汽車-整車及智能化零部件2Q24財(cái)報(bào)總結(jié)：2Q24結(jié)構(gòu)性板塊盈利超預(yù)期下半年智能化賽道仍有潛力

請(qǐng)仔細(xì)閱讀本報(bào)告末頁(yè)聲明2Q24結(jié)構(gòu)性板塊盈利超預(yù)期，下半年智能化賽道仍有潛力——整車及智能化零部件2Q24財(cái)報(bào)總結(jié)股票代碼股票名稱投資評(píng)級(jí)2024E2025E2024E2025E000625.SZ長(zhǎng)安汽車增持0.941.2712.389.17601633.SH長(zhǎng)城汽車增持1.351.5615.31002906.SZ華陽(yáng)集團(tuán)增持1.311.7418.413.86601799.SH星宇股份增持5.186.724.3218.8603596.SH伯特利增持2.4120.9316.5301106.SZ駿成科技增持1.322.0721.0813.44002284.SZ亞太股份增持0.310.3820.9601689.SH拓普集團(tuán)增持1.762.0920.23603786.SH科博達(dá)增持2.122.8323.66832491.BJ奧迪威增持0.680.9212.88n乘用車：2Q24營(yíng)收凈利雙增，下半年規(guī)乘用車批發(fā)/零售銷量629萬(wàn)輛/500萬(wàn)輛，同比+2.6%新能源乘用車銷量234萬(wàn)輛，同/環(huán)比+32.1%/+32.1%，2Q24滲透率46.7%，7月提升至車企表現(xiàn)：2Q24蔚來(lái)/理想/問(wèn)界/極氪銷量同比+144%/+25%/+761%/+100%；長(zhǎng)城/長(zhǎng)安/奇瑞/吉利等傳統(tǒng)自主份額受擠壓，市占率環(huán)比-0年汽車內(nèi)需有望進(jìn)一步增強(qiáng)。收1416.1億/246.9億，同比-21.6%/-30.2%，環(huán)比-1.0%/+14.5%。板塊內(nèi)賽力斯&長(zhǎng)城汽車毛利率大幅改善；2）費(fèi)用率：2Q24費(fèi)用率11.9%，同/環(huán)比+1.3pct/-1.6pct，其中銷售費(fèi)用率同比+0.8pct，主要系車企促銷力度加大。重點(diǎn)車企中，長(zhǎng)2Q24毛利率同/環(huán)比-3.2pct/-1.2pct，下滑主要因會(huì)計(jì)準(zhǔn)則變更將質(zhì)保費(fèi)由銷售費(fèi)用轉(zhuǎn)計(jì)入營(yíng)業(yè)成本，剔除該因素后Q2降本帶動(dòng)毛利率環(huán)比提升1-2pct。實(shí)現(xiàn)營(yíng)收462.4億，同/環(huán)比+18.0%/+18.0%。細(xì)分賽道看，智能座艙（華陽(yáng)集團(tuán)同/環(huán)比+41.9%/+10.6%，駿成科技同/環(huán)比+62.9%/+50.2%）、智能駕駛（德賽西威同/環(huán)比+39.9%/+28.4%）等賽道零部件企業(yè)營(yíng)收增速明顯。板塊歸母凈利潤(rùn)31.8億，同/環(huán)比+20.9%/+22.2%；扣非凈利潤(rùn)27.6億，同/環(huán)比毛利率20.6%，同/環(huán)比+0.3pct/-0.2pct，同比提升主要系汽車智能化配置率提升帶來(lái)規(guī)模效應(yīng)，環(huán)比表現(xiàn)超市場(chǎng)預(yù)期。其中Q2質(zhì)保費(fèi)由銷售費(fèi)用轉(zhuǎn)計(jì)入營(yíng)業(yè)成本&大宗原材料價(jià)格上漲強(qiáng)于大市（維持評(píng)級(jí)）行業(yè)走勢(shì)汽車滬深3008% 3% -1% -6%-10%-15%-19%-24%2023-092024-012024-052024-09作者分析師陳逸同郵箱：chenyitong@聯(lián)系人金瑞郵箱：jinrui@相關(guān)研究P.2請(qǐng)仔細(xì)閱讀本報(bào)告末頁(yè)聲明-0.3pct/-0.4pct/+0.9pct/-0.4pct，環(huán)比-0.3pct/-0.3pct/-0.2pct/-0.6pct，費(fèi)用端管控良好。營(yíng)運(yùn)端：2Q24板塊存貨周轉(zhuǎn)天數(shù)降至近三年底部。