Group 1 - The core sales target for the second quarter is 1.14 million units, representing a year-on-year increase of approximately 25% [1] - The company aims for an annual sales target of 4.5 million units, focusing on improving product cycles and structural adjustments, particularly in Cadillac, Buick SUVs, and GL8 [1] - Exports will not be pursued blindly for volume; the focus will be on profitable regions, with HEV being a key area in Europe this year [1] Group 2 - The company is making significant structural improvements, leading to stable growth in profitability [1] - BYD is expanding its presence in Southeast Asia, indicating a strategic move towards international markets [6] - CATL is focusing on energy storage, with market growth in this sector outpacing that of power batteries [6]

5月12日，中国汽车工业协会发布4月汽车市场数据。4月，汽车产销分别完成261.9万辆和259万辆，环 比分别下降12.9%和11.2%，同比分别增长8.9%和9.8%。1至4月，汽车产销累计完成1017.5万辆和1006 万辆，同比分别增长12.9%和10.8%。 中汽协分析，4月，汽车市场总体表现良好，产销较去年同期实现平稳增长。其中，内需潜力加快释 放，起到较好支撑作用；出口在外部环境急剧变化形势下保持稳定；新能源汽车表现活跃，产销延续快 速增长态势。 4月25日，中央政治局召开会议，分析研究当前经济形势，部署下一步经济工作。会议指出，要不断完 善稳就业稳经济的政策工具箱，与去年9月一揽子增量政策、中央经济工作会议和全国"两会"部署任务 形成接续。中汽协认为，会议释放出的信号将有助于进一步提振汽车内需市场，帮助应对出口负面冲 击，巩固拓展汽车行业稳中向好发展态势。 来源：北京日报客户端 记者：赵语涵 如遇作品内容、版权等问题，请在相关文章刊发之日起30日内与本网联系。版权侵权联系电话：010-85202353 乘用车领域，4月，乘用车产销分别完成225.7万辆和222.3万辆，环比分别下降12.4%和1 ...

投资要点： 本报告的风险等级为中风险。 本报告的信息均来自已公开信息，关于信息的准确性与完整性，建议投资者谨慎判断，据此入市，风险自担。 请务必阅读末页声明。 汽车行业 标配 （维持） 营收和盈利同比双增，以旧换新政策持续刺激消费 潜力 业 绩 综 述 汽车行业 2024 年报及 2025 年一季报业绩综述 2025 年 5 月 12 日 数据来源：iFind，东莞证券研究所 目 录 | 1.汽车行业：2024 | 年和 年 Q1 营收和盈利同比均双增 5 | 2025 | | --- | --- | --- | | 1.1 2024 | 年汽车行业营收和盈利同比双增，摩托车及其他板块表现最优 5 | | | 1.2 2025Q1 | 汽车行业延续增长趋势，摩托车及其他板块增长领先 8 | | | 2.细分领域业绩分化 | 12 | | | 2.1 汽车服务：2024 | 板块业绩有所下滑，2025Q1 业绩逐步修复 12 | | | 2.2 | 汽车零部件：业绩持续增长 17 | | | 2.3 | 乘用车：板块内业绩分化 22 | | | 2.4 商用车：2025Q1 | 盈利有所下滑 27 | | | ...

