（来源：天津日报） 转自：天津日报 前不久，在中国汽车技术研究中心有限公司（以下简称中汽中心）天津检验中心碰撞试验场里，一辆黑 色轿车沿着牵引跑道快速驶过。"砰"的一声轰响，轿车前舱瞬间凹陷，安全气囊如白帆般张开。快门 声"咔嚓"连成一片——工程师把年度第2000次碰撞试验，定格在了合影墙上。 从1985年天津市河东区万新村两栋居民楼里起步，到如今成为国内汽车行业具有广泛影响力的综合性科 技企业集团，中汽中心与天津的关系，恰似一组精准咬合的齿轮：城市为企业铺就成长沃土，企业为城 市注入产业动能。这组齿轮转动四十载，不仅转出中国汽车工业从"跟跑"到"领跑"的巨变，更转出一座 城市与一家企业共生共荣的壮阔图景。 "塑料大棚"试验室 行业荒原扎下技术根 1985年初，在天津市河东区万新村两栋居民楼内，从第二汽车厂、机械工业部、长春汽研所抽调的技术 骨干，把行李箱摞成办公桌，在纸上一笔一画规划着汽车技术开发研究中心（中汽中心前身）的蓝图。 彼时的中国汽车工业，正被"二三十年产品一贯制、质量稳定性不足"的难题困住。时任中国汽车工业总 公司董事长饶斌提出："应建设第三方技术研究中心解决行业质量问题。"汽车技术开发研究中心 ...

Core Viewpoint - Kailong High-Tech (300912) announced that its wholly-owned subsidiary, Jiangsu Oruisen Testing Technology Service Co., Ltd., has won the bid for the complete vehicle hub outsourcing testing project from Geely Automobile Research Institute (Ningbo) Co., Ltd., thereby entering Geely's supplier system [1] Group 1 - Kailong High-Tech's subsidiary has secured a significant contract with Geely Automobile, indicating a strategic partnership [1] - The project involves complete vehicle hub testing, which is crucial for automotive development and quality assurance [1] - This contract enhances the company's position within the automotive supply chain, potentially leading to further opportunities [1]

Investment Rating - The report assigns a "Buy" rating to the company, indicating a positive outlook for its stock performance in the near future [3][6]. Core Insights - The first batch of L3 autonomous driving vehicles has been approved by the Ministry of Industry and Information Technology, including the Changan Deep Blue SL03 and BAIC Arcfox Alpha S, which will conduct pilot tests in designated areas of Beijing and Chongqing [1]. - A mandatory national standard for intelligent connected vehicles will be implemented starting January 1, 2027, which is expected to significantly increase the mandatory testing items for intelligent driving, leading to higher testing costs for vehicles [2]. - The i-VISTA platform, developed by China Automotive Research, is enhancing industry influence and testing capabilities for intelligent connected vehicles, with significant investments planned for testing bases in East and South China, expected to be completed by 2026 [2]. Financial Summary - Projected revenues for the company from 2025 to 2027 are estimated at 46.60 billion, 53 billion, and 67.91 billion yuan respectively, with net profits expected to be 9.31 billion, 10.65 billion, and 14.69 billion yuan [3][4]. - The company is expected to see a revenue growth rate of 14.7% in 2024, followed by a slight decline of 0.8% in 2025, and then a recovery with growth rates of 13.7% and 28.1% in 2026 and 2027 respectively [14]. - The earnings per share are projected to increase from 0.92 yuan in 2024 to 1.46 yuan in 2027, reflecting a positive trend in profitability [4][14].

既有保底的饭碗，也有成长的空间。 | 作者 | | 白猫 | | --- | --- | --- | | 编辑 | | 小白 | 买车对许多家庭来说是件大事。消费者在挑选新车时，往往关注品牌、外观和动力。 但很少有人知道，在一辆新车上市前，必须经过一系列严苛的"体检"。从风阻系数的测定到碰撞安全 测试，这些看不见的环节决定了一辆车能否合法上路。 在这个隐秘而关键的环节中，有一家企业扮演着"考官"的角色。 它就是中国汽研（601965.SH）。 手握"通行证"的行业考官 在中国，并不是谁都有资格给新车做"体检"。 新车上市强制性检测是一个有着高准入门槛的行业。 据东吴证券，目前国内仅有六家机构具备政府主管部门全面授权检测资质，检测范围涵盖各类车型， 具备工信部公告体系要求的全部检验检测能力。 中国汽研便是当中之一。 从历史数据看，技术服务业务一直是公司的利润核心。这项业务不仅收入占比高，毛利率更是长期维 持在高位。即便在行业竞争加剧的背景下，凭借资质壁垒，这部分业务依然是公司最稳定的现金奶 牛。 2025年1-9月，公司实现营收30.2亿元，其中汽车技术服务业务营收为27.5亿元，营收占比91%。2024 年， ...

