费用率： 25Q1-Q3 期 间 费 用 率 为 10.51% ， 同 比 +0.45pct；Q3 期 间 费 用 率 为 11.80% ， 同 / 环 比 分 别 +1.46/+3.36pct。其中，Q3销售/管理/研发/财务费用率分别为0.36%/4.17%/4.55%/2.72%，同比 分别-0.46/+0.67/+0.36/+0.89pct。2025Q3财务费用为3069万元，环比增加约4800万元。 | 投资要点 | | --- | 事件： 公司发布2025年三季度报告。2025Q1-Q3营收为32.26亿元，同比-1.48%；归母净利润为3.00亿 元，同比-7.16%；扣非归母净利润为2.68亿元，同比-5.83%。其中，2025Q3营收11.3亿元，同/ 环比分别+0.41%/+7.64%；25Q3归母净利润为0.99亿元，同/环比分别+70.43%/-5.5%；25Q3扣 非归母净利润为0.91亿元，同/环比分别+96.36%/-5.22%。 从下游客户角度看： 特斯拉25Q3交付49.7万辆，同/环比分别+7.89%/+29.41%；公司业绩波动与大客户销量波动具 有一定关联。 盈利能力： ...

Investment Highlights - This week, the performance of the automotive sector was mixed, with the SW commercial passenger vehicle segment leading with a gain of 4.8%, followed by SW motorcycles and others at 3.2%, while the SW passenger vehicle segment saw a decline of 1.9% [4][13] - The team released several reports, including a test drive report for October in Beijing and third-quarter reviews for various companies such as Changan Automobile, Great Wall Motors, and Yutong Bus [5][13] Industry Core Changes - SAIC Group reported total revenue of CNY 169.4 billion for Q3 2025, with year-on-year growth of 16% and a net profit of CNY 2.08 billion, reflecting a significant increase of 645% year-on-year [6][13] - Seres achieved Q3 2025 revenue of CNY 48.13 billion, with a net profit of CNY 2.37 billion, showing a slight decrease of 1.7% year-on-year [6][13] - Xiaopeng Motors delivered 42,013 vehicles in October, setting a new monthly record, while Leap Motor delivered 70,289 vehicles, also a historical high [6][8][13] Current Automotive Sector Configuration - The automotive industry is at a crossroads, transitioning from the end of the electric vehicle boom to the dawn of automotive intelligence, with three main investment opportunities emerging: AI smart vehicles, AI robots, and traditional vehicle segments [9][15] - Key investment targets in the AI smart vehicle segment include Tesla, Xiaopeng Motors, and various technology providers like Horizon Robotics and Baidu [15] - The traditional vehicle segment remains promising, particularly in buses and heavy trucks, with companies like Yutong Bus and China National Heavy Duty Truck Group being highlighted [10][15]

| 菓細菌 | 脚注 関連 | | --- | --- | | 刘力宇 | | | 孟路 | | | 郭雨蒙 | | | 孙仁昊 | ចំនួន ច | | 赖思旭 | בשנת 19 | | 童明祺 | ספינים | | 未经许可 ， | | --- | | 不得转载或者引用 。 | | 投资要点 | | --- | 事件： 公司发布2025年三季度报告。2025Q1-Q3营收为18.90亿元，同比+10.76%；归母净利润为0.64 亿元，同比+58.26%；扣非归母净利0.57亿元，同比+58.93%。其中，1）25Q3营收6.3亿元， 同/环比分别+8.09%/-3.79%；2）25Q3归母净利润为0.11亿元，同/环比分别+425.8%/-61.3%； 3）25Q3扣非归母净利润为0.08亿元，同/环比分别+266.35%/-65.07%。 盈利能力： 25Q1-Q3毛利率为16.85%，同比+2.34pct；归母净利率为3.36%，同比+1.01%。其中，1）25Q3 毛利率为15.32%，同/环比分别+3.78/-3pct；2）25Q3归母净利率为1.69%，同/环比分别 +2.25/-2. ...