智能化板塊存貨周轉(zhuǎn)天數(shù)呈下降趨勢(shì)，2Q24存貨周轉(zhuǎn)天數(shù)為82天，同/環(huán)比分別-9天/-5天。2Q24星宇股份/華陽(yáng)集團(tuán)/駿成科技/德賽西威/經(jīng)緯恒潤(rùn)/亞太股份/菱電電控的存貨周轉(zhuǎn)天數(shù)同比-23天/-25天/-28天/-24天/-52天/-20天/-33天/-76天，庫(kù)存消化提速。智能化零部件供應(yīng)商建議關(guān)注：伯特利（線控底盤(pán)，新項(xiàng)目充足&產(chǎn)能持續(xù)擴(kuò)張）、華陽(yáng)集團(tuán)拓普集團(tuán)（智能底盤(pán)，汽車電子放量+機(jī)器人順利推進(jìn)）、星宇股份（智能車燈，新客源汽車產(chǎn)業(yè)發(fā)展不及預(yù)期。P.3請(qǐng)仔細(xì)閱讀本報(bào)告末頁(yè)聲明 4 4 6 圖表1：2021-2024年7月中國(guó)乘用車月度銷量及YOY 4圖表2：2024年4月及7月汽車報(bào)廢補(bǔ)貼政策對(duì)比 4圖表3：2021-2024年7月中國(guó)新能源乘用車銷量及滲透率 5圖表4：2021-2024年7月乘用車出口銷量及占比 5圖表5：24Q2分車企銷量及市占率 6圖表6：22Q1-24Q2乘用車板塊營(yíng)收及YOY 6圖表7：24Q2乘用車板塊公司營(yíng)收及同環(huán)比 7 7 7 8圖表11：22Q1-24Q2乘用車板塊四項(xiàng)費(fèi)用率 8 8 9 9 9 9 10 10圖表19：22Q1-24Q2智能化板塊營(yíng)收及YOY 11 11圖表21：24Q2智能化板塊公司營(yíng)收及同環(huán)比 11 12 12 13圖表25：22Q1-24Q2智能化板塊四項(xiàng)費(fèi)用率 13 13 14 14 14P.4請(qǐng)仔細(xì)閱讀本報(bào)告末頁(yè)聲明零售銷量629萬(wàn)輛/500萬(wàn)輛，同比+2.63%/-4革委和財(cái)政部印發(fā)《關(guān)于加力支持大規(guī)模設(shè)備更新和消費(fèi)品以舊換新的若干措施》的通圖表1：2021-2024年7月中國(guó)乘用車月度銷量及YOY3000零售銷量YOY（右，%）批發(fā)銷量YOY（右，%）80%60%40%20%0%-20%-40%-60%圖表2：2024年4月及7月汽車報(bào)廢補(bǔ)貼政策對(duì)比《汽車以舊換新補(bǔ)貼實(shí)施細(xì)則》《關(guān)于加力支持大規(guī)模設(shè)備更新和消費(fèi)品以舊換新的若干措施》消費(fèi)者報(bào)廢國(guó)三及以下排放標(biāo)準(zhǔn)燃油乘用車或2018信息化部《減免車輛購(gòu)置稅的新能源汽車車型目新能源乘用車或2.0升及以下排量燃油乘用個(gè)人消費(fèi)者報(bào)廢國(guó)三及以下排放標(biāo)準(zhǔn)燃油乘車輛購(gòu)置稅的新能源汽車車型目錄》的新能P.5請(qǐng)仔細(xì)閱讀本報(bào)告末頁(yè)聲明圖表3：2021-2024年7月中國(guó)新能源乘用車銷量及滲透率新能源銷量（萬(wàn)輛）新能源滲透率（右，%）904002021-112022-112023-112021-112022-112023-1160%50%40%30%20%10%0%萬(wàn)輛，同/環(huán)比分別+28.98%/+10.92%；乘用車出口占比19.54%，同/環(huán)比分別+0.04pct/+3.99pct。圖表4：2021-2024年7月乘用車出口銷量及占比出口銷量（萬(wàn)輛）出口占比（右，%）45405025%20%0%自主：1）新勢(shì)力銷量快速提升，2Q24蔚來(lái)/理想/問(wèn)界/極氪分別實(shí)現(xiàn)銷量率同/環(huán)比分別+4.2pct/+4.7pct。比分別-0.3pct/-2.5pct/-0.9pct/-0.9pct，環(huán)比分別-0.2pct/-0.2pct/-0.6pct/+0.1pct。