Group 1: Company Overview - The report recommends a "Buy" rating for the company, predicting revenues of 4.132 billion, 4.685 billion, and 5.354 billion RMB for 2025-2027, with growth rates of 26%, 13%, and 14% respectively [1] - The adjusted net profits are forecasted to be 556 million, 624 million, and 712 million RMB for the same period, with growth rates of 33%, 12%, and 14% respectively [1] - The company operates multiple brands, including "沪上阿姨" (Hushang Aunt), "茶瀑布" (Tea Waterfall), and "沪咖" (Hushang Coffee), targeting different consumer segments and price points [2] Group 2: Market Potential - The ready-to-drink beverage market in China has significant growth potential, with increasing consumption rates and a rising chain store penetration [2] - The company has a projected store opening potential of 18,000 for its main brand and over 5,000 for "茶瀑布" (Tea Waterfall), with international expansion into Malaysia and the USA [2] - The coffee segment is expected to enhance store efficiency as it integrates into the main brand [2] Group 3: Industry Trends - The report highlights the increasing chain store advantage over independent tea shops, suggesting a trend towards consolidation in the tea beverage industry [2] - The report notes that the ready-to-drink beverage market is experiencing a surge in demand due to the growth of delivery services [2] - The digital RMB is positioned as a key driver for the internationalization of the RMB, with a projected transaction volume of 52.8 to 223.6 trillion RMB by 2030 [7] Group 4: Financial Insights - The company is valued at a target market cap of 12.2 billion HKD, with a target price of 116.56 HKD based on a 20x PE ratio for adjusted net profit in 2025 [1] - The report indicates that the digital RMB will benefit upstream technology support, midstream system adaptation, and downstream terminal deployment, suggesting broad growth potential across the industry [8]

据了解，新规程聚焦全场景健康监测这一核心内容，对车内高风险化合物、空气新鲜度、电磁辐射等20多项指标开展严格测试，还新添了车内气溶胶，也就 是悬浮颗粒物，以及二氧化碳浓度等实时监测。 中国汽车工程研究院高级专家 李琦：我们还首次提出了光健康的概念。消费者日常用车当中，娱乐屏会对视力造成一定的伤害，因此，我们首次将防蓝 光、防眩目检测也纳入测评范围。 记者昨天（3日）从中国汽车工程研究院获悉，"中国汽车健康指数"2026新版规程框架发布。这一规程框架的发布，对汽车产品乘员的健康保护，提供了更 高水平的专业技术支撑。 专家表示，新规程还重点关注了特殊群体的用车健康保护，专门为佩戴心脏起搏器的人群开展了电磁辐射专项检测。同时，还升级了防晒隔热等实用配置的 检测。下一步，中国汽车工程研究院还将从新能源汽车产业高质量发展的新方向，不断丰富汽车环保、健康等方面的检测内容。 ...

Core Insights - The A-share merger and acquisition (M&A) market has seen significant activity driven by policy changes, particularly following the introduction of the "Six M&A Guidelines" on September 24, 2024, leading to a total of 5,868 disclosed M&A events by November 24, 2025, with 2,745 transactions involving equity purchases by listed companies and their subsidiaries [1][2] - The total transaction value of these M&A activities reached 7.49 trillion yuan, indicating a substantial increase in both scale and number compared to previous years [1] - A notable trend is the shift from being frequent targets of acquisitions to becoming buyers in the M&A market, particularly among star enterprises from the primary market [1][6] Market Trends - The proportion of market-driven transactions has significantly increased, with non-related party transactions accounting for over 70% of the 2,745 equity transactions since the "Six M&A Guidelines" were released [2] - In major restructuring transactions, while related party transactions still dominate in terms of value, the share of non-related party transactions has risen markedly compared to the previous year [2] Transaction Challenges - Market-driven transactions generally face higher difficulties, with a termination rate of nearly 60% for non-related party major restructuring transactions last year, compared to a termination rate of about 30% for related transactions [3] - This year, 24% of disclosed non-related party major restructuring transactions have been terminated, indicating ongoing challenges in successfully completing these deals [3] Notable Cases - Specific cases illustrate the challenges faced in market-driven M&A, such as the failed acquisition of Huimang Micro by Yingjixin, which was terminated less than two weeks after the announcement due to disagreements on core terms [4][5] - The trend of primary market star enterprises transitioning to buyers is exemplified by Zhiyuan Robotics' acquisition of Shangwei New Materials, marking a significant shift in strategy [6][7] Valuation Discrepancies - There exists a significant valuation gap between assets in the M&A market and those in the IPO market, complicating negotiations and increasing the difficulty of transactions [8] - Acquiring small-cap listed companies allows primary market enterprises to leverage capital market platforms for smoother financing and capital operations, enhancing the quality of existing listed companies [9]

