换肤

和而泰

i问董秘
企业号

002402

主营介绍

  • 主营业务:

    智能控制器的研发、生产和销售,包括智能控制技术的研究、对应的嵌入式软件与算法的开发、技术解决方案的提供、产品设计、生产、物流服务等。

  • 产品类型:

    家用电器智能控制器、电动工具智能控制器、智能化产品、汽车电子智能控制器、微波毫米波模拟相控阵T/R芯片

  • 产品名称:

    家用电器智能控制器 、 电动工具智能控制器 、 智能化产品 、 汽车电子智能控制器 、 微波毫米波模拟相控阵T/R芯片

  • 经营范围:

    一般经营项目是:计算机、光机电一体化产品、家用电器、LED产品、医疗电子产品、汽车电子产品、玩具类产品、人体健康运动器材类电子产品、人体健康运动检测类电子产品、美容美妆及皮肤护理仪器、各种设备、装备、机械电子器具及其控制器的软硬件设计、技术开发、技术服务、销售;面向物联网的信息安全硬件产品的销售;兴办实业(具体项目另行申报),国内贸易;经营进出口业务。(以上各项不含法律、行政法规、国务院决定规定需报经审批的项目)。许可经营项目是:普通货运;全部二类医疗器械的研发与销售。

运营业务数据

最新公告日期:2025-10-23 
业务名称 2025-09-30 2025-03-31 2024-09-30 2023-09-30 2023-03-31
控制器业务营业收入(元) 27.19亿 - - - -
控制器业务营业收入同比增长率(%) 11.29 - - - -
控制器业务板块营业收入(元) - 24.93亿 24.43亿 - -
控制器业务板块营业收入同比增长率(%) - 27.06 29.70 - -
营业收入(元) - - - 18.89亿 16.45亿
营业收入:控制器板块(元) - - - 18.83亿 -

主营构成分析

报告期
报告期

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营业收入 X

单位(%) 单位(万元)
业务名称 营业收入(元) 收入比例 营业成本(元) 成本比例 主营利润(元) 利润比例 毛利率
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注:通常在中报、年报时披露 

主要客户及供应商

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前5大客户:共销售了48.65亿元,占营业收入的50.37%
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客户名称 销售额(元) 占比
第一名
11.63亿 12.04%
第二名
11.26亿 11.66%
第三名
9.78亿 10.13%
第四名
9.51亿 9.85%
第五名
6.47亿 6.69%
前5大供应商:共采购了10.42亿元,占总采购额的13.62%
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供应商名称 采购额(元) 占比
第一名
4.53亿 5.92%
第二名
1.58亿 2.06%
第三名
1.56亿 2.03%
第四名
1.42亿 1.86%
第五名
1.34亿 1.75%
前5大客户:共销售了36.96亿元,占营业收入的49.23%
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客户名称 销售额(元) 占比
第一名
8.93亿 11.89%
第二名
8.26亿 11.00%
第三名
8.05亿 10.73%
第四名
7.43亿 9.89%
第五名
4.30亿 5.72%
前5大供应商:共采购了6.74亿元,占总采购额的12.58%
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供应商名称 采购额(元) 占比
第一名
2.00亿 3.74%
第二名
1.37亿 2.56%
第三名
1.33亿 2.47%
第四名
1.07亿 1.99%
第五名
9774.14万 1.82%
前5大客户:共销售了29.81亿元,占营业收入的49.96%
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客户名称 销售额(元) 占比
第一名
8.94亿 14.98%
第二名
7.55亿 12.66%
第三名
5.69亿 9.53%
第四名
5.11亿 8.56%
第五名
2.52亿 4.23%
前5大供应商:共采购了6.72亿元,占总采购额的14.15%
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供应商名称 采购额(元) 占比
第一名
1.53亿 3.22%
第二名
1.50亿 3.16%
第三名
1.42亿 2.99%
第四名
1.27亿 2.66%
第五名
1.01亿 2.12%
前5大客户:共销售了32.45亿元,占营业收入的54.21%
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客户名称 销售额(元) 占比
第一名
9.42亿 15.73%
第二名
9.41亿 15.72%
第三名
5.74亿 9.60%
第四名
4.82亿 8.05%
第五名
3.06亿 5.11%
前5大供应商:共采购了6.90亿元,占总采购额的12.90%
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供应商名称 采购额(元) 占比
第一名
2.04亿 3.81%
第二名
1.50亿 2.80%
第三名
1.22亿 2.28%
第四名
1.11亿 2.07%
第五名
1.04亿 1.94%
前5大客户:共销售了27.20亿元,占营业收入的58.30%
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客户名称 销售额(元) 占比
第一名
8.13亿 17.42%
第二名
7.45亿 15.98%
第三名
5.39亿 11.56%
第四名
4.25亿 9.11%
第五名
1.97亿 4.23%
前5大供应商:共采购了5.42亿元,占总采购额的19.30%
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供应商名称 采购额(元) 占比
第一名
1.58亿 5.61%
第二名
1.41亿 5.02%
第三名
1.04亿 3.70%
第四名
7197.42万 2.56%
第五名
6760.49万 2.41%