P.6請(qǐng)仔細(xì)閱讀本報(bào)告末頁(yè)聲明圖表5：24Q2分車企銷量及市占率2111211123,52030,05390.91%0.38%0.53%0.91%550.38pct0.38pct23,20521,82130,20730.17%38.43%0.38%0.38%0.48%86,53380,40025.48%35.05%0.31pct0.31pct85,842760.56%0.19%33,99333,41056.76%59.49%0.55%0.59%0.85%0.26pct0.26pct36,24124,43429,336-19.05%20.06%0.59%0.43%0.47%4pct27,39933,05965.80%0.45%0.58%0.87%440.29pct0.29pct特斯拉中國(guó)247,217220,876205,747-16.77%-6.85%4.03%3.89%3.27%703,561626,263986,72040.25%57.56%4.214.21pct長(zhǎng)城汽車299,084275,333284,336-4.93%3.27%4.88%4.84%4.52%長(zhǎng)安自主乗用車372,051437,301384,6333.38%-12.04%6.07%7.69%6.11%4pct上汽集團(tuán)834,153992,801-15.90%其中：上汽大眾276,959248,059264,029-4.67%6.44%4.52%4.36%4.20%上汽通用265,000-56.95%4.32%上汽乘用車214,344-19.61%6.02%3.50%上汽通用五菱327,600224,009346,00054.46%3.94%智己汽車6,02524.50%0.10%0.18%0.20%廣汽集團(tuán)623,029409,698453,340-27.24%7.21%7.21%其中：廣汽本田90,954-35.24%-22.25%廣汽豐田232,800-22.70%3.80%廣汽乘用車85,484-1.02%20.96%4pct廣汽埃安48,86777,462-40.82%58.52%0.86%33奇瑞乘用車387,309486,075526,49135.94%8.31%6.32%8.55%8.37%吉利汽車371,592475,720480,01029.18%0.90%6.06%8.37%7.63%其中：銀河9,67338,52842,893343.43%0.16%0.68%0.68%27,39933,05965.80%0.45%0.58%0.87%0.29pct0.29pct行業(yè)6,130,0235,684,5266,291,5242.63%10.68%////比亞迪/長(zhǎng)安汽車/賽力斯2Q24實(shí)現(xiàn)營(yíng)收1761.8億/397.0億/384.8億，同比+41.0%/+7.2%/+44.9%（銷量環(huán)比+57.6%/-12.0%-1.0%/+14.5%。圖表6：22Q1-24Q2乘用車板塊營(yíng)收及YOY6000400030000營(yíng)收（億元）YOY（右，%）50%40%30%20%0%P.7請(qǐng)仔細(xì)閱讀本報(bào)告末頁(yè)聲明圖表7：24Q2乘用車板塊公司營(yíng)收及同環(huán)比單季度營(yíng)收（億元）股票名稱22Q122Q222Q322Q423Q123Q223Q323Q424Q124Q2同比環(huán)比22Q1-24Q2趨勢(shì)圖單季度營(yíng)收（億元）比亞迪668.25837.821170.811563.731201.741399.511621.511800.411249.441761.8225.9%41.0%長(zhǎng)安汽車345.76219.98287.78359.01345.56309.36427.14430.91370.23396.9928.3%7.2%賽力斯51.3172.85107.07109.8250.9159.4256.48191.62265.61384.84547.7%547.7%44.9%上汽集團(tuán)1824.721335.212114.162166.541459.161806.381967.872213.631430.721416.14-21.6%-1.0%長(zhǎng)城汽車336.19285.15373.46378.60290.39409.33495.32537.09428.60485.6918.7%13.3%北汽藍(lán)谷17.3117.4822.2838.0724.9732.7335.3850.1115.0522.37-31.7%48.6%廣汽集團(tuán)232.68254.21316.78296.39265.57353.54362.71315.24215.66246.89-30.2%14.5%海馬汽車7.175.634.736.5610.366.632.416.444.441.77-73.3%-60.1% 整體 3483.39 3028.33 4397.08 4918.72 3648.65 4376.89 4968.82 5545.45 3979.75 4716.517.8%18.5%環(huán)比分別+14.3%/+40.5%。