603768 常青股份：汽车零部件赛道上的稳健 “长跑者”行业：交运设备>汽车零部件>汽车零部件Ⅲ
概念：汽车制造概念、新能源汽车、比亚迪概念、一体化压铸、华为汽车、长安汽车概念、宁德时代概念
华为汽车+冲压焊接件+一体化压铸
智界R7的部分车身冲压件由公司的全资子公司芜湖常瑞汽车部件有限公司承接
子公司芜湖常瑞配套奇瑞汽车，目前已拿到奇瑞智界新业务订单。
公司概况
基本信息：合肥常青机械股份有限公司成立于 1988 年，企业注册资本 2.38 亿人民币，法人代表为吴应宏，是一家以从事汽车冲压及焊接零部件的开发、生产与销售为主的企业。
产品与客户：主要产品为车身件、底盘件等，产品结构较为丰富。客户群体涵盖奇瑞汽车、合众新能源、比亚迪、上汽集团、东风汽车、陕西重汽、中国重汽、北汽集团等众多知名车企，在汽车零部件配套市场具有较广泛的覆盖。
管理团队：创始人吴应宏现任公司董事长、总经理，在汽车零部件行业拥有丰富的经验和资源，带领公司在行业内不断发展，对公司的战略规划和业务拓展起到关键作用。
行业地位
行业规模：随着汽车行业的不断发展，无论是传统燃油汽车还是新能源汽车，对冲压及焊接零部件的需求都将持续存在，行业规模庞大且具有一定的稳定性。
行业竞争：汽车零部件行业竞争激烈，常青股份面临着众多同行的竞争。但公司凭借产品质量优势和良好的客户关系，在市场中占据一定份额，具有较强的竞争力。
财务状况
营收表现：2024 年三季报显示，营业总收入 24.58 亿元，同比上升 5.48%。按单季度数据看，第三季度营业总收入 9.04 亿元，同比上升 13.76%，呈现出一定的增长态势。
利润情况：2024 年三季报归母净利润 7060.41 万元，同比下降 38.81%。第三季度单季度归母净利润 3282.64 万元，同比上升 30.81%，整体利润表现波动较大，增收不增利的情况较为明显。
其他指标：毛利率 16.05%，同比减 0.48%；净利率 2.87%，同比减 41.99%；资产负债率为 57.02%，应收账款达 8.52 亿元，占比较大，可能存在一定的坏账风险。
市场表现
股价走势：截至 2025 年 1 月 24 日 11：30，股价为 12.06 元，较前一交易日上涨 0.12 元，涨幅 1.01%，总市值 28.70 亿，近期股价有一定的波动，但总体表现相对稳定。
资金流向：2025 年 1 月 23 日主力资金净流入 161.34 万元，占总成交额 4.23%，游资资金净流入 176.57 万元，占总成交额 4.63%，显示出市场资金对公司有一定的关注。
潜在风险
行业风险：汽车行业需求受宏观经济、政策等因素影响较大，存在一定的波动性，可能会影响公司的订单和营收。同时，新能源汽车的快速发展对零部件企业的技术和产品升级提出了更高要求，公司面临技术迭代的压力。
经营风险：公司应收账款体量较大，可能面临坏账风险，影响公司的现金流和盈利能力。此外，原材料价格波动也会对公司的成本控制带来挑战。
财务风险：有息资产负债率已达 31.95%，近 3 年经营性现金流均值为负，财务费用状况也需关注，公司可能面临一定的资金压力和偿债风险。
Industry: Transportation Equipment > Auto Parts > Auto Parts III
Concept: Auto Manufacturing Concept, New Energy Vehicle, BYD Concept, Integrated Die Casting, Huawei Auto, Changan Auto Concept, CATL Concept
Huawei Auto + Stamping Welding Parts + Integrated Die Casting
Some of the body stamping parts of Zhijie R7 are undertaken by the company's wholly-owned subsidiary Wuhu Changrui Auto Parts Co., Ltd.
Subsidiary Wuhu Changrui supplies Chery Automobile and has currently received new business orders from Chery Zhijie.
Company Profile
Basic Information: Hefei Changqing Machinery Co., Ltd. was established in 1988 with a registered capital of RMB 238 million. The legal representative is Wu Yinghong. It is an enterprise mainly engaged in the development, production and sales of automotive stamping and welding parts.
Products and Customers: The main products are body parts, chassis parts, etc., with a relatively rich product structure. The customer base includes many well-known auto companies such as Chery Automobile, Hozon New Energy, BYD, SAIC Group, Dongfeng Motor, Shaanxi Heavy Duty Truck, China Heavy Duty Truck, BAIC Group, etc., and has a wide coverage in the automotive parts supporting market.
Management team: Founder Wu Yinghong is currently the chairman and general manager of the company. He has rich experience and resources in the automotive parts industry. He leads the company to continue to develop in the industry and plays a key role in the company's strategic planning and business expansion.
Industry status
Industry scale: With the continuous development of the automotive industry, whether it is traditional fuel vehicles or new energy vehicles, the demand for stamping and welding parts will continue to exist. The industry scale is huge and has a certain stability.
Industry competition: The automotive parts industry is highly competitive, and Changqing shares face competition from many peers. However, the company has a certain share in the market with its product quality advantages and good customer relationships, and has strong competitiveness.
Financial status
Revenue performance: The third quarter report of 2024 shows that the total operating income is 2.458 billion yuan, an increase of 5.48% year-on-year. According to the single quarter data, the total operating income in the third quarter was 904 million yuan, an increase of 13.76% year-on-year, showing a certain growth trend.
Profit situation: The net profit attributable to the parent company in the third quarter of 2024 was 70.6041 million yuan, a year-on-year decrease of 38.81%. The net profit attributable to the parent company in the third quarter was 32.8264 million yuan, up 30.81% year-on-year. The overall profit performance fluctuated greatly, and the situation of increased revenue but not increased profit was more obvious.
Other indicators: gross profit margin was 16.05%, down 0.48% year-on-year; net profit margin was 2.87%, down 41.99% year-on-year; asset-liability ratio was 57.02%, and accounts receivable reached 852 million yuan, accounting for a large proportion, and there may be certain bad debt risks.
Market performance
Stock price trend: As of 11:30 on January 24, 2025, the stock price was 12.06 yuan, up 0.12 yuan from the previous trading day, an increase of 1.01%, and the total market value was 2.87 billion. The stock price has fluctuated recently, but the overall performance is relatively stable.
Fund Flow: On January 23, 2025, the main funds had a net inflow of 1.6134 million yuan, accounting for 4.23% of the total transaction volume, and the hot money had a net inflow of 1.7657 million yuan, accounting for 4.63% of the total transaction volume, showing that the market funds have a certain attention to the company.
Potential Risks
Industry Risks: The demand in the automotive industry is greatly affected by macroeconomic and policy factors, and there is a certain volatility, which may affect the company's orders and revenue. At the same time, the rapid development of new energy vehicles has put forward higher requirements for the technology and product upgrades of parts companies, and the company is facing the pressure of technology iteration.
Operating Risks: The company has a large amount of accounts receivable and may face bad debt risks, affecting the company's cash flow and profitability. In addition, fluctuations in raw material prices will also bring challenges to the company's cost control.
Financial Risks: The interest-bearing asset-liability ratio has reached 31.95%, and the average operating cash flow in the past three years has been negative. The financial expenses also need to be paid attention to. The company may face certain financial pressure and debt repayment risks.
