14 亿元，同比增长 97.7%；归属于上市 公司股东净利润为 6.7 亿元，同比增长 1,139.15%；扣除非经常性损益后的净 利润为 6.58 亿元，同比增长 1,546.71%。2025 年第一季度，公司实现营业 收入 15.43 亿元，同比增长 0.64%；归属于上市公司股东净利润为 0.93 亿元， 同比减少 7.63%；扣除非经常性损益后的净利润为 0.9 亿元，同比减少 5.34%。 沪光股份 20250528 摘要 沪光股份 2025 年一季度营收 15.43 亿元，同比增长 0.64%，但归母净 利润同比减少 7.63%至 0.93 亿元，扣非净利润同比下降 5.34%至 0.9 亿元，盈利能力面临挑战。 2024 年，沪光股份通过优化客户结构，成功进入极氪、大众 VAG、奇 瑞、宝马、北汽等整车厂潜在供应商名录，有望获取增量订单，提升市 场份额。 公司自主研发全系高压线束设备，实现标准化工序和自动化生产，并推 进昆山、天津工厂网络监控体系部署，强化信息安全，为智能制造升级 ...

2025中国温州（乐清）电子线束连接器展会——电力电气与新能源产业的风向标 在3万平方米的现代化展馆里，来自20多个国家和地区的500余家参展商将同台竞技。从纳米级精密的汽 车电子连接器，到承载千兆电流的新能源高压线束；从智能家居的柔性线路解决方案，到航空航天领域 的特种连接技术——这些代表行业最高水准的展品，犹如繁星点点，共同勾勒出电子连接技术的璀璨星 河。特别设立的"碳中和展区"，将集中展示光伏连接器、储能系统线束等绿色创新成果，为全球能源转 型提供"中国方案"。 展会期间，国际电工委员会（IEC）专家将亲临"全球连接技术高峰论坛"，与国内龙头企业共同探讨5G 时代下的连接器微型化趋势。同期举办的"新能源线束设计大赛"和"智能制造Workshop"，则为行业新锐 提供了绝佳的展示舞台。正如乐清这座"百工之乡"传承千年的工匠精神，本届展会必将成为连接技术与 绿色能源深度融合的里程碑，为全球电子线束行业注入澎湃动能。 金秋十月，东海之滨的"中国电器之都"将迎来一场行业盛事。作为亚洲最具影响力的电子连接技术专业 展会，2025中国温州（乐清）电子线束连接器展会将以"智联未来·绿动世界"为主题，在乐清智能电气 小 ...

Core Viewpoint - Jiangsu Hengtong Optic-Electric Co., Ltd. is focused on high-quality development and strategic investments in core industries such as communication and energy, leveraging opportunities in new infrastructure, carbon neutrality, and digital transformation to enhance its market competitiveness and operational efficiency [5][6][29]. Meeting Agenda - The company will hold its annual shareholder meeting on May 20, 2025, to discuss the reappointment of the external auditor, Lixin Certified Public Accountants [2][3]. Company Performance - In 2024, the company achieved a revenue of 59.984 billion yuan, representing a year-on-year growth of 28.57% in net profit, amounting to 2.769 billion yuan [5][6]. - The net profit attributable to shareholders, excluding non-recurring gains and losses, was 2.576 billion yuan, reflecting a growth of 26.74% [5]. Strategic Focus - The company is actively investing in the telecommunications and energy sectors, providing leading products and solutions in optical communication, smart grids, and marine energy [5][6]. - The company is enhancing its global industrial and marketing network, positioning itself as a leading provider of information and energy interconnection solutions [5][6]. Technological Advancements - The company has established a "world lighthouse factory" for intelligent manufacturing in the optical communication sector, integrating advanced technologies such as 5G and AI to optimize production processes [7][8]. - The company is focusing on the development of high-end optical fibers and special products, achieving significant advancements in low-loss optical fibers and marine optical fibers [8][9]. International Expansion - The company has expanded its presence in various regions, including Europe, South America, and Southeast Asia, through acquisitions and the establishment of production bases [9][24]. - The acquisition of j-fiber GmbH has strengthened the company's capabilities in special optical fiber production, enhancing its competitive edge in the global market [9][24]. Environmental Commitment - The company is committed to sustainable development and has implemented an ESG management system to promote green manufacturing and energy management [28][29]. - The company has received multiple awards for its efforts in environmental sustainability and corporate governance [28][29]. Future Outlook - The company aims to continue its strategic transformation towards becoming a global leader in marine energy interconnection solutions while expanding its market presence in telecommunications and energy sectors [15][24]. - The company plans to enhance its technological capabilities and maintain a strong focus on innovation to meet the growing demands of the digital economy [30][31].

沪光股份(605333) 报告日期：2025 年 04 月 30 日 核心客户驱动稳健增长，新产品打造第二、三增长曲线 ——沪光股份点评报告 投资要点 ❑ 大客户订单持续放量和新项目量产，归母净利润同增 1139% 1）24 全年：公司业绩持续超预期，实现营收 79.14 亿元，同比增 97.7%；归母 净利润 6.7 亿元，同比增 1139.15%；扣非净利润 6.58 亿元，同比增 1546.71%。公司毛利率 17.5%，2023 年毛利率为 12.9%，受益于新能源客户项 目持续放量和新项目量产，公司规模效应显著。 2）25Q1：营收 15.43 亿元，同比增 0.64%，环比减 35.22%；归母净利润 0.93 亿元，同比减 7.36%，环比减 59.86%。 ❑ 核心客户驱动增长，新客户拓展成果显著，为长期增长奠定基础 2024 年业绩高速增长的核心驱动力来自于下游新能源客户，特别是赛力斯的强 劲放量。年报显示，赛力斯已成为公司第一大客户，销售额占比高达 52.84%。 公司持续开拓新客户，报告期内新增了极氪 EX1H 低压线束、蔚来·阿尔卑斯 Blanc 低压线束、大众安徽 MM2 低压线束、 ...