分車企看：環(huán)比+128.2%/+846.3%/+1056.8%/+79.2%。圖表8：22Q1-24Q2乘用車板塊歸母凈利潤(rùn)、扣非凈利潤(rùn)及YOY0扣非凈利潤(rùn)（億元）0%-100%圖表9：24Q2乘用車板塊公司歸母凈利潤(rùn)、扣非凈利潤(rùn)及同環(huán)比68.2445.6990.6232.8%98.4%61.3037.5285.6339.7%長(zhǎng)安汽車6.830.28846.3%賽力斯-7.19539.9%-9.61237.7%上汽集團(tuán)43.0227.1439.14-9.0%35.0621.21-11.00-131.4%-151.9%長(zhǎng)城汽車32.2838.519.6620.2436.2779.2%北汽藍(lán)谷-10.88-10.16-15.55-14.58-10.32-15.506.3%50.2%廣汽集團(tuán)-79.3%-75.7%6.87-10.25-180.9%-249.2%海馬汽車-0.12-0.86-0.66-23.5%-0.24-0.86-0.903.9%整體94.5576.9240.5%P.8請(qǐng)仔細(xì)閱讀本報(bào)告末頁(yè)聲明率為2.3%，同/環(huán)比分別+0.1pct/+0.4pct。拆分來(lái)看，毛利率同/環(huán)比分別+2.1pct/-0.04pct，板塊內(nèi)賽力斯&長(zhǎng)城汽車毛利率大幅改善；費(fèi)用率同/環(huán)比分別扣非凈利率扣非凈利率毛利率費(fèi)用率0%銷售費(fèi)用率財(cái)務(wù)費(fèi)用率管理費(fèi)用率研發(fā)費(fèi)用率銷售費(fèi)用率財(cái)務(wù)費(fèi)用率6%5%4%3%2%1%0%-1%6%5%4%3%2%1%0%-1%-2%新能源原材料價(jià)格下探、產(chǎn)品結(jié)構(gòu)優(yōu)化，2Q24車企盈利能力改善。M7放量2Q24公司毛利率同/環(huán)比分別+23.3pct/+6.0pct；費(fèi)用率同/環(huán)比分別-3.3pct/+4.0pct；扣非凈利率同/環(huán)比分別+19.6pct/+3.0pct。分別+4.0pct/+1.3pct；費(fèi)用率同/環(huán)比分別-0.7pct/-0.7pct；扣非凈利率同/環(huán)比分別+5.1pct/+2.7pct。費(fèi)用率同/環(huán)比分別-5.0pct/-4.4pct；扣非凈利率同/環(huán)比分別+2.6pct/+2.4pct。1c圖表12：24Q2乘用車板塊公司扣非凈利率、毛利率、費(fèi)用率及同環(huán)比1c股票名稱單季度扣非凈利率22Q1-24Q2趨勢(shì)圖單季度毛利率22Q1-24Q2趨勢(shì)圖單季度費(fèi)用率22Q1-24Q2趨勢(shì)圖23Q224Q124Q2同比環(huán)比23Q224Q124Q2同比環(huán)比23Q224Q124Q2同比環(huán)比比亞迪4.4%3.0%4.9%0.5pct1.9pct18.7%21.9%18.7%0.pct-3.2pct11.5%16.8%11.8%0.2pct-5.0pct長(zhǎng)安汽車0.1%0.3%2.7%2.6pct2.4pct16.4%14.4%13.2%-3.-1.2pct13.1%12.5%8.1%-5.0pct-4.4pct賽力斯-16.2%0.4%3.4%19.6p3.0pct4.2%21.5%27.5%23.3pct25.4%18.1%22.1%-3.3pct4.0pct上汽集團(tuán)1.9%1.5%-0.8%-2.7pt-2.3pct9.3%8.6%8.0%-1.