【#2025福布斯全球最佳雇主#】#微软连续两年蝉联全球最佳雇主榜首#今年一共有53家中国内地公司入 选福布斯全球最佳雇主榜单。在全球榜单前五名中有三家来自IT软件与服务行业，其中微软连续两年蝉 联榜首，谷歌母公司Alphabet位列第三，Adobe排名第四。（福布斯） | 2025 | | | | --- | --- | --- | | 福布斯全球最佳雇主 | | | | 部分中国内地上榜公司 | | | | 企业名称 | 所属行业 | 员工人数 | | 国家电网 | 公用事业 | 1,720,000 | | 阿里巴巴集团 | IT软件与服务 | 124,320 | | 腾讯控股 | IT软件与服务 | 110,600 | | 京东 | 批发和零售业 | 570.895 | | 小米 | 半导体/电子/电气工程 | 46.425 | | 网易 | IT软件与服务 | 29,128 | | 中信美团 | 银行与金融服务 | 190.763 | | 交通银行 | 银行与金融服务 | 94.275 | | 中国工商银行 | 银行与金融服务 | 419,000 | | 京东方 | 工程与制造 | 88,343 | ...

汽车与零部件行业 行业研究 | 动态跟踪 预计鸿蒙智行车型销量市场份额将有望继 续提升，产业链公司将持续受益 核心观点 投资建议与投资标的 ⚫ 随着多款新车陆续上市、智能辅助驾驶国标落地在即，预计鸿蒙智行车型销量及市 占份额将有望进一步提升，建议关注鸿蒙智行整车及产业链相关公司。鸿蒙智行整 车相关标的：上汽集团(600104，买入)、江淮汽车(600418，未评级)、赛力斯 (601127，未评级)；零部件相关标的：银轮股份(002126，买入)、新泉股份 (603179，买入)、博俊科技(300926，买入)、精锻科技(300258，买入)、沪光股份 (605333，未评级)、华域汽车(600741，买入)、拓普集团(601689，买入)、星宇股 份(601799，买入)、华阳集团(002906，买入)等。 风险提示 鸿蒙智行车型销量低于预期、鸿蒙智行新车发布进度低于预期、市场竞争加剧风险。 国家/地区 中国 行业 汽车与零部件行业 报告发布日期 2025 年 10 月 08 日 中性（维持） | 姜雪晴 | 执业证书编号：S0860512060001 | | --- | --- | | | jiangxu ...

（来源：研报虎） 拟发布智能辅助驾驶国标，预计华为智驾合作车型销量市场份额将继续提升。9月17日，工信部正式就 《智能网联汽车组合驾驶辅助系统安全要求》强制性国家标准公开征求意见，拟于2027年1月1日实施， 主要起草单位包括中国汽车技术研究中心、华为等。此次强制性国标对L2级辅助驾驶的功能边界、能 力阈值、产品设计等方面提出安全要求，将为L2级辅助驾驶设立更为严厉的准入门槛。我们认为华为 智驾能力在国内处于第一梯队，领先的智驾能力是尊界、问界等高端品牌能够抢占传统高端车型市场份 额的重要因素之一，预计搭载华为辅助驾驶系统的车型将大概率能够满足强制性国标要求，未来华为智 驾合作车企销量市场份额将继续提升。 投资建议与投资标的 随着多款新车陆续上市、智能辅助驾驶国标落地在即，预计鸿蒙智行车型销量及市占份额将有望进一步 提升，建议关注鸿蒙智行整车及产业链相关公司。鸿蒙智行整车相关标的：上汽集团(600104，买入)、 江淮汽车(600418，未评级)、赛力斯(601127，未评级)；零部件相关标的：银轮股份(002126，买入)、新 泉股份(603179，买入)、博俊科技(300926，买入)、精锻科技(3002 ...

Investment Rating - The report maintains a "Buy" rating for the company with a target price of 28.16 CNY, based on a projected average PE of 22 times for comparable companies in 2025 [4][7]. Core Views - The acquisition of Zhuoerbo is expected to create synergies in the automotive and robotics sectors, enhancing the company's product offerings and market opportunities [10]. - The company forecasts a steady increase in net profit, projecting 1.26 billion CNY in 2025, 1.48 billion CNY in 2026, and 1.75 billion CNY in 2027, with a significant growth rate of 34% in 2025 [4][10]. - The company is expanding its global footprint, with overseas sales accounting for 54% of its main business in the first half of 2025, which is expected to improve overall profitability [10]. Financial Summary - Revenue is projected to grow from 5.96 billion CNY in 2023 to 10.70 billion CNY in 2027, with a compound annual growth rate (CAGR) of approximately 13.9% [6][12]. - The gross margin is expected to improve from 28.4% in 2023 to 29.7% in 2027, while the net profit margin is projected to increase from 15.3% to 16.3% over the same period [6][12]. - The company's earnings per share (EPS) is forecasted to rise from 0.93 CNY in 2023 to 1.77 CNY in 2027, reflecting a strong growth trajectory [6][12].

