证券研究报告 | 公司点评 | 商用车 江淮汽车(600418) 报告日期：2025 年 04 月 01 日 2024 新能源汽车销量持续增长，携手华为打造尊界超豪华品牌 ——江淮汽车 2024 年报点评报告 投资要点 尊界 S800 定位豪华 D 级轿车。车长 5.48 米、车宽 2 米、车高 1.54 米、轴距 3.37 米，L3 级自动驾驶硬件设计架构，将搭载华为乾崑 ADS 3.0。48 小时内预订量 达 2108 台。 尊界 S800 基于 X6 平台打造，X6 平台可适配大型轿车、SUV、MPV 等多种车 型，未来有望为江淮汽车打开高端智能化产品周期，实现销量快速增长。 ❑ 盈利预测 ❑ 预计公司 2025-2027 年营业收入分别为 650.68/728.67/876.08 亿元，YOY 为 54.2%/12.0%/20.2%；预计 2025-2027 年归母净利分别为 16.13/19.76/33.66 亿元， 26/27 年增速为 22.47%/70.37%，2025-2027 年对应 PE 为 49.1/40.1/23.5 倍，我们 认为尊界 S800 作为高端车型，有望显著提高公司盈利能 ...

瑞财经 钟鸣辰近日，江淮汽车（600418.SH）发布2024年年度报告。 | | | | 年: 九: 114 : 人民日 | | | --- | --- | --- | --- | --- | | 主要会计数据 | 2024年 | 2023年 | 本期比上年同期 | 2022年 | | | | | 增减(%) | | | 营业收入 | 42, 115, 891, 830. 76 | 44, 940, 360, 420, 64 | -6.28 | 36, 494, 673, 897, 91 | | 相除与主营业务无关的业务收入 | 41,872, 565, 381, 79 | | | | | 和不具备商业实质的收入后的营 | | 44, 668, 283, 952, 36 | -6. 26 | 36, 156, 835, 291, 17 | | 北收入 | | | | | | 归属于上市公司股东的净利润 | -1.784.160.025.23 | 151, 509, 307, 57 | -1.277.59 | -1,582, 476, 908, 50 | | 归属于上市公司股东的扣除非经 | -2.741.4 ...

证券研究报告 | 公司点评报告 2025 年 04 月 02 日 江淮汽车（600418.SH） 2024Q4 投资亏损及资产减值拖累业绩，关注尊界品牌进展 中游制造/汽车 3 月 29 日晚公司发布 2024 年度报告，2024 年分别实现营业总收入 422.02 亿元，同比-6.25%；归母净利润、扣非归母净利润分别为-17.84 亿元、-27.41 亿元；销售毛利率 10.48%，同比-0.81pct；销售净利率-4.73%，同比-4.57pct。 强烈推荐（维持） 目标估值：NA 当前股价：36.26 元 基础数据 | 总股本（百万股） | 2184 | | --- | --- | | 已上市流通股（百万股） | 2184 | | 总市值（十亿元） | 79.2 | | 流通市值（十亿元） | 79.2 | | 每股净资产（MRQ） | 5.2 | | ROE（TTM） | -15.7 | | 资产负债率 | 74.7% | | 主要股东 | 安徽江淮汽车集团控股有限公司 | | 主要股东持股比例 | 28.18% | 股价表现 相关报告 1、《江淮汽车（600418）—2024Q3 业绩高增，携手华 ...

序号 名称 最新价 涨跌幅 新能源车概念个股资金流向上看：今日（4月1日）主力资金净流入金额前三名：江淮汽车、阳光电源、 国风新材；分别流入3.23亿、2.43亿、1.12亿。 序号 名称 今日主力净流入 1 合锻智能 14.04 10.03% 2 华体科技 13.31 10.00% 3 王子新材 11.44 10.00% 4 汇得科技 18.30 9.98% 5 国风新材 5.87 9.93% 6 聚石化学 15.70 9.41% 7 金银河 28.87 9.36% 8 弘景光电 126.07 7.74% 9 金鸿顺 24.91 6.36% 10 特锐德 25.71 6.11% 1 江淮汽车 3.23亿 2 阳光电源 2.43亿 3 国风新材 1.12亿 4 合锻智能 1.07亿 5 双林股份 1.02亿 6 精达股份 8546.96万 7 宇通客车 8502.65万 8 振华科技 8422.58万 9 王子新材 8368.62万 10 海立股份 7868.01万 新能源车概念板块上市公司涨幅榜前十排名： 新能源车概念板块资金流向：今日（4月1日）行业主力资金净流出36.71亿元。 日期 主力净流入 超大单 ...

