小鹏汽车系列 车中旭霞 深度报告： 《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》—— 20230821 核心观点 2025Q1小鹏汽车实现营业收入158亿元，同比 ...

Core Viewpoint - Hesai Technology is experiencing significant growth in the lidar market, driven by increasing demand for advanced driver-assistance systems (ADAS) and new product launches, positioning itself as a leader in the industry [1][2][17]. Company Performance - In Q1 2025, Hesai Technology achieved revenue of 525 million yuan, a year-on-year increase of 46.3%, but a quarter-on-quarter decrease of 27.0%. The net profit was -18 million yuan, with an adjusted net profit of 8.6 million yuan [1][3]. - The product revenue for Q1 2025 was 510 million yuan, up 44.7% year-on-year, primarily due to strong demand in China for ADAS lidar products. Service revenue reached 14.6 million yuan, a 139.3% increase year-on-year [1][3][4]. - The total lidar shipment in Q1 2025 was 195,800 units, representing a year-on-year growth of 231.3%. ADAS lidar shipments were 146,100 units, up 178.5% year-on-year, while shipments in the robotics sector reached 49,700 units, a staggering increase of 649.1% [4][13]. Product Development - Hesai launched new generation automotive-grade lidar products in Q1 2025, including the AT1440, ETX, and FTX models, which cater to various levels of autonomous driving from L2 to L4 [21][22]. - The AT1440 is noted for having the highest line count among automotive-grade lidar, with a point frequency exceeding 34 million points per second, significantly surpassing current mainstream lidar [21]. - The company introduced the "Qianliyan" lidar perception solution, which includes multiple configurations tailored for different levels of autonomous driving [22]. Market Expansion - Hesai is actively expanding its international presence, having established a new verification development project with a top-tier global automotive supplier based in Japan. The company is also collaborating with four leading automotive manufacturers in Europe and Japan on five verification projects [26][25]. - In the domestic market, Hesai has secured partnerships with several major automotive brands, including Chery and Geely, and its ATX lidar has been designated as standard equipment for multiple upcoming models [28][29]. Robotics Sector - Hesai is a preferred supplier for leading Robotaxi companies, providing essential lidar technology to support their next-generation fleets. Recent collaborations with companies like Baidu and Didi are enhancing Hesai's role in the commercialization of autonomous driving [31][33]. - A strategic agreement was signed with a high-end smart garden brand to supply 300,000 JT series lidar units, indicating Hesai's growing penetration in the robotics market [33][34].

Core Viewpoint - The company is positioned as a leading player in the laser radar market, focusing on becoming a global robotics technology platform, with significant growth potential in both automotive and robotics sectors [21][24]. Financial Performance - In Q1 2025, the company reported revenue of 3.28 billion, a year-on-year decrease of 12.4% and a quarter-on-quarter decrease of 30.7% [2][9]. - The net profit for Q1 2025 was -1.00 billion, an improvement from -1.31 billion in Q1 2024 and -1.30 billion in Q4 2024 [2][9]. - The gross margin for Q1 2025 was 23.49%, showing a year-on-year increase of 11.17 percentage points and a quarter-on-quarter increase of 1.35 percentage points [3][4][14]. Product Sales and Market Demand - Total sales volume of laser radar products in Q1 2025 was approximately 108,600 units, a year-on-year decrease of 9.8% [10]. - Sales of laser radar products for ADAS applications were approximately 96,700 units, down 16.8% year-on-year, while sales for robotics and other applications increased by 183.3% to 11,900 units [10]. - The company has established strong partnerships with over 30 global automakers and suppliers, securing more than 100 models for pre-installation and achieving mass production for 38 models [6][39]. Product Development and Innovation - The company launched the EM platform in 2025, introducing digital products that cater to various market needs, including the EM4 and EMX laser radars [26]. - New products for robotics, such as Airy and E1R, have been released to cover various applications in the robotics sector [26]. - The company is actively developing incremental components for robotics, including vision, touch, and joint systems, with products like the Active Camera and FS-3D force sensor [31][33]. Strategic Partnerships and Market Expansion - The company has formed strategic partnerships with leading companies in the Robotaxi sector, including collaborations with Didi and Pony.ai for mass production of autonomous vehicles [40][43]. - In the broader robotics market, the company secured a record order of 1.2 million solid-state laser radars for lawn mowing robots, indicating strong demand in the sector [44][45]. - The company is also focusing on the delivery of solutions for the delivery robot market, achieving over 90% market share among leading clients [48]. Research and Development - The company has established three R&D centers in China, focusing on optimizing manufacturing processes and enhancing supply chain planning [50]. - The company leads in patent filings in the laser radar and robotics perception systems sectors, showcasing its strong technological capabilities [52][53].

