01 续写民族重卡传奇新篇 "黄河" 二字，承载着民族工业崛起的厚重记忆。 回溯至1960年，第一辆黄河牌JN150重型汽车下线，结束了我国无法自主生产重型汽车的历史，开创了我国重型汽车发展新纪元，为国民经济发展和社 会主义建设作出重要贡献；到2020年，新一代黄河重卡问世，专为快递快运、冷链物流、干线运输等场景定制开发，自此，黄河以全新姿态阔步前行，开启 中国重卡智能高效新纪元。 国内重卡市场向上冲高、提速向智趋势正愈发凸显。在这场围绕高端化、智能化展开的全新价值较量中，黄河 H7以全维度技术革新为支撑强势 登场。 8月28日，黄河H7上市发布会在杭州举行。黄河H7不仅是中国重汽黄河品牌深耕高端智能重卡领域的又一关键落子，充分诠释其对行业的深刻洞察与硬 核科技创新实力，更以价值重构之力刷新高端民族重卡标准，引领物流行业迈向智效新时代。 尤其在国内物流行业高效发展的新阶段，市场端更为注重车辆的运营效率、可靠性和全生命周期价值，快递、冷链、危化、健康医疗等高附加值细分市 场的需求尤甚。"极、智、赚"则是黄河对市场趋势深刻洞察所做出的回答，也是黄河H7的三重核心优势。 具体而言，在降耗增效方面，黄河H7搭载第四代 ...

ab Global Research owered by UBS Evidence Lab YES P 28 August 2025 China Heavy-Duty Truck Sector APAC Focus: China truck exports 2.0—electric truck a new growth driver China's e-truck sales were a beat in H125 with 80k units sold and 27% penetration in the domestic market. While the market is mostly focused on domestic sales, we are the first to identify the export market as the next growth driver of e-trucks, generating 20%/30% of incremental revenue/profit by 2030E and replicating the success of China bus ...

| | | | ប្រ | מספר | בשנת 1942 ב | Desco | | --- | --- | --- | --- | --- | --- | --- | | 童細菌 | 刘力宇 | 孟璐 | 郭雨蒙 | 孙仁昊 | 赖思旭 | 童明祺 | | | | 业绩概要： 公司发布2025年半年报，2025H1公司实现营业收入508.8亿，同比+4.2%，归母净利润34.3亿， 同比+4.0%。2025H1公司业绩符合我们预期。 重卡业务稳健增长，韧性彰显。 收入维度：2025H1轻卡收入（不含内部抵消）61.6亿，同比+6.2%；量价维度：2025H1轻卡销 量 6.3万，同比+10.4%，轻卡ASP 11.5万，同比-3.0%；利润维度：2025H1轻卡经营利润 率-2.4%，同比-0.5pct，单车盈利-0.28万元。 毛利率同比增长，净利率同比持平。 | 投资要点 | | --- | 收入维度：2025H1重卡收入（不含内部抵消）438.1亿元，同比+4.2%；量价维度：2025H1重 卡销量13.7万辆，同比+9.2%，其中国内6.8万辆，同比+19.3%，出口6.9万辆，同比+0.8%， ...

毛利率同环比提升，费用率控制稳定，在手现金充沛。公司2025 年Q2 公司毛利率7.94%，同环比分别 提升0.8/0.9pct，2025Q2 公司研发+销售+管理费用率为2.88%，yoy-0.1pct。2025H1 公司经营性净现金流 +应收账款融资增加值为43 亿元，同比增加13 亿元。货币资金+交易性金融资产共计113 亿元，在手现 金充沛。 公司连续第二年中期分红，近几年持续提升分红比例。2024 年实现首次中期分红，分红比例达55%。 2025H1 继续中期分红，合计分红3.7 亿元，比例55%。未来公司综合考虑多方面因素追求企业长期发展 和股东获得感，或持续提升分红比例。 盈利预测和投资评级2025 年中国重卡内需销量有望受老旧营运货车以旧换新政策拉动，进入景气区 间。公司是国内重卡整车龙头之一，在多个细分市场表现亮眼，且截至2024 年，出口份额连续二十年 占据行业首位。我们认为放量改善竞争烈度、放量摊薄固定成本、产品结构优化是三个影响公司未来利 润率的主要变量。我们预计公司2025-2027 年实现营业总收入527、563 与672 亿元，同比增速17%、7% 与19%；实现归母净利润16. ...