Investment Opportunities in the Automotive Sector - The automotive industry is at a crossroads, with the end of electric vehicle (EV) incentives and the dawn of automotive intelligence, while robotics innovation is in its early stages [4][7] - Three main investment themes are identified: AI smart vehicles, AI robotics, and traditional vehicle segments [4][7] AI Smart Vehicle Investment Theme - Key targets from the Robotaxi perspective include integrated models like Tesla and Xpeng, technology providers like Horizon Robotics and Baidu, and the transformation of ride-hailing services involving Didi and others [4][7] - For Robovan, companies like Desay SV and Zhongyou Technology are highlighted [4][7] - From the C-end vehicle sales perspective, companies such as Xpeng, Li Auto, and Huawei's automotive ventures are noted [4][7] - In the upstream supply chain, B-end vehicle manufacturing firms like BAIC Blue Valley and GAC Group are key, along with core suppliers in testing, chips, domain controllers, sensors, and more [4][7] AI Robotics Investment Theme - Selected components include Top Group, Junsheng Electronics, and others, focusing on robotics and automation [4][7] Traditional Vehicle Segments - The bus segment, represented by Yutong Bus, and heavy trucks like China National Heavy Duty Truck and Weichai Power are expected to perform well [5][7] Performance Overview of the Automotive Sector - The overall performance of the passenger vehicle sector is under pressure, with a slowdown in growth rates and increased competition leading to price reductions [8][22] - The heavy truck sector has seen strong sales, with Q3 2025 wholesale and export volumes up significantly, driven by policy incentives [10][11] - The bus sector has experienced a surge in demand, with leading companies like Yutong achieving better-than-expected results [11] - The motorcycle segment has shown strong export growth, particularly in large-displacement models, despite domestic sales pressures [12][13] Financial Performance Insights - Q3 2025 results indicate that the overall automotive sector's performance is mixed, with some companies exceeding expectations while others face challenges [17][18] - The heavy truck sector's revenue and profit growth are robust, with leading companies reporting significant year-on-year increases [10][14] - The passenger vehicle sector has seen a decline in profitability due to increased competition and external economic factors [8][22] Market Trends and Future Outlook - The automotive market is expected to continue evolving, with a focus on electric and intelligent vehicles, as well as robotics integration [4][7] - The outlook for Q4 2025 suggests potential recovery in sales and profitability, driven by policy changes and new model launches [8][22]

| | | 25Q1-Q3毛利率为19.20%，同比-1.97pct；归母净利率为9.40%，同比-2.15pct。其中，25Q3毛 利 率 为 18.64% ， 同 / 环 比 分 别 -2.23/-0.63pct；25Q3 归 母 净 利 率 为 8.4% ， 同 / 环 比 分 别-2.51/-1.78pct。 | 投资要点 | | --- | 事件： 公司发布2025年三季度报告。2025年Q1-Q3，公司实现营收209.28亿元，同比+8.14%；归母净 利19.67亿元，同比-11.97%；扣非归母净利18.16亿元，同比-10.22%。其中，1）25Q3营收 79.94亿元，同/环比分别+12.11%/+11.53%；2）25Q3归母净利润为6.72亿元，同/环比分 别-13.65%/-7.93%；3）25Q3扣非归母净利润为6.55亿元，同/环比分别-9.99%/-2.99%。 盈利能力： | 黄细重 | 脚注 関連 | | --- | --- | | 刘力宇 | | | 孟璐 | | | 郭雨蒙 | | | 孙仁昊 | ספר מ | | 赖思旭 | | | 童明祺 | Disto | 公司 ...