Investment Rating - The report maintains a "Buy" rating for the company [4][7]. Core Views - The company achieved a revenue of approximately 7.914 billion yuan in 2024, representing a year-on-year increase of about 97.7%, with a net profit attributable to the parent company of approximately 670 million yuan, a year-on-year increase of about 1139.15% [1]. - The company is expanding its core customer base and exploring new fields, establishing a 1+N business layout to solidify its second growth curve [1]. - The company is benefiting from the growth of domestic automotive brands, with a projected increase in revenue from 10.235 billion yuan in 2025 to 14.666 billion yuan in 2027, reflecting a compound annual growth rate of approximately 19.7% [4][6]. Financial Performance - In 2024, the company's gross margin was approximately 17.49%, an increase of about 4.6 percentage points year-on-year, while the net margin was approximately 8.47%, an increase of about 7.1 percentage points year-on-year [2]. - The company reported a slight increase in expense ratios in Q1 2025, with a total expense ratio of approximately 7.97%, up by 0.99 percentage points year-on-year [2]. - The company is expected to achieve net profits of approximately 8.2 billion yuan, 10.4 billion yuan, and 12.9 billion yuan for the years 2025, 2026, and 2027, respectively, with year-on-year growth rates of 22.8%, 26.2%, and 24.5% [4][6]. Market Position and Growth Drivers - The company is positioned to benefit from the increasing market share of domestic brands, which accounted for approximately 65.2% of passenger car sales in 2024, a year-on-year increase of about 9.2 percentage points [3]. - The company is implementing technological innovations such as high-voltage connector integration and the use of aluminum instead of copper, which are expected to optimize cost structures and enhance profitability [3].

4月25日晚，精密制造龙头立讯精密（002475）（002475.SZ）发布2024年年报，公司全年实现营业收入 2687.95亿元，同比增长15.91%；归属于上市公司股东的净利润133.66亿元，同比增长22.03%。在消费 电子业务稳健增长的同时，汽车业务成为立讯精密营收增长最快的板块。 2024年，中国新能源汽车产量销量均突破1280万辆，连续十年领先全球，全球市场上，汽车电动化、智 能化趋势亦持续演进，为产业链供应链带来新机遇。在此背景下，立讯精密依托智能制造核心能力，发 挥垂直整合及产能布局优势，汽车互联产品及精密组件业务全年实现营收137.58亿元, 同比增长 48.69%，占营收比重也从上年的3.99%提升至5.12%。 汽车行业供应链竞争激烈，但市场体量与发展潜力巨大，十余年来立讯精密对汽车业务板块寄予厚望， 并逐渐将其打造成具有战略意义的业务增长点。从2014年至2024年，立讯精密的汽车业务营收从7.23亿 元飙升至137.58亿元，增长超过18倍，加速向全球汽车零部件Tier 1领军厂商的目标迈进。 汽车业务起步：从最擅长的线束和连接器做起 汽车产业链重构 立讯核心优势"平移" 立讯精 ...

Investment Rating - The report maintains a "Recommended" rating for the company [6] Core Views - The company achieved a revenue of 7.914 billion yuan in 2024, representing a year-on-year increase of 97.70%, and a net profit attributable to shareholders of 670 million yuan, up 1,139.15% year-on-year [1][4] - In Q1 2025, the company reported a revenue of 1.543 billion yuan, a slight increase of 0.64% year-on-year, but a significant decrease of 35.22% quarter-on-quarter, primarily due to the impact of major customer sales [2][4] - The company is successfully expanding its connector business, with significant orders from key customers, indicating a strong growth trajectory [3][4] Summary by Sections Financial Performance - In Q4 2024, the company achieved a revenue of 2.382 billion yuan, a year-on-year increase of 45.60% and a quarter-on-quarter increase of 12.66% [2] - The gross profit margin for Q1 2025 was 14.38%, showing a year-on-year increase of 0.42 percentage points, while the net profit margin was 6.03%, down 0.55 percentage points year-on-year [2] - The company expects revenues of 10.006 billion yuan, 12.508 billion yuan, and 15.384 billion yuan for 2025, 2026, and 2027 respectively, with net profits projected at 828 million yuan, 1.036 billion yuan, and 1.314 billion yuan for the same years [5][9] Business Expansion - The company has successfully extended its connector business, with significant orders from customers such as Seres, indicating a robust demand for its products [3] - The domestic market for wiring harnesses is expected to reach a total scale of 130.7 billion yuan in 2025, presenting a substantial growth opportunity for the company [3] Valuation Metrics - The report provides earnings per share (EPS) estimates of 1.89 yuan, 2.37 yuan, and 3.01 yuan for 2025, 2026, and 2027 respectively, with corresponding price-to-earnings (PE) ratios of 17, 13, and 11 [4][5]