长江商报消息 ●长江商报记者 沈右荣 "新能源车第一股"北汽蓝谷（600733.SH）筹划大手笔定增。 4月28日晚间，北汽蓝谷公告称，拟向特定对象发行股票，募资不超过60亿元，投向新能源车型开发项 目、AI智能化平台及智驾电动化系统开发项目。 此次募资，又是股东输血。北汽蓝谷控股股东北汽集团及其控制的关联方福田汽车将合计出资30亿元参 与认购。 2019年至2023年，北汽集团三次定增，累计募资约126亿元，公司控股股东北汽集团及其控制的关联方 也积极参与。 靠股东频频输血的北汽蓝谷持续亏损。今年一季度，公司实现营业收入37.73亿元，同比增长约1.5倍， 但归属于母公司股东的净利润（以下简称"归母净利润"）依然亏损9.53亿元。2018年以来，公司扣除非 经常性损益的净利润（简称"扣非净利润"）累计亏损339.33亿元。 好的迹象是，今年前三个月，北汽蓝谷销量2.77万辆，同比增长173.80%。 北汽蓝谷前身是SST前锋，2018年，北汽新能源借壳SST前锋上市，交易作价288.50亿元，公司随后更 名为北汽蓝谷，成为"中国新能源汽车第一股"。 新能源汽车行业竞争激烈，市场尚未看到北汽蓝谷的盈利拐点。 ...

Core Insights - North Car Blue Valley reported a revenue of 14.512 billion yuan for 2024, a year-on-year increase of 1.35%, but a net loss of 6.948 billion yuan, a decline of 28.67%, marking the fourth consecutive year of losses since 2020 [1] - In Q1 2024, the company achieved a revenue of 3.773 billion yuan, a significant year-on-year growth of 150.75%, but still reported a net loss of 0.953 billion yuan [1] Financial Performance - The stock price of North Car Blue Valley fell by 3.36% to 7.20 yuan per share, with a market capitalization of approximately 40.1 billion yuan as of April 29 [2] - Total sales for 2024 reached 113,900 units, a year-on-year increase of 23.53%, with the Arcfox brand contributing over 81,000 units, a remarkable growth of 170% [2] - Despite the increase in sales, the gross margin for the vehicle business declined by 4.51 percentage points to -14.94%, indicating deteriorating profitability due to price wars [2] Investment and Funding - North Car Blue Valley plans to raise up to 6 billion yuan through a private placement of shares, with a maximum issuance of 1.672 billion shares [3] - Major stakeholders, including North Car Group and Foton Motor, are expected to subscribe for 0.5 billion yuan and 2.5 billion yuan respectively, while the remaining investors are yet to be confirmed [3] - The raised funds will be allocated to new energy vehicle development and AI intelligent platform projects [3] - The company has previously conducted three rounds of private placements since its listing, raising nearly 20 billion yuan in total [3][4]

【导读】北汽蓝谷拟定增募资不超过60亿元，北汽集团、福田汽车分别拟认购不超过5亿元、25亿元 中国基金报记者吴君 北京国资旗下新能源车企北汽蓝谷发布大额定增预案。 4月28日晚间，北汽蓝谷公告称，拟向特定对象发行股票，募资不超过60亿元，投向新能源车型开发项目、AI智能化平台及智驾电动化系统开发项目；其 中，公司控股股东北汽集团、其控制的关联方福田汽车，拟分别认购不超过5亿元、25亿元。 但最新披露的财报也显示，2024年北汽蓝谷归母净利润为-69.48亿元，今年一季度为-9.53亿元，已连续多年亏损。该股今年以来下跌6.87%，截至4月28 日，报收7.45元/股，总市值为415亿元。 北汽集团、福田汽车参与认购 北汽蓝谷4月28日晚间披露的《向特定对象发行股票预案》显示，本次向特定对象拟发行股票数量不超过16.72亿股（含本数），募集资金总额不超过60亿 元（含本数）；在扣除发行费用后的募资净额将投向新能源车型开发项目、AI智能化平台及智驾电动化系统开发项目。 | 序号 | 项目名称 | 项目投资总额 | 募集资金拟投入金额 | | --- | --- | --- | --- | | | 新能源车型开发项 ...

