公司研究 证 券 研 究 报 告 宗申动力（001696）2025 年上半年预增公告点评 推荐（维持） 上半年业绩预增 70%-100%，传统与新兴业 务高景气共振，持续推荐 当前价：22.18 元 2）公司新兴业务潜力巨大。尤其子公司宗申航发聚焦航空动力系统核心赛道， 以中小型航空活塞发动机为主，涵盖无人机及轻型通航飞机市场，我们预计低 空经济蓬勃发展以及国际局势的复杂多变或为航发公司带来新机遇。我们在 此前报告中分析：军用无人机在现代国防力量中发挥越来越大的作用；工业级 无人机以创造经济效益为主要目标，有着代替人工作业实现降本增效的重要作 用。公司在 2024年报介绍，航空动力板块（宗申航发）围绕"低空经济"发 展动力需求与应用场景解决方案需求开展技术创新，实现营业收入1.6亿元， 同比+71.74%，净亏损 362万元，亏损较 2023 年收窄 3960万元。我们认为， 作为在无人机系统核心环节具备领先的量产能力的宗申航发，预计2025年上 半年财务数据将一步明显改善。 [ReportFinancialIndex] 主要财务指标 | | 2024A | 2025E | 2026E | 2027E | | ...

证券研究报告 点评报告 2025 年 7 月 3 日 晨会纪要 核[心Ta观bl点e_：Summary] 第一创业证券研究所 一、宏观经济组： 分析师：郭强 证书编号： S1080524120001 电话：0755-23838533 市场正密切关注明天即将公布的 6 月非农就业报告。瑞银预计，6 月非农就业人数 将仅增加 10 万人，失业率或达 4.3%，创 2021 年新高；花旗预计非农就业仅增加 8.5 万人，远低于市场普遍预期的 11 万个新增岗位，失业率将升至 4.4%。而非农 就业增长已连续数月放缓并遭遇大幅下修，从 3 月 22.8 万人降至 4 月 17.7 万人， 再降至 5 月的 13.9 万人，与 ADP 数据趋势相一致；而招聘活动减少、失业救济申 请增加等多重迹象，预示这一趋势预计将在 6 月延续。 "小非农"数据公布后，交易员加大对美联储 2025 年底前至少两次降息的押注。 目前，市场普遍预期 9 月美联储将重新开始降息，但如果 6 月就业或物价数据表 现异常疲软，美联储最早可能在 7 月便采取降息行动。 风险提示： 对上述事件发展趋势的点评，存在由于经济增长、行业竞争、外部经济环境 ...

宗申动力（001696）公告，预计2025年1月1日至2025年6月30日归属于上市公司股东的净利润为4.79亿 元–5.64亿元，比上年同期的2.82亿元增长70%–100%。归属于上市公司股东的扣除非经常性损益后的净 利润为4.56亿元–5.36亿元，比上年同期的2.68亿元增长70%–100%。基本每股收益为0.4185元/股–0.4924 元/股。业绩增长主要由于通用机械业务和摩托车发动机业务规模增长，以及投资联营企业收益提升。 ...

Core Viewpoint - Changan Automobile clarified that the name change of its controlling shareholder to "Chanzhi Automotive Technology Group" does not affect its shareholding structure or operational activities, and there will be no change in the company's brand name [2][5][6]. Group 1: Company Structure and Changes - Changan Automobile's controlling shareholder, previously known as "China Changan Automobile Group Co., Ltd.", has changed its name to "Chanzhi Automotive Technology Group Co., Ltd." This entity holds a 17.99% stake in Changan Automobile [2][4]. - The name change is part of a broader restructuring within the China Weapon Equipment Group, which has received approval from the State-owned Assets Supervision and Administration Commission (SASAC) for a split, leading to the establishment of an independent central enterprise for its automotive business [5]. Group 2: Business Operations and Performance - Changan Automobile is one of China's four major automotive groups, with a history of 162 years and 40 years of vehicle manufacturing experience. It operates 14 manufacturing bases and 34 factories globally [7]. - The company reported an expected domestic sales volume of approximately 2.1476 million units for 2024, a slight decrease year-on-year, while overseas sales are projected to reach about 536,200 units, representing a nearly 50% increase [7]. - Changan plans to expand its global market presence in 2025, introducing multiple new and updated products, including seven new energy vehicles, as part of its transition towards becoming a smart low-carbon mobility technology company [7].

