Investment Rating - The report maintains a "Buy" rating for the company, expecting a relative increase in stock price of over 20% compared to the benchmark index within six months [9][15]. Core Insights - The company reported a revenue of 46.97 billion yuan and a net profit attributable to shareholders of 9.08 billion yuan for 2024, reflecting year-on-year growth of 14.7% and 8.65% respectively. For Q1 2025, the revenue was 8.87 billion yuan, with a net profit of 1.78 billion yuan, showing a year-on-year increase of 0.6% and 6.3% respectively [5][6]. Summary by Sections Company Overview - Latest closing price: 19.12 yuan - Total shares: 10.03 billion, circulating shares: 9.94 billion - Total market capitalization: 192 billion yuan, circulating market capitalization: 190 billion yuan - 52-week high/low: 20.84/15.06 yuan - Debt-to-asset ratio: 25.8% - Price-to-earnings ratio: 20.78 [4]. Business Performance - The core automotive technology service segment achieved revenues of 41.25 billion yuan in 2024 and 7.94 billion yuan in Q1 2025, with year-on-year growth of 21.4% and 11.5% respectively. This growth is attributed to the scaling of intelligent connected vehicle technologies and enhanced industry regulations [6]. - The equipment manufacturing segment saw a decline in revenue, with 5.35 billion yuan in 2024 and 0.93 billion yuan in Q1 2025, down 20.5% and 45.2% respectively, due to reduced demand in the specialized vehicle market [6]. Profitability Metrics - The gross margin for 2024 was 44.5%, an increase of 1.7 percentage points year-on-year, primarily due to a higher proportion of high-margin automotive service business. The gross margin for automotive technology services remained stable at 48.4% [7]. - The total expense ratio decreased to 18.3%, down 1.0 percentage points year-on-year, with sales, management, R&D, and financial expense ratios showing slight reductions [7]. Future Outlook - Revenue projections for 2025-2027 are 55.07 billion yuan, 65.16 billion yuan, and 77.63 billion yuan respectively, with net profits expected to be 10.79 billion yuan, 12.86 billion yuan, and 15.26 billion yuan. The earnings per share (EPS) are forecasted at 1.08 yuan, 1.28 yuan, and 1.52 yuan [9][11]. - The company is expected to benefit from synergies with its controlling shareholder, enhancing its market share in the vehicle certification and testing sectors [8].

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company's performance in 2024 met expectations, with total revenue reaching 4.697 billion yuan, a year-on-year increase of 14.65%, and net profit attributable to shareholders at 908 million yuan, up 8.56% year-on-year [7] - The automotive technology service business showed strong growth, with revenue increasing by 21.36% year-on-year, while the equipment manufacturing business faced a decline of 20.50% due to market conditions [7] - The company is deepening its layout in new energy and intelligent connected vehicles, achieving breakthroughs in hydrogen energy and equipment business, and expanding its international service network [7] - The company maintains a stable gross margin of 44.5% in 2024, with a focus on R&D investment to strengthen its competitive edge [7] - Revenue and profit forecasts for 2025 and 2026 have been adjusted downwards, but the company is expected to achieve a revenue of 7.365 billion yuan and a net profit of 1.438 billion yuan by 2027, reflecting a growth rate of 17% [7] Financial Summary - Total revenue forecast for 2024 is 4.697 billion yuan, with a projected growth of 16.50% in 2025 and 15.55% in 2026 [8] - Net profit attributable to shareholders is expected to reach 1.114 billion yuan in 2025, with a growth rate of 22.76% [8] - The company's earnings per share (EPS) is projected to be 1.11 yuan in 2025, with a price-to-earnings (P/E) ratio of 17.09 [8]

