此次泰国经销协议签订是继成功进入新加坡市场后，DeepWay深向在东南亚布局的进一步拓 展，充分彰显了DeepWay深向在全球商用车市场的竞争力与品牌影响力。未来，DeepWay深 向将持续深化海外战略布局，为全球客户提供更加高效、环保、智能的运输解决方案，助力构 建低碳高效的国际物流新生态。 近日，DeepWay深向与泰国重要合作伙伴成功签署经销协议，并正式达成首批泰国市场订 单，标志着DeepWay深向新能源重卡在东南亚市场取得了又一重大突破。 在签约当天，DeepWay深向国际公司总经理林发财亲自陪同泰国合作伙伴试乘DeepWay深向 重卡，特别是深入体验了公司的右舵电动重卡和动力挂产品。林总详细介绍了车辆在核心三电 系统、智能驾驶技术以及右舵车型本地化适配等方面的领先优势。 泰国合作伙伴对DeepWay深向重卡的卓越性能、智能化水平以及完善的服务体系给予了高度 评价，并表达了对未来深入合作的坚定信心。双方在随后的深入洽谈中达成共识，并顺利完成 签约。 ● 潍柴超27万台 玉柴/全柴稳居三甲 前4月多缸柴油机销量来了 | 头条 ● 前4月销量翻倍！三环在专用车市场取得哪些瞩目成绩？ ● 首批300辆微卡 ...

Core Viewpoint - Foton Motor's Q1 2025 financial report shows a 15% year-on-year revenue growth to 14.8 billion yuan and a 70% increase in net profit to 436 million yuan, driven by a 174% surge in new energy commercial vehicle sales and leading overseas exports in the industry [1][14]. Group 1: Performance Highlights - In the first four months of 2025, Oukan Power achieved total sales of 30,600 units, with overseas market performance particularly strong, showing a 58.86% year-on-year increase in sales of Foton vehicles equipped with Oukan engines [3]. - Foton's overall overseas exports grew by 11.4% in the same period, indicating a synergistic effect between Foton and Oukan Power [3]. - Oukan Power has become a core driver of sales growth for Foton's diverse product range, particularly in the overseas markets [3][5]. Group 2: Technological Advancements - Oukan Power's technology is rooted in a new generation of lightweight power platforms developed in collaboration with Ricardo, focusing on low fuel consumption, low noise, and lightweight advantages across various vehicle types [7]. - The Oukan F2.5 engine utilizes dual swirl stratified fuel technology, reducing overall fuel consumption below the industry average, while the F2.0 engine achieves a low-speed torque of 250 Nm, enhancing acceleration performance by 10% [9]. - Oukan Power's manufacturing facility in Weifang, Shandong, adheres to Germany's Industry 4.0 standards, achieving 100% automation in key processes and a 30% reduction in engine production cycles [9]. Group 3: Global Strategy and Market Adaptation - Oukan Power is actively participating in Foton's globalization strategy, forming a super power ecosystem alliance with international manufacturers and providing customized products to address regional challenges [10][12]. - The company has established a digital service network that quickly responds to user needs in extreme environments, helping to reduce operational costs through lower urea consumption and longer DPF regeneration mileage [12]. - Oukan Power's localized service capabilities are gradually strengthening, supported by Foton's 22 KD factories worldwide, indicating a shift from "product output" to "ecosystem empowerment" [12]. Group 4: Strategic Importance - Oukan Power is positioned as a "power cornerstone" in Foton's strategy, supporting explosive growth in the terminal market and contributing to Foton's ambition to become a "world-class commercial vehicle enterprise" [14].

