請仔細閱讀本報告末頁聲明2Q24結構性板塊盈利超預期，下半年智能化賽道仍有潛力——整車及智能化零部件2Q24財報總結股票代碼股票名稱投資評級2024E2025E2024E2025E000625.SZ長安汽車增持0.941.2712.389.17601633.SH長城汽車增持1.351.5615.31002906.SZ華陽集團增持1.311.7418.413.86601799.SH星宇股份增持5.186.724.3218.8603596.SH伯特利增持2.4120.9316.5301106.SZ駿成科技增持1.322.0721.0813.44002284.SZ亞太股份增持0.310.3820.9601689.SH拓普集團增持1.762.0920.23603786.SH科博達增持2.122.8323.66832491.BJ奧迪威增持0.680.9212.88n乘用車：2Q24營收凈利雙增，下半年規乘用車批發/零售銷量629萬輛/500萬輛，同比+2.6%新能源乘用車銷量234萬輛，同/環比+32.1%/+32.1%，2Q24滲透率46.7%，7月提升至車企表現：2Q24蔚來/理想/問界/極氪銷量同比+144%/+25%/+761%/+100%；長城/長安/奇瑞/吉利等傳統自主份額受擠壓，市占率環比-0年汽車內需有望進一步增強。收1416.1億/246.9億，同比-21.6%/-30.2%，環比-1.0%/+14.5%。板塊內賽力斯&長城汽車毛利率大幅改善；2）費用率：2Q24費用率11.9%，同/環比+1.3pct/-1.6pct，其中銷售費用率同比+0.8pct，主要系車企促銷力度加大。重點車企中，長2Q24毛利率同/環比-3.2pct/-1.2pct，下滑主要因會計準則變更將質保費由銷售費用轉計入營業成本，剔除該因素后Q2降本帶動毛利率環比提升1-2pct。實現營收462.4億，同/環比+18.0%/+18.0%。細分賽道看，智能座艙（華陽集團同/環比+41.9%/+10.6%，駿成科技同/環比+62.9%/+50.2%）、智能駕駛（德賽西威同/環比+39.9%/+28.4%）等賽道零部件企業營收增速明顯。板塊歸母凈利潤31.8億，同/環比+20.9%/+22.2%；扣非凈利潤27.6億，同/環比毛利率20.6%，同/環比+0.3pct/-0.2pct，同比提升主要系汽車智能化配置率提升帶來規模效應，環比表現超市場預期。其中Q2質保費由銷售費用轉計入營業成本&大宗原材料價格上漲強于大市（維持評級）行業走勢汽車滬深3008% 3% -1% -6%-10%-15%-19%-24%2023-092024-012024-052024-09作者分析師陳逸同郵箱：chenyitong@聯系人金瑞郵箱：jinrui@相關研究P.2請仔細閱讀本報告末頁聲明-0.3pct/-0.4pct/+0.9pct/-0.4pct，環比-0.3pct/-0.3pct/-0.2pct/-0.6pct，費用端管控良好。營運端：2Q24板塊存貨周轉天數降至近三年底部。智能化板塊存貨周轉天數呈下降趨勢，2Q24存貨周轉天數為82天，同/環比分別-9天/-5天。2Q24星宇股份/華陽集團/駿成科技/德賽西威/經緯恒潤/亞太股份/菱電電控的存貨周轉天數同比-23天/-25天/-28天/-24天/-52天/-20天/-33天/-76天，庫存消化提速。智能化零部件供應商建議關注：伯特利（線控底盤，新項目充足&產能持續擴張）、華陽集團拓普集團（智能底盤，汽車電子放量+機器人順利推進）、星宇股份（智能車燈，新客源汽車產業發展不及預期。P.3請仔細閱讀本報告末頁聲明 4 4 6 圖表1：2021-2024年7月中國乘用車月度銷量及YOY 4圖表2：2024年4月及7月汽車報廢補貼政策對比 4圖表3：2021-2024年7月中國新能源乘用車銷量及滲透率 5圖表4：2021-2024年7月乘用車出口銷量及占比 5圖表5：24Q2分車企銷量及市占率 6圖表6：22Q1-24Q2乘用車板塊營收及YOY 6圖表7：24Q2乘用車板塊公司營收及同環比 7 7 7 8圖表11：22Q1-24Q2乘用車板塊四項費用率 8 8 9 9 9 9 10 10圖表19：22Q1-24Q2智能化板塊營收及YOY 