汽车板块 25Q2 总结：盈利分化，强者恒强 20250903 摘要 整车板块关注销量阿尔法，无价格战背景下盈利普遍超预期。三季度比 亚迪、吉利等公司盈利端有望修复，华为汽车表现突出，相关车企弹性 较强。 汽零板块二季度多数公司表现符合或低于预期，少数超出预期主要因个 股盈利修复，如福耀玻璃、沪光电子受益于客户结构优化及规模效应。 市场担忧新能源购置税退坡及补贴削减，但新车型上市、价格体系稳定 及提前消费或推动需求，产品周期强劲的新车型仍能带来增长。 机器人行业前景乐观，新技术迭代及多家企业客户关系升级将推动产业 链发展，精选业绩强劲且客户结构良好的企业仍具投资价值。 二季度乘用车数据环比改善，新能源渗透率突破 50%，中高端车型渗透 率仍有提升空间，预计未来可能达到 65%-70%。 零部件板块自主份额提升，但受车企价格让利及出口延迟影响，收入增 速低于乘用车批发销量增速，长期看好国产替代及横向拓展。 重卡板块二季度符合预期，但盈利能力无惊喜，竞争激烈。以旧换新政 策落地后内销增长良好，出口非洲地区弥补俄罗斯市场影响。 Q&A 请总结一下中泰汽车在二季度的整体表现以及对三季度的展望。 在二季度，中泰汽车整车 ...

| | | | 中:14: // | HATT : A LC III | | --- | --- | --- | --- | --- | | | 本报告期 | 上年同期 | | 本报告期比 | | 主要会计数据 | (1-6月) | 调整后 | 调整前 | 上年同期增 | | | | | | 減(%) | | 营业总收入 | 92.334.633.193.51 | 91.427,688,543.60 | 91.428.957.094.64 | 0.99 | | 营业收入 | 92,334,633,193.51 | 91,427,688,543.60 | 91.428,957,094.64 | 0 | | 利润总额 | 7,004,046,142.78 | 8,261,464,884.45 | 8,289,458,791.37 | -15.22 | | 归属于上市公司股东的净利润 | 6,336,939,113.25 | 7,057,573,305.01 | 7.078.549.432.99 | -10.21 | | 归属于上市公司股东的扣除非 | 3,581,423,243.20 | 5,630,366,65 ...

[Table_Stock] 长城汽车（601633） [Table_Rating] 买入（维持） [Table_Summary] [行业Table_Industry] : 汽车 日期: shzqdatemark 2025年09月03日 | [Table_Author] 分析师: | 仇百良 | | --- | --- | | E-mail: | qiubailiang@shzq.com | | SAC 编号: | S0870523100003 | [Table_BaseInfo] 基本数据 | 最新收盘价（元） | 26.28 | | --- | --- | | 12mth A 股价格区间（元） | 20.95-32.03 | | 总股本（百万股） | 8,558.95 | | 无限售 A 股/总股本 | 72.55% | | 流通市值（亿元） | 2,241.16 | [Table_QuotePic] 最近一年股票与沪深 300 比较 -5% 1% 7% 14% 20% 26% 33% 39% 45% 09/24 11/24 01/25 04/25 06/25 09/25 长城汽车 沪深300 [Table ...

Group 1 - The core viewpoint of the report is that Great Wall Motors (601633)(02333) experienced a 22% year-on-year increase in August sales, reaching 116,000 units, with an 11% month-on-month growth [1] - Bank of America maintains a "Neutral" rating for Great Wall Motors' H-shares, citing that the strong product line and moderate profit growth have been fully valued by the market, raising the target price from HKD 19 to HKD 19.5 [1] - The bank assigns a "Underperform" rating for Great Wall Motors' A-shares due to high valuations, lowering the target price from RMB 27.4 to RMB 24.6 [1] Group 2 - Management indicated that the new model, the Tank 500, has an order backlog of over 15,000 units, while the new models Menglong and Gaoshan 8 & 9 are receiving daily orders of 300-400 and 200-300 units respectively [1] - Management expects monthly sales to continue to grow month-on-month until the end of the year, supported by the launch of new models and steady sales growth in overseas markets [1]

Group 1 - The core viewpoint of the report is that Great Wall Motors (02333) experienced a year-on-year sales increase of 22% in August, reaching 116,000 units, with a month-on-month growth of 11% [1] - Bank of America maintains a "Neutral" rating on Great Wall Motors' H-shares, citing that the strong product line and moderate profit growth have been fully valued by the market, raising the target price from HKD 19 to HKD 19.5 [1] - The bank has given a "Underperform" rating for Great Wall Motors' A-shares due to high valuations, lowering the target price from RMB 27.4 to RMB 24.6 [1] Group 2 - Management indicated that the newly launched models, including the Menglong, are receiving an average of 300 to 400 new orders per day, while the Gaoshan 8 and Gaoshan 9 are averaging 200 to 300 new orders per day, and the revamped Tank 500 has an order backlog of over 15,000 units [1] - Management expects monthly sales to continue to grow month-on-month until the end of the year, supported by the launch of new models and steady sales growth in overseas markets [1]

