证券分析师 ：黄细里 执业证书编号：S0600520010001 联系邮箱：huangxl@dwzq.com.cn 2025年9月1日 请务必阅读正文之后的免责声明部分 核心结论 注：若无特殊说明，"本周"均代表2025.8.25-2025.8.31 2 证券研究报告 汽车周观点： 8月第3周乘用车环比+9.4%，继续看好汽车板块 ◼ 本周复盘总结：八月第三周交强险47.0万辆，环比上周/上月周度+9.4%/+6.8% 。 ➢ 本周细分板块涨跌幅排序:SＷ商用载货车(+1.6%) > SW商用载客车(+0.8%) >SW汽 车零部件(+0.4%) >SW乘用车（+0.3%）>SW摩托车及其他(+0.1%) 。本周已覆盖 标的威迈斯、蔚来-SW、雅迪控股、经纬恒润-W、立讯精密涨幅前五。 ◼ 本周团队研究成果：外发汽车智能化9月投资策略、重卡月报，外发赛力斯、中鼎股 份、华达科技、双环传动、恒帅股份、银轮股份、旭升集团、爱柯迪、上汽集团、拓 普集团、精锻科技、中集车辆、宇通客车、隆鑫通用、爱玛科技、江淮汽车、沪光股 份、福耀玻璃、长安汽车Q2业绩点评。 ◼ 本周行业核心变化：1）小鹏新P7上市，全系标配三图灵芯 ...

福田汽车(600166) 证券研究报告 商用车 / 公司点评 / 2025.08.31 业绩同比高增长，坚定推进全面国际化 | 基本数据 | 2025-08-29 | | --- | --- | | 收盘价(元) | 2.77 | | 流通股本(亿股) | 79.17 | | 每股净资产(元) | 1.91 | | 总股本(亿股) | 79.17 | 最近 12 月市场表现 -4% 5% 13% 21% 30% 38% 福田汽车 沪深300 上证指数 分析师 邢重阳 SAC 证书编号：S0160522110003 xingcy01@ctsec.com 投资评级:增持(维持) 分析师 李渤 SAC 证书编号：S0160521050001 libo@ctsec.com 相关报告 1. 《加快中重卡高附加值业务的调整，拓展 海外市场》 2025-04-29 2. 《Q3 业绩同比有所下滑，积极拓展海外 市场》 2024-11-14 3. 《毛利率同比提升，出口销量维持高增 长》 2024-08-27 核心观点 | 盈利预测 | | | | | | | --- | --- | --- | --- | --- | -- ...

Core Viewpoint - The announcement from Liao Yang City regarding the initiation of the old operating truck scrapping and updating subsidy application process starting September 1, 2025, aims to promote the replacement of outdated freight vehicles and improve transportation efficiency [1][4]. Group 1: Application Process - The application process for the scrapping and updating subsidy will officially start on September 1, 2025, and freight companies and owners are required to present valid documents to the local transportation authority [4]. - Applicants must prepare relevant proof materials and personal identification documents as per the city's implementation guidelines [5]. Group 2: Eligibility and Limits - The subsidy application is open to all eligible freight vehicles in the city, with a limit of three scrapped vehicles and three updated vehicles per application for each applicant [6]. - The funding distribution will follow a "first come, first served" principle based on the actual allocated budget for the year, with a total cap on the subsidy amount [6]. Group 3: Contact Information - For inquiries regarding the policy, various local transportation departments have provided contact numbers for assistance [8][12].

Core Insights - Beiqi Foton's revenue and net profit both experienced significant growth in the first half of 2025, with revenue reaching 30.37 billion yuan, a year-on-year increase of 26.7%, and net profit attributable to shareholders rising to 780 million yuan, up 87.6% [1] - The company sold 327,000 vehicles, including Foton Daimler, marking a 9.1% increase year-on-year, indicating a steady improvement in operational performance [1] - Operating cash flow surged to 1.89 billion yuan, reflecting a remarkable year-on-year growth of 415%, showcasing enhanced operational quality and efficiency [1] Group 1: Strategic Focus - Beiqi Foton is focusing on its core commercial vehicle business while actively promoting marketing innovations and leveraging both domestic and international markets [1][3] - The company is implementing a "three comprehensive" strategy, emphasizing comprehensive internationalization, new energy, and intelligence, to capitalize on industry transformation opportunities [3] Group 2: International Operations - Beiqi Foton is deepening its international operations despite global economic challenges, enhancing product competitiveness and optimizing its global business layout [4] - The company achieved export sales of 78,500 vehicles in the first half of 2025, maintaining stability compared to the previous year, demonstrating resilience in international operations [4] Group 3: New Energy Growth - The new energy segment is experiencing rapid growth, with sales surpassing 50,000 units, a substantial year-on-year increase of 151%, and market share rising to 12.5% [6][7] - Beiqi Foton is accelerating its new energy initiatives by enhancing its product matrix and focusing on core technology development to improve supply chain autonomy [6] Group 4: Heavy-Duty Truck Performance - The heavy-duty truck segment is witnessing quality growth, with sales reaching 66,500 units, a year-on-year increase of 74.3%, driven by innovative product offerings and optimized marketing networks [7] - The company is exploring new business models such as leasing and vehicle-battery separation to boost sales in the heavy-duty truck market [7] Group 5: Market Outlook - The Chinese commercial vehicle market is shifting from "scale growth" to "structural optimization," with new energy and exports as key growth drivers [9] - Beiqi Foton's strategic alignment with industry trends positions it well for future growth, particularly as the "dual carbon" policy advances and global markets recover [9]

