相关研究 公司点评报告 增持：预期未来 6 个月个股涨跌幅相对基准介于 5%与 15%之间； 中性：预期未来 6 个月个股涨跌幅相对基准介于-5%与 5%之间； 减持：预期未来 6 个月个股涨跌幅相对基准介于-15%与-5%之间； 卖出：预期未来 6 个月个股涨跌幅相对基准在-15%以下。 行业投资评级： 证券研究报告·公司点评报告·商用车 中国重汽（000951） 买入（维持） | --- | --- | --- | --- | --- | --- | |------------------------------|---------|----------|----------|----------|----------| | 盈利预测与估值 [Table_EPS] | 2022A | 2023A | 2024E | 2025E | 2026E | | 营业总收入（百万元） | 28,822 | 42,070 | 49,985 | 61,188 | 69,419 | | 同比（ % ） | (48.62) | 45.96 | 18.81 | 22.41 | 13.45 | | 归母净利润（百万元） | 21 ...

Financial Performance - The company's operating revenue for Q1 2024 was CNY 11,426,630,084.51, representing a 24.02% increase compared to CNY 9,213,621,716.33 in the same period last year[15] - Net profit attributable to shareholders for Q1 2024 was CNY 274,032,048.36, up 22.36% from CNY 223,963,735.05 in Q1 2023[15] - The basic earnings per share for Q1 2024 were CNY 0.23, up 21.05% from CNY 0.19 in the same period last year[15] - The diluted earnings per share for Q1 2024 were also CNY 0.23, reflecting the same growth rate of 21.05% compared to Q1 2023[15] - The total operating profit for 2024 is reported at ¥466,950,425.33, an increase from ¥420,340,803.92 in the previous year, reflecting a growth of approximately 11.0%[56] - The net profit for 2024 stands at ¥367,005,300.30, up from ¥320,403,703.63, indicating a year-over-year increase of about 14.5%[56] - The net profit attributable to the parent company's shareholders is ¥274,032,048.36, compared to ¥223,963,735.05, representing a growth of approximately 22.5%[56] - The basic and diluted earnings per share for 2024 are both ¥0.23, an increase from ¥0.19 in the previous year, marking a growth of 21.1%[56] - The total comprehensive income for 2024 is ¥364,530,310.31, compared to ¥320,885,309.86, reflecting an increase of about 13.6%[56] - The total profit for 2024 is reported at ¥480,819,421.00, an increase from ¥420,953,739.59, showing a growth of approximately 14.2%[56] Cash Flow and Assets - The net cash flow from operating activities increased by 123.21%, reaching CNY 2,945,000,743.69 compared to CNY 1,319,407,557.47 in the previous year[15] - Cash flow from operating activities rose significantly to ¥11,016,447,660.60 compared to ¥7,207,809,078.02, marking an increase of about 53.5%[52] - Cash and cash equivalents at the end of the period reached approximately $13.00 billion, up from $12.03 billion, marking a net increase of approximately $1.77 billion[30] - The company's total assets at the end of Q1 2024 were CNY 40,985,760,849.59, a 10.53% increase from CNY 37,082,790,465.30 at the end of the previous year[15] - Total assets increased to approximately $40.99 billion, up from $37.08 billion, representing a growth of about 7.8%[26] - The total current assets increased to ¥34,320,791,500.04 from ¥30,366,148,209.69, representing a growth of approximately 6.3%[48] - The company's inventory increased to ¥4,484,497,520.75 from ¥4,095,825,436.71, which is an increase of about 9.5%[48] Liabilities and Equity - Current liabilities rose to approximately $24.52 billion, an increase of 16.5% compared to $20.98 billion[26] - Tax