> 数据图表如何才能覆盖标的盈利能力分析2025-8-0覆盖标的盈利能力分析◼ 覆盖标的整体：25Q2毛利率同/环比平均+2.48pct/+0.73pct；25Q2归母净利率同/环比平均+0.99pct/+0.12pct；25Q2扣非归母净利率同/环比平均+1.25pct/+0.03pct。◼ 25Q2盈利能力同/环比表现均较好的有爱柯迪（新项目量产+汇兑收益增加）、福达股份（规模效应）、中鼎股份；飞龙股份毛利率同环比提升、净利率同比提升环比下降；旭升集团盈利能力同比略有波动，环比提升明显；精锻科技受所得税和费用率影响25Q2盈利能力下滑较多，但所得税影响为短暂性因素；拓普集团盈利能力同比下滑，环比变动较小，主要受年降影响。表：重点覆盖标的盈利能力指标和Q2同/环比变化数据来源：Wind，东吴证券研究所622024Q22024Q32024Q42025Q12025Q2Q2同比（pct）Q2环比（pct）毛利率归母净利率扣非归母净利率机器人公司平均爱柯迪精锻科技福达股份拓普集团旭升集团飞龙股份中鼎股份机器人公司平均爱柯迪精锻科技福达股份拓普集团旭升集团飞龙股份中鼎股份机器人公司平均爱柯迪精锻科技福达股份拓普集团旭升集团飞龙股份中鼎股份22.46%27.66%23.83%23.61%20.40%21.65%18.04%22.05%9.90%13.56%9.26%10.52%12.41%10.65%5.75%7.14%8.78%12.24%6.44%9.93%10.71%9.52%5.77%6.83%23.86%29.75%23.88%26.01%20.88%18.22%25.82%22.45%9.19%16.93%4.89%12.10%10.91%5.17%7.34%6.96%8.43%15.24%3.87%11.64%10.20%4.10%7.59%6.35%22.28%23.72%22.74%25.69%19.82%17.55%21.89%24.52%8.50%11.16%7.82%11.99%10.58%8.22%5.13%4.58%7.76%11.19%4.89%11.83%9.73%6.51%7.28%2.91%24.21%28.73%24.28%27.12%19.89%20.80%25.33%23.32%10.77%15.45%7.84%13.82%9.80%9.14%11.05%8.29%10.00%14.17%7.11%13.91%8.44%7.77%11.07%7.55%24.94%29.74%24.78%28.49%19.28%22.75%25.72%23.83%10.89%17.70%4.30%17.41%10.18%10.00%8.35%8.31%10.03%17.75%1.88%14.74%9.42%9.11%9.02%8.28%2.48%2.08%0.95%4.88%-1.13%1.10%7.68%1.78%0.99%4.14%-4.96%6.89%-2.23%-0.65%2.59%1.17%1.25%5.52%-4.56%4.80%-1.29%-0.41%3.26%1.45%0.73%1.01%0.50%1.37%-0.62%1.95%0.40%0.51%0.12%2.26%-3.54%3.59%0.37%0.86%-2.71%0.02%0.03%3.58%-5.23%0.83%0.98%1.34%-2.05%0.73%东吴证券综合其他
