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 ...

点 击 蓝 字 关 注 我 们 本文全文共 1074 字，阅读全文约需 3 分钟 一、行业洞察 福田汽车推动巴西战略再升级 4月8日，以"Together Win Future"为主题的北汽福田2025拉美合作伙伴大会暨巴西工 厂首车下线仪式，在巴西圣保罗盛大启幕，不仅标志着北汽福田全球化战略在拉美市 场迈入全新阶段，更以巴西工厂投产为支点，通过本地化生产深度参与巴西"再工业 化"进程，依托巴西工厂辐射拉美市场，为全球商用车产业转型升级注入新动能 。 | 巴西工厂总面积达19.7万平方米，北汽 福田生产线年产能规划5000台，一期规 | | --- | | 划年产能 2000 台,具备生产中卡、轻 | | 卡等多种车型的能力，未来该生产线将拓 | | 展至重卡、皮卡等车型。 | 二、产品分析 长三角及周边地区"以旧换新"政策实施落地情况 截至2025年4月28日，安徽省于4月1日发布了《安徽省2025年老旧营运货车报废更新 工作实施细则》，浙江省4月3日发布了《浙江省2025年老旧营运货车报废更新补贴 申领操作指南》，江苏省和上海市暂未发布老旧营运货车专项政策，但2个地区已于1 月下旬发布了"两新"政策通知。 ...

研究所： 2025 年 05 月 12 日 公司研究 评级：增持(维持) 证券分析师： 戴畅 S0350523120004 daic@ghzq.com.cn [Table_Title] 2025Q1 公司收入增速高于行业销量增速，费用 率控制优秀 ——中国重汽（000951）公司动态研究 | 相对沪深 | 表现 300 | | | 2025/05/09 | | --- | --- | --- | --- | --- | | 表现 | | 1M | 3M | 12M | | 中国重汽 | | -13.7% | -5.9% | 6.9% | | 沪深 300 | | 4.3% | -1.2% | 5.0% | | 市场数据 | 2025/05/09 | | --- | --- | | 当前价格（元） | 17.05 | | 52 周价格区间（元） | 13.39-20.88 | | 总市值（百万） | 20,031.52 | | 流通市值（百万） | 20,031.52 | | 总股本（万股） | 117,486.94 | | 流通股本（万股） | 117,486.94 | | 日均成交额（百万） | 170.9 ...

点击蓝字 关注我们 乘联分会&科瑞咨询联合发布 新能源商用车周报 (总第0102期 2025年5月第1周) ▌自录 CONTENTS 僵）行业数据 · 市场：市场：新能源渗透率年度走势 企业团公 · 长安凯程:VAN事如意 长安凯程V919开启预售! 供应链 政策法规 · 采埃孚：采埃孚发布智能网联底盘和电驱增程系统 · LG新能源：LG新能源新建电池回收工厂 四川省新能源汽车废旧动力电池回收利用管理暂行办法，将于6 月1日起执行 《办法》明确要求废旧动力电池应交售给回收服务网点或综合 利用企业,创新提出建设集成废旧动力电池回收、储运、拆解、 检测、维修、梯次利用、再生利用等多功能的区域中心,促进 废旧动力电池应收尽收、就近回收、就近利用。《办法》对废 旧动力电池从产生"起点"到综合利用"终点"全生命周期作 出规定,要求移交、回收、运输、综合利用等各环节均应符合 国、省相关要求,并由生态环境、商务等部门负责监督检查。 山西省市场监督管理局正式发布《纯电动底盘式换电载货汽车 换电站建设指南》 此次山西发布的《指南》系统性地明确了换电站建设的基本原 则、选址规划、供配电系统、车辆引导系统、电池更换系统、 整站监控 ...