董事会经营评述

  一、报告期内公司从事的主要业务
  公司是智能控制器解决方案供应商,主营业务涉及家用电器、电动工具及工业自动化、汽车电子、智能化产品及人工智能服务平台;以及微波毫米波相控阵T/R芯片的研发、生产、销售和技术服务。
  公司智能控制器业务板块主要以家用电器、电动工具及工业自动化、汽车电子、智能化产品4大产业集群为核心,具体划分为国内家用电器、海外家用电器、电动工具、工业自动化、汽车电子、智能化产品及人工智能服务平台六大业务单元。涉及产品品类众多,包括大小家电控制、电动/园林工具控制、工业控制、轻型交通工具控制、汽车车身控制、智能座舱域控制、热管理集成、智能家居控制、智能穿戴以及智能机器人部件... 查看全部▼

  一、报告期内公司从事的主要业务
  公司是智能控制器解决方案供应商,主营业务涉及家用电器、电动工具及工业自动化、汽车电子、智能化产品及人工智能服务平台;以及微波毫米波相控阵T/R芯片的研发、生产、销售和技术服务。
  公司智能控制器业务板块主要以家用电器、电动工具及工业自动化、汽车电子、智能化产品4大产业集群为核心,具体划分为国内家用电器、海外家用电器、电动工具、工业自动化、汽车电子、智能化产品及人工智能服务平台六大业务单元。涉及产品品类众多,包括大小家电控制、电动/园林工具控制、工业控制、轻型交通工具控制、汽车车身控制、智能座舱域控制、热管理集成、智能家居控制、智能穿戴以及智能机器人部件控制等。
  在大数据通用模型、人工智能等技术的快速发展时期,公司智能化产品及人工智能服务平台持续深耕AI技术、移动互联技术、大数据与人工智能技术、通讯技术,与通用大模型进行链接,打造创新型智能控制产品解决方案及人工智能服务平台,拓宽市场边界,形成公司在智能化业务领域里的核心优势。
  1、家用电器业务板块
  公司家电智能控制器主要聚焦大小家电、类家电,包括空调、冰箱、洗衣机、干衣机、洗碗机、消毒柜、蒸烤箱、微波炉、电磁炉、咖啡机、油烟机等众多产品品类;并拥有该业务领域多项核心技术储备,包括变频技术、核心板与底板分离设计技术、硬件及电磁兼容性技术、高速PCBLayout及叠层设计、无感FOC控制与特有移相技术、深度高频弱磁算法、最大扭矩/功率跟踪算法、RTT实时追踪技术等众多核心控制及算法技术等,可为客户提供一站式智能控制解决方案。
  在绿色低碳与能效升级趋势的驱动下,我国家电行业变频化进程加速,显著带动了智能控制器功能升级和产品替换加速;同时,小家电及类家电领域凭借其品类持续创新、功能高度集成化、智能化渗透深化以及迭代周期短等特点,成为智能控制器需求增长与价值提升的重要引擎,推动行业呈现量价双升的良好发展态势。随着行业市场规模持续扩大,智能化技术升级的持续渗透,以及公司市占率进一步提升,公司家电智能控制器收入规模也将持续扩大。
  2、电动工具及工业自动化业务板块
  公司电动工具及工业自动化业务板块主要涉及电动工具、园林工具、清洁工具、工业自动化、低速交通工具、工业控制领域,优势产品包括大扭矩扳手/角钻、链锯/圆锯平台、打草机、智能割草机、工业吸尘器、工业风筒、高压清洗机、打印机、舷外机控制等,目前公司已构建了低压大功率电机控制、工业风机、高压大功率电机控制、工业显示器、伺服电机控制等多个优势技术平台,技术应用涉及电机控制双算法、工具自适应重力安全保护系统以及自主核心SOC平衡算法、电机变频控制、FOC驱动算法、BLDC驱动算法、PFC电源算法、高频抗干扰技术、逆变电源技术、瞬时大扭矩过流自适应等。