-0.6pct8.9%10.5%10.4%1.5pct-0.2pct長(zhǎng)城汽車2.4%4.7%7.5%5.1pct2.7pct17.4%20.0%21.4%4.04.0pct11.1%11.1%10.4%-0.7pct-0.7pct北汽藍(lán)谷-44.5%-68.6%-69.3%-24.8pct-0.7pct-2.3%-6.4%-7.5%-5.-1.1pct36.6%59.0%56.4%19.8pct-2.6pct廣汽集團(tuán)3.6%3.2%-4.2%-7.3pct6.0%7.1%6.3%pct-0.8pct8.1%12.2%11.0%2.9pct-1.2pct海馬汽車-3.6%-19.5%-50.7%-47.1pct-31.2pct15.7%14.4%-4.3%9pct9pct-18.7p-0.04ppct-0.04p16.4%10.6%31.1%13.5%72.1%11.9%55.7pct41.0pct--八'-1.6pct整體2.2%1.9%2.3%0.1pct0.4pct13.2%15.3%15.2%1.3pctP.9請(qǐng)仔細(xì)閱讀本報(bào)告末頁(yè)聲明圖表13：24Q2乘用車板塊公司四項(xiàng)費(fèi)用率及同環(huán)比I----'---八',---2Q24碳酸鋰價(jià)格同比大幅回落，大宗原材料價(jià)格季度以來(lái)原材料價(jià)格企穩(wěn)，車企盈利有望進(jìn)一圖表14：動(dòng)力電池原材料價(jià)格變化情況圖表15：大宗原材料價(jià)格變化情況鎳碳酸鋰鎳碳酸鋰鈷25,00020,0000400,000300,000200,0000聚丙烯天然橡膠螺紋鋼鋁銅（右）鋁銅（右）80,00060,00040,00020,0000圖表16：22Q1-24Q2乘用車板塊存貨周轉(zhuǎn)天數(shù)、應(yīng)收賬款及應(yīng)收票據(jù)周轉(zhuǎn)天數(shù)存貨周轉(zhuǎn)天數(shù)應(yīng)收賬款周轉(zhuǎn)天數(shù)400P.10請(qǐng)仔細(xì)閱讀本報(bào)告末頁(yè)聲明圖表17：24Q2乘用車板塊公司存貨周轉(zhuǎn)天數(shù)、應(yīng)收賬款及應(yīng)收票據(jù)周轉(zhuǎn)天數(shù)及同環(huán)比-股票名稱23Q123Q223Q32周41數(shù)24Q2同比環(huán)比22Q1-24Q2趨勢(shì)圖23Q123Q223Q3應(yīng)2款周數(shù)24Q2同比環(huán)比22Q1-24Q2趨勢(shì)圖-比亞迪887876698877-1-1129294440-4長(zhǎng)安汽車2841409-1687776-1-1賽力斯99757349-62-527218626-2上汽集團(tuán)645754526769240424693長(zhǎng)城汽車867267636966-5-3-30北汽藍(lán)谷101827857115919-232341851751472822405555-42廣汽集團(tuán)47447873-5272423-6-5海馬汽車63931221281982942012019797244345115147104104整體655956536865-32928-12.1標(biāo)的公司選取本文重點(diǎn)關(guān)注的A股汽車智能化標(biāo)的公司如下表圖表18：智能化板塊相關(guān)標(biāo)的主要賽道及核心產(chǎn)品感器（奧迪威同/環(huán)比+39.9%/+28.P.11請(qǐng)仔細(xì)閱讀本報(bào)告末頁(yè)聲明圖表19：22Q1-24Q2智能化板塊營(yíng)收及YOY圖表20：1H24乘用車智能駕駛/座艙前裝配置量及YOY6004003000營(yíng)收（億元）YOY（右，%）22Q122Q222Q322Q423Q123Q223Q323Q424Q124Q240%30%20%0%800600400070%60%50%40%30%20%10%0%圖表21：24Q2智能化板塊公司營(yíng)收及同環(huán)比I7.2%7.0%I7.6%比+21.2%/+15.5%。重點(diǎn)關(guān)注的企業(yè)中，華陽(yáng)集團(tuán)/德賽西威/伯特利/星宇股份2Q24扣非凈利潤(rùn)同比+45.6%/+77.3%/+37.1%/+36.4%，利潤(rùn)同比增速高于營(yíng)收，環(huán)比+1.4%/+13.1%/+20.0%/+40.5%。