证券代码：000868 证券简称：安凯客车 公告编号：2025-005 安徽安凯汽车股份有限公司 安徽安凯汽车股份有限公司董事会 2025 年 3 月 8 日 关于 2025 年 2 月份产销情况的自愿性信息披露公告 1 单位：辆 | 品 目 | 2025 | 年 | 2 月 | | 本年累计 | | 累计数量较去年同期 增减比率 | | --- | --- | --- | --- | --- | --- | --- | --- | | 产量 | | | | 542 | | 1103 | 19.63% | | 其中：大型客车 | | | | 183 | | 451 | 104.07% | | 中型客车 | | | | 278 | | 397 | 25.63% | | 轻型客车 | | | | 81 | | 255 | -33.77% | | 销量 | | | | 358 | | 919 | 30.35% | | 其中：大型客车 | | | | 129 | | 353 | 175.78% | | 中型客车 | | | | 204 | | 341 | 19.65% | | 轻型客车 | | | | 25 | | ...

Investment Rating - The industry investment rating is "Overweight," indicating that the industry is expected to outperform the overall market [12]. Core Insights - The report highlights the rise of robotics and the low-altitude economy, emphasizing opportunities in high-end manufacturing and equipment upgrades [2][3]. - The report discusses the government's focus on integrating digital technology with manufacturing advantages, supporting the development of intelligent terminals such as smart robots and AI applications [6]. - The low-altitude economy is expected to see significant policy support and infrastructure development, with 2024 being a pivotal year for its growth [6]. - The report emphasizes the need for high-end manufacturing to benefit from technological innovation and industry integration, recommending companies in smart manufacturing and advanced equipment sectors [6]. - Equipment upgrade demands are anticipated to be released due to new policies aimed at enhancing manufacturing capabilities [6]. Summary by Sections Robotics and Intelligent Manufacturing - The report advocates for the development of intelligent terminals, including smart robots and AI applications, driven by policy support and market demand [6]. - Companies to watch include Tianzhun Technology, Kaierda, and Sanhua Intelligent Control [6]. Low-altitude Economy - The report notes the importance of developing the low-altitude economy, with a focus on commercial aerospace and general aviation [6]. - Key companies in this sector include Laies Information and Deep City Transportation [6]. High-end Manufacturing - The report stresses the integration of technology and industry innovation, with a focus on advanced manufacturing sectors [6]. - Recommended companies include Haomai Technology and Kede CNC [6]. Equipment Upgrades - The report indicates that new policies will facilitate equipment upgrades across various sectors, including engineering machinery and rail transit [6]. - Companies to consider include Sany Heavy Industry and China Railway [6].

Investment Rating - The investment rating for Ankai Bus (000868.SZ) is "Buy" based on the positive sales growth and expected profitability turnaround [1]. Core Views - Ankai Bus reported a significant increase in sales for January, achieving a total of 561 units sold, which represents a year-on-year growth of 45.7%. Notably, large bus sales surged by 109.3% [3]. - The company is expected to turn a profit in 2024, with projected net profit ranging from 8 million to 12 million yuan, driven by increased demand in the passenger transport market and improved operational management [3]. - The "old-for-new" policy is anticipated to boost domestic sales, as the government has announced increased subsidies for replacing older buses, which is expected to stimulate demand [3]. Sales and Production Data - In January, Ankai Bus produced 561 units, reflecting a year-on-year increase of 1.3%. Large bus production reached 268 units, up 160.2% year-on-year [3]. - The company expects to sell 5,837 buses in 2024, which is a 34.9% increase compared to the previous year, outperforming the industry growth rate of 33.4% [3]. Financial Forecast - Revenue projections indicate a growth trajectory with total revenue expected to reach 2,387 million yuan in 2024, increasing to 3,142 million yuan by 2026 [4]. - The net profit forecast shows a recovery from losses, with expected profits of 9 million yuan in 2024, 42 million yuan in 2025, and 63 million yuan in 2026 [4]. Policy Impact - The new "old-for-new" policy, effective from January 8, 2025, aims to enhance the electrification of urban buses and increase subsidies for replacing older vehicles, which is expected to further stimulate domestic demand for Ankai's products [3].