11 11圖表21：24Q2智能化板塊公司營收及同環比 11 12 12 13圖表25：22Q1-24Q2智能化板塊四項費用率 13 13 14 14 14P.4請仔細閱讀本報告末頁聲明零售銷量629萬輛/500萬輛，同比+2.63%/-4革委和財政部印發《關于加力支持大規模設備更新和消費品以舊換新的若干措施》的通圖表1：2021-2024年7月中國乘用車月度銷量及YOY3000零售銷量YOY（右，%）批發銷量YOY（右，%）80%60%40%20%0%-20%-40%-60%圖表2：2024年4月及7月汽車報廢補貼政策對比《汽車以舊換新補貼實施細則》《關于加力支持大規模設備更新和消費品以舊換新的若干措施》消費者報廢國三及以下排放標準燃油乘用車或2018信息化部《減免車輛購置稅的新能源汽車車型目新能源乘用車或2.0升及以下排量燃油乘用個人消費者報廢國三及以下排放標準燃油乘車輛購置稅的新能源汽車車型目錄》的新能P.5請仔細閱讀本報告末頁聲明圖表3：2021-2024年7月中國新能源乘用車銷量及滲透率新能源銷量（萬輛）新能源滲透率（右，%）904002021-112022-112023-112021-112022-112023-1160%50%40%30%20%10%0%萬輛，同/環比分別+28.98%/+10.92%；乘用車出口占比19.54%，同/環比分別+0.04pct/+3.99pct。圖表4：2021-2024年7月乘用車出口銷量及占比出口銷量（萬輛）出口占比（右，%）45405025%20%0%自主：1）新勢力銷量快速提升，2Q24蔚來/理想/問界/極氪分別實現銷量率同/環比分別+4.2pct/+4.7pct。比分別-0.3pct/-2.5pct/-0.9pct/-0.9pct，環比分別-0.2pct/-0.2pct/-0.6pct/+0.1pct。P.6請仔細閱讀本報告末頁聲明圖表5：24Q2分車企銷量及市占率2111211123,52030,05390.91%0.38%0.53%0.91%550.38pct0.38pct23,20521,82130,20730.17%38.43%0.38%0.38%0.48%86,53380,40025.48%35.05%0.31pct0.31pct85,842760.56%0.19%33,99333,41056.76%59.49%0.55%0.59%0.85%0.26pct0.26pct36,24124,43429,336-19.05%20.06%0.59%0.43%0.47%4pct27,39933,05965.80%0.45%0.58%0.87%440.29pct0.29pct特斯拉中國247,217220,876205,747-16.77%-6.85%4.03%3.89%3.27%703,561626,263986,72040.25%57.56%4.214.21pct長城汽車299,084275,333284,336-4.93%3.27%4.88%4.84%4.52%長安自主乗用車372,051437,301384,6333.38%-12.04%6.07%7.69%6.11%4pct上汽集團834,153992,801-15.90%其中：上汽大眾276,959248,059264,029-4.67%6.44%4.52%4.36%4.20%上汽通用265,000-56.95%4.32%上汽乘用車214,344-19.61%6.02%3.50%上汽通用五菱327,600224,009346,00054.46%3.94%智己汽車6,02524.50%0.10%0.18%0.20%廣汽集團623,029409,698453,340-27.24%7.21%7.21%其中：廣汽本田90,954-35.24%-22.25%廣汽豐田232,800-22.70%3.80%廣汽乘用車85,484-1.02%20.96%4pct廣汽埃安48,86777,462-40.82%58.52%0.86%33奇瑞乘用車387,309486,075526,49135.94%8.31%6.32%8.55%8.37%吉利汽車371,592475,720480,01029.18%0.90%6.06%8.37%7.63%其中：銀河9,67338,52842,893343.43%0.16%0.68%0.68%27,39933,05965.80%0.45%0.58%0.87%0.29pct0.29pct行業6,130,0235,684,5266,291,5242.63%10.68%////比亞迪/長安汽車/賽力斯2Q24實現營收1761.8億/397.0億/384.8億，同比+41.0%/+7.2%/+44.9%（銷量環比+57.6%/-12.0%-1.0%/+14.5%。