公告要点： 公司公布2025年三季报，业绩超我们预期。25Q3公司营业收入31.9亿元，同环比+22%/+26%， 归母净利润3.7亿元，同环比+15%/+47%，扣非归母净利润3.5亿元，同环比+22%/+44%。 核心客户产销提升，线控制动及轻量化产品增速较快。 25Q3核心客户奇瑞/吉利产量环比+28%/+14%，这两个客户占公司收入贡献超过50%；核心配 套的吉利3.0平台车型A7 6月上市，稳态月销破万贡献较多增量。核心产品增速迅猛，2025年前 三季度智能电控产品销量473万套，同比+42%，盘式制动器289万套，同比+27%，贡献公司较 多收入增量。 | 冀細菌 | 2016 | | --- | --- | | 刘力宇 | המשפ | | 孟璐 | | | 郭雨蒙 | | | 孙仁昊 | ספר ספר | | 赖思旭 | Oktob | | 童明祺 | Disto | | | | | 投资要点 | | --- | 降本增效，25Q3毛利率环比修复。 25Q1公司受年降影响毛利率基数较低，Q2毛利率显著修复但仍同比承压，25Q3环比显著修 复，25Q3公司毛利率为20.6%，同环比-1.0pc ...

投资要点 业绩概览： 公司发布 2025 年三季报，25Q3 公司实现收入 143.3 亿元，同比+56%，环比+8.1%，实现归母 净利润 3.82 亿元，同比+21.0%，环比+6.5%，实现扣非归母净利润 3.59 亿元，同比+30.9%， 环比+7.1%。 受益行业景气回升，Q3 销量大幅增长。 根据中汽协，25Q3 重汽集团批发销量 7.6 万辆，同环比分别+53.9%/+2.3%，出口销量 4.1 万 辆，同环比分别+55.1%/+10.2%。根据交强险，重汽 A 25Q3 内销销量 2.2 万辆，同环比分别 +53.3%/+3.2%；结构上，重汽 A 25Q3 天然气重卡/电动重卡占比分别为 33.5%/18.3%。 未经许可，不得转载或者引用。 风险提示： 国内物流行业复苏不及预期；海外经济波动超预期等。 毛利率同环比下降，主因内外销结构变化及出口竞争。 25Q3 公司毛利率为 7.12%，同环比分别-1.2/-0.8pct，销售净利率 3.8%，同比-0.6pct，环比持 平，毛利率下滑主因：（1）25 年海外部分区域竞争加剧，于 25Q2开始持续体现；（2）25Q3 内销增速高于出口，导致 ...

Core Viewpoint - The company reported strong financial performance in Q3 2025, with significant year-on-year growth in revenue and net profit, indicating a solid operational foundation and potential for future growth [3][10]. Financial Performance - In Q3 2025, the company achieved revenue of 57.4 billion yuan, representing a year-on-year increase of 16.1% and a quarter-on-quarter increase of 3.1% [3]. - The net profit attributable to shareholders was 3.23 billion yuan, with a year-on-year growth of 29.5% and a quarter-on-quarter growth of 10.3% [3]. - The non-recurring net profit was 2.83 billion yuan, reflecting a year-on-year increase of 26.7% and a quarter-on-quarter increase of 6.1% [3][8]. Engine Sales - The company sold approximately 174,000 engines in Q3 2025, marking a year-on-year increase of 2.4% [4]. - Heavy-duty truck engines accounted for 63,000 units sold, up 5% year-on-year, while natural gas engines showed remarkable performance with a 32% increase in sales [4]. Profitability and Cost Management - The gross margin for Q3 2025 was 21.4%, slightly down by 0.7 percentage points year-on-year and 0.8 percentage points quarter-on-quarter [5]. - The total expense ratio for sales, management, and research was 13.5%, down 1.3 percentage points year-on-year and 1.1 percentage points quarter-on-quarter, indicating effective cost control [5]. Subsidiary Performance - Kion Group's revenue in Q3 2025 was 2.704 billion euros (approximately 22.3 billion yuan), showing a slight year-on-year increase of 0.2% [7]. - The net profit for Kion Group was 119 million euros (approximately 457 million yuan), reflecting a significant year-on-year increase of 61.3% [7]. Credit Provision and Asset Management - The company reversed credit impairment provisions amounting to 383 million yuan in Q3 2025, primarily due to the recovery of certain receivables [9]. - Asset impairment losses were recorded at 130 million yuan [9]. Profit Forecast and Investment Rating - The company adjusted its net profit forecast for 2025-2027 to 12.3 billion, 14.1 billion, and 15.5 billion yuan, respectively, due to anticipated impacts from layoffs and industry competition [10]. - The corresponding EPS for 2025-2027 is projected to be 1.41, 1.62, and 1.78 yuan, with PE ratios of 10.23, 8.93, and 8.12 times, respectively [10].

