核心观点 市场表现： 本周（5.19-5.23）我们构建的国信人形机器人指数下跌2.49%，强于沪深300指数2.32pct，强于上证综合指数1.93pct，年初至今上涨12.8%。拓普集团下跌2.45%，三 花智控上涨1.27%，中鼎股份下跌5.45%，银轮股份下跌3.92%，北特科技上涨8.21%，双林股份下跌12.24%，贝斯特下跌5.57%，浙江荣泰下跌1.74%，祥鑫科技下跌7.83%，双 环传动下跌3.64%，斯菱股份上涨2.96%，豪能股份下跌3.69%，精锻科技下跌11.47%，蓝黛科技下跌5.66%，凌云股份下跌0.13%，旭升集团下跌4.49%，肇民科技下跌8.97%， 爱柯迪下跌3.18%。均胜电子上涨3.44%。征和工业下跌7.89%，美力科技下跌12.6%。 行业动态 ： 1）特斯拉发布Optimus新视频，其通过学习人类视频完成多项家务；2）宇树人形机器人格斗大赛将于5月25日举行，四支队伍参赛；3）Figure在宝马X3生产线上 完成连续20小时轮班；4）智元机器人开源EVAC框架与EWMBench评测基准；5）智元灵犀X2开启商业化进程，Q2将发布四足机器人；6）英伟达用视频世 ...

Core Viewpoint - The company has experienced a significant recovery in revenue and a reduction in loss margins in the first quarter of 2025, with a revenue increase of 35.1% year-on-year, reaching 680 million yuan [1][6][7]. Revenue and Profitability - From 2016 to 2021, the company's revenue compound annual growth rate (CAGR) was 59.8%, but revenue declined to 2.652 billion yuan in 2023 due to rising lithium carbonate prices and increased competition [1][7]. - The company is expected to achieve a revenue of 3.288 billion yuan in 2024, a year-on-year increase of 24%, and continue to recover in 2025 [1][7]. - The net loss narrowed to 39 million yuan in the first quarter of 2025, compared to a loss of 272 million yuan in 2023 [1][6][7]. Margin Analysis - The company's gross margin remained stable above 20% from 2019 to 2023, but is projected to decline to 17.3% in the first quarter of 2025 due to tariffs on scooters [3][8]. - The net margin improved to -5.7% in the first quarter of 2025, an increase of 5.2 percentage points year-on-year, driven by increased sales scale and reduced expense ratios [2][3][8]. Product and Channel Strategy - The company has actively adjusted its product and channel strategies since 2024, launching high-end lead-acid electric two-wheelers to enhance competitiveness and improve sales [4][5][14]. - The introduction of new models, such as the NT/MT Play series, has been well-received, with significant sales achieved shortly after launch [17][20]. - The company has expanded its distribution network, increasing the number of terminal stores to 4,119 in the first quarter of 2025, up from 3,735 in 2024 [23]. Sales Performance - The company reported a total sales volume of 203,000 units in the first quarter of 2025, a year-on-year increase of 57.4%, with domestic sales reaching 183,000 units [13][14]. - The company has successfully navigated challenges in overseas markets, achieving 165,000 units in exports in 2024, primarily to the US and Europe [13][14]. Brand and Market Position - The company has established a strong brand presence and competitive edge in the high-end electric two-wheeler market, recognized as a leading brand in smart electric vehicles [5][14].