Company Overview - Company specializes in the research, development, production, and sales of security video surveillance products [4] - Company reported a main revenue of 100 million yuan in Q1 2025, a year-on-year decrease of 28.45% [4] - Net profit attributable to shareholders was 6.92 million yuan, down 38.11% year-on-year [4] - Deducted net profit was 6.54 million yuan, a decline of 31.2% year-on-year [4] - Company has a debt ratio of 10.78% and reported an investment loss of 463,900 yuan [4] - Financial expenses amounted to 2.84 million yuan, with a gross profit margin of 37.93% [4] Industry Insights - The security industry is experiencing growth driven by the upgrade of social security demands and ongoing technological advancements [4] - New technologies such as AI and behavioral analysis algorithms are propelling the development of the security industry [4] - Despite economic challenges, the overseas video surveillance market (excluding the U.S.) is expected to maintain stable growth in the foreseeable future [3][4] - Market structure changes due to competition within the industry may present new opportunities [3][4] Strategic Responses - Company is actively seeking to expand domestic business and explore suitable acquisition opportunities in response to the negative impact of the U.S.-China trade war [2] - Company is applying for removal from the SDN list, which restricts U.S. entities from conducting business with it [2] - Future growth drivers include product innovation, technological advancements, and market structure adjustments [3][4]

买入（维持） | [Table_EPS] 盈利预测与估值 | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业总收入（百万元） | 3,251 | 3,932 | 4,890 | 6,002 | 7,544 | | 同比（%） | 43.50 | 20.95 | 24.36 | 22.74 | 25.69 | | 归母净利润（百万元） | 179.23 | 640.93 | 792.30 | 960.06 | 1,138.00 | | 同比（%） | 75.66 | 257.59 | 23.62 | 21.17 | 18.53 | | EPS-最新摊薄（元/股） | 0.40 | 1.42 | 1.75 | 2.12 | 2.52 | | P/E（现价&最新摊薄） | 98.20 | 27.46 | 22.21 | 18.33 | 15.47 | [关键词： Table_Tag#新产品、新技术、新客户 ] 证券研究报告·公司点评报告·计算机设备 道通科技（688208） 2025 年一季报点评： ...

未经许可，不得转载或者引用。 投资要点 本周复盘总结 ： 四月第三周交强险37.8万辆，环比上周/上月周度+10.8%/-19.9%。 本周SW汽车指数+4.9%，细 分板块涨跌幅排序: SW商用载客车(+6.6%)＞ SW汽车零部件(+5.7%)> SW汽车(+4.9%)>SW乘用 车(+3.9%)>SＷ商用载货车(+3.85%)> 重卡指数(+3.79%)>SW摩托车及其他(+2.6%)。本周已覆盖 标的 蔚来-SW、耐世特、春风动力、长华集团、爱柯迪涨幅较好。 本周团队研究成果： 外发深度报告《看好Robotaxi商业化落地拐点已至》；银轮股份、拓普集 团、松原安全、伯特利2024年报点评；瑞鹄模具、旭升集团2025年一季报点评。 本周行业核心变化： 1） 特斯拉2025Q1实现营收193.35亿美元，同环比-9.2%/-24.8%，实现归母净利润4.09亿美元， 同环比-70.6%/-80.8%； 2） 长城汽车2025Q1实现营收400.19亿元，同环比-6.6%/-33.2%，实现 归母净利润17.51亿元，同环比-45.7%/-22.7%； 3） 问界M8上市四天大定突破5万台； 4） 比亚 迪 ...

永太科技（002326.SZ）于2025年4月27日发布了其2024年度报告。数据显示，公司全年实现营业收入达 458,939.78万元，同比增长11.18%；尽管扣非后净利润仍处于-44,387.17万元的亏损状态，但同比已大幅 收窄36.26%，显示了公司在提升经营效率和盈利能力方面的积极进展。 在锂电材料领域，永太科技2024年的营收规模同比增长18.07%，毛利率从上一年度的-28.31%回升 至-5.24%。公司通过不断的技术工艺改进和降本增效措施，强化了垂直一体化产业链的优势以及规模化 生产带来的成本优势。尽管产品价格仍处低位，尚未实现盈利，但随着电解液项目产销规模的稳步增 长，预期未来业绩将进一步改善。 植物保护板块成为2024年的一大亮点，营收规模同比增长高达91.79%，毛利率也增加了2.65个百分点。 主要得益于公司部分植保项目的顺利投产，加之下游需求的回暖，使得公司的产销量进一步扩大。这一 成果体现了公司在拓展市场、满足客户需求方面的能力与决心。 医药板块方面，由于受到原研药专利到期的影响，市场竞争加剧导致产品价格下降，2024年营收规模同 比下降3.57%，毛利率减少了0.77个百分点 ...