Investment Rating - The investment rating for Ankai Bus (000868.SZ) is "Buy" based on the report's analysis [1]. Core Views - The report highlights a significant increase in sales for January, with total sales reaching 561 units, a year-on-year increase of 45.7%. Notably, large bus sales surged by 109.3% to 224 units [3]. - The company is expected to turn a profit in 2024, projecting a net profit attributable to shareholders of between 8 million to 12 million yuan, driven by increased demand in the passenger transport market and improved operational management [3]. - The report is optimistic about the "old-for-new" policy, which is anticipated to boost domestic sales, particularly in the electric bus segment, as the government increases subsidies for replacing older vehicles [3]. Summary by Sections Sales and Production Data - In January, Ankai Bus achieved a production volume of 561 units, reflecting a 1.3% increase year-on-year. Large bus production reached 268 units, up 160.2% [3]. - The sales breakdown includes: - Large buses: 224 units (+109.3%) - Medium buses: 137 units (-25.5%) - Light buses: 200 units (+112.8%) [3]. Financial Performance - The company forecasts a net profit of 9 million yuan in 2024, with projections of 42 million yuan in 2025 and 63 million yuan in 2026, indicating a strong recovery trajectory [4]. - Revenue is expected to grow from 2,387 million yuan in 2024 to 3,142 million yuan by 2026, with a compound annual growth rate (CAGR) of approximately 13.4% [4]. Market Outlook - The report emphasizes the positive impact of the "old-for-new" policy, which aims to accelerate the replacement of older electric buses, thereby stimulating domestic demand [3]. - The overall market for buses over 6 meters is projected to grow by 33.4% in 2024, with Ankai Bus expected to outperform this growth with a 34.9% increase in sales [3].

安徽安凯汽车股份有限公司 证券代码：000868 证券简称：安凯客车 公告编号：2025-004 关于 2025 年 1 月份产销情况的自愿性信息披露公告 2025 年 2 月 11 日 单位：辆 | 品 目 | 2025 | 年 | 1 | 月 | 本年累计 | | 累计数量较去年同期 增减比率 | | --- | --- | --- | --- | --- | --- | --- | --- | | 产量 | | | | 561 | | 561 | 1.26% | | 其中：大型客车 | | | | 268 | | 268 | 160.19% | | 中型客车 | | | | 119 | | 119 | -36.36% | | 轻型客车 | | | | 174 | | 174 | -34.09% | | 销量 | | | | 561 | | 561 | 45.71% | | 其中：大型客车 | | | | 224 | | 224 | 109.35% | | 中型客车 | | | | 137 | | 137 | -25.54% | | 轻型客车 | | | | 200 | | 200 | 112.77% | ...

2024 二、培训的主要内容 根据《证券发行上市保荐业务管理办法》《深圳证券交易所股票上市规则（ 2024年修订）》《深圳证券交易所上市公司自律监管指引第1号——主板上市公司规 范运作（2023年12月修订）》等规则要求，重点向安凯客车讲解了国家并购重组政 策及企业并购重组路径选择、合规注意事项，上市公司市值管理政策，上市公司股 份回购政策及合规注意事项，上市公司融资相关政策等。 三、培训的完成情况及效果 本次持续督导培训的过程中，安凯客车及参会人员给予了积极配合。全体参与 培训的人员均进行了认真学习，更加深入的理解和掌握了中国证券监督管理委员会 和深圳证券交易所关于上市公司的规范运作意识，并深刻理解到了并购重组、再融 资、股份回购等方面的国家最新政策和合规性要求。参训人员均表示在日常经营过 程中要严格遵守上市公司相关法规，依法规范运作。本次培训达到了预期的目标， 取得了良好的结果。 国元证券股份有限公司（以下简称"国元证券"、"保荐机构"）作为安徽安 凯汽车股份有限公司（以下简称"安凯客车"、"公司"）向特定对象发行股票 持续督导工作的保荐机构，根据《证券发行上市保荐业务管理办法》《深圳证券 交易所上市公司 ...