Investment Rating - The report maintains a "Buy" investment rating for the company, indicating an expected relative increase of over 15% compared to the CSI 300 index in the next six months [14][26]. Core Views - The company has shown continuous improvement in profitability, with a proposed cash dividend of 5 yuan per 10 shares, reflecting a commitment to shareholder returns [6][13]. - The company has demonstrated strong sales growth in both domestic and export markets, particularly in the bus segment, supported by favorable government policies and increasing global demand for electric vehicles [7][10]. - The company maintains its leading position in the industry, achieving the highest sales volume in the large and medium-sized bus market, with a market share of 45.62% in the domestic market [8][10]. - The company has made significant investments in research and development, with R&D expenditures exceeding 1.5 billion yuan annually, ensuring technological leadership in the industry [11]. - The company has optimized its cost structure, achieving a net profit margin of 12.23%, the highest in recent years, due to effective expense management [12]. Summary by Sections Financial Performance - In the first half of 2025, the company reported revenue of 161.29 billion yuan, a slight decrease of 1.26% year-on-year, while net profit increased by 15.64% to 19.36 billion yuan [6]. - The company achieved a basic earnings per share of 0.87 yuan, reflecting a year-on-year increase of 15.64% [6]. Sales and Market Position - The company sold a total of 21,321 buses in the first half of 2025, marking a year-on-year increase of 3.73%, with significant growth in the export market [7]. - The domestic market for large and medium-sized buses saw a decline in overall sales, but the company increased its market share to 55.4% in the large and medium-sized bus segment [7][8]. Research and Development - The company invested 7.46 billion yuan in R&D in the first half of 2025, accounting for 4.63% of its revenue, focusing on new technologies and product development [11]. Dividend Policy - The company announced a mid-term dividend plan, distributing a total of 11.07 billion yuan in cash dividends, which represents 57.19% of its net profit for the period [13].

证券研究报告 中国重汽 (3808 HK) 港股通 H1 业绩稳健增长，看好内外双驱 2025 年 8 月 29 日│中国香港 商用车 根据中汽协，25H1 我国重卡累计销量达 53.92 万辆，同比+6.88%。得益于 多产品布局和精准营销策略，公司表现超越行业：25H1 内销 6.75 万辆，同 比+19.3%，在快递牵引车、15L 燃气牵引车等多个细分市场位列行业第一。 结构层面，公司紧跟新能源领域技术迭代与市场需求，25H1 新能源重卡销 量达 9376 辆，同比+220.3%，增速大幅领先行业水平（185.9%）。我们预 计 25H2 伴随"以旧换新"政策深入推进（如 7 月份在山东、河南等地陆续 落地），叠加雅鲁藏布江水利工程开工带来的工程重卡增量需求，重卡内销 或将保持增长，公司依托头部地位和规模效应有望进一步释放业绩。 25H1 重卡出口稳居国内第一，25H2 加大战略市场投入 25H1 海外市场竞争加剧，但公司出口业务依然表现出强大韧性：25H1 公 司重卡出口 6.9 万辆，同比+0.8%，出口销量创历史同期最高，市占率继续 保持国内重卡第一。我们认为公司作为出口头部车企，25H2 继续发 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [1][3] Core Views - The company is expected to benefit from both export growth and domestic demand, with a projected increase in profits due to cost reduction and efficiency improvements [3] - The company’s heavy truck sales in the first half of 2025 outperformed the industry, with a year-on-year increase of 14.8% [10] - The gross margin for Q2 2025 showed a year-on-year increase, indicating improved profitability [10] Financial Performance Summary - Total revenue for 2023 is projected at 42,070 million RMB, with a year-on-year growth of 45.96% [1] - The net profit attributable to the parent company for 2023 is expected to be 1,080 million RMB, reflecting a significant year-on-year increase of 405.52% [1] - The earnings per share (EPS) for 2023 is estimated at 0.92 RMB, with a price-to-earnings (P/E) ratio of 20.05 [1] Sales and Profitability Insights - The company achieved a revenue of 132.5 billion RMB in Q2 2025, with a year-on-year growth of 2.2% [10] - The net profit for Q2 2025 was 3.58 billion RMB, marking a year-on-year increase of 4.0% [10] - The gross margin for Q2 2025 was reported at 7.94%, showing a recovery compared to previous quarters [10] Future Projections - The forecast for net profit attributable to the parent company for 2025 is adjusted to 16.58 billion RMB, with corresponding P/E ratios of 13.07 for 2025 [3] - The company anticipates domestic sales to reach 700,000 units or more in 2025, representing a year-on-year increase of over 16% [3]

