| 中华人民共和国工业和信息化部 指 工信部 | | | | | | | | --- | --- | --- | --- | --- | --- | --- | | 十四五 指 2021 年—2025 年 | | | | | | | | CCC 指 | | 中国强制性产品认证制度（China Compulsory Certification） | | | | | | 中国汽车工程研究院股份有限公司2025 年半年度报告 | | | | | | | | 公司简介和主要财务指标 | 第二节 | | | | | | | 一、 公司信息 | | | | | | | | 公司的中文名称 中国汽车工程研究院股份有限公司 | | | | | | | | 公司的中文简称 中国汽研 | | | | | | | | 公司的外文名称 | | CHINA AUTOMOTIVE ENGINEERING RESEARCH INSTITUTE CO.,LTD | | | | | | 公司的外文名称缩写 CAERI | | | | | | | | 公司的法定代表人 周玉林 | | | | | | | | 二、 联系人和联系方式 | | | ...

Core Viewpoint - The company, China Automotive Research (中国汽研), is positioned as a leading automotive technology research and service platform in China, focusing on intelligent connected vehicles to drive revenue growth. The company achieved a revenue of 4.697 billion yuan in 2024, representing a year-on-year growth of 14.65%, with a net profit of 908 million yuan, up 8.56% year-on-year. The automotive technology service business revenue share increased to 87.82%, with a significant growth of 42.86% in the new energy and intelligent connected vehicle development and testing business [1][2][5]. Group 1: Company Overview - China Automotive Research is one of the six fully licensed automotive testing institutions in China, holding a leading market share. The company has a history dating back to 1965 and has undergone several transformations, including its listing on the Shanghai Stock Exchange in 2012 and its integration into the China Inspection and Certification Group in 2023 [12][15][16]. - The company has established multiple national-level research and testing platforms, focusing on safety, green technology, and user experience, aiming to become a technology platform company centered on standards [12][15]. Group 2: Financial Analysis - The company's core business has shown stable growth, with a projected revenue of 5.47 billion yuan in 2025 and an increase in revenue forecasts for 2026 and 2027 to 7 billion and 8.39 billion yuan, respectively. The net profit for 2025 is expected to be 1.11 billion yuan, with subsequent years also showing growth [5][26]. - The company has a robust asset base with ongoing construction projects, including a headquarters base in East China with an investment exceeding 2.3 billion yuan, expected to be operational by the end of 2025 [31][35]. Group 3: Industry Trends - The Ministry of Industry and Information Technology (MIIT) and the State Administration for Market Regulation have initiated policies to standardize the management of intelligent connected vehicle products, which is expected to expand the market for mandatory testing by 50% [2][96]. - The intelligent connected vehicle testing industry is transitioning from policy-driven to market-driven, with significant investments from leading testing institutions like China Automotive Research and the China Automotive Center [90][94]. Group 4: Testing and Certification - The company has developed the world's first third-party evaluation system for intelligent connected vehicles, IVISTA, and continues to update it. In 2024, it released the first L2+ urban road navigation intelligent driving evaluation regulations [3][70]. - The establishment of testing facilities is crucial for the industry, with the company investing in multiple testing sites across key automotive industry clusters in China, enhancing its capacity to meet the growing demand for intelligent connected vehicle testing [21][94].

| 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 ...