业绩稳健增长，借助重汽国际持续开拓海外市场 中国重汽(000951) 证券研究报告 商用车 / 公司点评 / 2025.09.02 投资评级:增持(维持) | 基本数据 | 2025-09-02 | | --- | --- | | 收盘价(元) | 17.88 | | 流通股本(亿股) | 11.75 | | 每股净资产(元) | 13.22 | | 总股本(亿股) | 11.75 | 最近 12 月市场表现 核心观点 | 盈利预测 | | | | | | | --- | --- | --- | --- | --- | --- | | [币种Table_FinchinaSimple] (人民币) | 2023A | 2024A | 2025E | 2026E | 2027E | | 营业收入(百万元) | 42,070 | 44,929 | 52,729 | 57,784 | 63,654 | | 收入增长率(%) | 46.0 | 6.8 | 17.4 | 9.6 | 10.2 | | 归母净利润(百万元) | 1,080 | 1,480 | 1,725 | 1,987 | 2,177 | | 净利润增长率 ...

Investment Rating - The report maintains an investment rating of "Positive" for the heavy truck industry [1]. Core Insights - The heavy truck industry continues to exhibit high prosperity, with August 2025 sales reaching approximately 84,000 units, a 35% increase year-on-year [5]. - Environmental policies are driving the heavy truck industry, with significant support from government initiatives aimed at replacing older vehicles [5]. - The demand for natural gas and new energy heavy trucks has shown substantial growth, with new energy truck sales in August exceeding 16,000 units, marking a year-on-year increase of over 160% [5]. - The report suggests focusing on leading companies in the heavy truck sector, including China National Heavy Duty Truck Group, Weichai Power, and CIMC Vehicles [5]. Summary by Sections Market Performance - The heavy truck market in August 2025 saw a slight month-on-month decline of 1% but a significant year-on-year increase of 35% [5]. Policy Impact - The implementation of differentiated subsidies for scrapping older trucks has positively influenced the market, leading to sustained growth over five consecutive months [5]. Export Performance - Heavy truck exports are expected to grow by approximately 10% year-on-year in August 2025, exceeding expectations [5]. Company Ratings - Key companies in the industry have received "Accumulate" ratings, including: - Weichai Power: Market cap of 129.08 billion, EPS forecasted to grow from 1.31 to 1.63 from 2024 to 2026 [4]. - China National Heavy Duty Truck Group: Market cap of 21.14 billion, with EPS expected to rise from 1.26 to 1.75 [4]. - CIMC Vehicles: Market cap of 17.17 billion, with EPS projected to increase from 0.58 to 0.89 [4].

收入同比高增长，辅助驾驶持续落地 黑芝麻智能(02533) 证券研究报告 软件开发 / 公司点评 / 2025.09.02 投资评级:增持(维持) 盈利预测 | [币种Table_FinchinaSimple] (人民币) | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业收入(百万) | 312 | 474 | 888 | 1,493 | 3,487 | | 收入增长率(%) | 88.82 | 51.81 | 87.21 | 68.14 | 133.56 | | 归母净利润(百万) | -4,855 | 313 | -900 | -447 | 203 | | 净利润增长率(%) | — | — | -387.35 | — | — | | EPS(元) | -68.40 | 1.20 | -1.42 | -0.70 | 0.32 | | PE | 0.00 | 21.92 | — | — | 51.49 | | ROE(%) | 43.76 | 28.66 | -91.08 | -43.05 ...