  电动工具行业涵盖电钻、电锯等多种电动设备,广泛应用于建筑、制造、运输、维修及家庭DIY等领域,正处于技术迭代与需求升级的关键阶段。当前锂电化、无绳化、集成化成为行业主流,渗透率持续提升;智能化集成传感与物联网技术,推动产品向自适应、可监控演进,智能工具市场增速显著,同时,伴随消费级DIY市场快速崛起,需求端持续扩容,行业呈现强劲发展势头。因此,电动工具行业呈现“存量稳增、增量扩张”的双轨格局。公司紧抓行业发展机遇,深化技术平台优势,垂直整合电控、电机、电池(三电系统),强化核心部件自主研发与国产替代;快速突破客户与渠道,利用供应链成本优势,积极切入工业级高端市场,提升溢价能力。通过技术、渠道协同布局,驱动电动工具及工业自动化业务实现技术与市场的双重突破,在行业变革中占据重要地位。
  3、汽车电子业务板块
  汽车电子业务作为公司重点战略板块,近年来保持高速增长态势。公司持续加大汽车电子领域的研发投入,夯实产品创新与基础技术研究,通过构建“技术日”及“科技圈”生态促进技术协同;同步推进研发数字化建设,联合国际专业机构引入核心软硬件相关的实验设备及IT工具,实现研发流程标准化,保证产品质量可靠性。目前该业务已通过ASPICECL3、CMMICL3、ISO26262Asil-D、ISO21434和IATF16949等多项国际权威认证,并组建专业化业务、研发及管理运营团队,形成核心人才支撑体系。在公司一系列战略举措推动下,汽车电子业务模式持续升级优化,JDM、ODM项目订单持续夯实,形成了独立运营交付能力的成熟体系。
  随着汽车电动化、智能化、网联化、共享化进程加速演进,市场需求持续扩容驱动产品线快速发展,公司在已有车身电子及能量管理平台化基础上,结合市场需求不断进行创新及定义,深度布局智能座舱与热管理领域,现有量产产品包括触控(方向盘离手检测HOD),电控(智能变色玻璃,位置域控,智能座舱域控),能量管理(压缩机,高低压热管理集成模块,车载冰箱)等核心部件,形成了整车系统及关键部件的设计开发与量产能力。未来公司将紧抓行业技术升级机遇,在巩固现有优势领域的同时,战略拓展车载多媒体(如HUD)、车联网等增量市场,持续参与前沿技术孵化与课题预研,强化在汽车电子价值链中的创新引领地位。
  4、智能化产品业务板块
  公司智能化产品是通过融合AI、电子控制及物联网等技术,对传统硬件产品进行智能化升级,构建以智能终端为媒介的数据闭环系统。基于智能控制器与智能硬件采集的数据,公司为终端厂商定制化开发展远程监控与数据分析平台,推动产品智能化应用及数据化管理。随着通用大模型技术突破,公司正积极探索大模型在业务场景的落地应用,为终端客户提供新型智能化解决方案。
  公司智能化产品应用涉及智能家电、智能家居、智能穿戴及健康护理等,产品涵盖空气净化器、扫地机器人、泳池清洁机器人、智能美妆镜、AI玩具、体感衣、空间传感器、智能床垫系统、安防报警系统、中央供暖系统、温湿度控制系统等。其中,智能美妆镜产品拥有市场领先的分析解决闭环方案;体感衣通过“触感人体屏”技术,搭载公司自主研发的创新Z轴线性运动触感单元、触感内容编辑平台技术,可实现更沉浸的感官体验;第二代睡眠检测系统通过睡眠监测与压力监测,可实现睡眠自适应支撑调节。同时,公司在AI应用领域,重点研究了基于强化学习的推理优化技术,探索如何让模型自主涌现推理能力,而非依赖人工标注数据,该技术将为后续迭代的行业模型与行业场景结合打下基础。在垂直领域数据碎片化技术领域,公司搭建了行业知识库原型系统,并预研检索增强生成(RAG)技术,同时探索了FunctionCalling技术,研究如何让模型调用外部工具处理实时数据。
  在政策指引、需求牵引、技术爆发的大背景下,智能化、数字化、大模型已经成为各行各业的重点布局方向,智能化产品业务依托公司在智能控制器行业的硬件优势和技术积累,更好的结合了大数据与人工智能技术、移动互联技术、通讯技术、AI语音、视觉识别、智能体技术等,更快实现传统设备的数字化升级及人工智能模型建立,具备良好的发展前景。

