万丰奥威系列 车中旭霞 行业深度 《 eVTOL行业专题：低空经济的先导产业，飞行汽车商业化渐近》——20240516 公司深度 《 万丰奥威（002085.SZ）-汽车轻量化为基，通航飞机打开低空经济成长空间》——20240928 公司点评 《 万丰奥威（002085.SZ）-中报点评： 单二季度净利润同比增长32%，积极布局通航飞机和eVTOL业务 》——20250916 《万丰奥威（002085.SZ）-年报和一季报点评：一季度净利润同比增长21%，通航飞机和eVTOL打开低空经济成长空间》—— 20250508 《万丰奥威（002085.SZ）-三季报点评：单三季度营收环比增长4%，通航飞机打开低空经济成长空间》——20241112 核心观点 2025Q2万丰奥威实现净利润2.25亿元，同比增长32% 公司2025H1实现营收74.94亿元，同比+1.66%，归母净利润5.01亿元，同比+25.74%。分季度看，公司2025Q2实现营收 39.27亿元，同比+2.50%，环比+10.11%，归母净利润2.25亿元，同比+31.62%，环比-18.03%。分产品看，2025H1，公 司汽车金属轻量化零部 ...

英搏尔系列 车中旭霞 深度报告 《低空经济行业专题系列二-eVTOL动力系统的市场空间、技术趋势和产业链机遇 》——20250417 《汽车前瞻研究系列（十九）-新能源驱动电机的市场空间、发展趋势和产业链拆解》——20220323 公司点评 《英搏尔（300681.SZ）- 单二季度收入同比增长50%，积极布局eVTOL、关节模组等领域 》 ——20250916 《英搏尔（300681.SZ）- 一季度净利润同比增长26%，低空经济打开成长空间》 ——20250508 《英搏尔（300681.SZ）-营业收入增长 178%，原材料价格影响短期利润》 ——20220829 《英搏尔（300681.SZ）-定增项目获批，扩产加速推进》 ——20220614 《英搏尔（300681.SZ）-2021 年收入同比增长 132%，电驱及电源双轮驱动》 ——20220429 核心观点 2025Q2英搏尔实现营收8.23亿元，同比增长50% 公司2025H1营业收入13.7亿元，同比+33.8%，归母净利润3713.3万元，同比+7.0%，扣非净利润3362.2万元，同比 +169.9%。2025Q2公司营收8.2亿元，同 ...

上声电子系列 车中旭霞 深度报告： 《上声电子-688533-深度报告：车载声学量价齐升，产品客户持续拓展》——20220114 财报点评： 《 上声电子（688533.SH）-单二季度收入同比增长14%，车载声学系统产品持续放量 》-20250914 《上声电子（688533.SH）-年报和一季报点评- 一季度收入同比增长6%，声学系统产品量价双升》-20250507 《上声电子（688533.SH）-三季报点评-单三季度归母净利润同比增长117%，声学系统持续放量》-20241113 《上声电子（688533.SH）-年报及一季报点评-声学系统放量，毛利率稳步向上》-20240504 《上声电子（688533.SH）-2023年三季报点评-功放业务放量，毛利率稳步向上 》-20231102 《上声电子（688533.SH）-2023年中报点评-功放业务放量，二季度盈利能力回升 》-20230901 《上声电子（688533.SH）-2022年报及2023一季报点评-功放业务放量，产能逐步释放》——20230505 《上声电子（688533.SH）-2022年三季报点评-单三季度归母净利润同比增长62%》— ...

Core Viewpoint - The automotive sector is experiencing steady growth, with CS Automotive achieving a revenue of 18,335.59 billion yuan in H1 2025, a year-on-year increase of 7.96%, and a net profit of 760.76 billion yuan, up 2% year-on-year [3][10]. Revenue and Profit Summary - In Q2 2025, CS Automotive reported a revenue of 9,813.21 billion yuan, a year-on-year increase of 9.14% and a quarter-on-quarter increase of 16.58%. The net profit for the same period was 386.23 billion yuan, down 6.64% year-on-year but up 7.61% quarter-on-quarter [3][10]. - The automotive sales volume in China for August 2025 reached 2.815 million units, with a month-on-month growth of 8.7% and a year-on-year growth of 13% [3]. Market Performance - As of August 31, 2025, the CS Automotive sector saw an increase of 11.72%, outperforming the CSI 300 index by 1.39 percentage points and the Shanghai Composite Index by 3.75 percentage points [3]. - The stock performance of various segments within the automotive sector showed CS Automotive Parts rising by 16.04% and CS Passenger Vehicles increasing by 8.01% [3]. Cost Tracking - As of August 31, 2025, prices for float glass, aluminum ingots, and zinc ingots changed year-on-year by -13.3%, +5.4%, and -7.1% respectively [4]. Inventory Levels - The inventory warning index for Chinese automotive dealers was at 57.0% in August 2025, indicating a slight year-on-year increase of 0.8 percentage points but a month-on-month decrease of 0.2 percentage points [4]. Industry Highlights - Significant developments include the launch of the first SUV by the Huawei-SAIC partnership, the H5 model, with a starting price of 169,800 yuan [94]. - Dongfeng Group's subsidiary, Lantu Automotive, is set to list on the Hong Kong Stock Exchange [95]. - Chery Automobile has received approval for its IPO in Hong Kong [97]. - The 2025 Chengdu International Auto Show highlighted new energy vehicles as the main focus, showcasing over 1,600 vehicles from more than 120 brands [98]. Segment Performance - In H1 2025, the revenue for CS Passenger Vehicles was 9,705 billion yuan, with a year-on-year growth of 9%, while the net profit decreased by 11% [39]. - The CS Automotive Parts segment achieved a revenue of 5,140 billion yuan in H1 2025, up 10% year-on-year, with a net profit increase of 15% [53][60]. - The CS Commercial Vehicles segment reported a revenue of 2,778 billion yuan in H1 2025, with a slight year-on-year increase of 0.82% [72].