在加强新质生产力培育方面，三环汽车坚持在智能驾驶前沿技术领域的创新产所及研发投入， 例如与科技企业合作开发的无人驾驶集装箱运输车，目前最新的第四代产品已成功应用与武汉 花山港等多个港口园区，为客户打造了智能物流系统解决方案。 在开幕仪式中的主题演讲中，湖北三环汽车有限公司副总经理尚金龙表示，三环汽车在专用车 领域深耕细作，取得了令人瞩目的成绩。 2024年，公司新增专用车公告近300多个，联合湖 北一专等专用车头部企业共同开发整专一体化专用车产品，覆盖市政环卫，工程建筑，应急救 援等多个领域，实现了多元化，多领域发展专用车。 近几年，三环汽车在专用车市场更是以破竹之势凶猛崛起，2024年销量同比增长96%，2025 年1至4月份同比增长102%，彰显出三环汽车在专用车市场上的强大发展韧性。面对国内专用 车市场愈发激烈的竞争环境，三环汽车累计投入5千万元用于改造装配线和检测线，大幅度提 升生产效率和产品质量。 5月15日，由中国电动汽车百人会、东风汽车集团有限公司主办，十堰新能源与智能网联汽车 零部件产业创新中心、十堰产业投资集团有限公司、十堰文旅体投资发展集团有限公司、十堰 市专用车行业协会承办的专用车产业创 ...

Investment Rating - The report maintains a positive investment rating for the automotive industry, highlighting strong growth potential in various segments, particularly in passenger vehicles and components [6]. Core Insights - The automotive industry is experiencing a policy-driven demand boost, with significant growth in sales and revenue across multiple segments, including passenger cars, components, commercial vehicles, and motorcycles [5][12]. - The report emphasizes the importance of smart technology and globalization in driving profitability, particularly for high-quality domestic brands [5][12]. Summary by Sections 1. Industry Overview - The automotive sector's market capitalization reached 50,793 billion as of May 9, 2025, with a notable increase in the proportion of holdings in the sector [10][19]. - The performance of passenger cars and motorcycles has been particularly strong, with year-on-year revenue growth observed [12]. 2. Passenger Vehicles - Passenger vehicle wholesale sales reached 8,859,000 units in Q4 2024, up 12.4% year-on-year and 32.2% quarter-on-quarter [1]. - Revenue for the passenger vehicle segment in Q4 2024 was 696.5 billion, reflecting an 18.0% year-on-year increase [1]. - The report forecasts continued demand growth driven by new policies and the introduction of new models [46][47]. 3. Components - The components sector saw revenue of 269.2 billion in Q4 2024, a 6.8% year-on-year increase, primarily due to strong performance from core domestic brands [2]. - The gross margin for the components sector was 16.8% in Q4 2024, with a slight decline attributed to competitive pricing pressures [2][3]. 4. Commercial Vehicles - Heavy truck demand is recovering, with key companies reporting revenues of 95.64 billion in Q4 2024, down 3.7% year-on-year but up 12.4% quarter-on-quarter [3]. - The bus segment showed significant growth, with revenues increasing by 55.5% year-on-year in Q4 2024 [3]. 5. Motorcycles - Motorcycle sales reached 184,000 units in Q4 2024, a 57.2% increase year-on-year, driven by the growth of mid-to-large displacement models [4]. - Revenue for key motorcycle companies was 13.42 billion in Q4 2024, reflecting a 25.9% year-on-year increase [4]. 6. Investment Recommendations - The report recommends investing in high-quality domestic brands in the passenger vehicle segment, such as BYD, Geely, and Xpeng [5]. - In the components sector, it suggests focusing on companies involved in the new energy vehicle supply chain and smart technology [5].

