证券研究报告·公司点评报告·商用车 福田汽车（600166） 2025 年一季报点评：Q1 业绩超预期，看好全 年业绩同比高增 买入（维持） | [Table_EPS] 盈利预测与估值 | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业总收入（百万元） | 56,097 | 47,698 | 69,836 | 74,959 | 78,707 | | 同比（%） | 20.78 | (14.97) | 46.41 | 7.34 | 5.00 | | 归母净利润（百万元） | 909.48 | 80.54 | 1,665.97 | 2,044.06 | 2,151.54 | | 同比（%） | 1,262.27 | (91.14) | 1,968.42 | 22.70 | 5.26 | | EPS-最新摊薄（元/股） | 0.11 | 0.01 | 0.21 | 0.26 | 0.27 | | P/E（现价&最新摊薄） | 22.63 | 255.58 | 12.36 | 10.07 | 9.57 ...

ESG报告里，福田汽车董事长常瑞写道："福田汽车以'广种福田 造福亿万百姓'的创业初心，以'为能源 革命提供绿色解决方案'的企业使命，始终将ESG理念深植于企业战略与发展血脉之中。" 2024年，福田实现总销量61.4万辆，连续多年稳居行业榜首，其中新能源销量同比增长34.98%，海外出 口15.3万辆，连续14年保持第一，展现出传统业务与新能源转型协同发展的强大动能。 数据显示，2024年福田汽车实现全价值链减少碳排放约1.3万吨，较基准年减少17.71%，相当于为地球 种植63万棵树。得益于产品全生命周期碳足迹管理，福田汽车已有6款车型获商用车首批碳足迹标识认 证。为进一步实现"2028年碳达峰，2035年核心工厂碳中和、2050年实现全价值链碳中和"战略目标，福 田坚定推进实施"EPMES"双碳工程，围绕"能效"、"产品"、"制造"、"生态"、"体系"五大核心路径协同 发力。 采购制造方面，联合头部钢厂研发绿钢，在推进自身降碳的同时，协同供应商低碳转型，共同开展绿色 认证、碳足迹管理与光伏建设。同时主动探索资源提效方法，优化资源使用效率，严控污染物排放，已 有10个单位通过ISO14001环境管理体系认 ...

盈利能力改善，毛利率持续回暖。从收入端看，2024 年公司收入477.0亿元，同比-15.0%；Q4 公司实现 收入119.4 亿元，同比-9.3%，环比+1.2%。从盈利能力看，24 年公司毛利率为12.6%，同比+1.3pct；归 母净利率为0.2%，同比-1.5pct；对应归母净利润为0.8 亿元，同比-91.1%。24Q4 的毛利率为12.8%，同 比+3.5pct，环比+0.1pct；归母净利率为-2.9%，同比-3.9pct，环比-3.1pct；对应归母净利润为-3.5 亿元， 同比-391.2%，环比-2052.2%。从费用率来看，24 年销售/管理/研发/财务费用率分别为 4.0/2.9/4.0/0.1%，分别同比+0.2/+0.2/+0.3/+0.3pct；24Q4 销售/管理/研发/财务费用率分别为 4.3/2.4/3.3/0.6%，分别同比-0.0/+0.5/-1.2/+0.6pct，环比-0.0/-0.8/-0.7/+0.4pct。经常性利润总额同比下 降，主要由于 2024 年重卡行业竞争激烈，内卷严重，市场价格不断下探，奔驰业务产品前期投入较 大，重资产运营，且 2024 年销量不 ...

Summary of Foton Motor's Conference Call Company Overview - **Company**: Foton Motor - **Date of Call**: April 28, 2025 Key Points Industry and Company Performance - Foton Motor has divested from the Borgward assets and reduced long-term equity investments in Foton Daimler, significantly lowering financial negative impacts [2][5] - The light vehicle and export businesses have performed well, and the domestic heavy truck market is recovering, with expectations for a strong performance release in 2025 [2][5] - The collaboration with Foton Daimler will have a significantly reduced drag on financial statements, with high-end heavy truck demand expected to rebound [2][6] Financial Projections - Foton Motor's net profit is projected to exceed 1.5 billion RMB in 2025, primarily driven by heavy truck and engine component businesses, with key growth factors being export increments and improved domestic heavy truck sales [3][19] - Excluding the impact of Foton Daimler, the core profit for 2023 and 2024 is approximately 1.3 billion RMB, indicating potential for substantial profit release in 2025 and 2026 if losses from Foton Daimler decrease [2][13] Market Dynamics - The company’s stock price has experienced fluctuations influenced by the heavy truck market cycle, Borgward expansion and divestment, and the performance of Foton Daimler [2][9] - Currently, the stock price is at a relative bottom, suggesting significant valuation recovery potential [2][10] Business Strategy - Foton Motor should focus on its core commercial vehicle business, increase investment in export operations, and optimize collaboration with Daimler to enhance product competitiveness [2][7] - The light truck business constitutes about 60% of the company's revenue structure, with a stable market presence and expected recovery in 2025 [15] Export Business - The export business, particularly in heavy trucks, is expected to show significant growth in 2025, with a target of 30,000 units exported [17][22] - Foton's heavy truck exports to countries along the Belt and Road have reached approximately 6,000 units, marking an 80% year-on-year increase [17] Future Catalysts - Key catalysts for Foton Motor's future growth include quarterly performance releases and industry policy effects, particularly the implementation of a heavy truck replacement policy expected to boost sales [20][23] - The company is positioned to enter an upward operational cycle in 2025, driven by improved export performance and domestic market recovery [22] Conclusion - Foton Motor is anticipated to enter a new growth phase in 2025, with optimistic revenue projections and a favorable market environment, supported by strategic divestments and a focus on core business areas [21][22]

