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【2024年报&2025一季报点评/中国汽研】业绩符合预期,前沿布局持续跟进市场需求
| 投资要点 | | --- | 公告要点: 公司公布2024年年报及2025年一季报,业绩符合我们预期。公司2024年实现营收46.97亿元,同 比+14.65%;归母净利润9.08亿元,同比+8.56%;扣非净利润8.69亿元,同比+15.25%。汽车技 术服务业务表现亮眼,收入同比+21.36%,装备制造业务受专用车市场景气度影响收入同 比-20.50%。 2025Q1实现营收8.87亿元,同比+0.62%,汽车技术服务业务实现收入 7.94 亿元, 同比增长11.45%;归母净利润1.78亿元,同比+6.29%;扣非净利润1.66亿元,同比+8.59%。 技术持续突破+试验场整合,新能源与智能网联布局深化: 2024年公司氢能产业化与装备业务实现"零突破",公司依靠智能网联以及自动驾驶等前沿领域 技术优势,提升公司行业地位。此外,公司通过新增苏州阳澄半岛、成都中德试验场合作运营 权,控股南方试验场公司,整合试验场资源,场景测试能力进一步夯实。国际化层面,利用中 国中检国际化网络资源,与马来西亚、意大利机构签署合作协议,海外服务网络持续拓展。 双轮创新驱动,助推新兴业务发展: 能源动力事业部通过构建新能 ...
中国汽研(601965):系列点评四:业绩稳健增长,属地布局成效显现
Minsheng Securities· 2025-04-27 05:08
Investment Rating - The report maintains a "Recommended" rating for the company, indicating an expected stock price increase of over 15% relative to the benchmark index [2][4]. Core Insights - The company reported a revenue of 4.697 billion yuan for 2024, representing a year-on-year growth of 14.65%. The net profit attributable to shareholders was 908 million yuan, up 8.56% year-on-year [1][4]. - The company is experiencing steady growth in performance, with a focus on enhancing efficiency and expanding market presence. The gross profit margin remained high at 48.81% in Q4 2024, reflecting effective cost management [1][4]. - The automotive technology service segment saw significant growth, with revenues reaching 4.125 billion yuan in 2024, a year-on-year increase of 21.36%. However, the equipment manufacturing segment faced a decline of 20.50% due to reduced demand [1][2]. Summary by Sections Financial Performance - In 2024, the company achieved a total revenue of 4.697 billion yuan, with a growth rate of 14.65%. The net profit attributable to shareholders was 908 million yuan, reflecting an 8.56% increase [1][6]. - For Q4 2024, revenue was 1.649 billion yuan, up 10.99% year-on-year and 62.27% quarter-on-quarter. The net profit for the same period was 238 million yuan, down 11.66% year-on-year [1][6]. - The first quarter of 2025 saw revenue of 888 million yuan, a slight increase of 0.62% year-on-year, but a significant decrease of 46.49% quarter-on-quarter [1][6]. Business Segments - The automotive technology service business generated 4.125 billion yuan in 2024, marking a 21.36% increase year-on-year. The company is focusing on customer collaboration and market expansion [1][2]. - The equipment manufacturing segment reported a revenue of 535 million yuan, down 20.50% year-on-year, attributed to decreased demand in the specialized vehicle market [1][2]. Regional Performance - Revenue growth was observed in several regions, with East China showing a 40.57% increase, while Southwest and Northwest regions experienced declines of 8.96% and 8.48%, respectively [2][4]. - The international business saw a remarkable growth of 298.68%, primarily driven by increased revenue from automotive technology services to foreign clients [2][4]. Future Outlook - The company is set to begin trial production at its East China base in the second half of 2025, which is expected to contribute to new revenue streams [2][4]. - Revenue projections for 2025-2027 are estimated at 5.584 billion yuan, 6.588 billion yuan, and 7.656 billion yuan, respectively, with net profits expected to reach 1.109 billion yuan, 1.384 billion yuan, and 1.687 billion yuan [4][6].