0 1 事 件 概 述 公司发布 2025 年度业绩预盈公告 ，预计 2025 年归母净利润 0.75 至 1.1 亿元，扣非归母净利润 0.28 至 0.41 亿元，同比扭亏为盈。 0 2 分 析 判 断 ► 2025Q4 业绩超预期 降本增效措施初显成效 2025Q4公司归母净利润0.75至1.10亿元，同比+2.90至3.25亿元，环比+1.38至1.73亿元；扣非归母净利润0.28至0.41亿元，同比+2.95至3.08亿元，环比+1.58至1.72亿元。 公司2025年扭亏为盈，主要原因系：①公司的前期投入和研发成果得到了有效释放，以域控制器产品为代表的新产品阵营收入快速放量，持续升级迭代的原有产品阵营收获 了更多的客户和项目机会，推动公司收入规模进一步扩大；②降本增效措施初显成效。2025年公司将降本增效作为重要经营指引之一，通过AI工具应用、国产替代、智能制 造等方式，使各项成本和费用得到了有效控制，毛利率有所提升，期间费用率显著下降。 0 3 投 资 建 议 公司为国内少数能实现覆盖智能驾驶电子产品、研发服务及解决方案、高级别智能驾驶整体解决方案的企业之一，持续受益智能电动化进程。预计公司20 ...

0 1 事 件 概 述 公司发布2025年度业绩预增公告，预计2025年实现归属于母公司所有者的净利润约13.5亿元，同比+40.56%；预计实现扣非归母净利润约15亿元，同比+17.02%。 0 2 分 析 判 断 ► 海外业务盈利能力持续恢复 扣非归母净利润稳健增长 2025Q4归母净利润2.30亿元，同比+1,109.26%，环比-44.32%，扣非归母净利润3.78亿元，同比+10.79%，环比-9.28%。归母净利润同比高增，主要系公司 2024Q4推进欧洲区重组整合、削减人员产生一次性重组费用所致；扣非归母净利润同比稳健增长，主要系2025年公司采取的各项盈利改善和业务整合措施在全球各 业务区域逐步取得成效，海外业务盈利能力持续恢复所致；2025Q4扣非归母净利润高于归母净利润，主要系公司上市子公司广东香山衡器集团股份有限公司转让衡 器业务、公司优化处置海外个别工厂等事项导致非经常性损失约1.6亿元所致。 ► 定位汽车+机器人Tier1 聚焦机器人核心部件以及相关总成方案 公司于2025年初全面启动"汽车+机器人Tier1"的双轮驱动战略，聚焦机器人核心部件以及相关总成方案。公司目前主要为全球车企 ...

► 从李尔系到全面覆盖主流Tier1 从骨架到汽车整椅 公司与东风李尔合作至今已10余年，与泰极爱思系、麦格纳系、延锋系合作超过8年，近年来加速客户拓展，进入马夸特、佛吉亚、蜂巢能源科技、伟巴斯特、本特勒、天 纳克、曼德电子、蜂巢传动科技等体系，逐渐实现主流Tier1的全覆盖、市场份额持续提升。公司基于座椅骨架业务的经验与优势，2025年完成汽车座椅领域自身专家团队 的组件，目前公司高标准打造的研发实验室已正式投入使用，多家头部车企及新势力推进整椅方案的定制开发谈判中 。 ► 从汽车到铁路、机器人打开中长期成长空间 ①铁路集装箱，公司以打包方式通过了金鹰重工公司的铁路专用集装箱物料项目的招标审核，2024年再次新增对北方创业、漳州中集相关业务供货。②高铁整椅，目 前已获得相关供货资质证书，正在研发实验及交样前的准备阶段。③机器人：公司已完成机器人关键部件开发第一阶段的技术储备，并启动了跨学科高端人才引进计 划及专业团队建设；同时公司与上海机器人产业研究院等合作方设立子公司锡纳泰克，主营工业机器人的研发、生产与销售。 0 3 投 资 建 议 0 1 事 件 概 述 公司披露2025年业绩预增公告：预计2025年 ...

