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 ...

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]