8 月新能源汽车行业洞察 汽车 证券研究报告 行业点评报告 / 2025.09.02 投资评级:看好(维持) 最近 12 月市场表现 -4% 9% 22% 34% 47% 60% 汽车 沪深300 上证指数 分析师 邢重阳 SAC 证书编号：S0160522110003 xingcy01@ctsec.com 分析师 李渤 SAC 证书编号：S0160521050001 libo@ctsec.com 相关报告 1. 《中大排量车型景气依旧，国内市场稳步 向好》 2025-08-19 2. 《7 月新能源汽车行业洞察》 2025- 08-03 3. 《7 月重卡行业洞察》 2025-08-01 零跑、小鹏、蔚来单月交付量均创历史新高 核心观点 请阅读最后一页的重要声明！ 信息披露 ⚫ 分析师承诺 作者具有中国证券业协会授予的证券投资咨询执业资格，并注册为证券分析师，具备专业胜任能力，保证报告所采用的数 据均来自合规渠道，分析逻辑基于作者的职业理解。本报告清晰地反映了作者的研究观点，力求独立、客观和公正，结论 不受任何第三方的授意或影响，作者也不会因本报告中的具体推荐意见或观点而直接或间接收到任何形式的补偿。 ❖ ...

Investment Rating - The investment rating for the company is "Accumulate" (maintained) [2] Core Views - The company reported a revenue of 511.09 billion yuan for the first half of 2025, a decrease of 5.93% year-on-year, and a net profit attributable to shareholders of 11.83 billion yuan, down 17.17% year-on-year [7][8] - The company is expected to achieve net profits of 26.36 billion yuan, 27.96 billion yuan, and 30.04 billion yuan for the years 2025, 2026, and 2027 respectively, corresponding to PE ratios of 5.3, 5.0, and 4.6 [7][8] Financial Performance Summary - Revenue for 2023 was 1,260.84 billion yuan, with a growth rate of 9.5%. For 2024, revenue is projected to decline by 8.2% to 1,157.44 billion yuan, and further decrease by 3.5% in 2025 to 1,117.34 billion yuan [6][9] - The net profit for 2023 was 33.48 billion yuan, with a growth rate of 7.1%. The net profit is expected to decline by 16.7% in 2024 to 27.89 billion yuan and by 5.5% in 2025 to 26.36 billion yuan [6][9] - The company's gross margin for the first half of 2025 was 8.53%, a decrease of 0.3 percentage points year-on-year [8] Business Segment Performance - The company’s revenue from infrastructure, design consulting, equipment manufacturing, and real estate development for the first half of 2025 was 436.25 billion yuan, 8.91 billion yuan, 13.75 billion yuan, and 15.61 billion yuan respectively, with year-on-year changes of -7.78%, -0.60%, +14.39%, and +7.83% [7][8] - The gross margins for these segments were 7.37%, 24.80%, 18.16%, and 9.15% respectively, with slight declines in margins for infrastructure and design consulting [7][8] Regional Performance - Domestic revenue was 475.53 billion yuan, down 6.83% year-on-year, while overseas revenue was 36.97 billion yuan, up 8.34% year-on-year [7][8] New Contracts - The company secured new contracts worth 1,108.69 billion yuan in the first half of 2025, an increase of 2.8% year-on-year, with domestic and overseas new contracts at 983.82 billion yuan and 124.87 billion yuan respectively [7][8]

业绩稳健增长，加速推动智能化普及 比亚迪(002594) 证券研究报告 乘用车 / 公司点评 / 2025.09.01 投资评级:增持(维持) | 基本数据 | 2025-09-01 | | --- | --- | | 收盘价(元) | 109.70 | | 流通股本(亿股) | 71.71 | | 每股净资产(元) | 69.25 | | 总股本(亿股) | 91.17 | 最近 12 月市场表现 -4% 11% 25% 39% 54% 68% 比亚迪 沪深300 上证指数 分析师 邢重阳 SAC 证书编号：S0160522110003 xingcy01@ctsec.com 分析师 李渤 SAC 证书编号：S0160521050001 libo@ctsec.com 相关报告 1. 《业绩同比高增长，加速高端化、全球化 布局》 2025-04-09 2. 《超级 e 平台技术发布，汉 L、唐 L 开 启预售》 2025-03-18 3. 《全系车型搭载"天神之眼"，加快智驾 步伐》 2025-02-11 核心观点 盈利预测 | [币种Table_FinchinaSimple] (人民币) | 2023A | ...

