证券研究报告|公司点评报告 [Table_Date] 2025 年 04 月 24 日 [Table_Title] 长安汽车 2024 年年报点评：新能源与出海驱 动增长，智能化布局稳步推进 [Table_Title2] 长安汽车(000625) | [Table_DataInfo] 评级： | 增持 | 股票代码： | 000625 | | --- | --- | --- | --- | | 上次评级： | 增持 | 52 周最高价/最低价： | 17.07/11.32 | | 目标价格： | | 总市值(亿) | 1,231.33 | | 最新收盘价： | 12.42 | 自由流通市值(亿) | 1,025.98 | | | | 自由流通股数(百万) | 8,260.73 | ► 1、营收创新高，销量稳健增长 2024 年公司实现营业收入 1597.33 亿元，同比增长 5.58%，创历史新高。全年实现汽车销量 268.4 万辆，同比增长 5.1%，创近七年新高，连续五年实现同比正增长。 ► 2、盈利阶段承压，研发投入加大 2024 年，公司整体毛利率为 14.94%，同比下滑 3.42pct，主要受新能 ...

Core Points - The 21st Shanghai International Automobile Industry Exhibition will take place from April 23 to May 2, 2025, at the National Exhibition and Convention Center (Shanghai) [1] - The exhibition is expected to feature over 100 new models and attract more than 906,000 visitors, surpassing the previous attendance record [3] - The event will coincide with the May Day holiday for the first time, enhancing its appeal to the public [3] Group 1: Key Exhibitors and Models - SAIC Audi A5L is set to officially launch at the exhibition, expected to be a focal point due to its youthful and sporty characteristics [6] - SAIC Volkswagen will unveil five new vehicles, including its first range-extended concept car [6] - Chery will showcase several models, including the new Chery QQ in a new energy format and the Chery "Falcon Smart Driving" intelligent solution [10] Group 2: New Energy and Luxury Brands - Hongqi will present its new energy vehicle Tian Gong 06 and the PHEV version of Hongqi H5, alongside a new generation HS7 [18] - Mercedes-Benz will highlight its Vision V concept car and the new long-wheelbase electric CLA, both making their global debuts [14] - BYD will launch the Song L concept car and the Tengshi SUPER9, which aims to compete with the Porsche 911 [25] Group 3: Emerging and Established Players - NIO will showcase the ET9 and the controversial "Firefly" model, while BMW will present the new generation driving pleasure concept car and the global debut of the BMW X3 M50 xDrive [21] - Geely will feature the Galaxy Star 8, positioned as a luxury choice in the mid-large hybrid sedan market, and the Zeekr 9X, which boasts advanced hybrid technology [18] - The exhibition will also see the debut of Xiaomi's SU7 Ultra track version, while Leap Motor will present its compact electric SUV B10 and electric sedan B01 [34] Group 4: Event Logistics - The exhibition will have a structured schedule, with media days on April 23-24, professional audience days on April 25-26, and public audience days from April 27 to May 2 [46] - Tickets will be electronic, and attendees are encouraged to purchase them in advance through the official channel [46] - Due to expected congestion around the venue, public transportation is recommended for attendees [47]

电子产业作为推动社会进步的核心力量之一,其广泛应用深刻改变了人们的生活方式。在众多电子产品 的背后,有一个至关重要的基础材料——电子树脂,助力着电子产业的稳定运行。同宇新材料(广东)股份 有限公司(以下简称"同宇新材")是少数掌握多系列无铅无卤及高速电子树脂核心技术的内资企业,也是国 家级专精特新"小巨人"企业,凭借着对电子树脂领域的专注与执着,在市场中稳步前行,逐渐崭露头角。 一方面,同宇新材深耕中高端覆铜板用电子树脂领域,与下游覆铜板企业建立了长期稳定的合作关系,将有 力保障消化现有产品和新增产能。据悉,同宇新材已与建滔集团、生益科技、南亚新材、华正新材、金 宝电子、超声电子等全球覆铜板行业知名厂商建立了长期稳定的合作关系,快速成长为领先的覆铜板领 域电子树脂内资供应商。 同宇新材主营业务聚焦于电子树脂,特别是在覆铜板生产这一关键应用领域展现出强大的实力与发展潜 力。据了解,同宇新材产品主要包括MDI改性环氧树脂、DOPO改性环氧树脂、高溴环氧树脂、BPA型酚 醛环氧树脂、含磷酚醛树脂固化剂等系列。2024年,同宇新材实现营业收入为95,246.85万元,归属于母公 司所有者的净利润为14,330.56万 ...