Core Insights - In April, China's automotive production and sales reached 2.619 million and 2.59 million units respectively, marking year-on-year increases of 8.9% and 9.8% [1][3] - From January to April, cumulative automotive production and sales hit 10.175 million and 10.06 million units, representing year-on-year growth of 12.9% and 10.8%, achieving a significant milestone of surpassing 10 million units in the same period for the first time [3][5] - The growth is attributed to the accelerated release of domestic demand and stable export performance amid changing external conditions [3][6] Domestic Market Performance - In April, passenger vehicle sales totaled 1.571 million units, a year-on-year increase of 23.5%, with a market share of 70.7% for Chinese brands, regaining above 70% [5][6] - Cumulative passenger vehicle sales from January to April reached 8.641 million units, with Chinese brands selling 5.94 million units, a year-on-year increase of 27.4%, accounting for 68.7% of total passenger vehicle sales [3][5] Commercial Vehicle Performance - From January to April, commercial vehicle production and sales reached 1.41 million and 1.418 million units, with year-on-year growth of 4.1% and 2% respectively [5][6] - In April, commercial vehicle production and sales were 362,000 and 367,000 units, showing year-on-year increases of 1.3% and 2.7% [6] New Energy Vehicles (NEVs) - Cumulative production and sales of NEVs from January to April reached 4.429 million and 4.3 million units, with year-on-year growth of 48.3% and 46.2%, making up 42.7% of total new vehicle sales [6][8] - NEV exports totaled 642,000 units from January to April, a year-on-year increase of 52.6%, while traditional fuel vehicle exports decreased by 7.9% to 1.295 million units [8]

Group 1 - In the first four months of the year, traditional fuel vehicle exports reached 1.295 million units, a year-on-year decrease of 7.9%, while new energy vehicle exports totaled 642,000 units, marking a year-on-year increase of 52.6% [1][2] - The overall performance of the automotive market in April was stable, with production and sales achieving year-on-year growth, supported by the accelerated release of domestic demand [1] - For the first four months, China's automotive production and sales both surpassed 10 million units for the first time in history, with production at 10.175 million units and sales at 10.06 million units, reflecting year-on-year increases of 12.9% and 10.8% respectively [1] Group 2 - In April, passenger car production and sales reached 2.257 million and 2.223 million units, respectively, with year-on-year growth of 10.2% and 11% [2] - In April, total automotive exports were 517,000 units, showing a year-on-year increase of 2.6%, while traditional fuel vehicle exports were 317,000 units, down 18.7%, and new energy vehicle exports were 200,000 units, up 76% [2] - For the first four months, total automotive exports reached 1.937 million units, a year-on-year increase of 6% [2]

据中国汽车工业协会整理的海关总署数据显示 ， 2025 年 3 月 , 汽车整车出口 56.8 万辆，环比 增长 35% ，同比增长 15.9% ，出口金额达 95.9 亿美元，环比增长 36.5% ，同比增长 1.7% 。 来源： 中汽协会行业信息部 2025 年 1- 3 月， 汽车整车出口 153.8 万辆，同比增长 16.4% ；出口金额达 257.37 亿美元，同 比增长 2.2% 。 ...

阿尔及利亚国际客商代表Samir对远通集团给予高度评价，表达了对双方合作的强烈期待；远通二手车 市场商家代表姚新建也积极发声，强调商户的支持与信任是基地繁荣的基石，坚信通过各方携手合作， 必将实现互利共赢。 临沂高新区党工委委员、管委会副主任马腾飞在讲话中承诺，高新区将不断完善政策环境，优化营商条 件，提供更加高效、便捷的政务服务，推动产业升级和市场拓展。特别是对汽车产业的外贸出口，将进 一步加强与相关部门的协作，为企业提供更为完善的服务和更多的支持，确保企业在国际市场上获得更 大的发展空间。 齐鲁晚报·齐鲁壹点 主余凤 随后，艾利沃机械公司与远通集团签署合作协议。临沂市商务局党组成员、副局长薛咏与远通集团董事 长周昆共同为"远通汽车出口基地服务中心"揭牌。随着红绸缓缓揭开，标志着远通汽车出口事业开启崭 新征程，各方合作迈向共赢的新篇章。 5月5日，"聚力出海 共赢未来"远通汽车出口基地服务中心揭牌仪式在临沂市远通二手车交易市场举 行。来自阿尔及利亚的国际客商、临沂车企代表等齐聚一堂，共同见证这一汽车出口行业的重要时刻。 "此次服务中心揭牌是落实市政府商城出海战略的具体行动，也是集团汽车"一体两翼"发展的生动 ...