Core Viewpoint - The company reported a 4.2% year-on-year increase in revenue to 50.88 billion yuan and a 4.0% increase in net profit to 3.43 billion yuan for 1H25, aligning with expectations [1] Group 1: Performance Overview - The heavy truck industry saw a 7% year-on-year increase in wholesale sales to 539,000 units in 1H25, with the company achieving a 9.2% increase in heavy truck sales to 137,000 units, maintaining the top market share [1] - The company's heavy truck single-unit revenue decreased by 1,540 yuan year-on-year to 320,900 yuan, while single-unit profit decreased by 1,245 yuan to 25,100 yuan, remaining at historically high levels [1] - The company’s gross margin increased by 0.4 percentage points year-on-year to 15.1%, with a slight decrease in expense ratio by 0.1 percentage points to 7.7% [1] Group 2: Business Segment Performance - Heavy truck business revenue increased by 4% year-on-year to 44.2 billion yuan, with an operating profit margin stable at 6.0% [1] - Light truck and bus business revenue increased by 7% year-on-year to 7.3 billion yuan, with an operating loss margin improving by 0.5 percentage points to -2.4% due to increased initial investments in new energy and overseas expansion [1] - Engine business revenue increased by 8% year-on-year to 7.6 billion yuan, with an operating profit margin increasing by 0.5 percentage points to 18.2% [1] - Financial services revenue decreased by 21% year-on-year to 590 million yuan, but the operating profit margin increased by 3.4 percentage points to 49.8% due to adjustments in the financial subsidiary [1] Group 3: Future Outlook - The company expects a 10% year-on-year increase in heavy truck industry sales to 1 million units in 2025, supported by various factors including trade-in policies and strong export demand [2] - The new energy heavy truck segment saw a 186% year-on-year increase in registration volume to 79,000 units in 1H25, with the company achieving a 226% increase to 9,157 units, capturing an 11.6% market share [2] - The company is focusing on electric and intelligent driving technologies, with successful product deliveries in low-speed logistics and high-speed trunk logistics markets [2] Group 4: Profit Forecast and Valuation - The company maintains its profit forecasts for 2025 and 2026, with the current stock price corresponding to 7.9 and 7.0 times the P/E ratio for those years [2] - The target price has been raised by 11.9% to 27.21 HKD, corresponding to 9.7 and 8.6 times the P/E ratio for 2025 and 2026, indicating a potential upside of 23.7% from the current stock price [2]

声明：市场有风险，投资需谨慎。本文为AI基于第三方数据生成，仅供参考，不构成个人投资建议。 天眼查资料显示，中国重汽集团济南动力有限公司，成立于2006年，位于济南市，是一家以从事汽车制 造业为主的企业。企业注册资本723959.5万人民币。通过天眼查大数据分析，中国重汽集团济南动力有 限公司共对外投资了19家企业，参与招投标项目3488次，专利信息5000条，此外企业还拥有行政许可89 个。 国家知识产权局信息显示，中国重汽集团济南动力有限公司取得一项名为"一种车辆地图信息处理方 法、处理系统及车辆"的专利，授权公告号 CN 117171177 B，申请日期为 2023年08月。 ...

