证券研究报告：汽车 | 公司点评报告 发布时间：2025-04-30 股票投资评级 买入|维持 个股表现 -26% -20% -14% -8% -2% 4% 10% 16% 22% 28% 2024-04 2024-07 2024-09 2024-12 2025-02 2025-04 中国汽研 汽车 资料来源：聚源，中邮证券研究所 公司基本情况 | 最新收盘价（元） | 19.12 | | --- | --- | | 总股本/流通股本（亿股）10.03 / 9.94 | | | 总市值/流通市值（亿元）192 / 190 | | | 52 周内最高/最低价 | 20.84 / 15.06 | | 资产负债率(%) | 25.8% | | 市盈率 | 20.78 | | 第一大股东 | 中国检验认证(集团)有 | | 限公司 | | 研究所 分析师:付秉正 SAC 登记编号:S1340524100004 Email:fubingzheng@cnpsec.com 中国汽研(601965) 业绩持续稳增，认证检验一体化协同步稳蹄急 ⚫ 投资要点 事件：公司发布 2024 年年报及 2025 年一季报。24 年实现营 ...

发布时间：2025-04-30 股票投资评级 证券研究报告：汽车 | 公司点评报告 买入|维持 个股表现 -26% -20% -14% -8% -2% 4% 10% 16% 22% 28% 2024-04 2024-07 2024-09 2024-12 2025-02 2025-04 中国汽研 汽车 资料来源：聚源，中邮证券研究所 公司基本情况 | 最新收盘价（元） | 19.12 | | --- | --- | | 总股本/流通股本（亿股）10.03 / 9.94 | | | 总市值/流通市值（亿元）192 / 190 | | | 52 周内最高/最低价 | 20.84 / 15.06 | | 资产负债率(%) | 25.8% | | 市盈率 | 20.78 | | 第一大股东 | 中国检验认证(集团)有 | | 限公司 | | 研究所 分析师:付秉正 SAC 登记编号:S1340524100004 Email:fubingzheng@cnpsec.com 中国汽研(601965) 业绩持续稳增，认证检验一体化协同步稳蹄急 ⚫ 投资要点 事件：公司发布 2024 年年报及 2025 年一季报。24 年实现营 ...

证券研究报告·公司点评报告·汽车服务 中国汽研（601965） 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） | 4,096 | 4,697 | 5,471 | 6,322 | 7,365 | | 同比（%） | 24.48 | 14.65 | 16.50 | 15.55 | 16.50 | | 归母净利润（百万元） | 836.17 | 907.78 | 1,114.41 | 1,275.21 | 1,437.57 | | 同比（%） | 21.33 | 8.56 | 22.76 | 14.43 | 12.73 | | EPS-最新摊薄（元/股） | 0.83 | 0.90 | 1.11 | 1.27 | 1.43 | | P/E（现价&最新摊薄） | 22.77 | 20.98 | 17.09 | 14.93 | 13.25 | [Table_Tag] [Table_Summary] 投资要点 2025 年 0 ...

证券研究报告·公司点评报告·汽车服务 中国汽研（601965） 2024年报&2025一季报点评：业绩符合预期， 前沿布局持续跟进市场需求 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） | 4,096 | 4,697 | 5,471 | 6,322 | 7,365 | | 同比（%） | 24.48 | 14.65 | 16.50 | 15.55 | 16.50 | | 归母净利润（百万元） | 836.17 | 907.78 | 1,114.41 | 1,275.21 | 1,437.57 | | 同比（%） | 21.33 | 8.56 | 22.76 | 14.43 | 12.73 | | EPS-最新摊薄（元/股） | 0.83 | 0.90 | 1.11 | 1.27 | 1.43 | | P/E（现价&最新摊薄） | 22.77 | 20.98 | 17.09 | 14.93 | 13.25 | [Ta ...

