合资时代冲压龙头，卡位新能源增厚业绩
2024A2025E2026E2027E5,1066,3827,2868,599(4.89)24.9814.1618.02224.96469.81584.28732.86(30.69)108.8424.3625.430.491.021.271.5971.1534.0727.3921.84 东吴证券研究所1/282025年05月15日证券分析师黄细里执业证书：S0600520010001021-60199793huangxl@dwzq.com.cn证券分析师郭雨蒙执业证书：S0600525030002guoym@dwzq.com.cn34.83一年最低/最高价26.03/40.254.76流通A股市值(百万元)15,291.76总市值(百万元)16,005.67每股净资产(元,LF)7.32资产负债率(%,LF)48.62总股本(百万股)459.54流通A股(百万股)439.042024/9/132025/1/122025/5/13华达科技沪深300 股价走势市场数据收盘价(元)市净率(倍)基础数据相关研究2024/5/15 -13%-8%-3%2%7%12%17%22%27%32%37% 内容目录1.冲压领域龙头，加速新能源布局......................................................................................................41.1.深耕汽车零部件制造三十载，成就冲压件龙头.....................................................................41.2.公司财务状况.............................................................................................................................62.冲压件市场空间广阔，客户转型带来新契机..................................................................................82.1.冲压件单车价值量较高，公司五大工厂产业集群优势明显.................................................82.2.子公司华汽布局一体化压铸，一期量产增厚业绩...............................................................123.收购江苏恒义切入电动化增量赛道................................................................................................143.1.新能源汽车发展催化电池盒市场需求大幅增长，电池托盘厂商格局未定.......................143.2.母公司客户赋能江苏恒义，垂直化布局助力公司利润率持续提升...................................174.积极布局低空经济和人形机器人赛道，打造第三成长曲线........................................................195.投资建议............................................................................................................................................246.风险提示............................................................................................................................................25 请务必阅读正文之后的免责声明部分东吴证券研究所2/28 图表目录图1：公司发展历程...............................................................................................................................4图2：截至2025年5月公司股权结构.................................................................................................5图3：公司产品横跨多个领域...............................................................................................................5图4：公司业务营收占比.......................................................................................................................5图5：客户资源优质，从大众和日系切入特斯拉和新势力...............................................................6图6：公司客户矩阵重构叠加产品赛道升级.......................................................................................6图7：营业收入、归母净利润及其增速...............................................................................................7图8：毛利率与归母净利率情况...........................................................................................................8图9：分业务毛利率...............................................................................................................................8图10：费用率.........................................................................................................................................8图11：冲压件分类.................................................................................................................................9图12：车身冲压及焊接零部件.............................................................................................................9图13：冲压件市场竞争格局.................................................................................................................9图14：冲压件市场规模及增速（亿元，%）...................................................................................10图15：公司产品在整车上的分布.......................................................................................................11图16：公司客户...................................................................................................................................12图17：全国乘用车部分产业版图.......................................................................................................12图18：特斯拉一体化压铸前舱+后底板总成....................................................................................12图19：布局一体化压铸产业链...........................................................................................................13图20：公司在建工程情况...................................................................................................................14图21：Model 3与传统车整车重量分配对比图................................................................................14图22：MEB平台的电池结构.............................................................................................................15图23：新能源汽车电池包重量分布(单位：kg)..............................................................................15图24：电池托盘结构...........................................................................................................................15图25：传统模式、CTP技术和CTC技术结构对比........................................................................16图26：2025-2030中国电池箱盒体行业市场规模............................................................................16图27：江苏恒义产品.......................................................................