Financial Performance - The company's operating revenue for 2024 reached ¥38,374,160,748, representing a 15.70% increase compared to ¥33,167,325,081 in 2023[17]. - Net profit attributable to shareholders for 2024 was ¥1,537,139,024, a 4.17% increase from ¥1,475,597,266 in 2023[17]. - The net profit after deducting non-recurring gains and losses was ¥1,356,329,085, marking a significant 36.28% increase from ¥995,236,837 in 2023[17]. - Basic earnings per share for 2024 were ¥1.78, up 4.17% from ¥1.71 in 2023[18]. - The company reported a net profit of 180,809,939 yuan for the year, a decrease from 480,360,429 yuan in the previous year[24]. - The company's revenue for 2024 was 38.374 billion yuan, representing a 15.7% increase compared to the previous year[41]. - The company reported a significant increase in revenue, achieving a total of $1.5 billion, representing a 20% year-over-year growth[96]. Cash Flow and Assets - The net cash flow from operating activities decreased by 42.35% to ¥2,633,384,217 from ¥4,567,539,866 in 2023[18]. - Total assets at the end of 2024 amounted to ¥30,839,912,640, a 5.83% increase from ¥29,141,187,886 in 2023[18]. - The total cash and cash equivalents increased by ¥728.66 million, a decline of 77.25% compared to the previous year[57]. - As of the end of 2024, cash and cash equivalents amounted to ¥12,546,295,890, representing 40.68% of total assets, an increase of 0.08% compared to the beginning of 2024[59]. - The company’s financing activities generated a net cash outflow of ¥545.38 million, a significant increase of 183.97% compared to the previous year[57]. Production and Sales - In 2024, the company achieved a total vehicle production and sales of 3,128.2 million and 3,143.6 million units, representing year-on-year growth of 3.7% and 4.5% respectively[27]. - The company achieved total vehicle sales of 341,208 units, a year-on-year increase of 10.06%[40]. - The total production volume for 2024 was 344,841 units, reflecting a 12.17% increase from the previous year[40]. - The production and sales of new energy vehicles reached 1,288.8 million and 1,286.6 million units, with year-on-year growth of 34.4% and 35.5% respectively, accounting for 40.9% of total new vehicle sales[28]. - The company’s light truck production increased by 23.60% year-on-year, while SUV production rose by 11.35%[31]. Dividends and Shareholder Returns - The company plans to distribute a cash dividend of ¥7.12 per 10 shares, based on a total of 863,214,000 shares[5]. - The company plans to distribute a cash dividend of 7.12 yuan per 10 shares, totaling 614,608,368 yuan, which represents 100% of the profit distribution[135]. - The company has a total distributable profit of 9,179,333,271 yuan for the reporting period[135]. Research and Development - The company reported a research and development expenditure of 1.315 billion yuan, an increase of 2.21% year-on-year[41]. - The number of R&D personnel increased by 6.10% to 2,628, with a higher proportion of staff holding master's degrees[55]. - The company plans to launch a new electric SUV platform in the second half of 2025, aiming to enhance competitiveness and meet future policy requirements[54]. - A strategic acquisition of a technology firm was completed for $200 million, aimed at enhancing R&D capabilities[101]. Market Strategy and Expansion - The company is focusing on digital transformation to improve operational efficiency and customer-centric solutions, including the launch of the Jiangling Lexing system for logistics collaboration[30]. - The company plans to enhance its technological investment in new products, smart connectivity, and lightweight solutions, aiming for a production capacity of 320,000 units with a utilization rate of 108%[30]. - The company is expanding its market presence in Southeast Asia, targeting a 15% market share by the end of the fiscal year[100]. - The company plans to launch new electric light commercial vehicles and SUVs to enhance market competitiveness[73]. Governance and Management - The company has established an independent financial department with a standardized accounting system and independent bank accounts[81]. - The company’s governance structure complies with relevant laws and regulations, with no significant discrepancies noted[80]. - The company has appointed a new director, Ms. Zhong Junhua, to the board during the second extraordinary general meeting of 2024[84]. - The company has seen a management change with the resignation of Liu Rangpo and Yang Shenghua as vice presidents effective December 31, 2024, due to job changes[88]. - The company emphasizes the importance of leadership stability in driving future growth and operational efficiency[88]. Environmental Initiatives - The company is committed to completing low-nitrogen combustion retrofitting for its gas (oil) boilers by 2025, aiming to secure a 50% funding subsidy[145]. - The company achieved a 14% reduction in hazardous waste disposal volume per unit in 2024 compared to 2023, saving 800,000 yuan annually in hazardous waste disposal costs[149]. - The company invested a total of 19.13 million yuan in environmental protection initiatives, including 4.33 million yuan for wastewater treatment station operations and 6.83 million yuan for waste disposal[153]. - The company received a funding subsidy of 50,000 yuan after successfully passing the clean production audit for its 2,000-acre base[145]. Risk Management - The company has identified potential risks and corresponding measures in its management discussion and analysis section[5]. - The company maintains a risk-neutral approach in its foreign exchange hedging activities, focusing on financial stability and avoiding currency fluctuation risks[66]. - The internal control system is regularly updated to adapt to changes in internal and external environments, ensuring its effectiveness[138]. Shareholder Structure - The total number of shares outstanding is 863,214,000, with 99.91% being unrestricted shares[193]. - The largest shareholder, Nanchang Jiangling Investment Co., Ltd., holds 41.03% of the shares, totaling 354,176,000 shares[196]. - Ford Motor Company is the second-largest shareholder, owning 32.00% of the shares, which amounts to 276,228,394 shares[196]. - The total number of shareholders at the end of the reporting period was 44,853, a slight decrease from 44,853 at the previous month-end[195].