证券代码：601965 证券简称：中国汽研 公告编号：临2025-026 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。 中国汽车工程研究院股份有限公司（以下简称"中国汽研"或"公司"）于 2025 年 4 月 29 日（星期二）15:00-16:00 在上海证券交易所上证路演中心（网 址：https://roadshow.sseinfo.com/），通过视频直播和网络互动的方式召开了 2024 年度业绩说明会。2025 年 4 月 22 日，公司已在上海证券交易所网站 （www.sse.com.cn）披露了《中国汽研关于召开 2024 年度业绩说明会的公告》 （公告编号：临 2025-014），现将此次业绩说明会召开的有关情况公告如下： 一、业绩说明会基本情况 2025 年 4 月 29 日，公司董事长周玉林先生，董事、总经理兼董事会秘书刘 安民先生，独立董事田冠军先生，总会计师黄延君先生出席了本次业绩说明会。 公司就 2024 年度及 2025 年第一季度经营成果、财务状况等问题与投资者进行了 互动交流，在信息披露允许的范 ...

事件：公司发布 24 年年报和 25 年一季报，24 年实现营收 47.0 亿元 （+14.7%），实现归母净利润 9.1 亿元（+8.6%），实现扣非归母净利润 8.7 亿元（+15.3%）；25 年一季度实现营业总收入 8.9 亿元，（+0.6%），实现 归母净利润 1.8 亿元（+6.3%），实现扣非归母净利润 1.7 亿元（+8.6%） ❑ 营收净利双增，毛利率提升费用优化。 证券研究报告|公司点评报告 2025 年 04 月 28 日 中国汽研（601965.SH） 业绩稳健增长，不断提升综合能力 中游制造/汽车 24 年：2024 年，公司聚焦"创新突破"年度主题，以"新作为、新突破、 新发展"为目标，勇创新，敢突破，在经营发展、改革创新、治理体系、品 牌赋能、党建经营融合等方面实现了创新突破，取得了一系列"新"成绩， 高质量发展迈出更加坚实的步伐。24 年公司实现营收 47.0 亿元，同比 +14.7%，实现归母净利润 9.1 亿元，同比+8.6%。利润率方面，公司 24 年 实现毛/净利率分别为 44.5/20.6%，分别较 23 年提升、下降 1.6/-1.0pct。期 间费用率方面，公司坚 ...

Investment Rating - The report maintains a "Recommended" rating for the company, indicating an expected stock price increase of over 15% relative to the benchmark index [2][4]. Core Insights - The company reported a revenue of 4.697 billion yuan for 2024, representing a year-on-year growth of 14.65%. The net profit attributable to shareholders was 908 million yuan, up 8.56% year-on-year [1][4]. - The company is experiencing steady growth in performance, with a focus on enhancing efficiency and expanding market presence. The gross profit margin remained high at 48.81% in Q4 2024, reflecting effective cost management [1][4]. - The automotive technology service segment saw significant growth, with revenues reaching 4.125 billion yuan in 2024, a year-on-year increase of 21.36%. However, the equipment manufacturing segment faced a decline of 20.50% due to reduced demand [1][2]. Summary by Sections Financial Performance - In 2024, the company achieved a total revenue of 4.697 billion yuan, with a growth rate of 14.65%. The net profit attributable to shareholders was 908 million yuan, reflecting an 8.56% increase [1][6]. - For Q4 2024, revenue was 1.649 billion yuan, up 10.99% year-on-year and 62.27% quarter-on-quarter. The net profit for the same period was 238 million yuan, down 11.66% year-on-year [1][6]. - The first quarter of 2025 saw revenue of 888 million yuan, a slight increase of 0.62% year-on-year, but a significant decrease of 46.49% quarter-on-quarter [1][6]. Business Segments - The automotive technology service business generated 4.125 billion yuan in 2024, marking a 21.36% increase year-on-year. The company is focusing on customer collaboration and market expansion [1][2]. - The equipment manufacturing segment reported a revenue of 535 million yuan, down 20.50% year-on-year, attributed to decreased demand in the specialized vehicle market [1][2]. Regional Performance - Revenue growth was observed in several regions, with East China showing a 40.57% increase, while Southwest and Northwest regions experienced declines of 8.96% and 8.48%, respectively [2][4]. - The international business saw a remarkable growth of 298.68%, primarily driven by increased revenue from automotive technology services to foreign clients [2][4]. Future Outlook - The company is set to begin trial production at its East China base in the second half of 2025, which is expected to contribute to new revenue streams [2][4]. - Revenue projections for 2025-2027 are estimated at 5.584 billion yuan, 6.588 billion yuan, and 7.656 billion yuan, respectively, with net profits expected to reach 1.109 billion yuan, 1.384 billion yuan, and 1.687 billion yuan [4][6].

