长江商报消息 ●长江商报记者 汪静 豪赌华为推动企业转型 张兴海的创业之路始于上世纪80年代。1986年，重庆巴县一间逼仄的厂房内，23岁的张兴海借来8000元 创办凤凰弹簧厂，生产汽车座椅弹簧。彼时，他或许未曾想到，这根不起眼的弹簧会成为撬动中国汽车 工业变革的支点。 当时，全自动洗衣机拉线开关所用的弹簧被国外企业垄断，进口价格高达1美元以上。面对这一技术难 题和商业机会，张兴海带领团队攻克了技术难关，研制出符合标准且价格更为亲民的弹簧，仅需1元多 人民币。这一创新使得自研弹簧成为多数厂家的首选，为张兴海积累了第一桶金。 当时，重庆汽车产业链风风火火，1995年，曾经的凤凰电器弹簧厂重组为重庆渝安集团，这就是小康股 份的前身。一年后，渝安集团全面进军汽车产业链，却在2003年遭遇行业天花板——中国零部件企业普 遍困于技术代工，利润微薄。于是，张兴海决定进入摩托车行业，不巧的是，赶上了限摩令，业务发展 举步维艰。 但机会很快就到来。2003年，东风集团位于十堰的一个微型车合股项目发展不顺，持续亏损，东风决定 招揽新的合作伙伴。值得注意的是，东风手里这个合资项目，有个堪称珍贵的资源——汽车生产资质。 张兴海瞄准 ...

43.51亿元的亏损数字如惊雷般炸响，广汽集团扣非净利润上市12年来首次亏损。合资品牌辉煌不再，自主品牌难挑重担，新能源转型陷入困境，广汽从云 端跌落至泥潭。 广汽的溃败不仅是企业之殇，更让广州汽车产业的半壁江山陷入风雨飘摇。 日前，广汽集团交出了一份堪称"灾难级"的财报。2024年，广汽集团归母净利润仅8.24亿元，同比锐减81.4%。 事实上，这已经是广汽连续第二年净利润暴跌。 而且，这还是广汽通过资产腾挪，勉强维持账面盈利的结果。 一是获的政府23.5亿元补贴，占净利润比重285%；二是向控股股东溢价9倍出售巨湾技研股权，增厚利润22.6亿元；三是会计手段调节，将如祺出行等亏损 资产移出合并报表。 很明显，广汽集团是通过政府输血和财务手段，勉强让报表"化腐为奇"。如果没有这些，广汽净利润肯定是亏损的，这一点我们从扣非净利润可以看出。 2024年，广汽集团扣非净利润巨亏43.51亿元，同比暴跌221.80%，为上市12年以来首次亏损。 业绩如此支持，资本市场用脚投票。 广汽集团A股股价目前徘徊在8.5元附近，较2021年9月20.36元高点回落54.38%，已遭腰斩；最新总市值约为870亿元，较前期峰值缩 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [1][12] Core Views - The company reported a revenue of 168.1 billion yuan in 2024, a year-over-year decrease of 6.2%. The gross profit was 10.672 billion yuan, down 22.5% year-over-year, and the net profit attributable to shareholders was 3.212 billion yuan, down 36.0% year-over-year. Despite these challenges, the company has a strong market position with 4.19 million active customers, a 10.7% year-over-year increase, and a leading share of 14.1% in luxury car brand users across 32 major cities [6][8] - The company has signed a preliminary agreement with Seres to discuss further cooperation in distributing its electric vehicles, indicating a proactive approach to embracing the new energy sector [6] - The company is expected to improve its market share despite the pressure on new car profits, with revised net profit forecasts for 2025-2026 at 3.519 billion yuan and 4.944 billion yuan, respectively, and a new forecast for 2027 at 6.439 billion yuan [6] Summary by Sections Financial Performance - In 2024, the company sold 482,000 new cars, a decrease of 3.2% year-over-year, with a gross loss of 3.208 billion yuan and a gross margin of -2.6%. The average loss per vehicle was approximately 6,600 yuan, showing signs of stabilization in losses [7] - The after-sales service revenue reached 22.001 billion yuan, a year-over-year increase of 9.6%, with a gross profit of 10.216 billion yuan and a gross margin of 46.4%. The number of after-sales service visits reached 8.05 million, a 7.8% year-over-year increase, indicating stable growth in after-sales services [8] Financial Summary and Valuation Metrics - The company’s projected financial metrics for 2025 include revenue of 174.4 billion yuan, net profit of 3.519 billion yuan, and an EPS of 1.5 yuan. The corresponding P/E ratios are 8.9, 6.3, and 4.9 for the years 2025, 2026, and 2027, respectively [9]