长安汽车(000625)公司点评报告 2025 年 04 月 30 日 业绩如期兑现，北美整体转盈 电动智能化齐头并进，海外布局加速 ——长安汽车(000625)公司点评报告 [Table_Summary] 事件： [Table_Main] 公司研究|可选消费|汽车与汽车零部件 证券研究报告 风险提示 新能源汽车增速放缓导致行业竞争加剧风险、海外新能源渗透率不及预期 与海外贸易壁垒增多风险、公司智能化业务发展不及预期风险。 [Table_Finance] 附表：盈利预测 | 财务数据和估值 | 2023 | 2024 | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业收入(百万元) | 151297.71 | 159733.03 | 188516.93 | 211402.88 | 231613.00 | | 收入同比（%） | 24.78 | 5.58 | 18.02 | 12.14 | 9.56 | | 归母净利润(百万元) | 11327.46 | 7321.36 | 7776.68 | 9913.16 | 11791. ...

行业研究|可选消费|汽车与汽车零部件 证券研究报告 汽车与汽车零部件行业 周报、月报 2025 年 04 月 28 日 [Table_Title] 电动智能持续，关注欧洲新动向 [Table_Summary] 报告要点： 4 月下半月销量优于上半月 与上半月相比，进入四月下半月后乘用车与新能源车销量同比增速扩大， 环比上月负增长收窄，行业进入月底发力期。批发仍然保持高增速，新能 源渗透率达到 53.3%。 乘用车：4 月 1-20 日，全国乘用车市场零售 89.7 万辆，同比去年 4 月 同期增长 12%，较上月同期下降 9%，今年以来累计零售 602.4 万辆，同 比去期增长 7%；4 月 1-20 日，全国乘用车厂商批发 99.3 万辆，同比去 年 4 月同期增长 14%，较上月同期下降 12%，今年以来累计批发 727.1 万 辆，同比增长 12%。 新能源：4 月 1-20 日，全国乘用车新能源市场零售 47.8 万辆，同比去 年 4 月同期增长 20%，较上月同期下降 11%，零售渗透率 53.3%，今年 以来累计零售 289.8 万辆，同比增长 33%；4 月 1-20 日，全国乘用车厂 商新能源 ...

行业研究|可选消费|汽车与汽车零部件 证券研究报告 汽车与汽车零部件行业 周报、月报 2025 年 04 月 28 日 [Table_Title] 电动智能持续，关注欧洲新动向 [Table_Summary] 报告要点： 4 月下半月销量优于上半月 与上半月相比，进入四月下半月后乘用车与新能源车销量同比增速扩大， 环比上月负增长收窄，行业进入月底发力期。批发仍然保持高增速，新能 源渗透率达到 53.3%。 乘用车：4 月 1-20 日，全国乘用车市场零售 89.7 万辆，同比去年 4 月 同期增长 12%，较上月同期下降 9%，今年以来累计零售 602.4 万辆，同 比去期增长 7%；4 月 1-20 日，全国乘用车厂商批发 99.3 万辆，同比去 年 4 月同期增长 14%，较上月同期下降 12%，今年以来累计批发 727.1 万 辆，同比增长 12%。 新能源：4 月 1-20 日，全国乘用车新能源市场零售 47.8 万辆，同比去 年 4 月同期增长 20%，较上月同期下降 11%，零售渗透率 53.3%，今年 以来累计零售 289.8 万辆，同比增长 33%；4 月 1-20 日，全国乘用车厂 商新能源 ...

行业研究 2025上海车展开幕，聚焦智能化主旋律 一汽车和汽车零部件板块跟踪报告 事件：4月23日，第二十一届上海国际汽车工业展览会在上海国家会展中心正 买入 (维持) 式开幕。本届车展以"拥抱创新共赢未来"为主题，参展车辆总数约1,300辆， 其中新能源车占比超70%。车展亮相平点车型包括：1）新势力：耐来（ET9/ 作者 乐道L90/萤火虫）、小腾（P7+旗银版、2025款X9/G6/G9）、理想（MEGAHome 分析师：倪翌婧，CFA 家庭特别版/MEGAUItra智能焕新版/L6智能焕新版）、零距（B10/B01）等； 热业江书5号： S09305150S0002 2）鸿微智行：尊界S800、问界M8；3）传统车企：比亚迪（海洋网Ocean-S 8-0 搬念车/主朝网Dynasty-D搬念车/腾势首款概念跑车腾势Z均为全球首发，海 niyj@ebscn.com 豹06EV/海的06DM-i旅行版/海师06DM-i/海狮06EV正式发布，方程豹钛3/ 汉L/唐L/海狮07DM-i/仰望U8L等均亮相）、吉利（星罐8/极氮9X/领克900) 联系人：邢葬 xingping@ebscn.com 等：4）合 ...

