公司2025 年Q2 实现综合毛利率19.64%，同比-0.73%，环比+0.81%，环比有所改善，主要由于产品结构 的优化以及规模效应。公司2025 年Q2 的期间费用率为8.62%，同比+0.37 pct，环比-0.11 pct，其中研发 费用率为6.12%，同比+1.35 pct，环比+0.11 pct，同比增加较多主要由于新项目较多，职工薪酬及研发 材料消耗增加。公司2025 年Q2 实现归母净利润3.84 亿元，同比+9.35%，环比+19.31%。 事件：星宇股份发布2025 年半年报，公司实现营收67.57 亿元，同比增长18.20%，实现归母净利润7.06 亿元，同比增长18.88%。 营收稳健增长，未来有望延续高成长： 公司2025 年Q2 实现营收36.63 亿元，同比+10.85%，环比+18.36%，同比保持稳健增长，主要由于： 1）核心客户奇瑞、问界销量表现优秀，奇瑞、问界2025年Q2 分别实现销量59.87/ 10.68 万辆，分别同 比+3.22%/ 8.09%；2）吉利、理想、蔚来、小鹏等新能源客户陆续放量。 我们认为公司2025 年H2 营收有望维持高增长，主要由于：1）核 ...

Investment Rating - The report maintains a "Buy-A" rating for the company [7] Core Views - The company achieved a revenue of 6.757 billion yuan in Q2 2025, representing a year-on-year growth of 18.20%, and a net profit attributable to shareholders of 706 million yuan, up 18.88% year-on-year [1] - The company is expected to continue high growth in H2 2025, driven by strong sales from core clients such as Chery and Wanjie, as well as the ramp-up of new projects from clients like Geely, Li Auto, NIO, and XPeng [2] - The company's gross margin improved to 19.64% in Q2 2025, with a net profit of 384 million yuan, reflecting effective cost control and product structure optimization [3] - Future growth is driven by three main factors: client autonomy, product high-endization, and business globalization, with successful collaborations with traditional automakers and new clients [4] Financial Summary - The company is projected to achieve net profits of 1.7 billion, 2.11 billion, and 2.57 billion yuan from 2025 to 2027, with corresponding PE ratios of 20.8, 16.7, and 13.7 times [4][5] - The revenue forecast for the company is 10.25 billion yuan for 2023, 13.25 billion yuan for 2024, and 16.3 billion yuan for 2025, with a revenue growth rate of 24.3% in 2023 [11]

Investment Rating - The report maintains a "Buy" rating for the company [5] Core Views - The company achieved a revenue of 3.095 billion yuan in Q1 2025, representing a year-on-year growth of 28.3%, with a net profit of 322 million yuan, up 32.7% year-on-year [1] - The company benefits from the vehicle replacement policy, leading to sustained growth in automotive consumption, with a diverse customer base including major brands such as Volkswagen, Toyota, and Mercedes-Benz [1][2] - The company has optimized its customer structure and improved profitability through strong cost control, with a net profit margin increase from 10.06% in Q1 2024 to 10.41% in Q1 2025 [2] - The company is advancing its global strategy, focusing on R&D and partnerships with firms like Huawei, and has entered the supply chains of foreign luxury brands [3] Financial Performance - The company is projected to achieve revenues of 16.511 billion yuan, 20.460 billion yuan, and 25.398 billion yuan for the years 2025, 2026, and 2027, respectively, with year-on-year growth rates of 24.6%, 23.9%, and 24.1% [4] - The net profit is expected to reach 1.919 billion yuan, 2.486 billion yuan, and 3.125 billion yuan for the same years, with growth rates of 36.3%, 29.5%, and 25.7% [4] - The company's earnings per share (EPS) is projected to increase from 6.72 yuan in 2025 to 10.94 yuan in 2027 [4] Customer and Product Development - The company has undertaken 69 new model development projects in 2024, with 40 models entering mass production, including high-value projects like the smart headlights for Huawei's AITO M9 [2] - The M9 model is expected to deliver 150,000 units in 2024, contributing significantly to revenue growth [2] Global Expansion - The company is making strides in global markets, with the establishment of factories in Europe, Mexico, and the USA, marking a new phase in its globalization efforts [3]

Core Insights - The large screen splicing system industry has experienced rapid growth and has become an essential core infrastructure for information visualization, driven by increasing demand for information technology in critical areas such as monitoring and command centers [1][13] - The market size of the large screen splicing system in China is expected to reach 423 thousand units in sales volume and 8.82 billion yuan in sales revenue by 2024, representing year-on-year increases of 8.43% and 9.02% respectively [1][13] Industry Overview - The large screen splicing system consists of high-brightness, high-resolution display walls made up of individual projection display units, controlled by image processing software [3][7] - The main components include the projection wall, projector array, and control system, with the control system being the core [3][7] Product Types and Applications - The main types of products in the market include LCD, DLP, and PDP, each with distinct advantages and disadvantages [5][6] - LCD: Low power consumption, lightweight, long lifespan, but cannot achieve seamless splicing [5][6] - DLP: Very small seams, better full-screen image display, but has lower brightness and higher costs [5][6] - PDP: Uniform brightness and color, but lower reliability and higher power consumption [5][6] Industry Chain - The industry chain consists of upstream raw materials and components, midstream assembly companies, and downstream application fields such as public security, transportation, government, finance, and energy [7][9] Market Trends - The integration of artificial intelligence technology is expected to diversify application scenarios, enhancing the functionality of large screen splicing systems [21] - The industry is witnessing increasing concentration, with domestic and international companies intensifying R&D and market expansion efforts [22] - Collaborative development within the industry chain is anticipated to drive technological innovation and market growth [24] Competitive Landscape - The competitive landscape is characterized by both international brands with strong technological advantages and domestic companies focusing on cost-effectiveness and service quality [15][19] - Key players include GQY Vision, Weichuang Group, and Beijing CaiXun Technology, among others, each specializing in various aspects of the large screen splicing system [17][19]