Investment Rating - The report maintains a "Buy" rating for the company [1] Core Views - The company's performance in 2024 met expectations, with total revenue reaching 4.697 billion yuan, a year-on-year increase of 14.65%, and a net profit attributable to shareholders of 908 million yuan, up 8.56% year-on-year [7] - The automotive technology service business showed strong growth, with revenue increasing by 21.36% year-on-year, while the equipment manufacturing business faced a decline of 20.50% due to market conditions [7] - The company is deepening its layout in new energy and intelligent connected vehicles, achieving breakthroughs in hydrogen energy and equipment business, and expanding its international service network [7] - The company’s gross margin remained stable at 44.5% in 2024, with a focus on R&D investment to strengthen its technological barriers [7] Financial Summary - Total revenue forecast for 2024 is 4.697 billion yuan, with expected growth rates of 16.50% in 2025 and 15.55% in 2026 [1][8] - The net profit attributable to shareholders is projected to be 1.114 billion yuan in 2025, reflecting a year-on-year growth of 22.76% [1][8] - The report anticipates a steady increase in earnings per share (EPS), reaching 1.11 yuan in 2025 and 1.27 yuan in 2026 [1][8] - The company’s P/E ratio is expected to decrease from 20.98 in 2024 to 17.09 in 2025, indicating a more attractive valuation over time [1][8]

证券代码：601965 证券简称：中国汽研 公告编号：临2025-026 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。 中国汽车工程研究院股份有限公司（以下简称"中国汽研"或"公司"）于 2025 年 4 月 29 日（星期二）15:00-16:00 在上海证券交易所上证路演中心（网 址：https://roadshow.sseinfo.com/），通过视频直播和网络互动的方式召开了 2024 年度业绩说明会。2025 年 4 月 22 日，公司已在上海证券交易所网站 （www.sse.com.cn）披露了《中国汽研关于召开 2024 年度业绩说明会的公告》 （公告编号：临 2025-014），现将此次业绩说明会召开的有关情况公告如下： 一、业绩说明会基本情况 2025 年 4 月 29 日，公司董事长周玉林先生，董事、总经理兼董事会秘书刘 安民先生，独立董事田冠军先生，总会计师黄延君先生出席了本次业绩说明会。 公司就 2024 年度及 2025 年第一季度经营成果、财务状况等问题与投资者进行了 互动交流，在信息披露允许的范 ...

Investment Rating - The report maintains a "Strong Buy" investment rating for the company [3][9]. Core Views - The company achieved steady revenue growth, with a 14.7% increase in revenue to CNY 4.7 billion in 2024 and an 8.6% increase in net profit to CNY 0.91 billion [1][9]. - The company focuses on "innovation breakthroughs" and aims for high-quality development through various strategic initiatives [1]. - The company has strengthened its global layout and enhanced its automotive technology service network, establishing a localized technical service capability across major automotive industry clusters in China [6]. - The company is recognized as a national-level automotive technology innovation platform, leading industry upgrades through index evaluations and promoting new testing standards [6]. Financial Performance - In Q1 2025, the company reported revenue of CNY 0.89 billion, a 0.6% year-on-year increase, and a net profit of CNY 0.18 billion, up 6.3% year-on-year [2]. - The gross and net profit margins for Q1 2025 were 45.6% and 21.1%, respectively, reflecting a year-on-year increase of 6.0 and 0.8 percentage points [2]. - The company’s total revenue is projected to grow from CNY 4.0 billion in 2023 to CNY 7.4 billion by 2027, with a compound annual growth rate (CAGR) of 17% [8][21]. Key Financial Ratios - The company’s return on equity (ROE) is reported at 12.7% [3]. - The asset-liability ratio stands at 25.5%, indicating a solid financial structure [3]. - The projected price-to-earnings (PE) ratio is expected to decrease from 23.8 in 2023 to 13.8 by 2027, suggesting improving valuation metrics [22].

