每经记者 黄辛旭 孙桐桐 每经实习编辑 余婷婷 "智电"新时代，汽车产业链的角色正悄然转变。 "今年，汽车科技及供应链占据了4个馆，展出面积约10万平方米，参展企业规模和数量较上届呈显著增长。"日前，一位上海市国际贸易促进委员会工作人 员告诉《每日经济新闻》记者。 上一届上海车展，汽车科技及供应链展区约3万平方米，今年则占据了展馆三分之一的面积。而且在近400家参展供应商中，元戎启行、芯擎科技等近50家企 业还是首次亮相上海车展。 当智能驾驶、AI（人工智能）大模型和800V高压平台成为标配，车企的比拼已演变为背后供应链的隐形竞争。这些曾隐身幕后的技术供应商，如今正以"主 角"身份登场亮相。 从产品来看，它们的展品多为面向中国新能源汽车市场而开发的创新成果，涉及线控转向、动力系统、辅助驾驶系统以及智能座舱等当下最热门的技术应用 领域。值得关注的是，在"智电"浪潮下，中国本土供应商开始崭露头角，如华为智能汽车解决方案BU及华为数字能源、宝钢、凌云股份、保隆科技、伯特 利等都带来汽车相关的最新产品和技术。 中国汽车工业协会常务副会长付炳锋表示，科技公司及供应链参展企业在本届上海车展的数量明显增多，表明智能网联新能 ...

Core Viewpoint - The company reported a decline in revenue and net profit for 2024, but new contract signings and growth in new business segments provide a positive outlook for future performance [1][2]. Financial Performance - In 2024, the company achieved revenue of 1.316 billion yuan, a decrease of 7.26%, and a net profit of 106 million yuan, down 34.74% [1]. - For Q4 2024, revenue was 536 million yuan, a slight decline of 0.15%, with a net profit of 47 million yuan, down 57.59% [1]. - In Q1 2025, revenue was 181 million yuan, a decrease of 20.78%, with a net loss of 28 million yuan, although the loss narrowed year-on-year [1][2]. Business Segments - The big data software and smart transportation segment generated revenue of 736 million yuan, an increase of 27.09% [1]. - The engineering design and testing segment saw revenue drop to 224 million yuan, down 31.84% [1]. - The planning and consulting services segment reported revenue of 355 million yuan, a decrease of 30.25% [1]. - Other businesses generated revenue of 2 million yuan, down 41.5% [1]. New Contracts and Business Growth - In 2024, the company signed new contracts worth 2.58 billion yuan, a year-on-year increase of 49% [2]. - New quality business segments grew by 138%, accounting for over 67% of total business, providing strong momentum for the company's transformation [2]. Low-altitude Economy and Infrastructure - By the end of 2024, the company had over 300 million yuan in orders related to the low-altitude economy, positioning it as a key technical support provider in Shenzhen [3]. - The company is involved in low-altitude construction and operation consulting for nearly 20 cities, with confirmed revenue of 18.5856 million yuan from low-altitude planning consulting in 2024 [3]. New Infrastructure and Technology Development - The company is expanding into new fields such as intelligent computing and supercharging, accelerating its transformation into a product-oriented and platform-oriented technology company [4]. - It has launched various hardware products and solutions aimed at building the next-generation smart transportation system, including drones and autonomous vehicles [4]. Future Projections - Revenue projections for 2025-2027 are 2.035 billion yuan, 2.807 billion yuan, and 3.489 billion yuan, respectively, with net profits expected to be 227 million yuan, 338 million yuan, and 467 million yuan [5].

千方科技（002373.SZ）2025 年一季报点评 收入稳步提升，积极战略调整下多项业务取得重要成果 2025 年 04 月 30 日 ➢ 事件概述：公司 2025 年 4 月 27 日发布 2025 年一季报，2025 年一季度营 业总收入 16.09 亿元，同比增长 1.83%；归母净利润 2.21 亿元，同比扭亏。 ➢ 龙头地位稳固，核心竞争力持续强化。2025 年一季度，公司收入同比增长 约 2%，在智慧交通和智慧物联下游需求端面临压力的趋势下，公司收入实现正 增长，体现公司自身业务发展的韧性。1）品牌优势和行业影响力：公司是国内 领先的行业数字化产品和解决方案提供商，在智慧交通、智能物联、智能网联等 细分领域技术和市场领先。全资子公司宇视科技在全球 AIoT 领域排名靠前，具 备领先的自研算法能力和市场份额。2）前瞻性的研发体系：公司基于集成产品 开发模式（IPD），在算法、数据、操作系统等方面形成领先闭环，不断推出新 产品和解决方案。在智慧交通、智能网联、智能物联和人工智能算法等领域，公 司利用研发优势引领行业发展，承担了多项国家省部级重大专项，获得众多科技 奖项。3）全国性营销网络及全球渠道覆 ...

