摘要 ► 本 周数据： 2025年4月第4周（4.21-4.27）乘用车销量45.3万辆，同比+5.1%，环比+17.0%；新能源乘用车销量23.8万辆，同比+22.5%，环比+16.4%；新能 源渗透率52.5%，环比-0.3%。 ► 本周行情 ： 汽车板块本周表现强于市场 本周（4月28-4月30日）A股汽车板块上涨3.97%，在申万子行业中排名第2位，表现强于沪深300（-0.59%）。细分板块中，汽车零部件、摩托车 及其他、商用载货车、汽车服务、乘用车分别上涨6.77%、5.07%、1.81%、1.33%、0.38%，商用载客车下跌2.39%。 ► 本周观点： 本月建议关注核心组合【比亚迪、吉利汽车、小鹏汽车、小米集团、伯特利、拓普集团、新泉股份、沪光股份、春风动力】。 ► 2025Q1：政策促进内需 具身智能加速 乘用车： 2025Q1乘用车批发销量636.1万辆，同比+11.9%，环比-28.2%；受政策驱动，需求表现较好。结构端，受春节燃油旺季影响，新能源同比高增， 出口相对平稳。2025Q1新能源乘用车批发销量287.2万辆，同比+45.1%，环比-33.7%。价格端，2025Q1价格竞争相对 ...

Event Overview - The company disclosed its 2024 annual report and Q1 2025 report, achieving a total revenue of 16.82 billion yuan in 2024, a year-on-year increase of 28.7%, and a net profit attributable to shareholders of 1.15 billion yuan, a year-on-year increase of 97.1%. For Q1 2025, the company reported a revenue of 4.65 billion yuan, a year-on-year increase of 41.0%, and a net profit of 510 million yuan, a year-on-year increase of 96.8%, exceeding previous performance forecasts [1]. Analysis and Judgment - Q1 2025 performance exceeded expectations, driven by the growth of the Wujie brand and the channel vehicle business. The revenue for Q4 2024 was 4.60 billion yuan, a year-on-year increase of 24.3%, with growth attributed to the rapid expansion of the Wujie brand. The Q1 2025 revenue reached a historical high of 4.65 billion yuan, primarily due to: 1) High growth in Wujie brand and channel vehicle business, with motorcycle product revenue of 2.74 billion yuan, a year-on-year increase of 39.4% (Wujie brand revenue was 860 million yuan, a year-on-year increase of 41.8%); 2) Recovery in general machinery business with sales revenue of 1.126 billion yuan, a year-on-year increase of 65.37%; 3) Growth in motorcycle engines and all-terrain products [1]. - On the profit side, the net profit attributable to shareholders for Q4 2024 was 220 million yuan, turning from loss to profit, but down 28.0% quarter-on-quarter due to asset/credit impairment of approximately 200 million yuan. The Q1 2025 performance showed rapid growth both year-on-year and quarter-on-quarter, mainly due to the synergy of volume and profit from the Wujie brand, high growth in channel vehicle business, and optimization of the expense structure [1]. - The expense structure significantly improved under scale effects, with Q1 2025 sales/management/R&D/financial expenses at 1.0%/2.5%/2.0%/-0.7%, showing year-on-year changes of -0.8/-1.9/-1.2/+0.2 percentage points and quarter-on-quarter changes of +0.0/-0.2/-0.2/+1.0% [1]. Product and Channel Growth - In 2024, the Wujie brand achieved revenue of 3.15 billion yuan, a year-on-year increase of 111.4%. Domestic sales revenue was 1.81 billion yuan, a year-on-year increase of 114.5%, while export sales revenue was 1.35 billion yuan, a year-on-year increase of 107.5%. The European market contributed significantly, with sales revenue of 1.02 billion yuan, a year-on-year increase of 133.4%. By the end of 2024, the company established 990 domestic sales outlets and 1,165 overseas sales outlets, including nearly 900 in Europe, laying a solid foundation for continued sales growth [2]. Global Expansion of Mid-to-Large Displacement Motorcycles - The company's mid-to-large displacement motorcycle sales (over 250cc) were 75,000 and 108,000 units in 2023 and 2024, respectively, representing year-on-year growth of 53.7% and 43.1%. Export sales were 41,000 and 51,000 units, with year-on-year growth of 47.7% and 24.8%, respectively, primarily driven by the Wujie brand. In 2024, the Wujie brand saw rapid sales growth in Spain, with cumulative sales reaching 9,000 units, a year-on-year increase of 128.5%, and market share rising to 4.2%. In Q1 2025, sales reached 