Core Viewpoint - The evolution of automotive intelligence is centered around data flow, which encompasses acquisition, storage, transmission, computation, and application to achieve smart driving and human interaction through sensory modalities [3]. Industry News - Tesla plans to launch autonomous taxi services in Austin, Texas, in June, starting with about 10 Model Y vehicles, monitored remotely for safety [14][15]. - Xiaomi officially launched the YU7 SUV, featuring standard laser radar, Thor computing platform, and panoramic display, set to hit the market in July [16]. - A new mandatory national standard for light vehicle automatic emergency braking systems is in the public consultation phase, expanding its applicability [15]. - RoboSense and Mammotion announced a strategic partnership to develop high-end robotic lawnmowers equipped with solid-state laser radar, aiming for 1.2 million units over three years [25]. - The 2026 Leap C10 model was launched, featuring Hesai ATX laser radar and a price range starting at 132,800 yuan [26]. High-Frequency Core Data Updates - As of March 2025, the penetration rate of 8MP cameras in passenger vehicles reached 23.8%, up 11 percentage points year-on-year [7]. - The penetration rate of L2 and above autonomous driving functions in passenger vehicles was 18.4% in March 2025, an increase of 4.3 percentage points year-on-year [9]. - The penetration rate of laser radar in passenger vehicles was 6.1% in March 2025, reflecting a year-on-year increase of 1 percentage point [8]. - The penetration rates for various sensors in March 2025 were 59.8% for front-view cameras, 47.2% for forward millimeter-wave radar, and 6.1% for laser radar [9]. - The penetration rate of OTA (Over-The-Air) updates in passenger vehicles was 74.5% in March 2025, showing a year-on-year increase of 3 percentage points [10]. Investment Suggestions - The automotive intelligence sector is witnessing significant advancements, with companies like Tesla, Xiaomi, and others leading the charge in smart driving technologies and features [2][4].

Monthly Production and Sales - In April, automobile production and sales reached 2.619 million and 2.590 million units, respectively, with month-on-month declines of 12.9% and 11.2%, but year-on-year increases of 8.9% and 9.8% [1][17] - Passenger car production and sales were 2.257 million and 2.223 million units, showing month-on-month declines of 12.4% and 10%, and year-on-year growth of 10.2% and 11% [1][17] - New energy vehicle (NEV) production and sales were 1.251 million and 1.226 million units, with year-on-year growth of 43.8% and 44.2% [1][17] - NEVs accounted for 47.3% of total new car sales, while exports reached 517,000 units, reflecting month-on-month growth of 2% and year-on-year growth of 2.6% [1][17] Weekly Data - From May 5 to May 11, domestic passenger car registrations totaled 454,000 units, up 4.9% year-on-year and 7.1% month-on-month; NEV registrations were 226,100 units, up 16.0% year-on-year and 10.7% month-on-month [1][17] Market Performance - During the week of May 14 to May 18, the CS Auto index rose by 1.25%, with the CS Passenger Vehicle index increasing by 3.16%. In contrast, the CS Commercial Vehicle index fell by 2.02% [1][17] Cost Tracking and Inventory - As of May 10, 2025, prices for float glass, aluminum ingots, and zinc ingots decreased year-on-year by 22.49%, 4.05%, and 1.32%, respectively, while month-on-month changes were +0.10%, -2.28%, and -0.29% [2] - The inventory coefficient for automotive dealers in April was 1.41, down 17.1% year-on-year [2] Industry News - BYD announced the establishment of its European headquarters in Hungary, marking a significant step in its international development and local integration [2] - WeRide launched a pure unmanned Robotaxi trial operation in Abu Dhabi, becoming the first in the Middle East [3] - Tesla released videos of its humanoid robot dancing and applied for the "Optimus" trademark in China [4] - Huawei and UBTECH signed a comprehensive cooperation agreement to develop humanoid robots and smart factory demonstration solutions [5] - The China Securities Index Company launched the China Securities Innovation and Entrepreneurship Robot Index, reflecting the performance of companies in the robotics sector [6] - XPeng officially entered the Italian market, showcasing its products at the Milan Design Week [7] - Geely's acquisition of Zeekr was detailed, with management changes announced post-acquisition [8] - Audi plans to sell its design and engineering subsidiary Italdesign [9] New Model Launches - The new IM L6 was officially launched with a starting price of 219,900 yuan, featuring advanced technologies [10] - Honda postponed its investment plan of approximately 150 billion CAD for an electric vehicle and battery production base in Canada due to market demand slowdown [11] Government News - A mandatory national standard for light vehicle automatic emergency braking systems has entered the public consultation phase, expanding its applicability [12]