Market Performance - The Guosen humanoid robot index decreased by 3.88% during the week of May 26-30, underperforming compared to the CSI 300 index by 2.79 percentage points and the Shanghai Composite index by 3.85 percentage points, with a year-to-date increase of 8.4% [1][4] - Notable stock performances include: - Top Group down 3.95% - Sanhua Intelligent Control down 4.58% - Zhongding Holdings down 5.6% - Yilun Shares down 5.07% - Beite Technology up 2.99% - Shuanglin Shares down 8.67% - Best down 5.62% - Zhejiang Rongtai down 7.73% - Xiangxin Technology down 6.27% - Slin Shares up 9.42% [1][4][6] Industry Dynamics - Elon Musk announced that the Optimus humanoid robot is expected to walk on Mars by 2027 [7] - Yushu Technology has changed its name and is set to launch a new robot [8] - Multiple companies, including Tesla and Xiaoma Zhixing, have released plans related to Robotaxi [8][9] - Honor has entered the humanoid robot field [8] - Zhijidong and Guangdong Province have established a joint laboratory for embodied intelligent robots [8] - The Galaxy General has launched a product-level end-to-end navigation model, TrackVLA, marking the large-scale application of humanoid robots [8] - The Embodied Intelligence Data Alliance has been established [8] - Daimeng's new tactile sensor debuted in the U.S. and received orders [8] Government News - Guangdong has established an intelligent industry fund with a target size of 10 billion yuan [26] - Shanghai Pudong has released 16 support policies for the embodied intelligence industry, with individual project support up to 200 million yuan [27] - The Longgang District in Shenzhen has unveiled the first government-affiliated agency for artificial intelligence and robotics [28] Financing Dynamics - Lumos Robotics completed an angel++ round of financing, raising nearly 200 million yuan [29] - Kepler Robotics completed a Pre A+ round of financing [30] - Digua Robotics announced a $100 million A round of financing [31] - UniX AI completed several hundred million yuan in angel and angel+ rounds [33] - Runyang Technology plans to invest up to 300 million yuan in Fourier Technology [34] - LeXiang Technology completed a billion-level angel+ round of financing [35] - Sichuan Embodied Technology completed several million yuan in angel round financing [36] - LeDong Robotics plans to list on the Hong Kong main board [37]

核心观点 月度产销： 根据中汽协数据，4月汽车产销分别完成261.9万辆和259.0万辆，环比下降12.9%和11.2%，同比增长8.9% 和9.8%。乘用车产销分别完成225.7万辆和222.3万辆，环比下降12.4%和10%，同比增长10.2%和11%。新能源汽车产销 分别完成125.1万辆和122.6万辆，同比分别增长43.8%和44.2%。新能源汽车新车销量占汽车新车总销量的47.3%。汽车 出口51.7万辆，环比增长2%，同比增长2.6%。 周度数据： 根据上险数据，5.19-5.25国内乘用车上牌39.89万辆，同比+11.9%，环比+2.4%；其中新能源乘用车上牌 22.11万辆，同比+22.1%，环比+1.7%。 本周行情： 本周（20250526-20250530）CS汽车下跌4.32%，CS乘用车下跌8.93%，CS商用车上涨0.68%，CS汽车零部 件下跌2.09%，CS汽车销售与服务上涨0.57%，CS摩托车及其他下跌0.53%，电动车下跌4.82%，智能车上涨1.61%，同 期的沪深300指数下跌1.08%，上证综合指数下跌0.03%。CS汽车弱于沪深300指数3.24pct。 成本 ...

Core Viewpoint - Leapmotor's revenue in Q1 2025 reached 10.02 billion yuan, a year-on-year increase of 187.1%, driven by a 162.1% increase in sales and product mix optimization [2][8][11] Financial Performance - Q1 2025 net profit attributable to shareholders was -130 million yuan, significantly narrowing from -1.01 billion yuan in Q1 2024, but down from a profit of 80 million yuan in Q4 2024 [2][8] - Gross margin in Q1 2025 was 14.9%, a record high, compared to 8.38% for the entire year of 2024 and -1.4% in Q1 2024 [2][11] - Sales, administrative, and R&D expenses for Q1 2025 were 610 million yuan, 380 million yuan, and 800 million yuan respectively, with corresponding SG&A and R&D expense ratios decreasing compared to the full year of 2024 [11][18] Sales and Production - Total sales volume in Q1 2025 was 87,552 units, a 162.1% increase year-on-year, with the C series accounting for 77.5% of total sales, up 5.7 percentage points from the previous year [16][18] - Average revenue per vehicle in Q1 2025 was 114,400 yuan, with a vehicle cost of 97,400 yuan, resulting in a vehicle gross profit of 17,100 yuan [18][20] Product Development - The new C10 model was officially launched on May 15, 2025, featuring significant upgrades in electric drive and intelligence, priced between 122,800 yuan and 142,800 yuan [24][26] - The B01, the first sedan in the B series, was unveiled at the Shanghai Auto Show in April 2025, showcasing a youthful and technological design [26]

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]