汽车重点公司2025年年报披露日历(2026年3月-4 基于公开资料整理,可能存在信息滞后或更新不及时、不全面的风险;任何情况下均不构成投资建议。 生| 研究所 深度 · | n ma mai n | | | 【国联民生汽车】崔琰15800865715 (SAC NO:S0100523110002) /白如/杜丰帆/姜煦洲/完颜 | | | --- | --- | --- | --- | --- | | - | | 三 | ਤ | 版 | | | | | 3月5日 | 3月6日 | | | | | 德赛西威 | | | 3月9日 | 3月10日 | 3月11日 | 3月12日 | 3月13日 | | 征和工业 | | | | 成飞集成 | | | | | | 贵航股份 | | 3月16日 | 3月17日 | 3月18日 | 3月19日 | 3月20日 | | | 福耀玻璃 | | 星宇股份 | 浙江黎明 | | | | | 飞龙股份 | | | 3月23日 | 3月24日 | 3月25日 | 3月26日 | 3月27日 | | 拓普集团 | 中集车辆 | 比亚迪 | 云意电气 | 广汽集团 | | | | 福 ...

摘要 ► 深耕制动系统 剑指线控底盘 产品端：公司为国内汽车制动系统龙头，现已形成机械制动+智能电控+机械转向+轻量化结构件四大业务布局，剑指线控底盘。客户端：公司客户结构从机械制动的奇瑞、吉 利、长安等自主品牌，逐步向智能电控的蔚小理、赛力斯、东风日产、江铃福特及轻量化的上汽通用、北美通用、欧洲沃尔沃等新势力、合资及全球化平台升级。 ► 智能化&电动化齐驱 全球化再进一步 1）智能化：公司为自主线控制动龙头，拓展业务至主动悬架领域，2022年收购浙江万达布局电控转向，打造线控底盘平台型布局，受益于行业智能化渗透率的持续提升。2）电 动化：公司是国内首家实现EPB量产的供应商，后拓展业务至ESC/电动尾门等领域，把握行业电动化机遇。3）全球化：公司2020年开始筹建墨西哥生产基地，2023实现墨西哥 基地投产，2024年起筹划摩洛哥基地，全球化持续加深。 ► 产业化拐点确立 三重驱动开启人形机器人万亿赛道 技术端，大模型突破通用性瓶颈，DeepSeek低成本训练范式加速AGI落地；产业端，特斯拉、英伟达、华为等科技巨头密集布局；政策端，政府工作报告明确，培育具身智能等 未来产业，大力发展智能机器人。我们预计2 ...

