敏實集團 (425 HK) 現地化生產保證競爭力,前瞻佈局未來產業打開成長空間 May 13, 2025 7

PSR Recommendation: BUY Status: Maintained
Target Price: HKD27.80

公司簡介
敏實集團是全球知名的從事汽車內外飾、車身結構件供應商,核心產品的國內市場佔
有率超過 30%,基於多種新材料以及表面處理技術,近年來公司發展出電池盒、智能
外飾等有競爭力的電動化、智能化產品。公司在中國、美國、墨西哥、泰國、德國、
塞爾維亞、法國、波蘭、韓國等多個國家設有 70 多家工廠。
投資概要
24 年業績多賺逾兩成,毛利率改善
2024 年敏實集團實現總收入 231.5 億元(人民幣,下同),同比+12.8%;歸母淨利潤
23.2 億元,同比+21.9%,主要歸功於營業額增長帶來的規模效應、電池盒產品線產能
利用率的持續提升以及各產品線力推降本增效措施使得毛利較 2023 年同期增長,使公
司總體上保持了較好的盈利水準。
期內毛利率約 28.9%,同比+1.5 個百分點,主要受塑件和電池盒業務的分部毛利率分
別攀升 1.1 和 2.1 個百分點所帶動。其中,電池盒業務的分部毛利率達到 21.4%,離
25%的目標更進一步。
公司的銷售費用/管理費用/研發費用率分別同比+0.6/持平/-0.5 個百分點,至
4.5%/7.1%/6.3%,主要由於紅海事件導致的運輸成本上漲,國際業務量增加帶來的開
支增長,以及持續對創新產品及新材料技術進行研發投入但被營業額增長所攤薄等原
因所致。毛利率的上升抵消了費用率增加,最終淨利潤率同比提高了 0.7 個百分點至
10.0%。
國際業務繼續領先於國內業務增速
各區域中,中國的營業額為約 93.2 億元,同比增加約 1.3%,主要來自亍於電池盒和中
系品牌業務的提升,也受到合資品牌銷量丌振的拖累;國際營業額為約 138.2 億元,
同比增加約 22.1%,占總營業額比重由 2023 年的 55.15%提高 4.5 個百分點至 59.72%,
主要得益於電池盒業務的快速增長及北美與亞太地區傳統產品業務的提升。
公司持續優化全球工廠的運營效能,鞏固各地工廠之工藝的垂直整合能力,打造標杆
工廠並推廣其管理模式。例如在墨西哥、泰國等地工廠綜合能力得到顯著改善並得以
穩健的基礎上,綜合運用北美、泰國、中國各地的優勢資源,降低北美當地運營成
本。值得一提的是,公司持續提升北美及歐洲區業務的現地化生產率,從而使關稅和
地緣政治因素所造成的影響和丌確定性保持在可控範圍之內,並增強了產品在當地的
競爭力。

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About the author

Profile photo of Zhang Jing

Zhang Jing
Phillip Securities (HK)

Bachelor Degree in Tongji University of Engineering; Master Degree in East China Normal University of finance. Currently covering the automobile and air sectors. She has years of experience in investment research and is good at combining analysis for the companies with industry prospects.

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