Financial Performance - The company's operating revenue for Q3 2024 reached CNY 1,016,260,297.87, representing a year-on-year increase of 13.94% compared to CNY 870,113,392.69 in the same period last year[1] - The net profit attributable to shareholders for Q3 2024 was CNY 263,154,778.40, an increase of 21.95% from CNY 213,106,545.46 in the previous year[1] - The net profit attributable to shareholders after deducting non-recurring gains and losses was CNY 228,425,166.52, reflecting a year-on-year growth of 12.13%[2] - The basic earnings per share for Q3 2024 was CNY 0.27, up 22.73% from CNY 0.22 in the same quarter last year[2] - Total operating revenue for the first three quarters of 2024 reached ¥3,047,414,926.36, an increase of 18.2% compared to ¥2,579,881,702.87 in the same period of 2023[13] - Operating profit for the first three quarters of 2024 was ¥848,230,290.45, up from ¥707,359,327.14 in 2023, reflecting a growth of 19.9%[14] - Net profit attributable to shareholders of the parent company for the first three quarters of 2024 was ¥669,817,384.99, compared to ¥563,942,106.83 in 2023, representing an increase of 18.8%[15] - The total comprehensive income for Q3 2024 was ¥716,140,446.96, compared to ¥605,300,441.40 in Q3 2023, reflecting an increase of 18.3%[15] Cash Flow and Liquidity - The company achieved a net cash flow from operating activities of CNY 144,739,598.88 for the year-to-date, a significant increase of 284.93% compared to the previous year[2] - As of September 30, 2024, cash and cash equivalents decreased to approximately ¥1.22 billion from ¥2.38 billion at the end of 2023, representing a decline of 48.80%[10] - In the first three quarters of 2024, the cash inflow from operating activities was CNY 2,217,964,991.84, a slight increase from CNY 2,170,435,386.51 in the same period of 2023[16] - The net cash flow from operating activities for the first three quarters of 2024 was -CNY 144,739,598.88, compared to a positive CNY 78,268,230.68 in 2023[18] - Cash outflow from investing activities in the first three quarters of 2024 was CNY 817,694,778.62, significantly higher than CNY 301,743,028.01 in 2023[18] - The net cash flow from investing activities for the first three quarters of 2024 was -CNY 717,502,856.10, compared to -CNY 82,822,548.12 in 2023[18] - Cash inflow from financing activities in the first three quarters of 2024 was CNY 129,233,224.25, compared to CNY 8,285,943.12 in 2023[18] - The net cash flow from financing activities for the first three quarters of 2024 was -CNY 301,654,815.27, an improvement from -CNY 416,295,911.85 in 2023[18] - The ending cash and cash equivalents balance as of the end of Q3 2024 was CNY 1,104,299,432.43, down from CNY 1,417,901,191.27 at the end of Q3 2023[18] Assets and Liabilities - Total assets at the end of Q3 2024 amounted to CNY 9,522,079,258.29, showing a year-on-year increase of 4.36%[2] - Total assets reached approximately ¥9.52 billion, an increase from ¥9.12 billion, reflecting a growth of 4.52%[11] - The total liabilities increased to ¥2,302,075,577.66 in Q3 2024 from ¥2,202,087,215.82 in Q3 2023, marking a rise of 4.5%[12] - The total equity increased to ¥7,220,003,680.63 in Q3 2024 from ¥6,922,194,627.46 in Q3 2023, reflecting a growth of 4.3%[12] - The company's equity attributable to shareholders was CNY 6,846,063,257.42, reflecting a year-on-year increase of 3.98%[2] Operational Highlights - The automotive technology service segment generated revenue of CNY 2,591,000,000, with a year-on-year growth of 18.69%[2] - The equipment manufacturing segment reported revenue of CNY 456,000,000, marking a year-on-year increase of 15.02%[2] - Research and development expenses for the first three quarters of 2024 amounted to ¥165,062,602.19, up from ¥149,686,913.24 in 2023, showing an increase of 10.2%[13] - The total operating costs for the first three quarters of 2024 were ¥2,264,322,175.45, an increase of 17.6% from ¥1,925,781,685.80 in 2023[13] Shareholder Information - Total number of ordinary shareholders at the end of the reporting period is 19,548, with the largest shareholder, China Inspection and Certification Group, holding 534,714,168 shares, accounting for 53.30%[8] - The company has not reported any significant changes in shareholder relationships or actions during the reporting period[9] Inventory and Receivables - Accounts receivable increased significantly to approximately ¥2.08 billion, up from ¥1.01 billion, marking an increase of 105.80%[10] - Inventory increased to approximately ¥397.85 million from ¥268.10 million, representing a growth of 48.38%[10] - Accounts payable increased to approximately ¥842.10 million from ¥664.86 million, reflecting a rise of 26.67%[11] - The company reported a significant increase in prepayments to approximately ¥151.86 million, up from ¥57.83 million, marking an increase of 162.60%[10] - Short-term borrowings rose to approximately ¥13.31 million from ¥5.31 million, an increase of 150.00%[11]