Investment Rating - The report maintains a "Recommended" rating for the company, indicating an expected stock price increase of over 15% relative to the benchmark index [2][4]. Core Insights - The company reported a revenue of 4.697 billion yuan for 2024, representing a year-on-year growth of 14.65%. The net profit attributable to shareholders was 908 million yuan, up 8.56% year-on-year [1][4]. - The company is experiencing steady growth in performance, with a focus on enhancing efficiency and expanding market presence. The gross profit margin remained high at 48.81% in Q4 2024, reflecting effective cost management [1][4]. - The automotive technology service segment saw significant growth, with revenues reaching 4.125 billion yuan in 2024, a year-on-year increase of 21.36%. However, the equipment manufacturing segment faced a decline of 20.50% due to reduced demand [1][2]. Summary by Sections Financial Performance - In 2024, the company achieved a total revenue of 4.697 billion yuan, with a growth rate of 14.65%. The net profit attributable to shareholders was 908 million yuan, reflecting an 8.56% increase [1][6]. - For Q4 2024, revenue was 1.649 billion yuan, up 10.99% year-on-year and 62.27% quarter-on-quarter. The net profit for the same period was 238 million yuan, down 11.66% year-on-year [1][6]. - The first quarter of 2025 saw revenue of 888 million yuan, a slight increase of 0.62% year-on-year, but a significant decrease of 46.49% quarter-on-quarter [1][6]. Business Segments - The automotive technology service business generated 4.125 billion yuan in 2024, marking a 21.36% increase year-on-year. The company is focusing on customer collaboration and market expansion [1][2]. - The equipment manufacturing segment reported a revenue of 535 million yuan, down 20.50% year-on-year, attributed to decreased demand in the specialized vehicle market [1][2]. Regional Performance - Revenue growth was observed in several regions, with East China showing a 40.57% increase, while Southwest and Northwest regions experienced declines of 8.96% and 8.48%, respectively [2][4]. - The international business saw a remarkable growth of 298.68%, primarily driven by increased revenue from automotive technology services to foreign clients [2][4]. Future Outlook - The company is set to begin trial production at its East China base in the second half of 2025, which is expected to contribute to new revenue streams [2][4]. - Revenue projections for 2025-2027 are estimated at 5.584 billion yuan, 6.588 billion yuan, and 7.656 billion yuan, respectively, with net profits expected to reach 1.109 billion yuan, 1.384 billion yuan, and 1.687 billion yuan [4][6].

Investment Rating - The report assigns a "Buy" rating to the company, indicating a positive outlook for the stock's performance in the near term [6]. Core Insights - The company achieved a revenue of 4.697 billion yuan in 2024, representing a year-on-year increase of 14.65%. The net profit attributable to shareholders was 908 million yuan, up 8.56% from the previous year [1]. - The automotive testing industry is expected to see growth driven by advancements in intelligent driving technologies, which will increase both the demand for testing services and the price per vehicle tested [2]. - The automotive technical services segment reported a revenue of 4.125 billion yuan in 2024, reflecting a growth of 21.36% year-on-year, supported by the transformation of China's automotive industry and regulatory enhancements [2]. - The company is enhancing its capital innovation and expanding its testing facilities, including partnerships to establish an overseas service network [3]. Financial Summary - The projected revenues for 2025, 2026, and 2027 are 5.637 billion yuan, 7.328 billion yuan, and 9.161 billion yuan, respectively, with corresponding net profits of 1.138 billion yuan, 1.505 billion yuan, and 1.852 billion yuan [4][3]. - The earnings per share (EPS) are expected to grow from 0.92 yuan in 2024 to 1.85 yuan in 2027, indicating a strong upward trend in profitability [4]. - The company’s price-to-earnings (P/E) ratio is projected to decrease from 19.15 in 2024 to 10.59 in 2027, suggesting an attractive valuation as earnings grow [4].

