金吾财讯 | 交银国际研报指，中国重汽(03808)2025上半年营业收入人民币508.78亿元（同比+4.2%），归属于母公司净利润34.27亿元（同比+4.0%），大致符合市场预期。公司派发中期股息每股人民币0.68元，占上半年归母净利润约55%，显示持续的股东回报导向。考虑中央与地方以旧换新补贴落地（含天然气重卡）、新能源重卡渗透率提升以及出口持续发力，该机构认为2025年重卡有望由季节性修复转向结构性回暖，这将直接利好中国重汽等行业龙头。该机构认为，中国重汽作为行业龙头将受惠于重卡下半年销量恢复。该机构目标价为26.45港元，对应2025年市盈率9.9倍。现价对应2025年股息率5.5%，估值具吸引力，维持买入评级。
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