沪光股份(605333) 报告日期：2025 年 04 月 30 日 核心客户驱动稳健增长，新产品打造第二、三增长曲线 ——沪光股份点评报告 投资要点 ❑ 大客户订单持续放量和新项目量产，归母净利润同增 1139% 1）24 全年：公司业绩持续超预期，实现营收 79.14 亿元，同比增 97.7%；归母 净利润 6.7 亿元，同比增 1139.15%；扣非净利润 6.58 亿元，同比增 1546.71%。公司毛利率 17.5%，2023 年毛利率为 12.9%，受益于新能源客户项 目持续放量和新项目量产，公司规模效应显著。 2）25Q1：营收 15.43 亿元，同比增 0.64%，环比减 35.22%；归母净利润 0.93 亿元，同比减 7.36%，环比减 59.86%。 ❑ 核心客户驱动增长，新客户拓展成果显著，为长期增长奠定基础 2024 年业绩高速增长的核心驱动力来自于下游新能源客户，特别是赛力斯的强 劲放量。年报显示，赛力斯已成为公司第一大客户，销售额占比高达 52.84%。 公司持续开拓新客户，报告期内新增了极氪 EX1H 低压线束、蔚来·阿尔卑斯 Blanc 低压线束、大众安徽 MM2 低压线束、 ...

证券研究报告 | 2025年04月30日 沪光股份（605333.SH） 优于大市 盈利能力持续提升，新能源客户线束项目持续放量 2025Q1 沪光股份实现营收 15.43 亿元，同比增长 1%。公司 2024 年实现营收 79.14 亿元，同比+97.70%，归母净利润 6.70 亿元，同比+1139.15%。2024 年，公司收入高增长，主要系新能源汽车市场延续快速增长态势促使对线束 的需求量日益增加，新项目量产推动了营业收入迅速增长，同时公司持续深 入开展提质增效，促使公司规模效应更加显著，净利润大幅增长。2025Q1， 公司实现营收 15.43 亿元，同比增加 0.64%，环比减少 35.22%，归母净利润 0.93 亿元，同比减少 7.63%，环比减少 59.86%。 2024 年公司毛利率同比提升 4.7pct，四费率同比下降 3.6pct。2024 年公 司毛利率 17.5%，同比+4.7pct，净利率 8.5%，同比+7.1pct。2024 年公 司四费率为 7.09%，同比-3.62pct。2025Q1，公司毛利率 14.4%，同比 +0.4pct，环比-3.5pct，净利率 6.0%，同比 ...

Investment Rating - The report maintains a "Buy" rating for the company [4][7]. Core Views - The company achieved a revenue of approximately 7.914 billion yuan in 2024, representing a year-on-year increase of about 97.7%, with a net profit attributable to the parent company of approximately 670 million yuan, a year-on-year increase of about 1139.15% [1]. - The company is expanding its core customer base and exploring new fields, establishing a 1+N business layout to solidify its second growth curve [1]. - The company is benefiting from the growth of domestic automotive brands, with a projected increase in revenue from 10.235 billion yuan in 2025 to 14.666 billion yuan in 2027, reflecting a compound annual growth rate of approximately 19.7% [4][6]. Financial Performance - In 2024, the company's gross margin was approximately 17.49%, an increase of about 4.6 percentage points year-on-year, while the net margin was approximately 8.47%, an increase of about 7.1 percentage points year-on-year [2]. - The company reported a slight increase in expense ratios in Q1 2025, with a total expense ratio of approximately 7.97%, up by 0.99 percentage points year-on-year [2]. - The company is expected to achieve net profits of approximately 8.2 billion yuan, 10.4 billion yuan, and 12.9 billion yuan for the years 2025, 2026, and 2027, respectively, with year-on-year growth rates of 22.8%, 26.2%, and 24.5% [4][6]. Market Position and Growth Drivers - The company is positioned to benefit from the increasing market share of domestic brands, which accounted for approximately 65.2% of passenger car sales in 2024, a year-on-year increase of about 9.2 percentage points [3]. - The company is implementing technological innovations such as high-voltage connector integration and the use of aluminum instead of copper, which are expected to optimize cost structures and enhance profitability [3].