圖表6：22Q1-24Q2乘用車板塊營收及YOY6000400030000營收（億元）YOY（右，%）50%40%30%20%0%P.7請仔細閱讀本報告末頁聲明圖表7：24Q2乘用車板塊公司營收及同環比單季度營收（億元）股票名稱22Q122Q222Q322Q423Q123Q223Q323Q424Q124Q2同比環比22Q1-24Q2趨勢圖單季度營收（億元）比亞迪668.25837.821170.811563.731201.741399.511621.511800.411249.441761.8225.9%41.0%長安汽車345.76219.98287.78359.01345.56309.36427.14430.91370.23396.9928.3%7.2%賽力斯51.3172.85107.07109.8250.9159.4256.48191.62265.61384.84547.7%547.7%44.9%上汽集團1824.721335.212114.162166.541459.161806.381967.872213.631430.721416.14-21.6%-1.0%長城汽車336.19285.15373.46378.60290.39409.33495.32537.09428.60485.6918.7%13.3%北汽藍谷17.3117.4822.2838.0724.9732.7335.3850.1115.0522.37-31.7%48.6%廣汽集團232.68254.21316.78296.39265.57353.54362.71315.24215.66246.89-30.2%14.5%海馬汽車7.175.634.736.5610.366.632.416.444.441.77-73.3%-60.1% 整體 3483.39 3028.33 4397.08 4918.72 3648.65 4376.89 4968.82 5545.45 3979.75 4716.517.8%18.5%環比分別+14.3%/+40.5%。分車企看：環比+128.2%/+846.3%/+1056.8%/+79.2%。圖表8：22Q1-24Q2乘用車板塊歸母凈利潤、扣非凈利潤及YOY0扣非凈利潤（億元）0%-100%圖表9：24Q2乘用車板塊公司歸母凈利潤、扣非凈利潤及同環比68.2445.6990.6232.8%98.4%61.3037.5285.6339.7%長安汽車6.830.28846.3%賽力斯-7.19539.9%-9.61237.7%上汽集團43.0227.1439.14-9.0%35.0621.21-11.00-131.4%-151.9%長城汽車32.2838.519.6620.2436.2779.2%北汽藍谷-10.88-10.16-15.55-14.58-10.32-15.506.3%50.2%廣汽集團-79.3%-75.7%6.87-10.25-180.9%-249.2%海馬汽車-0.12-0.86-0.66-23.5%-0.24-0.86-0.903.9%整體94.5576.9240.5%P.8請仔細閱讀本報告末頁聲明率為2.3%，同/環比分別+0.1pct/+0.4pct。拆分來看，毛利率同/環比分別+2.1pct/-0.04pct，板塊內賽力斯&長城汽車毛利率大幅改善；費用率同/環比分別扣非凈利率扣非凈利率毛利率費用率0%銷售費用率財務費用率管理費用率研發費用率銷售費用率財務費用率6%5%4%3%2%1%0%-1%6%5%4%3%2%1%0%-1%-2%新能源原材料價格下探、產品結構優化，2Q24車企盈利能力改善。