智能驾驶芯片深度 《 智能驾驶芯片行业专题-智能驾驶进入快车道，地平线机器人-W和黑芝麻智能的投资价值分析 》——20250207 地平线机器人-W系列 车中旭霞 公司点评 《 地平线机器人-W（09660.HK）- 2025H1收入同比增长67%，征程6系列芯片在手订单充沛 》 ——20250909 《 地平线机器人-W（09660.HK）-2024年收入同比增长54%，智能平权时代征程6系列芯片加速放量》 ——20250328 《地平线机器人-W（09660.HK）-地平线征程6量产上车，共启全民智驾时代新篇》 ——20250309 核心观点 2025H1公司实现营业收入15.7亿元，同比增长67% 2025H1，地平线机器人-W实现总收入为15.7亿元，同比增长67.1%；净利润为-52.3亿元（2024H1为-51.0亿元）；经调 整经营亏损-11.1 亿元（2024H1为-8.2亿元）。分业务来看，2025H1，公司汽车解决方案收入15.16亿元，同比增加 66.1%，1）汽车产品解决方案收入7.78亿元，同比增加250.0%，主要由于内置征程6处理硬件的产品解决方案出货量快 速增长，交付量较去年上 ...

Core Viewpoint - In the first half of 2025, the company achieved a revenue of 253 million yuan, representing a year-on-year growth of 40.4% [2][9][22] Revenue Breakdown - The revenue from autonomous driving products and solutions was 237 million yuan, up 41.5% year-on-year, driven by increased sales of auxiliary driving chips and solutions alongside the growth of mass-produced models [13][22] - The revenue from intelligent imaging solutions was 16 million yuan, a year-on-year increase of 24.8%, attributed to the market acceptance of the company's solutions [13][22] Profitability Metrics - The company's gross margin was 24.79%, down 25.21 percentage points year-on-year, with a net margin of -301.47%, a decline of 914.76 percentage points [4][16] - The gross margin for autonomous driving products and solutions was 20.9%, down 26.3 percentage points, while the gross margin for intelligent imaging solutions was 82.4%, down 4.2 percentage points [4][16] Cost Structure - The company's total expense ratio was 332.07%, a decrease of 179.2 percentage points year-on-year, with sales, management, and R&D expense ratios at 20.37%, 67.27%, and 244.43%, respectively [17] Product Development and Market Expansion - The A1000 chip is being mass-produced in several new models from Geely and Dongfeng, with plans for deployment in overseas markets [6][24] - The C1200 chip is set to be mass-produced in multiple projects for new energy customers, enhancing the company's capabilities in autonomous driving [30] - The A2000 series chip, designed for high-performance applications, is expected to support urban NOA and can be expanded to L3 and L4 scenarios [34][36] Strategic Partnerships and Collaborations - The company is deepening collaborations with major clients such as Geely, Dongfeng, and BYD, focusing on continuous delivery and engineering development of auxiliary driving platforms [22][26] - The company is actively pursuing acquisitions of high-performance, low-power AI chip firms to enhance its position in the edge AI chip market [7][47] Future Outlook - In the second half of 2025, the company plans to continue delivering auxiliary driving solutions to major clients while expanding its strategic customer base [46] - The company aims to optimize algorithms for extreme urban scenarios and enhance the performance of end-to-end models to support the mass production of the A2000 series chip [46]