Core Insights - Beiqi Foton's vehicle sales reached nearly 55,000 units in April, marking a year-on-year increase of 21.63%, with new energy vehicle sales at 8,193 units, up 202.88% [1][3] - The company experienced significant growth in heavy trucks and export business, with respective year-on-year increases of 120.83% and 11.36% [1] Group 1: New Energy Growth - Beiqi Foton's strong growth in new energy vehicles highlights its precise grasp of the new energy segment, driven by a combination of "policy + product + scenario" strategies [3] - The Foton Auman series has received carbon footprint quantification labels, making it one of the first heavy truck models in the commercial vehicle industry to achieve this [3] Group 2: Heavy Truck Business - In April, Beiqi Foton sold nearly 12,000 heavy trucks, a year-on-year increase of approximately 121%, leading the industry's overall recovery [3] - The growth is attributed to a dual-driven strategy of "technology upgrades + scenario deepening," with innovations in the Auman Galaxy series enhancing user experience through digital services [3] Group 3: International Expansion - Beiqi Foton's overseas sales exceeded 14,000 units in April, continuing a strong momentum from the first quarter, where cumulative overseas sales surpassed 40,000 units [3] - The company secured significant orders in Australia and Turkey, demonstrating its ability to navigate challenges posed by U.S. tariff policies [3] Group 4: Latin America Market - Beiqi Foton has established over 400 service outlets in Latin America and has launched its first locally produced light truck in Brazil, marking a significant milestone [4] - The company is transitioning from traditional trade exports to a model focused on local R&D and regional manufacturing, enhancing its presence in key markets like Mexico and Argentina [4] Group 5: ESG Initiatives - Beiqi Foton released its first ESG report, aiming to reduce carbon emissions by approximately 13,000 tons by 2024, a 17.71% reduction from the baseline year [4] - The company has set ambitious carbon neutrality goals, targeting peak carbon emissions by 2028 and full carbon neutrality across its value chain by 2050 [4] Group 6: Future Strategy - Beiqi Foton plans to implement the "New Energy 30·50 Strategy," aiming for over 50% of its sales to be from new energy vehicles by 2030 and to become a global leader in green transportation by 2050 [5] - The strategy focuses on enhancing self-research capabilities and developing key technologies to solidify its position in the new energy vehicle market [5]

证券研究报告 中国重汽 (000951 CH) 风险提示：商用车销量不及预期；原材料涨价超预期。 经营预测指标与估值 营收同环比双增，看好内需持续释放 | 华泰研究 | | | 更新报告 | | --- | --- | --- | --- | | 2025 年 | 5 月 | 10 日│中国内地 | 商用车 | 中国重汽发布一季报，公司 Q1 实现营收 129.1 亿元，yoy+13%，qoq+14%； 归母净利润 3.10 亿元，yoy+13%，qoq-43%，业绩略低于我们预期（Q1 前瞻预计为 3.25-3.35 亿元），或系产品和市场结构变化。展望 25 年，重卡 以旧换新政策范围扩大至国四车与 LNG 车，看好释放更多重卡置换需求， 全年重卡销量或破百万辆，公司作为头部重卡企业或率先受益行业向上，提 升盈利兑现能力，维持买入评级。 需求回暖+价格趋稳下内销提升，降本增效推进费用端改善 Q1 公司营收同环比双增，主要得益于 25 年重卡以旧换新政策顺利衔接并 且范围扩大，Q1 重卡行业景气回暖明显（根据中汽协，重卡批发销量 yoy-3%/qoq+21%），叠加下游库存情况较好、价格战趋缓，公司的内销收 ...

