港股东风集团股份(00489.HK)持续走低，现跌超13%，成交额超5亿港元。 ...

Group 1 - Citigroup has adjusted its revenue forecasts for Dongfeng Motor Group for 2025 and 2026, lowering them by 3% and 2% respectively [1] - The net profit margin forecasts for 2025 and 2026 have been adjusted to -1.8% and -2.0%, compared to previous estimates of -2.3% and -2.1% [1] - The projected net losses for 2025 and 2026 have been revised to RMB 2.006 billion and RMB 2.279 billion, down from previous forecasts of RMB 2.584 billion and RMB 2.455 billion [1] Group 2 - UBS has also lowered its joint venture profit forecasts for Dongfeng Motor Group for 2025 and 2026 by 5.4% and 2.3%, estimating profits of RMB 667 million and RMB 676 million respectively [2] - The company achieved 23%, 37%, and 24% of its annual targets for passenger cars, commercial vehicles, and total vehicle sales in the first four months of this year [2] - The management has set a sales target of 200,000 units for its Voyah brand in 2025, aiming for breakeven by the end of that year if price wars do not escalate [2]

机构：中信建投证券 研究员：程似骐/陶亦然/胡天贶 核心观点 2024 年经营边际改善，自主品牌、新能源车占比提升。自深化改革以来，公司总部转型为"运营+统 筹"模式，推行"PM 项目管理制"和"对赌激励"，将车型销量与团队薪酬、晋升绑定，2024 年实施对赌 项目12个，覆盖1100 余人次，实施"双目标考核"（当期业绩+中长期能力建设），通过月度"红黑榜"强 化压力传导。 2024 年集团销量迎来了3 年来的首次正增长，2024 年实现销量248.06 万辆，同比增长2.5%，预计全年 自主品牌销量达到137 万辆，同比增长34.4%，全年新能源车销量约86 万辆，同比增长70.9%，远超行 业增速。根据2025 年经营工作会，首先公司转型将全面提速，继续发力岚图、奕派等自主品牌；其 次，强化结构调整，对内部业务优化整合，砍掉亏损业务线；再者，补齐运营管控能力，在生产管理、 供应链管理、销售服务等方面下功夫；最后，持续加强科技创新，加强与华为等优质企业的合作。 经营管理的变化始于2023 年以来股东、董事会和高管的调整，2025 年"央企重组"有望加速公司变革。 2025 年2 月，公司接到控股股东东风公 ...

事件：3 月26 日，公司发布2024 年业绩公告，实现收入1062.0 亿元，同比增长6.9%；归母净利润0.6 亿 元，同比实现扭亏。 机构：方正证券 研究员：文姬 自主品牌销量持续向上，新能源、出口表现亮眼：2024 年公司整体实现汽车销量189.6 万辆，同比下降 9.2%。分车型来看，乘用车实现销量154.5万辆，同比下降11.5%，其中SUV 降幅超13%；商用车实现销 量35.2 万辆，同比增长2.4%；新能源转型成效显著，销量达到39.5 万辆，占集团总销量同比提升4.1 个 百分点；海外出口达到19.5 万辆，同比增长15%。自主品牌表现优异，整体销量43.9 万辆，同比增长 26.4%，岚图同比增长超59%，猛士在低基数下增幅超150%。合资品牌表现承压，整体实现销量110.5 万辆，其中东风本田、东风日产同比分别下降29.2%、12.7%。 收入、盈利均呈向好态势，在手现金充沛：2024 年公司整体实现收入1062.0亿元，同比增长6.9%。乘 用车分部贡献523.0 亿元，占比达49.2%，同比增长22.9%，商用车分部贡献472.2 亿元，占比44.5%，同 比下降4.7%。2024 ...

机构：国泰君安 研究员：吴晓飞/管正月 维持增持评级 。公司是三大汽车央企之一，商乘业务加速电动化转型，转型效果逐步显现。央企整合 动作频频，重组值得期待，预计公司2025-2027 年收入1575.5 亿元、1980 亿元、2371.8 亿元，归母净利 润26.54 亿元、48.74 亿元、67.33 亿元，维持"增持"评级。 重组不断推进，央企整合值得期待。2 月9 日公司及东风系和兵装系旗下多家子公司公告控股股东拟筹 划重组，拉开央企整合序幕。 3 月26 日公司原总经理周治平因工作变动卸任，此前周总已调任兵装集团总经理。3 月29 日，国务院国 资委相关负责人在中国电动汽车百人会论坛上表示将对整车央企进行战略性重组，提高产业集中度。央 企重组不断推进，整合值得期待。 风险提示：自主品牌新车销量不及预期；乘用车产能利用不及预期；车市价格战加剧；央企重组进展不 及预期。 2024 年业绩扭亏为盈，乘用车和商用车均大幅改善。2024 年公司实现总营业收入1062 亿元，同比增长 5.99%；净利润0.58 亿元，实现扭亏为盈。分部来看，2024 年商用车收入472 亿元，同减4.7%，亏损 23.4 亿元， ...

