| 亿航智能系列 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 | | 行业点评 | | 《 低空经济点评：亿航智能运营合格证落地，低空经济从试点迈向商业化运营阶段 》——20250331 | | 公司深度 | | 《亿航智能（EH.O）-低空经济领先企业，集齐适航三证，商业化落地有望加速》 ——2024-08-11 | | 公司点评 | | 《亿航智能（EH.O）- 发布长航程航空器VT35，EH216-S商业运营可期 》 ——20251207 | | 《亿航智能（EH.O）-单二季度收入同比增长44%，eVTOL在手订单充沛》 ——20250916 | | 《亿航智能（EH.O）- 运营合格证落地，低空经济迈向商业化运营阶段 》 ——20250608 | | 《亿航智能（EH.O）-单四季度收入同比增长190%，商业化落地运营可期》——20250324 | | 《亿航智能（EH.O）-单三季度收入同比增长348%，在手订单充裕》——20241123 | 核心观点 行业竞争加剧的风险；关键技术推进不及预期的风险。 发布 ...

| 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）- 单三季度激光雷达销量同比增长34%，致力于成为全球领先的机器人技术平台公司 》—— | | 20251209 | | 《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 2025Q3公司实现营业收入4.07亿元，同比减少0.2%。 2025Q3，公司实现收入为4.07亿元，同比减少0.2%，环比减少10.6%，净利润为-1.01亿元（2025Q2为-0.51亿元， ...

Core Viewpoint - In Q3 2025, the company achieved revenue of $25.44 million, representing a year-on-year growth of 72% [2][3][7]. Revenue Breakdown - The company's revenue from Robotaxi services in Q3 2025 was $6.7 million, up 89.5% year-on-year, with passenger fare revenue increasing by over 200% [3][8]. - Robotruck service revenue reached $10.2 million, reflecting an 8.7% year-on-year growth, aided by a 70% reduction in BOM costs for the fourth-generation Robotruck [3][8]. - Revenue from licensing and applications surged to $8.6 million, a significant increase of 354.6%, driven by rising demand for autonomous driving domain controllers (ADC) and delivery services [3][8]. Profitability Metrics - The company's gross margin in Q3 2025 was 18.4%, an increase of 9.1 percentage points year-on-year, while the net margin was -242.0%, improving by 42.8 percentage points year-on-year [5][13]. - The overall expense ratio was 292.2%, up 7.7 percentage points year-on-year but down 9.5 percentage points quarter-on-quarter [4][17]. Operational Expansion - The company is advancing its Robotaxi operations with a fleet of 961 vehicles, including 667 of the seventh-generation model, aiming to exceed 1,000 vehicles by year-end and 3,000 by the end of 2026 [6][22]. - The seventh-generation Robotaxi has achieved profitability on a per-vehicle basis in urban areas, validating the business model [6][22]. - Strategic partnerships have expanded the Robotaxi business into eight countries, including collaborations with Mowasalat in Qatar and various ride-hailing platforms [26][27]. Market Development - The company has launched full autonomous Robotaxi services in major Chinese cities, including Shanghai and Shenzhen, significantly increasing the number of pick-up and drop-off points [25]. - The seventh-generation Robotaxi has received positive user feedback, with a notable increase in new registrations since its launch [23]. Technological Advancements - The fourth-generation Robotruck has been introduced, designed for mass production, with a significant reduction in BOM costs by approximately 70% compared to the previous generation [28][30]. - The company is leveraging AI algorithms and fleet management expertise to enhance the efficiency and safety of its autonomous vehicles [22][30]. Strategic Partnerships - The company has formed a strategic alliance with Sunshine Travel to develop a large-scale autonomous vehicle fleet, enhancing operational capabilities in major cities [26]. - Collaborations with Stellantis and other global partners are aimed at accelerating the deployment of Robotaxi services in Europe and the Middle East [32][33].