行业研究|可选消费|汽车与汽车零部件 证券研究报告 周报、月报 [Table_Title] 智驾持续向前，产业出海趋势必行 [Table_Summary] 报告要点： 销量环比走弱，同比持续上行 乘用车：4 月 1-13 日，全国乘用车市场零售 51.5 万辆，同比去年 4 月 同期增长 8%，较上月同期下降 14%，今年以来累计零售 564.2 万辆，同 比增长 6%；4 月 1-13 日，全国乘用车厂商批发 57.7 万辆，同比去年 4 月同期增长 17%，较上月同期下降 14%，今年以来累计批发 685.5 万辆， 同比增长 12%。新能源：4 月 1-13 日，全国乘用车新能源市场零售 27.5 万辆，同比去年 4 月同期增长 15%，较上月同期下降 17%，新能源零售渗 透率 53.3%，今年以来累计零售 269.5 万辆，同比增长 34%；4 月 1-13 日，全国乘用车厂商新能源批发 30.7 万辆，同比去年 4 月同期增长 25%， 较上月同期下降 9%，新能源厂商批发渗透率 53.2%，今年以来累计批发 315.6 万辆，同比增长 41%。 智驾政策趋严，产业端持续进化 汽车与汽车零部件行业 ...

行业研究|可选消费|汽车与汽车零部件 证券研究报告 汽车与汽车零部件行业 2025 年 04 月 21 日 周报、月报 风险提示 [Table_Summary] 报告要点： 销量环比走弱，同比持续上行 乘用车：4 月 1-13 日，全国乘用车市场零售 51.5 万辆，同比去年 4 月 同期增长 8%，较上月同期下降 14%，今年以来累计零售 564.2 万辆，同 比增长 6%；4 月 1-13 日，全国乘用车厂商批发 57.7 万辆，同比去年 4 月同期增长 17%，较上月同期下降 14%，今年以来累计批发 685.5 万辆， 同比增长 12%。新能源：4 月 1-13 日，全国乘用车新能源市场零售 27.5 万辆，同比去年 4 月同期增长 15%，较上月同期下降 17%，新能源零售渗 透率 53.3%，今年以来累计零售 269.5 万辆，同比增长 34%；4 月 1-13 日，全国乘用车厂商新能源批发 30.7 万辆，同比去年 4 月同期增长 25%， 较上月同期下降 9%，新能源厂商批发渗透率 53.2%，今年以来累计批发 315.6 万辆，同比增长 41%。 智驾政策趋严，产业端持续进化 4 月 16 ...

Investment Rating - The report maintains a positive investment recommendation for the automotive industry, highlighting ongoing growth and innovation [7]. Core Insights - The passenger car market continues to experience rapid growth, with retail sales reaching 210,000 units in early April, a 2% year-on-year increase, and cumulative retail sales of 5.336 million units, up 6% year-on-year [1]. - The electric vehicle segment shows significant growth, with retail sales of new energy vehicles reaching 113,000 units in early April, a 17% year-on-year increase, and cumulative retail sales of 2.533 million units, up 35% year-on-year [1]. - The overall performance of the automotive industry remains robust, with 75% of listed companies reporting revenue growth and 69% reporting profit growth, indicating a strong expansion trend despite economic challenges [2][12]. - The shift towards pure electric vehicles is evident, with sales of pure electric cars increasing by 45.2% year-on-year in the first quarter, while hybrid models saw a 33.7% increase [3]. - The industry is witnessing a wave of stock buybacks, with 130 companies announcing buyback plans totaling over 53.73 billion yuan, reflecting confidence in the market [15][17]. Summary by Sections Current Performance of Listed Companies - As of April 11, 2025, 122 automotive companies have reported their annual performance, with 75% showing revenue growth and 69% showing profit growth, significantly above the A-share average [12]. - The automotive sector has initiated a buyback trend, with a notable increase in the number of buyback announcements and the total amount planned for repurchase [15][17]. Market Data Tracking - In the first week of April, the national retail sales of passenger cars were 210,000 units, a 2% increase year-on-year, while wholesale sales were 212,000 units, an 11% increase year-on-year [33]. - The new energy vehicle market also showed strong performance, with retail sales of 113,000 units, a 17% increase year-on-year, and wholesale sales of 120,000 units, a 25% increase year-on-year [33]. Industry News - The automotive industry is advancing in smart technology, with new high-performance MCU chips being developed and partnerships between major companies like Dongfeng and Huawei to enhance smart driving capabilities [4][47]. - Significant developments include the unveiling of new models and the introduction of innovative technologies, such as the DF30 chip and various new electric vehicle models [48][56].