liabilities increased by 116% year-to-date, mainly due to an increase in unpaid taxes during the reporting period[25] - Expected liabilities rose by 81% year-to-date, primarily due to an increase in estimated amounts for pending litigation[25] - The total liabilities decreased slightly from ¥30,366,148,209.69 to ¥34,320,791,500.04, indicating a change in asset management strategy[48] - The total equity attributable to shareholders of the parent company increased to approximately $15.00 billion, compared to $14.73 billion[26] Research and Development - Research and development expenses for Q1 2024 amounted to CNY 203,063,394.60, significantly higher than CNY 81,551,084.63 in Q1 2023[18] - Research and development expenses surged by 149% year-over-year, indicating a significant increase in investment in innovation[32] Shareholder Information - The total number of common shareholders at the end of the reporting period was 39,409, with the largest shareholder, China National Heavy Duty Truck Group (Hong Kong) Co., Ltd., holding 51.00% of shares[43] - The top ten shareholders collectively hold significant stakes, with the second-largest shareholder, Hong Kong Central Clearing Limited, owning 3.32%[43] - The total number of shares held by the top ten unrestricted shareholders amounts to 599,183,376 shares, representing the majority of the company's equity[45] Non-Operating Income and Expenses - Non-operating income increased by 2184% year-on-year, primarily due to increased assessment income from suppliers during the reporting period[22] - Non-operating expenses rose by 2256% year-on-year, mainly due to an increase in estimated amounts for pending litigation during the reporting period[22] - The company reported a non-operating income of approximately RMB 13.87 million, with a tax impact of RMB 4.31 million[40] - The net profit attributable to shareholders after tax and minority interests was approximately RMB 11.26 million[40] Other Financial Indicators - Financial expenses decreased by 51% year-over-year, mainly due to increased interest income from deposits[32] - Other income grew by 46% year-over-year, primarily due to an increase in subsidy project transfers[28] - There were no significant changes in the financial indicators or accounting data that would impact the company's performance[41] - The company has not disclosed any new product developments or technological advancements during this reporting period[46] - There are no indications of market expansion or mergers and acquisitions in the current report[46] - The company has not reported any participation in margin financing or securities lending activities by its top shareholders[45] Income Tax and Comprehensive Income - The income tax expense for 2024 is ¥113,814,120.70, compared to ¥100,550,035.96, which is an increase of about 13.0%[56] - Other comprehensive income after tax shows a loss of ¥2,474,989.99, contrasting with a gain of ¥481,606.23 in the previous year[56] - The minority interest profit for 2024 is reported at ¥92,973,251.94, slightly down from ¥96,439,968.58, indicating a decrease of about 3.8%[56]

