金十数据4月29日讯，一汽解放公告，2025年第一季度营业收入143.41亿元，同比下降24.60%。净利润 2905.35万元，同比下降83.42%。 一汽解放：2025年一季度净利润2905.35万元，同比下降83.42% ...

Core Viewpoint - GAC Commercial Vehicle has officially established GAC Lingcheng New Energy Commercial Vehicle Co., Ltd, launching its first new energy "full-domain pickup" concept vehicle, GAC PICKUP 01, along with various innovative technologies and strategies aimed at transforming into intelligent new energy commercial vehicles [1][2] Group 1: Company Development - GAC Lingcheng is a restructured entity from GAC Hino, which was established in 2007 and previously held a significant market share in the high-end heavy truck sector [1] - GAC Group has increased its stake in GAC Lingcheng to 89.72%, while Hino's share has decreased to 4.83% [1] - The company aims to achieve a revenue target of 30 billion yuan by 2030 as part of its "135" development strategy [1] Group 2: Technological Innovations - GAC Lingcheng emphasizes that the electrification of commercial vehicles is a systemic revolution rather than a simple replacement of power systems [2] - The Deepsky microcrystalline cell, designed specifically for commercial vehicles, boasts innovations that ensure "zero ignition, zero explosion" [2] - The GAIA adaptive intelligent architecture supports multiple power forms, addressing the challenges of adapting commercial vehicles to various scenarios [3] Group 3: Market Strategy - GAC PICKUP 01 is positioned to compete directly with international rivals like Toyota Hilux and Ford Ranger, targeting key markets such as Australia, Saudi Arabia, Chile, and Mexico before entering the domestic market [4] - The company plans to leverage GAC's sales network across over 70 countries to facilitate its entry into the global pickup market, which has an annual sales volume exceeding 6 million units [3][4] Group 4: Financial Strategy - GAC Lingcheng is actively seeking capital support and has engaged with multiple investors to optimize its capital structure over the next five years [5] - The company is pursuing the issuance of asset-backed securities (ABS) and aims to introduce strategic investors to enhance its equity structure, with plans to initiate an IPO within three years [5]

Group 1 - The People's Bank of China (PBOC) in Wanzhou has been actively promoting the expansion and improvement of technology innovation and technological transformation loans, achieving a total credit of 526 million yuan and disbursement of 232 million yuan by the end of March 2025 [1] - The PBOC organized financial institutions to provide on-site policy guidance to enterprises, enhancing understanding and application of technology innovation and technological transformation loan policies [2] - A tailored financing solution was developed for Pingwei Industrial Co., Ltd., which faced challenges in meeting credit loan conditions due to insufficient collateral, resulting in a credit limit of 80 million yuan for equipment upgrades [3] Group 2 - The introduction of a "company + professional cooperative + farmer" production model by Chongqing Ruihuo Agricultural Technology Development Co., Ltd. aims to expand the cultivation of Jinhua Kui, a valuable medicinal herb, supported by low-interest loans from the PBOC [4] - The PBOC facilitated over 10 million yuan in agricultural loans directly to farmers, significantly increasing the area of Jinhua Kui cultivation to over 10,000 acres [4]

Core Viewpoint - The company reported a significant decline in revenue and net profit for 2024, with a focus on improving profitability and advancing its new energy strategy while maintaining its leading position in the commercial vehicle market [1][2][3]. Financial Performance - In 2024, the company achieved revenue of 47.7 billion yuan, a year-on-year decrease of 15.0%, and a net profit attributable to shareholders of 0.08 billion yuan, down 91.1% year-on-year [1]. - For Q4 2024, revenue was 11.94 billion yuan, a decrease of 9.3% year-on-year but an increase of 1.2% quarter-on-quarter; the net profit attributable to shareholders was -0.35 billion yuan, a decline of 391.2% year-on-year and 2052.2% quarter-on-quarter [1][2]. - The gross margin for 2024 was 12.6%, up 1.3 percentage points year-on-year, while the net profit margin was 0.2%, down 1.5 percentage points year-on-year [2]. Market Position and Strategy - The company maintained its leading position in the commercial vehicle sector, achieving total sales of 614,000 units in 2024, a decrease of 2.7% year-on-year, with a market share of 15.9%, up 0.2 percentage points [3]. - New energy vehicle sales reached 54,000 units, a growth of 35% year-on-year, with a market share increase of 0.4 percentage points [3]. - The company is advancing its new energy strategy, focusing on the development of core technologies and products, including the launch of various new energy models across different market segments [3]. International Expansion - In 2024, the company exported 153,000 vehicles, a year-on-year increase of 17.3%, maintaining a market share of 17% in the commercial vehicle export sector [4]. - The company has made significant progress in international markets, particularly in the Americas and Southeast Asia, and has achieved breakthroughs in high-end markets such as Europe and Japan [4]. - The company is implementing a dual-brand strategy for overseas markets, optimizing its management structure to support its heavy-duty truck business [4].

