如何解释中集：25Q2业绩符合预期

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如何解释中集：25Q2业绩符合预期

2025-8-0

中集：25Q2业绩符合预期◼ 25Q2业绩符合预期：收入同比下行主因北美市场拖累，中国/南方市场/欧洲表现较好。25Q2营收51.6亿元，同环比分别-6.9%/+12.4%。◼ 星链+雄起计划持续推进，控本效果持续显现。25Q2实现毛利率15.7%，同环比分别+1.1/+1.4pct。◼ 收入下行下费用率被动抬升，归母净利润同比下滑。归母净利润2.24亿元，同环比分别-24.8%/+25.4%，扣非后归母净利润2.14亿元，同环比分别-25.9%/+25.2%（图：中集车辆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82营业收入/亿元营业成本毛利率销售费用管理费用研发费用财务费用1.532.380.51-0.42销售费用率 3.0%管理费用率 4.6%研发费用率 1.0%财务费用率 -0.8%2.652.622948317.480.900.89归母净利润/亿元扣非后归母净利润/亿元全球车辆销售/辆单车均价/万元单车净利润/万元单车扣非净利润/万元55.4747.3851.2442.2351.7542.4445.9139.342024Q1 2024Q2 2024Q3 2024Q4 2025Q1 2025Q2 Q2同比 Q2环比12.4%-6.9%10.7%-8.1%1.4%1.1%4.6%-0.5%2.9%0.4%20.0%64.0%-25.4% 32.5%0.2%-0.2%-0.4%0.3%0.8%0.6%0.2%-0.1%-24.8% 25.4%-25.9% 25.2%7.5%16.7%-13.4% -3.6%7.5%-30.1%-31.1%7.3%51.6251.5343.5443.6715.3% 14.6% 17.6% 18.0% 14.3% 15.7%1.322.151.27-0.352.6%4.2%2.5%-0.7%2.242.143500014.750.640.611.402.191.23-0.072.7%4.3%2.4%-0.1%2.802.673270515.670.860.821.322.141.06-0.462.4%3.9%1.9%-0.8%2.982.893256117.030.910.891.432.571.09-0.592.8%5.0%2.1%-1.1%2.432.603237415.980.750.801.262.090.78-0.262.7%4.5%1.7%-0.6%1.791.713000015.300.600.57

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