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 ...

0 1 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%。 0 2 分 析 判 断 ► 2025Q2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%/2.58%/3.22%/0.57% ，同比分别 -0.33/+0.12/-1.02/-0.31pct ，环比分别 -0.27/-0.56/-0.24/-0.28pct ，研发费 用 ...

Core Insights - The company reported a revenue of 3.63 billion yuan for the first half of 2025, representing a year-on-year increase of 6.20% [1] - The net profit attributable to shareholders for the same period was 276 million yuan, up 8.40% year-on-year, while the non-recurring net profit was 268 million yuan, reflecting a 9.48% increase [1] Revenue Performance - In Q2 2025, the company achieved a revenue of 2.09 billion yuan, marking a year-on-year growth of 10.71% and a quarter-on-quarter increase of 35.28% [2] - The sales volume of the company's brand, Seres, reached 109,181 vehicles in Q2 2025, which is an 8.92% increase year-on-year and a 141.13% increase quarter-on-quarter [2] Profitability Metrics - The net profit attributable to shareholders in Q2 2025 was 183 million yuan, showing an 18.87% year-on-year increase and a significant 96.94% quarter-on-quarter rise [2] - The gross margin for Q2 2025 was 16.63%, with year-on-year and quarter-on-quarter increases of 0.12 percentage points and 2.25 percentage points, respectively [2] Cost Management - The expense ratios for sales, management, R&D, and finance in Q2 2025 were 0.34%, 2.58%, 3.22%, and 0.57%, respectively, with notable reductions in R&D expense ratio due to the completion of prior projects [2] Business Expansion - The company successfully launched the Seres M8 model, with over 60,000 units delivered by August 1, 2025, indicating strong demand [3] - New business segments have been added, including low-voltage and high-voltage wiring harnesses for various automotive clients, enhancing the company's product offerings [3] Innovation and New Ventures - The company is actively expanding into new applications for wiring harnesses, particularly in robotics, with significant progress in humanoid robot projects and the establishment of a new subsidiary focused on intelligent robotics [4] - The company is also pursuing opportunities in the drone and autonomous vehicle sectors, with ongoing product trials and deliveries [4] Future Outlook - The company anticipates robust growth, projecting revenues of 9.56 billion yuan, 11.56 billion yuan, and 14.11 billion yuan for 2025, 2026, and 2027, respectively, with net profits expected to reach 780 million yuan, 940 million yuan, and 1.17 billion yuan [4]

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 ...

2025 年 08 月 22 日 沪光股份(605333.SH) 25Q2 业绩环比翻倍增长，加码机器人线束 事件：公司发布上半年业绩，上半年公司实现营收 36.3 亿元，同比+6.2%， 实现归母净利 2.76 亿元，同比+8.4%；25Q2 单季度实现营收 20.87 亿元， 同比+10.71%，实现归母净利 1.83 亿元，同比+18.87%。 收入端:Q2 环比增长 35%、主要为赛力斯贡献 25Q2 单季度实现营收 20.87 亿元，同比+10.71%，环比+35.28%，主要由于问界 等客户销量增长，其中问界 25Q2 销量 10.7 万辆，环比+135.8%，其中 M9 2025 款在 3 月上市销量提升，问界 M9 销量 3.9 万辆，环比+68.6%；问界 M8 在 4 月 上市，25Q2 销量 4.1 万辆；其他客户理想 25Q2 销量 11.1 万辆，环比+19.6%； 特斯拉中国 25Q2 销量 19.2 万辆，环比+11%；小米 25Q2 销量 8.2 万辆，环比 +8.2%；乐道 25Q2 销量 1.7 万辆，环比+15.6%；展望下半年，收入将随着小米、 乐道的交付以及问界的改款 ...