2,336 units, a year-on-year increase of 44.6%, ranking fifth in the market. In Italy, the SR16 scooter model sold 1,033 units in Q1 2025, becoming the best-selling domestic model [3]. Investment Recommendations - The company is expected to benefit from the dual expansion of the Wujie brand in both product and channel, accelerating growth through volume and profit synergy. Revenue projections for 2025-2027 are 20.16 billion, 23.71 billion, and 27.64 billion yuan, with net profits of 1.95 billion, 2.41 billion, and 2.88 billion yuan, respectively. The EPS is projected to be 0.95, 1.17, and 1.40 yuan, corresponding to a closing price of 12.45 yuan per share on April 30, 2025, with PE ratios of 13, 11, and 9 times [4].

01 事件概述 公司披露2025第一季度报告，2025Q1营收为16.7亿元，同比+1.4%，环比-6.0%；归母净利2.6亿元，同比 +11.0%，环比+30.1%；扣非净利2.4亿元，同比+6.6%，环比+19.0%。 ► 前瞻布局机器人业务，内生+外延加速成长 公司积极布局机器人领域， 内生层面： 设立全资子公司瞬动机器人技术（宁波）有限公司，聘任机器人领域 技术与创业经验丰富的张恂杰先生为副总经理，加速布局人形机器人、外骨骼机器人相关业务； 外延层面： 公司拟通过发行股份+募资方式收购卓尔博71%股权，交易对价总额为11.2亿元，其中计划发行4,193万股（占 发行后爱柯迪总股本比例4.27%）支付6.2亿元，同时计划向不超过35名特定投资者募资不超过5.2亿元支付剩 余款项。通过并购，公司有望发挥其在精密制造领域的优势，赋能卓尔博，加速机器人领域的技术创新和市场 拓展。卓尔博2024年营业收入为10.5亿元，归母净利润为1.5亿元，净利率为14.6%。 公司与卓尔博签订《盈 利预测补偿协议》，2025-2027年净利润目标分别为1.4/1.6/1.7亿元。 ► 推出股权激励方案 保障公司长远发展 根 ...

Group 1 - The company's Q1 2025 revenue reached 3.42 billion yuan, representing a year-on-year increase of 15.1% and a quarter-on-quarter decrease of 2.3% [1] - The net profit attributable to the parent company for Q1 2025 was 210 million yuan, up 10.9% year-on-year and up 18.5% quarter-on-quarter [1] - The gross profit margin for Q1 2025 was 19.8%, a decrease of 1.8 percentage points year-on-year and 0.4 percentage points quarter-on-quarter, mainly due to product price declines and structural changes [1] Group 2 - The company aims to enhance its global operations, with a significant focus on North America, where self-operated business revenue reached 200 million USD in 2024, a year-on-year increase of 50.5% [2] - The European segment achieved revenue of 160 million yuan in 2024, reflecting a year-on-year growth of 31.3% [2] Group 3 - The company has been developing its third growth curve since 2021, focusing on digital and energy thermal management, with significant orders from clients like AUX and Sungrow in H1 2023 [3] - In 2024, the company secured major projects including large cooling modules for diesel generators and energy storage liquid cooling systems, with new orders in the digital energy business amounting to 953 million yuan [3] Group 4 - The company is expected to achieve revenues of 15.61 billion yuan, 18.47 billion yuan, and 21.76 billion yuan for the years 2025, 2026, and 2027 respectively, with net profits of 1.09 billion yuan, 1.44 billion yuan, and 1.79 billion yuan [3]

01 事件概述 2025 年4 月重点新能源车企交付量发布，据各公司披露数据： 零跑 41,039 辆，同比 +173.5% ，环比 +10.6% ； 小鹏 35,045 辆，同比 +273.1% ，环比 +5.5% ； 理想 33,939 辆，同比 +31.6% ，环比 -7.5% ； 埃安 28,301 辆，同比 +0.7% ，环比 -17.0% ； 蔚来 23,900 辆，同比 +53.0% ，环比 +58.9% ； 极氪 13,727 辆，同比 -14.7% ，环比 -11.0% ； 小米超 28,000 辆。 02 分析判断 ► 4 月汽车市场平稳增长 上海车展新车上市 4 月汽车市场平稳增长，上海车展新车上市。乘联会初步推算本月狭义乘用车零售总市场规模约为 175.0 万辆左右，同比去年增长 14.4% ， 环比上月 -9.8% ，其中新能源零售预计可达 90 万，渗透率 51.4% 。 4 月 6 家样本新势力车企（不含小米）合计交付 175,951 辆，同比 +59.9% ，环比 +2.6% 。 4 月上半月整体车市热度仍维持较高水平，下半月上海车展开幕；新车型集中上市，新能源热点产品逐一开启 ...

