敏實集團 (425 HK) 電池盒已成為最大業務板塊,新業務蓄勢待發 November 5, 2025 3

PSR Recommendation: ACCUMULATE Status: Maintained
Target Price: HKD32.60

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、智慧
外飾等有競爭力的電動化、智慧化產品。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
25 上半年盈利保持快速增長,多賺近兩成
敏實集團 2025 年上半年實現營業收入 122.87 億元(人民幣,下同),同比增長
10.8%;歸母淨利潤 12.77 億元,同比+19.5%。業績增長主要驅動因素包括:1)電池
盒等新能源汽車零部件訂單持續放量帶動產能利用率提升;2)海外生產基地產能爬坡
貢獻增量收益;3)單位運輸成本回落,有利的匯率方向,同時公司持續推進現地化生
產策略並推行有效成本管控措施,令費用率下降。
按地區拆分,國內的營業額為 43.1 億元,同比-4.9%,主要受中國市場合資品牌份額下
降影響;國際業務保持強勁,營業額同比+21.6%至 79.8 億元,主要歸功於歐洲市場電
池盒與結構件業務的快速增長及國際市場傳統外飾件產品的穩健貢獻。國際業務占總
營業額比重由 2024 年底的 59.7%提高 5.2 個百分點至 64.9%。北美、歐洲等地的現地
化生產策略有效降低了關稅和地緣政治風險,同時增強了本地市場競爭力。
電池盒已成為最大業務板塊
上 半 年 公 司 的 塑 件 、 金 屬 及 飾 條 、 電 池 盒 、 鋁 件 等 業 務 收 入 分 別 達 到
28.7/26.6/35.8/24.7 億,同比+0.9%/+4.7%/+49.8%/+4.1%,占總收入比重分別同比-2.3/-
1.3/+7.6/-1.3 個百分點,至 23.3%/21.6%/29.2%/20.1%。
於回顧期間,公司在電池盒與車身底盤結構件業務上取得突破,客戶結構進一步均
衡:突破了歐洲豐田結構件業務,獲取到長城、吉利等多家中系客戶底盤結構件訂
單;首次進入奇瑞電池盒業務領域以及再次獲取比亞迪電池盒訂單,首次突破通用汽
車電池盒結構件業務,繼續擴大在斯特蘭蒂斯、大眾電池盒產品上的業務份額。在智
慧內外飾上突破了北美福特、雷諾多個保險杠總成業務,並持續獲取豐田、現代起
亞、長安、通用等客戶。

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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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