行业研究|可选消费|汽车与汽车零部件 证券研究报告 汽车与汽车零部件行业 周报、月报 本周汽车智能化发展趋势持续。东风汽车 DF30 国产高性能 MCU 芯片完 成首次流片验证，计划明年量产。东风、华为合作全新 SUV 曝光，号称 "领先不止一代+华为最强智驾"。起售价 10 万以下的零跑 B10 上市 1 小时大定破万，激光雷达高阶智驾进入 10 万级，智驾软件免费开放。 零部件端，元戎启行与高通宣布达成合作，开发支持 ADAS/AD 功能的高 阶智能驾驶解决方案。机器人方面，均胜电子与智元机器人达成战略合 作，攻关"大小脑"等关键技术；嵘泰股份对外设立合资公司进入滚珠 丝杠领域。行业转型持续进行。 2025 年 04 月 13 日 [Table_Title] 关税不阻成长趋势，持续创新动能向上 [Table_Summary] 报告要点: 乘用车销量继续保持较快增长 乘用车方面，4 月 1-6 日，全国乘用车市场零售 21.0 万辆，同比去年 4 月同期增长 2%，今年以来累计零售 533.6 万辆，同比增长 6%；4 月 1-6 日，全国乘用车厂商批发 21.2 万辆，同比去年 4 月同期增长 11%，较 ...

Investment Rating - The report maintains a "Focus" rating for the automotive and automotive parts industry [5] Core Insights - The report highlights rapid growth in passenger vehicle sales, with a divergence between wholesale and retail growth. For the period from February 1 to 23, retail sales reached 924,000 units, a year-on-year increase of 18%, but a month-on-month decline of 30%. Cumulatively, retail sales for the year so far are 2.718 million units, down 4% year-on-year. In contrast, wholesale sales for the same period reached 993,000 units, a year-on-year increase of 60%, but a month-on-month decline of 34%, with cumulative wholesale sales of 3.094 million units, up 13% year-on-year. The report notes that while retail sales of new energy vehicles (NEVs) grew by 77% year-on-year to 445,000 units, there was a month-on-month decline of 16%, with cumulative retail sales of 1.189 million units, up 29% year-on-year. Wholesale sales of NEVs reached 517,000 units, a year-on-year increase of 128%, but a month-on-month decline of 19%, with cumulative wholesale sales of 1.406 million units, up 52% year-on-year [1][21][3]. Summary by Sections Weekly Market Review (February 23-28, 2025) - The automotive sector experienced a decline of 2.72% this week, with most related sub-sectors also declining. The passenger vehicle sector saw the largest drop at -4.30% [12]. Data Tracking - Passenger vehicle retail and wholesale sales data indicate a significant increase in wholesale sales compared to retail, suggesting a market trend of inventory accumulation [21][1]. Industry News - Xiaomi launched the SU7 Ultra, targeting the high-end luxury market with a starting price of 529,900 yuan, significantly lower than the pre-sale price. This launch marks a strong entry for Chinese NEVs into the luxury segment [2][47]. - Ideal Auto announced an upgrade to its ADMaxV13 intelligent driving system, enhancing user experience and safety features [32][35]. - Baidu and CATL signed a strategic cooperation agreement focusing on autonomous driving and digitalization [48]. Investment Suggestions - The report suggests focusing on the continuous increase in penetration rates of independent NEVs and monitoring potential inventory risks. It emphasizes the importance of leading brands and technology companies in the smart electric vehicle market [3].