Event Overview - The company disclosed its 2024 annual report and Q1 2025 report, achieving revenue of 2.776 billion yuan in 2024, a year-on-year increase of 19.32%, and a net profit attributable to shareholders of 235 million yuan, a year-on-year increase of 47.92% [2] - For Q1 2025, revenue was 636 million yuan, a year-on-year increase of 6.40% but a quarter-on-quarter decrease of 18.62%, with a net profit of 27 million yuan, a year-on-year decrease of 53.27% and a quarter-on-quarter decrease of 40.03% [2] Revenue Growth and Profit Pressure - Revenue growth was supported by the steady growth of the domestic and international automotive markets, with key product sales maintaining robust growth [3] - In 2024, the revenue from car speakers, amplifiers, and AVAS business increased by 10.84%, 47.97%, and 40.10% respectively [3] - Profitability faced short-term pressure due to several factors, including initial operational costs of the Hefei factory, overall product price reductions, losses from the Czech factory, and reduced government subsidies [3] Product Performance - In 2024, speaker revenue was 2.050 billion yuan, accounting for 73.84% of total revenue, while amplifier revenue was 534 million yuan, accounting for 19.23% [4] - The company maintained high R&D investment to consolidate its advantages in car audio systems and develop emerging automotive electronics and acoustic application software [4] Capacity Expansion - The company is actively expanding overseas production capacity, particularly in Mexico and the Czech Republic, to enhance competitiveness [5] - The Hefei factory, completed in 2024, is currently ramping up production capacity, which will improve the company's manufacturing capabilities and better meet customer and market demands [5] Future Projections - The company is expected to achieve revenues of 3.256 billion yuan, 3.844 billion yuan, and 4.373 billion yuan in 2025, 2026, and 2027 respectively, with net profits of 246 million yuan, 413 million yuan, and 559 million yuan [6][8] - The projected earnings per share (EPS) for 2025, 2026, and 2027 are 1.51 yuan, 2.53 yuan, and 3.43 yuan respectively, with corresponding price-to-earnings (PE) ratios of 18, 11, and 8 [6][8]

Core Viewpoint - The company reported a strong performance in Q1 2025, with revenue and net profit exceeding market expectations, indicating successful diversification and growth strategies [2][4]. Revenue Analysis - In Q1 2025, the company achieved revenue of 57.464 billion yuan, a year-on-year increase of 1.92% and a quarter-on-quarter increase of 6.94% [2]. - The engine supply volume was 38,000 units, down 17.98% year-on-year but up 15.57% quarter-on-quarter, while natural gas engine supply reached 25,200 units, down 17.67% year-on-year but up 55.07% quarter-on-quarter [2]. - The company's revenue growth occurred despite a decline in engine supply, reflecting successful diversification efforts [2]. Profitability Metrics - The net profit attributable to shareholders for Q1 2025 was 2.711 billion yuan, up 4.27% year-on-year but down 9.72% quarter-on-quarter [2]. - Adjusting for a provision of 472 million yuan from subsidiary KION GROUP AG, the adjusted net profit was 3.183 billion yuan, representing a year-on-year increase of 22.42% [2]. - The gross margin for Q1 2025 was 22.23%, with a slight year-on-year increase of 0.12 percentage points but a decrease of 1.92 percentage points quarter-on-quarter [2]. Expense Analysis - The expense ratios for sales, management, R&D, and financial costs were 5.63%, 7.12%, 3.55%, and -0.36%, respectively [2]. - Management expense ratio increased significantly due to provisions related to efficiency plans at KION, while financial expense ratio decreased due to increased foreign exchange gains [2]. Product Structure and Share Buyback - The company is optimizing its product structure, with steady growth in engines, vehicles, smart logistics, and agricultural equipment [3]. - The agricultural equipment segment saw a significant increase, with subsidiary Weichai Lovol achieving revenue of 17.393 billion yuan in 2024, up 18.38% year-on-year [3]. - The company announced a share buyback plan