M7放量2Q24公司毛利率同/環比分別+23.3pct/+6.0pct；費用率同/環比分別-3.3pct/+4.0pct；扣非凈利率同/環比分別+19.6pct/+3.0pct。分別+4.0pct/+1.3pct；費用率同/環比分別-0.7pct/-0.7pct；扣非凈利率同/環比分別+5.1pct/+2.7pct。費用率同/環比分別-5.0pct/-4.4pct；扣非凈利率同/環比分別+2.6pct/+2.4pct。1c圖表12：24Q2乘用車板塊公司扣非凈利率、毛利率、費用率及同環比1c股票名稱單季度扣非凈利率22Q1-24Q2趨勢圖單季度毛利率22Q1-24Q2趨勢圖單季度費用率22Q1-24Q2趨勢圖23Q224Q124Q2同比環比23Q224Q124Q2同比環比23Q224Q124Q2同比環比比亞迪4.4%3.0%4.9%0.5pct1.9pct18.7%21.9%18.7%0.pct-3.2pct11.5%16.8%11.8%0.2pct-5.0pct長安汽車0.1%0.3%2.7%2.6pct2.4pct16.4%14.4%13.2%-3.-1.2pct13.1%12.5%8.1%-5.0pct-4.4pct賽力斯-16.2%0.4%3.4%19.6p3.0pct4.2%21.5%27.5%23.3pct25.4%18.1%22.1%-3.3pct4.0pct上汽集團1.9%1.5%-0.8%-2.7pt-2.3pct9.3%8.6%8.0%-1.-0.6pct8.9%10.5%10.4%1.5pct-0.2pct長城汽車2.4%4.7%7.5%5.1pct2.7pct17.4%20.0%21.4%4.04.0pct11.1%11.1%10.4%-0.7pct-0.7pct北汽藍谷-44.5%-68.6%-69.3%-24.8pct-0.7pct-2.3%-6.4%-7.5%-5.-1.1pct36.6%59.0%56.4%19.8pct-2.6pct廣汽集團3.6%3.2%-4.2%-7.3pct6.0%7.1%6.3%pct-0.8pct8.1%12.2%11.0%2.9pct-1.2pct海馬汽車-3.6%-19.5%-50.7%-47.1pct-31.2pct15.7%14.4%-4.3%9pct9pct-18.7p-0.04ppct-0.04p16.4%10.6%31.1%13.5%72.1%11.9%55.7pct41.0pct--八'-1.6pct整體2.2%1.9%2.3%0.1pct0.4pct13.2%15.3%15.2%1.3pctP.9請仔細閱讀本報告末頁聲明圖表13：24Q2乘用車板塊公司四項費用率及同環比I----'---八',---2Q24碳酸鋰價格同比大幅回落，大宗原材料價格季度以來原材料價格企穩，車企盈利有望進一圖表14：動力電池原材料價格變化情況圖表15：大宗原材料價格變化情況鎳碳酸鋰鎳碳酸鋰鈷25,00020,0000400,000300,000200,0000聚丙烯天然橡膠螺紋鋼鋁銅（右）鋁銅（右）80,00060,00040,00020,0000圖表16：22Q1-24Q2乘用車板塊存貨周轉天數、應收賬款及應收票據周轉天數存貨周轉天數應收賬款周轉天數400P.10請仔細閱讀本報告末頁聲明圖表17：24Q2乘用車板塊公司存貨周轉天數、應收賬款及應收票據周轉天數及同環比-股票名稱23Q123Q223Q32周41數24Q2同比環比22Q1-24Q2趨勢圖23Q123Q223Q3應2款周數24Q2同比環比22Q1-24Q2趨勢圖-比亞迪887876698877-1-1129294440-4長安汽車2841409-1687776-1-1賽力斯99757349-62-527218626-2上汽集團645754526769240424693長城汽車867267636966-5-3-30北汽藍谷101827857115919-232341851751472822405555-42廣汽集團47447873-5272423-6-5海馬汽車63931221281982942012019797244345115147104104整體655956536865-32928-12.1標的公司選取本文重點關注的A股汽車智能化標的公司如下