P.12請(qǐng)仔細(xì)閱讀本報(bào)告末頁(yè)聲明圖表22：22Q1-24Q2智能化板塊歸母凈利潤(rùn)、扣非凈利潤(rùn)及YOY50扣非凈利潤(rùn)（億元）80%70%60%50%40%30%20%10%0%圖表23：24Q2智能化板塊公司歸母凈利潤(rùn)、扣非凈利潤(rùn)及同環(huán)比2股票名稱主要賽道23Q2歸利潤(rùn)環(huán)比22Q1-22Q2趨勢(shì)圖23Q2扣潤(rùn)環(huán)比22Q1-22Q2趨勢(shì)圖2華陽(yáng)集團(tuán)智能座艙38.8%0.9645.6%駿成科技智能座艙0.280.220.3217.1%49.6%0.290.210.302.0%上聲電子智能座艙0.410.580.5328.5%-9.3%0.450.420.474.7%11.3%香山股份智能座艙0.240.440.3543.4%0.500.420.34-31.8%-18.6%華安鑫創(chuàng)智能座艙-0.05-0.10-0.18296.4%296.4%90.4%-0.06-0.10-0.2092.2%德賽西威智能駕駛2.773.854.5464.0%17.9%2.363.714.1977.3%13.1%經(jīng)緯恒潤(rùn)-W智能駕駛-0.02-1.92--1.429029.2%-26.1%-0.17-2.20-1.67886.1%-23.9%神通科技飾件、光學(xué)0.080.120.1964.4%0.050.100.1986.3%均勝電子汽車安全件2.753.073.3020.0%7.8%2.633.113.2724.3%5.1%云意電氣電機(jī)電控0.8130.8%2.3%0.750.990.9323.5%-6.2%恒帥股份電機(jī)電控0.510.650.510.6%0.470.600.494.0%-18.5%菱電電控電機(jī)電控0.170.000.07-58.7%1755.0%0.11-0.010.05-55.0%-439.9%拓普集團(tuán)底盤(pán)、輕量化6.446.458.1125.9%25.6%6.075.967.0015.3%17.4%伯特利底盤(pán)、輕量化2.102.4835.0%17.9%2.3020.0%萬(wàn)安科技底盤(pán)、輕量化0.210.6819.7%0393.8%亞太股份底盤(pán)0.300.610.44-47.8%-27.7%0.150.520.40-23.0%保隆科技傳感器、空懸0.910.680.8018.1%0.750.650.53-28.9%-18.8%蘇奧傳感傳感器0.350.280.35-0.6%24.0%426.3%61.6%奧迪威傳感器613.1%29.7%44.2%道通科技傳感器2.6241.2%日盈電子傳感器0.020.060.0212.5%0.020.050.020.3%-70.5%豪恩汽電傳感器0.300.180.29-4.9%59.7%0.260.160.21-20.7%科博達(dá)車燈2.196.1%2.004.8%-28.4%星宇股份車燈2.632.433.5133.6%44.8%2.392.323.2640.5%整體26.3026.0131.8022.2%22.7823.9127.6221.2%15.5%配置率提升帶來(lái)規(guī)模效應(yīng)，環(huán)比表現(xiàn)超市場(chǎng)預(yù)期業(yè)成本&大宗原材料價(jià)格上漲負(fù)面影響毛利率，但多數(shù)年降已P.13請(qǐng)仔細(xì)閱讀本報(bào)告末頁(yè)聲明圖表25：22Q1-24Q2智能化板塊四項(xiàng)費(fèi)用率扣非凈利率毛利率費(fèi)用率25%20%15%10% 0%銷售費(fèi)用率財(cái)務(wù)費(fèi)用率管理費(fèi)用率研發(fā)費(fèi)用率銷售費(fèi)用率財(cái)務(wù)費(fèi)用率8%6%4%8%6%4%2%0%-2%智能座艙：華陽(yáng)集團(tuán)2Q24扣非凈利率為6.3%（值影響，2Q24扣非凈利率同/環(huán)比+0.3pct/+0.6-0.2pct/+0.4pct預(yù)計(jì)受汽車電子毛利率提升帶動(dòng)；2Q2-0.9pct/-0.3pct規(guī)模效應(yīng)顯著。