Core Viewpoint - In 2024, CS Automotive achieved a revenue of 371.23 billion yuan, a year-on-year increase of 7%, and a net profit attributable to shareholders of 136.36 billion yuan, up 9% year-on-year [1][10]. Revenue and Profit Summary - In Q4 2024, CS Automotive reported a revenue of 111.76 billion yuan, a year-on-year increase of 13% and a quarter-on-quarter increase of 22% [1][10]. - The net profit for Q4 2024 was 30.9 billion yuan, reflecting a year-on-year increase of 26% but a quarter-on-quarter decrease of 9% [1][10]. - For Q1 2025, CS Automotive's revenue was 84.17 billion yuan, a year-on-year increase of 6% but a quarter-on-quarter decrease of 25% [1]. Sales Tracking - In April 2024, the retail market for narrow passenger cars was approximately 1.75 million units, a year-on-year increase of 14.4% but a month-on-month decrease of 9.8% [1]. - The penetration rate of new energy vehicles reached 51.4% in April 2024, with an estimated 900,000 units sold [1]. Market Performance - In April 2024, the CS Automotive sector declined by 3.24%, underperforming the CSI 300 index by 0.23 percentage points [2]. - The prices of float glass, aluminum ingots, and zinc ingots as of April 2025 showed year-on-year changes of -22%, -2.2%, and +1.5%, respectively [2]. Segment Performance - In 2024, the revenue for CS Passenger Vehicles was 2078.1 billion yuan, up 9% year-on-year, while the net profit was 59.8 billion yuan, up 1% [31]. - The CS Automotive Parts segment achieved a revenue of 962.9 billion yuan, a year-on-year increase of 6%, with a net profit of 46.4 billion yuan, up 10% [69]. Profitability Metrics - The overall sales gross margin for CS Automotive in 2024 was 16.22%, an increase of 0.81 percentage points year-on-year, while the net profit margin was 3.89%, up 0.2 percentage points [27]. - In Q4 2024, the sales gross margin was 15.55%, with a year-on-year decrease of 0.60 percentage points [27]. Industry Trends - The automotive industry saw a total vehicle sales volume of 31.44 million units in 2024, with a year-on-year growth of 4.5% [10]. - The penetration rate of new energy vehicles reached 40.9% in 2024, contributing to the industry's growth [27].

Core Viewpoint - Zongshen Power (001696.SZ) is a leading domestic small and medium-sized power machinery enterprise actively expanding into the low-altitude economy, achieving significant growth in revenue and net profit in Q1 2025 [3][4][9]. Financial Performance - In Q1 2025, the company achieved revenue of 3.243 billion yuan, a year-on-year increase of 39.11% and a quarter-on-quarter increase of 4.54% [4][9]. - The net profit for Q1 2025 was 226 million yuan, representing a year-on-year growth of 88.28% and a quarter-on-quarter growth of 222.53% [4][9]. - The net profit margin improved by 1.6 percentage points year-on-year, with a net profit margin of 7.16% [5][11]. Business Segments Traditional Business - The company focuses on its core businesses of motorcycle engines and general power machinery, enhancing market share through innovation and technology upgrades [8][20]. - Zongshen Power is consolidating its leading position in the industry by expanding into emerging markets and adjusting product structures [8][20]. Emerging Fields - The company is increasing R&D investment in three emerging areas: aviation power, new energy, and high-end components, aiming to create new growth points [8][20]. - Zongshen Aviation has developed a product line centered on small and medium-sized aviation piston engines, with five foundational product platforms and over 20 derivative products [8][35][47]. Low-Altitude Economy - Zongshen Aviation is actively exploring market applications in the low-altitude economy, enhancing product diversification through an engine + drone application model [8][35][47]. - The company is accelerating the airworthiness certification process and developing hybrid aviation engine products to support widespread application in the low-altitude economy [8][35][47]. General Power Machinery - Zongshen's subsidiaries are leading in the general power machinery sector, achieving significant sales growth and expanding their product matrix [27][29]. - In 2024, the total sales of general power and terminal products reached 4.8345 million units, a year-on-year increase of 37.34% [27]. Motorcycle Engine Business - Zongshen Engine, a subsidiary, remains a leader in the motorcycle engine market, with sales of 2.9852 million units in 2024, a year-on-year increase of 18.44% [30][31]. - The company is focusing on product structure upgrades and expanding its global market presence [30][31]. New Energy Business - The company has established a dual-driven strategy for new energy, covering electric drive systems, energy storage, and hydrogen energy [36][40]. - Zongshen is enhancing its electric drive system offerings and expanding its market presence in various applications [40][41][42]. High-End Components - The high-end components business has a comprehensive R&D system and production capabilities, focusing on digital transformation and expanding its product offerings [44].

