汽车-整车及智能化零部件2Q24财报总结：2Q24结构性板块盈利超预期下半年智能化赛道仍有潜力

请仔细阅读本报告末页声明2Q24结构性板块盈利超预期，下半年智能化赛道仍有潜力——整车及智能化零部件2Q24财报总结股票代码股票名称投资评级2024E2025E2024E2025E000625.SZ长安汽车增持0.941.2712.389.17601633.SH长城汽车增持1.351.5615.31002906.SZ华阳集团增持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骏成科技增持1.322.0721.0813.44002284.SZ亚太股份增持0.310.3820.9601689.SH拓普集团增持1.762.0920.23603786.SH科博达增持2.122.8323.66832491.BJ奥迪威增持0.680.9212.88n乘用车：2Q24营收净利双增，下半年规乘用车批发/零售销量629万辆/500万辆，同比+2.6%新能源乘用车销量234万辆，同/环比+32.1%/+32.1%，2Q24渗透率46.7%，7月提升至车企表现：2Q24蔚来/理想/问界/极氪销量同比+144%/+25%/+761%/+100%；长城/长安/奇瑞/吉利等传统自主份额受挤压，市占率环比-0年汽车内需有望进一步增强。收1416.1亿/246.9亿，同比-21.6%/-30.2%，环比-1.0%/+14.5%。板块内赛力斯&长城汽车毛利率大幅改善；2）费用率：2Q24费用率11.9%，同/环比+1.3pct/-1.6pct，其中销售费用率同比+0.8pct，主要系车企促销力度加大。重点车企中，长2Q24毛利率同/环比-3.2pct/-1.2pct，下滑主要因会计准则变更将质保费由销售费用转计入营业成本，剔除该因素后Q2降本带动毛利率环比提升1-2pct。实现营收462.4亿，同/环比+18.0%/+18.0%。细分赛道看，智能座舱（华阳集团同/环比+41.9%/+10.6%，骏成科技同/环比+62.9%/+50.2%）、智能驾驶（德赛西威同/环比+39.9%/+28.4%）等赛道零部件企业营收增速明显。板块归母净利润31.8亿，同/环比+20.9%/+22.2%；扣非净利润27.6亿，同/环比毛利率20.6%，同/环比+0.3pct/-0.2pct，同比提升主要系汽车智能化配置率提升带来规模效应，环比表现超市场预期。其中Q2质保费由销售费用转计入营业成本&大宗原材料价格上涨强于大市（维持评级）行业走势汽车沪深3008% 3% -1% -6%-10%-15%-19%-24%2023-092024-012024-052024-09作者分析师陈逸同邮箱：chenyitong@联系人金瑞邮箱：jinrui@相关研究P.2请仔细阅读本报告末页声明-0.3pct/-0.4pct/+0.9pct/-0.4pct，环比-0.3pct/-0.3pct/-0.2pct/-0.6pct，费用端管控良好。营运端：2Q24板块存货周转天数降至近三年底部。智能化板块存货周转天数呈下降趋势，2Q24存货周转天数为82天，同/环比分别-9天/-5天。2Q24星宇股份/华阳集团/骏成科技/德赛西威/经纬恒润/亚太股份/菱电电控的存货周转天数同比-23天/-25天/-28天/-24天/-52天/-20天/-33天/-76天，库存消化提速。智能化零部件供应商建议关注：伯特利（线控底盘，新项目充足&产能持续扩张）、华阳集团拓普集团（智能底盘，汽车电子放量+机器人顺利推进）、星宇股份（智能车灯，新客源汽车产业发展不及预期。P.3请仔细阅读本报告末页声明 4 4 6 图表1：2021-2024年7月中国乘用车月度销量及YOY 4图表2：2024年4月及7月汽车报废补贴政策对比 4图表3：2021-2024年7月中国新能源乘用车销量及渗透率 5图表4：2021-2024年7月乘用车出口销量及占比 5图表5：24Q2分车企销量及市占率 6图表6：22Q1-24Q2乘用车板块营收及YOY 6图表7：24Q2乘用车板块公司营收及同环比 7 7 7 8图表11：22Q1-24Q2乘用车板块四项费用率 8 8 9 9 9 9 10 10图表19：22Q1-24Q2智能化板块营收及YOY 11 11图表21：24Q2智能化板块公司营收及同环比 11 12 12 13图表25：22Q1-24Q2智能化板块四项费用率 13 13 14 14 14P.4请仔细阅读本报告末页声明零售销量629万辆/500万辆，同比+2.63%/-4革委和财政部印发《关于加力支持大规模设备更新和消费品以旧换新的若干措施》的通图表1：2021-2024年7月中国乘用车月度销量及YOY3000零售销量YOY（右，%）批发销量YOY（右，%）80%60%40%20%0%-20%-40%-60%图表2：2024年4月及7月汽车报废补贴政策对比《汽车以旧换新补贴实施细则》《关于加力支持大规模设备更新和消费品以旧换新的若干措施》消费者报废国三及以下排放标准燃油乘用车或2018信息化部《减免车辆购置税的新能源汽车车型目新能源乘用车或2.0升及以下排量燃油乘用个人消费者报废国三及以下排放标准燃油乘车辆购置税的新能源汽车车型目录》的新能P.5请仔细阅读本报告末页声明图表3：2021-2024年7月中国新能源乘用车销量及渗透率新能源销量（万辆）新能源渗透率（右，%）904002021-112022-112023-112021-112022-112023-1160%50%40%30%20%10%0%万辆，同/环比分别+28.98%/+10.92%；乘用车出口占比19.54%，同/环比分别+0.04pct/+3.99pct。