Core Viewpoint - Jiangsu Changshu Automotive Trim Group Co., Ltd. is set to hold a third-quarter performance briefing on November 21, 2025, to discuss its financial results and operational performance with investors [2][3]. Group 1: Meeting Details - The performance briefing will take place on November 21, 2025, from 15:00 to 16:00 [4]. - The meeting will be conducted via an online platform with text interaction [3][4]. - Investors can participate through the Shanghai Securities News and China Securities Network at the provided link [5]. Group 2: Investor Engagement - Investors are encouraged to submit questions in advance via email to the company's securities department [2][5]. - The company aims to address common investor concerns during the briefing [2][3]. Group 3: Company Representatives - Key personnel attending the meeting include Chairman and General Manager Mr. Luo Xiaochun, Independent Director Mr. Yu Xiang, Executive Vice General Manager and Board Secretary Ms. Luo Xifang, and Chief Financial Officer Mr. Luo Zhengfang [4].

Investment Rating - The industry investment rating is "Recommended," indicating an expected increase in the industry index by more than 5% over the next 3-6 months compared to the benchmark index [70]. Core Insights - In October, the wholesale sales of narrow passenger vehicles reached 2.93 million units, a year-on-year increase of 7% and a month-on-month increase of 4% [2]. - The penetration rate of new energy vehicles exceeded 55%, with wholesale sales of electric vehicles at 1.62 million units, marking an 18% year-on-year increase [8]. - The report highlights potential investment opportunities in companies such as Geely Automobile and BYD, with a focus on Geely's low valuation for the upcoming year [4]. Summary by Sections Industry Overview - In October, the production of narrow passenger vehicles was 2.95 million units, reflecting an 11% year-on-year increase and a 4% month-on-month increase [2]. - The report estimates that retail sales for October were approximately 2.34 million units, showing a 3% year-on-year increase [8]. Sales Performance - The wholesale sales of new energy vehicles in October were 1.62 million units, with a penetration rate of 55%, which is a 5 percentage point increase year-on-year [8]. - The report indicates that the wholesale sales of domestic car manufacturers reached 2.14 million units in October, a 12% year-on-year increase [8]. Pricing and Inventory - The industry discount rate slightly increased in late October, with an average discount rate of 9.6%, reflecting a 0.1 percentage point increase month-on-month [8]. - The total inventory is estimated to be around 3.1 million units, with fuel vehicle inventory at approximately 850,000 units, indicating a higher overall inventory compared to the same period last year [8]. Future Outlook - The report anticipates that the fourth quarter will see a seasonal inventory reduction, with retail sales expected to reach 7.73 million units, a 6% year-on-year increase, while wholesale sales are projected to be 8.67 million units, a 1% year-on-year decrease [8]. - Potential catalysts for recovery in the automotive sector include better-than-expected retail sales post-Spring Festival and improved export performance [8].

证券代码：603035 证券简称：常熟汽饰 公告编号:2025-048 江苏常熟汽饰集团股份有限公司 关于召开 2025 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： 预征集投资者提问的相关安排：投资者可在业绩说明会召开日前，提前将需 要了解的情况和有关问题通过电子邮件发送至公司证券部邮箱 csqs@caip.com.cn。 公司将在本次业绩说明会上对投资者普遍关注的问题进行交流。 江苏常熟汽饰集团股份有限公司（全文简称"公司"）于 2025 年 10 月 28 日在 上海证券交易所网站（www.sse.com.cn）及指定信息披露媒体《中国证券报》、《 上海证券报》披露了《江苏常熟汽饰集团股份有限公司 2025 年第三季度报告》。为 了便于广大投资者更全面深入了解公司 2025 年第三季度的业绩和生产经营等情况， 公 司 计 划 于 2025 年 11 月 21 日 15:00-16:00 通 过 上 海 证 券 报 . 中 国 证 券 网 https://roadshow.cn ...

Core Viewpoint - Changshu Automotive Interior Co., Ltd. has shown a mixed performance in stock price and financial results, with a notable increase in revenue but a decline in net profit year-on-year [1][2]. Financial Performance - For the period from January to September 2025, the company achieved a revenue of 4.671 billion yuan, representing a year-on-year growth of 25.03% [2]. - The net profit attributable to shareholders for the same period was 348 million yuan, which reflects a year-on-year decrease of 9.70% [2]. Stock Performance - As of November 11, the stock price increased by 2.65% to 17.03 yuan per share, with a total market capitalization of 6.239 billion yuan [1]. - Year-to-date, the stock has risen by 21.18%, with a 3.09% increase over the last five trading days and a 23.67% increase over the last 60 days [1]. Shareholder Information - As of September 30, the number of shareholders decreased by 12.62% to 25,000, while the average number of circulating shares per person increased by 10.32% to 14,670 shares [2]. - The company has distributed a total of 1.014 billion yuan in dividends since its A-share listing, with 445 million yuan distributed over the last three years [3]. Institutional Holdings - As of September 30, 2025, HSBC Jintrust New Power Mixed A is the second-largest circulating shareholder with 7.3733 million shares, a decrease of 293,200 shares from the previous period [3]. - HSBC Jintrust Large Cap Stock A ranks fifth among the top circulating shareholders with 4.6119 million shares, down by 850,600 shares [3].