表圖表18：智能化板塊相關標的主要賽道及核心產品感器（奧迪威同/環比+39.9%/+28.P.11請仔細閱讀本報告末頁聲明圖表19：22Q1-24Q2智能化板塊營收及YOY圖表20：1H24乘用車智能駕駛/座艙前裝配置量及YOY6004003000營收（億元）YOY（右，%）22Q122Q222Q322Q423Q123Q223Q323Q424Q124Q240%30%20%0%800600400070%60%50%40%30%20%10%0%圖表21：24Q2智能化板塊公司營收及同環比I7.2%7.0%I7.6%比+21.2%/+15.5%。重點關注的企業中，華陽集團/德賽西威/伯特利/星宇股份2Q24扣非凈利潤同比+45.6%/+77.3%/+37.1%/+36.4%，利潤同比增速高于營收，環比+1.4%/+13.1%/+20.0%/+40.5%。P.12請仔細閱讀本報告末頁聲明圖表22：22Q1-24Q2智能化板塊歸母凈利潤、扣非凈利潤及YOY50扣非凈利潤（億元）80%70%60%50%40%30%20%10%0%圖表23：24Q2智能化板塊公司歸母凈利潤、扣非凈利潤及同環比2股票名稱主要賽道23Q2歸利潤環比22Q1-22Q2趨勢圖23Q2扣潤環比22Q1-22Q2趨勢圖2華陽集團智能座艙38.8%0.9645.6%駿成科技智能座艙0.280.220.3217.1%49.6%0.290.210.302.0%上聲電子智能座艙0.410.580.5328.5%-9.3%0.450.420.474.7%11.3%香山股份智能座艙0.240.440.3543.4%0.500.420.34-31.8%-18.6%華安鑫創智能座艙-0.05-0.10-0.18296.4%296.4%90.4%-0.06-0.10-0.2092.2%德賽西威智能駕駛2.773.854.5464.0%17.9%2.363.714.1977.3%13.1%經緯恒潤-W智能駕駛-0.02-1.92--1.429029.2%-26.1%-0.17-2.20-1.67886.1%-23.9%神通科技飾件、光學0.080.120.1964.4%0.050.100.1986.3%均勝電子汽車安全件2.753.073.3020.0%7.8%2.633.113.2724.3%5.1%云意電氣電機電控0.8130.8%2.3%0.750.990.9323.5%-6.2%恒帥股份電機電控0.510.650.510.6%0.470.600.494.0%-18.5%菱電電控電機電控0.170.000.07-58.7%1755.0%0.11-0.010.05-55.0%-439.9%拓普集團底盤、輕量化6.446.458.1125.9%25.6%6.075.967.0015.3%17.4%伯特利底盤、輕量化2.102.4835.0%17.9%2.3020.0%萬安科技底盤、輕量化0.210.6819.7%0393.8%亞太股份底盤0.300.610.44-47.8%-27.7%0.150.520.40-23.0%保隆科技傳感器、空懸0.910.680.8018.1%0.750.650.53-28.9%-18.8%蘇奧傳感傳感器0.350.280.35-0.6%24.0%426.3%61.6%奧迪威傳感器613.1%29.7%44.2%道通科技傳感器2.6241.2%日盈電子傳感器0.020.060.0212.5%0.020.050.020.3%-70.5%豪恩汽電傳感器0.300.180.29-4.9%59.7%0.260.160.21-20.7%科博達車燈2.196.1%2.004.8%-28.4%星宇股份車燈2.632.433.5133.6%44.8%2.392.323.2640.5%整體26.3026.0131.8022.2%22.7823.9127.6221.2%15.5%配置率提升帶來規模效應，環比表現超市場預期業成本&大宗原材料價格上漲負面影響毛利率，但多數年降已P.13請仔細閱讀本報告末頁聲明圖表25：22Q1-24Q2智能化板塊四項費用率扣非凈利率毛利率費用率25%20%15%10% 0%銷售費用率財務費用率管理費用率研發費用率銷售費用率財務費用率8%6%4%8%6%4%2%0%-2%智能座艙：華陽集團2Q24扣非凈利率為6.3%（值影響，2Q24扣非凈利率同/環比+0.3pct/+0.6-0.2pct/+0.4pct預計受汽車電子毛利率提升帶動；2Q2-0.9pct/-0.3pct規模效應顯著。