长源东谷 20251116 长安东吴业绩增长主要由以下几个方面驱动：首先，从 2024 年第四季度开始， 公司业绩快速增长，这得益于乘用车混动化趋势和新能源车渗透率提升。其次， 公司从商用车缸体缸盖业务转向乘用车新能源混动缸体缸盖领域，与比亚迪和 赛力斯建立紧密合作关系。2023 年出货量约为八九万套，到 2024 年增加至 54 万套。今年（2025 年）继续保持快速增长态势，并将突破更多新客户。 摘要 长安东吴受益于乘用车混动化和新能源车渗透率提升，自 2024 年 Q4 起业绩快速增长，与比亚迪、赛力斯等建立紧密合作，2024 年乘用车 缸体缸盖出货量达 54 万套，预计 2025 年将继续增长并拓展新客户。 尽管市场担忧购置补贴退坡和价格战，但长安东吴通过不断进入新客户 并保持高供应占比，有效对冲行业波动，维持盈利能力。公司供应比例 高且价格相对稳定。 长安东吴在商用车领域与玉柴、康明斯紧密合作，受益于数据中心需求 增长，大功率柴油发电机需求显著增加，传统商用车发动机业务稳中有 增，未来两年增长潜力巨大。 长安东吴积极布局人形机器人领域，与五八智能建立战略合作，利用其 精密加工能力和客户资源，有望在关 ...

近日，第一商用车网统计了当前市场上，包括东风德纳、汉德、苏州绿控、弗迪动力、方盛和蓬翔在内的六款主流电驱桥产品，其中或 许有一款适合您的使用工况的产品。下面，让我们来看看这六款轻卡电驱桥产品各自的优势所在。 东风德纳EP7平行轴电驱桥 有效降低使用成本 在刚刚闭幕的2025武汉商用车展上，东风轻型车发布了全新高端品牌——东风乾坤，其上市的全新车型东风乾坤K6的纯电版，便搭载 了东风德纳这款EP7电驱桥产品。 据悉，东风德纳EP7电驱桥延续了家族化的产品特性，在承载力、轻量化和经济性等多个方面进行了升级。据了解，EP7电驱桥采用平 行轴外挂电机结构，电机功率达到了180千瓦，最大扭矩可达420牛米，主要适用于6-8吨的城市物流纯电轻卡。 其高强度材料一体化成型的轴壳，加上精密加工和严格质量控制的壳体，保证了电驱桥整体的承载力和耐用性，经检测，EP7拥有额定 轴荷3倍以上的承载力，满足了用户对于复杂运输场景下的使用需求。此外，长寿命润滑系统和耐磨材料的使用，将EP7维保里程提升 至30万公里以上，让用户减少了维保的投入，有效降低使用成本。295公斤的总重量、超过98%的机械部分传动效率，还有其在低噪音 方面的卓越 ...

北京商报讯（记者 马换换 李佳雪）近期，北交所官网显示，上海通领汽车科技股份有限公司（以下简 称"通领科技"）IPO将于11月21日上会迎考。 据悉，通领科技主要从事汽车内饰件的研发、生产及销售，是一家集产品研发设计、模具自主开发、产 品生产及销售为一体的高新技术企业。公司IPO于2024年12月31日获得受理，并于2025年1月24日进入 问询阶段。 此次冲击上市，通领科技拟募集资金约4.11亿元，扣除发行费用后，将投入武汉通领沃德汽车内饰件生 产项目、上海通领智能化升级项目、研发中心升级项目、补充流动资金。 ...

Group 1 - The report highlights that the Beijing Stock Exchange (BSE) has evolved from a "testing ground" to a main battleground for specialized and innovative enterprises, with 282 listed companies and a total market capitalization of 900.835 billion yuan as of November 14, 2025 [2][12][14] - Among the listed companies, 254 are classified as specialized and innovative "little giants," accounting for 90.07% of the total, with 152 being national-level little giants [2][33] - The report identifies key industry chains within the BSE, including smart connected new energy vehicles, hydrogen energy, new materials, innovative pharmaceuticals, and artificial intelligence [2][38] Group 2 - The BSE's market performance shows a decline in the North BSE 50 index, which reported 1,514.20 points, with a TTM PE ratio of 71.80X, while the specialized and innovative index reported 2,500.55 points with a TTM PE of 80.59X [3][62][66] - The average market capitalization of BSE companies is lower than that of the ChiNext and STAR Market, with the average market cap at 31.94 million yuan compared to 126.11 million yuan and 175.43 million yuan respectively [22][23] - The report notes that the liquidity of the BSE has improved, with the turnover rate now higher than that of the STAR Market and slightly above the ChiNext [41][42][47] Group 3 - The report indicates that the IPO review process is active, with two companies approved and three pending approval, reflecting a steady increase in the number of companies entering the market [3][28] - The report emphasizes the growing interest from public funds in the BSE, with 39 public institutions investing in BSE stocks by mid-2025, marking a significant increase in both the number of institutions and the amount invested [45][46] - The BSE is expected to enhance its index system and introduce the North BSE 50 ETF, which could further improve liquidity and attract more institutional investors [50][51]