Sales Performance - Dongfeng Motor Group sold approximately 1.8959 million vehicles, a year-on-year decrease of 9.2%. Among them, self-owned passenger vehicles sold 438,900 units, an increase of 26.4%[11]. - New energy vehicle sales reached approximately 394,600 units, a year-on-year increase of 13.4%, with the proportion of new energy vehicle sales in total sales rising by 4.1 percentage points[11]. - The group's total sales volume for the period was approximately 1.8959 million units, a year-on-year decrease of about 9.2%, while sales revenue reached approximately RMB 106.197 billion, an increase of about 6.9%[144]. - The group's passenger vehicle business generated sales revenue of approximately RMB 52.297 billion, a year-on-year increase of approximately 22.93%[147]. - The commercial vehicle business reported sales revenue of approximately RMB 47.220 billion, a year-on-year decrease of approximately 4.68%[148]. - The overall automotive market in China saw production and sales reach 31.43 million units, with a year-on-year growth of 4.5%[141]. - The passenger vehicle market sold 27.563 million units, reflecting a year-on-year increase of 5.8%, while the commercial vehicle market experienced a decline of 3.9% with sales of 3.873 million units[141]. Financial Performance - The group achieved sales revenue of 106.197 billion RMB, a year-on-year increase of 6.9%, and gross profit of 13.585 billion RMB, up 38.2%[13]. - The net profit attributable to shareholders was 58 million RMB, a significant increase of 39.45 million RMB, marking a turnaround from loss to profit[13]. - The group's gross profit margin improved to 12.8%, an increase of 2.9 percentage points compared to the same period last year[144]. - The total sales cost for 2024 was approximately RMB 92.61 billion, an increase of about RMB 3.06 billion or 3.4% compared to the same period last year[169]. - The total gross profit for 2024 was approximately RMB 13.59 billion, an increase of about RMB 3.75 billion or 38.2% compared to the same period last year, with a gross margin of 12.8%, up by 2.9 percentage points year-on-year[169]. - Other income for 2024 totaled approximately RMB 7.02 billion, an increase of about RMB 2.86 billion compared to the same period last year[170]. - The net profit attributable to shareholders for 2024 was approximately RMB 58 million, an increase of about RMB 3.94 billion compared to the same period last year, with a net profit margin of 0.05%[184]. Investment and Expenditure - The company's capital expenditure for 2024 was RMB 17.77 billion, an increase of RMB 4.98 billion or 38.94% compared to the previous year, primarily allocated to new energy platforms and R&D[29]. - The net cash outflow from investment activities was RMB 11.802 billion, mainly due to an increase in property, plant, and equipment expenditures of RMB 11.658 billion and R&D expenses of RMB 6.084 billion[192]. Market Expansion and Product Development - The company plans to launch 7 new and 2 refreshed self-owned passenger vehicle models, along with 7 commercial vehicle models in 2024[14]. - The company anticipates a 3.6% growth in overall automotive sales for 2025, with a projected 23% increase in new energy vehicles[30]. - The company plans to optimize its new energy business and accelerate its international expansion while enhancing its supply chain resilience[30]. - The company is focusing on three key transitions: new energy, intelligence, and internationalization, to drive its future growth[30]. Financial Services and Risk Management - The penetration rate of financial services improved to 28%, with new energy penetration exceeding 40%[15]. - As of December 31, 2024, Dongfeng Finance's loan assets amounted to approximately RMB 34.3 billion, with 68.21% from end customers and an average interest rate of 7.70%[154]. - The company has established a credit risk management framework, including a risk and compliance management committee to oversee credit policies[162]. - The loan impairment assessment model incorporates macroeconomic factors such as GDP growth and consumer price index changes[159]. Corporate Governance and Structure - The company's board of directors includes six members, with the chairman being Yang Qing[55]. - The company has appointed Zong Qingsheng as an independent non-executive director since September 2020[200]. - Zong has extensive experience in various roles within the Ministry of Foreign Trade and Economic Cooperation of China from 1982 to 1995[200]. - The company values Zong's expertise in international business and management[200]. - Zong's appointment enhances the board's independence and governance[200]. Legal and Compliance - The company has not been involved in any major litigation or arbitration as of December 31, 2024[34]. - The company has confirmed compliance with the non-competition agreement with Dongfeng Motor Group Co., Ltd. as of December 31, 2024[71]. - The company has received annual confirmation letters regarding the independence of all independent non-executive directors for the fiscal year 2024[60].