Investment Rating - The report maintains a positive investment rating for the automotive industry, highlighting strong growth potential driven by policy support and technological advancements [6]. Core Insights - The automotive industry is experiencing a robust recovery, with passenger vehicle sales driven by policy incentives and an increase in new energy vehicle penetration [1][46]. - The report emphasizes the profitability of intelligent and autonomous driving technologies, which are expected to lead the market in the coming years [5]. - The overall performance of the automotive sector is supported by favorable exchange rates and improved product structures, contributing to enhanced profit margins [1][2]. Summary by Sections Industry Overview - As of Q1 2025, the automotive sector's fund holding ratio increased to 6.09%, reflecting strong demand and positive market sentiment [19]. - The total market capitalization of the selected sample of 306 companies in the automotive sector is approximately 50,793 billion [10]. Passenger Vehicles - In Q4 2024, wholesale passenger vehicle sales reached 8.859 million units, a year-on-year increase of 12.4% and a quarter-on-quarter increase of 32.2% [1]. - The revenue for the passenger vehicle segment in Q4 2024 was 696.5 billion, up 18.0% year-on-year and 28.8% quarter-on-quarter [1]. - The average selling price (ASP) remained stable in Q1 2025, with seven sample companies reporting a total revenue of 447.7 billion, a year-on-year increase of 6.2% [1]. Auto Parts - The auto parts sector saw revenue growth, with Q4 2024 revenue at 269.225 billion, a year-on-year increase of 6.8% [2]. - The gross margin for the auto parts sector in Q4 2024 was 16.8%, reflecting competitive pricing pressures [2]. - In Q1 2025, the gross margin improved to 17.5%, driven by economies of scale and reduced raw material costs [2]. Commercial Vehicles - Heavy truck demand showed signs of recovery, with Q4 2024 revenue for key companies at 95.64 billion, a year-on-year decrease of 3.7% but a quarter-on-quarter increase of 12.4% [3]. - The bus segment experienced significant growth, with Q4 2024 revenue at 24.25 billion, up 55.5% year-on-year [3]. Motorcycles - The motorcycle segment saw a surge in sales, with Q4 2024 sales reaching 184,000 units, a year-on-year increase of 57.2% [4]. - Revenue for key motorcycle companies in Q4 2024 was 13.42 billion, up 25.9% year-on-year [4]. Investment Recommendations - The report recommends investing in high-quality domestic brands in the passenger vehicle sector, such as BYD, Geely, and Xpeng [5]. - In the auto parts sector, it suggests focusing on companies involved in the new energy vehicle supply chain and intelligent driving technologies [5].

证券研究报告 行业研究 2025 年 5 月 13 日 4 月重卡销量重回正增长 电动化或成竞争关键 核心观点： 第一创业证券研究所 风险提示： 请务必阅读正文后免责条款部分 第 1 页 共 6 页 邮箱：guoqiang@fcsc.com 根据第一商用车网披露的数据，2025 年 4 月份我国重卡市场共计销售 9 万辆 左右（批发口径，包含出口和新能源），同比增长约 9.4%。相对于一季度重 卡总计销量约 26.5 万辆，同比减少约 2.7%的情况，4 月份重卡销量的增长表 现较好。说明 3 月 18 日交通运输部、国家发展改革委、财政部发布《关于实 施老旧营运货车报废更新的通知》发布后，对重卡销售的正面刺激已开始。 分析师：郭强 证书编号：S1080524120001 电话：0755-23838533 根据第一商用车网数据，4 月份新能源重卡终端销量预计在 1.25 万-1.3 万辆， 同比增长超过 1.7 倍，创造了该细分领域 4 月销量的新高，行业渗透率在 20% 左右。4 月份天然气重卡月销量降至 2 万辆以下，同比降幅超过 35%，渗透率 在 26-27%左右。从 2023 年开始，新能源重卡销量 ...

Industry Insights - Foton Motor is upgrading its strategy in Brazil, marking a new phase in its globalization efforts in the Latin American market with the launch of its factory in São Paulo [1] - The factory covers an area of 197,000 square meters and has an annual production capacity of 5,000 units, with an initial phase capacity of 2,000 units, capable of producing various vehicle types including medium and light trucks, and plans to expand to heavy trucks and pickups in the future [4] Product Analysis - As of April 28, 2025, Anhui Province has implemented a policy for the scrapping and updating of old operating trucks, while Zhejiang Province has released guidelines for subsidy applications [5] - Jiangsu and Shanghai have not yet published specific policies for old operating trucks but have issued notifications supporting the scrapping and updating of eligible vehicles [5] Sales Forecast - The heavy truck sales in Anhui Province for 2024 are projected at 25,000 units, a year-on-year decline of 5.9%, with a notable increase in sales in the last quarter following policy implementation [10] - By the end of 2024, the total replacement base in the Yangtze River Delta region is expected to reach 212,000 units, with a significant portion being heavy trucks [13] - The light commercial vehicle market is expected to see stable growth in 2025, with an estimated total sales of 2.82 million units, reflecting a year-on-year increase of 3.5% [17]