Macro Strategy - The March PMI data indicates three characteristics of economic recovery: the pre-positioning of work due to the Spring Festival, better recovery of manufacturing demand compared to supply, and weak consumer service consumption [1][30]. - The manufacturing PMI for March is 50.5%, showing a slight increase of 0.3 percentage points from the previous month, while the service PMI is at 50.3%, also up by 0.3 percentage points [1][30]. - The new order index for manufacturing increased by 0.7 points to 51.8%, indicating stronger demand recovery compared to supply [1][30]. Industry Insights - The report highlights the need for macro policies to be adjusted in response to potential economic pressures in the second quarter, particularly in exports and real estate [1][30]. - The construction industry PMI rose to 53.4%, reflecting seasonal recovery, but remains at a historically low level for this time of year [1][30]. - The report emphasizes the importance of monitoring the impact of tariff increases on exports and the ongoing trends in the real estate market [1][30]. Company Analysis - The report provides insights into various companies, including their performance forecasts and investment ratings, such as the significant growth in sales for Lao Pu Gold and the strategic partnerships for Jianghuai Automobile [9][15]. - Companies like Yubiquitous and Geli Pharmaceutical are noted for their innovative product developments and market potential, with investment ratings maintained at "buy" [11][12]. - Shanghai Pharmaceuticals reported a revenue of 275.25 billion yuan, reflecting a 5.75% year-on-year increase, with a net profit of 4.553 billion yuan, up 20.82% [14]. Financial Performance - The report indicates that the overall financial performance of companies is under scrutiny, with adjustments made to profit forecasts for several firms based on market conditions and operational challenges [15][19]. - Companies such as China Communications Construction Company and Orient Securities are highlighted for their revenue growth and strategic adjustments in response to market dynamics [22][23]. - The report also notes the importance of cash flow management and cost control in maintaining profitability amid fluctuating market conditions [22][24].

Investment Rating - The report maintains an "Accumulate" rating with a target price of 47.12 CNY, consistent with the previous rating [5][12][14]. Core Views - The company's 2024 annual report aligns closely with prior forecasts, meeting expectations. The company is accelerating its passenger vehicle business and electrification transformation, with a significant collaboration with Huawei, which is expected to yield its first model soon [2][12]. - The financial performance for 2024 shows a revenue of 42.2 billion CNY, a decrease of 6.3% year-on-year, and a net loss attributable to shareholders of 1.784 billion CNY, marking a significant decline from profitability [12][14]. - The report highlights an increase in R&D investment, with a total of 3.46 billion CNY in 2024, up 55% year-on-year, indicating a focus on innovation and future growth [12][14]. Financial Summary - **Revenue**: 2023A: 45,016 million CNY; 2024A: 42,202 million CNY; 2025E: 46,450 million CNY; 2026E: 69,450 million CNY; 2027E: 95,350 million CNY [4][13]. - **Net Profit (Attributable to Shareholders)**: 2023A: 152 million CNY; 2024A: -1,784 million CNY; 2025E: 338 million CNY; 2026E: 1,095 million CNY; 2027E: 3,257 million CNY [4][13]. - **Earnings Per Share (EPS)**: 2023A: 0.07 CNY; 2024A: -0.82 CNY; 2025E: 0.15 CNY; 2026E: 0.50 CNY; 2027E: 1.49 CNY [4][13]. - **Return on Equity (ROE)**: 2023A: 1.1%; 2024A: -15.7%; 2025E: 2.8%; 2026E: 8.3%; 2027E: 19.8% [4][13]. Market Data - **Current Price**: 36.00 CNY; **52-week Price Range**: 14.60 - 46.00 CNY; **Market Capitalization**: 78,624 million CNY [6][12]. - **Total Shares**: 2,184 million shares [6]. Industry Comparison - The report compares the company with peers such as Seres and BAIC Blue Valley, noting that the average PS ratio for comparable companies in 2025 is 1.9 times. The target price of 47.12 CNY corresponds to a PS ratio of 2.2 times for the company, reflecting potential growth from new model launches [14][15].