Market Performance - The automotive sector outperformed the market this week, with a 2.6% increase in A-share automotive stocks from January 19 to January 25, ranking 14th among Shenwan sub-industries, compared to a decline of 0.6% in the CSI 300 index [1] - Sub-sectors such as automotive services, commercial vehicles, automotive parts, motorcycles, and others saw increases of 6.9%, 4.8%, 4.0%, 1.4%, and 0.7% respectively, while passenger vehicles decreased by 1.4% [1] Investment Recommendations - Recommended core stocks include Geely Automobile, Xpeng Motors, BYD, Bertley, Top Group, New Spring Co., and Chunfeng Power [2] - For passenger vehicles, Geely, Xpeng, and BYD are recommended, with Jianghuai Automobile suggested for attention [5] - In the parts sector, recommendations include Bertley and Horizon Robotics for intelligent driving, and Top Group and New Spring Co. for new forces in the industry chain [5] - For motorcycles, recommended companies are Chunfeng Power and Longxin General [6] - In the tire sector, SAILUN and Senqilin are recommended [7] - For commercial vehicles, recommended companies include Weichai Power and China National Heavy Duty Truck for heavy trucks, and Yutong Bus for passenger vehicles [8] Strategic Collaborations - Changan Automobile signed a comprehensive strategic cooperation agreement with Midea Group to deepen the "people-car-home" smart ecosystem collaboration, allowing users to control 20 types of Midea smart appliances via voice and to check vehicle status remotely [4][11] Robotics Sector Insights - Tesla plans to sell humanoid robots to the public by 2027, with deliveries to enterprises expected to start in the second half of 2026. This development is anticipated to catalyze the robotics sector [3][10] - The focus is on the production and technological iteration of Tesla's robots, with domestic manufacturers like Yushutech expected to enter the IPO phase soon, which could serve as a strong catalyst for the sector [3][10] - Key hardware segments such as dexterous hands and lightweight components are expected to see significant changes, and the valuation of leading automotive robotics manufacturers is anticipated to undergo reconstruction [3][10][23] Policy and Market Trends - The new national subsidy policy for 2026 aims to stimulate demand by extending the scope of vehicle replacement subsidies, which is expected to improve the structure of subsidized models [12][18] - The subsidy for scrapping and replacing vehicles will be based on a percentage of the vehicle price, with electric vehicles receiving up to 20,000 yuan and fuel vehicles up to 15,000 yuan [14][16] - The overall discount rate for vehicles in December 2025 increased compared to November, indicating a competitive market environment [53][54] Motorcycle Market Dynamics - The sales of motorcycles above 250cc reached 69,000 units in December 2025, showing a year-on-year increase of 1.8% and a month-on-month increase of 12.9% [30] - The domestic sales of motorcycles above 250cc in December were 28,000 units, up 32.8% year-on-year, while exports showed a decline [31] Heavy Truck Market Recovery - The heavy truck market saw sales of approximately 95,000 units in December 2025, a year-on-year increase of about 13%, supported by the expanded scope of the vehicle replacement subsidy policy [34] - The average subsidy for scrapping and updating eligible trucks is 80,000 yuan, which is expected to stimulate demand significantly [34][36]

Core Viewpoint - The article emphasizes the ongoing growth and trends in the motorcycle industry, particularly focusing on sales data and market share for various motorcycle segments and manufacturers [2][3][4]. Sales Data Summary - For motorcycles with engine displacement over 250cc, December 2025 sales reached 69,000 units, a year-on-year increase of 1.8% and a month-on-month increase of 12.9%. Cumulative sales from January to December totaled 952,000 units, reflecting a year-on-year growth of 25.9% [2]. - In the 250cc to 400cc segment, December sales were 45,000 units, up 16.3% year-on-year and 28.3% month-on-month, with a total of 525,000 units sold in 2025, marking a 24.7% increase year-on-year [3]. - The 400cc to 500cc segment saw December sales of 9,000 units, down 51.7% year-on-year and 20.9% month-on-month, with a total of 218,000 units sold in 2025, down 7.2% year-on-year [3]. - The 500cc to 800cc segment experienced December sales of 13,000 units, a significant year-on-year increase of 63.6%, while cumulative sales for the year reached 186,000 units, up 115.9% year-on-year [3]. - For motorcycles over 800cc, December sales were 2,000 units, down 3.1% year-on-year but up 42.4% month-on-month, with total sales for the year at 23,000 units, reflecting a year-on-year increase of 57.8% [3]. Manufacturer Performance - Longxin General's December sales for the 250cc+ segment were 10,000 units, a year-on-year increase of 6.8%, with a market share of 15.0%, though down 4.5 percentage points month-on-month. The cumulative market share for 2025 was 14.8%, up 0.6 percentage points from 2024 [4]. - Chunfeng Power reported December sales of 10,000 units in the 250cc+ segment, down 43.8% year-on-year, with a market share of 14.8%, decreasing by 5.5 percentage points month-on-month. The cumulative market share for 2025 remained unchanged at 19.8% compared to 2024 [4]. - Qianjiang Motorcycle's December sales in the 250cc+ segment were 4,000 units, down 38.2% year-on-year, with a market share of 5.6%, decreasing by 1.2 percentage points month-on-month. The cumulative market share for 2025 was 11.9%, down 4.9 percentage points from 2024 [4]. Industry Outlook - The motorcycle industry is expected to see stable growth in the large-displacement segment, with wholesale sales of motorcycles over 250cc projected at 191,000 units in Q4 2025, a year-on-year increase of 4.3% but a month-on-month decrease of 26.3%. Domestic sales are anticipated to be 69,000 units, down 5.2% year-on-year and down 38.5% month-on-month, while export sales are expected to reach 122,000 units, up 10.5% year-on-year [7]. - The article suggests focusing on key companies in the motorcycle sector, particularly Chunfeng Power and Longxin General, as potential investment opportunities [10].