Group 1 - The domestic heavy truck industry is experiencing a steady recovery in the first half of the year, driven by policy support and transformation upgrades, with listed companies in the heavy truck supply chain showing stable growth in performance [1] - According to the China Association of Automobile Manufacturers, the heavy truck industry achieved cumulative sales of 539,200 units in the first half of the year, representing a year-on-year increase of 6.88% [2] - The introduction of the "old-for-new" policy in the commercial vehicle sector has accelerated the elimination of old vehicles, leading to a new round of growth in the domestic market [2] Group 2 - Heavy truck manufacturer China National Heavy Duty Truck Group Co., Ltd. reported sales of 81,000 heavy trucks in the first half of the year, a year-on-year increase of 14.1%, outperforming the industry average [2] - The company achieved operating revenue of 26.16 billion yuan, up 7.22% year-on-year, and a net profit attributable to shareholders of 669 million yuan, an increase of 8.1% [2] - The new energy heavy truck segment has seen significant growth, with sales reaching 75,200 units in the first half of the year, a remarkable year-on-year increase of 195.16% [3] Group 3 - New energy heavy trucks are widely used in short-distance transportation scenarios, such as urban construction waste transport and logistics delivery, due to their environmental advantages [3] - The operational costs of new energy heavy trucks are lower than traditional fuel heavy trucks in certain scenarios, and advancements in battery technology are improving their range, alleviating range anxiety for users [3] - Industry experts predict that significant advancements in battery energy density and fast-charging technology for new energy heavy trucks are expected within the next 1 to 2 years, enhancing their competitiveness in medium to long-distance transportation [3] Group 4 - The entire heavy truck supply chain has seen positive development in the first half of the year, with companies actively upgrading, researching, and expanding production capacity [4] - Companies in the engine sector, such as Weichai Power Co., Ltd., are advancing the development of more efficient and environmentally friendly engine products to meet the industry's performance and emission standards [4] - Key component manufacturers are also innovating, with companies like Tianrun Industrial Technology Co., Ltd. integrating digital, networked, and intelligent development to accelerate transformation and upgrades [4]

| [Table_EPS] 盈利预测与估值 | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业总收入（百万元） | 42,070 | 44,929 | 49,647 | 54,164 | 57,144 | | 同比（%） | 45.96 | 6.80 | 10.50 | 9.10 | 5.50 | | 归母净利润（百万元） | 1,080 | 1,480 | 1,658 | 1,894 | 2,165 | | 同比（%） | 405.52 | 36.96 | 12.06 | 14.24 | 14.32 | | EPS-最新摊薄（元/股） | 0.92 | 1.26 | 1.41 | 1.61 | 1.84 | | P/E（现价&最新摊薄） | 20.05 | 14.64 | 13.07 | 11.44 | 10.00 | [Table_Tag] [Table_Summary] 投资要点 ◼ 展望：出口+降本增效保障盈利，看好 25 年内需向上带来利润弹性。1） 出口：我们预计非俄地区出口将持续 ...

中国重汽集团济南卡车股份有限公司 临时公告 证券代码：000951 股票简称：中国重汽 编号：2025-50 中国重汽集团济南卡车股份有限公司 关于使用部分闲置募集资金购买银行结构性存款产品 到期赎回的公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完 整，没有虚假记载、误导性陈述或重大遗漏。 中国重汽集团济南卡车股份有限公司（以下简称"公司"）于 2024 年 8 月 21 日召开的第九届董事会第四次会议、第九届监事会第四次 会议，审议并通过了《关于使用部分暂时闲置募集资金继续进行现 金管理的议案》。 中国重汽集团济南卡车股份有限公司 临时公告 一、使用部分闲置募集资金进行现金管理到期赎回情况 公司于2025年1月分别与交通银行股份有限公司、北京银行股份 有限公司签订《结构性存款协议》，购买了相应的结构性存款产品。 截止本公告日，该等产品已到期，且公司已按《结构性存款协议》的 约定将相关产品全部赎回，并将本金和收益共计人民币50,677.81万元 全额存入募集资金账户。具体情况如下： 单位：人民币万元 | 序号 | 签约方 | 产品名称 | 期限 | 金额 | 收益 | | --- | --- | ...

（原标题：招银国际：微降中国重汽(03808)目标价至20.4港元 续予"持有"评级） 智通财经APP获悉，招银国际发布研报称，中国重汽(03808)上半年净利润同比增长4%，大致符合该行 预期;期内派中期息0.74元，相当于55%的股息支付比率。该行仍然认为，出口缺乏增长将削弱公司今年 的整体销售增长，目标价由20.5港元略微下调至20.4港元，续予"持有"评级。 ...