中国北京市建国门外大街 1 号国贸写字楼 2 座 12-14 层 100004 12-14th Floor, China World Office 2, No.1 Jianguomenwai Avenue, Beijing 100004, China 电话 Tel: +86 10 6563 7181 传真 Fax: +86 10 6569 3838 电邮 Email: beijing@tongshang.com 网址 Web: www.tongshang.com 北京市通商律师事务所 关于中国重汽集团济南卡车股份有限公司 2023 年年度股东大会的 法律意见书 致：中国重汽集团济南卡车股份有限公司 根据《中华人民共和国律师法》《中华人民共和国公司法》（以下简称"《公 司法》"）、《中华人民共和国证券法》《上市公司股东大会规则》（以下简称 "《股东大会规则》"）、《深圳证券交易所上市公司股东大会网络投票实施细则》 （以下简称"《网络投票实施细则》"）等法律、法规和规范性文件以及《中国重 汽集团济南卡车股份有限公司章程》（以下简称"《公司章程》"）的规定，北京 市通商律师事务所（以下简称"本所"）接受中国重汽集团 ...

中国重汽集团济南卡车股份有限公司 会议决议公告 证券代码：000951 股票简称：中国重汽 编号：2024-19 中国重汽集团济南卡车股份有限公司 二〇二三年年度股东大会决议公告 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。 重要提示： 1、本次临时股东大会未出现否决议案的情形。 2、本次临时股东大会未涉及变更以往股东大会已通过的决议。 一、会议的召开和出席情况 1、召开情况： 中国重汽集团济南卡车股份有限公司（以下简称"公司"）2023 年年度股东大会（以下简称"本次会议"）现场会议于 2024 年 4 月 25 日下午 2：50 在公司未来科技大厦会议室召开。 （1）出席现场会议的股东及股东授权代表共计 4 人，代表有表 决权股份 606,503,676 股,占公司有表决权股份的 51.8825%。 中国重汽集团济南卡车股份有限公司 会议决议公告 圳证券交易所上市公司股东大会网络投票实施细则》及《公司章程》 等法律、法规及规范性文件的规定。 2、出席现场会议及网络投票股东情况 截止股权登记日（2024 年 4 月 18 日）深圳证券交易所交易结束 时，公 ...

商用车 分析师：余典 登记编码：S0730524030001 "出口+天然气"双驱动，盈利能力显著 改善 ——中国重汽(000951)公司点评报告 | --- | --- | --- | --- | |-------------------------------------------------------------------------|---------------------------------------------------------------------------------------|---------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- ...

证券研究报告 公司点评 中国重汽(000951.SZ) | --- | --- | |------------------------------------|-------------------| | 评级变动 交易数据 \n当前价格（元） | 首次 \n15 . 57 | | 52 周价格区间（元） | 12 . 69 - 18 . 08 | | 总市值（百万） | 18292 . 80 | | 流通市值（百万） | 18292 . 80 | | 总股本（万股） | 117487 . 00 | | 流通股（万股） | 117487 . 00 | -25% -15% -5% 5% 15% 25% 2023-03 2023-06 2023-09 2023-12 2024-03 中国重汽 商用车 杨甫 分析师 执业证书编号:S0530517110001 yangfu@hnchasing.com 翁伟文 研究助理 wengweiwen@hnchasing.com 相关报告 | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | -- ...

Investment Rating - The report maintains a "Buy" rating for the company with a target price of 19.65 CNY based on a 2024 PE valuation of 15 times the expected EPS of 1.31 CNY [2][4]. Core Insights - The company has adjusted its revenue, gross margin, and expense ratios, leading to increased EPS forecasts for 2024-2026, with expected EPS of 1.31 CNY, 1.62 CNY, and 2.04 CNY respectively [2]. - The company reported a significant recovery in the heavy truck industry, with a 46.0% year-on-year increase in revenue for 2023, reaching 42.07 billion CNY, and a 405.5% increase in net profit attributable to shareholders, amounting to 1.08 billion CNY [17]. - The gross margin improved to 7.8% in 2023, up 1.7 percentage points year-on-year, with a notable increase in the fourth quarter gross margin to 9.4% [17]. - The heavy truck industry saw a recovery in 2023, with a total industry sales volume of approximately 911,100 units, a year-on-year increase of 35.6% [17]. - The demand for gas heavy trucks surged, with a 307.2% increase in terminal sales in 2023, and the company achieved a market share of 17.7% in this segment [17]. Financial Summary - The company's revenue is projected to grow from 42.07 billion CNY in 2023 to 76.70 billion CNY by 2026, reflecting a compound annual growth rate (CAGR) of 17.9% [3]. - The net profit attributable to shareholders is expected to increase from 1.08 billion CNY in 2023 to 2.40 billion CNY in 2026, with a CAGR of 26.0% [3]. - The company's gross margin is forecasted to improve gradually from 7.8% in 2023 to 8.5% in 2026 [3].