  二、核心竞争力分析
  公司以规范化、专业化、国际化运营管理为发展依托,在技术规划、产品研发、工业设计、功能测试、制造工艺、信息管理等多方面实现与国际大客户标准全面接轨,凭借自身过硬的产品设计和高标准的服务体系,载誉全球。
  1、平台化技术研发能力
  智能控制器属于定制化开发的产品,不同品类、功能、性能要求的产品,其控制器硬件设计方案千差万别,因而其特殊的产品属性对企业的技术研发能力提出了更高要求。公司深耕智能控制器行业25年,构建了覆盖家电、电动工具、汽车电子等多领域的垂直技术矩阵,具备行业领先的定制化研发能力。通过深度掌握智能控制算法、变频技术、传感技术、视觉识别算法、电机驱动技术、电源管理技术等核心技术,形成模块化技术平台(如AIoT平台、电机驱动平台),可快速响应差异化需求并降低开发成本。
  公司坚持以技术引领为核心发展战略,不断提升研发水平,目前已构建了平台化、模块化、标准化的自主创新研发体系,具有较强的技术平台优势,可迅速转化赋能产品,极大提升了产品开发效率;同时,公司拥有一支技术力量雄厚的研发团队,将研究人才和设计人才、技术人才和工艺人才有机结合,使公司的研发团队在做好技术创新研究的同时,能够从产品规划、设计、中试到制造各环节为客户提供一站式技术创新及设计服务,充足发挥研发资源优势,提供从规划到制造的全链条技术服务,缩短客户供应链周期,降低客户的综合成本。
  2、体系化运营管理能力
  目前公司采用了较为先进的管理工具和管理手段,以数字化精益管理为核心,通过有效的资源性规模投入,在财务管理、生产管理、智能制造、供应管理、运营管理等方面形成了体系化的管理模式。同时,公司投入大量资源引进了先进的信息化管理工具,贯穿价值流转的前中后台,使其高效的协调组织。在信息系统方面,公司拥有PLM、OA、CRM、SRM、SAP五大系统,将产、供、销、人、财、物等高效的协调组织,实现全价值链协同;在财经体系方面,构建了以创造价值、服务赋能以及风险管控为主的财经三支柱模型,同时搭建了业财资一体化平台,将业务运营、财务运营及风险管理有机结合,为业务提供专业的财经服务,结合业务布局以及公司战略规划,精准匹配战略投资机会;在智能制造方面,公司打造了JIT(即时生产)生产管理模式,建立了电子制程自动化与大数据运营管控平台,通过MES(生产信息化管理系统)及WMS(智能仓储管理系统)进行生产管理运营,进一步提高生产制造的自动化程度,以有限的人工支出、合理的设备配置以及精益制造与精细化管理保证了制造环节的综合成本优势;在供应链管理方面,公司建立了全球化、集成与协同的供应链管理体系,打造了“两个最合适”的供应关系,构建了动态AVL管理体系以及供应商运营管理体系,并利用全球化供应平台优势,拉通了全球各生产基地的供应渠道,并充分利用相关资源优化原材料成本,提升交付能力,降本增效。
  3、“以客户为中心”的服务能力
  公司基于多行业产品平台积淀,为全球客户提供端到端定制解决方案,每条产品线都积累形成了完备的、经过量产验证的产品平台,可以快速为客户提供最合适的定制化解决方案。公司凭借优异的产品品质管控能力、强大的设计研发能力、完善的售后服务体系,与国内外众多著名终端产品厂商建立了紧密的合作关系。在长期稳定的合作过程中,公司持续不断给产品赋能,提升产品附加值,同时保证了良好的产品质量和客户服务,充分满足国内外优质大客户对产品的高标准、严要求、高质量,并由此形成了良好的品牌影响力,为公司市场拓展奠定了坚实的客户资源基础。
  4、全球化运营能力
  在全球化战略布局的规划下,为了贴近客户服务的同时获取更多更优质的项目,以及拓展更多优质客户,公司进行了全球化产业布局,目前公司在深圳、杭州、青岛、合肥、越南、罗马尼亚、意大利、墨西哥等地均有生产制造基地,并在全球20多个国家和地区进行研发和运营中心布局,形成了“多区域制造+本地化服务”网络,实现客户需求快速响应,赋能客户价值实现。通过复刻深圳总部智慧工厂模式,全球九大制造基地共享智能制造、品质管控、交付管理经验,从运营、生产、交付等各方面满足客户的需求,加强了生产交付的抗风险能力,从而提升了公司在客户端的核心竞争优势,提升国际竞争力。

