汽車行業(yè)中報(bào)業(yè)績總結(jié)：低景氣度業(yè)績筑底行業(yè)復(fù)蘇可期

1、重點(diǎn)推薦個(gè)股 Model 3 重點(diǎn)關(guān)注公司及盈利預(yù)測重點(diǎn)公司股票2019-09-05EPSPE投資代碼名稱股價(jià)20182019E2020E20182019E2020E評級000625.SZ長安汽車8.450.140.080.5260.36105.6316.25買入002048.SZ寧波華翔13.391.171.481.6411.449.058.16買入002050.SZ三花智控11.920.650.781.0318.3415.2811.57增持002126.SZ銀輪股份7.310.440.490.5816.6114.9212.6買入300258.SZ精鍛科技11.450.720.861.051

2、5.913.3110.9增持600699.SH均勝電子15.991.411.521.7711.3410.529.03增持601633.SH長城汽車8.140.570.550.6614.2814.812.33買入601689.SH拓普集團(tuán)11.651.040.490.6111.223.7819.1增持601799.SH星宇股份72.242.22.933.5732.8424.6620.24買入603305.SH旭升股份24.540.730.60.7533.6240.932.72增持資料來源：Wind 資訊，國海證券研究所（注：*取自萬得一致預(yù)期）內(nèi)容目錄 HYPERLINK l _bookmark

3、0 1、 車市景氣度低迷，營收及利潤均大幅下滑5 HYPERLINK l _bookmark7 2、 乘用車子板塊7 HYPERLINK l _bookmark15 3、 零部件子板塊10 HYPERLINK l _bookmark24 4、 行業(yè)評級17 HYPERLINK l _bookmark25 5、 重點(diǎn)推薦個(gè)股17 HYPERLINK l _bookmark26 6、 風(fēng)險(xiǎn)提示18圖表目錄 HYPERLINK l _bookmark1 圖1：汽車行業(yè)營業(yè)收入及同比增速（億元/%）5 HYPERLINK l _bookmark2 圖2：汽車行業(yè)歸母凈利潤及同比增速（億元/%）5 HY

4、PERLINK l _bookmark3 圖3：汽車行業(yè)單季度營業(yè)收入及同比增速（億元/%）5 HYPERLINK l _bookmark4 圖4：汽車行業(yè)單季度歸母凈利潤及同比增速（億元/%）6 HYPERLINK l _bookmark5 圖5：汽車行業(yè)單季度毛利率、營業(yè)利潤率、凈利率6 HYPERLINK l _bookmark6 圖6：汽車行業(yè)單季度費(fèi)用率7 HYPERLINK l _bookmark8 圖7：乘用車子板塊營業(yè)收入及同比增速（億元/%）7 HYPERLINK l _bookmark9 圖8：乘用車子板塊歸母凈利潤及同比增速（億元/%）7 HYPERLINK l _boo

5、kmark10 圖9：乘用車子板塊單季度營業(yè)收入及同比增速（億元/%）8 HYPERLINK l _bookmark11 圖10：乘用車子板塊單季度歸母凈利潤及同比增速（億元/%）8 HYPERLINK l _bookmark12 圖乘用車子板塊單季度毛利率、營業(yè)利潤率、凈利率9 HYPERLINK l _bookmark13 圖12：乘用車子板塊單季度費(fèi)用率9 HYPERLINK l _bookmark16 圖13：零部件子板塊營業(yè)收入及同比增速（億元/%）10 HYPERLINK l _bookmark17 圖14：零部件子板塊歸母凈利潤及同比增速（億元/%）10 HYPERLINK l

6、_bookmark18 圖15：零部件子板塊單季度營業(yè)收入及同比增速（億元/%） HYPERLINK l _bookmark19 圖16：零部件子板塊單季度歸母凈利潤及同比增速（億元/%） HYPERLINK l _bookmark20 圖17：零部件子板塊單季度毛利率、營業(yè)利潤率、凈利率 HYPERLINK l _bookmark21 圖18：2019Q1、2019Q2盈利指標(biāo)同比回升的零部件公司數(shù)量12 HYPERLINK l _bookmark22 圖19：零部件子板塊單季度費(fèi)用率12 HYPERLINK l _bookmark14 表1：乘用車子板塊公司上半年業(yè)績情況10 HYPERL

7、INK l _bookmark23 表2：零部件子板塊公司上半年業(yè)績情況131、 車市景氣度低迷，營收及利潤均大幅下滑156 A 12 128 2019 2019 1-6 1232.3 1012.7-14.0%，2018 7 13 01H1 2291 440.9 圖1：汽車行業(yè)營業(yè)收入及同比增速（億元/%）圖2：汽車行業(yè)歸母凈利潤及同比增速（億元/%）21.1%17.5%12.3%3.0%-7.9%21.1%17.5%12.3%3.0%-7.9%30.0%21.7%13.6%5.3%-16.5%-30.5%20.0%21.7%13.6%5.3%-16.5%-30.5%10.0%0.0%-10.

