华鑫证券研报指出，新能源与智能制造双轮驱动，热威股份多领域业务稳步扩张。公司作为新能源汽车热管理系统的一级供应商，依托厚膜、电热管等多种加热技术路线，积极响应绿色低碳趋势，逐步扩大在下游客户的应用覆盖。公司已与博格华纳、海信三电、法雷奥、马瑞利等多家全球知名客户深化合作，泰国工厂通过VDE及关键客户审核，具备批量生产条件，有助于拓展海外市场份额，客户结构逐步向国际化与多元化延伸。热威股份在浙江、泰国等地构建多基地产能布局，依托柔性制造和自动化改造，实现复杂定制化产品的交付能力。公司持续推进产线精益管理和费用控制，为后续业务扩张和盈利能力优化奠定基础。考虑公司电热元件业务发展前景较好，盈利能力稳步提升，首次覆盖，给予“买入”投资评级。
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