事件：8 月25 日，公司发布2025H1 业绩公告，实现收入161.3 亿元，同比下降1.3%；归母净利润19.4 亿元，同比增长15.6%；扣非归母净利润15.5亿元，同比增长8.2%。对应Q2 实现收入97.1 亿元，同比下 降0.1%，环比增长51.3%；归母净利润11.8 亿元，同比增长16.1%，环比增长56.4%；扣非归母净利润 9.1 亿元，同比增长5.4%，环比增长41.4%。公司宣告中期分红每股现金股利0.5 元，当期分红比例达 57.2%。 风险提示：行业竞争加剧；原材料价格波动；关税等贸易壁垒风险。 Q2 新能源出口占比提升，带动单车收入向上提升：25Q2 公司客车销量达1.2万辆，同比下降4.0%，环 比增长36.6%。其中，出口销量超4,000 辆，同比增长2.7%，环比大幅增长94.8%，占整体销量比重提升 至32.6%；新能源出口销量约760 辆，同比增长3.4%，环比增长171.4%，占出口销量比例升至19.0%。 新能源产品、特别是出口新能源占比的提高，带动公司均价上行，Q2 单车收入达到78.9 万元，环比提 升7.7 万元。 我们预计，自三季度起公司出口数据将环比持续改 ...

智通财经APP获悉，8月23日，乘联分会秘书长崔东树发布2025年1-7月中国汽车出口市场分析。2025年1-7月中国汽车实现出口418万辆，同比2024年1-7月 增速20%，7月中国汽车实现出口70万辆，同比增27%，环比增12%，同比走势总体较强。今年的主要动力仍是中国产品竞争力提升和全球南方国家市场的 小幅增长。 2025年7月中国汽车出口总量的前10国家：俄罗斯48712辆、阿联酋44185辆、墨西哥43074辆、比利时32621辆、英国31891辆、菲律宾27624辆、澳大利亚 24501辆、沙特22521辆、哈萨克斯坦20740辆、马来西亚15848辆，其中本期较同期增量增大的前五个是：英国20125辆、菲律宾14270辆、阿尔及利亚 13579辆、阿联酋11824辆、哈萨克斯坦8793辆。俄罗斯市场的中国车企防风险意识提升，虽然1-7月俄罗斯国内销量下滑不大，但2025年1-7月我们对俄罗 斯的出口下降幅度较大，7月俄罗斯重回出口第一。 2025年累计整车出口总量的前10国家：墨西哥322264辆、阿联酋271012辆、俄罗斯228040辆、比利时183874辆、巴西174888辆、英国168 ...

Group 1 - The "Xiaomo Port - Yantian Port" foreign trade route has opened a new channel for the export of automotive parts from the Guangdong East region, with the first shipment arriving on August 8 [1] - China is increasingly occupying an important position in the global automotive parts market due to its complete industrial chain, strong manufacturing capabilities, and high cost-performance ratio, with significant export advantages in various categories such as tires, headlights, braking systems, and more [1] - From January to July this year, the Dapeng Customs supervised the export of automotive parts worth 14.54 billion yuan, representing a year-on-year increase of 9.2% [1] Group 2 - The logistics model of the "Xiaomo Port - Yantian Port" route involves transporting empty containers from Yantian Port to Xiaomo Port for loading, which reduces costs by approximately 30% compared to road transport and mitigates the impact of weather and congestion [2] - In the first seven months, 11,599 new energy vehicles were exported through Yantian Port, marking a year-on-year increase of 75% [2] - The Dapeng Customs is implementing facilitation measures such as advance declaration and direct loading upon arrival to effectively reduce transportation costs and logistics time, supporting the accelerated export of the new energy vehicle industry [2]