Investment Rating - The report maintains a positive investment recommendation for the automotive sector, anticipating a recovery in the market next year [1]. Core Insights - The automotive market is currently experiencing a downturn, with Q4 expectations falling short due to the impact of trade-in quotas. However, there is optimism for an upward revision in Q1 2026, suggesting that the sector may hit bottom sooner than expected. Despite the current sluggish trading environment, selective investment opportunities for next year are encouraged [1]. Data Tracking - In early November, the discount rate for vehicles increased to 10.0%, up by 0.4 percentage points month-on-month and 1.5 percentage points year-on-year. The average discount amount rose by 23,103 yuan, with significant fluctuations noted among major brands [3]. - In October, new energy vehicle deliveries saw significant growth, with BYD delivering 442,000 units (down 12.1% year-on-year but up 11.5% month-on-month), while other brands like Leap Motor and Xpeng reported substantial year-on-year increases [3][21]. - Traditional automakers also showed strong sales, with Geely's sales increasing by 35.0% year-on-year to 307,000 units in October [3][24]. Recommendations - For complete vehicles, the report recommends investing in Geely and BYD, highlighting Geely's upcoming product cycle and potential for significant profit increases in the next 6-9 months. The report also suggests considering Jianghuai Automobile due to its strong product cycle and recent stock price corrections [5]. - In the automotive parts sector, the report identifies AI and intelligent driving as key areas for growth, recommending companies like Horizon Robotics and Sensetime Technology. It also highlights opportunities in liquid cooling and robotics, suggesting investments in companies like Minth Group and Top Group [5]. - The heavy truck segment is noted for its strong performance in recent months, with recommendations for companies like China National Heavy Duty Truck Group and Weichai Power [5]. Industry News - In October, new energy vehicles accounted for over 50% of total new car sales for the first time, with production and sales figures for the year showing over 10% growth [8][31]. - The report mentions the launch of new models, including the IM LS9, which features advanced technology and significant performance metrics [31]. - The Ministry of Industry and Information Technology has set new requirements for new energy vehicle credit ratios for 2026 and 2027, indicating a regulatory push towards electric vehicles [31].

香山股份（002870）此前公告，公司拟在珠海产权交易中心以公开挂牌方式转让所持有的全资子公司香 山电子100%股权，拟定首次挂牌转让底价为4亿元。 自2022年至2025年上半年，公司汽车零部件业务的营业收入占公司总营业收入的比例均超过80%，汽车 零部件业务已成为公司经营的核心单元；另一方面，受衡器业务市场规模所限，特别是公司主要经营的 家用衡器产品准入门槛较低，在国内主要通过线上销售，行业内卷和同质化竞争严重，国际市场近年受 地区冲突和关税政策等影响，盈利空间也受到进一步压缩。 香山股份此前曾表示，若本次交易顺利完成，公司将不再持有香山电子股权，其不再纳入公司合并财务 报表范围。通过本次交易，公司将剥离衡器业务，进一步优化公司资产，聚焦汽车零部件业务，提高资 产质量和竞争力，具有必要性。本次交易完成后，公司将进一步聚焦主业，资产结构将进一步完善，可 以增强上市公司核心竞争力。公司通过本次交易，快速收回投资收益，增加现金储备，有助于优化公司 资产结构和降低负债率，本次交易所得款项，将主要用于公司日常经营和降低负债，促进公司汽车业务 开展。 据香山股份11月16日晚最新公告，鉴于在首次挂牌公示期内，前述挂牌 ...

► 本周行情 ：汽车板块本周表现弱于市场 本周（ 11 月 10 日 -11 月 16 日） A 股汽车板块下跌 1.7% ，在申万子行业中排名第 27 位，表现弱于沪深 300 （ -0.4% ）。商用载货车、汽车服务上涨 1.2% 、 0.8% ，乘用车、摩托车及其他、商用载客车、汽车零部件 -0.4% 、 -1.7% 、 -1.8% 、 -2.7% 。 ► 本周观点： 本月建议关注核心组合 【 吉利汽车、小鹏汽车、比亚迪、小米集团、理想汽车、伯特利、拓普集团、新泉股份、沪光股份、春风动力 】 。 ► 宇树科技已完成上市辅导 推出首款轮式人形机器人 本周，宇树科技已于 11 月 10 日完成上市辅导，预计将在 2025 年 10 月至 12 月期间提交 IPO 申报文件，公司 C 轮投后估值已超 120 亿元；宇树科技推出 首款轮式人形机器人 G1-D ，并配套发布了数采训练全栈解决方案，该机器人具备轮式移动和升降能力，可应用于接待、家务等多种场景；针对入主上纬新材的 新闻，智元机器人回应称，"智元上纬"将独立开展具身智能业务，而非联合智元机器人开展； 中期来看，特斯拉量产进程与技术路线迭代仍是核心主线， ...