率為21.4%（同/環比-1.3pct/+0.7pct環比回升受益于高毛利輕量化業務占比提升；信用減值影響的歸母凈利潤率同/環比+3.4pc比+0.2pct/+2.3pct同比主要受益于產能利用率提升，環比主要受益于高附加值項目占比提升及年降壓力部分消化；2Q24費用率同/環比-2.6pct/-1.2pct。率為36.7%（同/環比分別-3.4pct/+2.4pct同比主要受下游汽車市場競爭激烈導致車用率同/環比分別+1.6pct/+1.4pct。毛利率為20.4%（同/環比分別-1.5pct/+0.7pct同比主要受車市價格戰影響，環+0.5pct/-0.5pct/-1.0pct/+0.4pct，環比分別-0.1pct/-0.5pct/-1.0pct/-0.3pct。ppppppp圖表26：24Q2智能化板塊公司扣非凈利率、毛利率、費用率及同環比ppppppp股票名稱主要賽道單季度扣非凈利率23Q224Q124Q2同比環比22Q1-22Q2趨勢圖單季度毛利率23Q224Q124Q2同比環比22Q1-22Q2趨勢圖單季度費用率23Q224Q124Q2同比環比22Q1-22Q2趨勢圖華陽集團智能座艙6.2%6.9%6.3%0.2pct-0.6pct22.1%21.6%21.9%0.014.8%14.1%13.9%-0.9pct-0.3pct駿成科技智能座艙19.4%13.2%12.2%-7.3pct-1.123.9%25.6%23.8%-0.1pct-1.8pct1.1%9.0%7.4%6.3pct-1.6pct上聲電子智能座艙8.7%7.0%7.3%-1.4pct0.324.8%24.7%24.9%0.113.3%16.9%14.1%0.8pct-2.9pct香山股份智能座艙3.7%2.8%2.3%-1.4pct-0.524.1%23.8%23.4%-0.7pct-0.4pct15.8%17.5%18.8%3.0pctct華安鑫創智能座艙-2.9%-5.5%-8.0%-5.2pct-2.56.9%9.4%7.2%0.3ct-2.2pct10.3%15.3%13.2%2.9pct-2.1pctct德賽西威智能駕駛5.0%6.6%6.9%1.9pct0.4pct0.4pct20.3%19.3%21.3%1.01.0pct1.914.4%13.0%12.4%-2.0pct-0.6pct-12.9經緯恒潤-W智能駕駛-1.8%-24.7%-14.7%-12.9pct10.0pct28.5%24.7%20.9%-7.6pct-3.8pct31.5%49.6%36.2%4.7p-13.5pct-13.5pct神通科技飾件、光學1.4%3.3%5.1%3.7pct1.8pct1.8pct17.5%19.8%22.1%4.6pct2.24.6pct12.0%17.5%17.2%5.3pct-0.3pct均勝電子汽車安全件1.9%2.3%2.4%0.5pct0.00.0pct13.9%15.5%15.5%1.61.6pct0.011.1%11.8%10.5%-0.5pct-1.3pct云意電氣電機電控19.3%21.0%16.8%-2.5pct-4.232.3%32.4%33.4%1.21.2pct1.111.3%9.9%8.4%-2.9pct-1.5pct恒帥股份電機電控21.8%24.7%22.0%0.2pct-2.736.2%36.8%36.2%0.00.0pct-0.6pct8.3%7.9%10.3%2.1p菱電電控電機電控4.6%-0.6%1.8%-2.829.0%22.2%22.9%-6.1pct0.7ct21.7%24.5%21.3%-0.5pct-3.2pct拓普集團底盤、輕量化12.9%10.5%10.7%-2.223.3%22.4%20.4%-2.9pct-2.0pct7.2%9.3%8.2%1.0pct-1.1pct伯特利底盤、輕量化10.5%10.3%10.9%0.4pct0.60