证券代码：000951 证券简称：中国重汽 编号：20250411 | | □特定对象调研 | □分析师会议 | | --- | --- | --- | | 投资者关系活动 | □媒体采访 | □业绩说明会 | | 类别 | □新闻发布会 | □路演活动 | | | □现场参观 | ■其他（电话会议） | | | 西南证券 郑连声 | | | | 海富通基金 鲍扬 | | | | 富国基金 | 朱少醒、范妍、冯升、侯梧 | | | 海通证券 刘一鸣 | | | | 民生通惠 陈嘉欢 | | | | 财通证券 邢重阳、李渤 | | | | 博道基金 彭宗云 | | | 参与单位名称 | 中金公司 司 颖 | | | 及人员姓名 | 南方基金 | 杨惠冰、赵舜、卢玉珊、麦骏杰、何康 | | | 华泰证券 白臻哲 | | | | 太平资产 | 徐建花、汪腾、陈天昀 | | | 东吴证券 赖思旭 | | | | 汇添富基金 | 陈潇扬、劳杰男、赵剑、刘昇、马翔、张丽杰、 | | | 李超、赵鹏程、陈威、徐逸舟 | | | | 人保养老 | 黄一凡、孙楠、吴强、周依静 | | | 摩根士丹利基金 | 胡景颢 | | 时 ...

Summary of China National Heavy Duty Truck Group (CNHTC) Conference Call Industry Overview - CNHTC is a leading player in the domestic heavy-duty truck industry, benefiting from the replacement cycle, domestic demand policies, and increasing penetration of new energy vehicles [2][6][12] - The heavy-duty truck market is expected to see a peak in vehicle replacements driven by policies, particularly for scrapping older vehicles [2][14] Company Performance and Financials - CNHTC has maintained the highest market share in China since 2022, optimizing its product structure towards high-value models like tractors, which has improved profitability [2][8] - The company reported a robust financial performance with an increase in gross margin and a decrease in operating expenses [2][11] - Revenue target for 2025 is set at 109.1 billion yuan with a profit margin of 8% [2][10] Growth Drivers - The demand for heavy-duty truck replacements is primarily policy-driven, with significant subsidies for replacing older vehicles with new energy trucks [2][14] - Export markets are expanding, particularly in regions outside of the US and Europe, with a focus on Australia, the Middle East, Africa, Southeast Asia, and Latin America [2][15][20] - The penetration of new energy heavy-duty trucks is expected to rise significantly, with projections indicating a market share of nearly 20% by 2024 [2][23] Competitive Advantages - CNHTC benefits from a strong partnership with Weichai Power, providing technological and financial support [2][7] - The company has a diversified ownership structure that enhances its competitive edge in the market [2][7] - CNHTC's vehicles are competitively priced, often at half the cost of similar foreign products, which strengthens its position in international markets [2][15] Market Outlook - The overall market for heavy-duty trucks is expected to grow, with a projected sales increase of 16% in 2025, reaching 1.04 million units [2][18] - The company is well-positioned to capture growth in emerging markets, particularly in regions with rapid infrastructure development [2][21][22] Investment Considerations - CNHTC's valuation is relatively low compared to its A-share counterparts, with a projected compound profit growth rate of 15% and a valuation of less than 8 times earnings by 2025 [3][25] - The company offers a high dividend yield of approximately 7% in the Hong Kong market, making it an attractive investment option for both growth and income [9][25] Future Goals - The company aims to achieve a revenue target of 125.5 billion yuan by 2026, with a profit margin of 8.5% [10][26] - The management is focused on driving performance improvements and profit growth through strategic initiatives [10][26]

当充满力量与科技感的重汽汕德卡新C9H2.0赛道版驶上F1赛道时，作为一位造型创意设计师的张贺翔迎来了职业生涯的高光时刻，这也是创意造型 设计师的职业梦想。张贺翔在入职中国重汽4年后就达成了这一梦想，离不开中国重汽这艘大船为青年人逐梦提供的支持。 造型设计是不断学习积累的过程 2021年大学毕业后，对重卡造型设计兴趣浓厚的张贺翔顺利入职重汽，谈及为何选择重汽，他表示，他本人对重卡造型设计一直保有浓厚的情趣，重 卡车型大气的独特审美、帅气的魅力让他为之沉醉，毕业设计就是做的一款未来重卡的概念造型设计。作为中国重卡行业的领军企业，重汽非常重视创新 和人才培养，拥有一支优秀的设计团队和完善的人才发展体系，这与他本人的职业追求相契合，希望能在这里能完成自己的职业理想。 "4年的工作让我感觉入职重汽是一个非常正确的选择，在重汽的平台支持下，一步步实现着自己的设计梦想，在工作中收获很多，顺利参与完成多款 重卡车型的造型设计工作，也实现了职业价值。"张贺翔介绍，鼓励年轻人大胆创新是重汽的用才理念，尤其是在造型设计方面，企业为年轻人提供了广 阔的创新应用平台。 为了让年轻人能更好地融入企业发展，顺利开展工作，重汽为新入职的年 ...

