1月7日，中国汽研盘中下跌2.02%，截至10:02，报17.45元/股，成交6027.54万元，换手率0.34%，总市 值175.03亿元。 资金流向方面，主力资金净流出607.22万元，特大单买入274.66万元，占比4.56%，卖出572.37万元，占 比9.50%；大单买入1341.02万元，占比22.25%，卖出1650.53万元，占比27.38%。 中国汽研今年以来股价涨5.12%，近5个交易日涨3.62%，近20日涨3.75%，近60日涨0.52%。 资料显示，中国汽车工程研究院股份有限公司位于重庆市北部新区金渝大道9号，成立日期2001年1月11 日，上市日期2012年6月11日，公司主营业务涉及汽车技术服务和装备制造业务。主营业务收入构成 为：汽车技术服务业务89.80%，其中:整车及传统零部件开发和测评业务65.58%，其中:新能源及智能网 联汽车开发和测评业务16.21%，其中:测试装备业务8.01%，汽车燃气系统及关键零部件4.20%，专用汽 车改装与销售3.39%，轨道交通及专用汽车零部件2.62%。 中国汽研所属申万行业为：汽车-汽车服务-汽车综合服务。所属概念板块包括：中字头、胎 ...

Core Viewpoint - China Automotive Engineering Research Institute Co., Ltd. (China Automotive Research) has experienced a slight decline in stock price and a mixed performance in financial metrics, indicating potential challenges in the automotive service sector [1][2]. Financial Performance - As of September 30, 2025, China Automotive Research reported a revenue of 3.024 billion yuan, a year-on-year decrease of 0.76%, and a net profit attributable to shareholders of 666 million yuan, down 0.56% year-on-year [2]. - The company's stock price increased by 1.22% year-to-date, with a 2.41% rise over the last five trading days and a 3.45% increase over the last 20 days, but a decline of 5.33% over the last 60 days [1]. Shareholder Information - The number of shareholders increased by 18.75% to 21,600 as of September 30, 2025, while the average circulating shares per person decreased by 15.79% to 46,048 shares [2]. - The top ten circulating shareholders include various funds, with notable increases in holdings by China Europe Pension Mixed A and China Europe Insight Mixed A [3]. Business Overview - China Automotive Research, established on January 11, 2001, and listed on June 11, 2012, primarily engages in automotive technology services and equipment manufacturing, with 89.80% of its revenue coming from automotive technology services [1]. - The revenue composition includes 65.58% from complete vehicle and traditional parts development and testing, 16.21% from new energy and intelligent connected vehicle development and testing, and smaller contributions from other segments [1].

既有保底的饭碗，也有成长的空间。 | 作者 | | 白猫 | | --- | --- | --- | | 编辑 | | 小白 | 买车对许多家庭来说是件大事。消费者在挑选新车时，往往关注品牌、外观和动力。 但很少有人知道，在一辆新车上市前，必须经过一系列严苛的"体检"。从风阻系数的测定到碰撞安全 测试，这些看不见的环节决定了一辆车能否合法上路。 在这个隐秘而关键的环节中，有一家企业扮演着"考官"的角色。 它就是中国汽研（601965.SH）。 手握"通行证"的行业考官 在中国，并不是谁都有资格给新车做"体检"。 新车上市强制性检测是一个有着高准入门槛的行业。 据东吴证券，目前国内仅有六家机构具备政府主管部门全面授权检测资质，检测范围涵盖各类车型， 具备工信部公告体系要求的全部检验检测能力。 中国汽研便是当中之一。 从历史数据看，技术服务业务一直是公司的利润核心。这项业务不仅收入占比高，毛利率更是长期维 持在高位。即便在行业竞争加剧的背景下，凭借资质壁垒，这部分业务依然是公司最稳定的现金奶 牛。 2025年1-9月，公司实现营收30.2亿元，其中汽车技术服务业务营收为27.5亿元，营收占比91%。2024 年， ...

Group 1 - The core point of the news is that China Automotive Engineering Research Institute Co., Ltd. (China Automotive Research) experienced a slight decline in stock price and has significant financing and margin trading activities, indicating high investor interest and potential volatility in the stock [1][2][3] Group 2 - As of November 20, China Automotive Research's stock price fell by 0.53%, with a trading volume of 28.75 million yuan [1] - The financing data shows that on the same day, the company had a financing buy amount of 2.29 million yuan and a net financing buy of 254,700 yuan, with a total financing balance of 184 million yuan, which is 1.07% of the circulating market value [1] - The margin trading data indicates that 600 shares were repaid, while 12,700 shares were sold short, with a short selling amount of 214,000 yuan, and a short balance of 3.25 million yuan, also indicating high levels [1] Group 3 - China Automotive Research, established on January 11, 2001, and listed on June 11, 2012, primarily engages in automotive technology services and equipment manufacturing, with 89.80% of its revenue from automotive technology services [2] - For the period from January to September 2025, the company reported a revenue of 3.02 billion yuan, a year-on-year decrease of 0.76%, and a net profit attributable to shareholders of 666 million yuan, a decrease of 0.56% [2] Group 4 - The company has distributed a total of 2.75 billion yuan in dividends since its A-share listing, with 973 million yuan distributed over the past three years [3] - As of September 30, 2025, the top ten circulating shareholders include several funds, with notable increases in holdings by institutions such as China Europe Pension Mixed A and others [3]

