2025 年 08 月 27 日 海轨交维保+出海双线提速，新能源零部件产业 化构筑新增长极 买入(首次) 事件 分析师：尤少炜 S1050525030002 yousw@cfsc.com.cn | 基本数据 | 2025-08-27 | | --- | --- | | 当前股价（元） | 7.34 | | 总市值（亿元） | 64 | | 总股本（百万股） | 868 | | 流通股本（百万股） | 846 | | 52 周价格范围（元） | 5.01-7.56 | | 日均成交额（百万元） | 100.48 | 市场表现 -10 0 10 20 30 40 50 60 (%) 康尼机电 沪深300 资料来源：Wind，华鑫证券研究 相关研究 —康尼机电（603111.SH）公司事件点评报告 康尼机电于 2025 年 8 月 23 日发布 2025 年半年度报告，2025 年上半年实现营业收入 20.17 亿元，比 2024 年同期增长 25.27%；实现归母净利润 1.55 亿元，同比增长 41.74%；实 现扣非归母净利润 1.40 亿元，同比增长 57.28%。 投资要点 ▌维保+海外业务双轮驱动，订 ...

25Q2 公司盈利能力修复，新领域获新突破 ——沪光股份 25H1 业绩点评 ◼ 事件描述 公司发布 2025 年中报。25H1 公司实现营收约 36.30 亿元，同比约 +6.20%；归母净利润约 2.76 亿元，同比约+8.40%。其中 25Q2，公司 实现营收约 20.87 亿元，同比约+10.7%，环比约+35.3%；归母净利润 约 1.83 亿元，同比约+18.9%，环比约+96.9%。 沪光股份(605333) 公司研究/公司点评 ◼ 投资建议 核心客户放量，定点持续获取中 25Q2，赛力斯、上汽乘用车、理想产量分别约 13.40 万辆、20.95 万辆、 11.11 万辆，同比分别约+12%、+22%、+16%，环比分别约+95%、+32%、 +6%。2025H1，公司陆续取得了 T 公司 E80 低压线束、吉利 T132A 低 压线束、上汽尚界 SHA 低压线束、L 汽车 W10 高压线束、一汽红旗 E702/BP62/P701 高压线束、奇瑞 ICARV23 高压线束等项目定点。 25Q2 公司盈利能力修复，期间费用率同环比有所优化 25Q2 公司毛利率约 16.6%，同比约+0.1pct， ...

证券研究报告·公司点评报告·汽车零部件 沪光股份（605333） 2025 年中报点评：25Q2 量利齐升，业绩超预 期 买入（维持） [Table_Tag] [Table_Summary] 投资要点 2025 年 08 月 25 日 证券分析师 黄细里 执业证书：S0600520010001 021-60199793 huangxl@dwzq.com.cn 研究助理 孙仁昊 执业证书：S0600123090002 sunrh@dwzq.com.cn 股价走势 -5% 2% 9% 16% 23% 30% 37% 44% 51% 58% 2024/8/26 2024/12/24 2025/4/23 2025/8/21 沪光股份 沪深300 市场数据 | [Table_EPS] 盈利预测与估值 | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业总收入（百万元） | 4,003 | 7,914 | 10,006 | 12,078 | 14,348 | | 同比（%） | 22.11 | 97.70 ...

沪光股份 20250822 摘要 2025 年上半年，沪光股份新增一汽和东风两大国资企业合作，获得红 旗高压线束订单并完成东风供应商审核准入，连接器业务营收达 3,000 万至 4,000 万元，覆盖赛力斯、小米、上汽等客户。 沪光股份在低空经济领域与风飞合作，为其载人和载物飞行器提供线束， 并与宝时德合作，为其割草车提供线束，预计 2025 年第四季度量产。 沪光股份在人形机器人领域与智源和傅立叶合作，为智源的远征 A2、A3 及灵犀项目提供线束，并与京东建立联系，为其无人物流车项 目进行技术准备。 沪光股份 2025 年营收目标为 95 亿元，上半年净利率约为 7.6%，二季 度已达 8%以上，预计全年净利率可达 8%以上，目标净利润约为 8 亿 元。 沪光股份成立全资子公司全能巨升智能科技苏州有限公司，计划建立创 新中心，并建设制造、重大零部件公关、人才培养及服务与运行四大平 台，预计未来总投资额达 20 亿元。 Q&A 2025 年上半年，沪光股份的整体业绩表现如何？ 2025 年上半年，沪光股份实现了 36.29 亿元的营收，同比增长约 8%。毛利 率为 15.67%，净利率为 7.62%，净利润达 ...

证券研究报告 | 半年报点评 gszqdatemark 2025 08 23 年 月 日 沪光股份（605333.SH） 业绩符合预期，开拓机器人业务激发发展潜力 事件：公司发布 2025 年半年报。2025H1，公司收入 36 元，同比+6%， 归母净利润 2.8 亿元，同比+8%。2025Q2，公司收入 21 亿元，同比+11%， 环比+35%，归母净利润 1.8 亿元，同比+19%，环比+97%。 业绩符合预期。收入方面，2025H1，中国新能源汽车销量 693.7 万辆，同 比增长 40.3%，市场占有率达到 44.3%，其中赛力斯汽车销量 15.2 万辆， 同比-17%，单 Q2 销量 10.7 万辆，环比+138%。公司主要客户有赛力斯、 大众、蔚来、奇瑞等，客户结构多元化，因此受益于赛力斯汽车销量增长， Q2 收入实现环比大幅增长。利润率方面，2025 年 H1 公司销售毛利率 15.7%，同比+0.3pct，归母净利率 7.6%，同比+0.2pct。 客户结构优质+开拓海外市场，打开未来发展空间。公司客户结构优质， 奠定国内线束龙头地位。目前，公司已经进入上汽大众、戴姆勒奔驰、奥 迪汽车、赛力 ...