Core Viewpoint - The automotive sector, as represented by the CSI Automotive Index, has experienced a significant decline over the past month, quarter, and year-to-date, indicating potential challenges in the industry [2]. Group 1: Index Performance - The CSI Automotive Index opened lower but closed higher, increasing by 1.14% to 10,738.18 points, with a trading volume of 40.968 billion [1]. - Over the past month, the CSI Automotive Index has decreased by 10.37%, by 4.59% over the last three months, and by 9.38% year-to-date [2]. Group 2: Index Composition - The CSI Automotive Index is composed of listed companies in the automotive sector, selected from the broader CSI All Share Index, with a base date of December 31, 2004, set at 1,000 points [2]. - The top ten weighted companies in the index are BYD (18.26%), Seres (14.77%), SAIC Motor (10.92%), Changan Automobile (9.18%), JAC Motors (8.31%), Yutong Bus (5.81%), Great Wall Motors (5.11%), BAIC BluePark (4.4%), GAC Group (3.08%), and China National Heavy Duty Truck Group (2.07%) [2]. Group 3: Market Segmentation - The index's holdings are primarily in the consumer discretionary sector, accounting for 74.93%, while the industrial sector makes up 25.07% [3]. - The index undergoes semi-annual adjustments, with changes implemented on the next trading day following the second Friday of June and December [3]. Group 4: Investment Products - Public funds tracking the automotive index include GF CSI Automotive A, GF CSI Automotive C, and GF CSI Automotive ETF [4].

Group 1: Company Performance - In the first quarter of 2025, China's heavy truck market saw a cumulative sales volume of approximately 100,000 units, representing a year-on-year decline of 26.14% [2] - The company's production and sales performance remains strong, with both metrics showing growth compared to the same period last year, outperforming the industry average [2] Group 2: Export Situation - The company relies on Sinotruk International to achieve product exports, which has maintained the industry's leading position for 20 consecutive years [3] - The export markets primarily include Africa, Southeast Asia, Central Asia, and the Middle East, with ongoing efforts to develop additional markets in the Americas, Australia, and Eastern Europe [3] Group 3: New Energy Heavy Trucks - In 2024, the sales volume of new energy heavy trucks in China reached 82,000 units, marking a year-on-year increase of 140% [3] - In the first quarter of 2025, domestic sales of new energy heavy trucks totaled 23,700 units, a significant year-on-year increase of 164%, indicating rapid growth in the sector [3] - The company is performing well in the new energy sector, with market share increasing at a rate that exceeds the industry average [3] - Future growth in the new energy heavy truck industry is expected due to policy support, technological innovation, and the ongoing expansion of application scenarios [3]

为更好地提升公司运营效益及产品竞争力，中国重汽加大研发投入力度，2024年研发费用近8亿元，同 比增长35.8%。中国重汽表示，在研发方面将继续以客户需求为牵引，打造整车正向研发、总成零部件 协同研发的研发矩阵。推动产品更新换代，提升产品品质和核心竞争力。同时，公司的莱芜厂区将继续 围绕数智化转型，进一步提升生产效率，优化产品结构，为公司实现高质量发展贡献力量。 对于2025年重卡行业的趋势，公司管理层表示，预计2025年全年重卡行业规模在90万辆至100万辆之 间。 中国重汽2024年年报显示，2024年公司整车销量13.3万辆，同比增长4.3%，增速跑赢重卡行业。业绩方 面，中国重汽2024年营业收入为449.3亿元，同比增长6.8%；归母净利润为14.8亿元，同比增长37%，实 现了营收利润双提升的高质量发展。 根据中国汽车工业协会统计数据，行业2024年全年实现重卡销售90.2万辆，同比下降1.0%。中国重汽在 重卡行业整体承压的背景下，实现归母净利润同比增长37%，究其原因，中国重汽管理层表示，一是销 量增长与规模效应，规模扩大摊薄固定成本；二是出口业务贡献，对公司的营业收入及毛利率起到有力 支撑； ...

Group 1 - The core point of the news is that China National Heavy Duty Truck Group Jinan Power Co., Ltd. has applied for a patent for a method, system, equipment, and medium for predicting nitrogen oxide emissions compliance in diesel engines, which aims to enhance product design efficiency and reduce unnecessary testing resources and time loss [1][2]. Group 2 - The patent application was published under the number CN 119778077 A, with an application date of December 2024 [1]. - The method involves several steps, including determining control areas, collecting engine test data, and calculating nitrogen oxide conversion rates and predicted emissions values to assess compliance [1]. - China National Heavy Duty Truck Group Jinan Power Co., Ltd. was established in 2006, has a registered capital of approximately 724 million RMB, and has invested in 19 companies while participating in 2,904 bidding projects [2].