证券研究报告 | 2025年04月28日 宇通客车（600066.SH） 优于大市 盈利能力稳健，一季度净利润同比增长 15% 一季度整体销量同比提升，净利润同比增长 15%。2025 年一季度宇通客车实 现营业收入为 64.2 亿元，同比-3.0%，归母净利润为 7.55 亿元，同比+14.9%， 扣非净利润为 6.42 亿元，同比+12.49%；25Q1 宇通客车实现销量 9011 台， 同比+16.59%，整体来看，得益于费用管控持续、减值冲回、销量提升等因 素，宇通客车业绩持续释放。 盈利能力稳健，销量结构有望逐步优化。具体来看，25Q1 应收回款减值冲回 3.17 亿元，一定程度增厚利润；25Q1 销售毛利率 18.9%，同比有所下滑主要 系 1）会计准则变动影响（销售费用中售后服务费纳入成本核算）；2）销售 结构变化（因订单交付节奏波动原因，25Q1 宇通客车出口 2057 台，同比 -20.8%，新能源客车出口 280 台，同比-36.9%)，另外 25Q1 轻客产品同比提 升近 10pct 至 19.4%，25Q1 公司净利率 11.8%，同比+1.8pct 盈利能力稳定； 现金流层面，25Q ...

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0100期 2025年4月第4周) ll 自录 CONTENTS 僵）行业数据 · 市场：市场：新能源商用车销量与渗透率 企业团公 · 飞碟汽车:大电量混动轻卡"飞碟漫天飞"上市 供应链 政策法规 · 宁德时代：续航突破1500km 宁德时代发布全新电池技术 · 采埃孚：采埃孚亮相上海车展，将强化本地化战略 · 天津滨海新区持续推进充电基础设施建设 天津市滨海新区近日发布《关于进一步做好居民区新能源汽车 充电基础设施建设和管理的通知》, 这是天津市首个系统性推 进居民区充电基础设施建设管理的政策文件。根据通知,新建 小区固定车位100%建设充电基础设施或预留安装条件,同时鼓 励将充电基础设施纳入老旧小区基础类设施改造范围,要求第 季度开展全区范围内车位产权及充电基础设施接入能力摸排, 对于具备接入条件的小区,简化居民充电基础设施报装流程。 遂宁市政府印发《遂宁市充电基础设施建设运营管理试行意见》 近日，遂宁市人民政府办公室关于印发《遂宁市充电基础设施 建设运营管理试行意见》的通知,通知指出:住宅小区。新建 居住社区固定车位充电基础设施10 ...

"商用车体系应该参照乘用车的发展趋势，我们认为未来商用车应该从传统的燃油发动机转变为新能 源。"在2025上海车展上，广汽领程公司高管在接受《中国经营报》记者采访时提出了上述观点。 众所周知，重型车辆主要采用柴油发动机，是温室气体（GHG）排放和空气污染的主要来源。有关统 计数据显示，目前我国商用车保有量仅占汽车总保有量的12%，但其碳排放量占比超过55%。 目前国内正在紧锣密鼓地制定重型车国七排放标准，并且很大程度会对标欧美现行的零排放法规和激励 政策。生态环境部大气环境司司长李天威在2月份新闻发布会上强调："对标欧美先进法规，制定轻型 车、重型车国七标准，实现排放控制技术与世界先进水平接轨。" 在"双碳"目标、环境治理、能源安全、产业升级等压力下，高排放重污染的商用车成为交通领域减排降 碳的重点。 随着政策提升、技术进步和示范应用的推广，加之电动化、智能化技术升级迭代。未来，国内新能源商 用车领域将迎来发展红利。 罗兰贝格发布的《新能源商用车白皮书》显示，在未来5年的商用车市场竞争中，新能源化将是重中之 重。该机构预测，至2025年，国内新能源商用车市场渗透率将超过30%，中重卡渗透率将超过25%，总 量 ...

