> 数据图表咨询下各位智能化零部件毛利率变化趋势
2025-8-0智能化零部件毛利率变化趋势◆ 2025Q2智能化零部件毛利率整体向好。➢ 2025Q2毛利率环比提升较大：经纬恒润（经营效率提升，收入增加）；沪光股份（赛力斯环比销量较好，规模效应较好）；华阳集团/伯特利（Q1受年降影响基数较低，25Q2内部降本有效）；均胜电子（海外业务盈利提升）。➢ 2025Q2毛利率环比下降较大：地平线机器人（芯片出货大幅增加，收入结构变化）；黑芝麻智能（硬件出货占比提升）；保隆科技（受年降、运费、关税因素影响）图：重点覆盖标的2025Q2毛利率变化情况（同环比单位为pct）数据来源：公司公告，东吴证券研究所44毛利率地平线机器人黑芝麻智能耐世特小马智行2024H179.04%50.00%10.05%10.46%2024H279.67%49.01%12.47%8.94%2025H165.36%24.79%11.55%16.31%25H1同比-13.69-25.211.505.85毛利率2024Q12024Q22024Q32024Q42025Q12025Q225Q2同比 25Q2环比华域汽车德赛西威华阳集团经纬恒润中国汽研保隆科技伯特利均胜电子沪光股份12.54%19.34%21.56%24.68%39.62%29.45%20.75%15.51%13.96%11.73%21.25%21.94%20.91%41.33%25.08%21.43%15.50%16.51%12.28%20.91%21.06%23.95%45.29%24.60%21.56%15.74%20.50%12.05%18.40%19.04%18.59%48.81%22.18%20.86%18.01%17.86%10.83%20.52%18.19%21.39%45.58%23.25%17.97%17.90%14.38%11.88%20.16%19.50%24.64%45.19%20.48%19.19%18.39%16.63%0.16-1.09-2.443.733.87-4.60-2.242.890.121.06-0.361.323.25-0.39-2.771.220.492.25 