率為21.4%（同/環(huán)比-1.3pct/+0.7pct環(huán)比回升受益于高毛利輕量化業(yè)務(wù)占比提升；信用減值影響的歸母凈利潤(rùn)率同/環(huán)比+3.4pc比+0.2pct/+2.3pct同比主要受益于產(chǎn)能利用率提升，環(huán)比主要受益于高附加值項(xiàng)目占比提升及年降壓力部分消化；2Q24費(fèi)用率同/環(huán)比-2.6pct/-1.2pct。率為36.7%（同/環(huán)比分別-3.4pct/+2.4pct同比主要受下游汽車市場(chǎng)競(jìng)爭(zhēng)激烈導(dǎo)致車用率同/環(huán)比分別+1.6pct/+1.4pct。毛利率為20.4%（同/環(huán)比分別-1.5pct/+0.7pct同比主要受車市價(jià)格戰(zhàn)影響，環(huán)+0.5pct/-0.5pct/-1.0pct/+0.4pct，環(huán)比分別-0.1pct/-0.5pct/-1.0pct/-0.3pct。ppppppp圖表26：24Q2智能化板塊公司扣非凈利率、毛利率、費(fèi)用率及同環(huán)比ppppppp股票名稱主要賽道單季度扣非凈利率23Q224Q124Q2同比環(huán)比22Q1-22Q2趨勢(shì)圖單季度毛利率23Q224Q124Q2同比環(huán)比22Q1-22Q2趨勢(shì)圖單季度費(fèi)用率23Q224Q124Q2同比環(huán)比22Q1-22Q2趨勢(shì)圖華陽(yáng)集團(tuán)智能座艙6.2%6.9%6.3%0.2pct-0.6pct22.1%21.6%21.9%0.014.8%14.1%13.9%-0.9pct-0.3pct駿成科技智能座艙19.4%13.2%12.2%-7.3pct-1.123.9%25.6%23.8%-0.1pct-1.8pct1.1%9.0%7.4%6.3pct-1.6pct上聲電子智能座艙8.7%7.0%7.3%-1.4pct0.324.8%24.7%24.9%0.113.3%16.9%14.1%0.8pct-2.9pct香山股份智能座艙3.7%2.8%2.3%-1.4pct-0.524.1%23.8%23.4%-0.7pct-0.4pct15.8%17.5%18.8%3.0pctct華安鑫創(chuàng)智能座艙-2.9%-5.5%-8.0%-5.2pct-2.56.9%9.4%7.2%0.3ct-2.2pct10.3%15.3%13.2%2.9pct-2.1pctct德賽西威智能駕駛5.0%6.6%6.9%1.9pct0.4pct0.4pct20.3%19.3%21.3%1.01.0pct1.914.4%13.0%12.4%-2.0pct-0.6pct-12.9經(jīng)緯恒潤(rùn)-W智能駕駛-1.8%-24.7%-14.7%-12.9pct10.0pct28.5%24.7%20.9%-7.6pct-3.8pct31.5%49.6%36.2%4.7p-13.5pct-13.5pct神通科技飾件、光學(xué)1.4%3.3%5.1%3.7pct1.8pct1.8pct17.5%19.8%22.1%4.6pct2.24.6pct12.0%17.5%17.2%5.3pct-0.3pct均勝電子汽車安全件1.9%2.3%2.4%0.5pct0.00.0pct13.9%15.5%15.5%1.61.6pct0.011.1%11.8%10.5%-0.5pct-1.3pct云意電氣電機(jī)電控19.3%21.0%16.8%-2.5pct-4.232.3%32.4%33.4%1.21.2pct1.111.3%9.9%8.4%-2.9pct-1.5pct恒帥股份電機(jī)電控21.8%24.7%22.0%0.2pct-2.736.2%36.8%36.2%0.00.0pct-0.6pct8.3%7.9%10.3%2.1p菱電電控電機(jī)電控4.6%-0.6%1.8%-2.829.0%22.2%22.9%-6.1pct0.7ct21.7%24.5%21.3%-0.5pct-3.2pct拓普集團(tuán)底盤(pán)、輕量化12.9%10.5%10.7%-2.223.3%22.4%20.4%-2.9pct-2.0pct7.2%9.3%8.2%1.0pct-1.1pct伯特利底盤(pán)、輕量化10.5%10.3%10.9%0.4pct0.60.6pct22.8%20.7%21.4%-1.3pct0.7ct9.4%8.8%9.0%-0.3pct0.2p萬(wàn)安科技底盤(pán)、輕量化1.8%1.5%5.6%3.8pct4.115.8%17.7%18.4%2.62.