证券代码：601965 证券简称：中国汽研 公告编号：临 2024-044 中国汽车工程研究院股份有限公司 关于限制性股票激励计划（第三期）第一个解锁期部分 解锁暨上市的公告 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、准确性和完整性依法承担法律责任。 一、公司限制性股票激励计划（第三期）批准及实施情况 1.2022 年 6 月 24 日，公司第四届董事会第二十六次会议审议通过了《关于公 司限制性股票激励计划（第三期）（草案）及其摘要的议案》及其他相关议案。公 司独立董事就本次股权激励计划是否有利于公司持续发展及是否存在损害公司及 全体股东利益的情形发表独立意见。公司第四届监事会第十八次会议审议通过了 《关于公司限制性股票激励计划（第三期）（草案）及其摘要的议案》及其他相关 议案，并就限制性股票计划相关事项发表了核查意见。 2.2022 年 6 月 24 日至 2022 年 7 月 3 日，公司在内部公示了激励对象名单， 在公示期内，公司未收到关于本次拟激励对象的异议，并于 2022 年 7 月 15 日披 露了《监事会关于公司限制性股票激励计划（第三 ...

中国汽车工程研究院股份有限公司 第五届监事会第十二次会议决议公告 一、以 5 票赞成，0 票弃权，0 票反对，审议通过了关于《中国汽研 2024 年 第三季度报告》的议案； 证券代码：601965 股票简称：中国汽研 编号：临2024-043 本公司监事会及监事会全体成员保证公告内容不存在任何虚假记载、误导 性陈述或者重大遗漏，对其内容的真实性、准确性和完整性依法承担法律责任。 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"）第 五届监事会第十二次会议于 2024 年 10 月 25 日在重庆以现场加通讯表决方式召 开。会议通知于 2024 年 10 月 15 日以电子邮件方式送达公司监事。会议由监事 会主席游丹主持，监事应到 5 人，实到 5 人。会议符合《公司法》和《公司章程》 的规定，会议程序及表决结果合法有效。会议形成决议如下： 经核查，截至 2024 年 10 月 25 日，除已调动、离职的 11 名及 5 名暂不解锁 的激励对象外，公司限制性股票激励计划（第三期）授予的其余 350 名激励对象 解锁资格合法有效，满足《中国汽研限制性股票激励计划（第三期）（草案）》和 《中国汽研限制 ...

证券代码：601965 证券简称：中国汽研 公告编号：临2024-042 中国汽车工程研究院股份有限公司 第五届董事会第十六次会议决议公告 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。 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"）第 五届董事会第十六次会议于 2024 年 10 月 25 日在重庆以现场加通讯表决方式召 开。会议通知于 2024 年 10 月 15 日以电子邮件方式送达公司董事。本次会议由 周玉林董事长主持，应出席董事 8 名，实际出席董事 8 名，公司全体监事列席本 次会议。会议符合《公司法》和《公司章程》的规定，会议程序及表决结果合法 有效。会议形成决议如下： 二、以 8 票赞成、0 票弃权、0 票反对，审议通过了《关于限制性股票激励 计划（第三期）第一个解锁期部分解锁的议案》，同意对 350 名激励对象持有的 5,867,480 股限制性股票进行解锁。 公司董事会薪酬与考核委员会已就该议案向董事会提出建议，认为根据《中 国汽研限制性股票激励计划（第三期）（草案）》和《中国汽研限制性股 ...

