2025 年 05 月 17 日 行业研究 评级：推荐(维持) 研究所： 证券分析师： 戴畅 S0350523120004 daic@ghzq.com.cn 联系人 ： 徐鸣爽 S0350124100008 xums@ghzq.com.cn [Table_Title] 以旧换新密集落地，2025 年重卡内需有望景气 回升 ——商用车行业动态研究 最近一年走势 | 行业相对表现 | | | 2025/05/16 | | --- | --- | --- | --- | | 表现 | 1M | 3M | 12M | | 商用车 | 1.5% | -7.5% | 27.0% | | 沪深 300 | 3.1% | -1.3% | 6.8% | 相关报告 《商用车行业深度研究：重卡景气 2025 年有望拐 点向上，重卡公司或迎戴维斯双击（推荐）*商用 车*戴畅》——2025-01-07 《商用车行业动态研究：2024 年重卡批发同比微 降，2025 年有望向上均值回归（推荐）*商用车* 戴畅》——2025-01-05 事件： 2025 年 4 月我国重卡交强险上险量 6.9 万台，同比增长 6%，1-4 月累计 同比增 ...

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 ...

近日，福田汽车发布2025年一季度财报，营收同比增长15%至148亿元，净利润大增70%至 4.36亿元，其中新能源商用车销量同比激增174%，海外出口稳居行业榜首。亮眼数据的背 后，离不开福田汽车全价值链的协同发力，而作为福田自主动力品牌的欧康动力，正是支撑集 团终端市场"多点开花"的关键一环。 在"双碳"目标加速落地、全球化竞争白热化的当下，欧康动力如何借势福田ESG报告中的"三 步走"（即2028年碳达峰、2030年零碳工厂、2050年碳中和）战略目标与"GREEN3030"海 外布局，实现自身跃升？又如何以"绿色芯动力"助推福田向"世界一流商用车企"迈进？请看 第一商用车网的报道。 全球协同 打造业绩增长的"强引擎 " 2025年1-4月，欧康动力实现总销量3.06万台，其中海外市场表现尤为抢眼：搭载欧康动力 的福田海外车型销量同比增长58.86%，在哥伦比亚、墨西哥、东南亚等地区实现规模化突 破。这一成绩与福田一季度海外出口同比增长11.4%的全局表现形成共振，这既是福田对欧康 动力的赋能，同样也是欧康动力对于福田在不同场景下车辆动力需求的满足。 尤其，在面对福田汽车多样化的产品时，欧康动力成为了驱 ...

Summary of Key Points Core Viewpoint - In April 2025, the commercial vehicle market in China experienced a decline in production and sales for both buses and trucks compared to the previous month, while showing slight growth in truck sales year-on-year [1]. Group 1: Commercial Vehicle Production and Sales - In April 2025, commercial vehicle production and sales reached 362,000 units and 367,000 units respectively, reflecting a month-on-month decrease of 16% and 17.9%, but a year-on-year increase of 1.3% and 2.7% [3]. - From January to April 2025, commercial vehicle production and sales totaled 1.41 million units each, marking a year-on-year growth of 4.1% and 2% [3]. Group 2: Bus Production and Sales - In April 2025, bus production and sales both reached 45,000 units, with month-on-month declines of 9.9% and 16.1%, and year-on-year decreases of 0.2% and 0.6% [4]. - For the first four months of 2025, bus production and sales totaled 169,000 units, showing year-on-year increases of 5.9% and 6.9% [4]. - Among bus categories, light buses saw slight growth year-on-year, while medium and large buses experienced varying degrees of decline [4]. Group 3: Truck Production and Sales - In April 2025, truck production and sales were 317,000 units and 323,000 units, with month-on-month declines of 16.8% and 18.2%, but year-on-year increases of 1.5% and 3.2% [7]. - From January to April 2025, truck production and sales reached 1.24 million units each, with year-on-year growth of 3.9% and 1.4% [6]. - In the truck segment, light trucks showed growth year-on-year, while medium and micro trucks faced declines in production and sales [6].

