Group 1: Investor Relations Activities - The company conducted roadshow activities in Beijing from April 7 to April 8, 2025, and in Shenzhen from April 9 to April 10, 2025 [2][3] - Participants included major financial institutions such as CICC, Huaxia Jiuying Asset Management, and China Life Asset Management [2][3] Group 2: Business Impact of Tariff Adjustments - The company has two manufacturing centers and six assembly plants in North America, with additional facilities in Thailand and Canada [3] - The strategy focuses on local manufacturing and delivery, with a significant portion of refrigerated semi-trailers already localized [3] Group 3: Market Expansion Strategies - The company is implementing the "Star Link Plan" and "Three Good Development" initiatives to enhance domestic market share [4] - The "Three Good Development" model aims to improve marketing capabilities and integrate resources across the supply chain [4] Group 4: Financial Performance - The EV·DTB business achieved total revenue of 3.03 billion in 2024, contributing a gross profit of 150 million, an increase of approximately 70 million compared to 2023 [5] - The company aims to enhance profitability through structural reforms in the mixer truck business starting in 2024 [4][5] Group 5: Supply Chain Optimization - The company has increased its centralized procurement ratio from below 50% to over 85% in 2024, managing over 20 major categories and 62 subcategories of materials [6] - The strategy includes a focus on local procurement in overseas markets, particularly in North America, while maintaining backup supplies from Thailand [6]

Group 1 - The core viewpoint of the articles highlights the financial performance and market position of 中集车辆, indicating a decline in revenue and profit compared to the previous year [1][2] - As of April 11, 中集车辆's closing price was 8.89 yuan, with a PE ratio of 15.35, which is significantly lower than the industry average of 30.18 [1][2] - The company experienced a net outflow of 504.60 million yuan in main funds on April 11, contributing to a total outflow of 1,725.53 million yuan over the past five days [1] Group 2 - 中集车辆 specializes in the production and sales of semi-trailers, special vehicles, refrigerated truck bodies, and complete vehicles, operating under several well-known brands in North America and Europe [1] - The latest financial results for 2024 show that the company achieved a revenue of 20.998 billion yuan, a year-on-year decrease of 16.30%, and a net profit of 1.085 billion yuan, down 55.80% from the previous year [1]

Group 1: Market Performance and Outlook - In 2024, the EU new truck registration volume decreased by 6.3%, impacting the semi-trailer industry due to weak economic recovery [3] - Despite the downturn, the company's semi-trailer business in Europe achieved a gross margin increase of 2.4 percentage points through product structure optimization and supply chain localization [3] - The company's market share in Australia ranked among the top six for two consecutive years, reflecting a strong position in the market [3] Group 2: Strategic Initiatives for 2025 - The company plans to implement the "Star Chain Plan," "Three Good Development," and "Rising Plan" to enhance productivity and profitability in the global semi-trailer business [4] - Focus on expanding partnerships with new energy manufacturers and optimizing the management of six announced factories under a unified business group framework [4][5] - The company aims to enhance user experience by providing comprehensive solutions, including financial services and digital maintenance [5] Group 3: Cost Reduction and Supply Chain Management - In 2024, the company increased its centralized procurement ratio from below 50% to over 85%, managing over 20 major categories and 62 subcategories of materials [6] - The centralized procurement strategy yielded savings of over 80 million in 2024, with plans to further solidify this approach in 2025 [6] Group 4: Global Operations and Market Expansion - The company's cross-ocean operations contributed nearly 50% to profits in 2020 and exceeded 50% in revenue by 2023 [7] - Future strategies include expanding sales in global southern markets and enhancing supply chain resilience in North America [7]

Core Viewpoint - The company reported a decline in revenue and net profit for 2024, but showed signs of recovery in Q4, with a positive outlook for 2025 in both Chinese and North American markets [1][2][4]. Group 1: Financial Performance - In 2024, the company achieved revenue of 21 billion yuan, a year-on-year decrease of 16.3%, and a net profit attributable to shareholders of 1.085 billion yuan, down 55.8% [1]. - The Q4 net profit was 243 million yuan, reflecting a year-on-year increase of 36.1% [1]. - The company’s gross margin in Q4 was 18.0%, showing a quarter-on-quarter improvement [3]. Group 2: Market Performance - In Q4 2024, the company’s revenue was 5.18 billion yuan, a year-on-year decrease of 6.2%, with vehicle sales of approximately 32,000 units, up 42.4% year-on-year [2]. - For the full year 2024, revenue from the Chinese market was 8.68 billion yuan, a slight increase of 0.5%, while North American revenue was 6.92 billion yuan, down 36.3% [2]. - The company expects a recovery in both the Chinese and North American trailer markets in 2025, with forecasts indicating a 10-15% growth in the Chinese heavy truck market [2][4]. Group 3: Cost Management and Profitability - The company’s selling, general, and administrative expenses as a percentage of revenue were 2.76%, 4.97%, and 2.10% respectively in Q4 2024, with management expenses showing a significant year-on-year decline [3]. - The company reported an operating expense of 59 million yuan, primarily due to increased compensation payments [3]. - Excluding non-operating income and credit impairment losses, the Q4 net profit would have been 430 million yuan, indicating a quarter-on-quarter growth of 31.9% [3]. Group 4: Shareholder Returns - The company distributed a total dividend of 1.05 billion yuan in 2024, with a dividend payout ratio of 97% [4]. - The company announced a three-year shareholder return plan aimed at enhancing shareholder value [4]. - The company is positioned to benefit from the trend towards electrification in heavy trucks and has strong competitiveness in lightweight trailers and new energy markets [4]. Group 5: Future Outlook - The company forecasts total revenue of 24.6 billion, 27.1 billion, and 31.6 billion yuan for 2025-2027, with respective year-on-year growth rates of 17%, 10%, and 17% [5]. - Expected net profit for the same period is projected at 1.6 billion, 1.8 billion, and 2.4 billion yuan, with growth rates of 44%, 17%, and 30% [5]. - The company maintains a "buy" rating based on its potential for recovery and high-quality growth [5].

