证券研究报告 汽车 | 汽车零部件 北交所|公司点评报告 hyzqdatemark 2025 年 08 月 13 日 证券分析师 赵昊 SAC：S1350524110004 zhaohao@huayuanstock.com 万枭 SAC：S1350524100001 wanxiao@huayuanstock.com 市场表现： | 基本数据 | | | 2025 | 年 | 08 | 12 | | | | 月 | | | 日 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 收盘价（元） | | | | | | | 37.24 | | | | | | | | 一 年 最 低 | 高 | / | | | | | | | 内 | | 最 | 42.50/12.52 | | | （元） | | | | | | | | | | | | | | | 总市值（百万元） | | | | | | | | 2,451.28 | | | | | | | 流通市值（百万元） | | | | | | | ...

从资金流向来看，当日主力资金净流出315.29万元，近五个交易日累计净流出3285.30万元。当前公司市 盈率为16.25倍，市净率1.35倍，总市值106.11亿元。 富奥股份最新股价报6.17元，较前一交易日上涨0.01元。盘中最高触及6.19元，最低下探6.13元，成交量 为91432手，成交金额达0.56亿元。 风险提示：以上信息仅供参考，不构成任何投资建议。股市有风险，投资需谨慎。 该公司主营业务为汽车零部件制造，产品涵盖转向系统、制动系统、底盘系统等多个领域。作为吉林省 重点企业，富奥股份已形成完整的汽车零部件配套体系，为多家整车厂商提供配套服务。 ...

风险提示：股市有风险，投资需谨慎。 截至2025年8月7日收盘，东风科技股价报13.08元，较前一交易日下跌0.12元，跌幅0.91%。当日成交量 为54797手，成交金额达0.72亿元。 资金流向方面，8月7日主力资金净流出832.94万元，近五个交易日累计净流出1658.20万元。 东风科技主营业务为汽车零部件制造，产品涵盖汽车仪表系统、电子电器系统、制动系统等。公司一季 度实现营业收入15.20亿元，归母净利润3588万元。 公司8月7日发布两则重要公告：一是签订募集资金专户存储四方监管协议，规范募集资金管理；二是子 公司东风延锋汽车座舱系统有限公司在605万元承揽合同纠纷案中胜诉，法院驳回原告诉求。公司表示 该判决不会影响正常生产经营。 ...

Core Viewpoint - Continental Group announced the decision to sell its ContiTech division in 2026, marking a strategic shift towards becoming a pure tire manufacturer focused on value creation, profitability, and cash flow [4][5][10]. Company Strategy - The decision to split is a result of extensive analysis and evaluation by the executive board, indicating a fundamental change in the business model to adapt to a complex market environment [5][12]. - The shift from a diversified business model to a focus on core tire manufacturing is seen as essential for enhancing operational efficiency and profitability [12][21]. - The company aims to concentrate resources on the tire business, which is expected to drive growth and improve market competitiveness [14][21]. Financial Performance - The overall sales forecast for the group is adjusted to €19.5 billion - €22 billion, with an adjusted EBIT margin of 12.0% - 14.5% [9]. - The tire division is projected to have a higher profit margin of 13.0% - 16.0%, reflecting a deep reflection and re-planning of the business profitability model [9][21]. - Since the announcement of the split, the stock price has surged approximately 46%, indicating strong market approval of the strategic shift [10][23]. Market Impact - The restructuring is expected to optimize resource allocation, allowing Continental to focus on its strengths in the tire market, thereby enhancing its resilience and sustainable development capabilities [23][28]. - The shift from diversification to specialization may serve as a model for other companies in the industry, encouraging them to reassess their business models and strategies [26][28]. - The transformation of Continental Group is likely to trigger a chain reaction in the industry, promoting further consolidation and a shift towards more specialized and efficient operations [28][29].