Group 1 - The 2025 Qilu Autumn Auto Show will be held from September 4 to 8 at the Shandong International Convention and Exhibition Center, featuring nearly 100 car brands and around 1,000 mainstream models, creating a comprehensive automotive consumption experience for consumers [1][17] - The event is part of the important "golden September and silver October" period for the Shandong auto market, with multiple policy benefits and a technological feast for attendees [1][11] Group 2 - The exhibition hall is currently undergoing preparations, with various teams working on booth construction, technical setups, and vehicle arrangements to ensure a smooth event [3][16] - Notable brands such as BYD, Red Flag, and Volvo are showcasing both new energy and fuel vehicles, with meticulous attention to detail in booth construction and vehicle presentation [7][9] Group 3 - The event will feature a "massive car purchase group buying" activity, aimed at providing exclusive discounts to consumers, making new car prices more affordable [13] - A Douyin live streaming room will be set up to enhance the consumer experience, offering real-time information on vehicle discounts and features, creating an immersive shopping atmosphere [15] Group 4 - The show will include various promotional gifts for attendees, such as limited edition toys and practical items, encouraging consumer engagement and participation [11][12] - The event is designed to integrate car purchasing, entertainment, and service, establishing a differentiated automotive consumption platform [15][16]

执业证书编号：S0740525010002 Email：wangyue07@zts.com.cn 联系人：唐溯 Email：tangsu@zts.com.cn 执业证书编号：S0740523020004 Email：hejy02@zts.com.cn 乘用车 报告摘要 | 总股本(百万股) | 8,558.95 | | --- | --- | | 流通股本(百万股) | 8,528.02 | | 市价(元) | 26.28 | | 市值(百万元) | 224,929.11 | | 流通市值(百万元) | 224,116.31 | 产品周期间隙阶段性承压，3 月起多 品牌新车密集上市》2025-04-28 2、《长城汽车 2024 年报点评：24 全年营收&利润创新高，看好新品周 期 & 平 价 智 驾 & 出 口 持 续 布 局 》 2025-03-31 长城汽车 25 年中报点评：Q2 量利齐升基本面拐点已至，持续看 好新品加速&出口拓展&智驾转型 长城汽车（601633.SH） 证券研究报告/公司点评报告 2025 年 09 月 03 日 | 评级： 买入（维持） | 公司盈利预测及估值 | | | | ...

来源：证券时报网 作者：郭洁 二季度机构加仓的汽车整车概念股出炉。 9月2日晚，东芯股份(688110)发布公告称，公司股票因股票交易异常波动及严重异常波动情形，自8月29日起停牌核查，预计停牌时间不超过3个交易日。 核查工作已完成，公司股票将于9月3日复牌。 公告指出，公司股票价格剔除大盘和板块整体因素后的实际波动幅度较大，可能存在非理性炒作，投资者参与交易可能面临较大的市场风险。此外，公司 基本面未发生重大变化，主营业务未发生重大变化，内外部经营环境未发生重大变化。公司还提醒投资者注意二级市场交易风险，理性决策，审慎投资。 此前，凭借参股砺算科技，东芯股份获市场资金的关注，股价自7月29日起持续上涨，截至8月28日停牌前最后一个交易日，累计涨幅达207.85%。8月31 日晚间，东芯股份公告称，拟与亨通集团有限公司等共同对外投资上海砺算，投资人合计投资金额约为5亿元。其中公司拟通过自有资金人民币约2.11亿 元向上海砺算增资，认购其新增注册资本约80.99万元，本次增资完成后公司持有上海砺算约35.87%的股权。据悉，7月26日，砺算科技在上海发布其首款 6nm GPU芯片"7G100"系列及首款显卡产品 ...

该行对长汽H股维持"中性"评级，认为强大的产品线和适度的盈利增长已被市场充分估值，目标价由19 港元微升至19.5港元；由于长汽A股估值过高，评级"跑输大市"，目标价由27.4元下调至24.6元。 MACD金叉信号形成，这些股涨势不错！ 美银证券发表报告指，长城汽车8月销量按年升22%至11.6万辆，按月增长11%。管理层指，新推出的猛 龙平均每日新订单300至400辆，高山8及高山9平均每日新订单200至300辆，改款Tank 500目前订单积压 逾1.5万辆。管理层预计在新车型推出和海外市场稳健销售增长的支撑下，月度销售将持续按月增长至 年底。 ...

作者 | 王泽红 随着蔚来披露2025年中期财报后，国内主流上市车企半年报均已出炉。 回顾上半年的汽车行业，车企价格战频发，"反内卷"随之升级，手段包括成本调查和价格监测、60天支付账期承诺、降低经销商库存及 缩短返利兑现账期等。 当中，最为外界关注的便是，17家车企集体承诺，将供应商账期压缩至不超过60天，以缓解零部件企业现金流压力。 如今，正值车企半年报披露结束，恰是观察成果之际，尤其是车企账期的变化。 | | | | 2025上半年18家车企账期变化 | | | | --- | --- | --- | --- | --- | --- | | 证券简称 | 营收(亿元) | 应付账款及 票据 | 2025 下未在 应付账款及票 | 2024年应付 账款及票据 | 账期增减(天) | | | | (亿元) | 据周转天数 | 周转天数 | | | | | | (大) ▼ | (大) ▼ | | | 比亚迪 | 3712.81 | 2366.86 | 142.12 | 127.23 | 14.89 | | 上汽集团 | 2971.51 | 2305.53 | 157.31 | 163.63 | (6.32) ...