8、0%-20.0%-30.0%02015201620172018營業(yè)收入yoy-10.0%0.002015201620172018歸母凈利潤yoy-40.0%資料來源：Wind，國海證券研究所資料來源：Wind，國海證券研究所分季度來看：2019Q12019Q26174.7億元、 6124.5 億元，同比增速分別為-6.3%、-9.4%，增速同比分別-20.0pct、-21.7pct。圖 3：汽車行業(yè)單季度營業(yè)收入及同比增速（億元/%）9000.008000.007000.006000.005000.004000.003000.002000.001000.0035.0%27.5%24.9%25.

9、0%19.1%20.2%19.3%17.6%12.9%14.1%13.7%12.1%12.2%6.9%3.2%- %- %- %-9.4%9.26.30.930.0%27.5%24.9%25.0%19.1%20.2%19.3%17.6%12.9%14.1%13.7%12.1%12.2%6.9%3.2%- %- %- %-9.4%9.26.30.925.0%20.0%15.0%10.0%5.0%0.0%-5.0%-10.0%0.002015Q1 2015Q2 2015Q3 2015Q4 2016Q1 2016Q2 2016Q3 2016Q4 2017Q1 2017Q2 2017Q3 2017Q4

10、 2018Q1 2018Q2 2018Q3 2018Q4 2019Q1 2019Q2營業(yè)收入yoy-15.0%資料來源：Wind，國海證券研究所2019Q12019Q2235.5億元、205.5 -25.6%、-35.4%，增速同比分別-29.0pct、-45.6pct。圖 4：汽車行業(yè)單季度歸母凈利潤及同比增速（億元/%）37.5%35.8%20.0%22.6%19.9%12.7%4.7%4.6%7.4%10.2%2.5%6.3%3.4%-4.6%-12.7%-25.6%-35.4%-65.4%350.0060.0%37.5%35.8%20.0%22.6%19.9%12.7%4.7%4.6%

11、7.4%10.2%2.5%6.3%3.4%-4.6%-12.7%-25.6%-35.4%-65.4%300.00250.0040.0%20.0%200.000.0%150.00-20.0%100.00-40.0%50.00-60.0%0.002015Q1 2015Q2 2015Q3 2015Q4 2016Q1 2016Q2 2016Q3 2016Q4 2017Q1 2017Q2 2017Q3 2017Q4 2018Q1 2018Q2 2018Q3 2018Q4 2019Q1 2019Q2歸母凈利潤yoy-80.0%資料來源：Wind，國海證券研究所A股汽車上市公司01910192毛利率分別為1

12、5014，-0.8pct、-0.7pct5.3%、4.7%-1.4pct、-1.7pct；凈利率分別為 4.7%、4.1%。同比分別-1.2pct、-1.5pct。圖 5：汽車行業(yè)單季度毛利率、營業(yè)利潤率、凈利率16.1%16.0%16.1%16.3%16.1%16.0%16.4%15.9%14.6%15.1%15.4%15.7%15.6%15.6%14.5%14.7%15.0%14.9%6.7%7.0%6.4%6.5%6.8%6.7%5.9%6.3%6.5%5.9%6.4%5.7%5.1%5.2%5.5%5.3%4.7%6.2%6.1%6.2%6.6%6.2%5.5%5.9%5.8%5.3%

13、5.7%5.9%5.3%5.7%4.8%4.7%1.9%4.7%4.1%2.1%16.1%16.0%16.1%16.3%16.1%16.0%16.4%15.9%14.6%15.1%15.4%15.7%15.6%15.6%14.5%14.7%15.0%14.9%6.7%7.0%6.4%6.5%6.8%6.7%5.9%6.3%6.5%5.9%6.4%5.7%5.1%5.2%5.5%5.3%4.7%6.2%6.1%6.2%6.6%6.2%5.5%5.9%5.8%5.3%5.7%5.9%5.3%5.7%4.8%4.7%1.9%4.7%4.1%2.1%16.0%14.0%12.0%2015Q1 2015

14、Q2 2015Q3 2015Q4 2016Q1 2016Q2 2016Q3 2016Q4 2017Q1 2017Q2 2017Q3 2017Q4 2018Q1 2018Q2 2018Q3 2018Q4 2019Q1 2019Q2資料來源：Wind，國海證券研究所毛利率營業(yè)利潤率凈利率A21921921、%+0.5pct、+0.5pct；銷售費(fèi)用率分別為 4.9%5.2%02pc0pc563%0pc、+0.4pct；財(cái)務(wù)費(fèi)用率分別為 0.9%、0.5%，同比分別+0.1pct、+0.1pct。圖 6：汽車行業(yè)單季度費(fèi)用率12.8%12.3%11.6%12.0%11.1%11.0%11.4%11.

