Core Insights - The China National Heavy Duty Truck Group (CNHTC) held its 2025 Partner Conference with the theme "We Are One," gathering 2,400 industry elites to showcase its advanced technologies and products across various vehicle categories [1][2] - In 2024, CNHTC achieved remarkable results, leading in heavy truck sales, market share, and exports, reflecting the strong support from its partners [1][2] - The conference marked a new starting point for high-quality cooperation and development, aiming to provide more efficient and valuable logistics solutions [1][2] Product Launches and Innovations - CNHTC launched five new energy products, including electric dump trucks and charging tractors, showcasing cutting-edge technology to meet diverse customer needs and promote green transportation [2][3] - The unveiling of the "Pioneer V" light passenger vehicle and the new generation fuel tractor aimed at long-distance transport highlighted CNHTC's commitment to high-quality, intelligent, and comfortable vehicles [3] - The HOWO TX7-N heavy truck was introduced as a cost-effective solution for coal and composite transportation, emphasizing high quality, safety, and load capacity [3] Strategic Initiatives - CNHTC initiated five mutually beneficial actions to enhance customer value, including developing a comprehensive product series and establishing a reliable sales network [2] - The company emphasized the importance of lifecycle service for vehicles, launching a certification standard for used commercial vehicles to create a new market segment [4] - Looking ahead to 2025, CNHTC expressed its commitment to building a closer, mutually beneficial community with partners, focusing on market orientation and quality [4]

中国重汽2025年合作伙伴大会将于12月8日在济南荣耀启幕，呈献一场科技与未来深度交融的行业盛 宴。届时，五大新能源新品——汕德卡423kWh纯电自卸车、豪沃TX 612kWh纯电自卸车、豪沃TX 600kWh中央驱动充电牵引车、豪沃TX 500kWh电驱桥充电牵引车、HOWO统帅PRO 100kWh电驱桥轻 卡将惊艳亮相。 深耕定制化场景 满足市场多元化需求 中国重汽积极探索新能源车型的运营模式，不断拓展定制化场景，以适应市场的多样化需求。在自卸车 这一细分领域，运输车辆常需要在地形错综复杂、道路崎岖不平等恶劣工况下工作，因此车辆需兼备安 全抗造和动力强劲两大核心特质，二者缺一不可。汕德卡423kWh纯电自卸车，电机峰值功率高达 490kW，不仅赋予车辆澎湃动力，并且脱困性能极强，确保在各种挑战面前都游刃有余、无所畏惧；同 时，车辆配备了8+8+8/300三层车架，铸造飞机梁横梁，承载力更强，TG驾驶室顶部、侧面及后方可承 受高达10吨的强烈冲击，以钢铁之躯全方位守护驾乘人员安全。 豪沃TX 612kWh纯电自卸车在满足高稳定性和高承载需求的同时，更以超长续航优势脱颖而出。车辆 搭载全新一代高能量密度电池， ...

[Table_Stock] 中国重汽（000951） 证 券 研 究 报 告 [Table_Author] 分析师: 仇百良 E-mail: qiubailiang@shzq.com SAC 编号: S0870523100003 分析师: 李煦阳 E-mail: lixuyang@shzq.com SAC 编号: S0870523100001 分析师: 刘昊楠 E-mail: liuhaonan@shzq.com SAC 编号: S0870524090002 [Table_BaseInfo] 基本数据 最新收盘价（元） 17.28 12mth A 股价格区间（元） 12.69-18.30 总股本（百万股） 1,174.87 无限售 A 股/总股本 100.00% 流通市值（亿元） 203.02 公 司 深 度 [Table_I 行业 ndustry] : 汽车 日期: shzqdatemark 2024年12月04日 [Table_QuotePic] 最近一年股票与沪深 300 比较 -12% -7% -2% 3% 8% 13% 18% 23% 12/23 02/24 04/24 07/24 09/24 12 ...