Group 1 - The core theme of the conference held by Success Automobile is the globalization of "Chinese manufacturing" and the importance of building an ecosystem for competitive advantage [1][3] - Success Automobile has established a global sales network covering 50 countries and regions, with five overseas KD factories in Brazil, Argentina, Myanmar, Vietnam, and Ethiopia, enhancing delivery efficiency and cost optimization [3][5] - The company has achieved significant growth in overseas sales, with over 4,000 vehicles sold, marking a year-on-year increase of 268%, particularly excelling in the micro truck market [5] Group 2 - Success Automobile aims to become a leading enterprise in light commercial vehicles under 6 meters within 3 to 5 years, focusing on product upgrades and market expansion [6][8] - The "12345" overseas strategy framework includes a user-centered approach, dual technology focus on efficient and intelligent vehicles, and deepening market presence in South America and the Middle East [8][10] - The company plans to enhance product quality, marketing, and service, with commitments to order fulfillment and regional customization, targeting 60,000 units in overseas sales by 2029 [10][11] Group 3 - Success Automobile emphasizes a three-dimensional strategy of "technical compliance + tariff optimization + localized production" to navigate high tariff barriers and technical certification challenges [11][13] - The company aims to transition from "product output" to "technical standard output," leveraging innovation and ecosystem collaboration to reshape the global commercial vehicle landscape [11][13]

定制服务，收获信赖。在河北省唐山市，江淮1卡帅铃向当地知名物流公司批量交付帅铃Q6、S9仓栏车 型，匹配客户单趟货量大、日均300公里—500公里的高强度运输需求。两种车型搭载安徽康明斯E2.5发 动机与214直通梁底盘，以澎湃动力与高承载力获驾驶员好评。同时，帅铃提供包含上门维修保养、九 大件终身质保的定制版"省心套餐"，消除客户用车的后顾之忧。 十年携手，共赴未来。在江苏省淮安市，江淮1卡康铃向某知名商贸公司批量交付康铃H5。自2015年 起，这家商贸公司每年都会采购以一批康铃轻卡，十年携手与共，江淮1卡见证了客户的事业版图日益 壮大。商贸公司负责人表示："康铃H5在商贸运输中可靠性突出，即便频繁装卸、路况复杂，使用了很 多年的发动机、变速箱等核心部件性能依旧稳定，维修保养成本较低，十分省心。" 破局山区，信赖选择。在贵州，江淮1卡威铃向某农贸大客户批量交付威铃M6定制版冷藏车，以强动 力、高承载和冷链技术等核心优势助力客户构建高效冷链网络，为乡村振兴与农产品流通高质量发展提 供坚实支撑。客户评价道："这款定制冷藏车充分满足了我们的运输需求，底盘很扎实，满载爬坡动力 充足、大油箱续航长且油耗低。"在贵阳， ...

Investment Rating - The investment rating for Foton Motor (600166.SH) is not explicitly stated in the provided documents, but the report indicates a focus on the company's strong market position and strategic initiatives [2][3]. Core Viewpoints - Foton Motor remains the leader in the commercial vehicle industry, with significant advancements in its "new energy" and "internationalization" strategies [2][3]. - In 2024, the company achieved revenue of 47.7 billion yuan, a year-on-year decrease of 15.0%, and a net profit attributable to shareholders of 0.08 billion yuan, down 91.1% year-on-year [2][3]. - The company’s gross margin improved to 12.6% in 2024, up 1.3 percentage points year-on-year, while the net profit margin was 0.2%, down 1.5 percentage points year-on-year [3]. - Foton's total sales volume for 2024 was 614,000 units, a decrease of 2.7% year-on-year, with a market share of 15.9%, an increase of 0.2 percentage points [3]. - The new energy vehicle segment saw sales of 54,000 units, a growth of 35% year-on-year, contributing to an increase in market share [3]. - The company exported 153,000 vehicles in 2024, a year-on-year increase of 17.3%, maintaining its position as the top exporter of commercial vehicles in China [3]. Summary by Sections Financial Performance - In Q4 2024, Foton reported revenue of 11.94 billion yuan, a decrease of 9.3% year-on-year, but a slight increase of 1.2% quarter-on-quarter [2][3]. - The gross margin for Q4 2024 was 12.8%, up 3.5 percentage points year-on-year, while the net profit margin was -2.9%, reflecting a significant decline [3]. Strategic Initiatives - The company is actively implementing its new energy strategy, focusing on the development of core technologies and expanding its product matrix to enhance competitiveness [3]. - Foton is also advancing its internationalization strategy, achieving notable growth in overseas markets, particularly in the Americas and Southeast Asia [3].