Summary of Key Points from Conference Call Records Industry Overview - The semiconductor industry, particularly the chip SoC sector, is experiencing strong downstream demand with stable prices and healthy inventory levels. [1][3] - The passive components sector, specifically supercapacitors, is benefiting from increased demand due to advancements in AI technology, particularly with Nvidia's GV300. [11] Company-Specific Insights Jinchen Co., Ltd. - Jinchen Co., Ltd. reported Q2 revenue of 1.8 billion, a year-on-year increase of 10% and a quarter-on-quarter increase of nearly 20%. Net profit exceeded 300 million, with a year-on-year growth of 30% and a quarter-on-quarter growth of 60%. The gross margin reached 37.2%. [1][4] - Approximately 70% of Jinchen's products are exported, leading to a relatively relaxed competitive environment. The company is launching new products, including 6nm chips and WiFi router chips, which are expected to enhance profitability. [5] Ruikeda - Ruikeda's high-voltage connector business is benefiting from the electrification of vehicles, with profits and revenues stabilizing and recovering. The company has entered the optical communication field through a joint venture, with optimistic prospects for AEC orders starting in the second half of the year. [6][7] Cambrian - Cambrian is accelerating domestic substitution in the AI chip market, planning to raise 3.985 billion for the development of large model chip platforms. The company reported Q1 revenue of 1.1 billion, a year-on-year increase of 42 times, and expects 2025 revenue to reach 6-8 billion. [17][18][19] Market Dynamics Optical Film Industry - The optical film market is significant, accounting for approximately 12%-13% of semiconductor materials, with a total market size exceeding 20 billion. However, the domestic substitution rate is low, with less than 5% in the semiconductor sector. [8][9] Supercapacitor Market - The global supercapacitor industry is projected to grow at a compound annual growth rate of 25%, with the Chinese market expected to exceed 40 billion by 2030. Domestic companies like Jianghai and Yuanli are positioned to benefit from this growth. [11][12] Investment Trends - Domestic companies are increasing investments in the optical film sector, with Hefei Jingmei Semiconductor planning a total investment of 12 billion. Other companies like Guanshi Technology and Luwei Optoelectronics are also ramping up investments. [9][10] - The CCL (Copper Clad Laminate) industry is seeing a surge in demand, with companies like Shengyi Technology reporting significant revenue and profit growth. [13][15] Conclusion - The semiconductor and related industries are poised for growth, driven by technological advancements and increasing domestic substitution. Companies like Jinchen, Ruikeda, and Cambrian are well-positioned to capitalize on these trends, while the optical film and supercapacitor markets present significant investment opportunities. [1][2][3][4][5][6][7][8][9][10][11][12][13][14][15][16][17][18][19]

Core Viewpoint - The company has made significant advancements in high-voltage connector technology for the electric vehicle (EV) sector, with a focus on meeting the increasing market demand for higher voltage applications [1] Group 1: Product Development - The company has achieved a technical reserve of high-voltage connectors exceeding 800V since 2018 [1] - In 2020, the company began product iteration and upgrade, resulting in the new YGEV series products that can reach performance levels of 1000V [1] - The current product range covers current ratings from 16A to 600A, making it suitable for various types of electric vehicles, including passenger cars, commercial vehicles, and engineering vehicles [1] Group 2: Market Position and Capacity Expansion - The company has invested in multiple automated production lines for high-voltage connectors [1] - Due to downstream market demand, the company is in the process of further expanding its production capacity [1] - The mainstream models in the market are primarily utilizing the 800V platform, indicating a strong alignment with current industry trends [1] Group 3: Partnerships - The company's related business in the new energy sector has established cooperative relationships with several major manufacturers [1]

Core Viewpoint - The company is positioned to benefit from the rapid growth of the electric vehicle (EV) market and the ongoing trend of domestic substitution in the automotive wiring harness industry, with projected revenue growth from 2.45 billion to 7.91 billion yuan from 2021 to 2024, reflecting a CAGR of 47.9% [2][24]. Group 1: Industry Growth and Trends - The automotive wiring harness industry is expanding due to the increasing demand for high-voltage and lightweight wiring harnesses driven by the electric vehicle market [4][51]. - The market for automotive wiring harnesses is expected to reach 150.3 billion yuan by 2026 and 216.5 billion yuan by 2030, indicating significant growth potential [4][15]. - The penetration rate of new energy vehicles is projected to reach 50% by 2025, further driving the demand for domestic wiring harness suppliers [64]. Group 2: Customer Structure and Global Strategy - The company has optimized its customer structure, with the revenue share of the top five customers decreasing from 98.7% in 2015 to 80.1% in 2024, indicating a diversification of its client base [3][40]. - The company has successfully entered the supply chains of new energy vehicle manufacturers such as Seres and Tesla, enhancing its revenue potential [13][43]. - The establishment of a subsidiary in Romania has contributed to a significant revenue increase, showcasing the company's successful global expansion strategy [3][24]. Group 3: Product Development and Competitive Advantage - The company is expanding into high-voltage connector products, which are expected to open a second growth curve, with the global automotive connector market projected to reach 23.09 billion dollars by 2025 [4][15]. - The company has a comprehensive product range covering various types of wiring harnesses, including high-voltage and low-voltage harnesses, catering to both traditional and new energy vehicles [19][48]. - Continuous investment in R&D, with expenses rising from 40 million yuan in 2016 to 260 million yuan in 2024, supports the company's technological advancements and product development [28][48]. Group 4: Financial Performance and Profitability - The company's revenue is expected to grow from 7.91 billion yuan in 2024 to 14.11 billion yuan in 2027, with a net profit of 670 million yuan in 2024, reflecting a year-on-year increase of 1,139.2% [7][25]. - The gross profit margin has improved significantly, with a projected gross margin of 17.5% in 2025, narrowing the gap with international competitors [32][33]. - The return on equity (ROE) is expected to reach 35.6% in 2024, indicating strong profitability and efficient asset management [33][48].