证券代码：600166 证券简称：福田汽车 公告编号：2025-036 北汽福田汽车股份有限公司 关于召开2025年第五次临时股东大会的通知 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 重要内容提示： 一、 召开会议的基本情况 (一)股东大会类型和届次 2025年第五次临时股东大会 (二)股东大会召集人：董事会 (三)投票方式：本次股东大会所采用的表决方式是现场投票和网络投票相结合的 方式 (四)现场会议召开的日期、时间和地点 召开的日期时间：2025 年 5 月 22 日 11 点 45 分 召开地点：福田汽车 106 会议室 (五)网络投票的系统、起止日期和投票时间。 网络投票系统：上海证券交易所股东大会网络投票系统 网络投票起止时间：自2025 年 5 月 22 日 至2025 年 5 月 22 日 采用上海证券交易所网络投票系统，通过交易系统投票平台的投票时间为股 东大会召开当日的交易时间段，即 9:15-9:25,9:30-11:30，13:00-15:00；通过 互联网投票平台的投票时间为股东大会召开当日的 9 ...

证券代码：600166 证券简称：福田汽车 编号：临 2025—034 北汽福田汽车股份有限公司 监事会决议公告 本公司监事会及全体监事保证本公告内容不存在任何虚假记载、误导性陈述或者重大遗漏，并对 其内容的真实性、准确性和完整性承担法律责任。 一、监事会会议召开情况 2025 年 4 月 23 日，公司以电子邮件和专人送达的方式，向全体监事发出了《关于召开 临时监事会的会议通知》及《关于参与认购北汽蓝谷新能源科技股份有限公司向特定对象发 行股票暨关联交易的议案》。本次会议以通讯表决的方式召开，应出席监事 9 名，实际出席监 事 9 名。会议的召集召开符合《公司法》和《公司章程》的规定。 二、监事会会议审议情况 依据《上海证券交易所股票上市规则》有关规定，关联监事焦枫回避表决。截至 2025 年 4 月 28 日，共收到有效表决票 8 张。监事会以 8 票同意,0 票反对，0 票弃权，审议通过了《关 于参与认购北汽蓝谷新能源科技股份有限公司向特定对象发行股票暨关联交易的议案》。 决议如下： （一）同意北汽福田汽车股份有限公司以不超过现金25亿元认购北汽蓝谷新能源科技股 份有限公司向特定对象发行股票。 （二）授 ...

证券代码：600166 证券简称：福田汽车 编号：临 2025—033 二、董事会会议审议情况 （一）《关于参与认购北汽蓝谷新能源科技股份有限公司向特定对象发行股票暨关联 交易的议案》 公司独立董事召开了专门会议，全体独立董事一致同意将该议案提交董事会审议， 并发表了同意该议案的审核意见。 公司董事会审计/内控委员会召开了会议，全体委员一致同意将该议案提交董事会审 议，并发表了同意该议案的审核意见。 公司董事会投资管理委员会召开了会议，对该议案发表了同意意见。 1、决议如下： 北汽福田汽车股份有限公司 董事会决议公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述或者重大遗漏， 并对其内容的真实性、准确性和完整性承担法律责任。 一、董事会会议召开情况 2025 年 4 月 23 日，公司以电子邮件和专人送达的方式，向全体董事发出了《关于召 开临时董事会的会议通知》及《关于参与认购北汽蓝谷新能源科技股份有限公司向特定 对象发行股票暨关联交易的议案》《关于召开 2025 年第五次临时股东大会的议案》。本次 会议以通讯表决的方式召开，应出席董事 11 名，实际出席董事 11 名。会议的召集召开 ...

