以下文章来源于无冕财经 ，作者无冕财经团队 无冕财经 . 奉守"专业主义，内容为王"，为优质的商业阅读而生。多次获评"年度财经自媒体"，入选胡润百富"广州最值得投资的企业"榜单50强，广州市新阶联自媒 体分会副会长单位，入驻全网20多个平台，覆盖1000万+商务人群，中国财经新媒体的中坚力量之一。 变卖资产、拿政府补贴，一年还是亏了18亿，千亿市值也是昙花一现，江淮汽车只能依靠华为了。 离百万豪车"尊界"上市还有一个多月，江淮汽车（600418.SH）的一些投资者，难免忐忑。 最近的关税大战，不可避免地影响到江淮汽车的股价。 4月7日起，江淮汽车两跌两日，累计大跌近14%。随着控股股东公告增持计划，再加上市场情绪有所平复，江淮汽车股价也暂时企稳。 但与5个月前的千亿巅峰相比，江淮汽车的市值已蒸发约300亿。毕竟，这几个月，江淮汽车的坏消息不少。 去年11月，安徽江淮汽车集团控股有限公司原副总经理王志远涉嫌严重违纪违法被调查，最新消息是被逮捕。 更糟糕的是，江淮汽车年报显示，去年净亏损近18亿，相较前一年下滑约1277%，这也是上市以来亏损最多的一年。 现在看来，江淮汽车的士气，持续缩水的市值，似乎都要靠5月底 ...

汽车 2025 年 04 月 11 日 长安汽车(000625.SZ) 深蓝汽车减亏，海外盈利释放 推荐（维持） 股价：12.2 元 主要数据 | 行业 | 汽车 | | --- | --- | | 公司网址 | www.changan.com.cn | | 大股东/持股 | 中国长安汽车集团有限公司/17.99% | | 实际控制人 | 国务院国有资产监督管理委员会 | | 总股本(百万股) | 9,914 | | 流通 A 股(百万股) | 8,261 | | 流通 B/H 股(百万股) | 1,642 | | 总市值（亿元） | 1,063 | | 流通 A 股市值(亿元) | 1,008 | | 每股净资产(元) | 7.72 | | 资产负债率(%) | 62.0 | 行情走势图 证券分析师 | 王德安 | 投资咨询资格编号 S1060511010006 | | --- | --- | | | BQV509 | | | WANGDEAN002@pingan.com.cn | | 王跟海 | 投资咨询资格编号 | | | S1060523080001 | | | BVG944 | | | WANGGE ...

汽车/乘用车 比亚迪（002594.SZ） 2025 年 04 月 09 日 投资评级：买入（维持） | 日期 | 2025/4/9 | | --- | --- | | 当前股价(元) | 324.60 | | 一年最高最低(元) | 403.40/203.99 | | 总市值(亿元) | 9,864.81 | | 流通市值(亿元) | 3,773.20 | | 总股本(亿股) | 30.39 | | 流通股本(亿股) | 11.62 | | 近 3 个月换手率(%) | 82.26 | 股价走势图 数据来源：聚源 -30% 0% 30% 60% 90% 120% 2024-04 2024-08 2024-12 2025-04 比亚迪 沪深300 相关研究报告 《Q4 业绩高增，"兆瓦闪充+智驾平 权"开启新征程—公司信息更新报告》 -2025.3.26 《闪电配售破浪前行，全球化及智能 化进程再提速—公司信息更新报告》 -2025.3.5 《发布天神之眼 C 高阶智驾，开创全 民智驾新时代—公司信息更新报告》 -2025.2.11 Q1 业绩预计高增， "海外市场+新车周期"持续发力 ——公司信息更新报告 ...

截至2025年4月3收盘，长城汽车市值2142亿，市盈率17倍（港股PE仅8,5倍），估值在A股车企中垫底。说明投资者对长城汽车的靓丽业绩认可程度不高， 主要原因是缺乏深入了解，担心有"隐情"。 营收"暴起" 2025年3月29日，长城汽车（SH：601663.SH；HK：02333）披露了《2024年度报告》。报告显示：2024年长城汽车销量仅增0.37%，营收却增长16.7%、达 2202亿；归母净利润127亿、同比增长80.8%。#反差巨大# 2016年长城汽车营收986亿、同比增长30%；2017年勉强突破"千亿大关"后连续回落，2019年营收962亿、低于2016年。 2021年长城汽车营收增速陡然提高到32%、达到1364亿；2022年营收1374亿、增速仅0.7%； 2023年、2024年，营收连续"两位数增长"，2024年突破2000亿、同比增长16.7%。 若以2020年营收为基准，2021年、2022年营收指数分别为132、133；2023年"暴起"至168，2024年达196。 长城汽车将营收分为整车销售、零售部两大部分。2019年以前，整车销售占比超过90%。2020年以来呈缓慢下降。 ...

