宁波波导股份有限公司2025年度业绩预告专项说明深度解读

一、核心要点与投资者关注事项

• 营业收入大幅增长：2025年度预计实现营业收入47,069.03万元，较2024年同比增长30.53%，主要业务板块均实现增长。
• 收入结构变化：车载模组与智能设备业务增长显著，收入占比及毛利率均提升，境内市场业务占比增加。
• 毛利率提升：综合毛利率为15.89%，较上年提升2.72个百分点，手机及配件毛利率回升至6.32%，智能设备毛利率15.09%。
• 净利润预测：归母净利润预计600万至800万元，同比增幅有限，扣非后归母净利润为-650万至-450万元，仍为亏损。
• 费用增长显著：销售费用、管理费用、研发费用均大幅增加，抵消部分营业收入增长带来的利润。
• 资产减值计提：2025年度计提资产减值损失576.49万元、信用减值损失90.18万元，反映公司对资产质量谨慎评估。
• 营收扣除项目：扣除材料销售、租赁收入等非主营业务收入2,606.63万元，占总收入5.54%。
• 主要客户与供应商结构调整：部分新客户、新供应商进入前五大名单，反映公司业务结构优化和下游需求变化。
• 会计政策稳定：收入确认政策未发生变更，无新增业务类型或模式。

二、详细分析与重大事项

1. 业务板块收入及结构显著变化

公司2025年营业收入由手机及配件、车载模组、智能设备、模块加工等构成。其中车载模组收入同比增长75.57%至14,945.63万元，智能设备收入同比增长106.82%至7,862.54万元。主要原因包括国内汽车产销量创新高、摩托车智能化需求上升，以及重庆子公司公共安全智能设备业务纳入合并范围。公司整体收入结构向汽车电子与智能设备倾斜，境内收入占比提升至79.76%。
投资者须关注：公司持续拓展智能设备和车载模组业务，若行业景气度持续，将带动整体业绩进一步增长。境内市场份额增加，受政策与需求双重驱动。

2. 毛利率改善及细分业务分析

2025年整体毛利率为15.89%，较2024年提升。手机及配件毛利率回升至6.32%，主要因去年产品质检折价影响消除，今年高毛利产品占比提升。智能设备毛利率提升至15.09%，公共安全智能设备收入占比增加。车载模组毛利率略降至19.42%，主要受电子元器件涨价影响。模块加工毛利率下降至21.24%，受下游客户成本压力影响。
投资者须关注：毛利率变动反映行业竞争、产品结构变化及成本管控能力。若下游需求持续增长、成本压力可控，毛利率有望稳定或持续提升。

3. 前五大客户与供应商结构调整

公司手机及配件、车载模组、智能设备、模块加工业务前五大客户销售合计占各业务收入比例均超70%。2025年部分新客户进入前五大名单，反映公司积极拓展新市场、新渠道。主要供应商名单亦有调整，部分新供应商因产品采购金额增长进入前五。
投资者须关注：客户结构优化、供应链多元化有利于降低业务风险，提升订单稳定性及议价能力。

4. 费用与资产减值情况

2025年销售、管理、研发费用分别增长90.72%、9.43%、53.38%，主要因重庆子公司并表及业务扩张。资产减值计提576.49万元（存货跌价）、信用减值90.18万元（坏账损失），反映公司对资产质量谨慎评估。
投资者须关注：费用增长与资产减值将对利润形成压力，需关注公司后续费用管控能力及资产质量变化。

5. 净利润增长有限，扣非后仍亏损

归母净利润预计600万至800万元，同比增长35.53%，但扣非后归母净利润仍为-650万至-450万元，反映主营业务盈利能力仍待提升。主要原因包括费用增长、理财收益下降等。
投资者须关注：净利润增长有限、扣非后仍亏损，若公司无法持续提升主营业务盈利能力，业绩压力或影响市场信心与估值。

6. 营收扣除情况及合规性

2025年主营业务外收入扣除2,606.63万元，包括材料销售、租赁、后勤服务等。公司已严格按照上海证券交易所相关规则核查扣除项，无遗漏。
投资者须关注：合规性良好，扣除非主营业务收入有助于准确反映公司核心业务盈利能力。

7. 会计政策稳定，无新增业务类型

2025年收入确认会计政策及具体依据未发生变更，无新增业务类型或模式。
投资者须关注：业务模式稳定，有利于业绩持续性和透明度。

三、可能影响股价的关键事项

• 车载模组、智能设备业务爆发式增长，若后续持续，有望拉动整体估值。
• 毛利率提升及客户结构优化，若能持续，将提升盈利能力和抗风险能力。
• 净利润增长有限，扣非后仍亏损，若未能扭转，或影响市场信心。
• 资产减值及费用增长，需关注未来管控能力及业绩压力。