Investment Rating - The report maintains a "Recommended" rating for the company [4][5]. Core Views - The company is positioned as a leading player in the automotive wiring harness industry, benefiting from the growth of the electric vehicle market and the trend of domestic substitution [1][3]. - The customer structure is continuously optimizing, with a significant reduction in the revenue concentration of the top five customers from 98.7% in 2015 to 80.1% in 2024, indicating a diversification of the customer base [2][17]. - The company is expanding into the high-voltage connector business, which is expected to open a second growth curve, with the global automotive connector market projected to grow from $21.77 billion in 2024 to $23.09 billion in 2025 [3][4]. Summary by Sections 1. Introduction - The report highlights the company's unique position as a domestic automotive wiring harness manufacturer, emphasizing its strong cost control and design capabilities, which have allowed it to penetrate various automotive brands [11]. 2. Domestic Automotive Wiring Harness Market - The company has a comprehensive product range covering various types of wiring harnesses, including high-voltage harnesses for electric vehicles, and has established a strong customer base among both traditional and new automotive brands [23][25]. - The company has successfully entered the supply chains of new energy vehicle manufacturers, significantly increasing its revenue from these clients [17][51]. 3. Four Transformations Driving Technological Leap - The report discusses the increasing demand for high-voltage wiring harnesses driven by the rise of electric vehicles and the need for lightweight solutions, which are reshaping the competitive landscape [3][20]. - The company is transitioning from a labor-intensive model to a more automated and technology-driven approach, enhancing its competitive edge [21]. 4. Capacity Layout and Optimization - The company is optimizing its production capacity and has established smart factories to improve efficiency, which is expected to lead to significant capacity release [4][39]. - The company has expanded its global footprint, with subsidiaries in Romania and other locations, supporting its international growth strategy [2][29]. 5. Profit Forecast and Investment Recommendations - The company is projected to achieve revenues of 95.6 billion yuan in 2025, with a net profit of 7.8 billion yuan, reflecting a strong growth trajectory [4][5]. - The report emphasizes the company's focus on core technologies and its strategic expansion into high-voltage connectors, which are expected to drive future growth [4][62].

Investment Rating - The report maintains a "Buy" rating for the company [7] Core Views - The company has received recognition from downstream customers due to its excellent product performance and consistency, with a trend towards diversifying its customer base and expanding towards high-quality clients, indicating the emergence of a leading position in the wiring harness sector [2][4] - The first sample line of the humanoid robot project successfully went offline on April 24, 2025, suggesting that the robot wiring harness could initiate a second growth curve for the company as the robot industry accelerates [2][4] - The company expects net profits attributable to shareholders to reach 844 million, 1.12 billion, and 1.44 billion yuan for 2025, 2026, and 2027 respectively, with corresponding P/E ratios of 15.73X, 11.82X, and 9.19X [2][4] Summary by Sections Financial Performance - In 2024, the company achieved an operating revenue of 7.914 billion yuan, a year-on-year increase of 97.7%, and a net profit attributable to shareholders of 670 million yuan, a year-on-year increase of 1,139.15% [4][10] - For Q1 2025, the company reported an operating revenue of 1.543 billion yuan, a year-on-year increase of 0.64%, and a net profit of 93.1 million yuan, a year-on-year decrease of 7.63% [4][10] - The gross profit margin for 2024 was 17.5%, up 4.6 percentage points year-on-year, while the Q4 gross profit margin was 17.9% [10] Business Development - The company is diversifying its customer base beyond its main client, Seres, to include major automotive brands such as Volkswagen, Mercedes-Benz, and Audi, which supports stable growth in its core business [10] - The company is also expanding its product lines into upstream areas, with significant breakthroughs in high-frequency and high-speed connectors [10] Future Outlook - The company anticipates a rebound in performance in Q2 2025 as downstream customer sales recover, following a temporary decline in Q1 due to reduced sales from key clients [10] - The report highlights the potential for the humanoid robot project to contribute significantly to future growth, indicating a strategic shift towards new markets [10]