咨询下各位潍柴：25Q2业绩符合预期

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咨询下各位潍柴：25Q2业绩符合预期

2025-8-0

潍柴：25Q2业绩符合预期◼ 25Q2业绩符合预期：发动机销量表现不及预期，收入同比微降：25Q2收入556.9亿元，同环比分别-0.8%/-3.1%；归母净利润29.3亿元，同环比分别-11.2%/+8.2%。◼ 利润率：毛利率同比提升，主因供应链降本效果持续显现，且大缸径高毛利产品占比同比提升。25Q2毛利率22.1%，同环比分别+0.7/-0.1pct。◼ 费用率：销管研费用率同比提升，汇兑贡献同环比增加。Q2销管研费用率同环比+1.2/-1.6pct，财务费用-2.6亿元，主因Q2欧元升值贡献。（图：潍柴动力25Q2季报核心财务指标拆分（亿元）毛利率/费用率/净利率同环比单位为pct数据来源：公司公告，东吴证券研究所79单位：亿元2024Q12024Q22024Q32024Q42025Q12025Q2营业收入毛利润毛利率销售费用管理费用研发费用财务费用563.8122.221.7%30.326.120.91.1销管研费用率合计 13.7%销售费用率 5.4%管理费用率 4.6%研发费用率 3.7%财务费用率 0.2%26.0归母净利润母公司净利润陕重汽归母贡献法士特归母贡献凯傲归母贡献雷沃归母贡献40.51.62.26.63.4561.1120.021.4%28.624.822.1-0.713.5%5.1%4.4%3.9%-0.1%33.0494.6109.422.1%30.124.419.03.614.9%6.1%4.9%3.8%0.7%25.0537.4129.824.2%33.527.220.9-1.615.2%6.2%5.1%3.9%-0.3%30.0574.6127.722.2%32.440.920.4-2.116.3%5.6%7.1%3.5%-0.4%27.1556.9123.222.1%33.926.921.0-2.614.7%6.1%4.8%3.8%-0.5%29.353.71.92.06.62.040.71.80.81.33.5归母净利率非经扣非后归母净利润4.6%2.623.45.9%1.731.35.0%2.722.35.6%1.828.24.7%2.324.85.3%2.726.6Q2同比-0.8%2.7%0.7%18.7%8.4%-5.2%-1.2%1.0%0.4%-0.2%-0.3%-11.2%0.7%13.4%-63.3%-79.9%2.4%-0.62%Q2环比-3.1%-3.5%-0.1%4.7%-34.2%2.7%--1.6%0.5%-2.3%0.2%-0.1%8.2%-24.1%-3.1%-58.9%-79.9%72.1%0.55%-15.03%7.20%

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