宁德时代归母净利润增长31.6% 沪光股份归母净利润下降超80%前三季业绩分化汽车零部件企业寻求“第二增长曲线”

经济参考报04:36

11月初，多家汽车零部件企业三季报及业绩说明会集中落地。财报显示，前三季度，汽车零部件行业依托智能电动化需求支撑保持增长，但企业经营表现明显分化。专家表示，零部件企业收入保持韧性，但盈利端也面临增长压力；企业海外业务贡献增量，新业务布局也在持续推进。　　汽零板块总量稳增　　企业盈利分化加剧　　中国汽车工业协会数据显示，前三季度，我国汽车产销小幅下滑，市场总体呈现“内冷外热”运行态势。1月至9月，...

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Performance diverged in the first three quarters, prompting auto parts companies to seek a \"second growth curve.\"","themeId":null,"isJumpTheme":false,"ttsUrl":null,"symbols_score_info":{"300750":1.94,"605333":1.91,"EVS.SI":0.6,"CXSE":0.6,"LIT":0.6,"000338":1.87,"03750":1.94,"02338":1.87,"002536":1.84},"content_text":"11月初，多家汽车零部件企业三季报及业绩说明会集中落地。财报显示，前三季度，汽车零部件行业依托智能电动化需求支撑保持增长，但企业经营表现明显分化。专家表示，零部件企业收入保持韧性，但盈利端也面临增长压力；企业海外业务贡献增量，新业务布局也在持续推进。　　汽零板块总量稳增　　企业盈利分化加剧　　中国汽车工业协会数据显示，前三季度，我国汽车产销小幅下滑，市场总体呈现“内冷外热”运行态势。1月至9月，汽车产销分别完成2324.6万辆和2327.1万辆，同比均下降4.5%。零部件企业面对的是一个“总量微降、结构上行”的终端市场。　　汽车零部件行业整体营收保持了较强的增长韧性，但盈利端仍然承压。东吴证券研报显示，第三季度，申万汽零行业营收同比增长8.78%，归母净利润同比下降31.19%，毛利率同比下降1.12个百分点。国泰海通统计的A股汽车零部件样本显示，前三季度，样本企业营业收入4322亿元，同比增长4%；归母净利润为228亿元，同比下降10%；归母净利率下降0.8个百分点至5.3%。　　个股层面，头部企业利润增幅明显领先。潍柴动力前三季度实现归母净利润106.59亿元，同比增长20.06%。第三季度，公司实现扣非净利润32.2亿元，同比增长13.9%，创单季历史新高。宁德时代第三季度实现归母净利润212.46亿元，同比增长14.54%。　　与此同时，部分企业利润出现明显下滑，板块“温差”持续扩大。　　汽车玻璃龙头企业福耀玻璃前三季度实现营业收入341.23亿元，同比增长2.46%，但公司归母净利润已连续三个季度同比下滑。均胜电子前三季度实现营收418.87亿元，同比下降8.63%；实现归母净利润9.58亿元，同比下降14.51%。　　此外，星宇股份前三季度实现营业收入104.94亿元，同比下降2.02%；实现归母净利润9.32亿元，同比下降18.34%。沪光股份前三季度营业收入为53.68亿元，同比下降8.05%；归母净利润为0.84亿元，同比下降80.25%。　　“第三季度，汽车零部件收入增长延续，但原材料与汇兑压制当季盈利。”东吴证券分析师黄细里表示。　　智能电动化支撑业务增长　　多重因素推动利润格局重构　　从头部企业增长结构看，智能电动化相关业务放量，构成业绩增长的最主要支撑因素。　　宁德时代前三季度实现营业收入4421.37亿元，同比增长56.19%；实现归母净利润645.30亿元，同比增长31.60%。　　座椅、制动、内饰等智能化、电动化配套环节业务同样保持扩张。线控制动企业伯特利前三季度实现营收105.47亿元，同比增长26.20%；实现归母净利润10.30亿元，同比增长15.51%。前三季度，公司智能电控产品销量675.37万套，同比增长42.7%；机械转向产品销量358.84万套，同比增长62.94%；新增定点项目预计年化收益达104.99亿元。　　座椅企业继峰股份前三季度实现营业收入194.40亿元，同比增长20.51%；实现归母净利润4.97亿元，同比增长97.76%。公司表示，主要受益于乘用车座椅业务规模扩大、规模效应显现及降本措施推动，乘用车座椅业务盈利能力显著提升。　　智能电动化业务之外，部分细分领域龙头企业保持稳健增长。前三季度，齿轮散件制造商双环传动实现归母净利润9.20亿元，同比增长2.40%；汽车饰件企业新泉股份实现归母净利润6.38亿元，同比增长2.49%；燃油系统零部件企业亚普股份实现归母净利润4.37亿元，同比增长4.85%。　　不过，成本上涨与汇率波动等因素的挤压，也在推动行业利润格局发生变化。　　针对前三季度“增收不增利”的情况，福耀玻璃在业绩说明会上解释称，前三季度汇兑损失高达10.67亿元，直接导致利润下滑；若剔除汇兑损益影响，前三季度公司利润总额同比实际增长1.18%，在消化海运费涨价影响后，公司核心利润率同比提升0.15个百分点。　　星宇股份表示，利润下滑主要系公司业务收入下降，部分原材料价格同比显著上涨导致成本增加，以及研发费用增加所致。沪光股份也表示，虽然在手订单储备充足，但产品销售价格承压下行；与此同时，受到铜等大宗原材料价格上涨影响，公司生产成本进一步攀升，盈利空间受到供需两端双向挤压。　　