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 10 月 31 日（星期五）15:00-16:00 在上海证券交易所上证路演中心（网 址：https://roadshow.sseinfo.com），通过网络互动的方式召开了 2025 年第三 季度业绩说 明会。2025 年 10 月 25 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 2025 年第三季度业绩说明会的 公告》（公告编号：临 2025-046），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 10 月 31 日，公司董事长周玉林先生，董事兼总经理刘安民先生， 总会计师兼董事会秘书黄延君先生，独立董事金锦萍女士出席了本次业绩说明会。 公司就 2025 年前三季度经营成果、财务状况及后续规划等问题与投资者进行了 互动交流，在信息披露允许的范围内就投资者普遍关注的问题进行了回答。 二、本次业绩说明会投资者 ...

Core Viewpoint - China Automotive Research (中国汽研) is a leading enterprise in automotive technology research and testing services, with a strong performance in revenue and net profit, indicating robust growth potential in the automotive service industry [1][2]. Group 1: Business Performance - As of Q3 2025, China Automotive Research reported revenue of 3.024 billion yuan, ranking second in the industry, surpassing the industry average of 1.922 billion yuan and the median of 2.183 billion yuan [2]. - The net profit for the same period was 700 million yuan, leading the industry and significantly higher than the average of 143 million yuan and the median of 42.775 million yuan [2]. - The company's gross profit margin reached 46.15% in Q3 2025, an increase from 42.21% in the previous year, and well above the industry average of 27.30% [3]. Group 2: Financial Ratios - The asset-liability ratio for China Automotive Research was 27.72% in Q3 2025, slightly above the industry average of 27.41% and up from 24.18% in the previous year [3]. - The company has shown a strong ability to maintain profitability, with a gross margin significantly higher than its peers, indicating effective cost management and pricing strategies [3]. Group 3: Shareholder Information - As of September 30, 2025, the number of A-share shareholders increased by 18.75% to 21,600, while the average number of circulating A-shares held per shareholder decreased by 15.79% to 46,000 [5]. - Notable shareholders include various mutual funds, with significant increases in holdings for some, indicating growing institutional interest [5]. Group 4: Strategic Insights - The company is focusing on high-margin testing services, with revenue from this segment reaching 2.749 billion yuan in the first three quarters of 2025, reflecting a year-on-year growth of 5.62% [6][7]. - The company is also advancing in the smart connected vehicle sector, having completed key testing capabilities that align with national standards, which positions it favorably for future growth [7].

Market Overview - The automotive service sector increased by 1.04% on October 31, with Haowu Co., Ltd. leading the gains [1] - The Shanghai Composite Index closed at 3954.79, down 0.81%, while the Shenzhen Component Index closed at 13378.21, down 1.14% [1] Stock Performance - Haowu Co., Ltd. (code: 000757) closed at 5.96, up 4.93% with a trading volume of 320,600 shares and a transaction value of 188 million [1] - Other notable performers included: - Alter (code: 300825) closed at 11.44, up 3.62% with a transaction value of 164 million [1] - Jiaoyun Co., Ltd. (code: 600676) closed at 6.38, up 1.27% with a transaction value of approximately 79.2 million [1] - Dezhong Automobile (code: 920030) closed at 7.46, up 1.22% with a transaction value of approximately 34.9 million [1] Capital Flow - The automotive service sector experienced a net outflow of 15.16 million from institutional investors and 18.44 million from speculative investors, while retail investors saw a net inflow of 33.60 million [1] - Detailed capital flow for key stocks included: - Haowu Co., Ltd. had a net inflow of 28.09 million from institutional investors but a net outflow of 9.73 million from speculative investors [2] - Alter experienced a net inflow of 9.34 million from institutional investors but a net outflow of 0.45 million from speculative investors [2] - Jiaoyun Co., Ltd. had a net outflow of 7.24 million from institutional investors but a net inflow of 5.24 million from retail investors [2]

Core Viewpoint - The company reported its Q3 2025 earnings, showing a revenue of 1.114 billion yuan, with a year-on-year growth of 9.33% and a net profit of 257 million yuan, indicating stable performance in line with expectations [2]. Revenue and Business Structure - The revenue from the detection business increased, accounting for 93% of total revenue in Q3 2025, with a total of 1.03 billion yuan, reflecting a year-on-year increase of 5.62% [3]. - For the first three quarters of 2025, total revenue was 3.024 billion yuan, a slight decrease of 1.14%, while detection business revenue was 2.749 billion yuan, highlighting the company's focus on core operations and optimization of its business structure [3]. Profitability and R&D Investment - The company's gross margin reached 47.47% in Q3 2025, benefiting from an improved business structure, with a year-on-year increase of 2.18 percentage points [4]. - R&D expenses amounted to 97 million yuan, a significant increase of 50.26% year-on-year, demonstrating the company's commitment to innovation and strengthening its competitive edge [5]. Technical Capabilities and Industry Standards - The company established key testing capabilities for the implementation of national standards in intelligent connected vehicles, marking a significant milestone in the industry [6]. Profit Forecast and Investment Rating - Revenue forecasts for 2025-2027 are maintained at 5.47 billion, 7.00 billion, and 8.39 billion yuan, with expected growth rates of 17%, 28%, and 20% respectively [7]. - The net profit estimates for the same period have been adjusted to 1.01 billion, 1.23 billion, and 1.47 billion yuan, with corresponding PE ratios of 17, 14, and 12 times, maintaining a "buy" rating due to anticipated performance growth from the implementation of L2 national standards [7].