证券代码：600166 证券简称：福田汽车 编号：临 2025—035 北汽福田汽车股份有限公司 关于参与认购北汽蓝谷新能源科技股份有限公司向特定对 象发行股票暨关联交易的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述或者重大遗漏， 并对其内容的真实性、准确性和完整性承担法律责任。 重要内容提示： 1 投资标的名称：北汽蓝谷新能源科技股份有限公司（以下简称"北汽蓝谷"）。 拟投资金额：北汽蓝谷拟向特定对象发行股票，募集资金总额不超过人民币 600,000 万元，北汽福田汽车股份有限公司（以下简称 "福田汽车"或"公司"）拟认购金额 不超过 250,000 万元。 其他投资人包括：北京汽车集团有限公司（以下简称"北汽集团"）拟认购金额不超 过 50,000 万元，其余由其他发行对象以现金方式认购。 北汽集团、北汽蓝谷为公司关联方，本次交易构成关联交易，但不构成《上市公司重 大资产重组管理办法》规定的重大资产重组。 不含本次关联交易，过去 12 个月内，除前期已经股东大会审议通过的关联交易外， 公司不存在与同一关联人北汽集团及其关联方进行的相同交易类别下标的相关的交 易，公司不存在与不同 ...

Financial Performance - The company's operating revenue for Q1 2025 was CNY 14.80 billion, an increase of 15.01% compared to CNY 12.87 billion in the same period last year[4]. - Net profit attributable to shareholders reached CNY 435.67 million, representing a significant increase of 70.08% from CNY 256.15 million year-on-year[4]. - Basic earnings per share rose to CNY 0.055, marking a 71.88% increase compared to CNY 0.032 in the previous year[5]. - Operating profit for Q1 2025 was ¥422.14 million, up 67.14% from ¥252.57 million in Q1 2024[21]. - Net profit for Q1 2025 was ¥409.37 million, compared to ¥239.03 million in Q1 2024, representing a 71.42% increase[21]. - The company reported a total comprehensive income of ¥367.23 million for Q1 2025, compared to ¥260.78 million in Q1 2024, an increase of 40.73%[22]. Cash Flow - The net cash flow from operating activities was CNY 1.77 billion, a substantial improvement from a negative cash flow of CNY 845.58 million in the same period last year[4]. - Cash flow from operating activities for Q1 2025 was CNY 1,769,419,996.85, a significant improvement compared to a negative cash flow of CNY -845,584,938.51 in Q1 2024[27]. - Total cash inflow from operating activities increased to CNY 12,892,980,695.97 in Q1 2025, up from CNY 8,557,027,534.41 in Q1 2024, representing a growth of approximately 50.5%[28]. - Cash outflow from operating activities rose to CNY 11,123,560,699.12 in Q1 2025, compared to CNY 9,402,612,472.92 in Q1 2024, indicating an increase of about 18.3%[28]. - The ending cash and cash equivalents balance for Q1 2025 was CNY 8,607,750,197.36, up from CNY 5,679,106,065.32 in Q1 2024, reflecting an increase of approximately 51.5%[29]. - The company received tax refunds amounting to CNY 514,930,996.78 in Q1 2025, compared to CNY 291,383,421.20 in Q1 2024, marking an increase of about 76.7%[28]. Assets and Liabilities - The total assets at the end of the reporting period were CNY 58.25 billion, reflecting a 12.34% increase from CNY 51.85 billion at the end of the previous year[5]. - The company's current assets totaled RMB 31,841,182,075.12, up from RMB 25,697,262,421.78, indicating a growth of about 24.5%[15]. - Total liabilities increased to ¥43.36 billion in Q1 2025 from ¥37.33 billion in Q1 2024, reflecting a growth of 16.67%[17]. - The company's long-term equity investments amounted to RMB 4,734,984,098.02, compared to RMB 4,588,508,581.33, showing an increase of about 3.2%[15]. - The company reported a significant increase in inventory, with total inventory at RMB 6,665,870,290.12, down from RMB 6,976,127,102.22, indicating a decrease of about 4.5%[15]. Shareholder Information - The total number of ordinary shareholders at the end of the reporting period was 150,188[10]. - The company's total equity rose to ¥14.89 billion in Q1 2025, compared to ¥14.52 billion in Q1 2024, marking a 2.55% increase[17]. Operational Efficiency - The company continues to focus on enhancing efficiency across the entire value chain, leading to a reduction in period expense ratios compared to the previous year[8]. - Research and development expenses for Q1 2025 were ¥484.16 million, down from ¥548.04 million in Q1 2024, a decrease of 11.69%[20]. - Operating costs for Q1 2025 totaled ¥14.59 billion, an increase of 6.05% from ¥12.81 billion in Q1 2024[20]. Vehicle Sales - The company sold 170,000 vehicles during the period, a year-on-year increase of 9.8%, with new energy vehicle sales reaching 25,600 units, showing significant growth[8].