图表4：2021-2024年7月乘用车出口销量及占比出口销量（万辆）出口占比（右，%）45405025%20%0%自主：1）新势力销量快速提升，2Q24蔚来/理想/问界/极氪分别实现销量率同/环比分别+4.2pct/+4.7pct。比分别-0.3pct/-2.5pct/-0.9pct/-0.9pct，环比分别-0.2pct/-0.2pct/-0.6pct/+0.1pct。P.6请仔细阅读本报告末页声明图表5：24Q2分车企销量及市占率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特斯拉中国247,217220,876205,747-16.77%-6.85%4.03%3.89%3.27%703,561626,263986,72040.25%57.56%4.214.21pct长城汽车299,084275,333284,336-4.93%3.27%4.88%4.84%4.52%长安自主乗用车372,051437,301384,6333.38%-12.04%6.07%7.69%6.11%4pct上汽集团834,153992,801-15.90%其中：上汽大众276,959248,059264,029-4.67%6.44%4.52%4.36%4.20%上汽通用265,000-56.95%4.32%上汽乘用车214,344-19.61%6.02%3.50%上汽通用五菱327,600224,009346,00054.46%3.94%智己汽车6,02524.50%0.10%0.18%0.20%广汽集团623,029409,698453,340-27.24%7.21%7.21%其中：广汽本田90,954-35.24%-22.25%广汽丰田232,800-22.70%3.80%广汽乘用车85,484-1.02%20.96%4pct广汽埃安48,86777,462-40.82%58.52%0.86%33奇瑞乘用车387,309486,075526,49135.94%8.31%6.32%8.55%8.37%吉利汽车371,592475,720480,01029.18%0.90%6.06%8.37%7.63%其中：银河9,67338,52842,893343.43%0.16%0.68%0.68%27,39933,05965.80%0.45%0.58%0.87%0.29pct0.29pct行业6,130,0235,684,5266,291,5242.63%10.68%////比亚迪/长安汽车/赛力斯2Q24实现营收1761.8亿/397.0亿/384.8亿，同比+41.0%/+7.2%/+44.9%（销量环比+57.6%/-12.0%-1.0%/+14.5%。图表6：22Q1-24Q2乘用车板块营收及YOY6000400030000营收（亿元）YOY（右，%）50%40%30%20%0%P.7请仔细阅读本报告末页声明图表7：24Q2乘用车板块公司营收及同环比单季度营收（亿元）股票名称22Q122Q222Q322Q423Q123Q223Q323Q424Q124Q2同比环比22Q1-24Q2趋势图单季度营收（亿元）比亚迪668.25837.821170.811563.731201.741399.511621.511800.411249.441761.8225.9%41.0%长安汽车345.76219.98287.78359.01345.56309.36427.14430.91370.23396.9928.3%7.2%赛力斯51.3172.85107.07109.8250.9159.4256.48191.62265.61384.84547.7%547.7%44.9%上汽集团1824.721335.212114.162166.541459.161806.381967.872213.631430.721416.14-21.6%-1.0%长城汽车336.19285.15373.46378.60290.39409.33495.32537.09428.60485.6918.7%13.3%北汽蓝谷17.3117.4822.2838.0724.9732.7335.3850.1115.0522.37-31.7%48.6%广汽集团232.68254.21316.78296.39265.57353.54362.71315.24215.66246.89-30.2%14.5%海马汽车7.175.634.736.5610.366.632.416.444.441.77-73.3%-60.1% 整体 3483.39 3028.33 4397.08 4918.72 3648.65 4376.89 4968.82 5545.45 3979.75 4716.517.8%18.5%环比分别+14.3%/+40.5%。分车企看：环比+128.2%/+846.3%/+1056.8%/+79.2%。