Investment Rating - The report maintains a "Buy" rating for the company [4][6]. Core Insights - The company is expected to achieve revenues of CNY 210.4 billion, CNY 376.6 billion, and CNY 591.6 billion for the years 2025 to 2027, respectively, with a projected net profit of CNY -38.0 million, CNY -20.5 million, and CNY 2.7 million [4]. - The company has established a multi-tiered product matrix that drives sales growth, with a 2024 sales volume of 113,900 units, representing a year-on-year increase of 23.5% [1][2]. - The partnership with Huawei has significantly enhanced the company's position in the high-end smart electric vehicle market, with the flagship model, the Xiangjie S9, leading sales in its category for seven consecutive months [3]. Financial Summary - In 2024, the company is projected to generate revenue of CNY 145.12 billion, a year-on-year increase of 1.35%, while the net profit attributable to the parent company is expected to be CNY -6.948 billion, a decrease of 28.67% [1][5]. - For Q1 2025, the company achieved revenue of CNY 37.73 billion, a remarkable year-on-year growth of 150.75%, with a net profit of CNY -9.53 billion, reflecting a 6.15% increase compared to the previous year [1][4]. - The company’s R&D investments have translated into high-end product premiums and positive user reputation, showcasing strong commercialization capabilities [2].

A股公司2024年年报披露基本完毕。据证券时报记者统计，截至4月29日19时，已披露年报的上市公司近5300家。上 述公司合计实现营业收入70.6万亿元，合计实现归母净利润5.25万亿元。近六成A股公司营收保持增长，近八成公司 盈利，净利润超过千亿元的企业增至10家，营收超千亿元的企业达到117家创出新高。 2024年，智能网联汽车、低空经济、人工智能、人形机器人行业蓬勃发展，半导体、计算机设备等板块增收又增 利。如从事高性能光模块业务的新易盛去年营收达到86.5亿元，同比大增179%；实现归母净利润28.4亿元，同比大 增312%。 畜牧养殖、乘用车等板块收入利润增速也居前列。养殖行业迎来显著回暖，相关企业大面积扭亏。Wind数据统计显 示，申万二级行业中，养殖业去年净利润整体同比增长328%。不过，各行业表现依然分化明显，房地产、钢铁、煤 炭、纺织服装等板块整体收入同比有所下滑。 截至记者发稿，逾5100家A股公司披露了2025年一季报，其中，超六成企业一季度营收实现增长。进入今年一季度， 多个行业经营再上新台阶，也有部分行业经营下滑趋势得到扭转。如去年下滑明显的影视院线行业，今年一季度业 绩大幅回暖。风 ...

汽车/乘用车 长安汽车（000625.SZ） Q1 业绩有所增长，新车密集上市销量增长可期 | 日期 | 2025/4/28 | | --- | --- | | 当前股价(元) | 12.18 | | 一年最高最低(元) | 17.07/11.32 | | 总市值(亿元) | 1,207.54 | | 流通市值(亿元) | 1,006.16 | | 总股本(亿股) | 99.14 | | 流通股本(亿股) | 82.61 | | 近 3 个月换手率(%) | 62.89 | 股价走势图 数据来源：聚源 -36% -24% -12% 0% 12% 24% 2024-04 2024-08 2024-12 长安汽车 沪深300 相关研究报告 《2024Q4 业绩高增，以三大计划为引 领开启新车周期—公司信息更新报 告》-2025.4.15 《Q3 业绩有所承压，新车密集上市业 绩改善可期—公司信息更新报告》 -2024.11.1 《Q2 业绩同环比高增，华为赋能新车 销量增长可期—公司信息更新报告》 -2024.8.31 赵旭杨（分析师） 徐剑峰（联系人） zhaoxuyang@kysec.cn 证书编号：S079 ...

Investment Rating - The investment rating for Changan Automobile is "Buy" (maintained) [1] Core Views - The company reported a year-on-year increase in Q1 performance, with a notable rise in net profit driven by increased foreign exchange gains. However, revenue decreased by 7.73% year-on-year to 34.161 billion yuan, while net profit attributable to shareholders rose by 16.81% to 1.353 billion yuan [4][5] - The company is optimistic about its long-term development due to the strong launch of three new energy vehicle brands, advancements in intelligent technology in collaboration with Huawei, and ongoing expansion into overseas markets [4][5] Financial Summary - Q1 total sales reached 705,200 units, a year-on-year increase of 1.9%. The three new energy brands, Avita, Deep Blue, and Qiyuan, saw significant sales growth of 80.5%, 68.2%, and 8.5% respectively, while traditional series sales slightly declined by 8.0% [5] - The company plans to launch several new products in 2025, including the Deep Blue S09 and Avita 06, aiming for substantial monthly sales targets [6] - Financial projections for 2025-2027 estimate net profits of 8.637 billion yuan, 10.680 billion yuan, and 12.857 billion yuan respectively, with corresponding P/E ratios of 14.0, 11.3, and 9.4 times [4][7] Sales and Market Strategy - The company is advancing its "Shangri-La + Beidou Tianzhu + Haina Baichuan" plans, focusing on electric vehicle development, intelligent technology integration, and global market expansion [6] - The overseas market strategy includes launching 12 products in high-growth regions such as Southeast Asia, Europe, and the Middle East, with a sales target of 1 million units [6]