Core Insights - The company reported a total operating revenue of 4.697 billion yuan, ranking third among disclosed peers, with a year-on-year increase of 600 million yuan, representing a 14.65% growth compared to the same period last year [1] - The net profit attributable to shareholders reached 908 million yuan, ranking first among disclosed peers, with an increase of 71.66 million yuan, reflecting an 8.56% year-on-year growth [1] - The company’s latest asset-liability ratio is 25.76%, ranking second among disclosed peers [3] Financial Performance - The company achieved a net cash inflow from operating activities of 495 million yuan, ranking third among disclosed peers [1] - The latest gross profit margin is 44.52%, ranking second among disclosed peers [3] - The return on equity (ROE) is 12.86%, ranking first among disclosed peers, with an increase of 0.23 percentage points compared to the same period last year [3] Earnings and Shareholder Information - The diluted earnings per share (EPS) is 0.92 yuan, ranking first among disclosed peers, with an increase of 0.07 yuan, marking a 5-year consecutive rise and an 8.24% year-on-year increase [3] - The number of shareholders is 21,500, with the top ten shareholders holding 669 million shares, accounting for 66.65% of the total share capital [3] Research and Development - The total R&D investment is 335 million yuan, ranking second among disclosed peers, with a year-on-year increase of 57.92 million yuan, achieving a 20.88% growth compared to the same period last year [3][4] - The latest R&D investment ratio is 7.14%, ranking second among disclosed peers, with a 0.22 percentage point increase compared to the same period last year [4]

Summary of Key Points Core Viewpoint China Automotive Research announced a cash dividend plan for 2024, proposing a distribution of 2.4 yuan per 10 shares, which amounts to a total cash payout of 241 million yuan, representing 26.53% of the company's net profit. This marks the 14th cash distribution since the company's listing. Financial Performance - The company reported a revenue of 4.697 billion yuan for the year, reflecting a year-on-year growth of 14.65% - Net profit reached 908 million yuan, an increase of 8.56% compared to the previous year - Basic earnings per share stood at 0.92 yuan, with a weighted average return on equity of 13.44% [2] Dividend History - The proposed dividend of 2.4 yuan per 10 shares for 2024 represents a dividend yield of 1.31% - Historical dividend distributions since the company's listing include: - 2023: 3.3 yuan per 10 shares - 2022: 3.0 yuan per 10 shares - 2021: 3.0 yuan per 10 shares - 2020: 3.0 yuan per 10 shares - 2019: 2.5 yuan per 10 shares [2][4] Market Activity - The stock experienced a net outflow of 3.6817 million yuan in principal funds on the day of the announcement, with a total net outflow of 27.0967 million yuan over the past five days [2][3] Industry Context - In the automotive sector, 170 companies have announced their 2024 dividend plans, with BYD leading with a total cash payout of 12.077 billion yuan, followed by Fuyao Glass and Great Wall Motors with payouts of 4.698 billion yuan and 3.853 billion yuan, respectively [4]

中国汽车工程研究院股份有限公司 董事会审计委员会 2024 年度履职情况报告 各位董事： 作为中国汽车工程研究院股份有限公司（以下简称"公司" 或"中国汽研"）董事会审计委员会委员，我们根据《上市公司 治理准则》《上海证券交易所股票上市规则》《上海证券交易所 上市公司自律监管指引第1号——规范运作》，按照《公司章程》 《董事会审计委员会议事规则》和《董事会审计委员会年报工作 细则》的有关规定，本着勤勉尽责的原则，认真履行各项职责。 现将董事会审计委员会2024年度的履职情况汇报如下： 一、审计委员会基本情况 2024年度，公司第五届董事会审计委员会由独立董事田冠 军、金锦萍和黄荔组成，其中，审计委员会召集人由会计专业人 士田冠军担任。 田冠军先生，1974年生，中国国籍，无境外居留权，会计学 博士、博士后，教授，注册会计师（非执业）。历任重庆理工大 学会计学院国际合作部副主任、财务处副处长、会计学院副院长。 现任重庆工商大学教授、会计学院学术委员会主任委员、国家级 一流本科专业建设点（审计学）负责人，全国税务领军人才、重 庆英才·名家名师（会计）、重庆市首届会计领军人才。2023 年4月20日起任中国汽车工程 ...