证券日报网讯 12月1日，天汽模在互动平台回答投资者提问时表示，东实股份是国内为数不多的同时为 商用车和乘用车进行大规模配套的汽车零部件专业生产厂商，主要围绕汽车车身、底盘、动力三大系统 为整车厂提供产品。 （编辑 丛可心） ...

Core Viewpoint - Ankai Bus has shown fluctuations in stock performance, with a recent increase of 2.06% in share price, while the company has experienced a significant year-on-year revenue growth but a decline in net profit [1][2]. Group 1: Stock Performance - As of November 3, Ankai Bus's stock price reached 5.44 CNY per share, with a market capitalization of 5.11 billion CNY [1]. - The stock has increased by 6.67% year-to-date, but has seen a decline of 2.33% over the last five trading days and a drop of 6.69% over the last 60 days [1]. Group 2: Financial Performance - For the period from January to September 2025, Ankai Bus reported a revenue of 2.446 billion CNY, reflecting a year-on-year growth of 44.37% [2]. - The company recorded a net profit attributable to shareholders of -8.658 million CNY, which is a decrease of 61.56% compared to the previous year [2]. Group 3: Shareholder Information - As of October 20, the number of shareholders for Ankai Bus was 48,400, a decrease of 1.29% from the previous period [2]. - The average number of circulating shares per shareholder increased by 1.30% to 15,140 shares [2]. - The company has distributed a total of 154 million CNY in dividends since its A-share listing, with no dividends paid in the last three years [3].

Group 1 - The core viewpoint of the news is that Ankai Bus has experienced a decline in stock price and trading activity, with a current market value of 5.45 yuan per share and a total market capitalization of 5.12 billion yuan [1][2] - As of October 20, 2023, Ankai Bus reported a year-to-date stock price increase of 6.86%, but has seen a decline of 3.71% in the last five trading days, 2.33% in the last 20 days, and 7.63% in the last 60 days [2] - The company’s main business involves the production and sales of large and medium-sized buses, with 93.19% of revenue coming from complete vehicles, while other segments contribute 5.67% and 1.14% respectively [2] Group 2 - As of September 30, 2025, Ankai Bus had a total of 48,400 shareholders, a decrease of 1.29% from the previous period, with an average of 15,140 circulating shares per shareholder, an increase of 1.30% [2] - For the period from January to September 2025, Ankai Bus achieved operating revenue of 2.446 billion yuan, representing a year-on-year growth of 44.37%, while the net profit attributable to the parent company was a loss of 8.658 million yuan, a decrease of 61.56% year-on-year [2] - The company has cumulatively distributed 154 million yuan since its A-share listing, with no distributions made in the last three years [3]

Core Viewpoint - Ankai Bus has shown a significant increase in stock price and revenue growth, indicating a positive trend in the company's performance and market interest [2][3]. Group 1: Stock Performance - On October 24, Ankai Bus's stock rose by 2.62%, reaching 5.87 CNY per share, with a trading volume of 1.02 billion CNY and a turnover rate of 2.41%, resulting in a total market capitalization of 55.15 billion CNY [1]. - Year-to-date, Ankai Bus's stock price has increased by 15.10%, with a 7.71% rise over the last five trading days, a 1.03% increase over the last 20 days, and a slight decline of 0.84% over the last 60 days [2]. Group 2: Financial Performance - For the first half of 2025, Ankai Bus reported a revenue of 1.592 billion CNY, representing a year-on-year growth of 38.74%, while the net profit attributable to shareholders was 18.396 million CNY, marking a substantial increase of 153.46% [2]. - The company has distributed a total of 154 million CNY in dividends since its A-share listing, with no dividends paid in the last three years [3]. Group 3: Shareholder Information - As of October 20, the number of shareholders for Ankai Bus was 48,400, a decrease of 1.29% from the previous period, with an average of 15,140 circulating shares per shareholder, which is an increase of 1.30% [2]. - Among the top ten circulating shareholders, Yongying Low Carbon Environmental Smart Mixed Fund (016386) is the third largest, holding 17.9027 million shares, a decrease of 15.0028 million shares from the previous period [3].

