生产线上加班加点赶订单，集装箱卡车满载货物驶向港口……2026年开年第一周，苏州外贸呈现一 片繁忙景象。 这两天，苏州格润德电气有限公司的生产车间里机器运转声不绝于耳。流水线上，一个个吸尘器部 件正在进行最后的检测、打包。公司负责人于伟介绍，10万台吸尘器的最后封装完成后，将从苏州出 发，陆续运往土耳其伊斯坦布尔，走进当地的千家万户。"这是我们2026年出海发货的第一单，也是我 们打通土耳其市场的重要一单。"于伟介绍，今年1月，企业新订单已达6000万元，欧洲市场约占三分之 一。"这个良好的开端，源于我们近两年通过广交会积累的客户资源，经过持续跟进，配套适合目标市 场的小家电产品，最终打通了当地的工厂端、市场端、客户端。" 1月8日，在苏州金龙生产基地，3000辆海格客车整齐停放。金龙客车融资商务部部长郭锦秀介绍， 这批总金额超15亿元的客车将出口阿尔及利亚。"这是迄今为止中国客车出口的最大单。"郭锦秀说，针 对当地高温、多沙、路况复杂的使用环境，金龙客车进行全方位产品适应性开发。此次交付的新V系客 车历时三年研发，在安全性方面获突破，搭载电子稳定控制系统（ESC），配备侧面外推式逃生窗和独 立应急照明系统。 ...

新元肇启，万象更新。踔厉奋发、笃行不怠。2026年1月8日，苏州金龙生产基地，3000 辆高端客车整装列阵，即将跨越山海，远赴阿尔及利亚。这批总金额超15亿元的出口订 单，不仅是迄今为止中国客车出口最大单，更以"开门红"奏响中国制造业深度融入全球产 业链，服务世界人民美好出行的新时代强音。 2026年是"一带一路"倡议提出十三周年，也是苏州金龙进入阿尔及利亚市场的第二十一个 年头。站在新的历史起点，这3000辆客车不仅承载着安全、智能、绿色的出行理念，更承 载着中阿两国深化合作、共同发展的美好愿景。 苏州金龙党委书记、董事长陈笃廉在现场致辞中回顾了这段历程："二十一年来，我们扎根 当地、深耕市场，从适配气候路况的产品定制，到贴合民众需求的服务优化，海格客车广泛 服务于当地公共交通和客运市场，见证了阿尔及利亚交通事业的发展。正是这种长期、稳 定、相互信任的合作关系，为今天这一重要合作奠定了坚实基础。" 苏州金龙党委书记、董事长陈笃廉现场致辞 此次出口的客车包括8米、11米新V系客车及12米全承载公交车等多个车型，是阿尔及利 亚"万辆公交车更新计划"的重要组成部分。苏州金龙凭借卓越的产品性能、成熟的品牌影响 力和 ...

Core Insights - The event organized by Xiamen Listed Companies Association aimed to enhance industry communication and governance experience sharing among listed companies in the region [1][4] - The study tour included visits to four notable companies, focusing on their technological innovations, market strategies, and governance practices [4] Group 1: Company Visits - The delegation visited Medtronic Medical Technology Co., Ltd., where they learned about the company's DoCare series clinical information systems, which leverage advanced mobile internet, IoT technology, and big data models to enhance competitive advantages in the healthcare sector [1] - At Jiangsu Haobio Pharmaceutical Co., Ltd., the delegation explored the company's core technologies in allergy and autoimmune testing, gaining insights into its R&D capabilities and market strategies [2] - The visit to Suzhou Maiwei Technology Co., Ltd. highlighted the company's focus on independent innovation and its breakthroughs in high-precision screen printing equipment, emphasizing its unique position in the high-end equipment sector [2] - The delegation also visited King Long United Automotive Industry (Suzhou) Co., Ltd., which is recognized as the first listed company in China's bus industry, discussing its core business, product advantages, and future market strategies [3] Group 2: Training and Discussions - The training session at Suzhou Industrial Park included discussions on China's economic outlook for 2025 and the implications of the "14th Five-Year Plan" [3] - Experts provided insights into legal practices and challenges under the new "National Nine Articles" and "Merger Six Articles," focusing on compliance and practical logic in policy implementation [3] - A deep dive into the selection and composition of boards of directors was conducted, emphasizing the importance of a scientific selection mechanism for enhancing decision-making effectiveness and transparency [4]

Investment Rating - The report initiates coverage with a "Buy" rating for King Long Automobile [7] Core Views - The integration of the three subsidiaries is expected to enhance procurement efficiency and improve the gross margin level, which has been relatively low compared to peers [2][48] - The company is positioned to benefit from the growing demand for buses in emerging markets and the increasing penetration of new energy buses globally [3][55] - The new management is anticipated to accelerate operational efficiency improvements, contributing to better financial performance [2][54] Summary by Sections Company Overview - King Long Automobile, established in 1988, has developed three core brands: King Long Buses, Jinlv Buses, and Haige Buses, and has faced challenges with low gross margins affecting performance [1][19] Financial Performance - The company has seen revenue growth since 2021, with 2024 revenue projected at 22.97 billion yuan, a year-on-year increase of 18.4%. However, the gross margin remains low at 10.2% compared to competitors [1][30] - The net profit for 2024 is expected to be 1.6 billion yuan, with a significant portion of this profit reliant on government subsidies [37] Strategic Developments - The integration of the three subsidiaries is expected to enhance gross margins significantly, with potential improvements if raw material costs decrease [2][50] - The appointment of a new chairman is expected to drive management reforms and operational efficiency [54] Market Outlook - King Long's products are exported to over 170 countries, with a strong growth trajectory in overseas sales, particularly in new energy buses [3][55] - The company is also focusing on autonomous driving technology, which could serve as a second growth engine [3][66] Profit Forecast and Investment Recommendations - The forecast for net profit from 2025 to 2027 shows substantial growth, with expected figures of 3.78 billion, 6.86 billion, and 11.95 billion yuan respectively, reflecting year-on-year growth rates of 140%, 81%, and 74% [4][68] - The report suggests a target price of 15.83 yuan based on a projected valuation multiple of 9.5 times for 2027 [71]