> 数据图表如何解释智能化零部件归母净利率变化情况
2025-8-0智能化零部件归母净利率变化情况◆ 智能化零部件公司2025Q2归母净利率变化趋势分化，整体盈利中枢稳定。➢ 2025Q2归母净利率环比提升较大：地平线机器人（收入大幅增加）；经纬恒润（毛利率提升，费用率大幅下降）；沪光股份（整体规模提升，毛利率提升/费用率下降）。➢ 2025Q2归母净利率环比下降较大：黑芝麻智能（毛利率下降较多）；保隆科技（毛利率下降，所得税增加）。图：重点覆盖标的2025Q2归母净利率变化情况（同环比单位为pct）数据来源：公司公告，东吴证券研究所46归母净利率地平线机器人黑芝麻智能耐世特小马智行2024H1-543.59%613.29%0.75%-207.59%2024H2514.95%-269.10%2.12%-442.91%2025H1-333.99%-301.47%2.83%-271.17%25H1同比209.59-914.762.08-63.58归母净利率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3.41%6.81%7.15%-21.56%19.03%4.59%11.29%2.31%6.58%3.97%7.50%6.57%-12.45%20.83%4.72%11.73%2.39%8.18%3.82%7.80%6.71%-5.05%25.66%5.44%12.30%2.17%8.67%4.49%6.92%5.63%-7.03%14.43%2.70%12.83%0.13%9.74%3.15%8.57%6.25%-9.03%20.07%5.00%10.25%2.34%6.03%3.64%8.15%6.59%2.09%22.52%1.93%9.98%2.33%8.79%-0.330.650.0214.541.69-2.79-1.75-0.060.600.49-0.420.3411.122.45-3.06-0.27-0.012.75 