Investment Rating - The investment rating for Great Wall Motors is "Buy" (maintained) [1] Core Views - The company experienced a year-on-year revenue decline of 6.6% in Q1 2025, with a net profit drop of 45.6% due to product replacement cycles and significant investments in new models and direct sales systems [3][4] - Despite the short-term challenges, the long-term outlook remains positive due to the strong new product cycle and ongoing expansion in overseas markets, particularly with the Tank and Wey brands [3][4] Financial Performance Summary - Q1 2025 revenue was 400.19 billion yuan, down 6.6% year-on-year, while net profit was 17.51 billion yuan, down 45.6% [3] - Sales volume in Q1 decreased by 6.7% year-on-year, with notable declines in Haval, Tank, and Ora brands, while Wey brand sales increased by 38.7% [4] - The company has adjusted its profit forecasts for 2025-2027, expecting net profits of 139.72 billion yuan (-4.71%), 169.78 billion yuan (-2.70%), and 189.95 billion yuan (-8.08%) respectively [3] Product and Market Development - The company is set to launch several new models, including the second-generation Haval Big Dog and the new Tank 500, which are expected to drive sales growth [4] - Great Wall Motors is actively expanding its overseas presence, with new factories in Thailand and Brazil, and plans to adapt its product offerings for diverse markets [4] - The company is enhancing its smart driving technology, with the Wey brand's Blue Mountain NOA system being rolled out nationally [4] Valuation Metrics - The current price-to-earnings (P/E) ratios for 2025, 2026, and 2027 are projected at 14.0, 11.6, and 10.3 respectively [3][6] - The expected revenue growth rates for 2025, 2026, and 2027 are 17.9%, 13.0%, and 8.9% respectively [6][9]

点击小程序查看报告原文 注：1）资金流向为前6项加总；2）数据截至4月22日 年初以来A股市场波动加大，市场交易量先升后降。 年初以来影响市场有两大变量，一是DeepSeek改写科技叙事，二是特朗普就任后关税政策频繁变化， 前者成为A股春季行情催化，后者导致4月市场波动，近期维稳资金入市、关税预期反复，市场企稳修复。本篇报告重点梳理年初以来股市资金面线索， 从整体层面上交易情绪先升后降，2-3月上涨过程中A股日成交额一度重回2万亿元以上，调整之后市场交易情绪有所降温，近期阶段回落至日成交万亿元 左右。 资料来源：Wind，中金公司研究部 图表：3月中下旬以来市场交投情绪边际降温，单日两市成交额一度回落至万亿元以下 图表：2025年至今A股资金面相对紧平衡 资料来源：Wind，朝阳永续，中金公司研究部 "国家队"明显净买入、融资余额波动、资金南下港股是年初以来A股资金面的突出特征。 去年924之后，市场资金面更为活跃，公募、私募等机构资金对 A股的主导作用边际下降，个人投资者对市场影响加大。在2-3月DeepSeek引发的上涨行情中，融资资金大幅流入A股成为主要的增量资金之一；国内资金 大量南下港股（尤其是公募 ...

未经许可，不得转载或者引用。 投资要点 乘用车跟踪： 行业景气度跟踪： 3月产批零表现符合预期。 产量方面：乘联会口径3月狭义乘用车产量实现 248.1万辆（同比+12.9%，环比+42.9%）。销量方面：乘联会口径批发销量实现241.2万辆（同 比+10.2%，环比+36.5%。交强险口径销量为182.7万辆，同环比分别+19.7%/+42.7%。出口方 面：乘联会口径整体出口39.1万辆，同环比分别为-3.7%/+12.0%。 新能源跟踪： 3月新能源批发、零售渗透率有所上升。 3月新能源汽车批发渗透率46.8%，环比 +0.4pct；零售口径渗透率为53.0%，环比+1.8pct。 自主跟踪： 3月整体自主批发市占率环比下降。 批发/零售自主品牌市占率分别为66.0%/62.9% 城市NOA级别智能化整车环节跟踪： 城市NOA级别级别渗透率跟踪： 3月高阶智驾渗透率环比增长，产业趋势明确。 新能源乘用车 城市NOA级别级智能驾驶渗透率为18.3%，同/环比+7.9/+1.7pct，同环比增长。重点车企来看， 3月城市NOA级别智驾渗透率问界>理想>小鹏；问界智驾渗透率水平达84.0%；小鹏3月交付稳 定 ...