图表8：22Q1-24Q2乘用车板块归母净利润、扣非净利润及YOY0扣非净利润（亿元）0%-100%图表9：24Q2乘用车板块公司归母净利润、扣非净利润及同环比68.2445.6990.6232.8%98.4%61.3037.5285.6339.7%长安汽车6.830.28846.3%赛力斯-7.19539.9%-9.61237.7%上汽集团43.0227.1439.14-9.0%35.0621.21-11.00-131.4%-151.9%长城汽车32.2838.519.6620.2436.2779.2%北汽蓝谷-10.88-10.16-15.55-14.58-10.32-15.506.3%50.2%广汽集团-79.3%-75.7%6.87-10.25-180.9%-249.2%海马汽车-0.12-0.86-0.66-23.5%-0.24-0.86-0.903.9%整体94.5576.9240.5%P.8请仔细阅读本报告末页声明率为2.3%，同/环比分别+0.1pct/+0.4pct。拆分来看，毛利率同/环比分别+2.1pct/-0.04pct，板块内赛力斯&长城汽车毛利率大幅改善；费用率同/环比分别扣非净利率扣非净利率毛利率费用率0%销售费用率财务费用率管理费用率研发费用率销售费用率财务费用率6%5%4%3%2%1%0%-1%6%5%4%3%2%1%0%-1%-2%新能源原材料价格下探、产品结构优化，2Q24车企盈利能力改善。M7放量2Q24公司毛利率同/环比分别+23.3pct/+6.0pct；费用率同/环比分别-3.3pct/+4.0pct；扣非净利率同/环比分别+19.6pct/+3.0pct。分别+4.0pct/+1.3pct；费用率同/环比分别-0.7pct/-0.7pct；扣非净利率同/环比分别+5.1pct/+2.7pct。费用率同/环比分别-5.0pct/-4.4pct；扣非净利率同/环比分别+2.6pct/+2.4pct。1c图表12：24Q2乘用车板块公司扣非净利率、毛利率、费用率及同环比1c股票名称单季度扣非净利率22Q1-24Q2趋势图单季度毛利率22Q1-24Q2趋势图单季度费用率22Q1-24Q2趋势图23Q224Q124Q2同比环比23Q224Q124Q2同比环比23Q224Q124Q2同比环比比亚迪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长安汽车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赛力斯-16.2%0.4%3.4%19.6p3.0pct4.2%21.5%27.5%23.3pct25.4%18.1%22.1%-3.3pct4.0pct上汽集团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长城汽车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北汽蓝谷-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广汽集团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海马汽车-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整体2.2%1.9%2.3%0.1pct0.4pct13.2%15.3%15.2%1.3pctP.9请仔细阅读本报告末页声明图表13：24Q2乘用车板块公司四项费用率及同环比I----'---八',---2Q24碳酸锂价格同比大幅回落，大宗原材料价格季度以来原材料价格企稳，车企盈利有望进一图表14：动力电池原材料价格变化情况图表15：大宗原材料价格变化情况镍碳酸锂镍碳酸锂钴25,00020,0000400,000300,000200,0000聚丙烯天然橡胶螺纹钢铝铜（右）铝铜（右）80,00060,00040,00020,0000图表16：22Q1-24Q2乘用车板块存货周转天数、应收账款及应收票据周转天数存货周转天数应收账款周转天数400P.10请仔细阅读本报告末页声明图表17：24Q2乘用车板块公司存货周转天数、应收账款及应收票据周转天数及同环比-股票名称23Q123Q223Q32周41数24Q2同比环比22Q1-24Q2趋势图23Q123Q223Q3应2款周数24Q2同比环比22Q1-24Q2趋势图-比亚迪887876698877-1-1129294440-4长安汽车2841409-1687776-1-1赛力斯99757349-62-527218626-2上汽集团645754526769240424693长城汽车867267636966-5-3-30北汽蓝谷101827857115919-232341851751472822405555-42广汽集团47447873-5272423-6-5海马汽车63931221281982942012019797244345115147104104整体655956536865-32928-12.1标的公司选取本文重点关注的A股汽车智能化标的公司如下表图表18：智能化板块相关标的主要赛道及核心产品感器（奥迪威同/环比+39.9%/+28.P.11请仔细阅读本报告末页声明图表19：22Q1-24Q2智能化板块营收及YOY图表20：1H24乘用车智能驾驶/座舱前装配置量及YOY6004003000营收（亿元）YOY（右，%）22Q122Q222Q322Q423Q123Q223Q323Q424Q124Q240%30%20%0%800600400070%60%50%40%30%20%10%0%图表21：24Q2智能化板块公司营收及同环比I7.2%7.0%I7.6%比+21.2%/+15.5%。