15、6%11.1%11.3%11.5%11.6%11.1%10.5%10.7%10.7%9.8%10.1%6.7%6.3%5.2%5.5%5.6%5.8%5.9%6.1%5.8%5.3%5.7%5.2%5.0%5.3%5.5%5.4%5.1%5.2%6.0%5.6%5.7%5.8%5.0%4.8%4.9%5.2%5.5%5.6%5.0%5.0%5.1%5.2%4.9%5.2%4.2%0.4%3.9%0.7%0.5%0.3%0.4%0.3%0.5%0.6%0.7%0.2%0.5%0.5%0.8%0.4%0.4%12.8%12.3%11.6%12.0%11.1%11.0%11.4%11.6%11.1%

16、11.3%11.5%11.6%11.1%10.5%10.7%10.7%9.8%10.1%6.7%6.3%5.2%5.5%5.6%5.8%5.9%6.1%5.8%5.3%5.7%5.2%5.0%5.3%5.5%5.4%5.1%5.2%6.0%5.6%5.7%5.8%5.0%4.8%4.9%5.2%5.5%5.6%5.0%5.0%5.1%5.2%4.9%5.2%4.2%0.4%3.9%0.7%0.5%0.3%0.4%0.3%0.5%0.6%0.7%0.2%0.5%0.5%0.8%0.4%0.4%0.5%0.9%0.5%12.0%10.0%8.0%6.0%4.0%2.0%0.0%2015Q1 201

17、5Q2 2015Q3 2015Q4 2016Q1 2016Q2 2016Q3 2016Q4 2017Q1 2017Q2 2017Q3 2017Q4 2018Q1 2018Q2 2018Q3 2018Q4 2019Q1 2019Q2費(fèi)用率合計(jì)銷售費(fèi)用率管理費(fèi)用率（管理+研發(fā)）財(cái)務(wù)費(fèi)用率資料來源：Wind，國海證券研究所2、 乘用車子板塊2019H1 乘用車板塊營收下滑 14%，利潤下滑超過 40%。2019H1 公司實(shí)現(xiàn)總營收5563 142139 50。Q3 Q4 圖7：乘用車子板塊營業(yè)收入及同比增速（億元/%）圖8：乘用車子板塊歸母凈利潤及同比增速（億元/%）16000.0014000.00

18、17.3%12.4%13.6%2.8%-14.2%17.3%12.4%13.6%2.8%-14.2%700.00600.0030.0%20.5%17.2%-7.5%-11.4%-45.0%20.0%20.5%17.2%-7.5%-11.4%-45.0%12000.0010000.008000.006000.004000.002000.0010.0%500.00400.00300.00200.00100.0010.0%0.0%-10.0%-20.0%-30.0%-40.0%0.002015201620172018營業(yè)收入yoy-20.0%0.002015201620172018歸母凈利潤yoy-

19、50.0%資料來源：Wind，國海證券研究所資料來源：Wind，國海證券研究所分季度來看：營業(yè)收入：A 2019Q1、2019Q2 3131.2億元、2825.1 億元，同比增速分別為-12.9%、-15.7%，增速同比分別-31.8pct、-26.6pct。圖 9：乘用車子板塊單季度營業(yè)收入及同比增速（億元/%）4500.004000.003500.003000.002500.002000.001500.001000.00500.0030.0%26.3%25.6%18.1%18.9%16.0%16.1%12.4%13.6%14.2%10.9%8.5%6.7%6.6%7.6%-0.7%-11.

20、9%-12.9%-15.7%25.0%26.3%25.6%18.1%18.9%16.0%16.1%12.4%13.6%14.2%10.9%8.5%6.7%6.6%7.6%-0.7%-11.9%-12.9%-15.7%20.0%15.0%10.0%5.0%0.0%-5.0%-10.0%-15.0%0.002015Q1 2015Q2 2015Q3 2015Q4 2016Q1 2016Q2 2016Q3 2016Q4 2017Q1 2017Q2 2017Q3 2017Q4 2018Q1 2018Q2 2018Q3 2018Q4 2019Q1 2019Q2-20.0%資料來源：Wind，國海證券研究所

21、營業(yè)收入yoyA01912192124億元、71.5 億元，同比增速分別為-41.4%、-49.3%，增速同比分別-41.9pct、-50.7pct。圖 10：乘用車子板塊單季度歸母凈利潤及同比增速（億元/%）50.0%39.6%25.8%20.6%21.4%14.4%16.4%10.4%5.1%7.2%0.5%1.3%-13.7%-11.1%-12.1%-15.5%-31.5%-41.4%-49.3%40.0%39.6%25.8%20.6%21.4%14.4%16.4%10.4%5.1%7.2%0.5%1.3%-13.7%-11.1%-12.1%-15.5%-31.5%-41.4%-49.3