of no less than 500 million yuan and up to 1 billion yuan, reflecting management's confidence in the company's future [4]. Market Policy Impact - The expansion of the old-for-new vehicle policy by the Ministry of Transport and other agencies is expected to boost demand for natural gas heavy trucks [5]. - The policy now includes subsidies for natural gas heavy trucks and vehicles meeting the National IV emission standards, potentially driving an additional demand of approximately 76,000 units [5]. Investment Outlook - The company is positioned as a leader in the domestic engine sector, with projected revenues of 231.11 billion yuan, 241.61 billion yuan, and 248.86 billion yuan for 2025-2027 [6]. - Net profit attributable to shareholders is expected to reach 12.749 billion yuan, 14.226 billion yuan, and 15.445 billion yuan for the same period [6]. - The earnings per share (EPS) are projected to be 1.46 yuan, 1.63 yuan, and 1.77 yuan, with corresponding price-to-earnings (PE) ratios of 10, 9, and 9 times [6].

Event Overview - The company released its Q1 2025 report, achieving revenue of 619 million yuan, a year-on-year increase of 13.40%; net profit attributable to shareholders was 104 million yuan, up 30.42% year-on-year; and net profit excluding non-recurring items was 103 million yuan, an increase of 27.46% year-on-year [2]. Performance Exceeds Expectations - Revenue: In Q1 2025, revenue reached 619 million yuan, a year-on-year increase of 13.40% but a quarter-on-quarter decrease of 7.80%. The company has sufficient orders for synchronizers and differentials, supporting stable revenue growth [3]. - Profit: The net profit attributable to shareholders in Q1 2025 was 104 million yuan, a year-on-year increase of 30.42% and a quarter-on-quarter increase of 32.61%. The net profit excluding non-recurring items was 103 million yuan, up 27.46% year-on-year and 23.54% quarter-on-quarter. The gross profit margin for Q1 2025 was 32.15%, down 2.11 percentage points year-on-year and 1.44 percentage points quarter-on-quarter. Revenue growth, increased gross profit, and gains from the disposal of long-term equity investments drove significant growth in net profit [3]. - Expenses: In Q1 2025, the expense ratios for sales, management, R&D, and financial expenses were 0.78%, 5.36%, 5.27%, and 2.49%, respectively. Year-on-year changes were +0.13, -0.04, -0.95, and -1.69 percentage points, while quarter-on-quarter changes were +1.49, -3.13, -0.38, and -0.30 percentage points. The company continues to promote cost reduction and efficiency improvement, resulting in an overall decrease in expenses [3]. Business Growth Areas - Differential Business: In 2024, the differential business achieved revenue of 470 million yuan, a year-on-year increase of 72.80%, with a gross profit margin of 9.03%, up 11.68 percentage points year-on-year. The Luzhou base reached full production capacity of 5 million sets, with plans to build a capacity of 10 million sets by 2030, effectively covering major manufacturers of new energy vehicles [4]. - Synchronizer Business: In 2024, the synchronizer business generated revenue of 1.24 billion yuan, a year-on-year increase of 44.02%, with a gross profit margin of 33.65%, up 5.58 percentage points year-on-year. The company is a leader in the synchronizer industry, with significant technological advantages, supplying major domestic and international automotive manufacturers [4]. - Aerospace Components Business: In 2024, the aerospace components business achieved revenue of 283 million yuan, a year-on-year increase of 27.71%, with a gross profit margin of 47.91%, up 0.78 percentage points year-on-year. The company invested 300 million yuan in December 2024 to establish