近日，东安动力在接受机构调研时表示，新能源方面，本部产品为增程器，目前客户主要为东风岚图，江淮汽车项目也逐渐增产，四季度，增程器销量有望 进一步提高。东安汽发为DHT产品，客户主要为郑州日产。 由于产品平台化，东安动力具备多品种、小批量的生产优势，可以承接较多项目。公司产品已实现轻型商用车、中重卡、乘用车、新势力、特品新市场"五 维拓展"以及空中、地面、水面、水下多领域"立体化"全覆盖。2024年，公司经营目标为实现整机销量60万台，公司2026年挑战整机销量100万台，2027年挑 战收入100亿元。 现有产能为本部30万台，子公司东安汽发44万台，产能均按双班250工作日标准，东安动力本部产能利用率较高，子公司部分发动机产能利用率有待提高。 目前正在进行增程产品生产线技术改造，预计明年一季度末完成。 关于产品毛利率，东安动力表示，发动机毛利率整体较低，且逐年降低，主要是受行业竞争压力大、产能没有充分利用、商用车盈利能力不佳等因素影响， 商用车与乘用车发动机无明显差异。另外，公司毛利率下降也与生产线建设后折旧增加有关，同时，按照新的会计准则，部分费用调整至生产成本，也降低 了产品的毛利率。 ...

东安动力在本次业绩说明会上介绍，公司制定的2025年的经营目标为整机销售60万台，实现营业收入52 亿元。1至7月，公司销售发动机25.81万台，较上年同期增长23.88%，销售变速器9.76万台，较上年同 期增长119%。目前新能源产品中，增程器主要匹配东风岚图，DHT产品主要配郑州日产。 东安动力表示，公司产品毛利率整体较低，且逐年降低，主要是受行业竞争压力大、产能没有充分利 用、商用车盈利能力不佳等因素影响。为改善产品的盈利能力，企业加大了市场开拓，公司前期部分定 点客户开始陆续批量生产。1—7月份，公司销售整机35.57万台，同比增长40.64%，产销量的增加有利 于摊销固定成本。另外，公司持续开展全面价值创造活动，压减成本，助力盈利能力改善。 "2025年，公司确定的整机销量60万台的经营目标预计能够实现。随着新匹配整车项目的量产，2026年 挑战整机销量100万台，2027年挑战收入100亿元，产销量的增长，将助力公司盈利能力的提升。"东安 动力表示。 东安动力（600178）8月22日举行2025半年度业绩说明会，东安动力管理层主要成员就2025年上半年经 营成果、财务状况与投资者进行沟通交流。 ...

Core Viewpoint - Dong'an Power aims to expand its market presence across three main areas: traditional market, export market, and range extender and hybrid market, with each segment targeting one-third of the overall business [2] Group 1: Future Goals and Market Strategy - The company plans to achieve a total sales volume of 1 million units by 2026 and aims for revenue of 10 billion yuan by 2027 [2] - For 2025, Dong'an Power has set a target of selling 600,000 units and achieving a revenue of 5.2 billion yuan [2] Group 2: Sales Performance - From January to July, the company sold 258,100 engines, representing a year-on-year increase of 23.88%, and sold 97,600 transmissions, which is a significant year-on-year increase of 119% [2] - In the first half of the year, Dong'an Power reported a revenue of 2.479 billion yuan, a year-on-year growth of 25.72%, and a net profit attributable to shareholders of 3.9212 million yuan, recovering from a loss of 6.7898 million yuan in the same period last year [2] Group 3: Product Development - The company is currently collaborating on the development of rotary engines and is undergoing a technical transformation of its range extender production line, expected to be completed by the end of Q1 next year to meet the growing demand for range extenders [2]

Core Viewpoint - The Chongqing Municipal Economic and Information Commission is soliciting opinions on the "Chongqing Intelligent Connected New Energy Vehicle Industry Chain 'Yuchain Zhqing' Action Plan (2025-2027)" aimed at fostering a robust ecosystem for the intelligent connected new energy vehicle sector [1] Group 1: Industry Development Initiatives - The plan emphasizes the acceleration of nurturing quality entities within the industry [1] - A tripartite service mechanism involving the city, districts, and vehicle manufacturers will be established to support key component enterprises in market expansion, technology research and development, and corporate financing [1] - Encouragement is given to leading companies in areas such as intelligent cockpits, electric drive, thermal management, electric steering, electric braking, and range extenders to pursue investments, mergers, and acquisitions to expand the industry chain and enhance product variety [1] Group 2: Focus on Small and Medium Enterprises - The initiative aims to promote quality small and medium enterprises to focus on their strengths in technology innovation, product upgrades, and brand building [1] - The goal is to cultivate a number of "specialized, refined, distinctive, and innovative" small giant enterprises within the sector [1] - By 2027, the plan targets the formation of 400 specialized and innovative enterprises and 80 small giant enterprises in the intelligent connected new energy vehicle field in Chongqing [1]

