公司研究丨点评报告丨星宇股份（601799.SH） [Table_Title] 星宇股份：2025Q1 业绩表现亮眼，智能车灯龙 头加速崛起 丨证券研究报告丨 [Table_Summary] 公司发布 2025 年一季度报告，公司实现营业收入 30.95 亿元，同比增长 28.28%；归母净利润 3.22 亿元，同比增长 32.68%。车灯赛道持续升级，公司产品客户转型进入兑现期，并加速海 外布局。预计公司 2025-2027 年归母净利润分别 18.6、23.2、28.6 亿元，对应 PE 分别为 20.95X、16.73X、13.58X，维持"买入"评级。 分析师及联系人 [Table_Author] 高伊楠 张永乾 SAC：S0490517060001 SAC：S0490524030002 SFC：BUW101 请阅读最后评级说明和重要声明 报告要点 %% %% %% %% research.95579.com 1 星宇股份（601799.SH） cjzqdt11111 [Table_Title 星宇股份：202]25Q1 业绩表现亮眼，智能车灯龙 头加速崛起 [Table_Summary2] 事件描述 ...

Investment Rating - The report maintains an "Outperform the Market" rating for the company [5] Core Views - The company achieved a net profit of 320 million yuan in Q1 2025, representing a year-on-year growth of 33% [1][7] - Revenue for Q1 2025 reached 3.095 billion yuan, an increase of 28.28% year-on-year, despite a quarter-on-quarter decrease of 23.16% [1][7] - The company has successfully transitioned its customer structure from primarily joint ventures with German and Japanese brands to focusing on domestic and new energy vehicle clients, entering a new growth cycle [1][7] - The average price of the company's automotive lighting products increased by 25% in 2024, with a projected market share of 16% for front lights in China [2] - The company is expanding its global footprint with new orders, production capacity, and product innovations, including strategic partnerships for developing advanced lighting technologies [3][53] Summary by Sections Financial Performance - In Q1 2025, the company's gross margin was 18.83%, up 0.27 percentage points year-on-year, and the net margin was 10.41%, up 0.35 percentage points year-on-year [12][22] - The company forecasts revenues of 16.32 billion yuan, 20.32 billion yuan, and 25.54 billion yuan for 2025, 2026, and 2027 respectively, with net profits expected to be 1.7 billion yuan, 2.22 billion yuan, and 2.98 billion yuan for the same years [4] Product Development and Market Trends - The automotive lighting industry is experiencing a shift towards electronic and intelligent technologies, with advancements in ADB and DLP lighting systems enhancing safety and user experience [28] - The company is actively developing new technologies, including MicroLED and MiniLED-based products, and has established partnerships with key players in the automotive electronics sector [36][37] Customer and Order Growth - The company secured 69 new model development projects in the first half of 2024, achieving mass production for 40 models, indicating strong future growth potential [53] - The company has been recognized by major automotive manufacturers, receiving awards for quality and service excellence, which enhances its competitive position in the market [55][56] Global Expansion - The company is progressively releasing production capacity in Serbia and has established operations in Mexico and the United States to support its global strategy [61] - The digital transformation initiatives have been recognized, with the company receiving multiple accolades for its advancements in integrating technology across its operations [66]

Investment Rating - The report maintains a "Buy" rating for the company with a target price of 140.99 CNY [5][2] Core Views - The company has achieved significant growth in Q1, with revenue reaching 3.095 billion CNY, a year-on-year increase of 28.3%, and net profit attributable to the parent company at 322 million CNY, up 32.7% year-on-year [9] - The company is actively expanding its customer base in the new energy vehicle sector and has opened up overseas markets, which is expected to drive future growth [9][8] - The company is a preferred partner for Huawei's smart automotive solutions, enhancing its product offerings and market position [9] Financial Forecast and Investment Suggestions - EPS is projected to be 6.13 CNY in 2025, 7.56 CNY in 2026, and 9.11 CNY in 2027, with an average PE valuation of 23 times for comparable companies in 2025 [2] - Revenue is expected to grow from 10.248 billion CNY in 2023 to 21.386 billion CNY in 2027, with a compound annual growth rate (CAGR) of 14.7% [4][10] - Operating profit is forecasted to increase from 1.199 billion CNY in 2023 to 3.064 billion CNY in 2027, reflecting a strong growth trajectory [4][10] Key Financial Information - The company's revenue for 2023 is projected at 10.248 billion CNY, with a year-on-year growth of 24.3% [4] - The gross margin is expected to improve from 20.6% in 2023 to 22.4% in 2027, indicating better cost management and pricing power [4] - The net profit margin is projected to increase from 10.8% in 2023 to 12.2% in 2027, showcasing enhanced profitability [4]

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