Core Insights - CIMC Vehicles achieved a revenue of 21 billion yuan in 2024, with an operating net profit of 1.35 billion yuan and a gross margin of 16.3% [1] - The company plans to actively expand into global southern markets [1] Group 1: Business Performance - CIMC Vehicles ranked first globally in semi-trailer manufacturing for the twelfth consecutive year, with a revenue contribution of 14.95 billion yuan from its semi-trailer business and a gross margin of 17.8% [2] - Domestic sales increased by 12%, achieving a market share of 14.04% in China, maintaining the top position for six consecutive years [2] - The CFO indicated that the "Starlink Plan" is nearing its harvest phase, while the "Xiongqi Plan" will leverage experiences from the former for rapid replication and growth [2] Group 2: New Energy Initiatives - The EV·DTB business generated a revenue of 3.03 billion yuan, with a gross profit increase of 70 million yuan to 150 million yuan [3] - The company aims to develop "pure electric head-mounted integrated products" and has launched the J-RT1.0 electric head-mounted mixer, which reduces energy consumption by 37.7% [3] - The CEO emphasized that the goal of pure electric vehicles is to achieve intelligence, addressing challenges in recruiting drivers for large trucks [3] Group 3: Global Market Expansion - China exported approximately 150,000 tractors to global southern markets, which account for 34% of the total [4] - CIMC Vehicles reported a 6% revenue increase in global southern markets, with a gross margin improvement of 5.8 percentage points [5] - The company plans to develop a strategic approach for the global southern market by establishing a regional business group and seizing development opportunities [5]

Investment Rating - The investment rating for the company is "Accumulate" (maintained) [1] Core Views - The company has maintained its position as the sales champion in the semi-trailer market and is poised to benefit from growth opportunities in the new energy head-mounted vehicle sector [5] - The company is actively developing pure electric head-mounted vehicles, with plans to invest in a manufacturing base for these vehicles in Luzhou and establish service outlets in the Sichuan-Chongqing region [5] - The company expects to achieve net profits of 1.464 billion, 1.660 billion, and 1.863 billion yuan for the years 2025, 2026, and 2027 respectively, with corresponding PE ratios of 11.62, 10.25, and 9.14 [5] Financial Performance Summary - For 2023, the company reported a revenue of 25.087 billion yuan, with a growth rate of 6.21%. However, in 2024, revenue is expected to decline to 20.998 billion yuan, a decrease of 16.30% [4] - The company's net profit for 2023 was 2.456 billion yuan, with a significant increase of 119.66%. In 2024, net profit is projected to drop to 1.085 billion yuan, a decline of 55.80% [4] - The company's gross margin for 2024 is reported at 16.32%, down by 2.3 percentage points from the previous year [5] - The company has maintained a stable sales expense ratio of 2.70% in 2024, while the management expense ratio decreased by 1.03 percentage points to 4.42% [5] Future Projections - Revenue is projected to recover to 23.009 billion yuan in 2025, with a growth rate of 9.58%, and continue to grow to 25.897 billion yuan in 2026 and 29.167 billion yuan in 2027 [4] - The expected EPS for 2025 is 0.78 yuan, increasing to 0.89 yuan in 2026 and 0.99 yuan in 2027 [4] - The company's ROE is expected to improve from 9.73% in 2025 to 11.31% in 2027 [4]