22、%30.0%20.0%10.0%0.0%-10.0%-20.0%-30.0%-40.0%-50.0%0.002015Q1 2015Q2 2015Q3 2015Q4 2016Q1 2016Q2 2016Q3 2016Q4 2017Q1 2017Q2 2017Q3 2017Q4 2018Q1 2018Q2 2018Q3 2018Q4 2019Q1 2019Q2-60.0%資料來源：Wind，國海證券研究所歸母凈利潤yoy盈利指標(biāo)：A 2019Q1、2019Q2 12.9%、-1.6pct-2.1pct4.7%-2.3pct、-2.4pct；凈利率分別為 4.3%、3.3%。同比分別-1.9pct、

23、-2.1pct。圖 11：乘用車子板塊單季度毛利率、營業(yè)利潤率、凈利率15.6%14.9%15.1%15.5%14.5%14.9%14.8%14.7%14.5%14.5%13.7%14.0%14.2%13.0%13.0%13.0%12.9%12.1%7.3%7.3%7.1%7.3%7.6%7.1%7.6%7.0%5.6%6.0%6.4%5.7%5.9%6.1%5.1%4.7%6.6%7.1%6.6%7.0%7.4%6.5%6.7%7.0%3.6%6.0%5.7%6.2%2.8%5.3%5.4%4.8%4.6%4.3%3.4%3.3%15.6%14.9%15.1%15.5%14.5%14.9%1

24、4.8%14.7%14.5%14.5%13.7%14.0%14.2%13.0%13.0%13.0%12.9%12.1%7.3%7.3%7.1%7.3%7.6%7.1%7.6%7.0%5.6%6.0%6.4%5.7%5.9%6.1%5.1%4.7%6.6%7.1%6.6%7.0%7.4%6.5%6.7%7.0%3.6%6.0%5.7%6.2%2.8%5.3%5.4%4.8%4.6%4.3%3.4%3.3%16.0%14.0%12.0%10.0%8.0%6.0%4.0%2.0%0.0%2015Q1 2015Q2 2015Q3 2015Q4 2016Q1 2016Q2 2016Q3 2016Q4 2

25、017Q1 2017Q2 2017Q3 2017Q4 2018Q1 2018Q2 2018Q3 2018Q4 2019Q1 2019Q2資料來源：Wind，國海證券研究所毛利率營業(yè)利潤率凈利率A019101921、12.5%+0.7pct、+0.8pct5.9%6.6%0pc0c（495406pc、+0.3pct；財(cái)務(wù)費(fèi)用率分別為 0.6%、0.5%，同比分別+0.1pct、+0.1pct。圖 12：乘用車子板塊單季度費(fèi)用率12.5%12.3%12.5%11.4%11.8%11.8%11.0%11.1%11.4%11.0%10.9%10.5%10.4%10.5%10.7%9.9%9.4%8.8

26、%7.1%7.2%6.6%6.7%6.8%6.8%6.6%5.4%5.3%5.6%5.7%5.8%5.9%5.9%6.3%5.9%4.3%3.7%5.4%5.2%4.7%5.0%4.9%5.1%5.4%5.4%4.9%4.9%4.3%4.3%4.3%4.5%4.8%4.0%3.9%4.3%0.3%0.3%0.3%0.0%0.2%0.1%0.2%-0.1%0.2%0.3%0.4%0.2%0.4%0.3%0.3%0.6%0.0%12.5%12.3%12.5%11.4%11.8%11.8%11.0%11.1%11.4%11.0%10.9%10.5%10.4%10.5%10.7%9.9%9.4%8.8

27、%7.1%7.2%6.6%6.7%6.8%6.8%6.6%5.4%5.3%5.6%5.7%5.8%5.9%5.9%6.3%5.9%4.3%3.7%5.4%5.2%4.7%5.0%4.9%5.1%5.4%5.4%4.9%4.9%4.3%4.3%4.3%4.5%4.8%4.0%3.9%4.3%0.3%0.3%0.3%0.0%0.2%0.1%0.2%-0.1%0.2%0.3%0.4%0.2%0.4%0.3%0.3%0.6%0.0%0.5%2015Q1 2015Q2 2015Q3 2015Q4 2016Q1 2016Q2 2016Q3 2016Q4 2017Q1 2017Q2 2017Q3 2017Q

28、4 2018Q1 2018Q2 2018Q3 2018Q4 2019Q1 2019Q2費(fèi)用率合計(jì)銷售費(fèi)用率管理費(fèi)用率（管理+研發(fā)）財(cái)務(wù)費(fèi)用率12.0%10.0%8.0%6.0%4.0%2.0%0.0%-2.0%資料來源：Wind，國海證券研究所乘用車板塊我們共選取 12 家上市公司：1）2019H1 6 5 家按照業(yè)績增速高低排序分別為比亞迪（036、江淮汽車（235、上汽集團(tuán)（275（28889%6 *ST （-1.78 億元（-5.51 億元（-2.81 億元（-2.90 億元（-9.47 （-22.40 。表 1：乘用車子板塊公司上半年業(yè)績情況證券簡稱市值（億元）PE（TTM）PB（LF

