| [Table_Finance] 财务摘要(百万元) | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业总收入 | 56,097 | 47,698 | 51,262 | 56,385 | 62,479 | | (+/-)% | 20.8% | -15.0% | 7.5% | 10.0% | 10.8% | | 净利润(归母) | 909 | 81 | 1,327 | 1,976 | 2,664 | | (+/-)% | 1,262.3% | -91.1% | 1,547.0% | 49.0% | 34.8% | | 每股净收益(元) | 0.11 | 0.01 | 0.17 | 0.25 | 0.34 | | 净资产收益率(%) | 6.4% | 0.6% | 8.5% | 11.3% | 13.2% | | 市盈率(现价&最新股本摊薄) | 26.99 | 304.73 | 18.50 | 12.42 | 9.21 | | 资料来源：Wind，国泰海通证券研究 | | | | | | 股票 ...

Domestic News - The Ministry of Industry and Information Technology (MIIT) is promoting a collaborative ecosystem between vehicle manufacturers and parts suppliers, with 17 key automakers committing to a payment term of no more than 60 days for suppliers [2] - In August, the production of new energy vehicles (NEVs) increased by 22.7%, while the production of lithium-ion batteries for vehicles surged by 44.2% [3] - The Henan provincial government is accelerating the upgrade of NEVs through artificial intelligence, focusing on high-performance batteries and intelligent manufacturing [4] - Guangzhou aims to establish at least 300 Vehicle-to-Grid (V2G) charging stations by the end of 2025, with a target discharge capacity of no less than 300,000 kWh [5] - Huawei and BAIC are collaborating to create a strategic community for the "Xiangjie" brand, planning to invest 20 billion yuan over the next three years in key technology areas [6] - Geely's merger agreement with Zeekr has been approved by 94.2% of Zeekr's shareholders, marking a significant step in Geely's "One Geely" strategy [7] - FAW-Volkswagen has launched a large-scale Over-The-Air (OTA) upgrade for its fuel vehicles, enhancing their software capabilities [8] - CATL's sodium-ion battery has passed new national standards certification, showcasing advantages in low-temperature performance and safety [9][10] International News - In Canada, the penetration rate of zero-emission vehicles reached 7.7% in July, despite a 33.7% decline in sales of electric and plug-in hybrid vehicles compared to the previous year [10] - South Korea's automotive exports grew by 8.6% in August, driven by strong demand in Europe, reaching a record high for the month [11] - Ford is relocating its global headquarters to a new facility 3 miles away, marking its first headquarters move in 70 years [12] - VinFast has secured a $150 million loan from Barclays Bank to support its operational funding needs [13] Commercial Vehicles - Weilan Power has successfully ignited China's first 2.5T mass-produced diesel hybrid engine, setting a new benchmark for diesel hybrid technology [14] - BYD has launched its e-Bus platform 3.0, aiming to enhance electric buses' performance and accelerate electrification in public transport [15] - Shandong Heavy Industry's Weichai has added two factories to the list of national "Excellent Intelligent Factories," showcasing its leadership in smart manufacturing [16] - Foton's Aiyike battery has passed five extreme application scenario tests, achieving a new safety benchmark for commercial vehicle batteries [18]