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 ...

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 ...

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 ...

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 ...

中集车辆 (集团) 股份有限公司 自 2024 年 1 月 1 日至 2024 年 12 月 31 日止年度财务报表 KPMG Huazhen LLP 8th Floor, KPMG Tower Oriental Plaza 1 East Chang An Avenue Beijing 100738 China Telephone +86 (10) 8508 5000 Fax +86 (10) 8518 5111 Internet kpmg.com/cn 毕马威华振会计师事务所 (特殊普通合伙) 中国北京 东长安街 1 号 东方广场毕马威大楼 8 层 邮政编码:100738 电话 +86 (10) 8508 5000 传真 +86 (10) 8518 5111 网址 kpmg.com/cn 审计报告 毕马威华振审字第 2502677 号 中集车辆 (集团) 股份有限公司全体股东： 一、审计意见 我们审计了后附的中集车辆 (集团) 股份有限公司 (以下简称"中集车辆") 的财务报表， 包括 2024 年 12 月 31 日的合并及母公司资产负债表，2024 年度的合并及母公司利润表、合并 及母公司现金流量表、合 ...

海通证券股份有限公司 关于中集车辆（集团）股份有限公司 对 A 股部分募集资金投资项目终止并调整投资计划及部分募集 资金投资项目延期的核查意见 海通证券股份有限公司（以下简称"海通证券"或"保荐机构"）作为中集 车辆（集团）股份有限公司（以下简称"中集车辆"或"公司"）首次公开发行 股票并在创业板上市持续督导保荐机构，根据《证券发行上市保荐业务管理办法》、 《上市公司监管指引第 2 号——上市公司募集资金管理和使用的监管要求（2022 年修订）》《深圳证券交易所上市公司自律监管指引第 13 号——保荐业务》深圳 证券交易所创业板股票上市规则》《深圳证券交易所上市公司自律监管指引第 2 号——创业板上市公司规范运作》等有关规定，对公司 A 股部分募集资金投资 项目重新论证并终止及延期的事项进行了核查，具体情况如下： 中集车辆（集团）股份有限公司于 2025 年 3 月 25 日召开了第三届董事会 2025 年第二次会议及第三届监事会 2025 年第二次会议，审议通过了《关于 A 股 部分募集资金投资项目终止并调整投资计划的议案》《关于 A 股部分募集资金投 资项目延期的议案》，同意公司根据 A 股募集资金投资项 ...

关于中集车辆（集团）股份有限公司 2024 年度 A 股募集资金存放与实际使用情况的核查意见 海通证券股份有限公司 海通证券股份有限公司（以下简称"海通证券"或"保荐机构"）作为中 集车辆（集团）股份有限公司（以下简称"中集车辆"或"公司"）首次公开发 行股票并上市持续督导保荐机构，根据《证券发行上市保荐业务管理办法》《上 市公司监管指引第 2 号——上市公司募集资金管理和使用的监管要求（2022 年修 订）》《深圳证券交易所股票上市规则》《深圳证券交易所创业板股票上市规则》 《深圳证券交易所上市公司自律监管指引第 13 号——保荐业务》《深圳证券交 易所上市公司自律监管指引第 2 号——创业板上市公司规范运作》等有关规定， 对公司2024年度A股募集资金存放与实际使用情况进行了核查，具体情况如下： 一、 A 股募集资金基本情况 2021 年 5 月 18 日，中国证券监督管理委员会出具了证监许可[2021]1719 号 《关于同意中集车辆（集团）股份有限公司首次公开发行股票注册的批复》，同 意中集车辆（集团）股份有限公司首次公开发行股票的注册申请。经深圳证券交 易所同意，公司首次公开发行人民币普通股（A股） ...