Investment Rating - The report maintains a "Buy" rating for BYD [1] Core Views - The Q1 performance of BYD is impressive, with revenue reaching 170.4 billion yuan, a year-on-year increase of 36% [7] - The company expects a sales growth of 25-30% for the year, with a target of 5.5 million vehicles sold [7] - BYD's net profit for Q1 is reported at 9.2 billion yuan, showing a year-on-year increase of 100% [7] - The report anticipates a target price of 507 yuan for 2025, corresponding to a PE ratio of 28x [7] Financial Forecasts - Total revenue projections for BYD are as follows: - 2023: 602.3 billion yuan - 2024: 777.1 billion yuan - 2025: 983.3 billion yuan - 2026: 1,157.1 billion yuan - 2027: 1,316.1 billion yuan - Net profit forecasts are: - 2023: 30.0 billion yuan - 2024: 40.3 billion yuan - 2025: 55.0 billion yuan - 2026: 68.3 billion yuan - 2027: 82.1 billion yuan - The report indicates an EPS of 9.88 yuan for 2023, increasing to 27.02 yuan by 2027 [1][8] Sales and Market Share - BYD's Q1 sales reached 1 million vehicles, with a domestic market share of 35% [7] - The export volume for Q1 was 210,000 vehicles, a year-on-year increase of 110% [7] - The report highlights that high-end vehicle sales reached 53,000 units in Q1, a year-on-year increase of 37% [7] Cost and Profitability - The average selling price per vehicle in Q1 was 151,000 yuan, with a gross profit of 32,000 yuan per vehicle [7] - The report projects that single vehicle profit will maintain above 9,000 yuan despite an expected increase in costs due to the introduction of smart driving models [7] Capital Expenditure and Inventory - BYD's capital expenditure in Q1 was 37 billion yuan, a year-on-year increase of 42% [7] - The inventory at the end of Q1 was reported at 154.4 billion yuan, reflecting a 33% increase from the beginning of the year [7]

点 击 蓝 字 关 注 我 们 本文全文共 1358 字，阅读全文约需 4 分钟 轿车市场产品竞争力指数走势 总体来看，2025年 3 月轿车市场产品竞争力指数为 88.1，环比上升 2.2 个点，其中价格力度和用户口 碑指标环比分别下滑1.4 和0.1 个点，产品评价指标环比上升2.1 个点，市场热度指标环比保持不变 。 中国汽车流通协会乘用车市场信息联席分会联合上海福蓝汽车技术有限公司发布"产品竞争力指数"， 旨在通过构建成熟的产品评价标准，研究产品竞争力的影响因素，洞察市场的变化趋势 。 "产品竞争力指数"是在用户口碑、市场热度、产品评价、价格力度四个维度基础上构建产品竞争力指标 体系，量化产品竞争力的一个指数。指数数值越大，意味着产品的综合竞争力越强。 2025年3月指数概览 以 2019年 1月为基期，2025年 3月整体市场产品竞争力指数为 87.0，环比下滑 1.9个点；从三大细分 市场来看，SUV和 MPV市场环比分别下滑4.4和6.9个点，而轿车市场环比上升 2.2个点 。 整体市场产品竞争力指数走势 2025年3月，乘用车批发量241.2万辆，创当月历史新高，同比和环比均增长；由于国家安排 ...

Investment Rating - The report gives an initial rating of "Buy" for the company with a target price of 167.70 RMB, compared to the current price of 129.39 RMB [7]. Core Insights - The company achieved significant revenue growth in 2024, with total revenue reaching 145.18 billion RMB, a year-on-year increase of 305.04%, and a net profit of 5.95 billion RMB, marking four consecutive quarters of profitability [1][18]. - The sales volume of the company's new energy vehicles reached 427,000 units in 2024, representing a year-on-year increase of 182.8% [1][18]. - The partnership with Huawei has strengthened the company's core advantages in smart technology, enhancing both product and channel capabilities [2][32]. Summary by Sections Brand Transformation and Performance Improvement - The company has undergone a significant transformation, focusing on smart technology and new energy vehicles, leading to a substantial turnaround in performance [15]. - The collaboration with Huawei has been pivotal, with the launch of the AITO brand and models like the M5, M7, and M9 driving sales growth [15][18]. Deep Cooperation with Huawei - Huawei has empowered the product side with its ADS 3.0 technology, enhancing the smart driving experience and enabling features like "nationwide driving" [2][39]. - The channel side has also been transformed, with the establishment of a unified sales and service team to improve customer experience and operational efficiency [43]. High-End Positioning of AITO - The AITO brand is strategically positioned in the high-end market, capitalizing on the growing demand for luxury electric vehicles in China [50][53]. - The introduction of new models and upgrades, such as the M7 and M9, has contributed to the brand's upward trajectory in the market [55][59]. Growth Opportunities from Marginal Changes - The upcoming launch of the M8 model in the 350,000 to 450,000 RMB price range is expected to enhance the product matrix and drive sales growth [4]. - The company is expanding its international presence with the establishment of an overseas electric vehicle company, aiming to tap into global markets [4][22]. Financial Forecast and Valuation Analysis - The company is projected to achieve net profits of 10.96 billion RMB, 13.90 billion RMB, and 16.86 billion RMB for the years 2025 to 2027, respectively [4]. - Based on a 25X PE ratio for 2025, the target market value is estimated at 273.92 billion RMB, indicating a potential upside of 29.6% [4].