Core Viewpoint - Ankai Bus has experienced a stock price increase of 9.02% year-to-date, but has seen a slight decline in recent trading periods, indicating potential volatility in its stock performance [2]. Group 1: Stock Performance - On October 20, Ankai Bus's stock rose by 2.02%, reaching 5.56 CNY per share, with a trading volume of 35.09 million CNY and a turnover rate of 0.87%, resulting in a total market capitalization of 5.22 billion CNY [1]. - Year-to-date, Ankai Bus's stock price has increased by 9.02%, but it has decreased by 0.18% over the last five trading days, 3.64% over the last 20 days, and 5.12% over the last 60 days [2]. Group 2: Company Overview - Ankai Bus, officially known as Anhui Ankai Automobile Co., Ltd., was established on July 22, 1997, and listed on July 25, 1997. The company is located in Hefei, Anhui Province, and primarily engages in the production and sales of medium and large buses and chassis [2]. - The revenue composition of Ankai Bus is as follows: complete vehicles account for 93.19%, other sales for 5.67%, and supplementary sales for 1.14% [2]. - Ankai Bus is categorized under the automotive industry, specifically in the commercial vehicle sector, focusing on passenger transport vehicles. It is associated with concepts such as the Olympics, low price, small cap, complete vehicles, and PPP [2]. Group 3: Financial Performance - For the first half of 2025, Ankai Bus reported a revenue of 1.592 billion CNY, reflecting a year-on-year growth of 38.74%. The net profit attributable to the parent company was 18.40 million CNY, marking a significant increase of 153.46% [2]. - Since its A-share listing, Ankai Bus has distributed a total of 154 million CNY in dividends, with no dividends paid in the last three years [3]. Group 4: Shareholder Information - As of October 10, 2023, Ankai Bus had 49,100 shareholders, an increase of 0.35% from the previous period, with an average of 14,946 circulating shares per shareholder, a decrease of 0.35% [2]. - As of June 30, 2025, the third-largest circulating shareholder is Yongying Low Carbon Environmental Smart Selection Mixed Fund A, holding 17.90 million shares, a decrease of 15.00 million shares from the previous period. The fifth-largest shareholder is Hong Kong Central Clearing Limited, holding 3.16 million shares, down by 253,130 shares [3].

Core Viewpoint - Ankai Bus has experienced a decline in stock price and trading activity, with a notable drop in net capital inflow, indicating potential investor concerns about the company's performance and market position [1][2]. Group 1: Stock Performance - As of October 17, Ankai Bus's stock price decreased by 2.11%, trading at 5.58 CNY per share, with a total market capitalization of 5.242 billion CNY [1]. - Year-to-date, the stock price has increased by 9.41%, but it has seen a decline of 3.96% over the past 20 days and 5.58% over the past 60 days [2]. Group 2: Financial Performance - For the first half of 2025, Ankai Bus reported a revenue of 1.592 billion CNY, representing a year-on-year growth of 38.74%, while the net profit attributable to shareholders was 18.396 million CNY, up 153.46% year-on-year [2]. - The company's main business revenue composition includes 93.19% from complete vehicles, 5.67% from other sources, and 1.14% from supplementary activities [2]. Group 3: Shareholder Information - As of October 10, the number of shareholders for Ankai Bus was 49,100, reflecting a 0.35% increase from the previous period, with an average of 14,946 circulating shares per shareholder, which decreased by 0.35% [2]. - The company has distributed a total of 154 million CNY in dividends since its A-share listing, with no dividends paid in the last three years [3]. Group 4: Institutional Holdings - As of June 30, 2025, the third-largest circulating shareholder is Yongying Low Carbon Environmental Smart Selection Mixed Fund A, holding 17.9027 million shares, a decrease of 15.0028 million shares from the previous period [3]. - Hong Kong Central Clearing Limited is the fifth-largest circulating shareholder, holding 3.1594 million shares, down by 253,130 shares from the previous period [3].

Core Viewpoint - Ankai Bus has experienced a decline in stock price recently, with a notable drop in trading volume and net outflow of funds, despite a year-to-date increase in stock price [1][2]. Financial Performance - For the first half of 2025, Ankai Bus reported revenue of 1.592 billion yuan, representing a year-on-year growth of 38.74% [2]. - The net profit attributable to shareholders for the same period was 18.396 million yuan, showing a significant increase of 153.46% year-on-year [2]. Stock Market Activity - As of September 22, Ankai Bus's stock price was 5.53 yuan per share, with a market capitalization of 5.196 billion yuan [1]. - The stock has seen an 8.43% increase year-to-date, but has declined by 6.43% over the last five trading days and 7.06% over the last 20 days [1]. Shareholder Information - As of September 10, the number of shareholders for Ankai Bus was 48,500, a decrease of 0.55% from the previous period [2]. - The average number of circulating shares per shareholder increased by 0.55% to 15,129 shares [2]. Dividend History - Ankai Bus has cumulatively distributed 154 million yuan in dividends since its A-share listing, with no dividends paid in the last three years [3]. Institutional Holdings - As of June 30, 2025, the third-largest circulating shareholder is Yongying Low Carbon Environmental Mixed Fund, holding 17.9027 million shares, a decrease of 15.0028 million shares from the previous period [3]. - Hong Kong Central Clearing Limited is the fifth-largest circulating shareholder, holding 3.1594 million shares, down by 253,130 shares from the previous period [3].

