中邮证券：首予正裕工业“买入”评级，产能扩张助力营收增长

和讯网2025-12-02

中邮证券研报指出，正裕工业（603089）深耕汽车减震器领域近三十年，已形成以汽车悬架系统减震器(为核心)、发动机密封件(高毛利)与汽车橡胶减震产品(扭亏为盈成新增长极)协同的业务格局，当前正通过泰国基地投产、国内正裕智造园二期建设扩张产能，推进高端减震器技术研发与新能源车企供应链绑定，同时依托全球化布局提升海外市场份额(2025H1占比86.5%)，持续推进进口替代与业绩增长。作为营收占比超...

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