Core Viewpoint - The company, WeRide, has achieved significant revenue growth and accelerated the commercialization of its L4 autonomous driving products, with a 144% year-on-year increase in revenue for Q3 2025, reaching 171 million yuan [3][10]. Financial Performance - In Q3 2025, the company reported revenue of 171 million yuan, a year-on-year increase of 144.2% and a quarter-on-quarter increase of 34.4%. The net profit was -307 million yuan, an improvement from -1.043 billion yuan in Q3 2024 and -406 million yuan in Q2 2025. The adjusted net profit was -276 million yuan [3][10]. - The product business revenue for Q3 2025 was 79.2 million yuan, up 428.0% year-on-year, driven by increased sales of Robotaxi and Robobus. The service business revenue was 91.8 million yuan, a 66.9% increase, mainly due to growth in smart data services and autonomous driving-related operational and technical support services [11][10]. - The company's gross margin for Q3 2025 was 32.9%, up 26.4 percentage points year-on-year, while the net margin was -179.7% [5][14]. Business Segments - The company operates in two main business segments: product business (24.3% of 2024 revenue) and service business (75.7% of 2024 revenue). The product business includes sales of autonomous vehicles like Robotaxi, Robobus, and related sensor kits, while the service business encompasses operational and technical support services, ADAS development services, and smart data services [22][21]. Commercialization Progress - WeRide is accelerating the commercialization of its L4 products. As of November 20, 2025, the company received a pure unmanned license for its Robotaxi from the Swiss Federal Roads Office, making it the only technology company with autonomous driving licenses in eight countries, including Switzerland, China, UAE, Saudi Arabia, Singapore, France, Belgium, and the USA [7][26]. - In Guangzhou, over 300 Robotaxi vehicles have been deployed, achieving up to 25 rides per vehicle per day. The company has also launched Robotaxi services in Abu Dhabi in collaboration with Uber, with plans to expand the fleet to thousands of vehicles by 2030 [31][34]. Technological Advancements - The company has made significant technological breakthroughs, including the successful launch of an end-to-end L2+ level assisted driving solution, which is expected to be mass-produced by the end of 2025. This solution has been integrated into various vehicle models from GAC Group [52][55]. Market Expansion - WeRide has expanded its operations to multiple international markets, including the launch of Robotaxi services in Riyadh, Saudi Arabia, and the initiation of autonomous bus services in various cities across China and the UAE [38][49].

智能化月报系列 车中旭霞 汽车智能化月报： 《汽车智能化月报系列（三十）-9月城区NOA渗透率达16%，小鹏发布第二代VLA、Robotaxi、全新一代IRON》——20251126 《国信汽车-汽车智能化月报系列（二十九）：小马智行和文远知行冲击港股上市，均胜电子再获50亿元汽车智能化全球订单》—— 20251103 《国信汽车-汽车智能化月报系列（二十八）-地平线合作哈啰加速Robotaxi商业化落地，禾赛科技于香港交易所上市 》——20250928 《国信汽车-汽车智能化月报系列（二十七）：尚界H5搭载HUAWEI ADS 4辅助驾驶系统，地平线HSD首搭奇瑞星途E05》—— 20250827 《国信汽车-汽车智能化月报系列（二十六）：汽车智能化月报系列二十六 - 上海新一批智能网联汽车示范运营牌照7月26日发放， Robotaxi商业化落地加速》——20250728 《国信汽车-汽车智能化月报系列（二十五）：特斯拉即将启动Robotaxi试运营，小鹏G7搭载图灵AI芯片和AR-HUD》——20250620 《国信汽车-汽车智能化月报系列（二十四）：特斯拉将于6月推出自动驾驶出租车，小米YU7全系标配激 ...

Core Viewpoints - Xiaopeng Motors aims to establish itself as a leader in the mid-to-high-end market by leveraging its advancements in physical AI technology [3][26]. Financial Performance - In Q3 2025, Xiaopeng Motors achieved a revenue of 204 billion RMB, representing a year-on-year growth of 102% [4][12]. - The total sales volume for Q3 2025 reached 116,000 units, marking a year-on-year increase of 149.3% and a quarter-on-quarter increase of 12.4% [5][21]. - The net profit for Q3 2025 was -3.8 billion RMB, an improvement from -18.1 billion RMB in the same period last year [5][12]. Cost Management and Profitability - Xiaopeng Motors reported a gross margin of 20.1% and a net margin of -1.9% in Q3 2025, with both margins showing improvements year-on-year and quarter-on-quarter [6][18]. - The automotive business gross margin was 13.1%, up 4.5 percentage points year-on-year, primarily due to ongoing cost reductions [7][18]. Sales and Delivery Guidance - The company expects Q4 2025 vehicle deliveries to be between 125,000 and 132,000 units, representing a year-on-year increase of approximately 36.6% to 44.3% [8][21]. - In October 2025, Xiaopeng delivered 42,000 vehicles, a year-on-year increase of 76% [8][21]. Technological Advancements - Xiaopeng unveiled its second-generation VLA (Vision-Language-Action) system, which integrates visual perception and language understanding to enhance autonomous driving capabilities [29][32]. - The second-generation VLA is supported by a powerful computing infrastructure, enabling rapid model iteration and improved performance in complex driving scenarios [29][32]. Future Product Plans - Xiaopeng plans to launch three Robotaxi models in 2026, which will utilize a vision-based approach without relying on LiDAR or high-definition maps [36][38]. - The company is also developing the next-generation IRON humanoid robot, which features advanced AI capabilities and is designed for various commercial applications [40][42]. Strategic Partnerships - Xiaopeng has partnered with Volkswagen to co-develop the second-generation VLA and will open-source the technology to accelerate global applications [33][36]. - The company aims to collaborate with global partners to build a Robotaxi ecosystem, with Gaode being the first partner [38].