Investment Rating - The report maintains a "Buy" rating for the company with a target price of 15.87 CNY [3][6]. Core Views - The establishment of the new Changan Automotive Group is expected to enhance operational efficiency and internal collaboration [11]. - The company is experiencing a significant increase in sales of its new energy vehicles, with a 49.1% year-on-year growth in the first half of the year [11]. - The global expansion strategy is progressing steadily, with plans to achieve over 1 million global sales by 2027 and 1.8 million by 2030 [11]. Financial Forecasts - The forecasted net profit attributable to the parent company for 2025-2027 is 68.70 billion CNY, 79.16 billion CNY, and 93.04 billion CNY respectively [3]. - The company's revenue is projected to grow from 151.30 billion CNY in 2023 to 219.51 billion CNY by 2027, reflecting a compound annual growth rate [5]. - The gross margin is expected to improve from 17.3% in 2023 to 17.8% in 2027, indicating a positive trend in profitability [5]. Key Financial Metrics - The company's earnings per share (EPS) is projected to increase from 1.14 CNY in 2023 to 0.94 CNY in 2027 [5]. - The price-to-earnings (P/E) ratio is expected to decrease from 10.7 in 2023 to 13.1 in 2027, suggesting a potential undervaluation [5]. - The net profit margin is forecasted to improve from 7.5% in 2023 to 4.2% in 2027 [5].

Core Viewpoint - The automotive industry is entering a peak consumption season, with strong promotional activities from dealers and an expected increase in consumer demand, leading to a forecast of 2.2 million units in passenger car sales for September [1][3]. Market Review - The automotive sector saw a weekly increase of 3.50%, with the auto parts sub-sector performing the best at +5.25%. In comparison, the overall A-share market declined by 0.33% [2]. - The average daily wholesale volume for domestic passenger car manufacturers from September 8 to September 14 was 66,600 units, a year-on-year decrease of 1.00%, while the average daily retail volume was 61,100 units, a year-on-year increase of 1.00% [2]. Weekly Insights - The China Automobile Dealers Association predicts that September's total passenger car sales will reach 2.2 million units, driven by the "Golden September and Silver October" consumption peak and the dual holiday effect of the Mid-Autumn Festival and National Day [3]. - The Ministry of Industry and Information Technology is soliciting public opinions on mandatory national standards for intelligent connected vehicles, which aims to enhance safety requirements for these vehicles [4]. - The global market for intelligent driving components and systems is expected to exceed $100 billion this year, with China's market projected to reach around $50 billion [4]. Investment Recommendations - Companies involved in intelligent vehicle technology and those with potential overseas sales should be considered for investment [6]. - Recommended vehicle manufacturers include BAIC Blue Valley, Great Wall Motors, and GAC Group, while recommended auto parts companies include Songyuan Safety, Zhejiang Xiantong, and Lingyun Co., among others [7].

Investment Rating - The report maintains a "Buy" rating for the company with a target price of 26.25 CNY, based on a 25x PE valuation for 2025 [2][4]. Core Views - The company has achieved a significant increase in both domestic and overseas sales, with expectations for strong performance from new vehicle launches [1][8]. - The forecast for EPS from 2025 to 2027 is projected to be 1.05 CNY, 1.17 CNY, and 1.31 CNY respectively, indicating a recovery in profitability [2]. Financial Summary - The company's revenue for 2023 is reported at 726,199 million CNY, with a projected decline of 15.4% in 2024, followed by a recovery with growth rates of 3.9%, 7.7%, and 8.0% in the subsequent years [3][9]. - Operating profit is expected to rebound significantly from 10,376 million CNY in 2024 to 19,966 million CNY in 2025, reflecting a growth of 92.4% [3][9]. - The net profit attributable to the parent company is forecasted to increase from 1,666 million CNY in 2024 to 12,118 million CNY in 2025, marking a substantial growth of 627.2% [3][9]. - The gross margin is projected to improve from 9.4% in 2024 to 10.5% in 2025, while the net margin is expected to stabilize around 2.0% by 2026 and 2027 [3][9]. Sales Performance - The company reported a total wholesale sales volume of 36.34 million vehicles in August, representing a year-on-year increase of 41.0% and a month-on-month increase of 7.7% [8]. - The MG brand has shown strong growth in Europe, with a 20% increase in terminal deliveries, and the company plans to launch new models to further enhance its market presence [8].