证券代码： 000550 证券简称： 江铃汽车 公告编号： 2025—005 200550 江铃 B 近日，公司收到政府扶持资金合计 1.8 亿元人民币。上述政府补助与公司日 常经营活动相关，但不具有可持续性。根据《企业会计准则第 16 号—政府补助》 相关规定，上述政府扶持资金与收益相关，将计入公司 2025 年第一季度损益。 特此公告，敬请投资者注意投资风险。 江铃汽车股份有限公司 董事会 2025 年 3 月 22 日 1 江铃汽车股份有限公司获得政府补助的公告 本公司及董事会全体成员保证信息披露的内容真实、准确和完整，没有虚假 记载、误导性陈述或重大遗漏。 ...

Investment Rating - The investment rating for Jiangling Motors (000550) is "Buy" [1]. Core Views - Jiangling Motors achieved a sales volume of 21,568 vehicles in February 2025, representing a year-on-year increase of 8.15%. Notably, light commercial vehicles saw a significant increase of 59.78%, while truck sales rose by 42.05% [2][4]. - The company is optimistic about future growth driven by exports and the acceleration of electric and intelligent vehicle development. In 2024, total sales reached 341,200 units, with export sales of 116,600 units, both setting historical records [4]. - New product launches, including the Ford Leima and plug-in hybrid models, are expected to contribute positively to sales. Additionally, Jiangling Motors is collaborating with WeRide for autonomous driving technology, marking significant advancements in the industry [4]. Summary by Sections Sales Performance - In February 2025, Jiangling Motors sold 21,568 vehicles, with light commercial vehicles at 5,899 units (up 59.78%) and trucks at 4,371 units (up 42.05%). Cumulative sales for January-February 2025 reached 42,927 units, a 5.11% increase year-on-year [2][4]. Future Outlook - The company anticipates continued growth in exports and electric vehicle sales, with a total sales target of 341,200 units for 2024, including 116,600 units for exports [4]. The introduction of new models and advancements in autonomous driving technology are expected to enhance market competitiveness [4].

证券研究报告 -163 68 1,076 272 366 公司研究 806.5 % 1. 4% 12.8% 10 % .7 14.6% 18.4 % -4.3% 1. 22.0% 5.3% 6.6% [Table_ReportType] 公司点评报告 % 8% -0.16 0. 07 1.07 0.27 0.37 [Table_StockAndRank] 江铃汽车(000550) — 11 2.05 2. 3 投资评级 35.85 69 上次评级 信达证券股份有限公司 CINDA SECURITIES CO.,LTD 北京市西城区宣武门西大街甲127 号金隅大厦 B座 邮编：100031 [Table_Title] 江铃汽车（000550.SZ）：二月份轻客、卡车 同比实现高增，看好未来出口+电动智能化持 续提速 [Table_ReportDate] 2025 年 3 月 4 日 [Table_S 事件：ummary] 3 月 4 日，江铃汽车发布 2025 年 2 月产、销数据。公告显示，2025 年 2 月，江铃汽车销售各类车型 21568 辆，同比增长 8.15%。其中，轻型 客车 5899 辆，同比大 ...