Investment Rating - The report maintains a "Buy-A" rating for the company [4][6]. Core Views - The company achieved a revenue of 1.891 billion yuan in Q3 2025, representing a year-on-year increase of 38.67% and a quarter-on-quarter increase of 31.06%. The net profit attributable to shareholders was 132 million yuan, up 2.07% year-on-year and 2.51% quarter-on-quarter [1][2]. - The growth in revenue is primarily driven by increased sales from new energy vehicle clients, including significant sales increases from Chery, Leap Motor, NIO, and Xiaomi [2][3]. - The company is expanding its production capacity with new bases in Hefei, Zhaoqing, and Anqing, which are expected to enhance revenue growth as these projects ramp up [3]. - The company is also venturing into the robotics sector by collaborating with Brighter Signals B.V. to develop next-generation tactile sensing technology for automotive and robotics applications [3]. Summary by Sections Revenue - The company reported a revenue of 1.891 billion yuan in Q3 2025, with a year-on-year growth of 38.67% and a quarter-on-quarter growth of 31.06%. This growth is attributed to increased sales from new energy vehicle clients, with notable sales figures from Chery (748,000 units), Leap Motor (174,000 units), NIO (87,000 units), and Xiaomi (109,000 units) [1][2]. Profitability - The net profit for Q3 2025 was 132 million yuan, reflecting a year-on-year increase of 2.07% and a quarter-on-quarter increase of 2.51%. The gross margin was reported at 12.83%, which is a decrease of 2.98 percentage points from the previous quarter, primarily due to lower profitability from new factories and projects [2][3]. Future Growth Drivers - The company is expected to maintain high growth rates driven by its new energy vehicle clients as they ramp up production. The establishment of new production bases is anticipated to further enhance profitability [3]. - The company is also expanding into the overseas market with its smart cockpit technology and has received positive feedback from international clients [3]. - The strategic partnership with Brighter Signals B.V. aims to innovate in the robotics sector, with plans to expand operations to Europe by 2026 [3]. Investment Outlook - The report projects net profits of 500 million yuan, 610 million yuan, and 760 million yuan for 2025, 2026, and 2027, respectively. The corresponding price-to-earnings ratios are expected to be 13, 10.8, and 8.5 times [4][10]. The target price for the stock is set at 19.8 yuan per share, based on a 15 times PE ratio for 2025 [4].

Investment Rating - The report maintains a positive investment recommendation for the automotive sector, anticipating a recovery in 2025 [1][2]. Core Insights - The automotive industry experienced moderate growth in Q3, with weak performance from car manufacturers and overall mild growth in automotive parts. The report highlights potential catalysts for recovery in 2025, including better-than-expected retail sales post-Spring Festival, improved export performance, and favorable policies [1][5]. Data Tracking - In late October, the discount rate for vehicles increased by 9.6%, with a slight month-on-month rise of 0.1 percentage points. The average discount amount was 21,782 yuan, showing a month-on-month increase of 398 yuan [3][4]. - The report tracks various automotive raw material prices, noting significant changes in lithium carbonate, aluminum, copper, palladium, and rhodium prices [6][28]. Market Performance - The automotive sector saw a weekly increase of 0.69%, ranking 15th out of 29 sectors. The report details the performance of various indices, with the automotive parts sector rising by 1.13% and commercial vehicles by 4.41% [8][31]. Industry News - Key developments include the call for a phased exit of vehicle purchase tax reductions, the cessation of vehicle replacement subsidies in Shenzhen, and the launch of new models by various manufacturers [29][30].