沪光股份（605333.SH）系列点评八 25Q2 业绩符合预期 "1+N"业务布局加速 2025 年 08 月 22 日 ➢ 事件概述：公司披露 2025 年半年度报告，2025H1 营收 36.30 亿元，同比 +6.20%；归母净利润 2.76 亿元，同比+8.40%；扣非归母净利 2.68 亿元，同比 +9.48%。 ➢ 25Q2 业绩符合预期 问界销量表现亮眼。1）营收端：2025Q2 营收 20.87 亿元，同比+10.71%，环比+35.28%。2025Q2 公司客户赛力斯问界品牌销量为 109,181 辆，同比+8.92%，环比+141.13%，带动公司营收环比增长。2）利润 端：2025Q2 公司实现归母净利润 1.83 亿元，同比+18.87%，环比+96.94%， 符合预期。公司 2025Q2 毛利率为 16.63%，同环比分别+0.12pct/+2.25pct， 净利率为 8.79%，同环比分别+0.61/+2.76pct，同环比均提升系产能利用率提 升 所 致 。 3 ） 费 用 端 ： 2025Q2 销 售 / 管 理 / 研 发 / 财 务 费 用 率 分 别 为 0.34%/2 ...

Investment Rating - The report initiates coverage with a "Buy-A" rating for the company [4][6]. Core Views - The company is a leading player in the automotive wiring harness industry, having established strong relationships with high-quality clients, which positions it for significant growth [2][3]. - The automotive wiring harness market is projected to reach approximately 110 billion yuan by 2025, driven by the electrification and intelligentization trends in the automotive sector [2][36]. - The company has a competitive edge due to its strong response capabilities, automated production, and comprehensive client coverage, which includes partnerships with both traditional and new energy vehicle manufacturers [3][20]. Summary by Sections 1. Company Overview - The company has been deeply involved in the automotive wiring harness industry for 36 years, transitioning from engineering machinery to passenger vehicles and expanding its client base to include major players like Tesla and Li Auto [2][13]. - The company has developed a full range of wiring harness products, including high and low voltage harnesses, to meet the growing demand for electric vehicles [13][14]. 2. Market Dynamics - The shift towards electric vehicles is increasing the demand for high-voltage wiring harnesses, with the value per vehicle rising by approximately 1,500 to 2,000 yuan [36][44]. - The market for automotive wiring harnesses is expected to grow steadily, with a projected compound annual growth rate (CAGR) of 10% over the next three years [44][45]. 3. Competitive Position - The company is positioned to increase its market share, which is expected to rise from 8.1% in 2024, as it capitalizes on the growth of domestic and new energy vehicle manufacturers [46][47]. - The competitive landscape is shifting, with foreign manufacturers' market share declining and domestic players like the company gaining ground due to the rise of new energy vehicles [46][48]. 4. Financial Projections - The company is expected to achieve net profits of 7.9 billion yuan, 10.6 billion yuan, and 12.7 billion yuan for the years 2025, 2026, and 2027, respectively, reflecting year-on-year growth rates of 17%, 35%, and 20% [4][5]. - The projected price-to-earnings (PE) ratios for 2025, 2026, and 2027 are 18.3, 13.5, and 11.3, respectively, indicating a favorable valuation [4][5].

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].

Investment Rating - The investment rating for the company is "Buy" [4] Core Insights - The company's performance in 2024 exceeded expectations, with revenue reaching 7.914 billion yuan, a year-on-year increase of 97.7%, and net profit attributable to shareholders of 670 million yuan, a staggering increase of 1139.15% [1] - The growth in 2024 was primarily driven by strong demand from key customers in the new energy sector, particularly from the company's largest client, Seres, which accounted for 52.84% of sales [2] - The company is expanding its product offerings, with significant developments in connector business and humanoid robot projects, which are expected to create additional growth curves [3] Summary by Sections Financial Performance - In 2024, the company achieved a revenue of 7.914 billion yuan and a net profit of 670 million yuan, with a gross margin of 17.5%, up from 12.9% in 2023 [1] - For Q1 2025, revenue was 1.543 billion yuan, a year-on-year increase of 0.64%, but a quarter-on-quarter decrease of 35.22% [1] Customer Base and Market Expansion - The company has successfully expanded its customer base, adding new projects with various automotive manufacturers, which lays a solid foundation for long-term growth [2] Product Development - The company has developed a full range of high-voltage connectors and charging sockets, and has made significant progress in humanoid robot projects, marking a milestone in its product development capabilities [3] Earnings Forecast and Valuation - The company is expected to achieve revenues of 10.127 billion yuan, 13.047 billion yuan, and 16.308 billion yuan in 2025, 2026, and 2027 respectively, with corresponding net profits of 899 million yuan, 1.2 billion yuan, and 1.536 billion yuan [4]

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].