1 证券代码：000951 证券简称：中国重汽 中国重汽集团济南卡车股份有限公司 投资者关系活动记录表 编号：20241111 | --- | --- | --- | |----------------|-----------------------------------|------------------------------------------------------| | | | | | 投资者关系活动 | ■ 特定对象调研 | □ 分析师会议 | | 类别 | □ 媒体采访 | □ 业绩说明会 | | | □ 新闻发布会 | □ 路演活动 | | | □ 现场参观 | | | | □ 其他 | （请文字说明其他活动内容） | | 参与单位名称 | 长江证券 张永乾 | 长城基金 吴 驰 | | 及人员姓名 | 长信基金 徐佳彬 前海开源基金 | 徐广进 | | 时 间 | 2024 年 11 月 11 日 | 14:00-15:30 | | 地 点 | 公司办公室 | | | 上市公司 | 董事会秘书助理兼证券事务代表 张欣 | | | 接待人员姓名 | 投关专员 胡啸 | | | | | ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [4] Core Views - The company's Q3 performance exceeded expectations, and with policy support, sales are expected to rebound in Q4 [2][4] - In the first three quarters of 2024, the company achieved revenue of 33.59 billion yuan, a year-on-year increase of 9.2%, and a net profit attributable to shareholders of 930 million yuan, a year-on-year increase of 42.5% [2][6] - The heavy truck industry is experiencing a downturn, with Q3 sales down 18.2% year-on-year and 23.0% quarter-on-quarter [6] - The company’s gross margin improved to 8.3% in Q3, up 1.7 percentage points year-on-year, driven by product mix improvements [6] - Policy measures announced in July 2024 are expected to support the heavy truck industry by accelerating the replacement of older vehicles [6] Financial Performance Summary - For Q3 2024, the company reported revenue of 9.19 billion yuan, a year-on-year decline of 13.1% and a quarter-on-quarter decline of 29.2% [2][6] - The net profit for Q3 2024 was 320 million yuan, a year-on-year increase of 97.9% but a quarter-on-quarter decline of 8.4% [2][6] - The company’s market share in the heavy truck segment was 27.8%, showing a slight year-on-year decline but an improvement quarter-on-quarter [6] - Revenue projections for 2024-2026 are 50.48 billion yuan, 61.44 billion yuan, and 70.66 billion yuan, with year-on-year growth rates of 20.0%, 21.7%, and 15.0% respectively [6][7]

Investment Rating - The report maintains a "Buy" rating for the company with a target price of 17.55 yuan, based on a projected average PE of 15 times for comparable companies in 2024 [2][5]. Core Insights - The company's performance met expectations, with a revenue of 33.587 billion yuan in the first three quarters, representing a year-on-year growth of 9.2%. The net profit attributable to the parent company was 934 million yuan, up 42.5% year-on-year [1]. - The gross margin and cash flow have shown continuous improvement, with a gross margin of 7.7% for the first three quarters, an increase of 0.8 percentage points year-on-year. The net cash flow from operating activities reached 5.011 billion yuan, a 25.3% increase year-on-year [1]. - The company's sales performance outpaced the industry average, with a market share increase to 27.5% in the first three quarters, up 0.4 percentage points year-on-year. The fourth quarter is expected to see a sequential improvement in the heavy truck industry [1]. - The new energy heavy truck market is experiencing rapid growth, with sales of 48,500 units in the first three quarters, a year-on-year increase of 143.0%. The company sold 4,629 units, marking a 327.0% increase year-on-year [1]. Financial Summary - The company's revenue for 2023 is projected at 42.07 billion yuan, with a year-on-year growth of 46.0%. The net profit attributable to the parent company is expected to reach 1.08 billion yuan, reflecting a significant year-on-year increase of 405.5% [4][7]. - The earnings per share (EPS) for 2024-2026 are forecasted to be 1.17, 1.50, and 1.83 yuan respectively, indicating a positive growth trajectory [2][4]. - The gross margin is expected to improve to 8.5% in 2024, with a net profit margin projected at 2.8% [4][7].