买入（维持） 证券研究报告·公司点评报告·汽车零部件 沪光股份（605333） 2024 年报及 2025 年一季报点评：2024 年业 绩高增，新产品新客户打开增长上限 | [Table_EPS] 盈利预测与估值 | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业总收入（百万元） | 4,003 | 7,914 | 10,006 | 12,078 | 14,348 | | 同比（%） | 22.11 | 97.70 | 26.44 | 20.70 | 18.80 | | 归母净利润（百万元） | 54.10 | 670.34 | 871.74 | 1,091.13 | 1,291.66 | | 同比（%） | 32.17 | 1,139.15 | 30.04 | 25.17 | 18.38 | | EPS-最新摊薄（元/股） | 0.12 | 1.53 | 2.00 | 2.50 | 2.96 | | P/E（现价&最新摊薄） | 243.27 | 19.63 | 15.10 | 12.06 ...

沪光股份 20250428 摘要 • 沪光股份 2024 年营收创新高，主要受益于新能源汽车市场爆发及赛力斯 等主要客户的业绩增长。赛力斯占营收 52%，上汽大众占 11%，理想汽 车占 6.5%，特斯拉占 6%，上汽通用占 4%。 • 沪光股份高压连接器业务快速发展，2024 年 10 月投产高压连接器生产线， 主要供应赛力斯问界 M7/M8 车型，自供比例逐步提升，目前日产能已突 破 700 套，并计划提升至 900 套。 • 公司积极拓展新业务领域，在低空飞行器和机器人领域取得突破，与航天 时代飞鹏、风飞等低空类客户合作，预计今年量产；与宝德机器人合作的 大型割草机业务预计四季度量产。 • 公司新增智己汽车和吉利汽车两大客户。智己汽车首款整车低压线束已定 点，吉利汽车极氪品牌全尺寸 SUV 高低压线束独供，预计三季度开始供货， 帝豪混动车型高压线束订单预计 9 月底量产。 • 2025 年一季度营收与去年持平，但净利润同比下降 7%，主要由于费用率 增加。赛力斯排产计划良好，预计二季度营收环比增长 30%-40%，费用 率有望恢复至去年同期水平。 Q&A 沪光股份 2024 年度及 2025 年一季度的 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company achieved significant revenue growth in 2024, with total revenue reaching 7.914 billion yuan, a year-on-year increase of 97.70%. The net profit attributable to shareholders was 670.34 million yuan, up 1,139.15% year-on-year [8] - The revenue growth was primarily driven by the core customer, Seres, which accounted for 53% of the company's revenue in 2024. The company has diversified its customer base, establishing strong partnerships with international automotive manufacturers such as Volkswagen, Daimler, and Audi, enhancing its order stability and market resilience [8] - The company is accelerating domestic substitution and has significant growth potential as a leading harness supplier. The new model M8 from Seres has received strong orders, which is expected to significantly boost performance once mass production begins [8] Financial Summary - The company forecasts revenue of 10 billion yuan in 2025 and 12.1 billion yuan in 2026, with expected year-on-year growth rates of 26% and 21%, respectively. The net profit attributable to shareholders is projected to be 872 million yuan in 2025 and 1.091 billion yuan in 2026, with corresponding growth rates of 30% and 25% [8] - The gross profit margin for 2024 was 17.49%, an increase of 4.6 percentage points year-on-year, attributed to improved capacity utilization due to scale effects. The net profit margin was 8.47%, up 7.12 percentage points year-on-year [8] - The company's earnings per share (EPS) for 2024 is projected at 1.53 yuan, with a price-to-earnings (P/E) ratio of 19.63 based on the current price [1][9]