Contract Awards - Gree Electric plans to increase its shareholding through Beijing Haihe Interconnection with an investment of between 1.05 billion to 2.1 billion yuan [1] - Topstrong plans to repurchase shares worth between 20 million to 35 million yuan [1] - Dongfang Zirconium's samples have received preliminary recognition from some solid-state battery material manufacturers for research and trial use [1] - Hongqi Chain is developing and innovating a robot unmanned vending system [1] - Jinyinhai recently entered into deep cooperation with Microvast in the solid-state battery field, with no significant impact on the company's performance in the short term [1] - Honghe Technology proposes a special cash dividend of 12.81 yuan per share [1] Shareholding Changes - Yueling Co.'s actual controller is set to change, and the stock will resume trading tomorrow [1] - Jiaozuo Wanfang's control is also set to change [1] - Yongji Co. plans to transfer part of its equity in Xiniu Wang Company [1] Operating Data - Aerospace Intelligent Manufacturing reported a net profit of 791 million yuan for 2024, an increase of 86.77% year-on-year [1] - Zhangyuan Tungsten reported a net profit of 177 million yuan for 2024, an increase of 23.25% year-on-year [1] - Guangdong Expressway A's net profit for 2024 decreased by 4.39% year-on-year, proposing a cash dividend of 5.23 yuan per share [1] - ST Hanma's heavy-duty truck sales in February reached 810 units, a year-on-year increase of 59.76% [1] - Jiangling Motors sold 21,600 vehicles in February, a year-on-year increase of 8.15% [1] - Dong'an Power's engine sales in February were 28,200 units, a year-on-year decrease of 5.16% [1] - Guangzhou Port's cargo throughput in February is expected to be 40.78 million tons, a year-on-year increase of 13.7% [1] - Far East Co.'s subsidiary won contracts worth over 19.09 billion yuan in February [1] - China Shipbuilding's subsidiary Jiangnan Shipyard signed a batch of dual-fuel container ship construction contracts worth approximately 18 billion to 19 billion yuan [1] - Tsinghua Unigroup signed a supply agreement for lithium battery cathode materials with SK On [1] - Fulongma is expected to win five sanitation service projects in February, with a total contract amount of 339 million yuan [1] - Terui De is expected to win a 194 million yuan new energy project [1] - Samsung Medical's wholly-owned subsidiary won a procurement project from Longyuan Power worth 115 million yuan [1] - Zhongcheng Co. is engaged in procurement business related to inverters and other equipment with related parties [1] Major Investments - Guodian Power is investing in the construction of the Dadu River Eagle Rock Level 1 Hydropower Station project [2] - Batian Co.'s subsidiary plans to invest in the expansion and upgrading of three related projects at the Xiaogaozhai Phosphate Mine [2] Other - Wancheng Group's chairman Wang Jiankun has been detained and is under investigation [2] - Yingjixin plans to acquire control of Huimang Micro, with trading suspended from tomorrow [2] - Hangyang Co. plans to issue convertible bonds not exceeding 1.63 billion yuan [2] - Solar Energy's subsidiary plans to purchase real estate for 367 million yuan [2] - GoerTek's subsidiary's H-share filing materials have been accepted by the China Securities Regulatory Commission [2] - Amway's "water-based solvent-free polyurethane composite material key technology" has been selected as one of the first batch of advanced applicable technologies by the Ministry of Industry and Information Technology [2] - Defang Nano's controlling subsidiary is increasing capital and introducing strategic investors [2] - Yuzhong Three Gorges A has terminated the sale of 10% equity in a small loan company [2] - Tianyu Co. received a warning letter from the FDA in the United States [2] - Haixing Power signed a strategic cooperation agreement with Kerun Zhikong to promote transformer products in overseas markets [2] - Bangjie Co.'s subsidiary Yangzhou Bangjie is temporarily suspending production for no more than three months [2] - Zhi Te New Materials signed a strategic cooperation agreement with Quantum Innovation Center and Microscopic Era [2] - Zhongjin Lingnan plans to raise no more than 1.5 billion yuan through a private placement to its controlling shareholder [2]

证券代码： 000550 证券简称： 江铃汽车 公告编号： 2025-004 200550 江铃 B 江铃汽车股份有限公司 2025 年 2 月产、销情况的自愿性信息披露公告 本公司及董事会全体成员保证信息披露的内容真实、准确和完整，没有虚假记载、误导性陈述或重大遗漏。 | | | | 同比 | 产量（辆） | | 同比 | | | 同比 | 销量（辆） | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 产品 | 本月数 | 去年 | | 本年 | 去年同期 | | | 去年 | | 本年 | 去年同期 | 同比 | | | | 同月数 | 变化 | 累计数 | 累计数 | 变化 | 本月数 | 同月数 | 变化 | 累计数 | 累计数 | 变化 | | | | | （%） | | | （%） | | | （%） | | | （%） | | 轻型客车 | 6,271 | 4,239 | 47.94% | 11,832 | 8,577 | 37.95% | 5,899 | 3,692 | ...

