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]

证券时报·数据宝统计，截至今日上午10:30，上证综指3338.68点，收于年线之上，涨跌幅为-0.38%，A 股总成交额为5685.40亿元。到目前为止，今日有17只A股价格突破了年线，其中乖离率较大的个股有四 川成渝、*ST九有、中集车辆等，乖离率分别为4.88%、4.67%、1.71%；冀东水泥、菜百股份、国安达 等个股乖离率较小，刚刚站上年线。 | 证券代 | 证券简 | 今日涨跌幅 | 今日换手率 | 年线 | 最新价 | 乖离率 | | --- | --- | --- | --- | --- | --- | --- | | 码 | 称 | （%） | （%） | （元） | （元） | （%） | | 601107 | 四川成 渝 | 6.60 | 1.97 | 5.08 | 5.33 | 4.88 | | 600462 | *ST九有 | 4.76 | 2.33 | 1.47 | 1.54 | 4.67 | | 301039 | 中集车 辆 | 2.64 | 1.45 | 9.16 | 9.32 | 1.71 | | 000899 | 赣能股 份 | 2.16 | 1.58 | 8.85 | 9 ...

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].

Investment Rating - The report maintains an "Outperform" rating for the company, with a target valuation range of 10.19 to 11.76 CNY based on a PE ratio of 13-15x for 2025 [7][13]. Core Views - The company is focusing on expanding its scale advantages and targeting growth in global southern markets, particularly in Southeast Asia, the Middle East, and Africa, where it has achieved a revenue increase of 6% and a significant gross margin improvement of 5.8 percentage points [7]. - Despite challenges in the European market, the company has managed to optimize its product structure and reduce costs, resulting in a gross margin increase of 2.4 percentage points [7]. - The company is advancing its electric logistics development through strategic collaborations, aiming to innovate in the electric head-trailer technology [7]. Financial Performance and Forecast - In 2024, the company is projected to achieve a revenue of 20.998 billion CNY, a year-on-year decrease of 16.3%, with a net profit of 1.085 billion CNY, down 55.8% [6][7]. - The gross margin for Q4 2024 is expected to be 18.0%, with a net margin of 4.3% [7]. - Revenue forecasts for 2025, 2026, and 2027 are 22.350 billion CNY, 24.429 billion CNY, and 26.727 billion CNY respectively, with corresponding net profits of 1.469 billion CNY, 1.662 billion CNY, and 1.788 billion CNY [6][7]. Market Comparison - The company has entered 50 countries and regions, establishing a strong sales presence in the southern global markets, which account for 34% of the total export volume of Chinese trailers [7]. - The report compares the company's valuation with peers, indicating a reasonable valuation range based on industry standards [8].

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 ...

Group 1: Financial Performance - In 2024, the company achieved revenue of 21 billion CNY, a year-on-year decrease of 16.3% [3] - The operating net profit for the year was 1.35 billion CNY, with the first half contributing 560 million CNY and the second half showing a 7.9% increase to 810 million CNY [3] - The operating net profit margin improved from 5.2% in the first half to 7.7% in the second half, indicating a recovery trend [3] Group 2: Strategic Initiatives - The company plans to enhance profit performance in 2025 through initiatives such as the "Starlink Plan" and "雄起计划" (Xiongqi Plan) to optimize the global supply chain and improve governance structures [4] - The focus will be on transforming into a preferred partner for new energy heavy-duty truck chassis manufacturers and expanding in the global southern markets [4] Group 3: Market Outlook - In 2024, the sales of ordinary semi-trailers in China were 264,000 units, down 8.6% year-on-year, while tank trucks sold 58,000 units, down 0.6% [4] - The company expects to see a 12% increase in semi-trailer sales in the Chinese market in 2024, with the "Starlink" semi-trailer business revenue growing by 16.8% and a gross margin of 14.4% [4] Group 4: Global Market Expansion - In 2024, China exported 904,000 commercial vehicles, a year-on-year increase of 17.5%, with approximately 150,000 units exported to global southern markets [6] - The company has entered 50 countries and regions, focusing on Southeast Asia, the Middle East, and Africa, achieving significant performance breakthroughs [6] Group 5: Capital Management and Shareholder Returns - The company plans to strengthen value creation and optimize asset structure, targeting a return on equity (ROE) that covers capital costs [7] - In 2024, the total dividend payout was 1.05 billion CNY, with mid-year and annual dividends of 524 million CNY and 525 million CNY, respectively [8] Group 6: New Energy Vehicle Development - The company initiated the "Shuxiang Project" in 2018 to explore autonomous pure electric container transfer vehicles, completing a pure electric semi-trailer mixer in 2023 [8] - Plans for 2025 include launching pure electric head-mounted dump trucks and mixers, addressing market entry challenges and product development [9]