Group 1: Market Performance - In the first quarter of 2025, the heavy truck market in China recorded a cumulative sales volume of approximately 261,000 units, representing a year-on-year decline of 4% [2] - The company's production and sales performance is better than the industry average, showing a growth trend compared to the same period last year [2] - The company has successfully leveraged its international operations for exports, maintaining a positive overall trend [2] Group 2: Natural Gas Heavy Trucks - In January and February 2025, the cumulative sales of natural gas heavy trucks reached 2.54 million units, marking a year-on-year increase of 59% [3] - The performance of the company's natural gas heavy trucks has also shown growth compared to the previous year [3] - Recent government policies, including the "old-for-new" truck replacement program, have included natural gas heavy trucks in the subsidy scope, providing substantial benefits to the industry and users [3] Group 3: New Energy Heavy Trucks - In the first quarter of 2025, cumulative sales of new energy heavy trucks in China reached 2.37 million units, reflecting a significant year-on-year increase of 164% [3] - The new energy heavy truck sector is currently experiencing a dual boost from policy support and technological innovation, with the company achieving a notable increase in market share [3] - The company plans to continue focusing on the new energy sector, promoting product innovation and application scenarios to contribute to the green transformation of the industry [3]

Investment Rating - The report maintains a "Positive" investment rating for the automotive industry [14] Core Insights - The impact of the recent tariffs imposed by the U.S. on China is relatively limited for the automotive sector, primarily affecting parts exports. Strong parts manufacturers have established global production capabilities, particularly in Mexico, which benefits from zero tariffs under the USMCA agreement [2][10] - The overall automotive sales for the week of March 24-30 reached 482,500 units, a 12.3% increase compared to the previous week. New energy vehicle sales were 241,900 units, reflecting an 8.0% increase, with a penetration rate of 50%, down 2.0 percentage points from the previous week [9][10] - The A-share automotive sector experienced a decline of 3.60%, underperforming the CSI 300 index, which fell by 1.37% [9] Summary by Sections Tariff Impact - The U.S. tariffs on Chinese imports have a limited short-term impact on the automotive sector, with parts exports being the primary concern. Companies can potentially shift production to Mexico or other low-tariff regions to mitigate costs [10][23] Market Performance - The automotive sector's performance in the A-share market has been weak, with various sub-sectors showing declines, particularly in commercial vehicle parts and tires [9][11] Sales Data - Total automotive sales for March 2025 reached 1.685 million units, a 23.4% increase year-on-year, with new energy vehicles accounting for 890,000 units, up 27.7% [9][10] Investment Recommendations - The report recommends focusing on the complete vehicle segment and parts manufacturers with strong overseas layouts, particularly those involved in smart driving technologies and robotics [11][12] - Specific companies highlighted for investment include BYD, XPeng Motors, and Geely for smart driving vehicles, and Top Group and Fulin Precision for robotics [11][12] Parts Manufacturing - Some parts manufacturers may face pressure due to declining Tesla sales, but recovery is expected with new vehicle launches in Q2. Companies with operations in Mexico are less affected by the tariffs [12][40]

Investment Rating - The report maintains a positive outlook on the automotive sector, indicating a continued bullish sentiment towards the industry [1]. Core Insights - The automotive sector is experiencing a recovery, with passenger car insurance registrations increasing by 9.8% week-on-week and 15.4% month-on-month, totaling 472,000 units in the last week of March [2][29]. - The report highlights significant changes in the industry, including Tesla's Model Y production line interruption, which led to a 13% decrease in vehicle deliveries for Q1 2025 compared to the previous quarter [2][3]. - BYD's production and sales figures for March show a year-on-year increase of 33% and 25%, respectively, with exports reaching 73,000 units, reflecting a 89% increase year-on-year [2][41]. Summary by Sections Weekly Review - The SW automotive index decreased by 3.5% this week, with the best-performing segment being SW commercial trucks, which increased by 0.7% [2][9]. - The report covers various companies, including Weichai Power, Great Wall Motors, and BYD, providing insights into their performance and market trends [2][41]. Industry Changes - The report notes that the impact of U.S. tariffs on automotive parts is limited, as most companies have established production capacities in North America [3]. - The domestic automotive market is expected to benefit from new policies aimed at increasing vehicle replacement and scrappage subsidies, potentially contributing an additional 1.07 to 1.7 million units in sales for 2025 [30]. Market Trends - The report forecasts that the domestic retail sales volume for 2025 will reach 23.83 million units, representing a year-on-year growth of 4.7% [30][31]. - The penetration rate of new energy vehicles is projected to reach 62% by 2025, with significant growth in both production and sales of electric vehicles [31][34]. Company Performance - Tesla's Q1 2025 production was reported at 362,615 vehicles, with a significant decline in deliveries due to production issues [41]. - The report highlights that Li Auto and Xpeng Motors have maintained stable production levels, while companies like Leap Motor have shown substantial growth in sales [41].