Core Insights - The automotive service sector experienced a decline of 0.63% on October 30, with Altec leading the drop [1] - The Shanghai Composite Index closed at 3986.9, down 0.73%, while the Shenzhen Component Index closed at 13532.13, down 1.16% [1] Automotive Service Sector Performance - Notable stock performances included: - Zhongqi Co., Ltd. (301215) closed at 6.69, up 2.45% with a trading volume of 366,600 shares and a turnover of 244 million yuan - Guoji Automobile (600335) closed at 6.16, up 1.32% with a trading volume of 282,800 shares and a turnover of 175 million yuan - Altec (300825) closed at 11.04, down 4.08% with a trading volume of 148,500 shares and a turnover of 167 million yuan [1][2] Capital Flow Analysis - The automotive service sector saw a net outflow of 86.0016 million yuan from institutional investors, while retail investors contributed a net inflow of 113 million yuan [2] - Individual stock capital flows indicated: - Zhongqi Co., Ltd. had a net inflow of 23.6957 million yuan from institutional investors, while retail investors contributed 0.9225 million yuan - Altec experienced a significant net outflow of 39.6543 million yuan from institutional investors, with a retail net inflow of 18.7056 million yuan [3]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company's business structure continues to optimize, with performance generally in line with expectations. In Q3 2025, the company achieved revenue of 1.114 billion yuan, representing a year-on-year increase of 9.33% [7] - The focus on high-margin testing services has led to an increase in the proportion of testing business revenue, which accounted for 93% of total revenue in Q3 2025 [7] - The company has maintained a stable profit release, with a gross margin of 47.47% in Q3 2025, benefiting from the optimization of its business structure [7] - Continuous investment in R&D has strengthened the company's technological barriers, with R&D expenses increasing by 50.26% year-on-year in Q3 2025 [7] - The company has established key testing capabilities to support the implementation of national standards for intelligent connected vehicles [7] Financial Forecasts - Total revenue is forecasted to be 5.471 billion yuan in 2025, with a year-on-year growth rate of 16.50% [1] - The net profit attributable to the parent company is projected to be 1.009 billion yuan in 2025, with a year-on-year growth rate of 11.10% [1] - The earnings per share (EPS) is expected to be 1.01 yuan in 2025, with a corresponding P/E ratio of 17.47 [1]

Investment Rating - The report maintains a "Buy" rating for the company, expecting a relative increase of over 20% compared to the benchmark index within the next six months [9][16]. Core Insights - The company reported a slight decline in revenue for the first three quarters of 2025, with total revenue of 3.024 billion yuan, down 1.14% year-on-year. However, net profit attributable to shareholders increased by 1.13% to 666 million yuan [5][6]. - The automotive technology service segment showed a stable revenue growth of 5.62% year-on-year, while the equipment manufacturing segment experienced a significant decline of 39.70% [6]. - The company is positioned well for long-term growth due to the upcoming release of intelligent connected vehicle standards, which are expected to accelerate new model iterations and expand testing opportunities [8]. Financial Performance Summary - For Q3 2025, the company achieved a revenue of 1.114 billion yuan, reflecting a year-on-year increase of 9.33%. The overall gross margin improved to 47.5%, up 2.19 percentage points year-on-year [7]. - The projected revenue for 2025-2027 is estimated at 5.006 billion yuan, 5.588 billion yuan, and 6.485 billion yuan respectively, with net profits expected to reach 1.029 billion yuan, 1.205 billion yuan, and 1.434 billion yuan [9][12]. - The company’s PE ratios for the next three years are projected to be 17.1, 14.6, and 12.3 respectively, indicating a favorable valuation trend [9].