Investment Rating - The report maintains a "Buy" rating for the company with a target price of 140.11 CNY [6][4]. Core Insights - The company achieved profitability in Q2 2025, with a revenue of 15.8 billion CNY, marking a year-on-year growth of 38.9% and a net profit of 0.33 billion CNY [1][2]. - The company's electronic products business is experiencing rapid growth, driven by increased production for major clients like Xiaomi and XPeng, and a strong focus on automotive electronics [2][3]. - The company is well-positioned in the L4 autonomous driving sector, with ongoing projects in ports and plans for RoboTruck and Robotaxi services [3][4]. Summary by Sections Financial Performance - In the first half of 2025, the company reported revenues of 29.08 billion CNY, a year-on-year increase of 43.48%, and a narrowed net loss of 0.87 billion CNY compared to a loss of 2.46 billion CNY in the same period last year [1]. - The gross margin improved to 23.15%, up 0.59 percentage points year-on-year, while R&D expense ratio decreased to 15.12%, down 11.39 percentage points year-on-year [1][2]. Business Outlook - The company has a robust order book in the automotive electronics sector and is enhancing its L4 autonomous driving capabilities [3]. - The report projects revenue growth for 2025, 2026, and 2027 to be 73.9 billion CNY, 95.3 billion CNY, and 116.8 billion CNY respectively, with corresponding net profit estimates of 0.66 billion CNY, 3.62 billion CNY, and 6.08 billion CNY [4][10]. Valuation - The target price of 140.11 CNY reflects an increase from the previous valuation of 85.72 CNY, based on the company's unique position in the market and its comprehensive product offerings [4][6]. - The report employs a Sum-of-the-Parts (SOTP) valuation method, estimating hardware and software business contributions to net profit for 2026E at 2.5 billion CNY and 1.1 billion CNY respectively [4][13].

Group 1 - Chery Automobile plans to issue up to approximately 699 million overseas listed ordinary shares and convert a total of 2.016 billion domestic unlisted shares into overseas listed shares [3] - The company aims to raise $1.5 billion (approximately HKD 11.7 billion) through its IPO, which is expected to launch as early as September [3] - Chery is headquartered in Wuhu, Anhui, and was established in 1997, positioning itself as a leading global passenger vehicle company with a diverse product portfolio including fuel and new energy vehicles [3] Group 2 - According to Frost & Sullivan, Chery is the second largest domestic passenger vehicle brand in China and the 11th largest passenger vehicle company globally by sales volume for the first nine months of 2024 [3]

Core Insights - The company reported stable improvement in profitability for H1 2025, achieving revenue of 178.886 billion yuan, a year-on-year increase of 7%, and a net profit attributable to shareholders of 30.485 billion yuan, up 33% year-on-year [1] - The company continues to innovate in technology and expand its product offerings across various scenarios, including advancements in solid-state batteries and energy storage systems [2] - The company is expected to achieve significant net profit growth from 2025 to 2027, with projected profits of 65.302 billion yuan, 77.819 billion yuan, and 92.931 billion yuan respectively [3] Financial Performance - In H1 2025, the company achieved a net profit margin of 18.09%, an increase of 3.17 percentage points year-on-year [1] - For Q2 2025, revenue reached 94.182 billion yuan, a year-on-year increase of 8%, with a net profit of 16.523 billion yuan, up 34% [1] - The company’s gross profit margin and net profit margin for Q2 were 25.58% and 18.59%, respectively, both showing improvement compared to Q1 [1] Business Segments - In the power battery segment, the company shipped approximately 220 GWh, a year-on-year increase of about 35%, contributing 1,315.73 billion yuan in revenue, a 17% increase year-on-year [1] - The energy storage segment achieved a shipment volume of 55 GWh, a year-on-year growth of about 20%, with revenue of 28.4 billion yuan, a slight decrease of 1.47% year-on-year, but with an improved gross profit margin of 25.52% [1] Technological Advancements - The company is advancing in the passenger vehicle sector with the development of the second-generation battery, sodium-ion batteries, and dual-core installations [2] - The company plans to achieve small-scale industrialization of solid-state batteries by 2027 and enter the mature market around 2030 [2] - New products in the energy storage sector include a 587Ah high-capacity cell and a 9MWh TENER Stack system, showcasing global leadership in energy density and safety [2] International Expansion - The company’s overseas revenue reached 61.2 billion yuan, accounting for 34.2% of total revenue, with profitability achieved at the German factory [2] - The company is progressing with its battery production in Hungary and joint projects in Spain and Indonesia [2] - The company raised approximately 5.29 billion USD through H-share listing, focusing on building local capacity in Europe [2] Future Projections - The company is projected to achieve earnings per share (EPS) of 14.32 yuan, 17.07 yuan, and 20.38 yuan for the years 2025, 2026, and 2027 respectively, with price-to-earnings (PE) ratios of 18, 15, and 13 [3]