Market Performance - The Guosen humanoid robot index decreased by 0.75% from May 5 to May 9, outperforming the CSI 300 index by 0.31 percentage points and the Shanghai Composite Index by 0.26 percentage points, with a year-to-date increase of 15.7% [1][4] - Notable stock performances include: - Top Group up 1.83% - Sanhua Intelligent Control up 5.3% - Zhongding Sealing up 7.66% - Silver Wheel up 2.75% - Xiangxin Technology up 12.17% - Siling Co. up 13.24% [1][4][6] Industry Dynamics - Huawei Hubble invested in humanoid robot developer Qianxun Intelligent [7] - Tesla reaffirmed its production target of 1 million units per year by 2030 for its humanoid robot [8] - Zhiyuan Robotics will host the AgiBot World Challenge, a high-level robotics competition [9] - Qiangnao Technology launched the Revo 2 dexterous hand, the lightest professional-grade dexterous hand globally [11] - Lenovo unveiled its first humanoid robot, "Silicon-based Employee" [12] - National and local innovation centers signed an intention order for 1,000 city service robots with Qiaoyin Co. [13] - Zhijidong Power released a new full-size humanoid robot CL-3 with advanced testing capabilities [15] - Fourier announced a strategic partnership with Shanghai International Medical Center to establish a rehabilitation demonstration base [15] - Zhongding accelerated its humanoid robot initiatives by establishing a joint venture [16] Government News - The Ministry of Industry and Information Technology emphasized strengthening the deployment of general and industry-specific large models [22] - The Financial Regulatory Bureau is promoting the development of insurance products for emerging fields such as robots and low-altitude aircraft [24] - Foshan released an action plan for accelerating the development of the intelligent robot industry from 2025 to 2030, targeting significant production and revenue milestones [25] Financing Dynamics - Qianjue Robotics completed several million yuan in Series A financing [27] - Blue Core Technology announced completion of C+ round financing amounting to hundreds of millions [28] - Yuejiang Technology acquired a stake in Zhongke Fifth Epoch [29] - Aoshark Intelligent completed two rounds of financing to expand its consumer-grade exoskeleton robot product line [30] Company Announcements - Ningbo Huaxiang signed a strategic cooperation agreement with Xiangshan Industrial Investment Group and Zhiyuan Robotics to enhance collaboration in humanoid robot ecosystems [31] - Wanxiang Qianchao established a technical task force for precision components related to humanoid robots [31] - Riying Electronics reported successful development of electronic skin samples [31]

