Group 1 - The East China headquarters project of China Automotive Research is in the final acceptance stage, with a 90% equipment procurement rate and 50% of the equipment already delivered for installation and debugging, expected to be fully completed and put into trial operation by the end of 2025 [2] - The project includes four major R&D centers focused on new energy vehicle testing, intelligent connected vehicle testing, electronic communication and software testing, and specialized parts and materials testing, enhancing the company's capabilities in intelligent, connected, electric, and low-carbon services [2] - The project aims to provide localized one-stop services for enterprises in East China, including standard formulation, common technology research, and third-party testing R&D services, becoming a public service platform for the development of the intelligent connected new energy vehicle industry in the region [2] Group 2 - The Southern (Shaoguan) Intelligent Connected New Energy Vehicle Testing Center, co-invested by China Automotive Research and China Quality Certification Center, is currently under construction, with an overall completion rate of 80%, expected to be completed and put into trial operation by the end of 2025 [2] - The Hydrogen Energy Quality Inspection and Testing Center has officially commenced operations in January 2024, running smoothly, and includes multiple laboratories for hydrogen vehicles, fuel cells, and powertrains [3] - The Hydrogen National Testing Center has established a testing system covering hydrogen vehicles, systems, and components, providing detection services for hydrogen fuel cell vehicles, key components, and hydrogen quality, encompassing the entire hydrogen energy industry chain [3]

Group 1 - The China Automotive Engineering Research Institute Co., Ltd. has applied for a patent for a device and method for overtaking tests in a wind tunnel, indicating innovation in automotive testing technology [1] - The patent application was filed on March 2025, with the publication number CN119935485A, showcasing the company's ongoing research and development efforts [1] - The invention includes a wind tunnel, balance rotation device, and mechanisms for rotating vehicles, allowing for flexible adjustment of the relative positions and orientations of the vehicles during testing [1] Group 2 - The China Automotive Engineering Research Institute Co., Ltd. was established in 2001 and is located in Chongqing, primarily engaged in professional technical services [2] - The company has a registered capital of 1,004.18 million RMB and has invested in 34 enterprises, demonstrating its active role in the automotive industry [2] - The company has participated in 5,000 bidding projects and holds 1,776 patents, indicating a strong focus on innovation and intellectual property [2]

Summary of Key Points Core Viewpoint - The company, China Automotive Engineering Research Institute Co., Ltd. (China Automotive Research), is actively engaging with investors to enhance understanding of its operational strategies and future plans, particularly in the context of the evolving automotive industry towards electrification, intelligence, connectivity, and low-carbon initiatives [1][2]. Group 1: Investor Communication and Engagement - The company held an investor communication meeting on May 9, 2025, in Chongqing to discuss its operational status and strategic execution for 2024 and the first quarter of 2025 [1]. - Various securities firms and investment management companies participated in the meeting, indicating a broad interest from the investment community [1]. Group 2: Industry Trends and Company Positioning - The automotive industry is undergoing significant changes due to the "new four modernizations" (electrification, intelligence, connectivity, and low-carbon), prompting testing institutions to shift from traditional compliance testing to new technology research and testing [2]. - China Automotive Research has a long history and is one of the earliest institutions to obtain regulatory testing qualifications, accumulating extensive experience in testing services and product development [3]. Group 3: Service Capabilities and Market Strategy - The company is enhancing its service capabilities by focusing on three main technical lines: safety, green technology, and user experience, while increasing R&D investment [3]. - It has established a comprehensive service capability that includes development, testing, certification, evaluation, and after-sales services, effectively addressing pain points in product development for automotive enterprises [3]. Group 4: Environmental and Health Initiatives - The company has launched the China Automotive Health Index and services in the "dual carbon" field, focusing on carbon emission accounting and green low-carbon assessments [4]. - The company is actively involved in setting new emission standards and expanding its capabilities in environmental testing, despite a slight decline in the overall market for automotive emission testing due to the rise of electric vehicles [4]. Group 5: Infrastructure Development and Internationalization - The construction of the East China headquarters is nearing completion, with 90% of equipment procurement achieved, expected to be operational by the end of 2025 [5]. - The company is focusing on internationalization, aiming to provide comprehensive quality technical services to support Chinese automotive enterprises in their global operations [5][6]. Group 6: Hydrogen Energy Initiatives - The National Hydrogen Energy Power Quality Inspection and Testing Center commenced operations in January 2024, providing testing services across the hydrogen energy industry chain [6][7]. - The company is developing hydrogen-related detection equipment and core components, with plans to expand into various hydrogen energy applications, including hydrogen power generation and storage [7].