重点关注的企业中，华阳集团/德赛西威/伯特利/星宇股份2Q24扣非净利润同比+45.6%/+77.3%/+37.1%/+36.4%，利润同比增速高于营收，环比+1.4%/+13.1%/+20.0%/+40.5%。P.12请仔细阅读本报告末页声明图表22：22Q1-24Q2智能化板块归母净利润、扣非净利润及YOY50扣非净利润（亿元）80%70%60%50%40%30%20%10%0%图表23：24Q2智能化板块公司归母净利润、扣非净利润及同环比2股票名称主要赛道23Q2归利润环比22Q1-22Q2趋势图23Q2扣润环比22Q1-22Q2趋势图2华阳集团智能座舱38.8%0.9645.6%骏成科技智能座舱0.280.220.3217.1%49.6%0.290.210.302.0%上声电子智能座舱0.410.580.5328.5%-9.3%0.450.420.474.7%11.3%香山股份智能座舱0.240.440.3543.4%0.500.420.34-31.8%-18.6%华安鑫创智能座舱-0.05-0.10-0.18296.4%296.4%90.4%-0.06-0.10-0.2092.2%德赛西威智能驾驶2.773.854.5464.0%17.9%2.363.714.1977.3%13.1%经纬恒润-W智能驾驶-0.02-1.92--1.429029.2%-26.1%-0.17-2.20-1.67886.1%-23.9%神通科技饰件、光学0.080.120.1964.4%0.050.100.1986.3%均胜电子汽车安全件2.753.073.3020.0%7.8%2.633.113.2724.3%5.1%云意电气电机电控0.8130.8%2.3%0.750.990.9323.5%-6.2%恒帅股份电机电控0.510.650.510.6%0.470.600.494.0%-18.5%菱电电控电机电控0.170.000.07-58.7%1755.0%0.11-0.010.05-55.0%-439.9%拓普集团底盘、轻量化6.446.458.1125.9%25.6%6.075.967.0015.3%17.4%伯特利底盘、轻量化2.102.4835.0%17.9%2.3020.0%万安科技底盘、轻量化0.210.6819.7%0393.8%亚太股份底盘0.300.610.44-47.8%-27.7%0.150.520.40-23.0%保隆科技传感器、空悬0.910.680.8018.1%0.750.650.53-28.9%-18.8%苏奥传感传感器0.350.280.35-0.6%24.0%426.3%61.6%奥迪威传感器613.1%29.7%44.2%道通科技传感器2.6241.2%日盈电子传感器0.020.060.0212.5%0.020.050.020.3%-70.5%豪恩汽电传感器0.300.180.29-4.9%59.7%0.260.160.21-20.7%科博达车灯2.196.1%2.004.8%-28.4%星宇股份车灯2.632.433.5133.6%44.8%2.392.323.2640.5%整体26.3026.0131.8022.2%22.7823.9127.6221.2%15.5%配置率提升带来规模效应，环比表现超市场预期业成本&大宗原材料价格上涨负面影响毛利率，但多数年降已P.13请仔细阅读本报告末页声明图表25：22Q1-24Q2智能化板块四项费用率扣非净利率毛利率费用率25%20%15%10% 0%销售费用率财务费用率管理费用率研发费用率销售费用率财务费用率8%6%4%8%6%4%2%0%-2%智能座舱：华阳集团2Q24扣非净利率为6.3%（值影响，2Q24扣非净利率同/环比+0.3pct/+0.6-0.2pct/+0.4pct预计受汽车电子毛利率提升带动；2Q2-0.9pct/-0.3pct规模效应显著。率为21.4%（同/环比-1.3pct/+0.7pct环比回升受益于高毛利轻量化业务占比提升；信用减值影响的归母净利润率同/环比+3.4pc比+0.2pct/+2.3pct同比主要受益于产能利用率提升，环比主要受益于高附加值项目占比提升及年降压力部分消化；2Q24费用率同/环比-2.6pct/-1.2pct。率为36.7%（同/环比分别-3.4pct/+2.4pct同比主要受下游汽车市场竞争激烈导致车用率同/环比分别+1.6pct/+1.4pct。毛利率为20.4%（同/环比分别-1.5pct/+0.7pct同比主要受车市价格战影响，环+0.5pct/-0.5pct/-1.0pct/+0.4pct，环比分别-0.1pct/-0.5pct/-1.0pct/-0.3pct。