◆国内新闻 国家统计局：1-11月，汽车制造业增加值增长11.8% 12月15日，国家统计局新闻发言人、总经济师、国民经济综合统计司司长付凌晖在国新办新闻发布会上表示，1-11月，规 模以上装备制造业增加值同比增长9.3%，占全部规模以上工业的比重达到36.4%，其中汽车制造业增加值增长11.8%。从产品 看，1-11月，汽车产量增长10.8%。新型消费稳步成长，引领作用日益显现。1-11月份，全国乘用车新能源车市场零售量保持了 较快增长。 国家市场监督管理总局：2025年11月宣布召回共计24.45万辆汽车 12月15日，据国家市场监督管理总局网站消息，2025年11月，共7家汽车生产企业向国家市场监督管理总局备案了召回计 划，宣布召回共计24.45万辆汽车。 "粤车南下"从12月15日起预约出行 12月15日上午8时30分起，香港特区政府运输署"粤车南下"预约系统开始接受预约。2025年12月23日（入境市区首日）至 2026年1月31日期间的出行名额，将以先到先得形式分配。今年10月，"粤车南下"香港政策正式公布。该政策分为香港口岸停车 场政策和粤车进入香港市区两项政策。其中，"粤车南下"驶入香港市区政 ...

Group 1 - The core development of the low-altitude economy is highlighted by the collaboration between Tiancheng Control and a leading low-altitude aircraft manufacturer in the Sichuan-Chongqing region for the eVTOL seat project, marking a significant step in the company's eVTOL seat business [1] - Tiancheng Control's aviation seat products have received airworthiness certification from both the European Union Aviation Safety Agency (EASA) and the Federal Aviation Administration (FAA), showcasing the company's strong capabilities in innovation, research and development, and manufacturing [1] - The global flying car market is projected to grow from $22.06 billion in 2024 to $1.53 trillion by 2040, with a compound annual growth rate (CAGR) of 50.5% from 2024 to 2040, indicating a booming market for eVTOLs [2] Group 2 - Tiancheng Control has established strategic partnerships with various companies, including a collaboration with Fengfei Aviation Technology to develop eVTOL components and materials, enhancing its position in the eVTOL supply chain [3] - The company has secured multiple important orders in the passenger car seat market, with production expected to start in 2025, indicating a strong order backlog that supports sustained revenue growth [4] - In Q1 2025, Tiancheng Control reported revenue of 539 million yuan, a year-on-year increase of 46.74%, and a net profit of 20.92 million yuan, reflecting a significant growth trajectory and healthy cash flow [5]

Investment Rating - The investment rating for the company is "Accumulate" (maintained) [1][9]. Core Views - The company's performance is under pressure during the transformation period, awaiting recovery in autonomous profitability [2]. - The company reported a revenue of 107.78 billion yuan for 2024, a year-on-year decrease of 17.1%, and a net profit attributable to shareholders of 0.82 billion yuan, down 81.4% year-on-year [4][5]. Summary by Sections Recent Performance - The company's stock performance over the last year shows a decline of 3.0% over one month, 9.2% over three months, and 2.1% over twelve months, compared to the CSI 300 index [3]. - The current stock price is 8.48 yuan, with a 52-week price range of 7.07 to 10.84 yuan [3]. Sales and Profitability - In 2024, the company's overall sales were under pressure, with self-owned brands performing better than joint ventures. The self-owned brand sales reached 790,000 units, a decrease of 10.9% year-on-year, accounting for 39.4% of total sales [5]. - The joint venture brands saw significant declines, with GAC Honda and GAC Toyota sales down 26.5% and 22.3% respectively [5]. - The total revenue for 2024 was 107.78 billion yuan, with a gross margin of 2.2%, down 0.5 percentage points year-on-year due to intensified market competition [5]. Strategic Initiatives - The company is advancing its smart and international strategies, including a partnership with Huawei to establish a new brand targeting high-end customers, and a significant increase in overseas sales, which reached 127,000 units, up 67.6% year-on-year [5]. - The company is also exploring new technologies, launching a new flying car brand and humanoid robots [5]. Financial Forecast - The company is expected to achieve revenues of 143.2 billion yuan, 165.1 billion yuan, and 179.8 billion yuan from 2025 to 2027, with year-on-year growth rates of 33%, 15%, and 9% respectively [8]. - The net profit attributable to shareholders is projected to be 1.78 billion yuan, 3.06 billion yuan, and 4.85 billion yuan for the same period, with growth rates of 116%, 72%, and 59% respectively [8].