Group 1: Event Overview - The 2025 Shanghai Auto Show is themed "Embrace Innovation, Win the Future," featuring an exhibition area of 360,000 square meters, with the parts section exceeding 100,000 square meters for the first time, making it one of the most technology-dense sections of the show [1] - Nearly 50 international companies, including Sony, Intel, Momenta, Dolby Laboratories, and Mobileye, are making their debut at this year's Shanghai Auto Show [3] Group 2: Industry Trends - The number of technology companies and supply chain exhibitors at the Shanghai Auto Show has significantly increased, indicating a deeper integration of technology and automobiles in the era of intelligent connected new energy [3] - The electric vehicle sector continues to grow, with new energy vehicles occupying a substantial market share, prompting advancements in power battery technology aimed at faster charging, longer range, and greater longevity [3] Group 3: Company Innovations - A new HEV all-scenario solution and commercial vehicle electrification solution were showcased by Xinwanda, which collaborates with the Renault-Nissan Alliance to develop a battery capable of 60C fast charging and 70C discharging, with a lifespan of over 20 years [5] - Xinwanda's range-extended battery pack can achieve 2-6C fast charging and supports over 500 kilometers of pure electric range, widely used in Li Auto's L series models [7] - In the commercial vehicle sector, Xinwanda introduced a dedicated power battery for heavy trucks, featuring a modular platform with flexible energy configurations from 155kWh to 804kWh, and a lifespan guarantee of 8 years or 2 million kilometers [9] Group 4: Competitive Technologies - EVE Energy presented various solutions, including OMNI versatile batteries and flying vehicle batteries, with a focus on large cylindrical batteries as the optimal solution for new energy vehicles due to higher manufacturing efficiency and standardized design [13][15] - Bosch showcased innovations in automotive architecture, including a new generation of 48V low-voltage electrical system solutions, which are expected to become a trend in the Chinese market within the next three to five years [19][23]

Group 1 - The smart car ETF Taikang (159720) has seen a 1.46% increase, with significant trading volume, while the index it tracks, the CSI Smart Electric Vehicle Index (H11052), rose by 1.40% [1] - Key stocks in the index include Huichuan Technology (300124) up 6.97%, China Baowu Steel Group (000009) up 5.00%, and Xingyu Co., Ltd. (601799) up 4.59% [1] - The smart car ETF Taikang (159720) has experienced a substantial increase in shares, with a growth of 200,000 shares in the last month [1] Group 2 - The Ministry of Industry and Information Technology (MIIT) has released 23 specific deployments focusing on five areas to enhance automotive standardization by 2025 [2] - MIIT aims to strengthen the supply of standards for intelligent connected vehicles, including the approval and implementation of standards for autonomous driving and advanced driver-assistance systems [2] - Analysts from CITIC Securities and ShenGang Securities highlight that the development of intelligent technology is becoming a crucial factor influencing consumer purchasing decisions in the automotive sector [2] Group 3 - The CSI Smart Electric Vehicle Index includes listed companies involved in various aspects of the smart electric vehicle industry, such as power systems, perception systems, decision-making systems, execution systems, communication systems, vehicle production, and the automotive aftermarket [3]

Group 1 - The core viewpoint of the news is that Jiezhong Technology has demonstrated strong financial performance in 2024, with significant revenue and profit growth, and plans to reward shareholders with cash dividends [1][2] - The company achieved total operating revenue of 286 million yuan, a year-on-year increase of 23.63%, and a net profit attributable to shareholders of 62.51 million yuan, up 56.86% year-on-year [1] - The automotive industry in China continues to expand, with production volumes projected to reach 27.02 million, 30.16 million, and 31.44 million vehicles from 2022 to 2024, maintaining its position as the world's largest producer [2] Group 2 - Jiezhong Technology has successfully listed on the Beijing Stock Exchange, becoming the first company from Shaoxing to do so, which will accelerate its development through capital market leverage [2] - The company has established a stable supply chain by signing long-term agreements with core suppliers, effectively reducing raw material supply risks [3] - Jiezhong Technology has a strong focus on R&D, holding over 70 independent intellectual property rights and participating in the formulation of national standards for small modulus gears [4] Group 3 - The company plans to raise 190 million yuan, with 140 million yuan allocated to the precision component manufacturing project for new energy vehicles, expected to start production by May 2026 [4][5] - Jiezhong Technology aims to become a global leader in automotive components by focusing on R&D in new energy vehicle parts and leveraging capital market opportunities for transformation [5] - The company is committed to enhancing its talent incentive system and expanding its market share both domestically and internationally [5]