Core Viewpoint - The motorcycle industry is experiencing steady growth in sales, particularly in the mid to large displacement segment, with a total sales volume of 952,000 units in 2025, representing a year-on-year increase of 25.9% [2][3]. Industry Overview - Monthly sales of motorcycles above 125cc reached 655,000 units in December, up 0.6% year-on-year and 3.5% month-on-month, driven by significant contributions from leading companies like Chunfeng Power and Longxin General [3]. - For motorcycles above 250cc, December sales were 69,000 units, reflecting a year-on-year increase of 1.8% and a month-on-month increase of 12.9% [3]. - Cumulative exports of 250cc+ motorcycles in 2025 reached 533,000 units, a year-on-year increase of 48.5%, while December exports were 41,000 units, down 12.1% year-on-year [3][4]. Sales Structure - The 250cc to 400cc segment saw December sales of 45,000 units, up 16.3% year-on-year and 28.3% month-on-month, with a total of 525,000 units sold in 2025, up 24.7% year-on-year [5]. - The segment above 800cc had December sales of 200 units, with a year-on-year decrease of 3.1% but a month-on-month increase of 42.4%, totaling 23,000 units for the year, up 57.8% year-on-year [5]. Key Players - The top three companies in the 250cc+ segment in December were Longxin General, Chunfeng Power, and Qianjiang Motorcycle, with a combined market share of 35.4% [6]. - Longxin General sold 10,000 units in December, a year-on-year increase of 6.8%, while Chunfeng Power's sales dropped by 43.8% to 10,000 units [6][7]. - Qianjiang Motorcycle's December sales were 4,000 units, down 38.2% year-on-year [7]. Product Development - Chunfeng Power's total two-wheeler sales in December were 38,000 units, up 24.7% year-on-year, with significant growth in electric motorcycle sales [8]. - The company plans to launch new models in the 450cc and 650cc categories, which are expected to drive sales growth [13]. - Longxin General is focusing on expanding its export business, with a total of 138,200 units exported in 2025, despite a year-on-year decline of 12.1% in December [14][17]. Market Outlook - The mid to large displacement motorcycle market is expected to continue expanding, driven by new model launches and increasing demand for high-end motorcycles [22]. - The industry is witnessing a shift towards higher displacement models, with companies like Chunfeng Power and Longxin General leading the charge in product innovation and market penetration [22].

