宁波波导股份有限公司2025年度业绩预告专项说明：营业收入、净利润及财务数据详解

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

核心要点速览

营业收入大幅增长：预计2025年度营业收入为4.5亿元至4.9亿元，同比增长30.53%。主营业务（手机及配件、车载模组、智能设备、模块加工）占比高达92.75%。
归母净利润微增，扣非后净利润仍为负：归母净利润预计为600万元至800万元，同比增长35.53%，但扣非后归母净利润预计为-650万元至-450万元，亏损收窄。
业务结构持续优化，智能设备、车载模组增速亮眼：智能设备收入同比大增106.82%，车载模组收入同比增长75.57%。
毛利率整体提升：综合毛利率由13.17%提升至15.89%。手机及配件毛利率回升至6.32%，但仍处行业较低水平。
费用显著上涨：销售、管理、研发费用均有大幅提升，抵消部分营业增长带来的利润。
资产减值和坏账计提：2025年计提资产减值损失576.49万元，坏账损失90.18万元，企业继续审慎应对信用及存货风险。
营业收入扣除项目明确：2025年营收扣除额为2,606.63万元，主要为材料销售、租赁等非主营业务收入。

详细解读：对投资者的意义与潜在影响

一、营业收入亮点与结构变化

公司2025年预计营业收入47,069.03万元（同比增长30.53%），远高于2024年。这主要得益于以下几个业务板块的拉动：

手机及配件：收入15,324.41万元，同比增长29.91%。拉美市场智能手机销售增长及国内功能手机需求支撑。
车载模组：收入14,945.63万元，同比增长75.57%。受益于国内汽车及摩托车市场需求增长，智能仪表产品批量出货。
智能设备：收入7,862.54万元，同比增长106.82%。重庆子公司纳入合并范围后，公共安全智能设备收入贡献显著。
模块加工：收入5,527.24万元，同比增长22.87%。主要客户物联网模块出货量上升。

值得注意的是，“其他”收入（材料销售、租赁等）大幅下滑，仅为3,409.21万元，同比下降54.25%，反映公司收入结构进一步聚焦主营业务。

二、毛利率提升与成本结构变化

2025年公司综合毛利率为15.89%，较上年提升2.72个百分点。分业务看：

手机及配件：毛利率6.32%，回升4.33个百分点，主要因上年质量瑕疵导致毛利率异常偏低已消除。
车载模组：毛利率19.42%，同比下滑2.31个百分点，受元器件价格上涨影响。
智能设备：毛利率15.09%，提升3.11个百分点，公共安全类产品高毛利拉动。
模块加工：毛利率21.24%，下降3.17个百分点，行业竞争加剧导致加工价格下调。

整体来看，毛利率提升有利于利润率改善，但部分业务如手机及配件毛利率仍偏低，显示公司在中低端市场竞争压力较大。

三、费用上涨及利润端表现

公司销售费用、管理费用、研发费用分别同比上涨90.72%、9.43%、53.38%，主要因重庆子公司纳入合并范围及业务扩张带动。财务费用由-805.85万元收窄至-303.50万元，理财收益减少。投资收益同比下降24.21%，理财收益率及规模下降所致。

2025年归母净利润预计692.73万元，同比增长35.53%；扣非后归母净利润-564.56万元，亏损收窄但仍未实现盈利。净利润增长速度低于收入增长速度，反映费用压力和非经常性损益减少的影响。

四、资产减值和风险防控

2025年公司共计提资产减值损失576.49万元（主要为存货跌价），计提坏账损失90.18万元。公司继续严格执行会计准则，体现出对信用风险和存货风险的审慎应对。

五、主营业务客户和供应商结构

公司前五大客户和供应商均为行业内知名企业或具有稳定合作关系的伙伴，未发现重大异常或关联交易隐患。部分客户与供应商变动源自新产品批量出货、销售渠道扩展等业务拓展因素。

六、营收扣除项目说明

2025年公司根据监管要求，扣除与主营业务无关的材料销售、租赁等收入共计2,606.63万元，占营业收入比重5.54%。公司未发现其他应扣未扣的收入，营业收入结构更为清晰。

投资者须知与潜在影响

业绩增长但盈利能力仍需提升：公司营收增势强劲，但成本和费用压力、主营业务毛利率偏低及扣非后净利润为负，说明公司盈利能力尚未根本改善。
业务结构持续优化，智能设备和车载模组前景可期：相关新兴业务板块增速显著，未来有望成为业绩主要驱动力。
资产减值计提与风险管理审慎：公司持续计提存货跌价和坏账准备，风险意识较强，但也反映出行业竞争及客户回款压力。
合规经营，营收口径更加透明：公司已按监管要求扣除非主营业务收入，防范财务造假风险。
重要提示：业绩预告数据未经审计，最终数据仍有一定变动可能性，投资者需关注年度审计报告的后续披露。

风险提示

公司扣非净利润仍为负值，主营盈利能力有待提升。
部分业务板块毛利率波动较大，行业竞争仍激烈。
新业务扩展及客户结构调整带来短期费用压力和不确定性。
年度数据为预告，最终审计结果可能调整。

结论

宁波波导股份2025年业绩预告显示公司正处于转型升级与业务结构调整的关键阶段。尽管营收大幅增长且亏损有所收窄，但盈利能力和风险管理仍需加强。智能设备、车载模组等新兴业务板块的快速发展为公司未来增长提供了新动能，但短期内仍面临较大费用和成本压力。这些信息对投资者而言具有重要的价格敏感性，须持续关注公司后续的业务进展与财务披露。