证券代码： 000550 证券简称： 江铃汽车 公告编号： 2025-003 200550 江铃 B 江铃汽车股份有限公司 2025 年 1 月产、销情况的自愿性信息披露公告 | | | | 同比 | 产量（辆） | | 同比 | | | 同比 | 销量（辆） | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 产品 | 本月数 | 去年 | | 本年 | 去年同期 | | | 去年 | | 本年 | 去年同期 | 同比 | | | | 同月数 | 变化 | 累计数 | 累计数 | 变化 | 本月数 | 同月数 | 变化 | 累计数 | 累计数 | 变化 | | | | | （%） | | | （%） | | | （%） | | | （%） | | 轻型客车 | 5,561 | 4,338 | 28.19% | 5,561 | 4,338 | 28.19% | 5,088 | 4,115 | 23.65% | 5,088 | 4,115 | 23.65% | | 卡车 | 3,468 | ...

Financial Performance - Total revenue for 2024 reached 38,374 million RMB, an increase of 15.70% compared to the previous year[2] - Operating profit for 2024 was 1,263 million RMB, up 58.87% from the previous year[2] - Total profit for 2024 amounted to 1,258 million RMB, reflecting a 57.64% increase compared to the prior year[2] - Net profit attributable to shareholders was 1,537 million RMB, a growth of 4.20% year-over-year[2] - Net profit after deducting non-recurring gains and losses was 1,356 million RMB, up 36.28% from the previous year[2] - Basic earnings per share for 2024 were 1.78 RMB, an increase of 4.20% compared to the previous year[2] Sales Performance - The company sold 341,208 vehicles in 2024, representing a 10.06% increase in total sales year-over-year[4] Assets and Equity - Total assets at the end of 2024 were 30,839 million RMB, a 5.83% increase from the beginning of the year[2] - Shareholders' equity attributable to the company was 11,292 million RMB, reflecting a 9.10% increase[2] Return on Equity - The weighted average return on equity was 14.20%, down from 15.06% in the previous year, a decrease of 0.86%[2]

中汽协副总工程师许海东以2023年12月中汽协预测的数据做对比。 一年前，这家协会预测，2024年汽车总销量为3100万辆左右，其中乘用车预计为2680万辆，商用车 为420万辆，新能源汽车为1150万辆，出口为550万辆。 撰 文 / 牛跟尚 设 计 / 赵昊然 一份有关中国汽车行业2228万名从业者的考卷，让人五味杂陈。 2025年1月13日，中国汽车工业协会(简称中汽协)发布，2024年，中国汽车产销累计完成3128.2万辆 和3143.6万辆，同比分别增长3.7%和4.5%，产销量再创新高，连续第二年保持在3000万辆以上规 模。 中汽协副秘书长陈士华在当天表示，中国汽车产销总量"连续16年稳居全球第一"，中国新能源汽车 产销量"连续10年名列全球第一"，"完成全年预期目标"。 结果是，除商用车预测有逆向偏差外——比预测少了近33万辆，2024年总体销量、乘用车、新能源 汽车、出口销量均超出预期；特别是，乘用车销量2756.3万辆，新能源汽车销量1286万辆，出口销 量585.9万辆。 汽车商业评论通过数据发现，2024年，中国车市有八大变量值得掘金。 一是眼睛向"新"要增量。 新能源汽车产销分别完成 ...

Core Viewpoint - The application of 3D printing technology in automotive component development has led to significant advancements, including a reduction of approximately 80% in design issues during the R&D phase and a decrease in assembly costs by over 5% [1][14]. Group 1: 3D Printing Technology in Automotive Industry - 3D printing is categorized as additive manufacturing, contrasting with traditional stamping processes that are subtractive in nature [2]. - The integration of 3D printing with traditional mechanical manufacturing has shortened the development cycle for vehicle interior and exterior designs by about 4 months, saving the company approximately 6.5 million yuan [3]. - 3D printing allows for rapid production of customized components, significantly reducing the time and cost associated with new product development [14][19]. Group 2: Challenges and Innovations - The automotive industry demands high precision in component manufacturing, necessitating meticulous attention to detail in design [4]. - The absence of traditional tooling prompted the team to utilize 3D printing technology to create substitute parts, demonstrating innovation in overcoming manufacturing challenges [5][10]. - The development of a light-curing forming process for 3D printing has been successfully applied in automotive component design and manufacturing [20]. Group 3: Skills Development and Knowledge Transfer - The company emphasizes the importance of skill enhancement among employees, with over 300 engineering personnel trained in various fields including design and manufacturing [18]. - The mentorship approach adopted by experienced professionals has led to the emergence of multi-skilled talents within the organization [16]. - Continuous learning and adaptation to new technologies are crucial for maintaining competitiveness in the evolving automotive landscape [15].