Core Viewpoint - In Q3 2025, Zongshen Power achieved a net profit of 252 million yuan, representing a year-on-year growth of 131% [2][10]. Financial Performance - In the first three quarters of 2025, the company reported revenue of 9.639 billion yuan, an increase of 30.17% year-on-year, and a net profit attributable to shareholders of 758 million yuan, up 93.70% year-on-year [3][10]. - For Q3 2025, the company generated revenue of 2.946 billion yuan, a year-on-year increase of 13.68% but a quarter-on-quarter decrease of 14.60, with a net profit of 252 million yuan, reflecting a year-on-year growth of 130.65% and a quarter-on-quarter decline of 9.75% [3][10]. - The company's net profit margin improved by 4.4 percentage points year-on-year in Q3 2025, while the four expense ratios decreased year-on-year [4][5]. Business Segments - Zongshen Power is a core player in the domestic small and medium-sized power machinery sector, actively expanding into the low-altitude economy [6]. - The company focuses on traditional core businesses in "general machinery" and "motorcycle engines," while also investing in emerging fields such as "aviation power," "new energy," and "high-end components" [7][24]. - The company has developed a product line centered on small and medium-sized aviation piston engines, establishing five aviation power platforms and launching over 20 derivative products, including propeller products for drones and light general aviation aircraft [7][32]. Market Opportunities - The company is leveraging policy benefits and market opportunities in the low-altitude economy, with its self-developed CA500 aviation piston engine nearing certification for compliance with CAAC and ASTM F2339 standards [7][33]. - Zongshen Power is actively participating in various exhibitions to enhance its market presence and explore potential collaborations in the rapidly growing drone market [34]. New Energy and High-End Components - The company has established a dual-driven strategy for new energy, focusing on electric drive systems, energy storage, and hydrogen energy [37][40]. - Zongshen Power is enhancing its electric drive system capabilities, targeting applications in electric motorcycles, special vehicles, and agricultural machinery [39]. - The high-end components business has a comprehensive R&D system and manufacturing capabilities, producing aluminum alloy castings and precision machined parts [43].

Core Viewpoint - In Q3 2025, the company achieved a revenue of 7.95 billion yuan, a year-on-year increase of 47.5%, and a net profit of 256 million yuan, indicating strong demand in both domestic and global markets for ADAS and robotic lidar products [2][9]. Financial Performance - The company's revenue for Q3 2025 was 7.95 billion yuan, up 47.5% year-on-year and 12.6% quarter-on-quarter, with a net profit of 256 million yuan compared to a loss of 70 million yuan in Q3 2024 [2][9]. - Adjusted net profit for Q3 2025 was 288 million yuan, reflecting a significant recovery from previous quarters [2][9]. - The gross margin for Q3 2025 was 42.1%, with a net margin of 32.2%, showing a year-on-year decrease in gross margin but an increase in net margin [4][14]. Business Segments ADAS Business - The company reported a strong order backlog in the ADAS sector, benefiting from increased downstream market demand [5]. - In Q3 2025, the company secured a partnership with a top three Chinese EV manufacturer for the ETX lidar, with plans for mass production by late 2026 or early 2027 [6][27]. - The company maintained a leading market share in the ADAS sector, with a 46% market penetration, significantly higher than competitors [28][31]. Robotics Business - The company has made significant inroads in the robotics sector, securing major contracts with leading global autonomous driving firms, representing multi-million dollar strategic partnerships [7][31]. - In Q3 2025, the company continued to supply lidar solutions for the Motional IONIQ5 Robotaxi, with each vehicle equipped with four lidar units [31]. Product Development - The company launched a new generation of automotive-grade lidar products, including the AT1440, ETX, and FTX, which are designed for various levels of autonomous driving [24][25]. - The AT1440 lidar is noted for its high point frequency, while the ETX lidar is recognized for its long-range capabilities, and the FTX lidar offers a wide field of view [24][25]. Market Position - The company has become the first lidar manufacturer to achieve an annual production milestone of over one million units, reinforcing its leadership in the lidar industry [32][33]. - The company successfully listed on the Hong Kong Stock Exchange, marking a significant milestone as the first lidar company to achieve dual primary listings in both the US and Hong Kong [36][37].

