2024年，愈演愈烈的价格战和"内卷"风波导致主机厂利润空间受到严重挑战，投资并购情况也受到相应不 利影响。2024年整车制造领域并购交易数量为54笔，共计交易金额为478亿元，相较上年大幅下滑，降幅 将近52%。受主机厂竞争加剧及新能源乘用车市场趋于成熟等因素影响，资本扩张趋于审慎。商用车相关 的细分领域如新能源重卡、智能商用车，凭借应用场景持续拓展，交易热度不减，或为整车制造领域投资 并购交易提供新动能。 2024年，中国汽车行业在全球局部地缘博弈深化、产业链重构压力加剧以及消费需求分层提速等多重因素 中韧性前行。PWC日前发布的《2024年中国汽车行业并购活动回顾及未来展望》报告显示：汽车行业 2024年并购交易金额将近1,681亿元，交易数量为528笔。相较于2023年汽车行业并购市场，2024年交易金 额和数量下滑逐步放缓，相较上年降幅分别达32%和3.6%。 整车制造：商用车制造领域成为新焦点 如上图统计：传统汽车部件投资并购交易数量维持稳定，但交易金额有所下降，平均交易金额较去年下降 近23%；受到能源转型大趋势及智能化变革的影响，传统汽车零部件领域的投资并购活动受到一定程度冲 击。 电动化汽车 ...

《每日经济新闻》记者注意到，安达股份在报告期内(2021~2023年以及2024年上半年)曾存在使用劳务 派遣用工不合规的情况，在相关事项整改之前，截至2023年8月31日，安达股份的劳务派遣用工人数占 比超过四成。 此外，招股书显示，安达股份在2022年对其第二大供应商兰溪市博远金属有限公司(以下简称博远金属) 的采购金额为6658.04万元，较安达股份挂牌新三板时公开转让说明书披露的金额高出近1000万元。 主营业务毛利率持续上涨 安达股份主要从事汽车铝合金精密压铸件的研发、生产和销售，主要产品包括油底壳类和罩盖类等动力 传动系统零部件、逆变器壳体和电机壳体等新能源三电系统零部件以及悬置支架等悬挂系统零部件。 近期，湖州安达汽车配件股份有限公司(以下简称安达股份)正冲刺北交所IPO(首次公开募股)。 招股说明书(申报稿)(以下简称招股书)显示，安达股份2023年和2024年上半年的主营业务毛利率在逐步 上升，但同期同行业可比公司的毛利率平均水平在逐步下降。 在外协供应商中，湖州众焱机械有限公司在2024年5月前是安达股份前员工所控制的公司，目前该公司 已注销；浙江华力汽车配件科技有限公司的总经理及股东戴斌 ...

| 投资要点 | | --- | 公告要点： 公司发布2025年一季报，业绩符合我们预期。2025Q1公司实现营业收入24.9亿元，同环比 +25.0%/-24.9%，归母净利润 1.6亿元，同环比+9.3%/-16.7%，扣非归母净利润 1.5亿元，同环比 +8.8%/-16.8%。 营业收入同比高增，客户群扩大订单拓展成果显著： 2025Q1公司营收在核心客户赛力斯销量承压的基础上同比高增，公司客户矩阵丰富，汽车电子 及压铸业务均实现了正向增长。汽车电子业务获得新势力车企及合资、国际车企客户的重要突 破，包括大众汽车集团、上汽奥迪、小鹏、理想、蔚来、现代-起亚等多家知名企业，多个产 品订单大幅增加；精密压铸业务也获得了包括采埃孚、博世、比亚迪等重要客户的新项目，铝 合金业务新突破法雷奥、尼得科客户，新能源三电系统、智能驾驶系统、光通讯模块等项目订 单大幅增加。 年降压制毛利率同环比降低，规模效应显现期间费用率同比下降： 未经许可，不得转载或者引用。 考虑到会计准则调整对毛利率和销售费用的影响，追溯后公司2025Q1整体毛利率18.2%，同环 比-2.7pct/-0.9pct，同比下降较多主要为一季度下游车 ...