603596 伯特利 -1.70 0.60 1383.00 沪指4月1日上涨0.38%，申万所属行业中，今日上涨的有23个，涨幅居前的行业为医药生物、公用事 业，涨幅分别为3.34%、1.78%。跌幅居前的行业为家用电器、计算机，跌幅分别为1.71%、0.97%。汽 车行业位居今日跌幅榜第三。 资金面上看，两市主力资金全天净流出103.95亿元，今日有8个行业主力资金净流入，医药生物行业主 力资金净流入规模居首，该行业今日上涨3.34%，全天净流入资金34.02亿元，其次是公用事业行业，日 涨幅为1.78%，净流入资金为12.72亿元。 主力资金净流出的行业有23个，计算机行业主力资金净流出规模居首，全天净流出资金45.76亿元，其 次是汽车行业，净流出资金为14.58亿元，净流出资金较多的还有非银金融、有色金属、通信等行业。 汽车行业今日下跌0.90%，全天主力资金净流出14.58亿元，该行业所属的个股共272只，今日上涨的有 130只；下跌的有135只，跌停的有2只。以资金流向数据进行统计，该行业资金净流入的个股有115只， 其中，净流入资金超5000万元的有5只，净流入资金居首的是江淮汽车，今日净流入资 ...

Group 1 - The concept of street vendor economy increased by 0.45% on April 1, with a net inflow of 464 million yuan from main funds [1] - A total of 18 stocks in this concept rose, while 12 stocks fell [1] - The top net inflow stocks included Jianghuai Automobile (3.23 billion yuan), Qianli Technology (70.41 million yuan), and Sais (56.03 million yuan) [1] Group 2 - Jianghuai Automobile (600418) had a latest price of 36.26 yuan, with a rise of 0.72% and a net inflow of 3.23 billion yuan, accounting for 12.17% of the main fund [2] - Qianli Technology (601777) saw a price of 8.38 yuan, with a 1.58% increase and a net inflow of 70.41 million yuan, representing 14.29% of the main fund [2] - Sais (601127) had a price of 125.82 yuan, with a slight decrease of 0.06% and a net inflow of 56.03 million yuan, making up 2.63% of the main fund [2]

-- 重点要闻-- | 上要会计数据 | 2024 年 | 2023 年 | 本期比上年同期 | 2022年 | | --- | --- | --- | --- | --- | | | | | 增减(%) | | | 营业收入 | 43,397,126,485 | 36,141,292,021 | 20.08 | 35,471,284,791 | | 月属于母公司所有者的净利润 | 13,024,084,673 | 9,374,143,632 | 38.94 | 11,508,784,658 | | 月属于母公司所有者的扣除非经常性 | 12,439,955,582 | 8,717,649,895 | 42.70 | 9,508,192,200 | | 损益的净利润 | | | | | | 经营活动产生的现金流量净额 | 56,105,124,362 | 7,203,619,058 | 678.85 | 50,732,458,119 | | 其他综合收益 | 1,467,713,808 | 256,678,156 | 471.81 | 342,091,047 | | | 2024年末 | 2023年末 | 本 ...

Group 1: US Tariff Plans and Market Reactions - President Trump plans to announce new tariffs in the coming days, indicating a willingness to negotiate tariff agreements with other countries, but any agreements will likely occur after the tariffs take effect on April 2 [1] - The US stock market saw significant declines, with the Nasdaq dropping 2.7%, the S&P 500 down 1.97%, and the Dow Jones falling 1.69% [1][4] Group 2: Technology Sector Performance - Major tech stocks experienced declines, with Netflix, Google, Amazon, and Meta falling over 4%, while Tesla, Microsoft, and Intel dropped over 3% [2] - The Nasdaq Golden Dragon China Index fell by 3.11%, with popular Chinese stocks like Baidu and NIO dropping over 5% [2] Group 3: IPO Market Developments - Wolfspeed's stock plummeted approximately 52%, marking the worst single-day performance for an IPO in the US [3] - CoreWeave's IPO closed flat at $40 on its first day of trading [3] Group 4: Commodity Market Trends - COMEX gold futures for June rose by 0.59% to $3116.6, marking a weekly increase of 2.26% [4] - WTI crude oil futures for May fell by 0.8% to $69.36 per barrel, with a weekly increase of 1.58% [4] Group 5: Regulatory and Taxation News - The Trump administration is unexpectedly considering higher taxes on the wealthy, which could provide room for other priority issues [6] - The EU plans to impose mild penalties on Apple and Meta under its digital market regulations, potentially leading to fines amounting to billions of dollars [8] Group 6: Market Movements and Trends - The six major state-owned banks in China reported a total net profit of approximately 1.4 trillion yuan for 2024, averaging about 38 billion yuan per day [17] - The Chinese central bank stated that current financial risks are overall controllable, with the financial system's resilience expected to improve as the macro economy recovers [20]