Core Viewpoint - The launch of the "Jiefang Green Movement" brand by FAW Jiefang signifies the company's commitment to green circular economy in response to the "dual carbon" strategy, supporting its goal of becoming "China's No. 1 and a world-class" player in the industry [1][3]. Group 1: Market Recognition and Sales - The signing event at the launch exceeded 1 billion yuan in sales, reflecting market recognition of the Jiefang Green Movement and marking a significant step in FAW Jiefang's aftermarket strategy [2]. Group 2: Industry Transformation - The commercial vehicle industry is undergoing a transformation towards electrification, intelligence, and service-oriented models, expanding the value chain from manufacturing to a full lifecycle approach [3][6]. - FAW Jiefang aims to transition from traditional vehicle sales to providing comprehensive lifecycle solutions, balancing traditional and new energy sources, and expanding both domestic and international markets [3][6]. Group 3: Aftermarket Strategy - The aftermarket business is crucial for FAW Jiefang to enhance its value chain and optimize its industry layout, serving as a key support for the "Recreate a Jiefang" initiative [3][6]. - The company plans to leverage over 70 years of experience and resources in remanufacturing to become a leader in low-carbon circular economy standards for commercial vehicles [3][6]. Group 4: Jiefang Green Movement Goals - The Jiefang Green Movement aims to be a technological leader in the green circular development of the commercial vehicle aftermarket, focusing on reducing total cost of ownership (TCO) for customers through a comprehensive service ecosystem [8][10]. - The strategic plan includes achieving over 10 billion yuan in output value within three years and becoming a major profit contributor by 2030 [8][10]. Group 5: Future Development Plans - The company will activate domestic markets and explore overseas opportunities, enhance its product system, and innovate promotional strategies to create a more dynamic operational ecosystem [10]. - FAW Jiefang will strengthen its remanufacturing capabilities and expand its resource base while maintaining brand integrity and enhancing customer confidence through superior service [10]. Conclusion - FAW Jiefang expresses confidence in its future development and aims to deepen cooperation with partners to thrive in the evolving market landscape [11].

证券之星消息，8月29日商用车板块较上一交易日上涨2.42%，江淮汽车领涨。当日上证指数报收于 3857.93，上涨0.37%。深证成指报收于12696.15，上涨0.99%。商用车板块个股涨跌见下表： | 代码 | 名称 | 收盘价 | 涨跌幅 | 成交量(手) | 成交额(元) | | --- | --- | --- | --- | --- | --- | | 600303 | 曙光股份 | 3.71 | -3.39% | 34.55万 | 1.30亿 | | 000951 | 中国車汽 | 18.14 | -1.63% | 17.12万 | 3.15亿 | | 600006 | 东风股份 | 7.55 | -0.79% | 52.16万 | 3.95 Z | | 600375 | 汉马科技 | 6.73 | -0.59% | 25.60万 | 1.73亿 | | 000800 | 一汽解放 | 7.15 | 0.14% | 23.68万 | 1.69亿 | | 600686 | 金龙汽车 | 12.52 | 0.48% | 18.17万 | 2.28亿 | | 000868 | 安凯客车 | 5.87 ...

（原标题：中国汽车流通协会：7月重型卡车零售销量为6.49万辆 同比增长37.99%） 智通财经APP获悉，8月29日，中国汽车流通协会商用车专业委员会提供的销量数据显示，2025年7月重 型卡车零售销量为6.49万辆，同比增长37.99%，环比下降7.23%；其中牵引车销量为3.50万辆，同比增 长31.33%，环比下降8.09%。1-7月，重型卡车累计销量为42.39万辆，同比增长20.15%。其中牵引车累 计销量为22.75万辆，同比增长20.15%。 二、市场结构 1-7月，重型卡车累计销量根据不同市场结构分析如下： 从功能车型来看，牵引车以54%的占比位列第一。 从动力结构来看，TOP3马力段分别为≤300hp、500-600hp和400-500hp；在牵引车市场中，500-600hp的 马力段占比41%。 从驱动形式来看，TOP3驱动分别为6×4、4×2和8×4；在牵引车市场中，6×4的驱动形式占比91%。 从燃料类型来看，TOP3燃料类型分别为柴油、天然气和新能源；在牵引车市场中，天然气占比45%。 三、品牌表现 7月重型卡车销量TOP5品牌占比61.6%，依次为一汽解放、东风商用车、欧曼、重汽 ...