29、）2019H1 歸母凈利潤（億元）2019Q2 歸母凈利潤（億元）2019H1 同比情況2019Q2同比情況2019Q2環(huán)比情況1北汽藍(lán)谷24193.51.40.950.61扭虧為盈-扭虧為盈+82.1%2比亞迪134735.92.614.557.05正增長+203.6%+87.1%-6.0%3江淮汽車96-11.70.71.250.60負(fù)增長-23.5%扭虧為盈-6.4%4上汽集團(tuán)28789.31.3137.6455.14-27.5%-40.6%-33.2%5廣汽集團(tuán)114912.91.549.1921.41-28.8%-29.4%-22.9%6長城汽車73824.41.415.177.44

30、-58.9%-53.9%-3.8%7*ST 海馬30-1.90.6-1.78-1.34虧損減少-虧損減少虧損擴(kuò)大8一汽夏利6048.8-13.2-5.51-3.52-虧損減少虧損擴(kuò)大9小康股份125-30.42.7-2.81-2.00由盈轉(zhuǎn)虧-218.8%-1337.7%虧損擴(kuò)大10眾泰汽車7536.80.4-2.90-3.96-195.4%-342.3%-474.2%11力帆股份51-6.20.8-9.47-8.50-860.0%-1450.9%虧損擴(kuò)大12長安汽車399-12.60.9-22.40-1.44-239.2%-166.0%虧損減少資料來源：Wind，國海證券研究所（數(shù)據(jù)截至 2

31、019.09.04）3、 零部件子板塊去年 Q2 2019H1 4129.6 +1.3%237.8 同比-14.7%。汽車零部件子板塊營收和利潤增速好于行業(yè)，主要是替代效應(yīng)不Q2 Q1，雖然費(fèi)用率等項(xiàng)目依舊增長，但整體的業(yè)績筑底現(xiàn)象較為明確?？春?圖13：零部件子板塊營業(yè)收入及同比增速（億元/%）圖零部件子板塊歸母凈利潤及同比增（億元/%）2015201620172018營業(yè)收入yoy45.0%39.2%30.7%13.8%5.0%1.3%40.0%39.2%30.7%13.8%5.0%1.3%35.0%30.0%25.0%20.0%15.0%10.0%5.0%0.0%201520162017

32、2018歸母凈利潤yoy60.0%48.3%27.6%2.1%-9.3%-14.7%50.0%48.3%27.6%2.1%-9.3%-14.7%40.0%30.0%20.0%10.0%0.0%-10.0%-20.0%資料來源：Wind，國海證券研究所資料來源：Wind，國海證券研究所分季度來看：A股汽車零部件上市公司0191012營業(yè)收入分別為0491億元、2080.5 億元，同比增速分別為+8.7%、-5.1%，增速同比分別-3.7pct、-28.6pct。圖 15：零部件子板塊單季度營業(yè)收入及同比增速（億元/%）43.4%41.3%41.7%42.4%33.5%29.4%30.4%23.5

33、%20.4%13.6%12.3%11.6%8.5%8.7%4.2%1.8%-0.3%-5.1%2500.0043.4%41.3%41.7%42.4%33.5%29.4%30.4%23.5%20.4%13.6%12.3%11.6%8.5%8.7%4.2%1.8%-0.3%-5.1%2000.0050.0%40.0%1500.001000.0030.0%20.0%10.0%500.000.0%0.002015Q1 2015Q2 2015Q3 2015Q4 2016Q1 2016Q2 2016Q3 2016Q4 2017Q1 2017Q2 2017Q3 2017Q4 2018Q1 2018Q2 20

34、18Q3 2018Q4 2019Q1 2019Q2-10.0%資料來源：Wind，國海證券研究所營業(yè)收入yoy歸母凈利潤：A 2019Q1、2019Q2 為 億元、 億元，同比增速分別為-5.8%、-21.9%，增速同比分別-26.1pct、-51.7pct。圖 16：零部件子板塊單季度歸母凈利潤及同比增速（億元/%）66.5%65.2%41.7%42.6%38.4%29.8%22.6%23.8%20.3%12.4%12.2%6.8%-4.3%-5.8%-21.5%-17.4%-21.9%-46.4%180.0080.0%66.5%65.2%41.7%42.6%38.4%29.8%22.6%2