"我们的新能源皮卡已出口50多个国家和地区，共建'一带一路'国家是我们的重点开拓市场，公司还在 泰国设立子公司，作为第一个独立运营的海外市场。"孙斐煊说。 据统计，今年上半年，吉利雷达生产的新能源皮卡对共建"一带一路"国家出口3.5亿元，同比增长2.8 倍。下一步，淄博海关将积极落实通关便利化举措，主动服务辖区新能源汽车出口贸易"最后一公里"， 持续加强对不同国家、地区的汽车技术标准、法规的宣传，助力更多新能源汽车扬帆出海。 了解到吉利雷达的情况后，济南海关所属淄博海关联合税务、外汇等相关部门开展实地调研，组织举办 新能源汽车出口政策宣讲推介会，设置"一对一"专线服务机制，统筹解决新能源车出口需求和困难。同 时，淄博海关充分释放政策红利，利用信息化系统实现报关单自动审核，减少人工干预，提升审核速 度，叠加使用单证预审、预约查检等多种便利措施，引导企业利用"互联网+海关"实现无纸化通关，针 对新能源汽车的特点，指导企业完成集货、仓储、报关等相关业务手续。 目前，吉利雷达新能源皮卡在中国皮卡市场占据领先地位，新能源皮卡市占率连续三年第一，在东南 亚、中亚、东欧、南美等多个海外市场备受青睐。 为帮助企业享受自贸协定 ...

Investment Rating - The industry investment rating is "Outperform the Market" [5][14]. Core Viewpoints - The report highlights that the new energy vehicle market in China shows strong resilience, with July production and sales of new energy passenger vehicles reaching 1.147 million and 987,000 units, representing year-on-year growth of 22.3% and 12.0% respectively [2][4]. - The penetration rate of new energy vehicles in the domestic retail market increased to 54.0% in July, up 2.7 percentage points from the same period last year, indicating a positive trend driven by policies such as scrapping and replacing old vehicles and tax exemptions [2][4]. - Exports of new energy vehicles have surged, with July exports reaching 213,000 units, a significant year-on-year increase of 120.4%, making it a key driver of overall automotive export growth [3][4]. Summary by Sections Market Performance - In July, the overall automotive market typically experiences a seasonal slowdown, but the new energy vehicle sector demonstrated robust growth, with cumulative production and sales from January to July reaching 7.59 million and 6.455 million units, respectively, reflecting year-on-year increases of 35.7% and 29.5% [2][4]. Export Growth - The report notes that July saw record-high exports for both passenger and new energy vehicles, with total passenger vehicle exports reaching 475,000 units, a 25.0% increase year-on-year. Notably, new energy vehicle exports accounted for 44.7% of total passenger vehicle exports [3][4]. Policy Impact - The government's policies aimed at curbing irrational price wars and promoting sustainable growth have shown effectiveness, with a reduction in the number of price-cutting models from 23 last July to 17 this July, and a lower average price reduction of 11.1% for new energy vehicles [4].

Group 1 - In July, China's automotive industry produced and sold 2.591 million and 2.593 million vehicles, representing year-on-year growth of 13.3% and 14.7% respectively [1] - The growth rate of new energy vehicles (NEVs) outpaced the overall automotive market, with production and sales increasing by 26.3% and 27.4% year-on-year [1] - NEV exports were particularly strong in July, with 225,000 units exported, marking a month-on-month increase of 10% and a year-on-year increase of 120% [1]

Core Insights - In July, the export of new energy passenger vehicles reached 213,000 units, representing a year-on-year increase of 120.4% and a month-on-month increase of 7.6% [1] - New energy vehicles accounted for 44.7% of total passenger vehicle exports, an increase of nearly 20 percentage points compared to the same period last year [1]