Core Viewpoint - The recent name change of China Changan Automobile Group Co., Ltd. to Chanzhi Automotive Technology Group Co., Ltd. has sparked controversy, but it does not affect the brand name of Changan Automobile or its operational structure [1][5]. Group 1: Company Name Change - Changan Automobile announced that the name change of its parent company does not alter the shareholding structure or the operational activities of Changan Automobile [3][5]. - The new name, Chanzhi Automotive Technology Group, reflects the company's focus on automotive parts and related sectors, holding a 17.99% stake in Changan Automobile [1][3]. Group 2: Corporate Structure and Governance - The name change is part of a broader restructuring within the China Weapon Equipment Group, which oversees Changan Automobile, and does not impact the control or governance of Changan Automobile [3][6]. - The restructuring involves the separation of the automotive business into an independent central enterprise, with the State-owned Assets Supervision and Administration Commission (SASAC) overseeing the new entity [3]. Group 3: Business Performance and Future Plans - Changan Automobile has a rich history of 162 years and operates 14 manufacturing bases globally, with a sales forecast of approximately 2.15 million units domestically and 536,200 units internationally for 2024 [6]. - The company plans to launch multiple new and updated products, including seven new energy vehicles, as part of its strategy to transition into a smart low-carbon mobility technology company by 2025 [6].

6月24日，重庆长安汽车股份有限公司发布关于控股股东变更名称及完成工商变更登记的公 告。重庆长安汽车股份有限公司（以下简称"公司"）于2025年6月23日接到控股股东中国长 安汽车集团有限公司的通知，其名称由"中国长安汽车集团有限公司"变更为"辰致汽车科技集 团有限公司"，有关工商变更登记手续已办理完成，并取得营业执照。 注册资本：609227.34 万元 类型：有限责任公司（法人独资） 成立日期：2005年12月26日 法定代表人：赵非 住所：北京市海淀区车道沟 10 号西院科研楼南楼3层 变更后的工商登记信息如下： 名称：辰致汽车科技集团有限公司 统一社会信用代码：911100007109339484 皮卡空间站公众号 长按识别 今日头条号 长按识别 = the prog 百家号 长按识别 微信视频号 长按识别 经营范围：汽车、摩托车、汽车摩托车发动机、汽车摩托车零部件设计、开发、制造、销售； 光学产品、电子与光电子产品、夜视器材、信息与通信设备的销售；与上述业务相关的技术开 发、技术转让、技术咨询、技术服务；进出口业务；资产并购、资产重组咨询；经营电信业 务；代理记账。（不得从事国家和本市产业政策禁止和 ...

证券代码：001696 证券简称：宗申动力 重庆宗申动力机械股份有限公司投资者关系活动记录表 重要提示：凡涉及公司未来计划、发展战略等前瞻性描述不构成公司对投资者 的实质承诺，敬请投资者注意投资风险。 编号：2025-03 投资者关系活动 类别 □特定对象调研 □ 分析师会议 □ 媒体采访 √ 业绩说明会 □ 新闻发布会 □ 路演活动 □ 现场参观 □ 其他 （请文字说明其他活动内容） 参与单位名称及 人员姓名 投资者网上提问 时间 2025 年 5 月 6 日 (周二) 下午 15:00-16:00 地点 公司通过全景网"投资者关系互动平台"（https://ir.p5w.net） 采用网络远程的方式召开 2025 年第一季度业绩说明会 上市公司接待人 员姓名 1、总经理、董事黄培国 2、副总经理、财务总监刘源洪 3、副总经理、董事会秘书林艺 4、独立董事郑亚光 投资者关系活动 主要内容介绍 投资者提出的问题及公司回复情况 公司就投资者在本次说明会中提出的问题进行了回复： 1、公司 2024 年加权平均净资产收益率为 9.45%，较上年增 加 1.85 个百分点。请问公司采取了哪些具体措施来提升净资产 收益 ...