此外，中集车辆全球化供应链持续优化。公司在新兴市场表现亮眼，东南亚、中东、非洲区域营收增长 6%，毛利率跃升5.8个百分点，覆盖50个国家和地区；欧洲业务通过供应链国产化实现毛利率逆势提 升。 在研发投入方面，中集车辆全年研发投入3.89亿元，研发强度创五年新高，支撑技术迭代。 中集车辆方面人士在业绩说明会上表示，2025年将深化"无国界企业"战略，将"星链计划"生产模式复制 至新兴市场，目标全球化产能协同效率提升30%；加速纯电动头挂列车在冷链、危化品运输等场景的应 用，与核心合作伙伴构建新能源生态圈。 本报讯(记者李昱丞)近日，中集车辆（301039）(集团)股份有限公司(以下简称"中集车辆")发布2024年年 度报告。在商用车行业深度调整的背景下，公司2024年实现营业收入209.98亿元，毛利率达16.32%，经 营活动产生的现金流量净额同比提升22.42%至21.92亿元，在手现金储备达57.97亿元。全年拟每10股派 发现金红利2.8元(含税)。 尽管全球商用车市场需求疲软，中集车辆通过"第三次创业"战略重构实现业务升级。全球半挂车业务方 面，公司全年销售10.17万台，连续十二年蝉联全球销量冠军 ...

Group 1 - China Aluminum reported a net profit of 12.4 billion yuan for 2024, an increase of 85.38% year-on-year, with a proposed cash dividend of 0.135 yuan per share [1] - Lihua Technology's net profit for 2024 decreased by 25.41% to 245 million yuan, with a proposed cash dividend of 0.7 yuan per 10 shares [1][2] - Zhongjing Food achieved a net profit of 175 million yuan in 2024, up 1.81% year-on-year, proposing a cash dividend of 8 yuan per 10 shares [3][4] - Sanwei Chemical's net profit fell by 6.92% to 263 million yuan, with a proposed cash dividend of 3 yuan per 10 shares [5] - Meino Biological's project for corn protein processing has received construction approval, with an investment of approximately 391 million yuan [6][7] Group 2 - Guangdian Electric's net profit surged by 411.28% to 74.73 million yuan, proposing a cash dividend of 0.7 yuan per 10 shares [13][14] - Xin'ao Co. reported a net profit of 4.493 billion yuan for 2024, down 36.64%, with a proposed cash dividend of 10.3 yuan per 10 shares [15] - Huaren Pharmaceutical's subsidiary received approval for a raw material drug, enhancing its product line [16] - Huanxin Technology received a project confirmation from BAIC Group for two display screen products, expected to enter mass supply [17] - Haitong Development plans to purchase four bulk carriers for a total of 59.25 million USD to expand its fleet [18] Group 3 - Guochuang High-tech won a bid for an asphalt procurement project worth 128 million yuan [22][23] - Huayi Pharmaceutical's subsidiary received overseas marketing approvals for several products [24] - Haisco's innovative drug HSK41959 has received clinical trial approval [25] - Hetai Machinery's subsidiary obtained a patent for a dust-proof chain technology [28] - Le Xin Medical's fetal heart rate monitor registration renewal application has been accepted [29] Group 4 - Feilong Co. became a designated supplier for an international client's electronic oil pump project, with expected sales of approximately 160 million yuan [29] - Yunnan Copper reported a net profit of 1.265 billion yuan for 2024, down 19.9%, with a proposed cash dividend of 2.4 yuan per 10 shares [42] - China Merchants Bank's net profit increased by 1.22% to 148.39 billion yuan, proposing a cash dividend of 20 yuan per 10 shares [43] - Shuanghui Development's net profit decreased by 1.26% to 4.989 billion yuan, with a proposed cash dividend of 7.5 yuan per 10 shares [44]

中集车辆2024年净利润同比腰斩，半挂车市占率连续6年国内第一 | | 2024 年 | 2023 年 | 本年比上年增减 | 2022 年 | | --- | --- | --- | --- | --- | | 营业收入(元) | 20, 998, 201, 488, 80 | 25,086,577,013.05 | -16. 30% | 23,620,612, 415, 36 | | 归属于上市公司股东 | 1,085, 368, 583. 31 | 2, 455, 670, 702. 61 | -55. 80% | 1, 117, 958, 345, 49 | | 的净利润(元) | | | | | | 归属于上市公司股东 的扣除非经常性损益 的净利润(元) | 1, 078, 631, 606. 75 | 1,553,393, 232. 96 | -30. 56% | 915, 504, 724. 28 | | 经营活动产生的现金 | 2. 191. 567, 565. 28 | 1, 790, 203, 646. 24 | 22. 42% | 1, 153, 907, 516. 02 | | 流量净 ...