福田汽车(600166) 证券研究报告 商用车 / 公司点评 / 2025.08.31 业绩同比高增长，坚定推进全面国际化 | 基本数据 | 2025-08-29 | | --- | --- | | 收盘价(元) | 2.77 | | 流通股本(亿股) | 79.17 | | 每股净资产(元) | 1.91 | | 总股本(亿股) | 79.17 | 最近 12 月市场表现 -4% 5% 13% 21% 30% 38% 福田汽车 沪深300 上证指数 分析师 邢重阳 SAC 证书编号：S0160522110003 xingcy01@ctsec.com 投资评级:增持(维持) 分析师 李渤 SAC 证书编号：S0160521050001 libo@ctsec.com 相关报告 1. 《加快中重卡高附加值业务的调整，拓展 海外市场》 2025-04-29 2. 《Q3 业绩同比有所下滑，积极拓展海外 市场》 2024-11-14 3. 《毛利率同比提升，出口销量维持高增 长》 2024-08-27 核心观点 | 盈利预测 | | | | | | | --- | --- | --- | --- | --- | -- ...

| | | | 单位:元 币种:人民币 | | --- | --- | --- | --- | | | 本报告期 | | 本报告期比 | | 主要会计数据 | | 上年同期 | 上年同期增 | | | (1-6月) | | | | | | | 減(%) | | 营业收入 | 30.370, 991, 018. 43 | 23, 968, 217, 219. 13 | 26.71 | | 利润总额 | 750, 308, 268. 16 | 440, 766, 002. 45 | 70.23 | | 归属于上市公司股东的净利润 | 776. 858. 166. 03 | 414, 171, 229. 14 | 87.57 | | 归属于上市公司股东的扣除非 | 550, 602, 490. 74 | 304, 517, 290. 01 | 80. 81 | | 经常性损益的净利润 | | | | | 经营活动产生的现金流量净额 | 1,894,001,180.60 | 367.757.571.73 | 415.01 | | | | | 本报告期末 | | | 本报告期末 | 上年度末 | 比上年度末 | | | ...

Core Viewpoint - Foton Motor has demonstrated strong performance in the first half of 2025, achieving significant growth in sales, revenue, and net profit, indicating successful implementation of its strategic initiatives and a focus on high-quality development [1][2][3]. Group 1: Financial Performance - In the first half of 2025, Foton Motor sold 327,000 vehicles, a year-on-year increase of 9.1%, with a market share increase of 0.9 percentage points [1][9]. - The company's revenue reached 30.37 billion RMB, up 26.7% year-on-year, while net profit attributable to shareholders was 780 million RMB, reflecting an 87.6% increase [2][9]. - The return on equity (ROE) improved to 5.3%, an increase of nearly 2.4 percentage points compared to the previous year [1][2]. Group 2: Business Operations and Strategy - Foton Motor has a comprehensive product and service portfolio covering over 130 countries, focusing on customer-centric innovation and technology [3][5]. - The company has established 17 global R&D centers and is advancing its smart manufacturing capabilities across the entire commercial vehicle supply chain [5][6]. - Foton's sales network includes over 21,000 locations worldwide, with a strong emphasis on after-sales services and a comprehensive energy service system for electric vehicles [6][7]. Group 3: Market Trends and Product Performance - The Chinese commercial vehicle market showed resilience, with a total sales volume of 2.122 million units in the first half of 2025, a 2.6% increase year-on-year, driven by policies like "trade-in" [9]. - Foton's heavy-duty truck sales reached 72,246 units, a 33.4% increase, while sales of new energy vehicles surged by 151.0% to 50,142 units, capturing a 12.5% market share [9][13]. - The company aims to enhance its market presence in heavy-duty trucks and expand its new energy product offerings to meet growing demand [9][10].

| 北汽福田汽车股份有限公司2025 | 年半年度报告摘要 公司简称：福田汽车 | | | | --- | --- | --- | --- | | 公司代码：600166 北汽福田汽车股份有限公司 | | | | | 北汽福田汽车股份有限公司2025 | 年半年度报告摘要 | | | | 第一节 重要提示 | | | | | 展规划，投资者应当到 www.sse.com.cn | 网站仔细阅读半年度报告全文。 | | | | 在虚假记载、误导性陈述或重大遗漏，并承担个别和连带的法律责任。 | | | | | 无 | | | | | 第二节 公司基本情况 | | | | | 公司股票简况 | | | | | 股票种类 股票上市交易所 股票简称 | | 股票代码 | 变更前股 | | 票简称 | | | | | A股 上海证券交易所 福田汽车 | | 600166 | 福田股份 | | 联系人和联系方式 董事会秘书 | | | 证券事务代表 | | 阳路老 | | | | | | | 本报告期末比上年度末 | | | 本报告期末 | 上年度末 | | | | | | 增减(%) | | | 总资产 58,750, ...