Core Viewpoint - In Q2 2025, Hu Guang Co., Ltd. achieved a net profit of 180 million yuan, representing a year-on-year growth of 19% [7] Financial Performance - In H1 2025, the company reported revenue of 3.63 billion yuan, an increase of 6.20% year-on-year, and a net profit attributable to shareholders of 276 million yuan, up 8.40% year-on-year [3][7] - In Q2 2025, the company achieved revenue of 2.09 billion yuan, a year-on-year increase of 10.71% and a quarter-on-quarter increase of 35.28%, with a net profit of 183 million yuan, up 18.87% year-on-year and 96.93% quarter-on-quarter [3][7] - The gross profit margin in Q2 2025 was 16.6%, up 0.4 percentage points year-on-year and 2.2 percentage points quarter-on-quarter, while the net profit margin was 8.8%, up 0.6 percentage points year-on-year and 2.8 percentage points quarter-on-quarter [5][19] Business Development - The company focuses on automotive wiring harnesses, with 96% of revenue in H1 2025 coming from this segment, and is recognized as a leading domestic player in this field [25] - The company is expanding its product offerings to include high-voltage wiring harnesses and has successfully delivered products for various new energy vehicle clients [6][25] - The client base has diversified, with the top five clients' revenue share decreasing from 99% in 2015 to 80.22% in 2024, indicating a broader market reach [6][28] Innovation and New Markets - The company is actively pursuing opportunities in new markets such as drone wiring harnesses and intelligent robotics, with successful deliveries and ongoing projects in these areas [6][36] - A dedicated R&D team has been established to focus on the development of wiring harnesses and connectors for robotics, enhancing the company's product portfolio [36] - The company is also investing in high-voltage connector production capabilities to meet the growing demand in the electric vehicle market [34] Operational Efficiency - The company has implemented smart manufacturing and digital transformation initiatives to reduce costs and improve efficiency, leading to enhanced profitability [29][31] - The four expense ratios have decreased, benefiting from the scale effects of increased sales and the ongoing ramp-up of new energy projects [22][29] Strategic Outlook - The company aims to optimize its customer structure and enhance its market presence by leveraging existing resources and expanding into new high-quality client segments [31][38] - Future plans include establishing a new R&D center to support advanced manufacturing and product development, expected to be operational by mid-2026 [41]

《小鹏汽车-W-09868.HK-深度报告：打造智能标签，剑指中高端市场》——20211222 《造车新势力系列之一——解析进阶赛的4个关键点》——20201029 点评： 《小鹏汽车-2025中报点评：单二季度销量同比增长242%，小鹏G7、全新P7搭载图灵芯片上市》——20250908 《小鹏汽车-2025一季报点评： 一季度销量同比增长331%，MONA M03新版本上市1小时大定破万台 》——20250605 《小鹏汽车-2024年报点评： 单四季度销量环比增长97%，新品周期持续向上》——20250321 《小鹏汽车-2024三季报点评：单三季度毛利率同环比双升，新品周期持续向上》——20241122 《小鹏汽车-事件快评：小鹏新车型P7+上市当天订单超3万辆，新品周期持续向上》——20241111 《小鹏汽车-2024一季报点评：一季度毛利率环比提升，期待智能化软件和新产品周期迭代》 ——20240531 《小鹏汽车-2023三季报点评：营业收入同比增长25%，城区高阶智能驾驶赋能新车型发力》 ——20211021 《小鹏汽车-2023中报点评：产品周期过渡影响短期利润，看好未来技术车型全面发力》 ...

速腾聚创系列 车中旭霞 行业深度 《 汽车前瞻研究系列十六-激光雷达的市场空间、技术路线及产业链拆解 》——20220127 公司深度 《 速腾聚创（02498.HK）-激光雷达自主龙头企业，致力于成为全球领先的机器人技术平台公司》——20250326 公司点评 《速腾聚创（02498.HK）-单二季度收入同比增长 24%，在手订单充沛》——20250908 《速腾聚创（02498.HK）-在手订单充足，毛利率同环比提升》——20250607 《 速腾聚创（02498.HK）- 2024年收入同比增长47%，致力于成为全球领先的机器人技术平台公司》——20250411 核心观点 2025Q2公司实现营业收入4.55亿元，同比增长24% 2025Q2，公司实现收入为4.55亿元，同比增长24.1%，环比增长38.9%，净利润为-0.51亿元（2025Q1为-1.00亿元， 2024Q2为-1.37亿元）。分产品来看，2025Q2，1）用于ADAS应用的激光雷达产品的销售收人为2.71亿元，同比减少 10.5%，环比增长18.6%；2）用于机器人及其他产品的收人为1.47亿元，同比增长285.2%，环比增长100 ...

《小马智行(PONY.0)-单二季度收入同比增长 76%，Robotaxi规模化运营持续推进》——20250908 核心观点 小马智行系列 车中旭霞 《小马智行( PONY.0 )-全球无人驾驶领先企业，Robotaxi商业化落地加速》——20250628 公司点评 2025Q2公司实现营收2146万美元，同比增长76% 2025Q2，公司实现收入为2146万美元，同比增长75.9%，环比增长53.5%，净利润为-5310万美元（2024Q2为-3072万美 元，2025Q1为-4299万美元），调整后净利润（即加回股权激励费用后的净利润）为-4589万美元（2024Q2为-3005万 美元，2025Q1为-3398万美元）。分业务来看，1）2025Q2，公司Robotaxi服务收入为153万美元，同比增长157.8%， 其中乘客车费收入同比增长超过300%，强劲的增长主要得益于用户使用量的扩大、一线城市的旺盛需求以及部署车辆 数量的增加。2）2025Q2，公司Robotruck服务收入为952万美元，同比减少9.9%。3）2025Q2，公司授权和应用收入为 1041万美元，同比大幅增长901.8%，主要得益 ...