Investment Rating - The report maintains a "Buy" rating for the company, with a target price of 19.36 yuan based on a 16x PE for 2024 [14][26]. Core Insights - The company achieved a revenue of 42.07 billion yuan in 2023, representing a year-on-year growth of 46.0%, and a net profit attributable to shareholders of 1.08 billion yuan, up 405.5% year-on-year [13][25]. - The growth in revenue and profit is attributed to the recovery of the industry and structural opportunities, particularly in the gas vehicle segment and export sales [13][14]. - The company’s wholesale market share for heavy trucks increased to 25.7% in 2023, up 2.1 percentage points year-on-year, driven by strong performance in the gas vehicle market and export expansion [12][13]. Financial Performance Summary - Revenue (million yuan): 28,822 in 2022, 42,070 in 2023, projected to reach 52,314 in 2024, 61,441 in 2025, and 70,657 in 2026 [3][26]. - Net profit (million yuan): 214 in 2022, 1,080 in 2023, projected to be 1,421 in 2024, 1,899 in 2025, and 2,355 in 2026 [3][26]. - EBITDA (million yuan): 814 in 2022, 2,000 in 2023, projected to be 3,732 in 2024, 4,614 in 2025, and 5,509 in 2026 [3][26]. - EPS (yuan/share): 0.18 in 2022, 0.92 in 2023, projected to be 1.21 in 2024, 1.62 in 2025, and 2.00 in 2026 [3][26]. Market Position and Growth Potential - The company is positioned as a leading player in the heavy truck market, with expectations for continued growth driven by increased penetration of gas vehicles and expansion into international markets [14][25]. - The company’s retail sales of natural gas heavy trucks reached 24,400 units in 2023, accounting for 23.5% of total sales, with a retail market share of 17.7% [25]. - The report forecasts a compound annual growth rate (CAGR) of 30% for net profit over the next three years [14].

假设 2：考虑宏观经济持续向好，下游需求有所回升，故假设 24-26 年公司汽配业务收 入增长 45%/25%/25%。 | --- | --- | --- | --- | --- | --- | |-------|--------|-----------|-----------|-----------|-----------| | | 收入 | 33959.2 | 37828.89 | 42426.72 | 46519.55 | | 整车 | 增速 | 49.98% | 11.40% | 12.15% | 9.65% | | | 毛利率 | 6.45% | 7.00% | 7.50% | 8.00% | | | 收入 | 8010.0 | 11614.53 | 14518.16 | 18147.70 | | 汽配 | 增速 | 31.08% | 45.00% | 25.00% | 25.00% | | | 毛利率 | 13.02% | 13.50% | 13.70% | 13.90% | | | 收入 | 100.76 | 103.78 | 106.90 | 110.11 | | 其他 | 增速 | 46. ...

Investment Rating - The report maintains a "Buy-A" investment rating for China National Heavy Duty Truck Group Co., Ltd. (000951.SZ) [3][8] Core Views - The company has exceeded earnings expectations in Q4 2023, with significant growth in heavy truck sales driven by both domestic recovery and strong export performance [3][8] - The company is positioned to benefit from the ongoing recovery in the heavy truck industry, with anticipated net profits of 1.41 billion, 1.91 billion, and 2.23 billion yuan for 2024, 2025, and 2026 respectively, reflecting year-on-year growth rates of 30.9%, 35.2%, and 16.7% [8][10] Financial Performance Summary - In 2023, the company achieved a revenue of 42.07 billion yuan, a year-on-year increase of 45.96%, and a net profit of 1.08 billion yuan, up 405.52% from the previous year [13] - The gross margin for 2023 was 7.85%, with Q4 gross margin reaching 9.41%, indicating a significant improvement [5][13] - The company’s earnings per share (EPS) for 2023 was 0.92 yuan, with projections of 1.20 yuan, 1.63 yuan, and 1.90 yuan for 2024, 2025, and 2026 respectively [8][10] Market Position and Strategy - China National Heavy Duty Truck Group is the leading player in the domestic heavy truck market, with a market share of 25.8% in 2023, benefiting from a strong product lineup and strategic marketing [14] - The company is enhancing its core competitiveness through technological advancements in electric, hybrid, and hydrogen fuel cell vehicles, as well as optimizing its product structure to meet market demands [5][8]