证券代码：601965 证券简称：中国汽研 公告编号：临 2024-041 中国汽车工程研究院股份有限公司 关于召开 2024 年第三季度业绩说明会的公告 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。 重要内容提示： 会议召开时间：2024 年 10 月 28 日(星期一)15:00-16:00 会 议 召 开 地 点 ： 上 海 证 券 交 易 所 上 证 路 演 中 心 （ 网 址 ： https://roadshow.sseinfo.com/） 会议召开方式：上证路演中心网络互动 投资者可于 2024 年 10 月 21 日(星期一)至 10 月 25 日(星期五)16:00 前 登录上证路演中心网站首页点击"提问预征集"栏目或通过公司邮箱 ir@caeri.com.cn 进行提问。公司将在说明会上对投资者普遍关注的问题进行回 答。 中国汽车工程研究院股份有限公司（以下简称"公司"）将于 2024 年 10 月 26 日发布公司 2024 年第三季度报告，为便于广大投资者更全面深入地了解公司 2024 年第三季度经营成 ...

特此公告。 证券代码：601965 证券简称：中国汽研 公告编号：临2024-039 中国汽车工程研究院股份有限公司 第五届董事会第十五次会议决议公告 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。 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"）第 五届董事会第十五次会议于 2024 年 9 月 23 日在重庆以现场加通讯表决方式召 开。会议通知于 2024 年 9 月 13 日以电子邮件方式送达公司董事。本次会议由周 玉林董事长主持，应出席董事 8 名，实际出席董事 8 名，公司全体监事列席本次 会议。会议符合《公司法》和《公司章程》的规定，会议程序及表决结果合法有 效。会议形成决议如下： 中国汽车工程研究院股份有限公司董事会 2024 年 9 月 24 日 一、以 8 票赞成、0 票弃权、0 票反对，审议通过了关于《中国汽研 2024 年 度工资总额预算》的议案。公司董事会薪酬与考核委员会已就该议案向董事会提 出建议，认为公司 2024 年度工资总额预算符合公司年度经营计划和经济效益预 期，同意提交董事会 ...

证券代码：601965 证券简称：中国汽研 公告编号：临 2024-040 中国汽车工程研究院股份有限公司 关于投资设立全资子公司的公告 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。 重要内容提示： 资金来源：自有资金、银行贷款或其他符合法律法规规定的自筹资金 相关风险提示：本次投资属于中国汽研进入汽车后市场技术服务领域的 投资，全资子公司成立后可能面临整体宏观经济和相应市场、技术以及政策风险， 投资效益将根据全资子公司实际投入及运营情况而确定。敬请广大投资者理性投 资，注意风险。 一、投资概述 （一）投资的基本情况 为把握新能源汽车后市场技术服务领域发展机遇，拓展公司发展赛道，中国 汽研拟以不超过人民币 9.00 亿元的自有资金、银行贷款或其他符合法律法规规 定的自筹资金投资设立全资子公司，主要从事汽车后市场技术服务、新能源特色 检测装备产品及行业服务等业务。 （二）投资项目的背景和目的 近年来，我国新能源汽车在全球范围内形成了先发优势，产业规模和设计制 造技术水平全球领先，已成为引领全球汽车电动化转型发展的重要一极。但随 ...