an "Intelligent Manufacturing Center for Aerospace Components" to optimize existing production lines and improve operational efficiency [4]. Strategic Initiatives - The company is accelerating its layout in the robot reducer sector, aiming to create a second growth curve. In September 2024, the company signed an agreement with the People's Government of Bishan District, Chongqing, to jointly develop a robot industry ecosystem, with a total investment of 1 billion yuan for the construction of production lines for new energy vehicle planetary reducers and high-precision industrial planetary reducers [5]. The wholly-owned subsidiary, Chongqing Haoneng, is building a "Core Components of Intelligent Manufacturing Project" and is expanding into high-precision reducers and joint drive assemblies [5]. Financial Projections - The company is expected to generate revenues of 3.015 billion yuan, 3.599 billion yuan, and 4.131 billion yuan from 2025 to 2027, with net profits attributable to shareholders of 432 million yuan, 541 million yuan, and 695 million yuan, respectively. Corresponding EPS is projected to be 0.52 yuan, 0.65 yuan, and 0.83 yuan, with PE ratios of 26, 21, and 16 times, respectively [7][9].

Core Viewpoint - The company reported its Q1 2025 results, showing revenue growth and profitability, indicating a positive outlook for the future [2][4]. Revenue Performance - In Q1 2025, the company achieved revenue of 12.908 billion yuan, a year-on-year increase of 12.97% and a quarter-on-quarter increase of 13.80, meeting expectations [4]. - The wholesale sales of heavy trucks in China were 265,000 units, down 2.71% year-on-year but up 20.99% quarter-on-quarter, with the company's sales of 74,200 units, down 3.17% year-on-year but up 32.34% quarter-on-quarter, indicating the company's revenue growth outperformed the industry [4]. Profitability Analysis - The company reported a net profit attributable to shareholders of 310 million yuan in Q1 2025, a year-on-year increase of 13.26% but a quarter-on-quarter decline of 43.13%, attributed to seasonal effects [4]. - The gross profit margin for Q1 2025 was 7.05%, down 0.82 percentage points year-on-year and 4.49 percentage points quarter-on-quarter, due to changes in export business proportion and product structure [4]. - The net profit margin was 3.33%, showing a year-on-year increase of 0.12 percentage points despite the decline in gross margin, indicating effective cost control measures [4]. Cost Management - The expense ratios for sales, management, R&D, and financial costs in Q1 2025 were 0.72%, 0.60%, 1.54%, and -0.47%, respectively, showing a year-on-year decline across the board, reflecting successful cost reduction and efficiency improvement efforts [4]. Export Performance - Heavy truck exports in Q1 2025 showed both year-on-year and quarter-on-quarter growth, with a total export volume of 74,100 units, up 0.10% year-on-year and 7.51% quarter-on-quarter, indicating strong demand in the overseas market [5][6]. - The group’s export volume was 33,000 units, down 2.98% year-on-year but up 12.33% quarter-on-quarter, outperforming industry growth rates [6]. Policy Impact - The recent expansion of the old-for-new vehicle replacement policy is expected to boost domestic demand, with the inclusion of natural gas heavy trucks in the subsidy program, benefiting the company as a leading player in the heavy truck industry [7]. Investment Outlook - The industry demand is recovering, and the company is expected to benefit from high export demand. Revenue projections for 2025-2027 are 56.16 billion, 64.02 billion, and 71.71 billion yuan, with net profits of 1.77 billion, 2.03 billion, and 2.34 billion yuan, respectively [8].