为构建和谐高效的投资者沟通交流平台，增进投资者对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"）2024 年年度及 2025 年第一 季度生产经营、战略执行等情况的了解，公司于 2025 年 5 月 9 日在重庆举办了 投资者沟通交流会。现将有关情况公告如下： 一、调研情况 关于接待投资者调研情况的公告 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。 调研时间：2025 年 5 月 9 日 调研方式：现场交流 调研机构名称（排名不分先后）： 证券代码：601965 证券简称：中国汽研 公告编号：临 2025-027 中国汽车工程研究院股份有限公司 二、交流的主要问题及公司回复概要 1、车企在选择检测机构时主要考虑哪些因素？公司有什么特点和优势？ 回复：车企在选择检测机构时，主要考虑机构的资质能力、资源平台、行业 影响力、合作基础、历史合作关系、科研能力、属地化服务能力、产品价格、服 务水平等综合因素。在汽车"新四化"趋势下，汽车产业产品技术、商业模式、 市场格局等都在发生变化，检测机构也在加速技术转型，由传统 ...

Core Viewpoint - China Automotive Engineering Research Institute Co., Ltd. has applied for a patent related to a method and device for evaluating the biological fidelity of crash test dummies based on spectral energy, indicating advancements in automotive collision safety technology [1] Group 1: Patent Application - The patent titled "Method, Device, and Medium for Evaluating the Biological Fidelity of Crash Test Dummies Based on Spectral Energy" was published with the application number CN119918182A, filed on December 2024 [1] - The invention focuses on analyzing crash response data from dummies and human body parts to assess the biological fidelity of dummies, enhancing the accuracy of simulations [1] Group 2: Company Overview - China Automotive Engineering Research Institute Co., Ltd. was established in 2001 and is located in Chongqing, primarily engaged in professional technical services [2] - The company has a registered capital of 1,004.18 million RMB and has invested in 34 enterprises, participated in 5,000 bidding projects, and holds 1,774 patents [2]

Group 1 - The core index of the CSI 800 Commercial Services and Supplies Index is reported at 4268.80 points, with a recent one-month decline of 3.42%, a three-month increase of 8.42%, and a year-to-date increase of 5.31% [1] - The CSI 800 index is categorized into 11 primary industries and 35 secondary industries, providing a comprehensive analysis tool for investors [1] - The market share of the CSI 800 Commercial Services and Supplies Index is composed of 56.65% from the Shanghai Stock Exchange and 43.35% from the Shenzhen Stock Exchange [1] Group 2 - The index sample is adjusted biannually, with adjustments occurring on the next trading day after the second Friday of June and December [2] - Weight factors are generally fixed until the next scheduled adjustment, with temporary adjustments made in response to special events affecting sample companies [2] - Companies that are delisted or undergo mergers, acquisitions, or splits will be handled according to specific calculation and maintenance guidelines [2]

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, 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]. - The automotive technology service segment continues to grow rapidly, with revenues of 41.25 billion yuan in 2024 and 7.94 billion yuan in Q1 2025, representing year-on-year growth of 21.4% and 11.5% respectively. This growth is driven by the large-scale implementation of intelligent connected vehicle technologies and strengthened industry regulations [6]. - The company has successfully integrated its certification and inspection services, with significant revenue growth from related party transactions, indicating potential for further expansion in this area [8]. Summary by Sections Company Overview - Latest closing price: 19.12 yuan - Total market capitalization: 192 billion yuan - Earnings per share (EPS) for 2025 is projected at 1.08 yuan, with a price-to-earnings (P/E) ratio of 17.8 [4][9]. Financial Performance - For 2024, the company achieved a gross margin of 44.5%, an increase of 1.7 percentage points year-on-year, primarily due to a higher proportion of automotive service business [7]. - The total expense ratio decreased to 18.3%, down 1.0 percentage points year-on-year, reflecting improved operational efficiency [7]. Future Projections - Revenue forecasts for 2025-2027 are 55.07 billion yuan, 65.16 billion yuan, and 77.63 billion yuan respectively, with net profits projected at 10.79 billion yuan, 12.86 billion yuan, and 15.26 billion yuan [9][11]. - The company is expected to benefit from synergies with its controlling shareholder, enhancing its market share in the vehicle certification and inspection sector [8].

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].

| 投资要点 | | --- | 公告要点： 公司公布2024年年报及2025年一季报，业绩符合我们预期。公司2024年实现营收46.97亿元，同 比+14.65%；归母净利润9.08亿元，同比+8.56%；扣非净利润8.69亿元，同比+15.25%。汽车技 术服务业务表现亮眼，收入同比+21.36%，装备制造业务受专用车市场景气度影响收入同 比-20.50%。 2025Q1实现营收8.87亿元，同比+0.62%，汽车技术服务业务实现收入 7.94 亿元， 同比增长11.45%；归母净利润1.78亿元，同比+6.29%；扣非净利润1.66亿元，同比+8.59%。 技术持续突破+试验场整合，新能源与智能网联布局深化： 2024年公司氢能产业化与装备业务实现"零突破"，公司依靠智能网联以及自动驾驶等前沿领域 技术优势，提升公司行业地位。此外，公司通过新增苏州阳澄半岛、成都中德试验场合作运营 权，控股南方试验场公司，整合试验场资源，场景测试能力进一步夯实。国际化层面，利用中 国中检国际化网络资源，与马来西亚、意大利机构签署合作协议，海外服务网络持续拓展。 双轮创新驱动，助推新兴业务发展： 能源动力事业部通过构建新能 ...

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]