免责声明

本文仅为投资参考，不构成投资建议。相关数据未经审计，最终业绩以审计报告为准。投资者须关注公司后续公告及审计结果，注意市场风险。

Ningbo Bird Co., Ltd. 2025 Annual Performance Forecast – Investor Deep Dive

Key Points & Investor Alerts

• Revenue Surge: FY2025 revenue expected at RMB 470.69mn, up 30.53% YoY, with all main business units growing.
• Business Structure Shift: Vehicle module and smart device segments expand sharply; domestic market share increases.
• Margin Improvement: Overall gross margin rises to 15.89% (+2.72ppt YoY); mobile & accessories margin recovers to 6.32%, smart devices to 15.09%.
• Net Profit Forecast: Parent net profit of RMB 6-8mn, modest YoY growth; after excluding non-recurring items, net profit remains negative (-RMB 6.5mn to -RMB 4.5mn).
• Expense Surge: Sales, admin, R&D costs rise sharply, offsetting much of the revenue gain.
• Asset Impairment: RMB 5.76mn asset impairment, RMB 0.90mn credit impairment, reflecting cautious asset quality assessment.
• Revenue Deduction: RMB 26.06mn revenue deducted for non-core activities (material sales, leasing), 5.54% of total.
• Client & Supplier Changes: New major clients and suppliers reflect ongoing business optimization and changing downstream demand.
• Stable Accounting Policy: No change to revenue recognition policy, no new business types.

Detailed Analysis & Price-Sensitive Issues

1. Major Business Segment Changes

Revenue mainly from mobile & accessories, vehicle modules, smart devices, module processing. Vehicle module up 75.57% YoY to RMB 149.46mn; smart devices up 106.82% to RMB 78.63mn, driven by booming auto sales, motorcycle smart upgrades, and new public safety device subsidiary. Domestic revenue share up to 79.76%.
Investor Alert: If smart devices and vehicle modules continue robust growth, valuations could rise. Domestic market expansion supported by policy and demand.

2. Gross Margin Trends

Overall margin 15.89%. Mobile & accessories margin jumps to 6.32% after last year’s discounts for quality issues, higher share of high-margin products. Smart devices margin up to 15.09%, driven by public safety devices. Vehicle module margin dips to 19.42% due to cost pressures. Module processing margin drops to 21.24% amid client cost controls.
Investor Alert: Margin shifts reflect product mix, competition, and cost management. Sustained demand and cost control are key for margin stability.

3. Client & Supplier Structure

Top 5 clients in each segment contribute over 70% of segment revenue. Several new clients/suppliers enter the list, indicating business expansion and channel optimization.
Investor Alert: Client and supply chain diversification reduces risk and enhances order stability.

4. Expense & Asset Impairment

Sales, admin, R&D expenses up 90.72%, 9.43%, 53.38% respectively, mainly from new subsidiary. Asset impairment (inventory write-down) at RMB 5.76mn, credit impairment (bad debt) at RMB 0.90mn.
Investor Alert: Rising expenses and asset impairments may pressure profits; watch future cost control and asset quality.

5. Net Profit Trends

Parent net profit up 35.53% YoY to RMB 6-8mn, but after non-recurring items, still negative (-RMB 6.5mn to -RMB 4.5mn). Growth offset by expense surge and lower investment returns.
Investor Alert: Limited net profit growth and ongoing loss after exclusions may impact market confidence if core profitability is not improved.

6. Revenue Deduction & Compliance

Non-core revenue deducted (materials, leasing, etc.) totals RMB 26.06mn. Company has complied strictly with Shanghai Stock Exchange rules; no missed deductions.
Investor Alert: Solid compliance, core business profitability more accurately reflected.

7. Stable Business Model

No change in revenue recognition policy; no new business types.
Investor Alert: Business model stability supports performance sustainability and transparency.

Potential Share Price Moving Points

• Explosive growth in vehicle modules/smart devices could drive higher valuation if sustained.
• Margin improvement and client/supplier optimization may boost profitability and resilience.
• Limited net profit growth and ongoing losses after exclusions could hurt confidence.
• Expense and asset impairment pressure—future cost control will be crucial.

Disclaimer

This article is for informational purposes only and does not constitute investment advice. Data is unaudited; final results to be confirmed by audited financial statements. Investors should monitor subsequent disclosures and be aware of market risks.

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