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 ...

Investment Rating - The report maintains a "Buy" rating for the company, expecting a relative performance increase of over 15% against the benchmark index within the next 6 to 12 months [9]. Core Insights - The company has demonstrated steady growth in its core business, with a reported revenue of 2 billion yuan, reflecting a year-on-year increase of 20.38%. The automotive technology services segment contributed 1.626 billion yuan, up 17.45% year-on-year, while the new energy and intelligent connected vehicle development and testing business saw a revenue increase of 38.09% to 252 million yuan [2][3]. - The company is actively expanding its business scope, achieving significant improvements in equipment manufacturing, with a revenue increase of 35.06% to 374 million yuan. This growth is attributed to enhanced market development strategies and breakthroughs in the hydrogen energy sector [2][4]. - The company’s revenue forecast for 2024, 2025, and 2026 has been adjusted to 4.764 billion yuan, 5.478 billion yuan, and 6.580 billion yuan respectively, with year-on-year growth rates of 19%, 15%, and 20% [2]. Financial Summary - The company reported a net profit of 4.01 billion yuan for the first half of 2024, marking a 16.88% increase year-on-year. The second quarter alone saw a revenue of 1.139 billion yuan, up 20.7% year-on-year and 32.2% quarter-on-quarter [3]. - The earnings per share (EPS) for 2024 is projected to be 0.94 yuan, with a price-to-earnings (P/E) ratio of 17.5, indicating a favorable valuation compared to historical performance [2][6]. - The company’s return on equity (ROE) is expected to improve from 12% in 2023 to 14% by 2026, reflecting enhanced profitability [2][6].

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].

Investment Rating - The report maintains a "Buy" rating for the company [1] Core Views - The company's 2024 interim report shows stable performance with a focus on intelligent and international development [1] - Revenue for the first half of 2024 reached 2 billion yuan, up 20% YoY, with net profit attributable to the parent company at 400 million yuan, up 17% YoY [3] - The company's new energy and intelligent connected vehicle business outperformed the industry, with revenue from these segments reaching 250 million yuan, up 38% YoY [3] - International revenue surged to 3.81 million yuan, up 404% YoY, driven by multiple global business achievements [3] - The net profit margin in Q2 2024 improved to 20.8%, reflecting optimized revenue structure and scale effects [3] Financial Forecasts - Revenue for 2024-2026 is projected to be 4.77/5.91/7.07 billion yuan, with YoY growth of 19%/24%/20% [4] - Net profit attributable to the parent company for 2024-2026 is forecasted at 953/1,167/1,358 million yuan, with YoY growth of 15%/23%/16% [4] - EPS for 2024-2026 is expected to be 0.95/1.16/1.35 yuan per share [4] - The company's P/E ratio for 2024-2026 is estimated at 16/13/11 times [4] Business Performance - In H1 2024, the company's automotive technical service business generated 1.63 billion yuan in revenue, up 17% YoY [3] - Special vehicle modification and sales, rail transit and parts, and automotive gas systems and key parts businesses contributed 210/30/140 million yuan in revenue, with YoY growth of 49%/-16%/31% respectively [3] - The company's gross margin in Q2 2024 was 41.3%, up 1.3 ppts YoY and 1.7 ppts QoQ, driven by higher-margin technical service business [3] Market Data - The company's closing price is 15.50 yuan, with a P/B ratio of 2.34 times [5] - The market capitalization of tradable A-shares is 15.31 billion yuan, and the total market capitalization is 15.55 billion yuan [5] Financial Indicators - The company's net asset per share is 6.62 yuan, with a debt-to-asset ratio of 26.89% [6] - ROE for 2024-2026 is projected at 12.71%/13.46%/13.51%, with a ROIC of 12.52%/13.19%/13.06% [9]

Investment Rating - The report maintains a "Buy" rating for China Automotive Research (601965.SH) [2] Core Views - The company demonstrates steady growth with improving profitability, achieving a revenue of 2 billion yuan in the first half of 2024, a year-on-year increase of 20.38%, and a net profit of 401 million yuan, up 16.88% year-on-year [5][6] - The company is focusing on its strategic advantages in automotive technology services and emerging businesses, with a notable revenue increase in the new energy and intelligent connected vehicle development and testing business, which grew by 38.09% [5][6] - The integration with China Inspection Group is expected to accelerate growth by leveraging resources and capabilities in the automotive inspection and certification sectors [6] Financial Performance Summary - In the first half of 2024, the company reported a revenue of 2 billion yuan, with a net profit of 401 million yuan, and a non-recurring net profit of 377 million yuan [5] - The second quarter of 2024 saw a revenue of 1.139 billion yuan, reflecting a year-on-year growth of 19.31% and a quarter-on-quarter growth of 32.2% [5] - The company's gross margin for the first half of 2024 was 40.6%, with a net margin of 21.6% [5][8] - Revenue projections for 2024-2026 are estimated at 47.2 billion yuan, 55.6 billion yuan, and 65.6 billion yuan, respectively, with corresponding net profits of 9.9 billion yuan, 11.8 billion yuan, and 14.1 billion yuan [6][9] Market Comparison - The company's stock has underperformed relative to the market, with a 20% decline compared to the CSI 300 index [4] - The stock price range over the past 52 weeks was between 15.06 and 23.04 yuan [7] Valuation Metrics - As of August 27, 2024, the stock price was 15.50 yuan, with projected P/E ratios for 2024, 2025, and 2026 at 15.7, 13.2, and 11.1, respectively [6][9] - The company maintains a gross margin of 43% and a net profit margin projected to improve to 22.5% by 2026 [8][9]