Market Performance - In Q1 2025, the A-share market showed a general upward trend, with the North Exchange 50 Index leading with a cumulative increase of 22.48% [3] - Among the 35 sectors classified by Wind, 20 sectors recorded gains, with the machinery sector leading at 10.74% [5] Industry Performance - The top three performing industries in Q1 2025 were machinery (10.74%), non-ferrous metals (10.56%), and automotive and parts (10.45%) [5][7] - The coal industry performed the worst, with a decline of 10.40%, followed by daily consumer retail and discretionary consumer retail, which fell by 9.27% and 9.04% respectively [5][7] Growth Style Performance - The small-cap growth style index was the strongest performer, rising by 4.33%, while large-cap growth, mid-cap value, and large-cap value indices experienced declines of 0.55%, 0.95%, and 1.63% respectively [8] Hot Concepts Performance - In Q1 2025, the Deepseek concept led the market with a remarkable increase of 46.19%, followed by IDC (computing power leasing) at 26.07% [10][12] Market Capitalization - As of the end of Q1 2025, the total market capitalization of the A-share market was approximately 95.84 trillion yuan, reflecting a 2.0% increase from the end of 2024 [18] Trading Volume - The total trading volume in Q1 2025 reached 86.9 trillion yuan, marking a year-on-year increase of 67.44% but a quarter-on-quarter decrease of 23.10% [23] Margin Financing - By the end of Q1 2025, the margin financing balance in the A-share market was reported at 19,225 billion yuan, an increase of 423 billion yuan from the end of 2024 [26] Top Gainers and Losers - In Q1 2025, Hongjing Technology topped the gainers with a cumulative increase of 238%, while Zhitian Technology led the losers with a decline of 59% [28] Market Capitalization Rankings - As of the end of Q1 2025, Industrial and Commercial Bank of China ranked first in market capitalization with 23,014 billion yuan, followed by Kweichow Moutai at 19,609 billion yuan [31][33]

格力否认推出999元电动车，此前董明珠曾称"你要我就能给" 近日，网传格力将推出999元电动车。 3月25日中午，格力文传发文辟谣：近期，我们关注到网络上有自媒体账号发布"格力'明珠出行'电动车定价999元"等虚假产品信息，引发公众的误解。 公司从未生产和销售过上述产品，目前也没有相关产品业务规划。我们已对造谣传谣的有关自媒体账号相关链接进行取证，坚决采取法律措施打击网络谣 言。 此前，格力电器董事长兼总裁董明珠在接受专访时回应了格力造车进展："我们不做小轿车，但环卫车、重卡、公交车等各类工程车已铺开赛道。" 被记者提问"为何放弃家用车"时，她表示："这不叫放弃而是战略选择，你要电动车我就能给。" 董明珠称："我的主业是空调暖通，但是随着我们对主业的技术的自我掌控，而我们衍生出了很多的附带的这些产业，比如说新能源车。现在我们出口到 全世界各地的我们的储能设备，你认为我们的新能源行不行呢？" 近日，网上流传着一则董明珠骑电动车的照片，有消息称董明珠将携格力制造电动车，价格为999元。 不过有细心的网友发现，该照片实际上为2023年董明珠考察绿驹电动车工厂，参加揭幕仪式的图片。 3月24日，竹内亮导演发布纪录片《 ...

证券研究报告 业绩符合预期，动储市场持续扩张 请务必阅读报告末页的重要声明 glzqdatemark1 2025年03月16日 证券研究报告 |报告要点 公司发布 2024 年年度报告，2024 年实现营业收入 3620 亿元，同比减小 9.7%，主要系碳酸锂 等原材料价格下降带动公司产品价格下降；实现归母净利润 507 亿元，同比增长 15.0%；实现 扣非归母净利 450 亿元，同比增长 12.2%。 公司 2024Q4 实现营业收入 1030 亿元，同比-3%， 环比+12%，归母净利润为 147 亿元，同比+14%，环比+12%，符合预期，公司净利稳步增长。 |分析师及联系人 SAC：S0590524110005 非金融公司|公司点评|宁德时代（300750） 请务必阅读报告末页的重要声明 1 / 5 张磊 瞿学迁 非金融公司|公司点评 glzqdatemark2 2025年03月16日 宁德时代(300750) 业绩符合预期，动储市场持续扩张 | 行 业： | 电力设备/电池 | | --- | --- | | 投资评级： | 买入（维持） | | 当前价格： | 262.00 元 | | 基本数据 ...