Investment Rating - The report maintains a positive outlook on the automotive sector, indicating a continued bullish sentiment towards the industry [3][46]. Core Insights - The automotive sector is experiencing a rebound, with a week-on-week increase of 10.8% in passenger car insurance registrations, signaling a recovery in demand [2][46]. - The report highlights the importance of AI integration and the dual focus on innovation and traditional growth strategies within the automotive industry [3]. - Key automotive companies such as Tesla, BYD, and Great Wall Motors have shown varying performance in Q1 2025, with Tesla reporting a revenue of $19.335 billion, a decrease of 9.2% quarter-on-quarter [2][3]. Summary by Sections Weekly Review - The SW automotive index increased by 4.9% this week, with commercial passenger vehicles leading the gains at +6.6% [2]. - Notable stock performances include NIO, Nastec, and Chuanfeng Power, which have shown significant price increases [2][24]. Industry Changes - Tesla's Q1 2025 revenue was $19.335 billion, down 9.2% quarter-on-quarter, while BYD reported a revenue of 170.4 billion yuan, up 36% quarter-on-quarter [2][3]. - The report anticipates a strong demand for passenger vehicles due to new scrappage policies, projecting a retail sales volume of 23.83 million units in 2025, a year-on-year increase of 4.7% [47][48]. Market Trends - The report emphasizes the ongoing competition in smart driving technology, predicting that L3 automation will see significant adoption among mainstream automakers by 2025 [50]. - The penetration rate of new energy vehicles is expected to reach 62% by 2025, reflecting a growing trend towards electrification in the automotive market [48][51]. Stock Recommendations - The report suggests a focus on companies that are leading in AI and electrification, recommending stocks such as Xpeng, Li Auto, and BYD for A-shares, and NIO for Hong Kong shares [3][46].

证券研究报告 汽车周观点： 4月第3周乘用车环比+10.8%，继续看好汽车板块 证券分析师 ：黄细里 执业证书编号：S0600520010001 联系邮箱：huangxl@dwzq.com.cn 2025年4月27日 请务必阅读正文之后的免责声明部分 核心结论 注：若无特殊说明，"本周"均代表2025.4.21-2025.4.27 2 （ ◼ 本周复盘总结：四月第三周交强险37.8万辆，环比上周/上月周度+10.8%/-19.9% 。 本周SW汽车指数+4.9%，细分板块涨跌幅排序: SW商用载客车(+6.6%)＞ SW汽车零 部件(+5.7%) > SW汽车(+4.9%)>SW乘用车(+3.9%)>SＷ商用载货车(+3.85%) > 重 卡指数(+3.79%) >SW摩托车及其他(+2.6%) 。本周已覆盖标的蔚来-SW、耐世特、 春风动力、长华集团、爱柯迪涨幅较好。 ◼ 本周团队研究成果：外发深度报告《看好Robotaxi商业化落地拐点已至》；银轮股份、 拓普集团、松原安全、伯特利2024年报点评；瑞鹄模具、旭升集团2025年一季报点评。 ◼ 本周行业核心变化：1）特斯拉2025Q1实现营收193.35亿 ...

未经许可，不得转载或者引用。 投资要点 乘用车跟踪： 行业景气度跟踪： 3月产批零表现符合预期。 产量方面：乘联会口径3月狭义乘用车产量实现 248.1万辆（同比+12.9%，环比+42.9%）。销量方面：乘联会口径批发销量实现241.2万辆（同 比+10.2%，环比+36.5%。交强险口径销量为182.7万辆，同环比分别+19.7%/+42.7%。出口方 面：乘联会口径整体出口39.1万辆，同环比分别为-3.7%/+12.0%。 新能源跟踪： 3月新能源批发、零售渗透率有所上升。 3月新能源汽车批发渗透率46.8%，环比 +0.4pct；零售口径渗透率为53.0%，环比+1.8pct。 自主跟踪： 3月整体自主批发市占率环比下降。 批发/零售自主品牌市占率分别为66.0%/62.9% 城市NOA级别智能化整车环节跟踪： 城市NOA级别级别渗透率跟踪： 3月高阶智驾渗透率环比增长，产业趋势明确。 新能源乘用车 城市NOA级别级智能驾驶渗透率为18.3%，同/环比+7.9/+1.7pct，同环比增长。重点车企来看， 3月城市NOA级别智驾渗透率问界>理想>小鹏；问界智驾渗透率水平达84.0%；小鹏3月交付稳 定 ...