香港交易所信息显示，美国银行在东风集团股份的持股比例于4月8日从6.82%升至7.82%。 ...

股票研究 /[Table_Date] 2025.04.01 年报扭亏为盈，央企重组不断推进 东风集团股份(0489) ——东风集团股份 2024 年报点评 | [table_Authors] 吴晓飞(分析师) | 管正月(分析师) | [当前价格 Table_CurPrice] (港元)： | 4.74 | | --- | --- | --- | --- | | 0755-23976003 | 021-38032026 | | | | wuxiaofei@gtjas.com | guanzhengyue@gtjas.com | [Table_Market] | | | 登记编号 S0880517080003 | S0880521030003 | 交易数据 | | | | | 52 周内股价区间（港元） | 1.88-5.06 | 本报告导读： 公司 2024 年业绩实现扭亏为盈，商乘业务均大幅扭亏，自主乘用车毛利率明显改 善，合资业务触底企稳，战略转型步入收获期。汽车央企重组不断推进，值得期待。 投资要点： -42% -21% -1% 19% 39% 59% 2024/3 2024/4 2024/5 2024 ...

中证报中证网讯（记者 李嫒嫒）日前，东风汽车集团有限公司新闻发言人吕海涛在接受中国证券报记 者采访时表示："汽车行业的竞争本质上是规模之争，在智能化这个涉及IT、电子等多个行业的领域， 单靠单个整车厂难以完成全部工作，因此，生态合作成为必然趋势。东风集团股份坚持'两条腿'走路， 公司将在保持核心技术自主掌控的同时，积极与华为等企业开展生态合作。" "在智能化转型提速，新能源加快发展等影响下，2024年东风集团股份（东风汽车旗下公司）毛利率整 体得到改善，尤其是自主乘用车表现突出。"东风汽车财务控制部总经理廖显志对记者说。东风集团股 份2024年，整体实现扭亏为盈，实现营收1061.97亿元，同比增长6.9%；归属于上市公司股东净利润 0.58亿元，上年同期亏损38.87亿元；整体毛利率12.8%。 坚持"两条腿"走路 "智能化变革阶段的竞争将更加激烈。"中国科学院院士欧阳明高日前表示。中国证券报记者注意到，自 去年以来，多家车企都在加速布局智能化领域，尤其是智驾领域，今年一季度已有吉利集团、比亚迪 （002594）、长安汽车等相继发布智能化战略。 自主品牌业务加速跑 合资业务步调放缓 2024年，东风集团股份 ...

专题：新浪财经上市公司研究院 出品：新浪财经上市公司研究院 作者：昊 3月26日晚，东风汽车集团股份有限公司（以下称"东风集团股份"）发布2024年财报，全年实现营业总收入1061.97亿元，同比增长5.99%，净利润0.58亿元， 同比扭亏为盈。 东风集团股份表示，营收增长主要得益于乘用车业务的收入增加，尤其是自主乘用车及新能源业务的显著提升。 值得注意的是，2024年东风集团股份实现净利润0.58亿，刚刚回到盈亏平衡线，同时在2024年国内乘用车市场全面降价的背景下，公司应收款、存货及周转 天数显著上升，而相应的坏账和减值计提却不增反降，足见全年业绩的"水分"。 由于轩逸、天籁、奇骏、CRV、思域等明星车型销量全线大跌，东风集团股份旗下重点品牌东风日产和东风本田销量继续下滑。更让人担忧的是，今年前两 个月，东风日产和东风本田销量还在加速下行，导致公司乘用车总体销量同比降幅扩大至33%。 然而，即便销售遭遇"开门黑"，东风集团股份仍将2025年全年销售目标设定为300万台，相比2024年190万台的实际销量增长近60%。预定目标最终如何完 成，令人疑惑。 应收和存货显著上升 坏账和减值不增反降 2024年， ...