Investment Rating - The report maintains a "Buy" rating for Leapmotor (09863.HK) [1] Core Insights - Leapmotor's Q4 2024 performance turned profitable with a net profit of 0.8 million yuan, a significant improvement from a net loss of 9.5 million yuan in Q4 2023 [7] - The company achieved a total revenue of 13.455 billion yuan in Q4 2024, reflecting a year-on-year increase of 154.9% [7] - The strong sales performance in Q4, with 121,000 vehicles sold, represents a year-on-year growth of 118.4% [7] - The gross margin for Q4 was 13.3%, exceeding expectations due to scale effects and cost management [7] - Leapmotor's overseas expansion is progressing, with 13,726 vehicles exported and plans to establish over 550 overseas sales and service outlets by 2025 [7] - The launch of the B10 model received over 31,688 orders within 48 hours, indicating strong market demand [7] - The report projects a significant increase in net profit for 2025 and 2026, with estimates of 2.0 billion yuan and 25.4 billion yuan respectively [7] Financial Summary - Total revenue for 2023 is reported at 16.747 billion yuan, with projections of 32.164 billion yuan for 2024, representing a growth rate of 92.06% [1] - The net profit for 2024 is expected to be a loss of 2.821 billion yuan, but a profit of 204.24 million yuan is projected for 2025 [1] - The earnings per share (EPS) is forecasted to improve from a loss of 3.15 yuan in 2023 to a profit of 2.72 yuan by 2027 [1] - The company's asset-liability ratio stands at 73.25%, indicating a relatively high level of debt [6]

Investment Rating - The report maintains a "Buy" rating for Leapmotor (09863.HK) [1] Core Insights - Leapmotor's Q4 2024 performance turned profitable with a net profit of 0.8 million yuan, a significant improvement from a loss of 9.5 billion yuan in Q4 2023 [7] - The company achieved a total revenue of 13.455 billion yuan in Q4 2024, reflecting a year-on-year increase of 154.9% [7] - The sales volume in Q4 reached 121,000 units, marking a year-on-year growth of 118.4% [7] - The gross margin for Q4 was reported at 13.3%, exceeding expectations due to scale effects and cost management [7] - Leapmotor's B10 model received over 31,688 orders within 48 hours of its launch, indicating strong market demand [7] - The company plans to expand its overseas channels to over 550 by 2025, having already established 400 sales and service points [7] Financial Projections - Total revenue is projected to grow from 32.164 billion yuan in 2024 to 101.817 billion yuan by 2027, with a compound annual growth rate (CAGR) of 49.03% [1] - The net profit attributable to shareholders is expected to turn positive in 2025, reaching 204.24 million yuan, and further increasing to 3.630 billion yuan by 2027 [1] - The earnings per share (EPS) is forecasted to improve from -2.11 yuan in 2024 to 2.72 yuan in 2027 [1]

Investment Rating - The report maintains a "Buy" rating for the company with a target price of 17.43 CNY [2][6] Core Views - The company is expected to achieve a net profit attributable to the parent company of 59.47 billion CNY, 82.68 billion CNY, and 101.25 billion CNY for the years 2024 to 2026 respectively, with a comparable company average PE valuation of 21 times [2] - The report highlights the sustained high growth in new energy vehicle sales and the deepening cooperation between the company and Huawei [1][7] Financial Summary - The company's revenue is projected to grow from 121.25 billion CNY in 2022 to 213.01 billion CNY in 2026, with a compound annual growth rate (CAGR) of approximately 15.5% [4] - Operating profit is expected to fluctuate, with a significant drop in 2024 to 6.25 billion CNY, followed by recovery in subsequent years [4] - The net profit attributable to the parent company is forecasted to decline to 5.95 billion CNY in 2024, before rebounding to 10.13 billion CNY by 2026 [4] - The report indicates a decrease in gross margin from 20.5% in 2022 to a low of 16.1% in 2024, with a slight recovery thereafter [4] - The net profit margin is projected to decrease to 3.4% in 2024, with gradual improvement expected in the following years [4] - The return on equity (ROE) is anticipated to drop to 8.1% in 2024, before rising to 11.5% by 2026 [4]