泛皮肤病治疗龙头，期待管线商业化贡献增量 科笛-B(02487) 证券研究报告 生物制品/ 公司跟踪研究报告/ 2025.09.01 投资评级:增持(维持) | 基本数据 | 2025-08-29 | | --- | --- | | 收盘价(元) | 11.55 | | 流通股本(亿股) | 3.21 | | 每股净资产(元) | 2.36 | | 总股本(亿股) | 3.21 | 最近 12 月市场表现 -68% -45% -23% 0% 23% 46% 科笛-B 恒生指数 分析师 耿荣晨 SAC 证书编号：S0160525070002 gengrc@ctsec.com 联系人 陈思 chensi01@ctsec.com 相关报告 1. 《消费&研发双驱动，泛皮肤平台新星实 力可期》 2024-11-29 核心观点 | 盈利预测 | | | | | | | --- | --- | --- | --- | --- | --- | | [币种Table_FinchinaSimple] (人民币) | 2023A | 2024A | 2025E | 2026E | 2027E | | 营业收入(百万) | 138 ...

收入同比有所下滑，加快海外市场拓展 广汽集团(601238) 证券研究报告 乘用车 / 公司点评 / 2025.09.01 | 投资评级:买入(维持) | | | --- | --- | | 基本数据 | 2025-09-01 | | 收盘价(元) | 7.73 | | 流通股本(亿股) | 101.97 | | 每股净资产(元) | 10.91 | | 总股本(亿股) | 101.97 | 最近 12 月市场表现 -4% 7% 17% 27% 38% 48% 广汽集团 沪深300 上证指数 分析师 邢重阳 SAC 证书编号：S0160522110003 xingcy01@ctsec.com 分析师 李渤 SAC 证书编号：S0160521050001 libo@ctsec.com 相关报告 1. 《营收同比有所下滑，科技创新取得突 破》 2025-03-30 2. 《销量环比增长，持续拓展海外市场》 2024-10-14 3. 《积极拓展海外市场，新能源转型加速》 2024-09-13 核心观点 盈利预测 | [币种Table_FinchinaSimple] (人民币) | 2023A | 2024A | ...

业绩同比高增长，巩固中小件"隐形冠军"地位 爱柯迪(600933) 投资评级:增持(维持) | 基本数据 | 2025-09-01 | | --- | --- | | 收盘价(元) | 19.25 | | 流通股本(亿股) | 9.77 | | 每股净资产(元) | 8.63 | | 总股本(亿股) | 9.85 | 最近 12 月市场表现 -4% 12% 27% 43% 58% 74% 爱柯迪 沪深300 上证指数 分析师 邢重阳 SAC 证书编号：S0160522110003 xingcy01@ctsec.com 分析师 李渤 SAC 证书编号：S0160521050001 libo@ctsec.com 证券研究报告 汽车零部件 / 公司点评 / 2025.09.01 核心观点 | 盈利预测 | | | | | | | --- | --- | --- | --- | --- | --- | | [币种Table_FinchinaSimple] (人民币) | 2023A | 2024A | 2025E | 2026E | 2027E | | 营业收入(百万元) | 5,957 | 6,746 | 7,74 ...

智能悬架业务收入提升显著，加强外部合作 保隆科技(603197) 证券研究报告 汽车零部件 / 公司点评 / 2025.09.01 投资评级:增持(维持) | 基本数据 | 2025-09-01 | | --- | --- | | 收盘价(元) | 37.81 | | 流通股本(亿股) | 2.14 | | 每股净资产(元) | 15.30 | | 总股本(亿股) | 2.14 | | 相关报告 | | --- | 1. 《持续研发创新，扩大海外市场 》 2025-04-30 2. 《持续聚力研发创新，助力理想 100 万 辆里程碑》 2024-11-02 3. 《深耕智能化+轻量化，全球布局蓄力发 展》 2024-09-08 核心观点 盈利预测 | [币种Table_FinchinaSimple] (人民币) | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业收入(百万元) | 5,897 | 7,025 | 8,651 | 10,723 | 13,321 | | 收入增长率(%) | 23 ...