Investment Rating - The report indicates a positive investment outlook for the electric vehicle export industry, highlighting growth potential and strategic opportunities in emerging markets [4]. Core Insights - The report emphasizes that in 2024, China's electric vehicle exports reached 1.284 million units, marking a year-on-year increase of 6.7%, driven by technological innovation, industry chain integration, and government support [4][17]. - Key players like BYD and NIO have made significant technological breakthroughs, enhancing their competitiveness in the global market [4]. - The report outlines a shift from "product export" to "standard export," indicating a maturation of the industry as Chinese companies expand their global footprint [5]. Summary by Sections Industry Definition - The electric vehicle export industry involves the sale of vehicles produced in China to overseas markets, encompassing complete vehicles, components, and related services [5]. - The industry is driven by global green transportation goals and domestic overcapacity, with a focus on internationalization strategies by leading manufacturers [5]. Industry Characteristics - The industry features diverse business models, including complete vehicle exports, component exports, and local production through investments and acquisitions [6][7]. - The concentration of the market is increasing due to technological and cost advantages held by leading companies [8]. Development History - The industry has evolved through several stages: initial exploration (2010-2015), formation (2016-2020), rapid growth (2021-2023), and current adjustments (2024-present) [10][11]. - The rapid growth phase saw exports surge, with 2023 witnessing a 345% increase in exports compared to 2021 [15]. Current Market Dynamics - In 2024, the export volume reached 1.284 million units, with a focus on diversifying markets beyond Europe and North America to regions like Southeast Asia and Latin America [9][44]. - The report notes that over 40% of China's electric vehicle exports are directed towards the Asian market, reflecting a strategic pivot in response to changing global policies [9]. Supply Chain Analysis - The supply chain is characterized by upstream material suppliers, midstream vehicle manufacturers, and downstream sales channels, with a focus on optimizing each segment for better market penetration [19][30]. - The report highlights the importance of local production and service networks to enhance competitiveness and reduce trade barriers [21]. Market Size and Growth Forecast - The electric vehicle export market is projected to grow significantly, with exports expected to reach 1.4 million units in 2025, reflecting a nearly 10% annual growth rate [39]. - The market size is anticipated to exceed $40 billion by 2029, driven by continued demand and technological advancements [39][43]. Competitive Landscape - The competitive landscape is increasingly concentrated, with leading companies like BYD and SAIC dominating the market, accounting for over 50% of total exports [50]. - The report identifies a tiered structure in the industry, with top-tier companies leveraging technology and brand recognition to maintain their market positions [50][53].

Group 1 - The core viewpoint is that China's complete industrial chain has significantly accelerated the development of the new energy vehicle (NEV) industry, with production and sales both exceeding 6.9 million units in the first half of the year, and exports increasing by 75.2% [1] Group 2 - The role of "ferry drivers" like Pan Guangde has become crucial in the export process of NEVs, with over 4,000 such drivers operating at the Horgos port, which is China's largest land port for automobile exports [7] - The export process has been streamlined with a quick customs clearance model, allowing drivers to scan a QR code for rapid passage [8] Group 3 - The income for ferry drivers varies, with some reporting earnings of around 7,000 yuan per month, and the job is seen as both challenging and fulfilling due to the pride in driving Chinese-made vehicles abroad [10]

Core Insights - The Chinese new energy vehicle (NEV) industry has shown remarkable performance in the first half of the year, with production and sales both exceeding 6.9 million units, and exports increasing by 75.2% [1] - The Horgos port has become China's largest land port for automobile exports, leading to the emergence of a new profession known as "ferry drivers" for NEVs [1] Group 1 - The Horgos port previously relied on cage transport for vehicle exports, but the introduction of a self-driving export clearance method has improved efficiency and reduced costs [1][5] - "Ferry drivers" like Pan Guangde are responsible for driving new cars from China to designated locations in Kazakhstan, often making multiple trips in a single day [3][9] - The implementation of a rapid clearance model at Horgos allows exporters to generate a unique QR code for vehicles, enabling quick customs clearance for "ferry drivers" [5] Group 2 - Over 4,000 "ferry drivers" operate at Horgos, comprising a diverse group including farmers, herders, and even tourists, rather than just professional drivers [7] - The popularity of Chinese NEVs in countries like Kazakhstan and Uzbekistan reflects a growing acceptance and demand for these vehicles in international markets [7] - "Ferry drivers" express pride in delivering Chinese-made vehicles abroad, viewing their work as a source of joy despite its challenges [9]