  三、公司面临的风险和应对措施
  1、原材料供应风险
  公司生产经营所用的主要原材料为印刷电路板、芯片、继电器、二极管和三极管及其他元器件等。若原材料价格高涨、阶段性供应不足,可能对公司经营业绩及新客户开拓带来不利影响。但公司产品采用成本加成定价,现阶段原材料价格波动,对公司净利润的影响处于可控范围内。且公司建立了完善的管理制度,具备较强的成本管理能力及一定的议价能力,可通过工艺改良、元器件替代、价格传导等措施降低原材料供应风险。
  2、汇率波动风险
  公司出口业务占比较高,人民币汇率波动会对公司经营成果带来一定影响。公司将持续通过全球化布局、开展远期结售汇业务、全球化采购、新产品重新定价等方式减少和规避外汇风险。
  3、贸易政策风险
  当前全球贸易环境复杂多变,贸易政策可能进一步推高跨境贸易成本,对企业的业务拓展及供应链稳定性提出挑战。针对该类风险,公司已成立应对小组,建立多维防御体系:(1)业务结构风险可控:公司出口业务中,超90%比例主要出口欧洲、东南亚等地区,且主要采用离岸价(FOB)结算模式,贸易政策直接影响有限;(2)全球化产能灵活调配:通过越南、意大利、罗马尼亚、墨西哥等海外生产基地的协同布局,必要情况下可快速实现订单转移与属地化生产,有效规避区域性贸易风险;(3)升级成本消化能力:依托全球化、数字化供应链体系与属地化采购协同,持续优化生产运营效率,同时通过核心技术迭代(如高附加值产品研发)提升议价能力,对冲潜在成本压力;(4)完善客户传导机制:针对贸易政策引起的间接成本上升,与合作客户建立动态协商机制,通过技术方案优化、订单结构调整等方式分摊风险。未来,公司将深化全球运营中心建设,强化区域市场快速响应能力,并通过技术壁垒构建长期成本优势,确保贸易环境波动下的业务韧性。
  4、市场竞争风险
  公司所在区域市场及业务所涉及地区市场竞争较强,若公司缺乏市场敏感性,会带来一定的市场竞争风险。公司作为行业领先企业,在技术研发、产品质量、业务规模等方面均具有较强的竞争优势;此外,公司会加强政策研究,积极做好前期的市场预测,进一步掌握市场经济客观规律,提高危机意识,提高市场把控能力,同时加强国内外管理信息及技术交流,及时反馈企业在市场经济发展过程中存在的问题,积极制定应对措施。
  5、宏观政策风险
  当前全球、国内的宏观环境有较多不确定性,宏观环境的不利因素阻碍全球政策协调和经济全球化进程,对贸易自由化、资本和劳动力流动产生了不利影响。对于宏观风险,公司将加快资源整合和技术创新、进一步提高资产运营的效率,提升对抗宏观政策风险的能力。