Group 1: Guodian Power (国电电力) - The company is experiencing a positive earnings trend with an upward adjustment of EPS for 2025-2027 to 0.40/0.46/0.50 yuan, reflecting a valuation premium compared to peers [2][4] - In Q3 2025, the company's revenue was 476 billion yuan, a year-on-year decrease of 1.0%, while net profit increased by 24.9% to 30.9 billion yuan, indicating a recovery in profitability [2][3] - The company is optimizing its installed capacity structure, with a slowdown in new energy installations and an increase in thermal power installations, which is expected to enhance its dividend growth potential [4] Group 2: Kying Network (恺英网络) - The "996 Legend Box" is identified as a rare platform business with stable and growth potential, driven by established IP licensing and increased market penetration [11][12] - The company expects EPS for 2025-2027 to be 1.11/1.39/1.65 yuan, with an upward adjustment due to the positive progress of the Legend Box business [11] - The platform's revenue sources include advertising, platform functionality, live streaming, and transaction fees, indicating a diversified income stream [12][13] Group 3: Logistics and Express Delivery Industry - The express delivery industry saw a year-on-year increase of 12.7% in September 2025, with major players like SF Express leading the growth with a 31.81% increase [20][21] - The industry is experiencing a narrowing decline in express delivery prices, indicating a shift towards healthier competition and potential profitability recovery [22][23] - The market share of leading companies is increasing, with the CR8 for the express delivery industry rising to 86.9%, reflecting a trend towards industry consolidation [21][22] Group 4: Basic Chemicals Industry - The basic chemicals sector is witnessing a positive trend, with new Yangfeng's Q3 net profit increasing by 23.87% year-on-year, indicating strong performance in the sector [25] - The convertible bond market for basic chemicals is active, with several companies seeing significant price movements in their bonds [25][26] Group 5: Steel Industry - The steel industry is showing signs of recovery, with demand expected to gradually bottom out and supply-side adjustments beginning to take effect [27][28] - The average production profit for rebar has increased, while hot-rolled coil profits have decreased, indicating mixed performance across different steel products [30] - The industry is expected to benefit from improved market conditions and regulatory support for supply-side reforms [30][31]

Group 1: Target Price Increases - The companies with the highest target price increases on October 28 include Xueda Education, Dong'e Ejiao, and China Automotive Technology Research Center, with target price increases of 75.33%, 64.38%, and 58.15% respectively [1][3] - Xueda Education received a "Buy" rating from Huatai Securities with a target price of 73.36 yuan [3] - Dong'e Ejiao was rated "Hold" by Nomura Orient International Securities with a target price of 78.00 yuan [3] - China Automotive Technology Research Center was rated "Increase" by Guotai Haitong Securities with a target price of 27.55 yuan [3] Group 2: Broker Recommendations - On October 28, a total of 262 listed companies received broker recommendations, with Qingdao Beer receiving the highest number of recommendations at 13 [4][5] - Ningbo Bank and Yanjinpuzi both received 11 recommendations [4] - The companies with the most broker recommendations include Qingdao Beer (13), Ningbo Bank (11), and Yanjinpuzi (11) [5] Group 3: Rating Adjustments - On October 28, Guotou Securities upgraded Yiling Pharmaceutical's rating from "Increase" to "Buy" [6] - Six companies had their ratings downgraded, including Baoxiniang, which was downgraded from "Buy" to "Increase" by Everbright Securities [7] - Other companies with downgraded ratings include Waifu Holdings and Fuanna, with ratings adjusted to "Cautious Recommendation" and "Increase" respectively [7] Group 4: First Coverage - Five companies received first coverage on October 28, including Qianyan Biology, which was rated "Increase" by Caitong Securities [8] - Other companies receiving first coverage include Dazhong Mining, Songyuan Safety, Daotong Technology, and Hehe Information, all rated "Buy" or "Increase" by various securities firms [8]

Core Insights - On October 28, a total of 182 target price adjustments were made by brokerages for listed companies, with notable increases in target prices for Xueda Education, Dong'e Ejiao, and China Automotive Technology, showing increases of 75.33%, 64.38%, and 58.15% respectively, across the education, traditional Chinese medicine, and automotive service sectors [1][3]. Group 1: Target Price Increases - Xueda Education received a target price of 73.36 yuan with a target increase of 75.33% from Huatai Securities [3]. - Dong'e Ejiao's target price was set at 78.00 yuan, reflecting a 64.38% increase from Nomura Orient International Securities [3]. - China Automotive Technology's target price is 27.55 yuan, indicating a 58.15% increase from Guotai Junan Securities [3]. Group 2: Brokerage Recommendations - A total of 262 listed companies received brokerage recommendations on October 28, with Qingdao Beer receiving the highest number of recommendations at 13 [4][5]. - Ningbo Bank and Yanjinpuzi both received 11 recommendations each [4]. Group 3: Rating Adjustments - Yiling Pharmaceutical's rating was upgraded from "Hold" to "Buy" by Guotou Securities on October 28 [6]. - Six companies had their ratings downgraded, including Baoxiniang, which was downgraded from "Buy" to "Hold" by Everbright Securities [7]. Group 4: First Coverage - Five companies received initial coverage on October 28, including Qianyan Biology with a rating of "Hold" from Caitong Securities [8]. - Other companies receiving initial ratings include Dazhong Mining, Songyuan Safety, Daotong Technology, and Hehe Information, all rated "Buy" or "Hold" by various brokerages [8].