Core Viewpoint - The company reported a revenue of 7.025 billion yuan for 2024, a year-on-year increase of 19.12%, but a net profit attributable to shareholders of 303 million yuan, a decrease of 20.14% year-on-year. The first quarter of 2025 showed a revenue of 1.905 billion yuan, up 28.46% year-on-year, and a net profit of 95 million yuan, up 39.99% year-on-year [2][4]. Revenue and Profit Analysis - In Q4 2024, the company achieved a revenue of 1.999 billion yuan, a year-on-year increase of 14.71% and a quarter-on-quarter increase of 8.46%. The revenue for Q1 2025 was 1.905 billion yuan, showing a year-on-year increase of 28.46% but a quarter-on-quarter decrease of 4.69%. The growth in revenue was attributed to increased sales from key customers, with 92,864 vehicles delivered by Li Auto in Q1 2025, a year-on-year increase of 15.50% [2][3]. - The net profit attributable to shareholders in Q4 2024 was 54 million yuan, a year-on-year increase of 34.71% but a quarter-on-quarter decrease of 46.20%, impacted by stock incentive costs and shipping fees. In Q1 2025, the net profit was 95 million yuan, a year-on-year increase of 39.99% and a quarter-on-quarter increase of 76.46% [2][3]. - The gross margin for Q4 2024 was 22.18%, down 4.00 percentage points year-on-year and 2.42 percentage points quarter-on-quarter, primarily due to changes in product mix. The gross margin for Q1 2025 was 23.25%, down 6.20 percentage points year-on-year but up 1.07 percentage points quarter-on-quarter [2][3]. Expense Analysis - In Q4 2024, the expense ratios for sales, management, R&D, and financial costs were 2.83%, 3.80%, 7.64%, and 2.37%, respectively, showing year-on-year changes of -2.50, -2.42, -1.47, and +1.13 percentage points. The financial cost changes were due to increased interest expenses. In Q1 2025, the expense ratios were 2.87%, 5.94%, 6.96%, and 0.47%, with year-on-year changes of -0.79, -1.65, -1.91, and -1.36 percentage points, indicating a decrease in stock incentive costs [2][3]. Business Growth and Orders - The company’s emerging businesses are growing rapidly, with sensor revenue reaching 665 million yuan in 2024, a year-on-year increase of 25.37%, accounting for 9.71% of total revenue. As of Q1 2025, the ADAS business had accumulated orders exceeding 6.67 billion yuan, with new orders of 712 million yuan added in Q1 2025 [3]. - The air suspension business also showed significant growth, with revenue of 993 million yuan in 2024, a year-on-year increase of 41.80%, accounting for 14.51% of total revenue. As of Q1 2025, the air suspension business had accumulated orders exceeding 23.48 billion yuan [4]. Investment Outlook - The company maintains a leading global market share in traditional businesses, with a solid foundation. The emerging business product matrix is complete, creating new growth points. Revenue projections for 2025-2027 are 8.676 billion, 10.836 billion, and 13.057 billion yuan, with net profits of 501 million, 654 million, and 836 million yuan, respectively. Corresponding EPS estimates are 2.34, 3.05, and 3.90 yuan, with PE ratios of 16, 12, and 10 times [4][6].