-13% -6% 1% 9% 16% 23% 2024/07/22 2024/10/20 2025/01/18 2025/04/18 2025/07/17 福田汽车 沪深300 证券研究报告 2025年07月20日 商用车 福田汽车(600166)公司深度报告 波折后再迈进，新时代创新周期 评级：买入(上调) 戴畅(证券分析师) 徐鸣爽(联系人) S0350523120004 S0350124100008 daic@ghzq.com.cn xums@ghzq.com.cn 最近一年走势 请务必阅读报告附注中的风险提示和免责声明 2 核心提要 | 市场数据 | 2025/07/18 | | --- | --- | | 当前价格（元） | 2.79 | | 52周价格区间（元） | 2.22-3.08 | | 总市值（百万） | 22,089.55 | | 流通市值（百万） | 18,103.83 | | 总股本（万股） | 791,740.04 | | 流通股本（万股） | 648,882.89 | | 日均成交额（百万） | 233.96 | | 近一月换手（%） | 1.34 | 相关报告 | 《福田汽车（ ...

据悉，印度已启动大规模采购程序，将在中央政府的"总理电动车计划"（PM E-Drive scheme）下部署10,900辆电动公交车，这是该 国迄今为止最大的电动公交车采购招标。 此次招标由"综合能源服务有限公司"（CESL）发布，包括对车队进行采购、供应、运营和维护，以及开发相关民用和电力基础设施。 此次招标于2025年6月27日发布，遵循重工业部（MHI）提出的促进公共交通电动化的全国战略。 该总理电动车计划提供约4.37亿欧元（439.1亿印度卢比）的补贴，目标是在人口超过400 万的9个城市部署14,028辆电动公交车。 这些公交车将分配到五个都市区: 预计班加罗尔将接收4500辆（包括3500辆 十二米低地板无空调车、300辆十二米低地板 空调车、600辆九米低地板无空调车和100辆 九米低地板空调车）；德里将接收2800辆公 交车 （包括2500辆十二米低地板空调车和 300辆九米低地板空调车）；海得拉巴将接收 2000辆公交车;艾哈迈达巴德将接收1000辆 公 交车 (600 辆 九 米 和 400 辆 十二米 空 调 车）；苏拉特将接收600辆公交车。 投标人需提供完整的运营服务,包括充电基础 ...

Summary of Conference Call Industry Overview - The conference call primarily discusses the medium truck industry, focusing on sales performance and policy impacts in the Chinese market [1][2][3]. Key Points and Arguments 1. **Sales Performance in April**: - Medium truck wholesale sales reached 88,000 units in April, reflecting a year-on-year growth of 6.5% [1]. - The upper limit sales for medium trucks were 69,000 units, with a year-on-year increase of 5.9% [1]. - Natural gas performance was notably poor, with a significant year-on-year decline of 35% due to a narrowing oil-gas price spread [1]. 2. **Impact of National Policies**: - Despite the decline in natural gas sales, terminal sales still achieved year-on-year growth, indicating a positive response to the implementation of national policies [2]. - The implementation of national policies varied significantly across different cities within the same province, complicating the assessment of policy impacts [2]. 3. **Sales Growth in Policy-Implemented Regions**: - Regions where national policies were implemented saw a year-on-year sales growth of 27% in April, significantly outperforming the overall industry growth of 6% [3]. - Areas without policy implementation experienced a year-on-year sales decline of 13.4% [3]. 4. **Sales Trends by Region**: - Excluding Shanghai, regions with earlier policy implementation showed a 15.6% year-on-year sales growth in April [4]. - Sales growth varied between regions based on the timing of policy implementation, with early adopters showing better performance [4]. 5. **May Sales Projections**: - Projections for May suggest that newly implemented regions could see sales growth of around 15% [5]. - Areas without policy implementation are expected to continue their previous sales performance [5]. 6. **Market Research Insights**: - A survey conducted from May 12 to May 15 across 12 provinces indicated that 10 of these regions had implemented national policies, reflecting a positive outlook for sales [6][7]. - Positive feedback from regions like Anhui, Guangxi, and Sichuan indicated a doubling of orders following policy implementation, although actual delivery may take 20-30 days [7]. 7. **Sales Growth in Early May**: - From May 1 to May 20, medium truck sales in China showed a year-on-year increase of approximately 10% [8]. - Daily sales averaged over 2,000 units, compared to over 1,000 units in the same period last year [8]. 8. **Future Growth Expectations**: - The period from June to October is expected to show better year-on-year growth compared to May, with a gradual increase in sales momentum [9]. - The medium truck sector is highlighted as having strong scale effects, with potential positive impacts on sales, revenue, and profit margins as domestic demand improves [9]. 9. **Investment Opportunities**: - The current market capitalization of medium truck companies in China is around 20 billion, with stock prices at historically low levels this year, suggesting potential investment opportunities [9]. - The call also mentioned the recovery of stock prices for companies like Foton, which are expected to show significant performance improvements as negative impacts from previous issues are resolved [10]. Other Important Insights - The conference highlighted the complexity of policy implementation across different regions and its direct impact on sales performance, emphasizing the need for careful analysis of regional data [2][3]. - The discussion also pointed out the lag between order growth and actual sales due to delivery timelines, which could affect short-term sales figures [7].

Group 1 - The core objective of Beiqi Foton Motor Co., Ltd. is to become a world-class commercial vehicle enterprise, showcased during the Nampo exhibition in South Africa from May 13 to 16 [1] - Beiqi Foton presented a diverse product lineup tailored to South Africa's logistics needs, including heavy trucks, light and medium trucks, small and micro trucks, pickups, vans, and new energy products [1] - The exhibition attracted significant attention, highlighting the company's ability to adapt its products to the South African market and enhance the influence of "Chinese intelligence" in the global commercial vehicle sector [1] Group 2 - Under the guidance of the "Belt and Road" initiative, Beiqi Foton is accelerating its internationalization strategy, aiming to upgrade trade cooperation to industrial chain collaboration in the African market [2] - The company plans to continue driving the global expansion of "Chinese intelligence" in commercial vehicles through technological innovation [2]