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 ...

刚刚过去的4月，汽车供应链领域的合资合作迎来一波新高潮。 从智能座舱跨领域技术融合，到自动驾驶全链条生态共建，再到核心零部件的资源整合，汽车供应链企业正打破传统边界，以"同行即伙伴"的姿态掀 起合作新高潮。 ■合作井喷供应链掀起"跨界联盟"风暴 近来，跨国与本土汽车零部件供应商的一系列合作案例为行业发展注入新活力。与此同时，本土汽车零部件供应商之间的合作同样成果丰硕。 汽车电子供应商伟世通与字节跳动旗下的火山引擎达成合作，共同发布基于AI大模型的下一代智能座舱解决方案。伟世通在汽车电子领域的深厚积 累，与火山引擎在 AI 技术等方面的创新能力相结合，有望为智能座舱带来更具创新性和竞争力的产品。 博世与地平线在车展期间签署战略合作备忘录，博世在汽车行业的丰富经验与地平线在智能驾驶芯片算法上的优势互补，将共同为车企开发辅助驾驶 系统，助力智能驾驶技术进一步发展。 4月24日，均联智行与保隆科技签署战略协议，聚焦L2～L4级智能驾驶及座舱技术研发，双方将整合软硬件优势，联合开发行泊一体方案及城市NOA 预埋架构，目标在2025年落地3款量产车型，其中包含30万级高端电车。另在此前一日，保隆科技与蒂森克虏伯倍适登签署 ...

此外，欧冶半导体与星宇股份（601799）、晶能光电签署战略合作协议。三方共同开发IVISION智眸大 灯，并即将实现量产。据介绍，透过集成龙泉560Lite车灯专用SoC芯片和Micro LED光源芯片，三方联 合打造的智能交互投影等功能将为驾驶员带来便捷、个性化的驾驶体验。目前该产品已获得4家车企的6 个车型项目定点，产品将于今明两年陆续上市。 欧冶半导体CEO高峰表示，公司将继续加大研发投入，深化与产业链伙伴的合作，以技术创新为引擎， 以生态建设为支撑，不断突破技术瓶颈，为智能汽车的未来发展提供强大的动力。 据介绍，VBU芯片解决方案还得到了众多生态伙伴的支持。例如，诚迈科技（300598）基于欧冶半导 体芯片和Open Harmony(开源鸿蒙)操作系统开发的鸿志OS座舱。在辅助驾驶领域，欧冶半导体发布的 一体化Combo辅助驾驶芯片及解决方案为行业带来了新的变革。该方案基于龙泉560系列芯片，集成了 多项自主研发的核心IP。 中证报中证网讯(记者张兴旺)近日，欧冶半导体依托自研的龙泉560系列及工布565系列芯片，发布多款 AI SoC芯片及解决方案，涵盖整车基础架构VBU、一体化Combo辅助驾驶 ...

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]

行业深度： 《国信证券车灯行业专题之五：车灯行业技术趋势、市场空间及竞争格局》——20230605 《车灯行业专题之四：LED加速渗透，电动智能驱动车灯技术升级》——20210604 《国信证券车灯行业系列深度之二：车灯行业的竞争格局》——20181023 《国信证券车灯行业深度：车灯的市场空间、技术升级与企业布局》——20180817 公司深度： 《星宇股份（601799.SH）:自主车灯龙头的复盘与展望》——20240301 《星宇股份（601799.SH）：百年小糸复盘，星宇的机遇与挑战》——20191014 《星宇股份（601799.SH）：好行业+好格局+好公司，具备全球车灯龙头潜质》——20171204 《星宇股份（601799）：主业稳健，转型可期》——20150901 跟踪报告： 《国信证券车灯行业跟踪点评之三：从2020款迈腾看ADB车灯渗透率》——20191223 《国信证券车灯行业跟踪点评之二：从长城新款VV6看车灯行业技术革命》——20190802 《国信证券车灯行业跟踪点评：车灯往何处去？"照明、信号、感知"》——20190704 星宇股份系列 车中旭霞 | 《星宇股份（601799 ...