Core Viewpoint - The company experienced sales fluctuations, leading to short-term pressure on net profit in the first quarter of 2025 [1][13]. Financial Performance - In 2024, the company achieved revenue of 202.2 billion yuan, a year-on-year increase of 16.7%, and a net profit attributable to shareholders of 12.7 billion yuan, up 80.8% year-on-year, with a non-recurring profit of 9.74 billion yuan, up 101.4% year-on-year [2][7][13]. - In the first quarter of 2025, the company reported revenue of 40.02 billion yuan, a decrease of 6.6% year-on-year and 33.2% quarter-on-quarter, with a net profit of 1.75 billion yuan, down 45.6% year-on-year and 22.7% quarter-on-quarter [2][7][13]. - The gross margin for Q1 2025 was 17.8%, down 2.2 percentage points year-on-year but up 1.3 percentage points quarter-on-quarter [2][7][13]. Sales and Volume - The company sold 257,000 vehicles in Q1 2025, a decrease of 6.7% year-on-year and 32.3% quarter-on-quarter, with overseas sales of 91,000 vehicles, down 2.0% year-on-year and 29.5% quarter-on-quarter [2][7][13]. - The sales of the Tank model in Q1 2025 were 42,000 units, down 14.6% year-on-year, accounting for 16.4% of total sales, a decrease of 1.5 percentage points year-on-year but an increase of 0.2 percentage points quarter-on-quarter [2][7][13]. Profitability and Cost Structure - The company maintained relatively stable per-vehicle profitability, with a per-vehicle revenue of 156,000 yuan in Q1 2025, unchanged year-on-year, and a net profit of 7,000 yuan per vehicle, down 500 yuan year-on-year but up 100 yuan quarter-on-quarter [4][11]. - The cost structure showed an increase in sales expenses due to new product marketing and direct sales system investments, while financial expenses decreased mainly due to exchange gains [4][11]. Strategic Outlook - The company is advancing its new energy strategy, with expectations for product and technology upgrades to drive sales growth [5][6]. - In April, the second-generation Xiaolong Max was officially launched, receiving 16,368 orders within 24 hours, and the new Gaoshan model also saw strong pre-sales [6]. - The company is focusing on hybrid, pure electric, and hydrogen energy technologies, with the launch of the Hi4-Z technology expected to broaden its customer base [6]. International Expansion - The company has over 1,400 overseas sales channels and more than 15 million global users, with ongoing efforts to enhance local operations in markets like Thailand and Brazil, which are expected to support continued sales growth [6].

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）- 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 2025Q1英搏尔实现净利润1069万元，同比增长26% 公司2024年实现营业收入24.3亿元，同比增长23.8%，归母净利润7100.2万元，同比减少13.8%。2025Q1，公司实现营 收5.5亿元，同比增长15.2%，环比减少33.6%，实现归母净利润1069.0万元，同比增长26.3%，环比减少46.2%。分行业 看，2024年，公司新能源汽车领域（含商用车）收入20.7亿 ...

Core Viewpoint - The company is positioned in the low-altitude economy, leveraging its dual-engine strategy of automotive lightweighting and general aviation manufacturing to capture growth opportunities in the eVTOL market [5][19][21]. Financial Performance - In 2024, the company achieved revenue of 16.264 billion yuan, a year-on-year increase of 0.35%, with a net profit of 653 million yuan, down 10.14% year-on-year [2][7]. - For Q1 2025, the company reported revenue of 3.567 billion yuan, a year-on-year increase of 0.75% and a quarter-on-quarter decrease of 27.12%, with a net profit of 275 million yuan, up 21.29% year-on-year and up 206.35% quarter-on-quarter [2][7][35]. - The automotive lightweighting segment generated revenue of 13.450 billion yuan in 2024, growing by 0.09%, while the general aviation segment brought in 2.814 billion yuan, up 1.62% [2][6][21]. Profitability Metrics - The company's gross margin for Q1 2025 was 18.3%, down 1.5 percentage points year-on-year but up 4.1 percentage points quarter-on-quarter [4][10]. - The net profit margin for Q1 2025 was 10.5%, reflecting a year-on-year increase of 2.3 percentage points and a quarter-on-quarter increase of 8.4 percentage points [3][4][10]. Business Segments - The automotive lightweighting business focuses on aluminum and magnesium alloy components, with plans to enhance collaboration with key new energy customers and promote the application of magnesium alloy components in high-end and new energy vehicles [6][21][25]. - The general aviation segment is expanding its innovative manufacturing capabilities, with a focus on high-value aircraft models and ongoing development of eVTOL and other new aircraft types [6][22][23]. Strategic Initiatives - The company completed the acquisition of core assets from Volocopter GmbH in March 2025, aiming to integrate eVTOL operations and enhance its position in the low-altitude economy [28]. - The company is committed to digital transformation, aiming to improve operational efficiency and quality through the establishment of smart factories [30][31]. Market Outlook - The company aims to capitalize on the growing demand for electric aircraft and eVTOL technologies, with plans to expand its market presence and enhance its product offerings in response to the evolving low-altitude economy [26][27][28].