Core Viewpoint - The company, Lianjian Technology (301115.SZ), currently does not engage in fuel cell testing, focusing instead on automotive testing services through its subsidiary, Guanbiao Testing [1] Group 1: Company Services - The company's automotive testing services are primarily provided by its subsidiary, Guanbiao Testing [1] - Guanbiao Testing possesses comprehensive testing capabilities in various fields, including automotive materials, environmental reliability, electrical performance, and electromagnetic compatibility (EMC) [1] - The company has obtained third-party testing access qualifications from several automotive manufacturers, including General Motors, Volkswagen, NIO, Li Auto, JAC Motors, Geely, Leap Motor, and Chery [1]

Core Viewpoint - The company reported its Q3 2025 earnings, showing a revenue of 1.114 billion yuan, with a year-on-year growth of 9.33% and a net profit of 257 million yuan, indicating stable performance in line with expectations [2]. Revenue and Business Structure - The revenue from the detection business increased, accounting for 93% of total revenue in Q3 2025, with a total of 1.03 billion yuan, reflecting a year-on-year increase of 5.62% [3]. - For the first three quarters of 2025, total revenue was 3.024 billion yuan, a slight decrease of 1.14%, while detection business revenue was 2.749 billion yuan, highlighting the company's focus on core operations and optimization of its business structure [3]. Profitability and R&D Investment - The company's gross margin reached 47.47% in Q3 2025, benefiting from an improved business structure, with a year-on-year increase of 2.18 percentage points [4]. - R&D expenses amounted to 97 million yuan, a significant increase of 50.26% year-on-year, demonstrating the company's commitment to innovation and strengthening its competitive edge [5]. Technical Capabilities and Industry Standards - The company established key testing capabilities for the implementation of national standards in intelligent connected vehicles, marking a significant milestone in the industry [6]. Profit Forecast and Investment Rating - Revenue forecasts for 2025-2027 are maintained at 5.47 billion, 7.00 billion, and 8.39 billion yuan, with expected growth rates of 17%, 28%, and 20% respectively [7]. - The net profit estimates for the same period have been adjusted to 1.01 billion, 1.23 billion, and 1.47 billion yuan, with corresponding PE ratios of 17, 14, and 12 times, maintaining a "buy" rating due to anticipated performance growth from the implementation of L2 national standards [7].

Core Viewpoint - The company reported its Q3 2025 results, showing stable revenue growth but a slight decline in net profit year-on-year, indicating a focus on enhancing operational efficiency and increasing R&D investment to support future growth [1][2]. Revenue Performance - For the first three quarters of 2025, the company achieved revenue of 3.024 billion yuan, a year-on-year decrease of 0.76% [1]. - Q3 2025 revenue reached 1.114 billion yuan, reflecting a year-on-year increase of 6.36% and a quarter-on-quarter increase of 8.79% [2]. Profitability Analysis - The net profit attributable to shareholders for Q3 2025 was 257 million yuan, down 4.15% year-on-year but up 11.70% quarter-on-quarter [2]. - The non-recurring net profit for Q3 2025 was 225 million yuan, a year-on-year decrease of 1.50% and a quarter-on-quarter increase of 0.57% [2]. - The gross margin for Q3 2025 was 47.47%, up 2.19 percentage points year-on-year and 2.28 percentage points quarter-on-quarter [2]. Expense Management - The expense ratios for sales, management, R&D, and financial costs in Q3 2025 were 3.24%, 7.25%, 8.73%, and 0.97%, respectively, with year-on-year increases in all categories [2]. - The increase in R&D expense ratio is attributed to the company's commitment to meet the demands of automotive enterprises and enhance R&D investment [2]. Strategic Initiatives - The company established an overseas division in early 2025 to enhance its international capabilities and support Chinese automotive products in entering global markets [2][3]. - The company is focusing on local service capabilities and conducting research on national standards and market access to support its international expansion [3]. Technological Development - The establishment of an Information Intelligence Division aims to build comprehensive testing and evaluation capabilities in the field of intelligent connected vehicles [3]. - The company is developing testing capabilities across various dimensions, including simulation testing, road testing, and data security testing, to enhance its service offerings in the intelligent vehicle sector [3]. Future Outlook - Revenue projections for 2025-2027 are 4.778 billion, 5.465 billion, and 6.306 billion yuan, with net profits of 986 million, 1.214 billion, and 1.464 billion yuan, respectively [4]. - The expected EPS for 2025, 2026, and 2027 are 0.98, 1.21, and 1.46 yuan, with corresponding PE ratios of 17, 14, and 11 times based on the closing price of 16.78 yuan per share on October 27, 2025 [4].