Investment Rating - The investment rating for the company is "Accumulate" (maintained) [1] Core Views - The company reported a year-on-year decline in Q3 performance while actively expanding into overseas markets [1] - For the first three quarters of 2024, the company achieved operating revenue of 35.762 billion yuan, a decrease of 16.72% year-on-year, and a net profit attributable to shareholders of 432 million yuan, down 45.20% year-on-year [2] - The company aims to achieve overseas sales of 300,000 vehicles by 2030, with 30% being new energy vehicles, under its global strategy GREEN 3030 [4] - The company expects net profits for 2024-2026 to be 554 million, 769 million, and 990 million yuan respectively, with corresponding PE ratios of 39.59, 28.53, and 22.15 times [4] Financial Performance Summary - In Q3 2024, the company achieved operating revenue of 11.793 billion yuan, a decrease of 16.34% year-on-year, and a net profit of 18 million yuan, down 90.16% year-on-year [2] - The gross profit margin improved to 12.59%, an increase of 0.58 percentage points year-on-year, while the expense ratios increased with sales expense ratio at 3.94%, management expense ratio at 3.12%, and R&D expense ratio at 4.22% [3] - The company’s operating revenue for 2024 is projected to be 47.384 billion yuan, with a growth rate of -15.53%, followed by 53.210 billion yuan in 2025 and 59.669 billion yuan in 2026, with growth rates of 12.30% and 12.14% respectively [6]

编号：2024-027 1 证券代码：600166 证券简称：福田汽车 北汽福田汽车股份有限公司 2024 年 11 月 8 日投资者关系活动记录表 | --- | --- | --- | |-----------------------------|-----------------------------------------------------------------------------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- ...

2024 年 11 月 5-7 日投资者关系活动记录表 编号：2024-026 1 证券代码：600166 证券简称：福田汽车 北汽福田汽车股份有限公司 | --- | --- | --- | |-----------------|--------------------------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------| | | | | | 投资者关系活 | □特定对象调研 □分析师会议 | | | 动类别 | □媒体采访 □业绩说明会 | | | | □新闻发布会 | √路演活动 | | | □现场参观 √一对一沟通 | | | | □其他（电话会议） | | | 参与单位 | | 东吴证券、东海基金、光大保德信基金、永赢基金、海创基金、合远基金、招商证券、博时 | | 及人员 | | 基金、方正证券、东方证券、光大证 ...

在双碳浪潮的推动下，新能源汽车产业正以前所未有的速度蓬勃发展，商用车行业也迎来前所未有的变 革。运营成本低、节能环保的新能源商用车正加速渗透到行业的每一个场景。然而，充电时间长影响运 输效率这个核心问题却成了卡友一大痛点，充换电技术创新成为解决问题的关键。 超快补能 用车不误工 充电时间长是影响卡车运输效率的一个重要因素，尤其是在需要频繁充电的如港口矿山、城市配送等运 输场景，占用大量时间进行充电会降低运输效率和经济收益。福田汽车通过自研超级快充系统，极大缩 短了充电时间，帮助卡友提升运营效率。该系统不仅支持高达150kW的充电功率，还具备智能计算能 力，可以根据电池状态智能调节充电策略。这使得福田卡友不仅在充电速度上占尽优势，还能在极限天 气或恶劣环境下保持稳定的充电性能。 2024年8月福田欧马可智蓝推出的"2C超能快充"纯电轻卡，正是搭载了福田自研的超级快充系统，从 20%电量提升至80%电量仅需充电18分钟，极大提升了充电效率。10月，产品开赴新疆吐鲁番进行极端 环境的性能测试。在室外气温超40度、地表温度接近70度的恶劣环境下，欧马可智蓝2C轻卡仍仅用18 分钟完成充电，交出一份优异的测试成绩。此外 ...

证券代码：600166 证券简称：福田汽车 编号：临 2024—083 北汽福田汽车股份有限公司 关于年度担保计划范围内担保进展的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述或者重大遗 漏，并对其内容的真实性、准确性和完整性承担法律责任。 一、担保情况概述 公司董事会于 2024 年 1 月 10 日、股东大会于 2024 年 1 月 26 日审议通过了《关 于 2024 年度向非关联方提供担保计划的议案》、《关于 2024 年度向关联方提供关联担 保计划的议案》，公司对全资子（孙）公司的总担保额度不超过 41 亿元，公司对控股 子（孙）公司的总担保额度不超过 12.1 亿元，公司对参股子公司的总担保额度不超 过 0.46 亿元，公司（含子公司）对产业链上下游企业及终端客户的担保额度不超过 根据上海证券交易所最新修订的对外担保格式指引等相关披露要求，公司对 年度担保计划范围内的担保进展情况进行月度汇总披露。 被担保人名称及是否为上市公司关联人 本次担保是否有反担保：对中车信融的连带责任担保有反担保。 对外担保逾期的累计数量：无。 特别风险提示：被担保方中车信融资产负债率超过 70% ...