Core Viewpoint - Dong'an Power aims to enhance its market position by expanding its product offerings and increasing sales volume, targeting significant revenue growth by 2027 [1][2][3] Group 1: Company Overview - Dong'an Power has three main engine product platforms: naturally aspirated, turbocharged direct injection, and new energy range-extended engines, along with three transmission platforms [1] - The company has set a target of selling 600,000 units and achieving revenue of 5.2 billion yuan by 2025 [1] - Current production capacity is 300,000 units at the main plant and 440,000 units at the subsidiary, with a focus on improving utilization rates [1] Group 2: Sales Performance - In the first half of the year, Dong'an Power sold 223,500 engines, a year-on-year increase of 23.36%, and 88,100 transmissions, a significant increase of 166.52% [2] - The company is targeting a sales volume of 1 million units by 2026 and aims for revenue of 10 billion yuan by 2027 [2] Group 3: Product and Market Strategy - The future market focus includes traditional markets, export markets, and range-extended and hybrid markets, each expected to contribute one-third to overall business [2] - The sales structure indicates that commercial vehicles will account for over half of engine sales, primarily to Foton and Changan, while passenger vehicles will see growth in high-end models [2] Group 4: Financial Performance and Projections - The gross margin for engines is declining due to competitive pressures and underutilization of capacity, but the company expects margins to improve as production scales up [3] - For the first half of 2025, the company projects a profit of 6.51 million to 9.77 million yuan, with a return to profitability in net profit terms [3] - Increased orders for AT transmissions have significantly boosted revenue and gross profit compared to the previous year [3]

Core Viewpoint - Dong'an Power reported a turnaround in net profit for Q1 2025, driven by new products and market expansion, despite challenges in gross margin due to industry competition and increased depreciation costs [1][2]. Group 1: Financial Performance - In Q1 2025, Dong'an Power achieved revenue of 994 million yuan and a net profit of 3.73 million yuan, marking a year-on-year turnaround [1]. - The company sold 203,300 complete units from January to April 2025, representing a year-on-year increase of 36.14% [2]. Group 2: Product and Market Development - Dong'an Power has three major engine product platforms and three transmission product platforms, focusing on high-end passenger cars, light and medium commercial vehicles, and new energy vehicles [1]. - The company has secured 51 new market agreements with 26 enterprises, with an expected total sales volume of 1.5 million units over the product lifecycle [1]. - The company is actively developing new products, including hybrid dedicated transmissions and clean energy engines, with several models expected to launch in 2025 [2]. Group 3: Industry Trends - In 2024, cumulative sales of plug-in hybrid vehicles in China reached 5.141 million units, a year-on-year increase of 83.3%, accounting for 40% of new energy vehicle sales [3]. - Dong'an Power anticipates that new energy, particularly plug-in hybrid vehicles, will be the main development direction for the automotive industry in China over the next 5-10 years [3].

Core Viewpoint - The CFO of Volkswagen expresses optimism about the potential of range extenders, indicating confidence in achieving planned production levels and the possibility of integrating other businesses into the South Carolina plant [1] Group 1 - The concept of range extenders is viewed as promising by the company [1] - The company is more optimistic about reaching its planned production targets [1] - There is potential for incorporating additional business operations at the South Carolina facility [1]

Core Insights - The Shanghai Auto Show serves as a significant window to observe the transformation of the automotive industry, highlighting China's shift from a follower to an innovator in the sector [2] - The off-road vehicle market is rapidly developing, with trends towards high-end, large, intelligent, and "boxy" vehicles [2] - The company has focused on the B-class and above mid-to-high-end market, aiming to provide more powerful, quieter, and efficient electric drive products [2] Technology Development - The company has evolved from electric motors to a comprehensive range of electric drive components and system assembly capabilities since its inception in 2008 [2] - The goal is for 60-70% of revenue to come from complete assembly business rather than single component sales, enhancing profitability per vehicle [2] - A 300kW all-in-one electric drive system, featuring an innovative "direct magnetic" mechanical differential lock, has been showcased, with an output torque exceeding 6000 N·m [2][3] Global Strategy - The company has maintained a global strategy since its establishment, initially focusing on exports to North America and forming long-term partnerships with major domestic manufacturers [5] - By 2023, domestic and international business proportions were nearly equal, with expectations for overseas business to regain a 50% share post-2027 [5] - A recent contract with a top-five global automotive group for a three-in-one electric drive assembly for the European market is expected to yield over 100,000 units annually by 2027 [5] Financial Performance - In the 2024 report, the company achieved total revenue of 1.305 billion yuan, a year-on-year increase of 50.64%, while reporting a net loss of 436 million yuan [7] - The first quarter of 2024 saw a 140.45% year-on-year increase in net profit attributable to shareholders, marking a significant turnaround from losses [7] - Cash flow from operating activities improved by 254.81% year-on-year, indicating enhanced financial health and operational efficiency [7] Future Outlook - The company aims to transition towards becoming an excellent manufacturing enterprise, focusing on quality, cost, and delivery as competition intensifies [7] - Future strategies include expanding domestic and international markets, enhancing cost control, and maintaining innovation-driven growth [7] - The company anticipates a significant market opportunity as the penetration rate of new energy vehicles in China is projected to reach 55% by 2025 [8]