黄细里表示，铝、聚丙烯均价环比回落但同比仍偏高，叠加客户年降，汽零毛利率继续承压；人民币升值推动财务费用率同比提高，公允价值变动及偶发支出进一步影响部分企业利润。　　“当下，国内整车提价空间较小，电池、智能化头部企业凭借技术壁垒、跨赛道需求保持溢价，而普通零部件企业夹在主机厂年降与原材料之间持续承压。盈利分化将倒逼整车加速自研、垂直整合、绑定核心供应链，也加速零部件行业洗牌，中小传统汽零企业将加速出清，整零关系从简单买卖走向深度协同。”中国汽车流通协会乘用车市场信息联席分会负责人崔东树表示。　　企业发力“第二增长曲线”　　新赛道有望提供增量空间　　面对当前的市场竞争环境，机器人、非车场景等“第二增长曲线”正在成为零部件企业寻找增量的共同方向。　　均胜电子在业绩说明会上表示，在新业务拓展方面，前三季度，公司累计新获定点项目的预测全生命周期订单金额约615亿元，头部自主品牌及造车新势力企业的需求正成为订单增长的核心驱动力。在智能驾驶领域，公司相继获得国内某自主品牌及某合资品牌的解决方案项目，并取得国内头部新势力车企出海车型的智能座舱业务定点；在新兴智能体领域，公司已切入国内外头部公司供应链，并已向相关客户交付各类产品及部件。　　飞龙股份把热管理技术从汽车延伸至非车场景。公司在券商策略会上介绍，现阶段非车端业务重点布局服务器液冷、风光储能、氢能、超充、工业装备、低空经济、消费电子、AI数据中心备用电源液冷、人形机器人、高端医疗精密温控液冷等方向。目前，非车领域业务在手订单正在按照客户要求有序排产交付。公司称，非车领域液冷泵从产品开发到完成认证的完整周期大约为1至2年，行业准入壁垒相对较高。　　潍柴动力则把数据中心电力视为公司新的业务增长极。公司在业绩说明会上表示，数据中心电力产品矩阵覆盖柴发、气发、SOFC等多条技术路线，可满足主电源、备用电源等不同场景需求，目前公司已与多家终端客户接洽并取得实质性进展。　　机构对汽零企业的业务拓展持相对积极态度。国泰海通证券分析师刘一鸣认为，汽车工业的规模化、体系化制造能力输出广泛，看好人工智能数据中心发电设备、商用车出海相关景气成长机会。　　整体来看，汽零企业三季报呈现出一条在多重压力下保持韧性增长的曲线。智能电动、出口与数据中心等新场景仍在创造收入，但成本、汇率与价格竞争正在重新分配利润。　　展望行业发展趋势，黄细里表示，原材料价格环比回落有利于缓解成本压力，海外新项目及新产品批量交付为公司后续收入增长提供支撑；汇率、客户价格调整和新基地产能释放仍是影响利润的主要变量。（文章来源：经济参考报）","kind":"news","is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":false,"editions":null,"column":"","sentiment":"0","news_tag":"dataReport","news_rank":0,"isVideo":false,"video":null,"symbols":[],"gpt_button":1,"need_auth":false,"need_login_tip":false,"code":"91000000","status":"200"},"commentList":[],"isCommentEnd":true,"newsSizeData":{"likeSize":0,"commentSize":0,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 AppleWebKit/537.36 (KHTML, like Gecko; compatible; ClaudeBot/1.0; +claudebot@anthropic.com)","isDev":false,"isTTM":false,"isLaohu8Offline":false,"tenantId":"TBCN","deviceId":"web-server-community-laohu8-v3","version":"4.53.0","shortVersion":"4.53.0","platform":"web","vendor":"web","appName":"laohu8","isIOS":false,"isAndroid":false,"isTiger":false,"isTHS":false,"isWeiXin":false,"isWeiXinMini":false,"isWeiBo":false,"isQQ":false,"isBaiduSwan":false,"isBaiduBox":false,"isDingTalk":false,"isToutiao":false,"isOnePlus":false,"isHuaWei":false,"isXiaomi":false,"isXiaomiWebView":false,"isOppo":false,"isVivo":false,"isSamsung":false,"isMobile":false},"href":"/m/news/2682458292","isCrawlerRequest":true}

宁德时代归母净利润增长31.6% 沪光股份归母净利润下降超80%前三季业绩分化 汽车零部件企业寻求“第二增长曲线”

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宁德时代归母净利润增长31.6% 沪光股份归母净利润下降超80%前三季业绩分化汽车零部件企业寻求“第二增长曲线”