.6pct22.8%20.7%21.4%-1.3pct0.7ct9.4%8.8%9.0%-0.3pct0.2p萬安科技底盤、輕量化1.8%1.5%5.6%3.8pct4.115.8%17.7%18.4%2.62.6pct0.7ct12.3%14.1%10.9%-1.4pct-3.2pct亞太股份底盤1.7%5.1%4.1%2.4pct-1.018.2%16.1%18.3%0.20.2pct2.3pp14.2%12.7%11.6%-2.6pct-1.2pct保隆科技傳感器、空懸5.2%4.4%3.1%-2.1pct-1.327.4%29.4%25.1%-2.3pct-4.4pct19.1%22.0%19.6%0.5pct-2.4pct蘇奧傳感傳感器7.5%6.2%7.8%0.3pct1.6ct26.1%22.6%24.9%-1.2pct2.313.0%16.4%12.5%-0.4pct-3.9pct奧迪威傳感器19.8%14.5%14.8%-5.140.0%34.2%36.7%-3.4pct2.416.7%16.8%18.3%1.6p道通科技傳感器15.7%14.5%16.8%1.150.1%56.7%55.9%5.8pct-0.85.8pctpct30.6%39.7%35.1%4.5p-4.6pct日盈電子傳感器0.7%2.6%0.6%-0.1pct-2.017.9%20.3%18.7%0.80.8pct-1.6pct13.9%17.0%15.4%1.5pct-1.6pct豪恩汽電傳感器9.6%5.5%6.8%-2.923.3%21.8%18.9%-4.4pct-2.8pct14.5%14.7%12.4%-2.1pct-2.2pct科博達車燈13.0%14.1%10.8%-2.2pct-3.330.6%32.0%26.1%-4.5-5.9pct16.5%15.9%14.8%-1.7pct-1.1pct星宇股份車燈9.5%9.6%9.9%0.3pct0.20.2pct21.9%19.6%20.4%-1.5pct0.7ct8.9%10.2%8.3%-0.7pct-2.0pct整體5.8%5.7%6.0%0.2pct0.30.3pct20.3%20.9%20.6%0.30.3pct-0.2pct12.6%13.9%12.5%-0.1pct-1.4pctP.14請仔細閱讀本報告末頁聲明圖表27：24Q2智能化板塊公司四項費用率及同環比圖表28：22Q1-24Q2智能化板塊存貨周轉天數、應收賬款及應收票據周轉天數存貨周轉天數應收賬款周轉天數圖表29：24Q2智能化板塊公司存貨周轉天數、應收賬款及應收票據周轉天數及同環比股票名稱主要賽道23Q123Q223Q34周24Q2同比環比22Q1-24Q2趨勢圖23Q123Q223Q3應4款數24Q2同比環比22Q1-24Q2趨勢圖華陽集團智能座艙11310193827776-25-11301271251261351346-1駿成科技智能座艙948377756055-28-5149137138135126119--7上聲電子智能座艙908274676362-20-1113107108103103101-3香山股份智能座艙1039889868583-15-26767626258636華安鑫創智能座艙2225242223-2111612212811912612640德賽西威智能駕駛999084697166-24-4979898961091079-2經緯恒潤-W智能駕駛285255239172237203-52-52-3410810310085122116-6神通科技飾件、光學121100104799378-22-151031079397147133均勝電子汽車安全件6768686876747-1525352505451-3云意電氣電機電控149136123121119108-28-119497909394962恒帥股份電機電控807466686768-6187878787909363菱電電控電機電控223224238220222191-33-318694891021061126拓普集團底盤、輕量化787776776963-14-7859085858077--3伯特利底盤、輕量化72706360656