中国中车 20250613 摘要 中国中车业绩超预期主要得益于铁路市场招标和交付节奏超预期，城轨 和新兴产业（风电、IDBT 等）业务的良好增长，以及公司降本增效策略 带来的盈利能力提升，规模化效应显著。 2025 年二季度，中国铁路市场进行了包括机车、复兴号动车组和货车 等多项招标，订单集中交付加速了交付节奏，同时去年遗留订单及今年 一季度招标订单也在持续释放。 预计三季度将有四组左右动机及 2000 辆货车完成交付，上半年铁路固 定资产投资和旅客量均创历史新高，全年客运量预计增长约 5%，货运 量小幅提升，下半年通车里程预计达到 2,500 至 3,000 公里，高铁运营 情况良好，将继续支撑动车组需求。 2024 年城轨市场招标数量下滑，但四季度开始修复，2025 年中车城轨 订单恢复显著，预计车辆体量将达到 4,000 多辆，城轨零部件和维修市 场也将有同等幅度的改善，尤其是信号系统环节保持快速增长。 2025 年中车的新产业业务表现出色，风电、电驱、IGBT 和海工装备等 领域订单呈现高增长状态，收入和利润逐步释放，总体景气度向好。 Q&A 影响中国中车业绩超预期的主要因素包括铁路市场招标和交付节奏 ...

行情速递 ① 主板领涨，粤传媒(+10.04%)/东信和平(+10.01%)/吉大正元(+10.00%)格尔软件(+10.00%)/ 元隆雅图(+10.00%)/ ②创业板领涨，兆日科技(+20.01%)/川网传媒(+20.00%)/惠伦晶体(+19.98%)/ ③科创板领涨， 罗普特 (+19.98%)/新相微(+13.23%)/三未信安 (+13.08%)/ ④活跃子行业， SW通信网络设备及器件(+2.95%)/SW影视动漫制作(+2.71%)/ ④兴森科技，发布关于2025年累计新增借款超过上年末净资产百分之二十的 公告/截至2025年5月31日/公司借款余额为504,676.86万元/较2024年末 增加100,281.26万元/累计新增借款占上年末净资产比例为20.32%/超过 20%/ 海外新闻 ①艾邦VR产业资讯， Cellid宣布推出两款新型波导产品/每款产品的亮 度都比之前的型号更高/同时推出专有的基于软件的校正技术/旨在通过 减少色彩不规则来提高 AR 图像质量/ 国内新闻 ① 艾邦半导体网，钧联电子成功完成近亿元人民币A轮融资/所融资金将重点 投向两方面/一是加速推进钧联电子在安徽省内 ...

| [Table_EPS] 盈利预测与估值 | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业总收入（百万元） | 5,523 | 6,372 | 7,530 | 8,988 | 10,558 | | 同比（%） | 44.09 | 15.39 | 18.16 | 19.37 | 17.47 | | 归母净利润（百万元） | 502.40 | 400.18 | 514.81 | 658.55 | 851.99 | | 同比（%） | 70.47 | (20.34) | 28.64 | 27.92 | 29.37 | | EPS-最新摊薄（元/股） | 1.19 | 0.95 | 1.22 | 1.56 | 2.02 | | P/E（现价&最新摊薄） | 20.31 | 25.50 | 19.82 | 15.49 | 11.98 | [Table_Tag] [Table_Summary] 投资要点 证券研究报告·公司点评报告·汽车零部件 威迈斯（688612） 2024 年年报&2025 年一季 ...

Core Insights - The Longjiang Automotive Chain has facilitated transactions worth 15.8 billion yuan within a year, showcasing its effectiveness in connecting over 150,000 enterprises [1] - The platform aims to enhance its capabilities with two major upgrades in 2024, focusing on digital supply chains and smart logistics, which will significantly improve order matching efficiency [2] - The potential for China's automotive export market is substantial, with an expected export of 6.41 million vehicles in 2024, reflecting a growth rate of 23% [2] Group 1 - The Longjiang Automotive Chain has successfully matched over 2,500 orders, with a notable example being a 10 million yuan deal facilitated within a week [1] - The platform has gathered over 150,000 industry chain enterprises, with more than 23,000 registered businesses and 27,000 supply-demand information postings [1] - Future upgrades will allow for order notifications to be sent to potential suppliers within 10 seconds, aiming to increase registered users to over 50,000 and matched orders to exceed 5,000 [2] Group 2 - The automotive export from the "Car Valley" region reached over 120,000 units last year, indicating a growing trend in international sales [3] - The integration of over 500 industry chain enterprises in the Wuhan Economic Development Zone aims to foster a collaborative ecosystem that combines government, industry, academia, finance, and services [3] - The Longjiang Automotive Chain is positioned to support enterprises in expanding their global market reach and enhancing the automotive supply chain ecosystem [2]