沪光股份(605333)-A股公司研究报告：2025Q2收入同环比高增长盈利能力提升-250823（5页）.pdf

1、 请阅读最后评级说明和重要声明 1/5 公司点评报告|汽车 证券研究报告 公司评级 增持（维持）报告日期 20250823 基础数据基础数据 0822 34.82 152.09 4.37 相关研究相关研究 20242025-2025.04.27 24Q2-2024.08.31 分析师：董晓彬分析师：董晓彬 S0190520080001 分析师：刘馨遥分析师：刘馨遥 S0190524070005 沪光股份(605333.SH)2025Q2 收入同环比高增长，盈利能力提升收入同环比高增长，盈利能力提升 投资要点：投资要点：20252025H136.3+6.2%2.8+8.4%2.7+9.5%202

2、5Q220.9+10.7%/+35.3%1.8+18.9%/+96.9%1.8+18.9%/+97.9%2025Q2M82025Q220.9+10.7%/+35.3%M82025Q210.1+5.6M8202542025Q23.5 2025Q22025Q216.6%+0.1pct/+2.2pct2025Q28.8%+0.6pct/+2.8pct2025Q26.7%-1.6pct/-1.4pct/0.3%/2.6%/0.6%/3.2%-0.3pct/+0.1pct/-0.3pct/-1.0pct-0.3pct/-0.6pct/-0.3pct/-0.2pct2025Q2 2025-20278.21

3、/9.66/11.35 主要财务指标主要财务指标 2024A 2025E 2026E 2027E 7914 9583 10801 12201 97.7%21.1%12.7%13.0%670 821 966 1135 1,139.2%22.5%17.7%17.4%17.5%17.4%17.5%17.5%ROE 30.1%27.4%24.6%22.7%1.53 1.88 2.21 2.60 22.7 18.5 15.7 13.4 请阅读最后评级说明和重要声明 2/5 公司点评报告|沪光股份 事件 20252025H136.3+6.2%2.8+8.4%2.7+9.5%2025Q220.9+10.7%

4、/+35.3%1.8+18.9%/+96.9%1.8+18.9%/+97.9%点评 2025Q2M82025Q220.9+10.7%/+35.3%M82025Q210.1+5.6M8202542025Q23.5 2025Q22025Q216.6%+0.1pct/+2.2pct2025Q28.8%+0.6pct/+2.8pct2025Q26.7%-1.6pct/-1.4pct/0.3%/2.6%/0.6%/3.2%-0.3pct/+0.1pct/-0.3pct/-1.0pct-0.3pct/-0.6pct/-0.3pct/-0.2pct2025Q2 2025-20278.21/9.66/11.3

5、5 请阅读最后评级说明和重要声明 3/5 公司点评报告|沪光股份 1 2 Wind Wind 3 4 Wind Wind 1 wind 2022Q32022Q32022Q42022Q42023Q12023Q12023Q22023Q22023Q32023Q32023Q42023Q42024Q12024Q12024Q22024Q22024Q32024Q32024Q42024Q42025Q12025Q12025Q22025Q2营业税金率0.6%0.4%0.5%0.5%0.6%0.3%0.3%0.4%0.6%0.8%0.5%0.6%销售费用率0.4%0.4%0.6%0.5%0.5%0.4%0.4%0.

6、7%0.6%-0.1%0.6%0.3%管理费用率3.7%4.2%5.1%4.6%4.0%2.4%2.4%2.5%3.3%2.7%3.1%2.6%财务费用率1.4%1.5%2.0%1.9%1.4%1.0%0.8%0.9%0.7%0.6%0.9%0.6%研发费用率4.8%5.1%7.4%6.6%5.5%3.5%3.3%4.2%3.0%2.7%3.5%3.2%费用率合计10.2%11.1%15.1%13.6%11.4%7.3%6.9%8.3%7.6%5.8%8.1%6.7%所得税/收入0.2%-1.3%-0.7%-0.2%0.2%1.2%0.6%0.9%1.2