2025年4月1-20日全国新能源市场零售渗透率53.3%；新能源厂家批发渗透率53.3%。 4月第1周乘用车市场日均零售3.5万辆，同比去年同期增2%，较上月同期降14%。 4月第2周乘用车市场日均零售4.4万辆，同比去年同期增13%，较上月同期降14%。 智通财经APP获悉，乘联分会秘书长崔东树发布的数据显示，4月1日-4月20日全国乘用车厂家新能源批发53万辆，同比去年同期增长 23%，较上月同期下降7%；今年以来累计批发337.8万辆，同比去年同期增长39%。4月1日-4月20日新能源车市场零售47.8万辆，同比 去年同期增长20%，较上月同期下降11%；今年以来累计零售289.8万辆，同比去年同期增长33%。 4月1日-4月20日全国乘用车厂家批发99.3万辆，同比去年同期增长14%，较上月同期下降12%；今年以来累计批发727.1万辆，同比去年 同期增长12%。4月1日-4月20日市场零售89.7万辆，同比去年同期增长12%，较上月同期下降9%；今年以来累计零售602.4万辆，同比 去年同期增长7%。 4月第3周乘用车市场日均零售5.5万辆，同比去年同期增17%，较上月同期降3%。 4月1-20日 ...

Core Viewpoint - Ningbo Gaofa reported strong financial performance for 2024, with significant growth in revenue and net profit, alongside a substantial cash dividend proposal for shareholders [1][2]. Financial Performance - The company achieved a revenue of 1.461 billion yuan, representing a year-on-year increase of 15.61% [1]. - The net profit attributable to shareholders was 191 million yuan, up 17.18% year-on-year [1]. - The net profit excluding non-recurring items was 169 million yuan, reflecting a growth of 16.05% [1]. - A cash dividend of 7.00 yuan per 10 shares (including tax) is proposed, totaling approximately 156 million yuan, which accounts for 81.93% of the annual net profit [1]. Product and Market Development - The company specializes in the R&D, production, and sales of automotive transmission control systems and acceleration control systems, with major products including transmission control assemblies and electronic accelerator pedals [1][2]. - In 2024, the automotive production and sales volume exceeded 31 million units, marking a historical high and maintaining the global leading position for 16 consecutive years [1]. - The annual production and sales of new energy vehicles surpassed 10 million units, with a market share exceeding 40% [1]. - Sales of key products, such as electronic shifter assemblies and electronic accelerator pedal assemblies, reached historical highs, with growth rates of 31.36% and 29.44%, respectively [1]. Market Expansion Strategy - The company is actively expanding both domestic and international markets, entering supply chains of major automotive manufacturers like Geely, Renault, and Stellantis [2]. - A wholly-owned subsidiary in Singapore and a subsidiary in Malaysia were established to enhance international market presence [2]. - The company is also diversifying its product offerings by entering the automotive brake pedal market and has initiated small-scale supply to various clients [2]. R&D Investment - The company invested 66.09 million yuan in R&D, accounting for 4.52% of its revenue, with a workforce of 193 dedicated to research and development [2]. - The company secured 7 invention patents and 13 utility model patents during the reporting period [2]. Future Outlook - The company plans to maintain its market development and product innovation efforts, focusing on increasing market share domestically while pursuing international expansion [3]. - The strategy includes enhancing product development investments and aligning with industry trends and customer needs [3].

崔东树：2025年1-3月中国汽车实现出口154万辆，同比2024年1-3月增速16% 金十数据4月22日讯，乘联分会秘书长崔东树在个人微信公众号发文表示，2025年1-3月中国汽车实现出 口154万辆，同比2024年1-3月增速16%，3月中国汽车实现出口57万辆，同比增16%，同、环比走势总体 较强；今年的主要动力仍是中国产品竞争力提升和全球南方国家市场的小幅增长。 ...