ppppppp图表26：24Q2智能化板块公司扣非净利率、毛利率、费用率及同环比ppppppp股票名称主要赛道单季度扣非净利率23Q224Q124Q2同比环比22Q1-22Q2趋势图单季度毛利率23Q224Q124Q2同比环比22Q1-22Q2趋势图单季度费用率23Q224Q124Q2同比环比22Q1-22Q2趋势图华阳集团智能座舱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骏成科技智能座舱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上声电子智能座舱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香山股份智能座舱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华安鑫创智能座舱-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德赛西威智能驾驶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经纬恒润-W智能驾驶-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神通科技饰件、光学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均胜电子汽车安全件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云意电气电机电控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恒帅股份电机电控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菱电电控电机电控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拓普集团底盘、轻量化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伯特利底盘、轻量化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万安科技底盘、轻量化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亚太股份底盘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保隆科技传感器、空悬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苏奥传感传感器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奥迪威传感器19.8%14.5%14.8%-5.140.0%34.2%36.7%-3.4pct2.416.7%16.8%18.3%1.6p道通科技传感器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日盈电子传感器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豪恩汽电传感器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科博达车灯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星宇股份车灯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整体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请仔细阅读本报告末页声明图表27：24Q2智能化板块公司四项费用率及同环比图表28：22Q1-24Q2智能化板块存货周转天数、应收账款及应收票据周转天数存货周转天数应收账款周转天数图表29：24Q2智能化板块公司存货周转天数、应收账款及应收票据周转天数及同环比股票名称主要赛道23Q123Q223Q34周24Q2同比环比22Q1-24Q2趋势图23Q123Q223Q3应4款数24Q2同比环比22Q1-24Q2趋势图华阳集团智能座舱11310193827776-25-11301271251261351346-1骏成科技智能座舱948377756055-28-5149137138135126119--7上声电子智能座舱908274676362-20-1113107108103103101-3香山股份智能座舱1039889868583-15-26767626258636华安鑫创智能座舱2225242223-2111612212811912612640德赛西威智能驾驶999084697166-24-4979898961091079-2经纬恒润-W智能驾驶285255239172237203-52-52-3410810310085122116-6神通科技饰件、光学121100104799378-22-151031079397147133均胜电子汽车安全件6768686876747-1525352505451-3云意电气电机电控149136123121119108-28-119497909394962恒帅股份电机电控807466686768-6187878787909363菱电电控电机电控223224238220222191-33-318694891021061126拓普集团底盘、轻量化787776776963-14-7859085858077--3伯特利底盘、轻量化72706360656