免责声明：本文仅供投资者参考，不构成投资建议。公司2025年度业绩数据为预告数据，尚未经审计，最终业绩以公司正式公告为准。投资者应注意相关投资风险。

英文版（English Version）

In-Depth Analysis: Ningbo Bird Co., Ltd. 2025 Annual Performance Forecast

Key Highlights

Significant Revenue Growth: 2025 expected operating income between RMB 450 million and RMB 490 million, a YoY increase of 30.53%. Core businesses (mobile phones & accessories, automotive modules, smart devices, module processing) account for 92.75% of total revenue.
Net Profit Slightly Up, Adjusted Net Profit Remains Negative: Parent net profit forecast at RMB 6–8 million (+35.53% YoY), but adjusted net profit (excluding non-recurring) remains negative at -RMB 6.5 to -4.5 million, though losses are narrowing.
Optimized Business Structure, Robust Growth in Smart Devices & Automotive Modules: Smart device revenue up 106.82% YoY, automotive module revenue up 75.57% YoY.
Overall Gross Margin Improvement: Composite gross margin rises from 13.17% to 15.89%. Mobile phones & accessories margin recovers to 6.32% but remains low for the industry.
Expenses Rise Sharply: Sales, management, and R&D expenses all increase, offsetting part of the profit from revenue growth.
Asset Impairments & Bad Debt Provisions: 2025 impairment losses of RMB 5.76 million (mainly inventory), bad debt losses of RMB 0.9 million, showing continued prudent risk control.
Clear Accounting for Revenue Deductions: RMB 26.07 million in non-core revenue (materials sales, rental, etc.) deducted in 2025, clarifying main business scale.

Detailed Analysis: What Investors Should Know and Potential Market Impact

1. Revenue Growth Drivers and Structural Change

2025 revenue is forecast at RMB 470.69 million (+30.53% YoY), mainly driven by:

Mobile Phones & Accessories: RMB 153.24 million, up 29.91% YoY. Growth from Latin American smart phone sales & domestic feature phone demand.
Automotive Modules: RMB 149.46 million, up 75.57% YoY. Driven by record China auto/motorcycle sales, mass shipment of smart instrument products.
Smart Devices: RMB 78.63 million, up 106.82% YoY. Chongqing subsidiary consolidation and strong public safety device sales.
Module Processing: RMB 55.27 million, up 22.87% YoY. IoT customer shipments increased.

Notably, “Other” revenue (materials sales, rental, etc.) dropped sharply to RMB 34.09 million (-54.25% YoY), indicating more focus on core business.

2. Gross Margin Improvement & Cost Structure

2025 overall gross margin is 15.89% (+2.72pp YoY). By segment:

Mobile Phones & Accessories: 6.32% (up 4.33pp, prior year was abnormally low due to quality issues/discounts).
Automotive Modules: 19.42% (down 2.31pp, due to component price increases).
Smart Devices: 15.09% (up 3.11pp, thanks to high-margin public safety devices).
Module Processing: 21.24% (down 3.17pp, due to price pressure in the industry).

Gross margin gains should help profits, but mobile/phone segment margins remain structurally low, reflecting heavy competition.

3. Rising Expenses & Profitability

Sales, management, and R&D expenses rose 90.72%, 9.43%, and 53.38% YoY, mainly due to the newly consolidated Chongqing subsidiary and business expansion. Financial income shrank due to lower cash and interest rates. Investment income down 24.21% YoY as the company reduced financial products.

Net profit attributable to parent is forecast at RMB 6.93 million (+35.53%), but non-recurring items adjusted net profit is -RMB 5.65 million (losses narrowing). Net profit growth lags revenue, showing the impact of cost pressures and declining non-core gains.

4. Asset Impairments & Risk Control

2025: asset impairment losses RMB 5.76 million (mostly inventory), bad debt losses RMB 0.9 million. The company continues to prudently guard against credit and inventory risks.

5. Customer & Supplier Structure

Top five customers and suppliers are reputable and stable, with no major related-party or abnormal transactions discovered. Some turnover among key accounts comes from new product launches and market expansion.

6. Revenue Deductions Clarified

In 2025, according to exchange rules, RMB 26.07 million was deducted for material sales, rental, and other non-core income (5.54% of total revenue). No unaccounted-for deductibles found, increasing transparency.

Investor Takeaways & Market Impact

Growth, But Profitability Still Needs Work: Revenue surging, but profit margins and core profit still need further improvement.
Business Structure Improving: Fast-growing smart device and automotive module segments may drive future performance.
Risk Management Remains Prudent: Continued asset impairment and bad debt provisions show risk awareness, but also competitive and collection pressures.
Accounting Transparency Improved: Non-core income deductions clarify real business scale.
Important Note: All figures are unaudited forecasts; actual results may differ following independent audit. Investors should closely monitor future disclosures.

Risks

Adjusted net profit remains negative; core profitability not yet achieved.
Segment gross margins volatile; industry competition intense.
Business expansion and channel changes create short-term cost pressure and uncertainty.
All data is preliminary, actual audited results may change.

Conclusion

Ningbo Bird’s 2025 forecast shows the company is in a pivotal stage of business transformation and restructuring. While revenue is growing quickly and losses are narrowing, profitability and risk controls still need work. Fast-growing new business lines offer upside potential but also bring expense and margin pressures. These developments are highly price sensitive and investors should closely monitor further updates and audited results.

Disclaimer: This article is for investor information only and does not constitute investment advice. 2025 results are forecast and unaudited; final figures may differ. Please be aware of investment risks.