Core Insights - The company reported a strong revenue growth of 38.67% year-on-year in Q3 2025, reaching 1.891 billion yuan, driven by new factory production and the expansion of its new energy business [1][2] - The net profit attributable to shareholders for Q3 2025 was 132 million yuan, reflecting a slight increase of 2.07% year-on-year, indicating stable profitability despite challenges [1][2] Revenue and Profitability - Q3 2025 revenue was 1.891 billion yuan, up 38.67% year-on-year and 31.06% quarter-on-quarter, with a total revenue of 4.671 billion yuan for the first three quarters, marking a 25.03% increase year-on-year [1][2] - The gross profit margin for Q3 2025 was 12.83%, down 3.99 percentage points year-on-year and 2.98 percentage points quarter-on-quarter, primarily due to an increase in low-margin projects and underutilization of new factory capacity [2] - The company maintained good control over operating expenses, with a Q3 2025 expense ratio of 8.56%, down 3.01 percentage points year-on-year and 2.98 percentage points quarter-on-quarter [2] Growth Drivers - The company is experiencing robust growth in its new energy business, supported by increased sales from key clients such as Chery and Leap Motor, which saw sales growth of 14% year-on-year and 16% quarter-on-quarter, and 102% year-on-year and 30% quarter-on-quarter, respectively [2] - The company has entered a strategic partnership with Brighter Signals B.V. to produce fabric sensors in its Chinese factory, with plans to expand production to Europe, indicating a focus on global expansion and new product lines [3] Valuation and Forecast - The company maintains its profit forecasts for 2025 and 2026, with the current stock price corresponding to a price-to-earnings ratio of 11.6 times for 2025 and 10.1 times for 2026 [4] - The target price is set at 20.00 yuan, implying a potential upside of 15.5% from the current stock price, based on a 13.4 times price-to-earnings ratio for 2025 and 11.6 times for 2026 [4]

Investment Rating - The report maintains a "Strong Buy" rating for Changshu Automotive Trim (603035) with a target price of 26.19 CNY [2][6]. Core Insights - The company reported a significant revenue increase in Q3 2025, achieving 1.89 billion CNY, a year-on-year growth of 39% and a quarter-on-quarter growth of 31%. The net profit attributable to shareholders was 132 million CNY, marking a year-on-year increase of 2.1% and a quarter-on-quarter increase of 2.5% [2][6]. - The report highlights the company's recovery in profitability after four consecutive quarters of decline, driven by new factory ramp-up and strong sales from core customers [6][7]. - The company is expanding its overseas market presence and has initiated strategic cooperation with Brighter Signals B.V. to develop next-generation tactile sensing technology, which could be applied in both automotive and robotics sectors [6][7]. Financial Performance Summary - **Revenue Forecast**: - 2024A: 5.67 billion CNY - 2025E: 6.65 billion CNY (23.2% YoY growth) - 2026E: 7.78 billion CNY (17.3% YoY growth) - 2027E: 9.15 billion CNY (17.0% YoY growth) [2][7] - **Net Profit Forecast**: - 2024A: 425 million CNY - 2025E: 465 million CNY (9.2% YoY growth) - 2026E: 564 million CNY (21.4% YoY growth) - 2027E: 698 million CNY (23.6% YoY growth) [2][7] - **Earnings Per Share (EPS)**: - 2024A: 1.16 CNY - 2025E: 1.27 CNY - 2026E: 1.54 CNY - 2027E: 1.90 CNY [2][7] - **Valuation Ratios**: - Price-to-Earnings (P/E) ratio for 2025 is projected at 14 times [6][7]. Market Position and Growth Potential - The company is expected to benefit from the ramp-up of new factories and the expansion into overseas markets, which will enhance its growth prospects [6][7]. - The collaboration with Brighter Signals B.V. opens new growth avenues, particularly in the robotics sector, which could significantly enhance the company's market position [6][7].

Core Insights - The company reported a revenue of 1,890,536,816.56 yuan for the third quarter of 2025, representing a year-on-year growth of 38.67% [2] - The net profit attributable to shareholders of the listed company was 131,812,328.59 yuan, showing a year-on-year increase of 2.07% [2] Financial Performance - Revenue for Q3 2025: 1,890.54 million yuan, up 38.67% year-on-year [2] - Net profit for Q3 2025: 131.81 million yuan, up 2.07% year-on-year [2]

Core Points - The company announced the approval of a merger between its wholly-owned subsidiaries, WAYBusinessSolutionsGmbH and WAYPeople+GmbH, during the sixth meeting of the fifth board of directors held on October 27, 2025 [1] - Following the merger, WAYBusiness will continue to operate under its existing name and ownership structure, while adjustments to its business scope and registered capital may occur based on operational needs and legal requirements [1] - WAYPeople will be legally dissolved, with all its assets, liabilities, business operations, personnel, qualifications, and rights and obligations being inherited by WAYBusiness [1] Summary by Sections - **Merger Announcement** - The company has approved the merger of its subsidiaries, which is within the board's authority and does not require shareholder approval [1] - **Post-Merger Structure** - WAYBusiness will remain as the surviving entity, and its name and ownership structure will not change [1] - Adjustments to the business scope and registered capital will be made as necessary, with final changes reflected in the business registration information after the merger [1] - **Dissolution of Subsidiary** - WAYPeople will be dissolved, and all its assets and liabilities will be transferred to WAYBusiness [1]