Financial Performance Expectations - The company expects a net profit attributable to shareholders of 8 million to 12 million yuan for 2024, a significant recovery from a loss of 169.89 million yuan in the previous year[3] - The net profit after deducting non-recurring gains and losses is projected to be a loss of 50 million to 60 million yuan, compared to a loss of 227.60 million yuan in the same period last year[3] - Basic earnings per share are expected to be 0.01 yuan, recovering from a loss of 0.20 yuan per share in the previous year[3] Factors Influencing Profit Turnaround - The increase in customer orders due to rising demand in the passenger transport market is a key factor for the expected profit turnaround[5] - The company has improved operational management and cost control, leading to a reduction in financial expenses compared to the previous year[5] - Enhanced management and collection of accounts receivable have resulted in the recovery of long-overdue receivables, contributing to increased reversal of credit impairment losses[6] Caution in Financial Forecasting - The performance forecast is based on preliminary estimates and has not been audited by the accounting firm, highlighting the need for cautious investment decisions[7]

产量方面，2024年12月总产量为1024辆，其中大型客车128辆，中型客车440辆，轻型客车456辆。 本年累计产量为5807辆，较去年同期增长30.61%。 本年累计销量为5837辆，较去年同期增长34.87%。 财联社1月7日电，安凯客车公告，截至2024年12月，公司本月销量为1037辆，其中大型客车220辆，中 型客车379辆，轻型客车438辆。 ...

证券代码：000868 证券简称：安凯客车 公告编号：2024-066 安徽安凯汽车股份有限公司 关于调整 2024 年度日常关联交易预计的公告 （一）日常关联交易概述 2024 年 6 月，经公司 2023 年度股东大会审议通过，公司 2024 年度日常关 联交易预计总额 28,850 万元，其中向关联方采购配件、接受劳务金额为 18,550 万元，向关联方销售整车、配件及向关联人提供劳务金额为 10,300 万元，具体 内容详见公司于 2024 年 4 月 23 日披露的《关于预计 2024 年度日常关联交易的 公告》。 截至 2024 年 11 月 30 日，公司实际向关联方采购配件、接受劳务金额为 12,305.63 万元，向关联方销售整车、配件及向关联人提供劳务金额为 4,364.19 万元。根据前期实际发生的关联交易情况，以及对公司与关联方之间业务活动情 况的分析，预计公司与关联方的关联交易金额不会超过公司年度股东大会通过的 2024 年度关联交易预计金额。但是，2024 年公司与部分关联方的日常关联采购 金额预计将超过原日常关联交易预计金额。 公司于 2024 年 12 月 30 日召开第九届董 ...

国元证券股份有限公司（以下简称"保荐机构"）作为安徽安凯汽车股份有限 公司（以下简称"安凯客车"或"上市公司"或"公司"）2022年度向特定对象发 行A股股票的保荐机构，根据《证券发行上市保荐业务管理办法》《深圳证券交易所 股票上市规则》《深圳证券交易所上市公司自律监管指引第1号——主板上市公司规 范运作》《深圳证券交易所上市公司自律监管指引第13号——保荐业务》等有关规 定，对安凯客车调整2024年度日常关联交易预计的事项进行了核查，具体如下： （一）2024年度日常关联交易原预计情况 2024年6月，经公司2023年度股东大会审议通过，公司2024年度日常关联交易预 计总额28,850万元，其中向关联方采购配件、接受劳务金额为18,550万元，向关联 方销售整车、配件及向关联人提供劳务金额为10,300万元，具体内容详见公司于2024 年4月23日披露的《关于预计2024年度日常关联交易的公告》。 （二）本次调整2024年度日常关联交易预计情况 截至2024年11月30日，公司实际向关联方采购配件、接受劳务金额为12,305.63 万元，向关联方销售整车、配件及向关联人提供劳务金额为4,364.19万元。 ...