  四、主营业务分析
  1、总体经营情况分析
  2025年上半年,面对全球经济复苏放缓、贸易环境复杂多变的外部形势,公司积极响应国内财政与货币政策的协同支撑效应,坚持创新驱动与结构升级双轨并行。通过深化技术研发构筑产品竞争壁垒,优化全球产能布局对冲区域风险,并紧密对接人工智能、绿色低碳等新兴战略需求,实现主营业务在逆势中稳健增长。报告期内,公司产品结构持续改善,海内外市场拓展成效显著,降本增效策略有效巩固盈利韧性,为下半年穿越经济周期、把握产业重构机遇奠定坚实基础。
  (1)营业收入及毛利率情况
  报告期内,公司实现营业收入54.46亿元,同比增长19.21%;其中,控制器业务板块实现营业收入52.45亿元,同比增长16.64%。主要系公司新客户、新项目交付增加,市场份额持续扩大。
  2025年上半年,公司毛利率同比提升1.66%。主要系公司控制器业务客户结构及产品结构持续优化,同时控股子公司铖昌科技产品毛利率同比提升,共同推动整体毛利率改善。公司将持续进行客户结构及产品结构调整,聚焦高价值客户,并通过优化研发工艺、加大原材料替代,加强供应链协同,提升生产制造效率,改善产品毛利率水平。
  (2)净利润情况
  报告期内,公司实现归属于上市公司股东的净利润为3.54亿元,同比增长78.65%;实现扣除非经常性损益后的净利润为3.47亿元,同比增长97.24%。其中,控制器业务实现归属于上市公司股东的净利润为3.27亿元,同比增长56.35%;实现扣除非经常性损益后净利润为3.21亿元,同比增长67.69%,公司盈利情况得到有效恢复。未来,公司将持续深化家电、电动工具及工业自动化、汽车电子三大战略主航道,蓄势突破智能化业务新赛道,聚焦高价值客户,通过技术创新、产品结构优化、运营效率提升,确保业务健康、持续增长。
  (3)经营现金流情况
  报告期内,公司经营活动产生的现金流量净额同比增长224.15%;其中,控制器业务经营活动产生的现金流量净额同比增长643.79%,经营性现金流得到有效改善。主要系公司加强经营现金流管理,持续提升销售对帐、开票及回款效率;同时,客户销售订单增加,对应销售回款增加;积极推动库存消耗,减少因备货而导致资金占用,从而提高资金使用效率。后续,公司会持续优化经营性现金流管理,采取多维度举措提升现金流效率,包括强化供应链协同,通过动态监控库存及应付账款周期,减少资金占用规模;建立客户信用分级体系,严格合同账期管理并加强回款管理等措施;同时,盘活存量资产,提高资金使用效率,有效保障战略投入并增强抗风险能力。
  2、各业务板块发展情况分析
  (1)家用电器业务板块
  家电业务作为公司基本盘,依托行业领先的智能控制器技术实力、深度覆盖的全球头部客户资源及全品类产品矩阵,持续强化高粘性战略合作。报告期内,公司通过完善的技术研发体系与全球供应链服务能力,实现海内外大客户订单稳步提升,优势产品线持续突破,新客户及新项目拓展成效显著,创新产品加速落地推动市场份额快速增长。报告期内,公司家电业务板块实现销售收入35.63亿元,同比增长22.14%,毛利率同比提升0.94%,为整体业务增长提供强劲支撑。