Core Viewpoint - The company expects significant growth in its 2025 annual performance, projecting a net profit attributable to shareholders of 1.65 to 1.8 billion yuan, representing a year-on-year increase of 47.2% to 60.5% [2]. Group 1: Performance Forecast - The company anticipates a net profit of 1.65 to 1.8 billion yuan for 2025, with a growth rate of 47.2% to 60.5% year-on-year. The expected non-recurring net profit is projected to be between 1.6 to 1.75 billion yuan, reflecting a year-on-year increase of 46.0% to 59.7% [2]. - For Q4 2025, the company estimates a net profit of approximately 150 million yuan, which is a decline of 33.6% year-on-year and 70.6% quarter-on-quarter. The non-recurring net profit for the same quarter is also expected to be around 150 million yuan, down 42.3% year-on-year and 70.4% quarter-on-quarter [3]. Group 2: Employee Stock Ownership Plan - In December 2025, the company announced an employee stock ownership plan with a scale not exceeding 400 million yuan, which corresponds to approximately 2.594 million shares, accounting for 1.3% of the total share capital. The performance assessment conditions for 2026 to 2028 are set to achieve revenue growth targets for self-owned brands [4]. Group 3: Motorcycle Sales Growth - The company projects sales of large-displacement motorcycles to reach 108,000 units in 2024 and 141,000 units in 2025, with year-on-year growth rates of 43.1% and 31.2%, respectively. Export sales are expected to be 51,000 units in 2024 and 90,000 units in 2025, with growth rates of 24.8% and 76.9% [5]. - The company's brand, Wujin, has made significant inroads in the European market, with sales in Spain reaching 15,000 units from January to November 2025, marking an increase of 80.7% year-on-year. In Italy, sales for the same period grew by 96.5% year-on-year [5]. Group 4: Financial Projections - The company forecasts revenues of 20.158 billion yuan for 2025, with a growth rate of 19.8%. The net profit attributable to shareholders is expected to be 1.767 billion yuan, reflecting a growth rate of 57.6% [7]. - The projected earnings per share (EPS) for 2025 is 0.86 yuan, with a price-to-earnings (PE) ratio of 18 times based on the closing price on January 16, 2026 [6][7].

Market Performance - The automotive sector outperformed the market this week, with the A-share automotive sector rising by 0.5%, ranking 12th among Shenwan sub-industries, compared to the CSI 300 which fell by 0.9% [3] - Within the sub-sectors, automotive services and automotive parts increased by 4.5% and 1.8% respectively, while commercial passenger vehicles, commercial freight vehicles, motorcycles, and passenger cars saw declines of -1.1%, -1.3%, -1.7%, and -1.9% respectively [3] Investment Recommendations - The core investment recommendations for this month include Geely Automobile, Xpeng Motors, BYD, Berteli, Top Group, New Spring Co., and Chunjun Power [4] 2025Q4 Outlook - Total wholesale sales of passenger vehicles are expected to be 8.748 million units in 2025Q4, a year-on-year decrease of 1.3% but a quarter-on-quarter increase of 13.8% [5] - In the new energy sector, wholesale sales of new energy passenger vehicles are projected to reach 4.46 million units, a year-on-year increase of 3.1% and a quarter-on-quarter increase of 10.9% [5] - Price competition is expected to ease, with discounts stabilizing and profitability improving [5] - Companies expected to perform well year-on-year in 2025Q4 include Seres, Xiaomi Motors, NIO, Leap Motor, and Geely [5] Components Sector - Revenue in the components sector is expected to be driven by strong performances from Xiaomi, Geely, and BYD, while costs are anticipated to decrease due to lower raw material prices and shipping costs [36] - The average global shipping cost in 2025Q4 is projected to be $3,484, a year-on-year decrease of 2.6% [38] - The performance of the components sector is expected to diverge significantly based on customer structure, with companies like Top Group and Hu Guang expected to perform well [41] Heavy Trucks - The heavy truck sector is expected to see continued recovery in demand, with wholesale sales projected at 231,000 units in 2025Q4, a year-on-year increase of 34.7% [42] - The market competition is expected to remain stable, with companies like FAW Group and Beiqi Foton gaining market share [43] Motorcycles - The wholesale sales of large-displacement motorcycles (over 250cc) are expected to be 191,000 units in 2025Q4, a year-on-year increase of 4.3% but a quarter-on-quarter decrease of 26.3% [60] - Domestic sales are projected to be 69,000 units, a year-on-year decrease of 5.2% [60] - Export sales are expected to reach 122,000 units, a year-on-year increase of 10.5% [60] Policy Impact - The continuation of the vehicle replacement policy is expected to stimulate demand, with subsidies for scrapping old vehicles remaining in place [33][64] - The new subsidy policy for 2026 will shift to a percentage of the vehicle price, which is expected to improve the structure of subsidized models [65][70]