Core Viewpoint - The company reported a steady growth in revenue and net profit for the first three quarters of 2025, indicating a robust operational performance and benefiting from the automotive industry's favorable conditions [1][2]. Financial Performance - For the first three quarters of 2025, the company achieved revenue of 1.121 billion, a year-on-year increase of 7.52% - The net profit attributable to shareholders reached 236 million, up 5.06% year-on-year - The net profit excluding non-recurring items was 221 million, reflecting a 6.06% year-on-year growth - In Q3 2025, the company recorded revenue of 404 million, a year-on-year increase of 17.20% - The net profit attributable to shareholders for Q3 was 88 million, up 8.20% year-on-year - The net profit excluding non-recurring items for Q3 was 82 million, a year-on-year increase of 10.46% [1][2]. Industry Context - The automotive industry in China saw a total sales volume of 24.363 million units from January to September 2025, representing a year-on-year increase of 12.90% - New energy vehicle sales reached 11.2276 million units, showing a significant year-on-year growth of 34.95% - The company is expected to benefit from the overall demand in the automotive sector, particularly in turbocharger core components and expanding its production scale for new energy vehicle parts [2]. Profitability Metrics - The company's gross profit margin for Q3 2025 was 34.37%, a decrease of 0.78 percentage points year-on-year - The net profit margin was 21.72%, down 1.78 percentage points year-on-year - The company improved its expense ratio by 0.5 percentage points year-on-year, with specific changes in sales, management, R&D, and financial expense ratios [2]. Business Development - The company is advancing its screw rod business and expanding its layout in linear motion components, targeting high-end machine tools, automation, humanoid robots, and intelligent connected vehicles - The subsidiary Yuhua Precision Machinery has developed a high-precision double-end face center hole grinding machine and a ball screw pair lifespan testing machine, enhancing processing precision - The company has achieved the highest industry precision level for its ball screw pairs and linear guide pairs, and has secured bulk delivery orders from well-known domestic machine tool manufacturers [3]. International Expansion - The company is accelerating the construction of its subsidiary in Thailand to enhance production capacity and improve international competitiveness - The Thai subsidiary aims to serve as a hub for deepening market penetration in Southeast Asia and extending reach to Australia, New Zealand, and South Asia, leveraging regional trade agreements to reduce logistics costs [3]. Investment Outlook - The company maintains a "buy" rating, with projected net profits of 326 million and 390 million for 2025 and 2026, respectively, corresponding to price-to-earnings ratios of 38x and 31x [4].

Investment Rating - The investment rating for the company is "Buy" and is maintained [9]. Core Views - The company reported a steady operation in Q3 2025, with revenue and net profit both showing quarter-on-quarter increases, achieving record highs for a single quarter. The overall business performance is stable, benefiting from a relatively favorable automotive industry this year [2][6]. - For the first three quarters of 2025, the company achieved revenue of 1.121 billion, a year-on-year increase of 7.52%, and a net profit attributable to the parent company of 236 million, up 5.06%. In Q3 2025 alone, revenue reached 404 million, a year-on-year increase of 17.20%, with net profit at 88 million, up 8.20% [6][2]. - The company continues to enhance its market share in core components for turbocharging and is expanding its production scale for new energy vehicle components, laying a solid foundation for stable growth [2][6]. - The company's ball screw business is progressing steadily, with a comprehensive layout in linear motion components. This year, the company has delivered batch orders for machine tool ball screws and is optimizing production processes for humanoid ball screws [2][6]. - The company is advancing the construction of its subsidiary in Thailand to enhance overseas production capacity and improve its international competitiveness, targeting the Southeast Asian market and beyond [2][6]. Summary by Sections Financial Performance - In Q3 2025, the company achieved a gross profit margin of 34.37%, a decrease of 0.78 percentage points year-on-year, and a net profit margin of 21.72%, down 1.78 percentage points year-on-year. The increase in revenue was accompanied by an improvement in the expense ratio [2][6]. - The company’s net profit for 2025 is projected to be 326 million and 390 million for 2026, corresponding to price-to-earnings ratios of 38x and 31x, respectively [2][6]. Business Development - The company is focusing on high-end machine tools, automation, humanoid robots, and intelligent connected vehicles in its ball screw business. It has developed high-precision equipment to enhance processing accuracy [2][6]. - The company’s products have been applied in well-known domestic machine tool models and have secured batch delivery orders [2][6]. Market Outlook - The domestic automotive sales reached 24.363 million units in the first nine months of 2025, a year-on-year increase of 12.90%, with new energy vehicle sales at 11.2276 million units, up 34.95% [2][6].

此次冲击上市，至信股份拟募集资金约13.29亿元，其中3亿元拟用于补充流动资金，其余10.29亿元则拟 投资于冲焊生产线扩产能及技术改造项目。 北京商报讯（记者 马换换 李佳雪）近期，上交所官网显示，重庆至信实业股份有限公司（以下简称"至 信股份"）主板IPO提交注册。 据了解，至信股份主营汽车冲焊件以及相关模具的开发、加工、生产和销售。公司IPO于2025年6月6日 获得受理，2025年7月1日进入问询阶段，并于当年11月6日上会获得通过。 ...