  当前,全球家电市场呈现“存量竞争加速整合,中国品牌出海提速”的双重特征。终端市场竞争加剧推动行业向品牌运营转型,上游供应链一站式解决方案需求愈发凸显,对供应商综合服务能力提出更高要求。在此背景下,智能控制器作为核心部件,市场份额加速向具备技术积累与体系化服务能力的头部企业集中。公司凭借深厚的技术底蕴及全流程配套能力,持续捕捉细分领域的新品类、新用户与新模式机遇,快速响应市场需求升级,高筑竞争壁垒。未来,公司将持续深化战略洞察及体系规划;聚焦价值客户深度赋能,实现全平台、全品类覆盖,巩固存量客户合作优势;同时,前瞻布局新技术与新市场,拓展产品边界,挖掘新兴增长空间。通过“现有客户价值深挖+新客户新品类突破”双轨驱动,强化家电智能控制器领域的绝对领先优势,保障业务可持续增长。
  (2)电动工具及工业自动化业务板块
  电动工具及工业自动化业务板块作为战略增长引擎之一,依托需求精准洞察与伙伴式服务体系,实现规模化业务拓展,已成为TTI、HILTI、尼得科、宝时得、泉峰、东成、正阳等海内外头部客户的供应商。报告期内,公司持续中标客户新项目,新客户项目交付增加,整体交付节奏稳中有升,受益于大客户产品线横纵向突破,实现了营业收入5.35亿元,同比增长8.32%。
  当前,电动工具呈现“存量稳增、增量爆发”的行业格局,传统电动工具需求稳健,以升级替换为主;庭院智能设备(割草机/清洁机器人)、户外场景扩展及便携化趋势(如手持电磨)驱动市场扩容。中长期发展主线聚焦智能化(AI远程控制/自动诊断)、绿色化(低噪音/节能电机普及)、全球化(供应链区域配置),终端厂商加速拓展具备一站式解决方案能力的供应商。未来,公司将以低压大功率电驱动平台为基座,构建"三电一体"全栈式解决方案(电机/电控/BMS/模组/整机),覆盖电动工具、园林工具、清洁工具三大核心领域;同时,孵化低速交通、工控行业,提供软硬件协同方案及元器件国产替代设计,助力客户降本提效。客户拓展方面,公司将与战略客户建立价值链对接机制,建立客户定期互动机制、战略互通机制,通过研发-生产-质量端前置实现需求深度贴合,增强客户粘性;同时,凭借技术品质优势,以提供优质、快速响应的ODM整体解决方案拓展新客户,加速市场份额渗透。运营层面,强化越南、墨西哥等海外基地布局,承接国际产业转移,构建低成本、高敏捷的供应链体系,支撑客户全球化战略。
  (3)汽车电子业务板块
  汽车电子业务板块作为公司重点发展方向,近年来不断加大投入,提升研发技术水平,加速市场拓展进度,聚焦智能座舱与能量管理两大领域,构建技术竞争壁垒。其中,方向盘离手检测(HOD)、天幕变色玻璃控制等明星产品持续保持行业领先水平;压缩机控制、车载冰箱控制、热管理集成模块控制,持续优化汽车的能源效率;同时,新产品线智能座舱域控、位置域控、尾门控制系统以及触摸顶灯控制系统,提升了汽车的智能化水平和操作便利性。技术层面,天幕多区独立控制技术、HOD分时复用算法、FOC电机算法以及防误触算法等核心技术支撑产品高可靠性。市场拓展方面,公司持续深化与博格华纳、尼得科、东方久乐等Tier1合作,同步切入沃尔沃、比亚迪、蔚来、一汽等整车厂供应链。报告期内,公司持续获取整车厂客户ODM项目,为未来发展提供充足增长动力;Tier1客户订单受终端消费市场影响阶段性放缓,一定程度上影响汽车电子业务高速增长,报告期该业务板块实现营业收入4.15亿元,同比增长5.20%。