Investment Rating - The report maintains a "Buy" rating for the company with a target price of 40.32 CNY [2][6]. Core Insights - The company is experiencing improved gross margins and is accelerating its expansion into new product areas, particularly in the electric vehicle sector [1][10]. - The first quarter of 2025 showed a revenue of 6.62 million CNY, a year-on-year increase of 29.7%, and a net profit attributable to the parent company of 0.48 million CNY, up 13.8% year-on-year [10]. - The company is actively developing new products in the new energy sector and has successfully completed a fundraising project to support its smart manufacturing initiatives [10]. Financial Forecast and Performance - The forecasted net profit attributable to the parent company for 2025, 2026, and 2027 is expected to be 244 million CNY, 305 million CNY, and 375 million CNY respectively, with a significant growth rate of 49.1% in 2025 [2][4]. - Revenue is projected to grow from 2,020 million CNY in 2023 to 4,032 million CNY in 2027, reflecting a compound annual growth rate (CAGR) of 18.5% [4][11]. - The gross margin is expected to improve from 21.8% in 2023 to 25.7% in 2027, indicating enhanced profitability [4][11]. Strategic Initiatives - The company is expanding its client base in the new energy vehicle sector, targeting major clients such as Bosch and NIO, and plans to increase production capacity significantly [10]. - A joint venture has been established to enhance the company's capabilities in the robotics sector, focusing on humanoid robots and automotive electronic components [10].

Core Viewpoint - Andar Automotive Parts Co., Ltd. is pursuing an IPO on the Beijing Stock Exchange, showing a rising gross profit margin in its main business despite a declining average margin among comparable companies in the industry [1][2]. Group 1: Financial Performance - The gross profit margins for Andar from 2021 to the first half of 2024 are reported as 10.25%, 10.15%, 15%, and 18.17% respectively, indicating a continuous increase influenced by product structure, sales prices, and costs [2]. - In contrast, the average gross profit margins of comparable companies in the same period are 20.76%, 19.40%, 17.54%, and 17.24%, showing a downward trend [2]. Group 2: Labor Practices - The proportion of labor dispatch workers at Andar was over 40% as of August 31, 2023, with non-compliance issues noted in previous years [3]. - The average cost of labor dispatch workers was reported to be 23.93% lower than that of formal production employees [3]. Group 3: Supplier Relationships - Andar's second-largest supplier in 2022 was Lanxi Boyuan Metal Co., Ltd., with a procurement amount of 66.58 million yuan, which is nearly 10 million yuan higher than previously disclosed figures [5][7]. - Discrepancies were noted in procurement data, with Andar reporting a lower procurement amount for Boyuan Metal in earlier disclosures [7]. Group 4: Outsourcing and Related Parties - Andar has utilized external processing methods, with procurement amounts for outsourcing reported as 38.71 million yuan, 33.73 million yuan, 14.76 million yuan, and 3.08 million yuan over the specified periods [4]. - The company has shifted its electricity procurement to a related party, with amounts of 28.43 million yuan and 12.88 million yuan for 2023 and the first half of 2024 respectively [7].

华阳集团系列 车中旭霞 深度报告 《国信证券-华阳集团-002906-深度报告：汽车电子核心企业，打造智能座舱全生态》——20220609 点评报告 《国信证券-华阳集团-002906-年报点评 ： 单四季度收入同比增长42%，汽车电子产品量价双升》——20250401 《国信证券-华阳集团-002906-三季度业绩点评：单三季度净利润同比增长54%，汽车电子新产品、新客户持续放量》—— 20241101 《国信证券-华阳集团-002906-三季度业绩预告点评：单三季度归母净利润预计同比增长41%-62%，汽车电子收入同比大幅增 长》——20241016 《国信证券-华阳集团-002906-中报点评：单二季度净利润同比增长39%，汽车电子和精密压铸持续放量》——20240821 《国信证券-华阳集团-002906-一季报点评：一季度净利润同比增长84%，汽车电子新产品持续放量》——20240428 《国信证券-华阳集团-002906-一季报预告点评：一季度净利润同比增长75%-88%，新产品、新客户持续放量》——20240415 《国信证券-华阳集团-002906-年报点评：单四季度净利润同比增长48%，汽车 ...