Core Viewpoint - In Q3 2025, the company achieved a revenue growth of 69% year-on-year, with a sequential increase in gross margin [4][8][11]. Financial Performance - In Q3 2025, the company reported revenue of 990 million yuan, a year-on-year increase of 69.4% and a quarter-on-quarter increase of 20.2%. The net profit attributable to shareholders was 110 million yuan, up 580.6% year-on-year and 322.7% quarter-on-quarter [4][8]. - For the first three quarters of 2025, the company achieved a total revenue of 2.36 billion yuan, representing a year-on-year growth of 46.7%, and a net profit of 150 million yuan, up 191.2% year-on-year [8][11]. Business Development - The company has established long-term partnerships in the new energy passenger vehicle sector with major automakers such as GAC Honda, Dongfeng Nissan, and Geely [4][24]. - In the new energy commercial vehicle sector, collaborations include companies like Geely Remote, Beiqi Foton, and SAIC Maxus [4][24]. - The company has also formed partnerships in the non-road vehicle sector with clients such as XCMG, SANY, and Doosan [4][24]. Market Expansion - The company has made significant progress in the low-altitude economy sector, collaborating with leading firms like EHang and Eviation [5][25]. - A joint venture with EHang has been established, with the construction of a factory nearing completion and entering trial production [6][25]. Product Innovation - The company focuses on advanced transmission modules and eVTOL systems, leveraging its "integrated chip" technology for high efficiency and lightweight designs [7][28]. - The company has developed a sixth-in-one power system that integrates multiple components, enhancing performance and reducing space requirements in vehicles [32][33]. Strategic Collaborations - The company has engaged in deep collaborations with Fengli Intelligent Technology and other firms to enhance product offerings in various sectors, including new energy vehicles and eVTOL [41][43]. - A strategic partnership with Guangdong Gaoyu Technology aims to innovate in the flying car sector, focusing on key components like motors and controllers [40][41].

Core Viewpoint - The company is positioned in the "big transportation" sector, focusing on dual-engine development strategy, aiming to become a global leader in automotive lightweight components and general aviation manufacturing [17][19]. Financial Performance - In Q3 2025, the company achieved a net profit of 229 million yuan, a year-on-year increase of 38% [8]. - For the first three quarters of 2025, the company reported revenue of 11.416 billion yuan, a year-on-year increase of 0.40%, and a net profit of 729 million yuan, up 29.38% year-on-year [2][8]. - The company's Q3 2025 revenue was 3.922 billion yuan, down 1.93% year-on-year and 0.14% quarter-on-quarter [2][8]. - The gross profit margin for Q3 2025 was 15.3%, a decrease of 0.4 percentage points year-on-year and 3.5 percentage points quarter-on-quarter [3][9]. Business Segments Automotive Lightweight Components - The automotive lightweight components segment generated revenue of 9.385 billion yuan in the first three quarters of 2025, a slight increase of 0.02% year-on-year [19]. - The company is enhancing customer structure and focusing on the development of aluminum and magnesium alloy lightweight applications, aiming to improve production efficiency and reduce costs [19][22]. - The company is also working on the localization of magnesium alloy large die-casting applications to meet the rising demand for lightweight materials in the automotive sector [19][22]. General Aviation and eVTOL - The general aviation manufacturing segment achieved revenue of 2.031 billion yuan in the first three quarters of 2025, a year-on-year increase of 2.20% [20]. - The company is focusing on an innovative manufacturing model that integrates R&D, technology transfer, manufacturing, and after-sales service [20][26]. - The acquisition of Volocopter's core assets in March 2025 is aimed at establishing a business ecosystem for urban air mobility solutions [20][25]. - The company is actively developing new aircraft models, including eVTOL and drones, to capture opportunities in the emerging low-altitude economy [20][25]. Market Trends - The company is strategically positioned to leverage the growth of the low-altitude economy and the increasing demand for electric aircraft and eVTOL solutions [20][25]. - The automotive lightweight sector is expected to benefit from the transition to electric vehicles, with the company enhancing its collaboration with key new energy customers [21][22].