1 证券代码：000951 证券简称：中国重汽 中国重汽集团济南卡车股份有限公司 投资者关系活动记录表 编号：20241108 | --- | --- | --- | |----------------|-----------------------------------|------------------------------------------------------| | | | | | 投资者关系活动 | ■ 特定对象调研 | □ 分析师会议 | | 类别 | □ 媒体采访 | □ 业绩说明会 | | | □ 新闻发布会 | □ 路演活动 | | | □ 现场参观 | | | | □ 其他 | （请文字说明其他活动内容） | | 参与单位名称 | 国海证券 戴畅、徐鸣爽 | | | 及人员姓名 | | | | 时 间 | 2024 年 11 月 8 日 | 10:00-11:30 | | 地 点 | 公司办公室 | | | 上市公司 | 董事会秘书助理兼证券事务代表 张欣 | | | 接待人员姓名 | 投关专员 胡啸 | | | | | 公司董事会秘书助理兼证券事务代表张欣女士简要介绍 | ...

1 证券代码：000951 证券简称：中国重汽 中国重汽集团济南卡车股份有限公司 投资者关系活动记录表 编号：20241105 | --- | --- | --- | --- | |--------------------|--------------------------|--------------|------------------------------------------------------| | | | | | | 投资者关系活动 | ■ | 特定对象调研 | □ 分析师会议 | | 类别 | □ 媒体采访 | | □ 业绩说明会 | | | □ 新闻发布会 | | □ 路演活动 | | | □ 现场参观 | | | | | □ 其他 | | （请文字说明其他活动内容） | | 参与单位名称 | 平安证券 | 王德安 | 明涧投资 彭 勇 | | 及人员姓名 时 间 | 2024 年 11 | 月 5 日 | 10:00-11:00 | | | | | | | 地 点 | 公司办公室 | | | | 上市公司 | | | | | | | | 董事会秘书助理兼证券事务代表 张欣 | | ...

[Table_StockInfo] 2024 年 11 月 04 日 证券研究报告•2024 年三季报点评 买入 （维持） 当前价：16.31 元 中国重汽（000951）汽车 目标价：——元（6 个月） Q3 利润高增长，盈利能力持续强化 [Table_Summary 事件：公司发布] 2024三季报，24Q1-Q3实现营收 335.9亿元，同比+9.2%，归 母净利润 9.3 亿元，同比+42.5%。拆分单季度看，24Q3 实现营收 91.9 亿元， 同比-13.2%，环比-29.2%，归母净利润 3.2 亿元，同比+97.9%，环比-8.4%。 Q3利润同比高增，集团布局有望促进公司销量增长。2024Q3公司实现营收 91.9 亿元，同比-13.2%、环比-29.2%，归母净利润 3.2亿元，同比+97.9%，环比-8.4%。 公司 24Q1-Q3营业外收入 0.89亿元，同比+998.4%，主要是由于报告期内公司 对供应商的考核款收入增加所致。根据第一商用车网数据，重汽集团 24 年 1-9 月累计销售约 18.7 万辆，同比-2.0%，市占率达 27.5%，市占率+0.4pp。集团 对天然气板块的布 ...

相对沪深 300 表现 2024/11/01 市场数据 2024/11/01 2024 年 11 月 02 日 公司研究 评级：增持(首次覆盖) 研究所： 证券分析师： 戴畅 S0350523120004 daic@ghzq.com.cn [Table_Title] 2024 年 Q3 毛利率同比提升，经营杠杆助公司 Q3 扣非归母净利润同比高增 87.8% ——中国重汽（000951）2024 年三季报点评 最近一年走势 事件: 2024 年 10 月 30 日，公司发布 2024 年第三季度报告，前三季度累计实 现营收 335.9 亿元，同比增长 9.2%，其中 Q3 为 91.9 亿元，同比/环比 分别下降 13.2%/29.2%；前三季度累计实现归母净利润 9.3 亿元，同比 增长 42.5%，其中 Q3 为 3.2 亿元，同比增长 97.9%。公司前三季度累计 实现扣非归母净利润 8.6 亿元，同比增长 34.1%，其中 Q3 为 2.7 亿元， 同比增长 87.8%。 投资要点: 表现 1M 3M 12M 2024 年 Q1-Q3 公司营收增速优于行业整体 据中汽协，2024 年 Q1-Q3 重卡 ...