证券代码：600166 证券简称：福田汽车 编号：临 2024—082 北汽福田汽车股份有限公司 2024 年 10 月份各产品产销数据快报 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 北汽福田汽车股份有限公司 2024 年 10 月份各产品产销数据快报如下： | | 产品类型 | | | | 销 量（辆） | | | | | 产 量（辆） | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | | 本月数 | 去年同 | 本年累计 | 去年累计 | 累计同比 | 本月数量 | 去年同期 | 本年累计 | 去年累计 | 累计同比 | | | | | 量 | 期 | | | 增减 | | | | | 增减 | | | 货 | 中重型货车（含福戴） | 7662 | 10725 | 82219 | 101231 | -18.78% | 3960 | 10226 | 83107 | 90970 | -8. ...

Investment Rating - The investment rating for the company is "Outperform the Market" and is maintained [2][7]. Core Views - The company reported a revenue of 35.76 billion yuan for the first three quarters of 2024, a year-on-year decrease of 16.7%, with a net profit attributable to shareholders of 430 million yuan, down 45.2% year-on-year [5]. - The third quarter of 2024 saw a revenue of 11.79 billion yuan, a year-on-year decrease of 16.3%, but a quarter-on-quarter increase of 6.3% [5]. - The performance in Q3 was impacted by the heavy truck industry's downturn, with domestic heavy truck sales dropping 18% year-on-year [5]. - The growth in the new energy commercial vehicle sector is notable, with the company selling nearly 20,000 new energy light trucks, a year-on-year increase of over 40% [6]. - The company is actively expanding its smart driving capabilities, with L2++ automated driving trucks in production and L4 level automated buses undergoing passenger testing [6]. Financial Summary - The company is projected to achieve revenues of 55.758 billion yuan, 61.961 billion yuan, and 66.213 billion yuan for the years 2024, 2025, and 2026 respectively [7][10]. - The expected net profits for the same years are 759 million yuan, 1.432 billion yuan, and 1.769 billion yuan, with corresponding EPS of 0.10, 0.18, and 0.22 yuan [7][10]. - The gross margin is expected to improve from 11.9% in 2024 to 12.6% in 2026 [10]. - The company’s valuation is estimated at 16-18 times PE for 2025, corresponding to a fair value range of 2.89 to 3.26 yuan per share [7].

编号：2024-025 1 证券代码：600166 证券简称：福田汽车 北汽福田汽车股份有限公司 2024 年 10 月 31 日投资者关系活动记录表 | --- | --- | --- | |-------------|----------------------------------------------------|--------------------------------------------------------------------------------------------------------| | | | | | 投资者关 | □特定对象调研 | □分析师会议 | | 系活动类 | □媒体采访 □业绩说明会 | | | 别 | □新闻发布会 □路演活动 | | | | □现场参观 □一对一沟通 | | | | √其他（电话会议） | | | 参与单位 | | 德邦证券、长城财富资管、淳厚基金、招商证券、高盛全球投资研究部、青骊投资管理、深圳前 | | 及人员 | 海长乐汇投资、建投证券 | | | 时间 | 2024 年 10 月 31 日 | | | 地点 | 北京 ...

证券研究报告·公司点评报告·商用车 福田汽车（600166） 2024 年三季报点评：Q3 利润承压，静待行业 回暖 2024 年 11 月 01 日 买入（维持） | --- | --- | --- | --- | --- | --- | |------------------------------|---------|----------|---------|----------|----------| | 盈利预测与估值 [Table_EPS] | 2022A | 2023A | 2024E | 2025E | 2026E | | 营业总收入（百万元） | 46447 | 56097 | 49087 | 69836 | 74959 | | 同比（ % ） | (15.51) | 20.78 | (12.50) | 42.27 | 7.34 | | 归母净利润（百万元） | 66.76 | 909.48 | 742.14 | 1,666.48 | 2,043.86 | | 同比（ % ） | 101.32 | 1,262.27 | (18.40) | 124.55 | 22.65 | | EPS- 最新 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The report indicates that external demand shocks have negatively impacted the company's heavy truck sales, leading to a significant decline in performance in Q3 2024 [1] - The company's revenue for the first three quarters of 2024 reached 35.76 billion yuan, a year-on-year decrease of 16.7%, while the net profit attributable to the parent company was 430 million yuan, down 45.2% year-on-year [1] - The report highlights that the company's light truck products are experiencing rapid growth in new energy penetration, which is expected to enhance product value [1] - Heavy truck exports are identified as a key source of profit growth, although short-term demand is significantly affected by market shocks [1] Financial Performance Summary - For Q3 2024, the company reported a revenue of 11.79 billion yuan, a year-on-year decrease of 16.3% and a quarter-on-quarter decrease of 6.3% [1] - The net profit attributable to the parent company for Q3 2024 was 18 million yuan, a year-on-year decline of 90.2% and a quarter-on-quarter decline of 88.6% [1] - The gross margin for Q3 2024 was 12.7%, showing a year-on-year increase of 0.1 percentage points but a quarter-on-quarter decrease of 0.8 percentage points [1] - The report projects total revenue for 2024-2026 to be 63.4 billion, 71.5 billion, and 79.0 billion yuan, with year-on-year growth rates of 13.0%, 12.9%, and 10.6% respectively [2][3] Key Financial Indicators - The company's net profit for 2024 is projected to be 1.15 billion yuan, with a year-on-year growth of 26.5% [2] - The earnings per share (EPS) for 2024 is expected to be 0.14 yuan, with a price-to-earnings (P/E) ratio of 17.33 [2][5] - The report indicates a projected return on equity (ROE) of 7.5% for 2024 [2][5]