Investment Rating - The report maintains a "Recommendation" rating for the company, indicating an expectation to outperform the benchmark index by 10%-20% over the next six months [9][21]. Core Insights - The company reported a significant year-on-year revenue increase of 39.1% in Q1 2025, reaching 3.24 billion yuan, with a net profit of 230 million yuan, reflecting an 88.3% growth [2]. - The report highlights three key growth areas for the company: aviation power systems, motorcycle engines, and general machinery, with expectations for continued strong performance in these segments [3][4]. - The company has adjusted its profit forecasts for 2025-2027 upwards due to better-than-expected business growth and investment income from a joint venture, projecting net profits of 713 million yuan, 834 million yuan, and 949 million yuan respectively [9]. Financial Performance Summary - In Q1 2025, the company achieved a net profit of 230 million yuan, a year-on-year increase of 88.3%, and a non-recurring net profit of 220 million yuan, up 87.2% [2]. - The company's revenue from motorcycle engine sales reached 3.82 billion yuan in 2024, with a year-on-year growth of 13.8% and a net profit of 153 million yuan, reflecting an 18.84% increase [3]. - The general machinery segment reported a revenue of 5.22 billion yuan in 2024, with a net profit of 359 million yuan, marking a 39.33% increase [4]. - The financial projections for the company indicate a total revenue of 12.69 billion yuan in 2025, with a year-on-year growth rate of 20.8% and a net profit of 713 million yuan, representing a 54.5% increase [5].

Core Viewpoint - 隆鑫通用动力股份有限公司 reported significant growth in revenue and net profit for the year 2024, driven by strong performance in the motorcycle and general machinery sectors [15][17]. Company Overview - 隆鑫通用 is a leading manufacturer in the motorcycle industry, maintaining the top position in exports for 19 consecutive years, with a total motorcycle sales volume of 16.46 million units in 2024, a year-on-year increase of 12.99% [2][3]. - The company specializes in various products including two-wheeled motorcycles, three-wheeled motorcycles, motorcycle engines, all-terrain vehicles, and general machinery [4][5]. Industry Performance - The motorcycle industry in China saw a total sales volume of 16.46 million units in 2024, with domestic sales declining by 16.56% to 8.91 million units, while exports increased by 26.72% to 11.02 million units [2]. - The market for large-displacement leisure motorcycles (over 250cc) grew significantly, with sales reaching 756,600 units, a year-on-year increase of 42.97% [3]. - The general machinery sector experienced a total sales volume of 47.72 million internal combustion engines, marking a 6.67% increase year-on-year [4]. Financial Highlights - The company achieved a revenue of 4.646 billion yuan in 2024, representing a year-on-year growth of 40.98%, and a net profit of 507 million yuan, up 96.79% [15]. - Motorcycle product sales contributed 2.742 billion yuan, with export revenue reaching 310 million USD, a 55.23% increase [15]. - The company’s all-terrain vehicle sales increased by 74.36%, generating 107 million yuan in revenue [16]. Business Model - 隆鑫通用 operates through a comprehensive business model that includes research and development, procurement, production, and sales [6][10]. - The company has established a robust R&D structure with nearly 1,600 personnel, focusing on market-driven innovations [7]. Legal and Financial Matters - The company is currently involved in legal proceedings regarding receivables, with a balance of 666 million yuan and significant provisions for credit impairment [18]. - The company is also in the process of transferring its stake in the Italian CMD company, with ongoing negotiations and conditions to be met for completion [19][20].