6pct0.7ct12.3%14.1%10.9%-1.4pct-3.2pct亞太股份底盤(pán)1.7%5.1%4.1%2.4pct-1.018.2%16.1%18.3%0.20.2pct2.3pp14.2%12.7%11.6%-2.6pct-1.2pct保隆科技傳感器、空懸5.2%4.4%3.1%-2.1pct-1.327.4%29.4%25.1%-2.3pct-4.4pct19.1%22.0%19.6%0.5pct-2.4pct蘇奧傳感傳感器7.5%6.2%7.8%0.3pct1.6ct26.1%22.6%24.9%-1.2pct2.313.0%16.4%12.5%-0.4pct-3.9pct奧迪威傳感器19.8%14.5%14.8%-5.140.0%34.2%36.7%-3.4pct2.416.7%16.8%18.3%1.6p道通科技傳感器15.7%14.5%16.8%1.150.1%56.7%55.9%5.8pct-0.85.8pctpct30.6%39.7%35.1%4.5p-4.6pct日盈電子傳感器0.7%2.6%0.6%-0.1pct-2.017.9%20.3%18.7%0.80.8pct-1.6pct13.9%17.0%15.4%1.5pct-1.6pct豪恩汽電傳感器9.6%5.5%6.8%-2.923.3%21.8%18.9%-4.4pct-2.8pct14.5%14.7%12.4%-2.1pct-2.2pct科博達(dá)車燈13.0%14.1%10.8%-2.2pct-3.330.6%32.0%26.1%-4.5-5.9pct16.5%15.9%14.8%-1.7pct-1.1pct星宇股份車燈9.5%9.6%9.9%0.3pct0.20.2pct21.9%19.6%20.4%-1.5pct0.7ct8.9%10.2%8.3%-0.7pct-2.0pct整體5.8%5.7%6.0%0.2pct0.30.3pct20.3%20.9%20.6%0.30.3pct-0.2pct12.6%13.9%12.5%-0.1pct-1.4pctP.14請(qǐng)仔細(xì)閱讀本報(bào)告末頁(yè)聲明圖表27：24Q2智能化板塊公司四項(xiàng)費(fèi)用率及同環(huán)比圖表28：22Q1-24Q2智能化板塊存貨周轉(zhuǎn)天數(shù)、應(yīng)收賬款及應(yīng)收票據(jù)周轉(zhuǎn)天數(shù)存貨周轉(zhuǎn)天數(shù)應(yīng)收賬款周轉(zhuǎn)天數(shù)圖表29：24Q2智能化板塊公司存貨周轉(zhuǎn)天數(shù)、應(yīng)收賬款及應(yīng)收票據(jù)周轉(zhuǎn)天數(shù)及同環(huán)比股票名稱主要賽道23Q123Q223Q34周24Q2同比環(huán)比22Q1-24Q2趨勢(shì)圖23Q123Q223Q3應(yīng)4款數(shù)24Q2同比環(huán)比22Q1-24Q2趨勢(shì)圖華陽(yáng)集團(tuán)智能座艙11310193827776-25-11301271251261351346-1駿成科技智能座艙948377756055-28-5149137138135126119--7上聲電子智能座艙908274676362-20-1113107108103103101-3香山股份智能座艙1039889868583-15-26767626258636華安鑫創(chuàng)智能座艙2225242223-2111612212811912612640德賽西威智能駕駛999084697166-24-4979898961091079-2經(jīng)緯恒潤(rùn)-W智能駕駛285255239172237203-52-52-3410810310085122116-6神通科技飾件、光學(xué)121100104799378-22-151031079397147133均勝電子汽車安全件6768686876747-1525352505451-3云意電氣電機(jī)電控149136123121119108-28-119497909394962恒帥股份電機(jī)電控807466686768-6187878787909363菱電電控電機(jī)電控223224238220222191-33-318694891021061126拓普集團(tuán)底盤(pán)、輕量化787776776963-14-7859085858077--3伯特利底盤(pán)、輕量化72706360656