Core Viewpoint - The company reported a decline in revenue and net profit for 2024, but is focusing on growth in emerging markets and electric logistics solutions [1][2]. Group 1: Financial Performance - In 2024, the company achieved revenue of 21 billion yuan, a year-on-year decrease of 16%, and a net profit attributable to shareholders of 1.09 billion yuan, down 56% year-on-year [1]. - In Q4 2024, revenue was 5.17 billion yuan, a year-on-year decrease of 6% but a quarter-on-quarter increase of 1%; net profit was 240 million yuan, up 36% year-on-year but down 13% quarter-on-quarter [1]. - The gross margin for Q4 2024 was 18.0%, a decrease of 1.5 percentage points year-on-year, but an increase of 0.4 percentage points quarter-on-quarter; the net margin was 4.3%, an increase of 1.1 percentage points year-on-year but a decrease of 1.2 percentage points quarter-on-quarter [1]. Group 2: Market Expansion - The company is focusing on the global southern markets, achieving a revenue increase of 6% in regions such as Southeast Asia, the Middle East, and Africa, with a significant gross margin increase of 5.8 percentage points [1]. - The company has entered 50 countries and regions, establishing a strong sales presence in the Middle East, Africa, and Southeast Asia [1]. - China exported approximately 150,000 tractors to global southern markets, which account for 34% of the total exports, indicating substantial growth potential for Chinese semi-trailers in these markets [1]. Group 3: Strategic Initiatives - In Europe, despite facing a downturn, the company optimized its product structure and advanced supply chain localization, resulting in a gross margin increase of 2.4 percentage points [2]. - The company is advancing electric logistics by collaborating with strategic partners to develop an electric head-trailer (EV-RT) technology innovation platform, focusing on systematic innovations [2]. - The company anticipates revenue growth to 22.4 billion yuan, 24.4 billion yuan, and 26.7 billion yuan for 2025, 2026, and 2027, respectively, with net profits projected at 1.47 billion yuan, 1.66 billion yuan, and 1.79 billion yuan [2].

[Table_MainInfo] 公司研究/汽车与零配件/汽车零配件 证券研究报告 | 03[Table_StockInfo 月 26日收盘价（元）] | 9.14 | | --- | --- | | 52 周股价波动（元） | 7.86-13.15 | | 总股本/流通 A 股（百万股） | 1874/1454 | | 总市值/流通市值（百万元） | 17129/13287 | | 相关研究 | | | [Table_ReportInfo] 《全球半挂车龙头地位稳定，24Q3 毛利率环 | | 比提升》2024.11.06 《24Q2 营收环比回升，静待北美集装箱骨架 车业务发展》2024.08.29 《混凝土搅拌车龙头》2024.06.19 市场表现 [Table_QuoteInfo] -13.90% -3.90% 6.10% 16.10% 26.10% 2024/3 2024/6 2024/9 2024/12 中集车辆 海通综指 | 沪深 300 对比 | 1M | 2M | 3M | | --- | --- | --- | --- | | 绝对涨幅（%） | 2.9 | 0.6 | -3.9 | | ...

经济观察报记者邹永勤"2024年，我国新能源重卡销量(包含出口)达到8.20万辆，预示着重卡的新能源时 代已经来临。"2025年3月26日，在中集车辆（301039）(集团)股份有限公司(301039.SZ，下称"中集车 辆")的2024年度业绩发布会上，该公司董事长兼CEO李贵平在回答媒体提问时如是称。 当天出席业绩发布会的还有该公司的CFO占锐、副总裁兼董事会秘书毛弋。上述一众高管就中集车辆的 发展前景以及市场关切的焦点问题进行了一一解答。 营收结构调整阵痛 中集车辆的主营业务包括生产和销售全球半挂车、EV-RT(指纯电动头挂列车)、EV.DTB上装(指纯电动 重卡上装)产品等。经过20多年的发展，该公司已成为全球半挂车全价值链的运营者。 根据3月26日披露的年报，2024年，中集车辆在中国、北美、欧洲的半挂车生产中心和制造工厂共销售 各类半挂车10.17万台，第十二年蝉联全球第一(按销量排名)；为中国新能源重卡制造企业和头部的燃 油/燃气重卡制造企业提供了2.50万台的EV.DTB上装产品；首次向市场推出了纯电动头挂列车产品，主 要应用场景为港口运输和混凝土物流。 同时，中集车辆2024年年报显示，其营 ...

证券代码：301039 证券简称：中集车辆 中集车辆（集团）股份有限公司 投资者关系活动记录表 编号：2025-05 | 投资者关系活 □特定对象调研 | √分析师会议 | | --- | --- | | 动类别 □媒体采访 | √业绩说明会 | | □新闻发布会 | □路演活动 | | □现场参观 | □其他 | | 参与单位名称 第一场：2024 | 年度业绩线下说明会 | | 及人员姓名 | 中信证券、中金公司、东亚前海证券、大成基金、国联民生 | | | 证券、财通证券、江海证券、华泰证券、国泰君安证券、宁 | | 波银行、玉山银行等 | | | 第二场：2024 | 年度业绩电话会议 | | Brilliance | Capital、贝莱德集团、中信证券、博时基金、才 | | | 华资本、东吴证券、海通证券、华泰证券、平安证券、瑞银 | | | 证券、磐厚资本、宁银理财、信达证券、兴业证券、中信建 | | 投、华福证券等共计 | 50 家 | | 时间 第一场：2024 | 年度业绩线下说明会 | | 年 3 月 26 日 | 2025 上午 10:00-11:15 | | 第二场：2024 | 年 ...