35、3.8%20.3%12.4%12.2%6.8%-4.3%-5.8%-21.5%-17.4%-21.9%-46.4%160.00140.00120.00100.0060.0%40.0%20.0%80.000.0%-20.0%-40.0%0.002015Q1 2015Q2 2015Q3 2015Q4 2016Q1 2016Q2 2016Q3 2016Q4 2017Q1 2017Q2 2017Q3 2017Q4 2018Q1 2018Q2 2018Q3 2018Q4 2019Q1 2019Q2-60.0%資料來源：Wind，國海證券研究所歸母凈利潤yoyA209101219、20.1%，同比分別-0

36、.9pct、+0.5pct；營業(yè)利潤率分別為 7.8%、7.8%，同比分別-1.0pct、-1.1pct；凈利率分別為 6.7%、6.7%。同比分別-1.0pct、-1.3pct。圖 17：零部件子板塊單季度毛利率、營業(yè)利潤率、凈利率21.1%20.3%20.5%20.3%20.6%20.9%21.0%21.3%20.3%20.5%20.9%21.3%20.6%19.6%20.2%19.5%19.6%20.1%8.7%9.3%8.3%9.0%8.1%8.3%8.9%8.5%8.8%8.9%8.0%8.2%7.2%7.4%7.8%7.8%6.4%7.7%8.3%8.1%7.3%8.0%4.0%7

37、.2%7.3%7.2%7.7%7.4%7.7%6.3%6.4%7.0%6.9%6.7%6.7%4.0%21.1%20.3%20.5%20.3%20.6%20.9%21.0%21.3%20.3%20.5%20.9%21.3%20.6%19.6%20.2%19.5%19.6%20.1%8.7%9.3%8.3%9.0%8.1%8.3%8.9%8.5%8.8%8.9%8.0%8.2%7.2%7.4%7.8%7.8%6.4%7.7%8.3%8.1%7.3%8.0%4.0%7.2%7.3%7.2%7.7%7.4%7.7%6.3%6.4%7.0%6.9%6.7%6.7%4.0%20.0%15.0%10.0%

38、5.0%0.0%2015Q1 2015Q2 2015Q3 2015Q4 2016Q1 2016Q2 2016Q3 2016Q4 2017Q1 2017Q2 2017Q3 2017Q4 2018Q1 2018Q2 2018Q3 2018Q4 2019Q1 2019Q2資料來源：Wind，國海證券研究所毛利率營業(yè)利潤率凈利率2019 2019Q1 零46 2019Q2 59， 2019Q2 2019Q1圖 18：2019Q1、2019Q2 盈利指標(biāo)同比回升的零部件公司數(shù)量594643404039705946434040396050403020100毛利率營業(yè)利潤率凈利率2019Q12019Q2資料

39、來源：Wind，國海證券研究所費(fèi)用率指標(biāo)：A 2019Q1、2019Q2 12.8%+0.0pct3.7%3.8%， -0.3pct（8.1別0pc07pc1050pc0pc。圖 19：零部件子板塊單季度費(fèi)用率15.0%13.7%13.9%14.2%13.9%13.3%12.7%12.8%12.7%12.9%13.2%13.1%12.2%12.6%12.8%12.9%12.8%12.1%10.0%9.0%9.1%8.6%8.8%8.8%8.1%8.3%8.2%8.3%8.4%8.7%8.2%8.1%7.6%7.8%7.9%7.7%4.0%4.3%4.7%4.5%4.0%4.1%4.2%4.4%

40、4.0%3.9%4.3%4.3%4.0%3.9%4.2%4.2%3.7%3.8%0.6%1.0%1.1%0.2%0.6%0.6%0.9%1.0%0.4%0.5%0.6%0.7%15.0%13.7%13.9%14.2%13.9%13.3%12.7%12.8%12.7%12.9%13.2%13.1%12.2%12.6%12.8%12.9%12.8%12.1%10.0%9.0%9.1%8.6%8.8%8.8%8.1%8.3%8.2%8.3%8.4%8.7%8.2%8.1%7.6%7.8%7.9%7.7%4.0%4.3%4.7%4.5%4.0%4.1%4.2%4.4%4.0%3.9%4.3%4.3%4

41、.0%3.9%4.2%4.2%3.7%3.8%0.6%1.0%1.1%0.2%0.6%0.6%0.9%1.0%0.4%0.5%0.6%0.7%0.8%1.0%0.1%0.1%0.1%0.5%14.0%12.0%10.0%2015Q1 2015Q2 2015Q3 2015Q4 2016Q1 2016Q2 2016Q3 2016Q4 2017Q1 2017Q2 2017Q3 2017Q4 2018Q1 2018Q2 2018Q3 2018Q4 2019Q1 2019Q2費(fèi)用率合計(jì)銷售費(fèi)用率管理費(fèi)用率（管理+研發(fā)）財(cái)務(wù)費(fèi)用率資料來源：Wind，國海證券研究所零部件板塊我們共選取 128 家上市公司：