未经许可，不得转载或者引用。 投资要点 业绩概要： 毛利率环比回升，规模效应+降本效果显著。 25Q3 公司毛利率 7.15%，同环比分别-0.2/+2.1pct，毛利率环比改善主因：1）规模效应；2）供 应链降本，于 25Q3 开始较多体现，后续将进一步推进降本措施，利润改善会持续体现；3）产 品结构改善，25Q3 天然气表现较好；4）去年亏损较大的新能源重卡今年大幅减亏，目标明年 扭亏。 控费持续推行，费用率同环比压降。 25Q3 公司期间费用率 5.83%，同环比分别-6.8/-0.9pct，公司自今年起大力推行控费，25Q3 销 售/管理/研发费用率分别为 1.8%/2.2%/3.1%，同比分别-1.3/-2.5/-3.6pct。 展望：公司管理层调整效果显现，降本控费成果亮眼，驱动公司向上。 我们认为，此前公司利润波动较大，自去年底管理层调整后，今年公司市场战略上出现 从"卷"价格到重价值的明显转变，且公司降本控费有明显进展，利润率提升显著，后续利润释 放具备持续性。 盈利预测与投资评级： 我们基本维持 2025~2027 年归母净利润预测7.2/10.2/13.1 亿元，对应 2025~2027 ...

Core Viewpoint - The company reported its Q3 2025 results, showing strong revenue growth but a decline in net profit margins, indicating a mixed performance amidst industry recovery [3][4][5]. Financial Performance - In Q3 2025, the company achieved revenue of 15.1 billion yuan, with year-on-year growth of 27.9% but a quarter-on-quarter decline of 3.2%. The net profit attributable to shareholders was 336 million yuan, reflecting a significant year-on-year increase of 1764.2% but a slight quarter-on-quarter decrease of 1.6% [3]. - The company's gross margin for Q3 2025 was 9.9%, down by 2.4 percentage points year-on-year, while the expense ratio improved to 9.4%, a decrease of 1.7 percentage points quarter-on-quarter [5]. Sales Performance - The company saw a notable increase in sales of medium and heavy trucks, with Q3 2025 sales reaching 39,000 units, up 92.3% year-on-year and 6.8% quarter-on-quarter. Light truck sales were 99,000 units, showing a quarter-on-quarter decline of 1.5% [4]. - The company’s heavy truck export performance was particularly strong, with export sales of 6,800 units, marking a year-on-year increase of 168.6% [4]. Investment and Future Outlook - The commercial vehicle industry is recovering, and the company is strategically positioning itself in the light truck segment through a comprehensive approach involving product, technology, and marketing [9]. - The company has eliminated the impact of long-term equity investments in Foday, allowing for a more streamlined focus on growth, particularly in heavy truck exports, which are expected to contribute positively to profits in the medium to long term [9]. Profit Forecast and Valuation - The profit forecast for 2025 has been adjusted down to 1.474 billion yuan from the previous estimate of 1.666 billion yuan, while the net profit estimates for 2026 and 2027 remain at 2.029 billion yuan and 2.136 billion yuan, respectively [10]. - The company maintains a "buy" rating due to its low valuation and the potential for profit growth from heavy truck exports [10].