  当前,政策驱动汽车行业“新四化”(电动化/网联化/智能化/共享化)加速渗透,电子部件单车价值量持续提升。公司以“技术驱动价值创造”为核心,持续深化汽车电子智能控制器领域战略升级,构建全栈能力矩阵。未来,公司将持续通过强化三大战略维度,提升创新势能和行业影响力;智能交互:依托第一空间场景化智能产品的技术积淀,搭建人-车-家全场景智能交互平台;健康座舱:以“大健康”理念为引擎,打造具备差异竞争力的第三空间解决方案;生态闭环:加速技术生态迭代,在智能座舱及能量管理领域,形成覆盖智能硬件(系统及核心零部件)、AI算法及数据服务的全栈式能力矩阵。深度参与汽车产业智能化、网联化、电动化变革进程,通过提供高价值软硬件集成解决方案,重新定义智能出行服务标准,为合作伙伴创造可持续增长的商业价值。
  (4)智能化产品业务板块
  智能化产品业务板块作为公司战略增长极,明确了“新型智能控制器+人工智能服务平台”的战略定位,坚持“软硬一体”、多品类融合发展战略,围绕智能家居、个护游戏、鞋服体育领域进行了多维度布局,蓄势待发。报告期内,公司研发的体感衣、智能美妆镜、AI自适应床垫等产品实现更广泛应用落地,行业优质客户拓展顺利推进。报告期内,公司智能化产品业务板块实现销售收入6.18亿元,同比增长9.92%,毛利率23.67%,毛利率水平持续提升。
  当前,智能产品行业在科技革新与政策导向的双重共振下迎来快速发展契机。技术层面,物联网、人工智能、设备自学习、大数据分析、通用大模型等前沿科技不断演进,持续拓宽智能设备的应用边界与交互深度,催生出高附加值的创新产品和服务;政策层面,国家持续释放积极信号,“以旧换新”政策推进节奏和力度持续加码,随着国务院常务会议提出促进“人工智能+消费”,进一步推动了消费市场扩容提质。技术创新的持续驱动与政府政策的有力支持,共同推动智能产品行业进入较快发展轨道。未来,公司将持续突破目标市场,关注新场景应用,加速产品应用落地;立足用户价值,以服务驱动共生发展,加强与客户的战略合作;同时,坚持创新引领突破,紧抓AI智能技术发展趋势,持续投入研发,构建场景运营模式,加速生态融合,提速智能化产品业务的发展进程,逐步实现多场景、广联动的智能生态产品套系,助力公司中长期业绩增长。
  (5)微波毫米波相控阵T/R芯片业务
  报告期内,公司子公司铖昌科技积极把握行业强劲复苏机遇,高效推动订单转化与产能释放,营业收入较上年同期大幅增长,毛利率水平提升,实现了净利润的快速增长。2025年半年度铖昌科技实现营业收入2.01亿元,较上年同期增长180.16%;实现净利润0.57亿元,较上年同期增长333.23%。其业绩增长核心源于需求端强劲反弹,在手项目及订单显著扩张并快速推进、价格体系稳健运行及规模效应带来的成本优化,推动毛利水平系统性提升,整体经营呈现量利双增的高质量发展态势。
  2025年作为“十四五”收官之年,铖昌科技目前各领域项目订单已经在积极释放,项目型号加速生产交付中,下游需求规模化增长及产品应用渗透率的大幅提升对铖昌科技长期向好发展创造了良好的机遇。铖昌科技作为T/R芯片研发和量产单位的民营企业代表之一,在技术及成本上具有双优势,经营团队保持坚定信心,全力推动全年经营规模的持续扩大,并致力于实现盈利水平的持续提升,积极落实提升经营业绩的各项工作。 收起▲

产品价格

数据截至(20260408)
[""]
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