Core Viewpoint - China Automotive Research (中国汽研) is a leading enterprise in automotive technology research and testing services, with a strong performance in revenue and net profit, indicating robust growth potential in the automotive service industry [1][2]. Group 1: Business Performance - As of Q3 2025, China Automotive Research reported revenue of 3.024 billion yuan, ranking second in the industry, surpassing the industry average of 1.922 billion yuan and the median of 2.183 billion yuan [2]. - The net profit for the same period was 700 million yuan, leading the industry and significantly higher than the average of 143 million yuan and the median of 42.775 million yuan [2]. - The company's gross profit margin reached 46.15% in Q3 2025, an increase from 42.21% in the previous year, and well above the industry average of 27.30% [3]. Group 2: Financial Ratios - The asset-liability ratio for China Automotive Research was 27.72% in Q3 2025, slightly above the industry average of 27.41% and up from 24.18% in the previous year [3]. - The company has shown a strong ability to maintain profitability, with a gross margin significantly higher than its peers, indicating effective cost management and pricing strategies [3]. Group 3: Shareholder Information - As of September 30, 2025, the number of A-share shareholders increased by 18.75% to 21,600, while the average number of circulating A-shares held per shareholder decreased by 15.79% to 46,000 [5]. - Notable shareholders include various mutual funds, with significant increases in holdings for some, indicating growing institutional interest [5]. Group 4: Strategic Insights - The company is focusing on high-margin testing services, with revenue from this segment reaching 2.749 billion yuan in the first three quarters of 2025, reflecting a year-on-year growth of 5.62% [6][7]. - The company is also advancing in the smart connected vehicle sector, having completed key testing capabilities that align with national standards, which positions it favorably for future growth [7].

Investment Rating - The report maintains a "Buy" rating for the company, expecting a relative increase of over 20% compared to the benchmark index within the next six months [9][16]. Core Insights - The company reported a slight decline in revenue for the first three quarters of 2025, with total revenue of 3.024 billion yuan, down 1.14% year-on-year. However, net profit attributable to shareholders increased by 1.13% to 666 million yuan [5][6]. - The automotive technology service segment showed a stable revenue growth of 5.62% year-on-year, while the equipment manufacturing segment experienced a significant decline of 39.70% [6]. - The company is positioned well for long-term growth due to the upcoming release of intelligent connected vehicle standards, which are expected to accelerate new model iterations and expand testing opportunities [8]. Financial Performance Summary - For Q3 2025, the company achieved a revenue of 1.114 billion yuan, reflecting a year-on-year increase of 9.33%. The overall gross margin improved to 47.5%, up 2.19 percentage points year-on-year [7]. - The projected revenue for 2025-2027 is estimated at 5.006 billion yuan, 5.588 billion yuan, and 6.485 billion yuan respectively, with net profits expected to reach 1.029 billion yuan, 1.205 billion yuan, and 1.434 billion yuan [9][12]. - The company’s PE ratios for the next three years are projected to be 17.1, 14.6, and 12.3 respectively, indicating a favorable valuation trend [9].

Core Points - The company reported a revenue of 3.024 billion yuan for the first nine months of 2025, a year-on-year decrease of 1.14% [2] - The automotive technology service business generated 2.749 billion yuan, showing a year-on-year increase of 5.62%, while the equipment manufacturing business saw a revenue drop of 39.70% to 275 million yuan [2] - The net profit attributable to shareholders was 666 million yuan, reflecting a year-on-year increase of 1.13%, with a net profit excluding non-recurring items of 615 million yuan, up 3.41% [2] - The company plans to distribute a cash dividend of 0.10 yuan per share, totaling approximately 100.31 million yuan, which is 15.06% of the net profit for the first three quarters [21][24] - The company will reduce its registered capital by 1.1257 million yuan due to the repurchase and cancellation of shares from employees who are no longer eligible for stock incentives [28] Financial Data - Revenue for automotive technology services: 2.749 billion yuan, up 5.62% year-on-year [2] - Revenue for equipment manufacturing: 275 million yuan, down 39.70% year-on-year [2] - Net profit attributable to shareholders: 666 million yuan, up 1.13% year-on-year [2] - Net profit excluding non-recurring items: 615 million yuan, up 3.41% year-on-year [2] Corporate Governance - The board of directors approved the third-quarter report and the profit distribution plan with unanimous votes [7][17] - The company will no longer have a supervisory board, with its functions being taken over by the audit committee of the board [28] - The company plans to hold a temporary shareholders' meeting on November 14, 2025 [13]