[Table_Industry] [评Ta级ble：_T增itle持] （维持） 市场价格：16.47 元 分析师：何俊艺 执业证书编号：S0740523020004 分析师：刘欣畅 执业证书编号：S0740522120003 分析师：毛䶮玄 执业证书编号：S0740523020003 Email：hejunyi@zts.com.cn [公Ta司ble盈_F利in预anc测e1及] 估值 指标 2022A 2023A 2024E 2025E 2026E 营业收入（百万元） 3,291 4,007 4,764 5,478 6,580 增长率 yoy% -14% 22% 19% 15% 20% 净利润（百万元） 689 825 942 1,119 1,392 增长率 yoy% 0% 20% 14% 19% 24% 每股收益（元） 0.69 0.82 0.94 1.12 1.39 每股现金流量 0.80 0.86 1.35 1.49 1.75 净资产收益率 11% 12% 12% 13% 14% P/E 24.0 20.0 17.5 14.8 11.9 P/B 2.8 2.5 2.3 2.0 1.8 备注：数据统计 ...

Investment Rating - The report maintains an "Accumulate" rating for the company [2][6][12] Core Views - The company reported strong revenue and net profit growth in Q2 2024, with revenue reaching 1.14 billion yuan, a year-on-year increase of 20.7% and a quarter-on-quarter increase of 32.2% [5][6] - The company's gross margin improved in Q2 2024, reaching 41.2%, with a decrease in expense ratio, indicating the realization of scale effects [6][12] - The acquisition of a 51% stake in Tianjin Tianping Quality Inspection Development Co., Ltd. is part of the company's strategy to enhance its competitive position and integrate its operations [6][12] - The company is well-positioned to benefit from the growing demand for intelligent testing services, particularly in the context of increasing penetration rates of advanced driver-assistance systems (ADAS) [6][12] Financial Summary - For H1 2024, the company reported revenue of 2.0 billion yuan, a year-on-year increase of 21.2%, and a net profit of 400 million yuan, up 17.1% year-on-year [5][6] - The automotive technology service segment generated revenue of 1.63 billion yuan in H1 2024, reflecting a 17.5% year-on-year growth, with the new energy and intelligent network development testing business growing by 38.1% [6][12] - The projected net profits for 2024-2026 are 972 million yuan, 1.203 billion yuan, and 1.450 billion yuan, respectively, indicating a positive growth trajectory [6][12]

Investment Rating - The report maintains a "Buy" rating for the company, with a target price of 26.86 CNY per share, unchanged from previous ratings [4][16]. Core Views - In the first half of 2024, the company's technical service revenue grew by 17.5% year-on-year, while the net profit attributable to shareholders, excluding non-recurring items, increased by 14.5% [2][9]. - The company achieved a total revenue of 2.0 billion CNY in the first half of 2024, representing a year-on-year growth of 20.4%. The net profit attributable to shareholders was 4.0 billion CNY (up 16.9%) and 3.8 billion CNY (up 14.5%) before and after non-recurring items, respectively [2][9]. - The technical service and equipment manufacturing segments generated revenues of 1.63 billion CNY and 370 million CNY, reflecting year-on-year increases of 17.5% and 35.1%, respectively. The growth in technical services is attributed to the company's focus on strategic advantages and emerging business opportunities, particularly in intelligent and new energy testing [2][9][12]. Financial Performance - The company's gross margin for the first half of 2024 was 40.6%, a decrease of 0.5 percentage points year-on-year, primarily due to the increased proportion of lower-margin equipment manufacturing [12][15]. - The net profit margin was 20.1%, down 0.7 percentage points year-on-year. The operating expense ratio was 14.9%, a decrease of 1.3 percentage points year-on-year, with specific expense ratios for sales, management, R&D, and financial costs showing varied changes [12][15]. - The company expects EPS for 2024, 2025, and 2026 to be 0.90 CNY, 1.03 CNY, and 1.18 CNY per share, respectively [16]. Business Strategy and Market Position - The company is positioned as a rare player in the automotive testing sector, benefiting from opportunities in electric and intelligent vehicles. It aims to transform into a data service provider and index platform [15][16]. - The integration of inspection and testing resources with its controlling shareholder, China Inspection Group, is expected to enhance market competitiveness and drive growth in testing business volume and pricing due to regulatory upgrades and new standards [15][16].