42、1）2019H1 實(shí)現(xiàn)盈利的有 113 家，占比 88.3%；其中扭虧為盈的有 4 家，占比3.1% 36 28.1%73 57.0%。15 1 0.8%， 2 1.6%12 9.4%。證券簡稱市值（億元）PE（TTM證券簡稱市值（億元）PE（TTM）PB（LF）2019H1 歸母凈利潤（億元）2019Q2 歸母凈利潤（億元）2019H1 同比情況2019Q2同比情況2019Q2環(huán)比情況1風(fēng)神股份3011.81.41.450.56扭虧為盈-+335.5%-36.6%2申華控股437.52.00.160.05-扭虧為盈-57.5%3*ST 天雁28-34.25.70.040.01-扭虧為盈-74

43、.2%4襄陽軸承34-62.52.90.010.13-扭虧為盈扭虧為盈5模塑科技2950.21.30.60-0.01正增長+349.3%-152.8%-102.2%6金麒麟3321.41.61.030.63+183.8%+88.9%+57.0%7鳳形股份1632.02.90.280.10+175.9%+8.6%-49.2%8華陽集團(tuán)55132.31.60.390.31+167.3%+246.1%+259.0%9正裕工業(yè)2015.22.50.520.22+146.9%+16.6%-26.1%10躍嶺股份3046.43.10.320.09+141.9%+0.2%-61.2%11隆盛科技15140.

44、52.80.120.09+121.1%+120.4%+134.1%12三角輪胎10415.91.13.762.25+87.2%+120.1%+48.2%13松芝股份3012.90.91.290.35+83.6%+13.5%-62.7%14鄭煤機(jī)998.90.87.313.53+60.3%+16.5%-6.7%15賽輪輪胎11313.11.75.073.23+59.3%+63.2%+75.3%16鋒龍股份2545.24.90.300.20+48.7%+94.9%+97.6%17寧波華翔849.91.04.162.97+40.0%+52.6%+149.0%18玲瓏輪胎25318.32.67.254

45、.40+38.5%+47.1%+54.6%19伯特利6021.52.91.910.74+27.0%+17.2%-36.5%20宗申動(dòng)力6916.41.72.151.42+27.0%+29.8%+94.2%21華培動(dòng)力3742.13.50.500.26+26.1%+4.5%+7.9%22濰柴動(dòng)力9229.72.252.8726.96+20.4%+9.0%+4.0%23中馬傳動(dòng)2236.01.60.380.21+17.8%+45.2%+23.7%24天潤曲軸4311.81.01.780.85+13.9%+18.4%-8.7%25浩物股份2831.91.60.680.63+13.3%+33.8%+1

46、009%26星宇股份20331.24.63.391.69+13.1%-0.1%-0.8%27海達(dá)股份2715.31.71.020.44+10.8%-1.6%-22.7%28新坐標(biāo)2321.63.30.560.28+10.0%+14.4%+0.8%29福達(dá)股份3529.91.70.730.27+8.5%-6.4%-41.6%30鐵流股份1821.21.60.490.27+8.3%+16.5%+18.6%31遠(yuǎn)東傳動(dòng)3311.81.31.420.77+8.1%-10.2%+19.2%32貝斯特3018.72.10.730.40+5.5%+7.0%+21.9%33蠡湖股份3644.13.10.610

47、.32+4.6%+1.4%+6.9%34天成自控2770.92.70.310.08+3.5%-56.6%-64.8%35萬通智控1853.64.20.120.11+3.1%-0.4%+1195%36日上集團(tuán)2631.31.40.430.33+2.6%+2.9%+241.2%37三花智控33225.43.96.934.34+2.3%+1.3%+67.9%38岱美股份10017.72.93.091.48+2.3%-3.0%-8.1%39S 佳通5662.16.00.420.23+1.8%+19.8%+21.3%40科華控股1817.21.40.480.24+0.1%+7.3%+0.1%41富臨精工

48、32-1.41.80.790.46負(fù)增長-0.2%-15.1%+36.8%42銀輪股份5816.61.62.020.93-0.2%-7.1%-14.8%43聯(lián)明股份2221.72.00.460.21-0.8%+1.0%-18.3%44長鷹信質(zhì)6424.82.81.330.77-1.9%-1.6%+37.0%45云意電氣3223.81.70.630.36-3.1%-2.5%+30.8%46一汽富維6313.01.32.461.39-4.8%-3.1%+30.2%47天汽模3517.11.30.730.49-7.1%-6.8%+101.4%48常青股份2331.71.40.520.18-7.5%+