Group 1 - The 25th China International Investment and Trade Fair (CIFIT) attracted representatives from over 120 countries and regions, highlighting China's continued appeal as a global investment destination despite rising uncertainties in international trade and investment [2] - The UK was the guest of honor at this year's CIFIT, with a 400 square meter national pavilion featuring over 100 companies across various sectors, including medical innovation, advanced manufacturing, clean energy, and digital technology [2] - The event showcased significant participation from German companies, with 24 firms engaging in roadshows and exchanges, focusing on industrial automation, automotive components, and green building [5] Group 2 - The American Chamber of Commerce in South China brought around 50 member companies to the fair, primarily large multinational corporations, emphasizing the investment opportunities in digitalization, artificial intelligence, and software development [5] - ABB Group highlighted its commitment to China, showcasing innovative circuit breaker products and emphasizing its long-standing presence in Xiamen, which serves as its largest manufacturing base and innovation center globally [6] - China's consumer market remains the second largest globally, with a retail sales growth rate of 5.5% annually over the past four years, and the country continues to attract foreign investment, with 59,000 new foreign-invested enterprises established in 2024, marking a 9.9% increase [6]

Investment Rating - The report maintains a "Buy" rating for Geely Automobile [4][7]. Core Views - Geely's sales continue to improve, with a projected increase in market share [2]. - The company has adjusted its earnings per share (EPS) forecasts for 2025-2027 to 1.49, 1.75, and 2.12 RMB respectively, while maintaining a target price of 22.35 RMB, equivalent to 24.54 HKD [4]. Financial Performance Summary - **Revenue Forecast**: - 2023A: 179,204 million RMB - 2024A: 240,194 million RMB - 2025E: 319,444 million RMB (33.0% YoY growth) - 2026E: 381,363 million RMB (19.4% YoY growth) - 2027E: 442,685 million RMB (16.1% YoY growth) [6]. - **Operating Profit**: - 2023A: 3,806 million RMB - 2024A: 7,644 million RMB (100.8% YoY growth) - 2025E: 14,116 million RMB (84.7% YoY growth) - 2026E: 16,739 million RMB (18.6% YoY growth) - 2027E: 20,314 million RMB (21.4% YoY growth) [6]. - **Net Profit**: - 2023A: 5,308 million RMB - 2024A: 16,632 million RMB (213.3% YoY growth) - 2025E: 15,121 million RMB (-9.1% YoY decline) - 2026E: 17,735 million RMB (17.3% YoY growth) - 2027E: 21,451 million RMB (21.0% YoY growth) [6]. - **Earnings Per Share (EPS)**: - 2023A: 0.53 RMB - 2024A: 1.65 RMB - 2025E: 1.49 RMB - 2026E: 1.75 RMB - 2027E: 2.12 RMB [6]. - **Profitability Ratios**: - Gross Margin: Expected to increase from 15.3% in 2023A to 16.7% in 2027E - Net Margin: Expected to improve from 3.0% in 2023A to 4.8% in 2027E - Return on Equity (ROE): Expected to rise from 6.6% in 2023A to 14.6% in 2027E [6]. Sales Performance Summary - In August, Geely's total sales reached 250,200 units, a year-on-year increase of 38.0% and a month-on-month increase of 5.2% [11]. - New energy vehicle sales in August were 147,300 units, showing a year-on-year growth of 95.2% [11]. - The company has achieved 63.2% of its annual sales target of 3 million units by the end of August [11]. Product Development and Market Position - The Galaxy brand's sales are on the rise, with significant contributions from new product launches [11]. - The Galaxy A7 and Galaxy M9 are expected to enhance market competitiveness, with pre-sales showing strong demand [11]. - Zeekr 9X has also shown promising pre-sale figures, indicating strong consumer interest in high-end models [11].

Investment Rating - The report maintains a "Buy" rating for the company with a target price of 41.16 CNY [2][5]. Core Views - The automotive and home appliance businesses are experiencing stable growth, while the company is actively expanding into robotics and liquid cooling sectors [1]. - The company has slightly adjusted its revenue, gross margin, and expense ratio forecasts, predicting net profits of 4.118 billion, 4.864 billion, and 5.561 billion CNY for 2025-2027, respectively [2]. - The company’s revenue for 2023 is projected at 24.558 billion CNY, with a year-on-year growth of 15.0%, and is expected to reach 44.392 billion CNY by 2027 [4]. Financial Information Summary - **Revenue Forecasts**: - 2023: 24.558 billion CNY - 2024: 27.947 billion CNY - 2025: 34.640 billion CNY - 2026: 39.396 billion CNY - 2027: 44.392 billion CNY - Year-on-year growth rates: 15.0%, 13.8%, 23.9%, 13.7%, 12.7% [4]. - **Profitability Metrics**: - Gross Margin: Expected to be around 27.6% in 2025, improving to 28.3% by 2027 [4]. - Net Profit: - 2023: 2.921 billion CNY - 2024: 3.099 billion CNY - 2025: 4.118 billion CNY - 2026: 4.864 billion CNY - 2027: 5.561 billion CNY - Year-on-year growth rates: 13.5%, 6.1%, 32.9%, 18.1%, 14.3% [4]. - **Earnings Per Share (EPS)**: - 2023: 0.69 CNY - 2024: 0.74 CNY - 2025: 0.98 CNY - 2026: 1.16 CNY - 2027: 1.32 CNY [4]. - **Valuation Ratios**: - Price-to-Earnings (PE) Ratio: Expected to decrease from 46.0 in 2023 to 24.1 by 2027 [4]. - Price-to-Book (PB) Ratio: Expected to decrease from 7.5 in 2023 to 3.5 by 2027 [4].