2025 年 4 月， 货车产销分别完成 31.7 万辆和 32.3 万辆，环比分别下降 16.8% 和 18.2% ，同比分别增长 1.5% 和 3.2% 。在货车细分品种中，与上月相比，中型货车产销呈 不同程度增长，微型货车产量增长、销量下降，其他两大类货车品种产销均呈两位数下降； 与上年同期相比，重型货车和轻型货车产销呈不同程度增长，中型货车产量增长、销量下 降，微型货车产销明显下降 。 2025 年 1-4 月， 货车产销分别完成 124.2 万辆和 124.9 万辆，同比分别增长 3.9% 和 1.4% 。在货车细分品种中，与上年同期相比，轻型货车产销呈不同程度增长，重型货车产量 增长、销量微降，中型货车和微型货车产销呈不同程度下降 。 2025 年 4 月， 客车产销均完成 4.5 万辆，环比分别下降 9.9% 和 16.1% ，同比分别下 降 0.2% 和 0.6% 。在客车细分品种中，与上月相比，三大类客车品种产销均呈不同程度下 降；与上年同期相比，轻型客车产销小幅增长，其他两大类客车品种产销呈不同程度下降 。 2025 年 1-4 月， 客车产销均完成 16.9 万辆，同比分别增长 5.9% ...

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 ...

近日，上海闵行客运服务有限公司招标20辆7米级纯电动公交车，预算 2340万元。 一、项目基本情况 项目编号：310112000250508108814-12241212 简要规格描述或项目基本概况介绍、用途：20辆7米级纯电动公交车辆采购 合同履约期限：合同签订之日起至质保期满结束。 预算金额(元)：23400000元(国库资金：0元;自筹资金：23400000元) 最高限价(元)：包1-23400000.00元 数量：20 项目名称：2025年上海闵行客运服务有限公司7米级纯电动公交车采购项目 采购需求： 包名称：2025年上海闵行客运服务有限公司7米级纯电动公交车采购项目 预算金额(元)：23400000.00 预算编号：1225-W00004748 本项目(是)接受联合体投标。 二、申请人的资格要求 1.满足《中华人民共和国政府采购法》第二十二条规定; 2.落实政府采购政策需满足的资格要求：落实绿色建筑、绿色建材，绿色包装，节能产品，环 境标志产品，中小企业，监狱企业，残疾人福利性单位，不发达、少数民族地区的企业，促进 自主创新产业发展，支持脱贫攻坚等。 3.本项目的特定资格要求：1、符合《中华人民共 ...

2024Q4&2025Q1：政策驱动总量 智能化盈利领 跑 ➢ 乘用车：政策促需 规模效应、汇兑收益驱动盈利。销量端：2024Q4 乘用 车批发 885.9 万辆，同比+12.4%，环比+32.2%。2025Q1 乘用车批发 641.9 万 辆，同比+12.9%，环比-27.6%；营收端，2024Q4 乘用车板块营收 6,965 亿元， 同比+18.0%，环比+28.8%；2025Q1 车企 ASP 相对稳定， 7 家样本企业收入 达 4,477 亿元，同比+6.2%，环比-35.7%；毛利端：2024Q4 整体毛利表现较 好，2025Q1 乘用车企毛利率表现分化，规模效应+产品结构改善+降本驱动毛 利向上，产品结构变化导致毛利率向下；净利端，2024Q4 整体业绩表现亮眼， 2025Q1 还叠加人民币贬值带来汇兑收益，车企 2025Q1 净利润同比表现尚佳。 ➢ 零部件：营收持续增长 智能化盈利表现亮眼。营收端，2024Q4 零部件板 块营收 2,692.25 亿元，同比+6.8%，环比+13.2%，增长主要受益于核心自主品 牌、新势力产业链强势表现。2025Q1 零部件板块营收 2,326.9 亿元，同比 ...

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].

Group 1 - The core event is the delivery ceremony of 100 port transport vehicles between Dongfeng Commercial Vehicle Co., Ltd. and Ningbo Yanyong Automobile Sales Co., Ltd., marking a significant step in promoting green, intelligent, and efficient development in port logistics [2] - The first batch of 50 Dongfeng Tianlong KL fuel tractors features a lightweight design with a weight as low as 6.75 tons and a large 600L fuel tank, enhancing transport efficiency and reducing refueling frequency [5] - The collaboration aims to create a new model of port logistics characterized by high adaptability, high efficiency, and high value, continuing a decade-long partnership between the two companies [5][7] Group 2 - Ningbo FGS Logistics Co., Ltd. is a key player in regional port transportation, facing challenges such as equipment upgrades and emission regulations while expanding its business [3] - Dongfeng Commercial Vehicle provides a customized "four unification" service agreement to Ningbo FGS, covering vehicle procurement to maintenance, enhancing operational efficiency and reducing maintenance costs [9] - The partnership emphasizes a "customized + integrated" solution that supports the entire lifecycle of port transportation, aiming to build a low-carbon, efficient, and intelligent new ecosystem in port logistics [11]