日本经济再生大臣赤泽亮正：日本通过汽车出口为美国贸易做出贡献。 ...

针对大型滚装运输船日益增多的情况，洋山海事局提前介入协助码头优化泊位资源配置和作业流程，最 大限度压缩船舶在港非生产性停泊时间和恶劣气象管控窗口，提升码头接纳能力和作业效率。 目前，临港新片区已形成"研发-制造-物流"全链条生态。园区内特斯拉上海超级工厂、上汽智己等龙头 企业集聚，13条国际滚装航线辐射全球六大洲、72个国家和地区。上海南港码头作为重要的汽车出口枢 纽，在南港二期工程竣工投用后，营运效率也将跃上新台阶。 （文章来源：中国新闻网） 中新网上海5月31日电 31日，大型国际航行滚装船"诺西海洋"号满载4271辆汽车在上海南港码头解缆， 驶往波斯湾航线。这也是本月自上海南港出发的第74艘滚装运输船，标志着该码头5月份商品车装卸量 突破12万辆，创下单月历史新高。 据统计，上海南港码头5月份商品车进出口业务迎来爆发式增长。本月靠离南港码头的滚装运输船150艘 次，同比增长8.7%；装卸的各类汽车总量一举突破12万辆大关，同比增长101.3%，其中外贸出口超7.1 万辆，同比增长204.4%。靠离滚装运输船总量和装卸汽车总量双双创下南港码头单月历史纪录，彰显 上海南港作为中国汽车出海重要枢纽的强劲活力。 ...

2025年5月31日，在洋山港海事局现场+远程电子护航安全保障下，大型国际航行滚装船"诺西海洋"号满 载4271辆汽车在上海南港码头解缆，缓缓驶离码头，由临港新片区驶往波斯湾航线。该轮是本月南港出 发的第74艘滚装运输船，标志着该码头5月份商品车装卸量突破12万辆，创下单月历史新高。据统计， 上海南港码头5月份商品车进出口业务迎来爆发式增长，本月靠离南港码头的滚装运输船150艘次，同比 增长8.7%，装卸的各类汽车总量一举突破12万辆大关，超12.1万辆，同比增长101.3%，其中外贸出口超 7.1万辆，同比增长204.4%，双双创下南港码头单月历史纪录，彰显上海南港港作为中国汽车"出海"重 要枢纽的强劲活力。(智通财经) ...

Summary of the Conference Call for Leap Motor Company Overview - The conference call pertains to Leap Motor, a company in the automotive industry, specifically focusing on electric vehicles. Key Points and Arguments Financial Performance - Leap Motor's gross margin for Q1 2025 is expected to be in double digits, slightly higher than Q3 2024 but lower than Q4 2024, primarily benefiting from component outsourcing revenue and economies of scale in vehicle production and cost reduction [2][3] - The company reported a gross margin of 14.9% for Q1 2025, an increase from 13.3% in Q4 2024, despite the traditional off-peak season for the automotive industry [3] - The gross margin for Q2 2025 is projected to be around 13%-14%, slightly lower than Q1 due to initial production ramp-up of new models C10, C11, and C16, and a shift in the component outsourcing business model [2][4] Sales and Revenue Projections - Leap Motor maintains its domestic sales forecast for 2025 at 550,000 to 560,000 units, corresponding to vehicle revenue of approximately 63 billion yuan, with total revenue expected to reach around 65 billion yuan including component outsourcing income [2][5] - The company anticipates overseas sales of 60,000 to 80,000 units in 2025, contributing an estimated investment income of 300 million yuan, with a total overseas market potential of 10 billion yuan [2][5] - Overall valuation for 2025 is projected to be between 110 billion to 120 billion yuan, with a potential increase to 150 billion yuan or higher in 2026 if key models perform well [2][5] Growth Potential - Leap Motor sees significant growth potential, especially in overseas markets, with expectations of monthly export volumes reaching several thousand units by year-end and a potential doubling of export volume in 2026 [6] - Domestic sales are projected to reach 1 million units in 2026, representing an 80%-90% increase from 2025 [2][6] - Successful launches of the B series models (B10, B01, B05) and early introduction of the D series models could enhance the company's product definition and pricing power, further boosting valuation [6] Additional Important Insights - The company’s strategy includes leveraging strategic partnerships for component outsourcing, which has contributed to higher profit margins [3] - The transition of the component outsourcing business model is expected to impact profit margins in the short term but is seen as a necessary evolution for long-term growth [4][6]

Core Viewpoint - The article highlights the robust growth of China's automobile exports, particularly focusing on the increasing role of ports as key facilitators for international trade, especially in the automotive sector. Group 1: Port Activity and Export Growth - Ports are described as a "barometer" for observing foreign trade, with busy operations noted across various ports in China since 2025, particularly in facilitating automobile exports [1] - The Guangzhou Nansha Port has seen significant activity, with the delivery of the largest photovoltaic LNG vessel, "Yuanhaikou," which carried nearly 4,000 domestic vehicles, primarily electric cars, for international destinations [4] - In the first four months of 2025, Guangzhou Port exported over 160,000 domestic vehicles, marking a year-on-year increase of 13.6% [8] Group 2: Shipping and Logistics - A shipping company in Guangzhou has established new routes to the Persian Gulf, Europe, the Mediterranean, South America, and East Africa, responding to the demands of Chinese automobile manufacturers [6] - The Nansha Customs has implemented efficient regulatory measures to ensure smooth customs clearance for exported vehicles, allowing for inspection and release within one hour of arrival [10] Group 3: Export Statistics - From January to April 2025, a total of 1.937 million vehicles were exported from China, reflecting a year-on-year growth of 6%, with electric vehicle exports reaching 642,000 units, a significant increase of 52.6% [14] - The strong performance of electric vehicle exports is identified as a major driving force behind the overall growth in automobile exports, suggesting a potential expansion of the shipping fleet dedicated to this sector [14]

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]

Core Insights - The Chinese automotive market showed stable growth in April, with production and sales reaching 2.619 million and 2.59 million units respectively, marking a year-on-year increase of 8.9% and 9.8% [1] - The Central Political Bureau's meeting emphasized the need to enhance policies for stabilizing employment and the economy, which is expected to boost domestic demand in the automotive sector [1] Group 1: Overall Market Performance - In April, the automotive production and sales experienced a month-on-month decline of 12.9% and 11.2%, but year-on-year growth was observed [1] - From January to April, cumulative production and sales reached 10.175 million and 10.06 million units, reflecting a year-on-year increase of 12.9% and 10.8% [1] Group 2: Passenger Vehicle Sector - In April, passenger vehicle production and sales were 2.257 million and 2.223 million units, with month-on-month declines of 12.4% and 10% but year-on-year increases of 10.2% and 11% [2] - Among passenger vehicle types, production of cross-type vehicles saw slight growth, while sales of sedans, SUVs, and MPVs experienced varying degrees of decline compared to the previous month [2] Group 3: Commercial Vehicle Sector - In April, commercial vehicle production and sales were 362,000 and 367,000 units, with month-on-month declines of 16% and 17.9%, but year-on-year growth of 1.3% and 2.7% [2] Group 4: New Energy Vehicles - In April, new energy vehicle production and sales reached 1.251 million and 1.226 million units, with month-on-month declines of 2% and 0.9%, but year-on-year growth of 43.8% and 44.2% [2] - New energy vehicles accounted for 47.3% of total new vehicle sales in April, with cumulative production and sales from January to April reaching 4.429 million and 4.3 million units, reflecting year-on-year growth of 48.3% and 46.2% [2]

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]