Investment Rating - The report assigns a "Buy" rating to the company, indicating a positive outlook for the stock's performance in the near term [6]. Core Insights - The company achieved a revenue of 4.697 billion yuan in 2024, representing a year-on-year increase of 14.65%. The net profit attributable to shareholders was 908 million yuan, up 8.56% from the previous year [1]. - The automotive testing industry is expected to see growth driven by advancements in intelligent driving technologies, which will increase both the demand for testing services and the price per vehicle tested [2]. - The automotive technical services segment reported a revenue of 4.125 billion yuan in 2024, reflecting a growth of 21.36% year-on-year, supported by the transformation of China's automotive industry and regulatory enhancements [2]. - The company is enhancing its capital innovation and expanding its testing facilities, including partnerships to establish an overseas service network [3]. Financial Summary - The projected revenues for 2025, 2026, and 2027 are 5.637 billion yuan, 7.328 billion yuan, and 9.161 billion yuan, respectively, with corresponding net profits of 1.138 billion yuan, 1.505 billion yuan, and 1.852 billion yuan [4][3]. - The earnings per share (EPS) are expected to grow from 0.92 yuan in 2024 to 1.85 yuan in 2027, indicating a strong upward trend in profitability [4]. - The company’s price-to-earnings (P/E) ratio is projected to decrease from 19.15 in 2024 to 10.59 in 2027, suggesting an attractive valuation as earnings grow [4].

Core Insights - The company reported a total operating revenue of 4.697 billion yuan, ranking third among disclosed peers, with a year-on-year increase of 600 million yuan, representing a 14.65% growth compared to the same period last year [1] - The net profit attributable to shareholders reached 908 million yuan, ranking first among disclosed peers, with an increase of 71.66 million yuan, reflecting an 8.56% year-on-year growth [1] - The company’s latest asset-liability ratio is 25.76%, ranking second among disclosed peers [3] Financial Performance - The company achieved a net cash inflow from operating activities of 495 million yuan, ranking third among disclosed peers [1] - The latest gross profit margin is 44.52%, ranking second among disclosed peers [3] - The return on equity (ROE) is 12.86%, ranking first among disclosed peers, with an increase of 0.23 percentage points compared to the same period last year [3] Earnings and Shareholder Information - The diluted earnings per share (EPS) is 0.92 yuan, ranking first among disclosed peers, with an increase of 0.07 yuan, marking a 5-year consecutive rise and an 8.24% year-on-year increase [3] - The number of shareholders is 21,500, with the top ten shareholders holding 669 million shares, accounting for 66.65% of the total share capital [3] Research and Development - The total R&D investment is 335 million yuan, ranking second among disclosed peers, with a year-on-year increase of 57.92 million yuan, achieving a 20.88% growth compared to the same period last year [3][4] - The latest R&D investment ratio is 7.14%, ranking second among disclosed peers, with a 0.22 percentage point increase compared to the same period last year [4]

Summary of Key Points Core Viewpoint China Automotive Research announced a cash dividend plan for 2024, proposing a distribution of 2.4 yuan per 10 shares, which amounts to a total cash payout of 241 million yuan, representing 26.53% of the company's net profit. This marks the 14th cash distribution since the company's listing. Financial Performance - The company reported a revenue of 4.697 billion yuan for the year, reflecting a year-on-year growth of 14.65% - Net profit reached 908 million yuan, an increase of 8.56% compared to the previous year - Basic earnings per share stood at 0.92 yuan, with a weighted average return on equity of 13.44% [2] Dividend History - The proposed dividend of 2.4 yuan per 10 shares for 2024 represents a dividend yield of 1.31% - Historical dividend distributions since the company's listing include: - 2023: 3.3 yuan per 10 shares - 2022: 3.0 yuan per 10 shares - 2021: 3.0 yuan per 10 shares - 2020: 3.0 yuan per 10 shares - 2019: 2.5 yuan per 10 shares [2][4] Market Activity - The stock experienced a net outflow of 3.6817 million yuan in principal funds on the day of the announcement, with a total net outflow of 27.0967 million yuan over the past five days [2][3] Industry Context - In the automotive sector, 170 companies have announced their 2024 dividend plans, with BYD leading with a total cash payout of 12.077 billion yuan, followed by Fuyao Glass and Great Wall Motors with payouts of 4.698 billion yuan and 3.853 billion yuan, respectively [4]