经纬恒润:主业结构性改善+ROBOVAN新增量 盈利周期向上

天风证券股份有...
Jun 29, 2025

公司客户和产品结构性改善,收入端规模化放量。从产品结构来看,随着主动安全、智能照明等功能的增加,为了减少线束成本,提高通讯效率,传统车身域控BCM 向车身区域控制ZCU 升级,当前在降本需求及智能化加速推进下,处于高速增长期。而公司凭借前瞻性布局及客户优势卡位ZCU赛道,并不断获得客户定点;从客户结构来看,过去主要以吉利、一汽、北汽传统车企为主,而作为智能化主力军的新势力OEM,已经陆陆续续进入...

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