49、32.4%-46.4%49隆基機(jī)械2329.91.00.460.25-9.8%-19.0%+20.2%50鵬翎股份2723.71.30.480.21-10.3%-24.8%-20.8%51亞普股份7223.02.41.641.01-11.8%-11.3%+60.9%52富奧股份8310.11.34.242.20-12.0%-12.7%+8.1%53兆豐股份3518.82.00.800.49-12.0%-21.4%+58.1%54德宏股份3028.64.50.340.18-12.7%-7.0%+15.5%55愛柯迪9020.52.32.021.09-13.5%-5.8%+18.0%56騰龍股份3

50、027.93.10.480.30-13.6%-1.6%+65.3%57中國動(dòng)力42533.81.75.273.49-14.5%-14.9%+95.5%58金杯汽車4358.510.80.410.22-15.2%-21.8%+16.0%59通用股份5741.51.60.580.25-15.4%-30.4%-23.4%60長春一東2268.55.10.180.13-15.5%+72.0%+125.0%61東風(fēng)科技3828.62.80.830.61-15.6%+22.9%+179.9%62云內(nèi)動(dòng)力5225.40.91.470.13-16.5%-73.7%-90.1%63萬里揚(yáng)9230.41.62.3

51、21.16-16.9%-21.4%+0.8%64新朋股份2932.21.20.460.25-17.6%-33.3%+17.4%65威孚高科1748.31.112.575.67-18.7%-25.4%-17.7%66福耀玻璃55614.82.815.069.00-19.4%-31.1%+48.4%67精鍛科技4620.52.41.260.60-20.5%-34.9%-8.7%68繼峰股份5018.42.81.150.56-20.6%-16.3%-5.9%69迪生力23215.44.10.100.07-22.3%-28.0%+136.1%70雷迪克1824.52.40.300.18-24.1%-3

52、1.8%+46.6%71萬豐奧威15418.82.64.202.17-24.5%-34.4%+7.1%72豪能股份2014.21.30.620.24-24.5%-33.2%-37.9%73凱眾股份1816.82.40.600.20-24.6%-45.3%-50.2%74泉峰汽車4453.73.10.290.10-25.1%-56.5%-46.4%75萬向錢潮14924.93.03.281.06-27.2%-47.8%-52.3%76中原內(nèi)配3213.11.20.940.45-27.3%-43.8%-8.6%77日盈電子1372.43.00.090.04-28.8%-32.9%-31.5%78華

53、域汽車78611.91.833.6415.19-29.5%-18.5%-17.7%79貴航股份6773.02.90.500.44-33.9%-31.0%+663.5%80廣東鴻圖3613.10.81.160.70-34.0%-42.7%+50.0%81保隆科技3225.63.30.560.22-34.0%-40.6%-38.2%82中鼎股份11112.71.34.561.47-35.0%-54.7%-52.4%83旭升股份9839.97.00.850.47-36.1%-39.9%+23.9%84華懋科技4018.11.80.950.41-36.2%-41.8%-25.0%85均勝電子19919

54、.71.55.142.36-37.4%-70.1%-14.9%86新泉股份2913.12.00.930.38-38.9%-49.2%-29.4%87金固股份7456.41.90.510.22-39.5%-53.3%-22.5%88北特科技2255.31.20.250.14-40.2%-29.4%+14.4%89雙環(huán)傳動(dòng)3625.61.10.740.34-42.6%-53.2%-14.0%90寧波高發(fā)3322.11.80.890.46-43.3%-37.8%+8.2%91今飛凱達(dá)2244.92.30.190.11-44.9%-49.1%+21.1%92青島雙星353,594.61.00.300.

55、16-47.2%-47.0%+9.9%93興民智通41-14.51.50.210.03-47.7%-83.3%-86.4%94欣銳科技3149.92.80.220.07-48.6%-56.0%-56.0%95常熟汽飾2512.11.01.371.12-48.7%-37.3%+349.9%96浙江仙通2532.02.70.450.18-49.0%-65.2%-37.1%97奧聯(lián)電子34111.97.10.140.09-51.1%-34.6%+67.6%98朗博科技20100.54.20.100.05-51.4%-32.8%-1.6%99拓普集團(tuán)12123.01.82.110.97-51.8%-5

56、9.1%-14.4%100德爾股份2836.71.50.410.15-58.8%-71.3%-39.9%101威帝股份2044.23.50.130.02-60.6%-86.6%-79.0%102蘇奧傳感2139.82.20.190.12-63.7%-43.0%+85.0%103德賽西威12654.33.21.020.59-64.4%-53.7%+34.8%104萬安科技34-45.11.90.230.17-65.5%-50.1%+200.0%105南方軸承2057.02.90.280.14-66.6%-76.4%+6.1%106威唐工業(yè)2252.13.40.210.09-66.7%-71.1%-22.8%107飛龍股份2716.91.30.410.13-68.4%-76.2%-53.1%108越博動(dòng)力22553.31.90.080.24-68.5%-31.8%扭虧為盈109東睦股份3921.01.60.570.34-71.5%-72.4%+50.6%110西菱動(dòng)力2364.32.00.110.02