Core Viewpoint - China Automotive Research reported a steady growth in revenue and profit for Q3 2025, despite increasing competition and pricing pressures in the automotive industry [1] Financial Performance - For Q3 2025, the company achieved a revenue of 1.114 billion yuan, representing a year-on-year increase of 9.33% [1] - The total profit for the same period was 329 million yuan, showing a year-on-year growth of 9.64% [1] - For the first nine months of 2025, the cumulative revenue reached 3.024 billion yuan, with a net profit attributable to shareholders of 666 million yuan, reflecting a year-on-year increase of 1.13% [1] - The net profit after deducting non-recurring items was 615 million yuan, which is a year-on-year increase of 3.41% [1] - Earnings per share stood at 0.68 yuan [1] Strategic Focus - The company has maintained a focus on its core business and has improved the efficiency of its regional market collaboration system [1] - Despite the ongoing price wars and competitive pressures in the automotive sector, the company has managed to achieve stable business growth [1] - The automotive technology service segment has shown resilience and growth amid industry challenges [1]

Core Viewpoint - China Automotive Engineering Research Institute Co., Ltd. (China Automotive Research) has shown fluctuations in stock performance and financing activities, indicating a mixed outlook for the company in the automotive technology service and equipment manufacturing sector [1][2]. Financing Activities - On October 20, China Automotive Research's stock fell by 1.22%, with a trading volume of 131 million yuan. The financing buy-in amounted to 10.18 million yuan, while financing repayment was 9.17 million yuan, resulting in a net financing buy of 1.01 million yuan [1]. - As of October 20, the total financing and securities lending balance for China Automotive Research was 191 million yuan, with the current financing balance at 188 million yuan, representing 1.11% of the circulating market value, which is above the 90th percentile of the past year [1]. - In terms of securities lending, on October 20, the company repaid 4,600 shares and sold 8,800 shares, with a selling amount of 149,600 yuan. The remaining securities lending volume was 188,300 shares, with a balance of 3.20 million yuan, also above the 80th percentile of the past year [1]. Company Overview - China Automotive Research, established on January 11, 2001, and listed on June 11, 2012, is primarily engaged in automotive technology services and equipment manufacturing. The revenue composition includes 89.80% from automotive technology services, with 65.58% from complete vehicle and traditional parts development and testing, and 16.21% from new energy and intelligent connected vehicle development and testing [2]. - As of June 30, 2025, the company reported a revenue of 1.911 billion yuan, a year-on-year decrease of 4.48%, while the net profit attributable to shareholders was 409 million yuan, reflecting a year-on-year increase of 1.84% [2]. Dividend Distribution - Since its A-share listing, China Automotive Research has distributed a total of 2.747 billion yuan in dividends, with 973 million yuan distributed over the past three years [3]. Institutional Holdings - As of June 30, 2025, the top ten circulating shareholders included new entrants such as China Europe Pension Mixed A, holding 9.0103 million shares, and other notable changes in holdings among existing shareholders [3].

Company Overview - China Automotive Engineering Research Institute Co., Ltd. is located in Chongqing and was established on January 11, 2001, with its listing date on June 11, 2012 [1] - The company's main business involves automotive technology services and equipment manufacturing, with 89.80% of its revenue coming from automotive technology services [1] Financial Performance - For the first half of 2025, China Automotive Engineering achieved operating revenue of 1.911 billion yuan, a year-on-year decrease of 4.48%, while net profit attributable to shareholders increased by 1.84% to 409 million yuan [2] - The company has distributed a total of 2.747 billion yuan in dividends since its A-share listing, with 973 million yuan distributed in the last three years [3] Stock Performance - As of September 22, the stock price of China Automotive Engineering was 18.50 yuan per share, with a market capitalization of 18.557 billion yuan [1] - The stock has seen a year-to-date increase of 7.06%, but has decreased by 0.38% over the last five trading days and 4.69% over the last 20 days [1] Shareholder Structure - As of June 30, 2025, the number of shareholders was 18,200, an increase of 0.35% from the previous period, with an average of 54,684 circulating shares per person, a decrease of 0.32% [2] - Notable shareholders include Central European Pension Mixed A and Industrial Bank Cultural Industry Stock A, with significant changes in their holdings [3]