傳統業務持續成長，第二增長曲線逐步清晰

傳統業務持續成長，第二增長曲線逐步清晰 8June2026 中國|汽車零部件|首次覆蓋 買入（首次）現價CNY28.34(現價截至6月5日)目標價CNY 36.3 (+28.1%) 公司簡介： 華陽集團創立於1993年，主要從事汽車電子及精密壓鑄業務的研發、生產和銷售。公司汽車電子業務主要涵蓋智能座艙、輔助駕駛兩大核心領域，精密壓鑄業務以精密模具設計、製造技術為核心，涵蓋鋁合金、鎂合金、鋅合金產品線；另外積極探索和發展AI、機器人等相關業務，包括光通訊模塊、AI高速連接器、機器人等相關零部件業務。公司2025年營業收入130.48億元，同比增長28.46%；歸母淨利潤7.82億元，同比增長20.00%。 公司資料 投資概要 首季收入保持高增長 2026年一季度，公司實現營業收入/歸母淨利潤/扣非淨利潤分別為30.96億元/1.66億元/1.59億元（人民幣，下同），同比分別+24.37%/+6.61%/+5.89%，毛利率16.5%，同比-1.7個百分點。利潤增速低於收入增速主要受價格競爭、原材料漲價等因素影響。公司已與大部分客戶建立原材料價格聯動機制，預計二季度起經營業績將有明顯改善。 汽車電子業務持續增長，智能座艙龍頭地位穩固 公司的汽車電子業務2025年實現營業收入96.75億元，同比+27.25%，占總營收比重達74.15%。2020-2025年複合增長率達35.66%，持續保持高質量增長。公司在智能座艙領域已構建起完整的產品矩陣和解決方案能力。HUD、車載無線充電等產品市占率持續位居國內第一，液晶儀錶、中控屏市占率快速提升至行業前列。 公司客戶結構持續優化，單一客戶依賴度較低，部分新勢力及國際品牌車企銷售收入占比提升；長安、北汽、小米、東風、STELLANTIS、上汽大眾、比亞迪、小鵬、蔚來、零跑等客戶營業收入大幅增長。依託華陽開放平臺（AAOP），公司基於高通、芯馳、聯發科等多平臺座艙域控制器和主流大模型的落地能力，為客戶提供"一站式"智能座艙整體解決方案，平臺化競爭優勢顯著。 精密壓鑄業務工藝技術提升，增強綜合競爭力 公司突破多個高難度模具設計製造技術難題，拓展高阻燃鎂合金材料應用，推動3D視覺引導與AI、機器人深度融合提升自動化製造單元柔性換型能力，高真空聯合擠壓、鋁鎂合金攪拌摩擦焊、仿形噴塗、多主軸加工、真空吸附等高難度複雜生產工藝能力不斷提升。精密壓鑄業務2025年表現尤為亮眼，實現營業收入28.59億元，同比+38.47%，增速超過汽車電子業務。2020-2025年複合增長率達35.08%。 研究員章晶(+ 86 21-63512939)zhangjing@phillip.com.cn 第二增長曲線逐步清晰，產能擴張釋放增長動能 公司積極探索AI、機器人等非汽車業務： 1）AI基礎設施領域，光通訊模塊、高速連接器、數據中心散熱系統零部件已獲項目定點； 2）機器人領域：已承接機器人顯示屏、關節模組零部件訂單，聯合研發機器人"大小腦"控制器品牌勢能爆發，銷量指數級攀升。 繼25年產能建設規模創歷史新高後，26年資本開支預計仍保持較高水平，重點投向泰國生產基地、汽車電子惠州基地擴產、AI領域鋅合金壓鑄業務擴產、精密壓鑄長興三期項目等。產能擴充均基於在手訂單開展，為後續業務持續增長提供堅實支撐。其中泰國生產基地預計2026年第四季度投產，將為海外業務拓展提供有力支撐。 投資建議 公司傳統汽車業務增長穩健且迅速，非車業務則提供了巨大的增長潛力，預計2026-2028年每股盈利分別為1.81/2.18/2.63元，同比增長22%/21%/21%，給予目標價至36.3人民幣元對應2026/2027/2028年20/16.6/13.8倍預計市盈率，買入評級。(現價截至6月5日) 風險 新業務推進進度體低於預期電動車銷量不及預期宏觀經濟倒退影響產品需求原材料價格急劇上漲或產品價格急劇下滑 財務資料 PHILLIP RESEARCH STOCK SELECTION SYSTEMS We do not base our recommendations entirely on the above quantitative return bands.We consider qualitative factors like (but not limited to) astock's risk reward profile, market sentiment, recent rate of share price appreciation, presence or absence of stock price catalysts, and speculativeundertones surrounding the stock, before making our final recommendation GENERAL DISCLAIMER This publication is prepared by Phillip Securities (Hong Kong) Ltd (“Phillip Securities”). By receiving or reading this publication, you agree to be bound by the terms and This publication shall not be reproduced in whole or in part, distributed or published by you for any purpose. Phillip Securities shall not be liable for any direct orconsequential loss arising from any use of material contained in this publication. The information contained in this publication has been obtained from public sources which Phillip Securities has no reason tobelieve are unreliable and any analysis,forecasts, projections, expectations and opinions (collectively the “Research”) contained in this publication are based on such information and are expressions of beliefonly. Phillip Securities has not verified this information and no representation or warranty, express or implied, is made that such information or Research is accurate,complete or verified or should be relied upon as such. Any such information or Research contained in this publication is subject to change, and Phillip Securities shall nothave any responsibility to maintain the information or Research made available or to supply any corrections, updates or releases in connection therewith. In no event willPhillip Securities be liable for any special, indirect, incidental or consequential damages which may be incurred from the use of the information or Research madeavailable, even if it has been advised of the possibility of such damages. Any opinions, forecasts, assumptions, estimates, valuations and prices contained in this material are as of the date indicated and are subject to change at any time This material is intended for general circulation only and does not take into account the specific investment objectives, financial situation or particular needs of anyparticular person. The products mentioned in this material may not be suitable for all investors and a person receiving or reading this material should seek advice from afinancial adviser regarding the suitability of such products, taking into account the specific investment objectives, financial situation or particular needs of that person,before making a commitment to invest in any of such products. This publication should not be relied upon as authoritative without further being subject to the recipient’s own independentverification and exercise of judgment. Thefact that this publication has been made available constitutes neither a recommendation to enter into a particular transaction nor a representation that any productdescribed in this material is suitable or appropriate for the recipient. Recipients should be aware that many of the productswhich may be described in this publicationinvolve significant risks and may not be suitable for all investors, and that any decision to enter into transactions involving such products should not be made unless allsu