证券代码：605333 证券简称：沪光股份 公告编号：2025-034 日常关联交易预计的补充公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述或者重大 遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 昆山沪光汽车电器股份有限公司（以下简称"公司"）于2025年4月26日披露了《关于 2024年度日常关联交易确认及2025年度日常关联交易预计的公告》（公告编号：2025-021）。 根据《上海证券交易所上市公司自律监管指南第1号—公告格式（2023年8月修订）》等规 范性文件的要求，现对该公告中的"（三）公司2025年度日常性关联交易预计金额和类别" 情况表补充披露"本年年初至披露日（2025.1.1-2025.4.25）与关联人累计已发生的交易 金额"科目，具体内容如下： （三）公司2025年度日常性关联交易预计金额和类别 昆山沪光汽车电器股份有限公司 注：表中数值尾数差异系四舍五入所致。 关于 2024 年度日常关联交易确认及 2025 年度 特此公告。 昆山沪光汽车电器股份有限公司董事会 2025 年 4 月 29 日 1 单位：万元 关联交易 类别 关联人 本次预 计金额 ...

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]

Investment Rating - The report maintains a "Buy" rating for the company [3][5]. Core Views - The company's performance in 2024 met expectations, with revenue reaching 7.914 billion yuan, a year-on-year increase of 97.7%, and a net profit attributable to shareholders of 670 million yuan, up 1,139.2% year-on-year [1][4]. - The company has a strong customer base, including major automotive manufacturers such as SAIC Volkswagen, Daimler, and others, which supports its leading position in the domestic wiring harness market [2]. - The company is expanding its overseas market presence, particularly in Europe, by enhancing its management team and optimizing supply chain management [2]. - The growth in the electric vehicle market and the increasing demand for high-voltage wiring harnesses due to automation trends present significant growth opportunities for the company [2]. Financial Performance Summary - In 2024, the company achieved a gross margin of 17%, an increase of 5 percentage points year-on-year, and a net profit margin of 8%, up 7 percentage points year-on-year [1]. - For Q1 2025, the company reported revenue of 1.54 billion yuan, a year-on-year increase of 1%, with a net profit of 90 million yuan, down 8% year-on-year [1]. - The company forecasts net profits of 848 million yuan, 1.028 billion yuan, and 1.209 billion yuan for 2025, 2026, and 2027, respectively, with corresponding P/E ratios of 16.5, 13.6, and 11.5 [3][4].

Investment Rating - The report maintains a "Buy" rating for the company [3][5]. Core Views - The company's performance in 2024 met expectations, with revenue reaching 7.914 billion yuan, a year-on-year increase of 97.7%, and a net profit attributable to shareholders of 670 million yuan, up 1,139.2% year-on-year [1][4]. - The company has a diversified customer base, including major clients such as Seres and Volkswagen, which supports revenue growth [1][2]. - The company is expanding its overseas market presence, particularly in Europe, enhancing its supply chain management and responding quickly to international customer demands [2]. Financial Performance - In Q1 2025, the company reported revenue of 1.54 billion yuan, a year-on-year increase of 1%, with a net profit of 90 million yuan, down 8% year-on-year [1]. - The gross profit margin for 2024 was 17%, an increase of 5 percentage points year-on-year, while the net profit margin was 8%, up 7 percentage points year-on-year [1]. - The company expects net profits for 2025, 2026, and 2027 to be 848 million yuan, 1.028 billion yuan, and 1.209 billion yuan, respectively, with corresponding P/E ratios of 16.5, 13.6, and 11.5 [3][4]. Market Position and Growth Potential - The company is positioned as a leader in the domestic wiring harness market, having entered the supply chains of renowned automotive manufacturers [2]. - The demand for high-voltage wiring harnesses is expected to grow due to the increasing production of electric vehicles and advancements in autonomous driving technology [2]. - The company has developed a full range of high-voltage connectors and is focusing on enhancing its product structure to increase market share [2].