适逢财报季，近日，江淮汽车发布2024年业绩报告。报告显示，2024年江淮汽车营业收入为421.16亿 元，归母净利润出现了亏损。 但是亏损并不影响江淮汽车整体经营稳健的判断。此前，江淮汽车曾在《2024年年度业绩预亏公告》中 指出，亏损的主要原因是2024年公司联营企业大众安徽经营业绩出现亏损，导致报告期内公司确认对大 众安徽的投资收益为-13.5亿元左右；2024年公司部分资产发生减值，计提资产减值准备11亿元左右。 分季度数据更能体现江淮汽车的整体经营情况。2024年前三个季度，江淮汽车均实现了盈利，分别盈利 超1亿元、1.9亿元、3.2亿元。 更值得长期关注的点在于，江淮汽车2024年研发投入激增，累计研发投入34.64亿元，同比增长 55.03%，占营收比重高达8.23%（在已公开业绩的上市车企中是最高的）；重点围绕整车集成、应用层 开发、关键核心技术开发及绿色低碳制造四大领域全方位推进技术创新。 这也窥见江淮汽车在智能化、电动化上转型以及持续创新方面的决心。再加上本就在出口和商用车上的 优势、尊界销量爬坡带来的想象空间，江淮汽车长期价值仍可期。 2024年，江淮汽车境外销量（含乘用车和商用车）总计 ...

金融界4月7日消息，上证指数低开低走，上证优势制造产业指数 (优势制造，000146)下跌8.83%，报 5677.53点，成交额385.85亿元。 数据统计显示，上证优势制造产业指数近一个月下跌2.52%，近三个月上涨0.29%，年至今下跌5.08%。 据了解，上证优势产业指数系列分别选取符合优势资源、优势制造和优势消费概念的证券作为指数样 本，以反映沪市相关优势产业公司证券的整体表现。该指数以2003年12月31日为基日，以1000.0点为基 点。 从上证优势制造产业指数持仓样本的行业来看，工业占比100.00%。 资料显示，指数样本每半年调整一次，样本调整实施时间分别为每年6月和12月的第二个星期五的下一 交易日。权重因子随样本定期调整而调整，调整时间与指数样本定期调整实施时间相同。在下一个定期 调整日前，权重因子一般固定不变。特殊情况下将对指数进行临时调整。当样本退市时，将其从指数样 本中剔除。样本公司发生收购、合并、分拆等情形的处理，参照计算与维护细则处理。 从指数持仓来看，上证优势制造产业指数十大权重分别为：三一重工（6.15%）、国电南瑞 （4.87%）、隆基绿能（4.86%）、中国船舶（4.6 ...

Investment Rating - The report maintains a neutral investment rating for the automotive and parts industry [6] Core Insights - The report highlights the potential benefits for domestic parts companies building factories in Mexico due to the new tariff policies announced by Trump, which will not impose additional tariffs on certain goods [9][12] - The report suggests continued focus on humanoid robotics and automotive supply chain investment opportunities, with expectations for profitability and valuation increases [3][14] - The anticipated growth in market share for competitive domestic brands and new forces in intelligent driving technology by 2025 is emphasized [3][14] Summary by Sections Investment Recommendations and Targets - The report recommends focusing on companies such as SAIC Motor, BYD, and Changan Automobile, among others, for potential investment opportunities [3][15] - Specific companies highlighted include: - SAIC Motor (buy) - Changan Automobile (buy) - BYD (not rated) - China National Heavy Duty Truck Group (buy) - GAC Group (buy) [15] Market Performance - The report notes a decline in the automotive sector, with a 3.5% drop in the CITIC automotive sector index, underperforming the CSI 300 index [17] - The report identifies the top-performing stocks in the automotive sector, including New Aluminum Era and Jiuyi Co., while also noting significant declines in others like Junda Co. [17][18] Sales Tracking - Preliminary statistics indicate a 10% year-on-year increase in wholesale sales of passenger vehicles in March, with total sales reaching 2.41 million units [26] - Retail sales also saw a 12% increase year-on-year, totaling 1.89 million units in March [26] Industry Dynamics - The report discusses the launch of new models such as the AITO M8 and M9, which are expected to boost sales for the brand [2][14] - It also highlights the performance of various companies, with notable growth in revenue and profit for firms like Seres and Bojun Technology [39][40]

Investment Rating - The report maintains a "Recommended" investment rating for the automotive industry [1] Core Views - The upcoming release of Tesla's next-generation actuator, Optimus, is expected to enhance automation capabilities, with significant improvements in movement control and fluidity [4][5] - March sales data for domestic car manufacturers showed strong performance, with a year-on-year increase of 12% in retail sales, indicating a robust recovery in the Chinese automotive market [7][34] - The report emphasizes the potential for continued growth in the automotive sector, particularly for domestic brands like BYD, which saw a 25% increase in sales in March [5][7] Summary by Sections Market Performance and Valuation - The automotive sector's performance has lagged behind the broader market, with a decline of 3.5% in the CITIC Automotive Index compared to a 1.4% drop in the CSI 300 [15][24] - The current PE ratio for the automotive industry stands at 30.7, indicating a relatively high valuation compared to historical levels [24] Industry Data Tracking and Commentary - In March, the average daily retail sales of passenger cars reached 4.0 million units, reflecting a 14% year-on-year increase [33] - The report notes that the introduction of policies promoting vehicle replacement has positively impacted market dynamics, contributing to the sales growth observed in March [36] Recommended Stocks - The report highlights several key investment opportunities, including: - For complete vehicles: Companies like Seres and JAC Motors are recommended due to their collaboration with Huawei [8] - For automotive parts: Companies such as New Spring Co., Daimei Co., and Mould Technology are noted for their growth potential in the changing market landscape [40][41]

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].