根据各家重卡企业提供的销售数据，今年4月，我国重卡市场销售各类车型约9万辆（批发统计口径，包含出口和新能源车辆），同比增长8％，比上年同 期净增约8000辆。今年1～4月，国内重卡市场累计销量35.5万辆，与上年同期基本持平。 01 5家企业销量破万辆 在重卡市场月度销量"排位赛"中，有5家企业月销破万辆。其中，中国重汽以约2.3万辆的销量位居首位；另外，同比增速跑赢市场大盘的企业有东风公 司、福田汽车和徐工汽车。 具体来看，4月，中国重汽销售各类重卡约2.3万辆，同比下降2%，位居行业第一；1～4月，中国重汽累计销量约9.72万辆，同比下降2.79％，市场占有率 为27.4％。一汽解放4月销售重卡约1.7万辆，同比下降6％，排名第二；1～4月，一汽解放累计销量7.1万辆，同比下降8.11％，市场占有率为19.9％。4 月，东风公司（包括东风商用车、东风柳汽乘龙、东风华神等）销售重卡约1.5万辆，同比增长39％，排名行业第三；今年1~4月，东风公司累计销售重卡 约5.45万辆，同比下降11.75％，市场占有率为15.3％。陕汽集团4月销售重卡约1.45万辆，与上年同期基本持平，位居行业第四；1～4月，陕汽集团 ...

Investment Rating - The investment rating for the company is "Accumulate" (maintained) [1] Core Views - The company reported a revenue of 12.91 billion yuan in Q1 2025, representing a year-on-year growth of 13% and a net profit attributable to shareholders of 310 million yuan, also up by 13.3% year-on-year [5][6] - The heavy truck industry saw a wholesale sales decline of 2.8% year-on-year in Q1 2025, while the company maintained a market share of 28%, leading the industry [5][6] - The company's gross margin for Q1 2025 was 7.05%, a decrease of 0.5 percentage points compared to the average level of Q1/Q2 last year, primarily due to changes in overseas market structure [5][6] - The company’s R&D, sales, and management expense ratio was 2.86%, down 0.6 percentage points year-on-year, contributing to the growth in net profit [5][6] - The report anticipates that the domestic heavy truck market will benefit from the replacement policy for old operational vehicles, entering a favorable economic cycle [5][6] Financial Summary - The company is projected to achieve total revenues of 51.1 billion, 53.7 billion, and 61.7 billion yuan for 2025, 2026, and 2027, respectively, with year-on-year growth rates of 14%, 5%, and 15% [6][7] - The net profit attributable to shareholders is expected to be 1.71 billion, 1.82 billion, and 2.21 billion yuan for the same years, with growth rates of 15%, 7%, and 21% [6][7] - The earnings per share (EPS) are forecasted to be 1.45, 1.55, and 1.88 yuan, corresponding to price-to-earnings (P/E) ratios of 12, 11, and 9 times [6][7]

Group 1 - The Shanghai Composite Index opened high and the CSI 300 Machinery Manufacturing Index reported 5990.16 points [1] - The CSI 300 Machinery Manufacturing Index has increased by 4.51% in the past month, 2.70% in the past three months, and 4.12% year-to-date [2] - The CSI 300 Index categorizes its 300 sample stocks into 11 primary industries, 35 secondary industries, over 90 tertiary industries, and more than 200 quaternary industries [2] Group 2 - The top ten weights in the CSI 300 Machinery Manufacturing Index are: Huichuan Technology (18.27%), Sany Heavy Industry (14.28%), CRRC Corporation (10.71%), Weichai Power (9.94%), XCMG (9.0%), China Shipbuilding (8.24%), China Heavy Industry (6.03%), Hengli Hydraulic (4.98%), Zoomlion (4.63%), and Yutong Bus (4.29%) [2] - The market segments of the CSI 300 Machinery Manufacturing Index are composed of 54.62% from the Shanghai Stock Exchange and 45.38% from the Shenzhen Stock Exchange [2] Group 3 - The industry composition of the CSI 300 Machinery Manufacturing Index includes: Engineering Machinery (27.91%), Electric Motors and Industrial Control Automation (18.27%), Shipbuilding and Other Marine Equipment (17.25%), Commercial Vehicles (15.10%), Urban Rail and Railways (13.81%), Fluid Machinery (4.98%), and Other Specialized Machinery (2.68%) [3] - The index sample is adjusted every six months, with adjustments implemented on the next trading day after the second Friday of June and December each year [3] - Weight factors are generally fixed until the next scheduled adjustment, with temporary adjustments made in response to changes in the CSI 300 Index samples [3]