4月11日，长安汽车在重庆召开2024年度业绩说明会。数据显示，2024年公司实现营业收入2767.2亿元（含阿维塔153.5亿元），同比增长7.7%，其中自主板 块新能源收入占比达46.5%，海外销售占比提升至20.2%。全年汽车销量268.4万辆，创近七年新高，新能源与海外市场销量分别达73.5万辆（同比增52.8%） 和53.6万辆，海外销量占比首次突破20%。 2025年一季度，长安汽车总销量突破70万辆，其中3月新能源单月销量达87,036辆，同比增62%。根据规划，公司2025年目标销量300万辆（新能源100万 辆，海外保底70万辆），至2030年力争总销量500万辆，海外目标150万辆。 战略布局方面，新能源计划：未来五年推出50款数智产品，推进固态电池量产及高压快充技术；智能化升级：投入超200亿元实施"北斗天枢2.0"，年内量产 天枢智驾激光Pro版；全球化拓展：加速东南亚、欧洲等五大区域本土化布局，2025年启动阿维塔香港品牌发布；前沿领域：规划未来十年投入2000亿元布 局新汽车科技链，2028年实现人形机器人量产，飞行汽车拟于年底完成试飞。 研发投入方面，2024年全口径研发投入15 ...

风高浪急，才见中流砥柱，乘风破浪，更显凌云之志。 长安汽车于4月10日披露的财报显示，2024年公司实现销量268.4万辆，同比增长5.1%，创近7年新高，营业收入2767.2亿元（含阿维塔153.5亿元）， 同比增长7.7%。2025年一季度，长安汽车也以70万辆的销量成绩强势开局，创下历史新高。其中，新能源车型销量8.7万辆，同比激增62%；海外市场销 量超5万辆，同比增长4.9%。这一系列"增增增"的成绩背后，是长安汽车以"科技长安"为内核，通过核心产品矩阵升级、数智化与全球化战略深化，以及 全产业链生态协同，展现出的硬核实力与创新魄力。 从深耕国内到走向海外，从数智新汽车到飞行汽车，长安汽车正以破局者之姿，引领中国汽车产业迈向"向上、向智、向外"的新征程。 核心产品矩阵升级： 新能源与智能化双轮驱动 一季度，长安汽车旗下五大品牌（长安启源、引力、阿维塔、深蓝、凯程）全面发力。其中，长安启源累计销量突破22万辆，主力车型启源A07连续 18个月稳居同级销量TOP3，成为家庭用户的首选智能座驾；深蓝汽车全系交付2.4万辆，同比增长86.7%，L2.5+智驾配置率高达92.7%；阿维塔销量同比 环比均翻倍， ...

Investment Rating - The report maintains a "Buy" rating for the company [6] Core Views - The company reported a total wholesale sales volume of 232,000 vehicles in March, representing a year-on-year increase of 53.9% and a month-on-month increase of 13.3%. Cumulatively, from January to March, the total wholesale sales reached 704,000 vehicles, up 47.9% year-on-year [2][3] - The sales of new energy vehicles (NEVs) in March reached 119,696 units, a significant year-on-year increase of 167.2% and a month-on-month increase of 21.6%, with a penetration rate of 51.6%. For the first quarter, cumulative NEV sales were 339,000 units, up 135.4% year-on-year [2][3] - The company is expected to achieve a net profit of 3.58 billion yuan in Q4 2024, exceeding market expectations, with a gross margin of 17.3%, reflecting a gradual realization of profitability improvement driven by new energy [2][4] Summary by Sections Sales Performance - In March, the company's total sales were 232,000 vehicles, with the Galaxy brand contributing 90,032 units. The Zeekr brand sold 15,422 units, and Lynk & Co sold 25,293 units [2][3] New Energy Vehicle Strategy - The company plans to launch five new products under the Galaxy brand, including two SUVs and three sedans, with an annual sales target of over 1 million units for the Galaxy brand [2][4] Technological Advancements - The establishment of Zeekr Technology Group aims to enhance strategic focus and integration, targeting the pure electric market above 300,000 yuan, while Lynk & Co will focus on hybrid models priced around 200,000 yuan [3][4] - The company is integrating AI technologies into its vehicles, with plans to fully implement its AI strategy across new models [4] Financial Forecast - The company is projected to achieve net profits of 14.02 billion yuan in 2025, 17.78 billion yuan in 2026, and 20.38 billion yuan in 2027, with corresponding EPS of 1.39, 1.76, and 2.02 yuan [5][8]

事件：公司发布2024 年报，全年实现营收2022 亿元，同比+16.7%；归母净利润126.9 亿元，同比 +80.8%；扣非归母净利润97.4 亿元，同比+101.4%。 单Q4 营收599.4 亿元，同/环比+11.6%/18.0%；归母净利润22.6 亿元，同环比+11.7%/-32.4%；扣非归母 净利润13.6 亿元，同环比+32.7%/-50.0%。 投资建议：我们预计2025-2027 年公司营业收入分别为2589/3135/3615 亿元，同比+28%/+21%/+15%； 归母净利润分别为156/178/197 亿元，同比+23%/+14%/+10%。维持"买入"评级。 风险提示：新产品拓展不及预期，海外市场拓展不及预期，宏观经济风险。 海外销量高增&产品结构优化，全年业绩创历史新高。2024 年，公司全年实现销量123.5 万辆，同比 +0.4%，其中新能源销量32.2 万辆，同比+25.7%，占总销量比26.1%。同比+5.3pcts；海外销量45.4 万 辆，同比+44.6%，占总销量比36.8%，同比+11.2pcts。全年单车收入达16.38 万元，同比+16.3%；单车 净利润 ...

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