Group 1 - Yitong Century won a bid for a communication engineering construction service project from China Mobile, with a total bid amount of 228 million yuan (including tax) [1] - Zhiyuan New Energy plans to repurchase shares worth between 33 million and 66 million yuan, with a maximum repurchase price of 22.00 yuan per share [1] - GAC Group reported April automobile sales of 116,400 units, a year-on-year decrease of 12.66% [2] - JAC Motors reported April automobile sales of 30,764 units, a year-on-year decrease of 3.55% [3] Group 2 - Fosun Pharma's subsidiary received FDA approval for a clinical trial of a live biotherapeutic product aimed at treating androgenetic alopecia [4] - Liangxin Co. obtained multiple patent certificates, including 2 invention patents and 32 utility model patents [5] - Sainuo Medical's two products received medical device registration certificates in Mexico and Ecuador [5] - Huayu Pharmaceutical's two products received marketing approvals in France and Spain [6] Group 3 - Shengnong Development reported April sales revenue of 1.533 billion yuan, a year-on-year increase of 0.68% [6] - Hasi Lian's potassium chloride and sodium chloride injection passed the consistency evaluation [7] - Shapuaisi received approval for a supplemental application for levofloxacin eye drops [9] - Tianyu Biological reported April sales revenue of 59.32 million yuan from pig sales [10] Group 4 - *ST Weihai was pre-awarded a project worth 108 million yuan [12] - Luoniushan reported April sales revenue of 125 million yuan from pig sales, a year-on-year increase of 12.72% [13] - Minhe Co. reported April sales revenue of 68.30 million yuan from chick sales, a year-on-year increase of 0.51% [14] Group 5 - Double Ring Technology's application for a specific stock issuance was approved by the Shenzhen Stock Exchange [15] - Hualu Hengsheng plans to repurchase shares worth between 200 million and 300 million yuan [16] - Baolong Technology plans to repurchase shares worth between 100 million and 200 million yuan [17] Group 6 - Huasheng Technology's subsidiary plans to sell shares of a company for 200 million yuan [24] - *ST Gengxing's controlling shareholder plans to increase holdings worth between 30 million and 60 million yuan [25] - Ruihuatai's shareholder plans to reduce holdings by up to 1% of the company's shares [26] Group 7 - Foton Motor reported April commercial vehicle sales of 54,816 units, a year-on-year increase of 21.63% [20] - China Merchants Bank plans to invest 15 billion yuan to establish a financial asset investment company [22] - Jinchengxin plans to invest approximately 231 million USD in the Alacran copper-gold-silver mine project [23] Group 8 - Zhongji United's controlling shareholder plans to reduce holdings by up to 2% of the company's shares [30] - Ningbo Huaxiang signed a strategic cooperation agreement to strengthen collaboration in various areas [31] - SMIC reported a net profit of 1.356 billion yuan for Q1 2025, a year-on-year increase of 166.5% [32] Group 9 - FAW Fuwi received a project notification to develop seat products for a luxury brand, with a total sales amount expected to be 1.39 billion yuan [33] - Huakang Clean won a bid for a purification project worth 64.425 million yuan [34] - Lihua Co. reported April sales revenue of 1.125 billion yuan from chicken sales [35]

点 击 蓝 字 关 注 我 们 本文全文共 3497 字，阅读全文约需 11 分钟 目录 国内新闻 4.上汽通用五菱固态电池预计2027年上车 5.科大讯飞与奇瑞汽车成立合资公司 6.宁德时代发布9MWh超大容量储能系统TENER Stack 7.百度Apollo与神州租车将联合推出自动驾驶汽车租赁服务 8.乐车汽车超市蓉城启幕 三重业态重构汽车零售模式 国外新闻 1.英国和美国就关税贸易协议条款达成一致 2.韩国4月新注册进口汽车数量为21495辆 1.工信部拟立新规强化新能源汽车车门把手安全标准 2.2024年消费品以旧换新销售额超1.3万亿元 3.极氪能源与广汽能源达成双向互联互通合作 3.三菱汽车计划于2026年在美国和加拿大推出电动跨界车 4.奔驰将在阿拉巴马州生产一款"核心车型" 商用车 1. DeepWay深向重卡新品发布 2. 云南加力扩围交通运输大规模设备更新 3. 江西河北两省发布货车报废补贴通知 4. 新亚科技中国总部落户上海临港 国内新闻 1 工信部拟立新规强化新能源汽车车门把手安全标准 时间:2025.5.9 来源: 第一电动 5月8日消息，工信部官网获悉，公开征集对《汽车车门把手安 ...

点 击 蓝 字 关 注 我 们 本文全文共 714 字，阅读全文约需 2 分钟 为了便于大家进一步及时掌握全国乘用车市场产销动态，并了解行业政策、价格、二手车、新能源汽 车、商用车市场、上海汽车市场等情况，中国汽车流通协会乘用车市场信息联席分会秘书处现决定举行"2025 年5月乘用车市场分析发布会"，本次会议以 网上发布 的形式举行。 请大家关注微信订阅号：cpca2024和官网www.cpcaauto.com，届时报告将通过以上两种渠道发布。感谢各 位的支持！ 会议相关信息如下： 主办方： 2）2025年3月价格指数报告 ——福蓝汽车； 3） 关于《乘用车燃料消耗量评价方法及指标》和《电动汽车能量消耗量限值 第1部分：乘用车》两项强制性 国家标准（报批稿）的分析 中国汽车流通协会乘用车市场信息联席分会 协办方： 搜狐·汽车事业部 上海市信息中心 益普索（中国）咨询有限公司 上海安路勤企业管理咨询有限公司 上海福蓝汽车技术有限公司 广州威尔森信息科技有限公司 科瑞卓信（北京）咨询有限公司 广州市佩升前研市场信息咨询股份有限公司 会议报告网上发布时间： 2025年5月11日（星期日）上午10:00 会议报告内容 ...