Group 1 - The core viewpoint of the news is the emphasis on strengthening the standard supply for intelligent connected vehicles as outlined by the Ministry of Industry and Information Technology (MIIT) in its 2025 automotive standardization work points [1][2] - The MIIT aims to accelerate the approval and implementation of standards related to autonomous driving, including design operation conditions, automatic parking, and simulation testing [1][2] - The report highlights that companies in the industry chain will focus on enhancing product maturity and safety, with major manufacturers expected to streamline hardware and software architectures and accelerate data collection [2] Group 2 - The intelligent connected vehicle ETF (159872) has shown a positive performance, with notable increases in constituent stocks such as Derun Electronics (8.65%) and Yiyuan Communication (5.78%) [1] - As of March 31, 2025, the top ten weighted stocks in the China Securities Internet of Vehicles Theme Index (930725) include BYD, Hongfa Technology, and Huichuan Technology, collectively accounting for 50.65% of the index [2]

A股公司2024年年报披露基本完毕。据证券时报记者统计，截至4月29日19时，已披露年报的上市公司近5300家。上 述公司合计实现营业收入70.6万亿元，合计实现归母净利润5.25万亿元。近六成A股公司营收保持增长，近八成公司 盈利，净利润超过千亿元的企业增至10家，营收超千亿元的企业达到117家创出新高。 2024年，智能网联汽车、低空经济、人工智能、人形机器人行业蓬勃发展，半导体、计算机设备等板块增收又增 利。如从事高性能光模块业务的新易盛去年营收达到86.5亿元，同比大增179%；实现归母净利润28.4亿元，同比大 增312%。 畜牧养殖、乘用车等板块收入利润增速也居前列。养殖行业迎来显著回暖，相关企业大面积扭亏。Wind数据统计显 示，申万二级行业中，养殖业去年净利润整体同比增长328%。不过，各行业表现依然分化明显，房地产、钢铁、煤 炭、纺织服装等板块整体收入同比有所下滑。 截至记者发稿，逾5100家A股公司披露了2025年一季报，其中，超六成企业一季度营收实现增长。进入今年一季度， 多个行业经营再上新台阶，也有部分行业经营下滑趋势得到扭转。如去年下滑明显的影视院线行业，今年一季度业 绩大幅回暖。风 ...

| 投资要点 | | --- | 公告要点： 公司2025Q1实现营业收入98.18亿元，同环比分别-13.0%/-1.1%；归母净利润为-2.23亿元；扣非 后归母净利润 -2.87亿元（2024Q1为-0.11亿元，2024Q4为-25.1亿元）。 公司整体业绩符合我们预期： 1）2025Q1公司整体销量环比提升，毛利率环比改善。 公司Q1总销量为9.97万辆，同环比分 别-6.3%/+13.6%，其中乘用车销售3.29万台，同环比分别-15.2%/-6.9%，商用车Q1销售6.68万 台，同环比分别-1.3%/+27.5% 。行业竞争加剧背景下公司ASP为9.85万元，同环比分 别-7.1%/-13.0%。Q1单季度毛利率为10.03%，同环比分别-1.4/+2.3pct，环比增长较多原因包括 24Q4会计准则调整影响基数较低。 2 ） 费 用 率 ： 公 司 Q4 销 售 / 管 理 / 研 发 费 用 率 分 别 为 3.3%/5.7%/3.4% ， 同 比 分 别-0.6/+2.0/+0.3pct，环比分别+1.7/-0.0/-1.9pct。 3）投资收益： 公司Q4投资收益为-1.31亿元，亏损 ...

| 投资要点 | | --- | 公告要点： 公司公布2024年年报及2025年一季报，业绩符合我们预期。公司2024年实现营收46.97亿元，同 比+14.65%；归母净利润9.08亿元，同比+8.56%；扣非净利润8.69亿元，同比+15.25%。汽车技 术服务业务表现亮眼，收入同比+21.36%，装备制造业务受专用车市场景气度影响收入同 比-20.50%。 2025Q1实现营收8.87亿元，同比+0.62%，汽车技术服务业务实现收入 7.94 亿元， 同比增长11.45%；归母净利润1.78亿元，同比+6.29%；扣非净利润1.66亿元，同比+8.59%。 技术持续突破+试验场整合，新能源与智能网联布局深化： 2024年公司氢能产业化与装备业务实现"零突破"，公司依靠智能网联以及自动驾驶等前沿领域 技术优势，提升公司行业地位。此外，公司通过新增苏州阳澄半岛、成都中德试验场合作运营 权，控股南方试验场公司，整合试验场资源，场景测试能力进一步夯实。国际化层面，利用中 国中检国际化网络资源，与马来西亚、意大利机构签署合作协议，海外服务网络持续拓展。 双轮创新驱动，助推新兴业务发展： 能源动力事业部通过构建新能 ...