金吾财讯 | 兴业证券发研报指，理想汽车-W(02015)2025Q4交付新车109,194辆，同比减少31.2%，环比 +17.1%；实现汽车销售收入272.5亿元人民币，同比-36.1%，环比+5.4%。25Q4公司汽车毛利率为 16.8%，同比-2.9个百分点，环比+1.3个百分点，同比下滑主要受i6占比提升且处于产能爬坡阶段、L系 列终端折扣等影响。25Q4公司GAAP净利润0.2亿元，Non-GAAP净利润2.7亿元，自由现金流转正达到 24.7亿元。截至2025年12月31日，公司现金及现金等价物为人民币1012亿元，现金储备充裕。公司指引 26Q1汽车交付量为8.5-9.0万辆，同比-8.5%~-3.1%；总收入为204-216亿元人民币，同 比-21.3%~-16.7%。 展望2026年，L系列换代+纯电新品上市，带动公司销量再上新台阶。其中，全新一代理想L9将于26Q2 正式发布，是理想11年技术集大成之作，搭载自研马赫100芯片(有效算力达Thor-U的6倍)、全球首个量 产全线控底盘、800V全主动悬架及5C超充技术，产品力全面升级，有望重回旗舰SUV领先地位。 L9Livis版售价55 ...

贝夫司机2011-2016年曾担任过暗访记者，卧底过血贩子团伙、暗访过鸭肉制作工厂、假扮夫妻拍下违法胎儿性别检测全 过程、调查隐藏在农村里的各类黑诊所，还有去传销村里救人被村民围堵，在中缅边境被人拿枪指过。贝夫司机2026年3 月19日发文： 2、可我每次看到的素材都不一样? 肯定都是最近才发生的。 答: 确实有些是新素材,但是有些是被Al进行拼接制作,以假乱真,有些是 恶意征集，具体证据可以为： 01:40 :: 5G 50 + 我也发一张 LX攻坚内部群 13(265) 61 江浙沪皖赣地区最新通告!!! 1.xhs/dv/weibo发布一条LX乱停 违停现图文,点赞评论超过50条 s: 20 2.xhs/dy/weibo发布一条LX不文 明驾驶行为(别车/远光/超速/逆 行/车主不文明行为),点赞评论 超过50条 s:40 3.在 xhs/dy/weibo有关 LX 不文明 行为帖下发布相关踩黑评论,点 赞超过 30 s : 10 0 # * 念 * 1 46 12:41 @ 6 > 理想停车照片 × O 订阅 1.5M 1.2M 0.9M 0.6M 0.3M 7/25 3/15 4/28 6/11 1 ...

Investment Rating - The report maintains a "Recommendation" rating for Li Auto-W (02015.HK) [1] Core Insights - Li Auto reported a net profit of 0.2 billion yuan in Q4 2025, marking a year-on-year decrease of 35 billion yuan but a quarter-on-quarter increase of 6.4 billion yuan. The total revenue for Q4 2025 was 28.8 billion yuan, down 35% year-on-year but up 5.2% quarter-on-quarter [1][7] - The company is expected to experience a turnaround in sales driven by new model launches and improved management efficiency. The i6 model is entering stable delivery phases, with monthly delivery capacity expected to reach 20,000 units [1][7] - Organizational restructuring is aimed at enhancing R&D and sales efficiency, with a focus on improving collaboration and operational quality [1][7] Financial Performance Summary - For the full year 2025, Li Auto achieved total revenue of 112.3 billion yuan, a year-on-year decline of 22%, and a net profit of 1.1 billion yuan, down 69 billion yuan year-on-year [1][3] - Key financial metrics for 2026E include total revenue projected at 131.3 billion yuan, with a year-on-year growth rate of 16.9%, and a net profit of 0.96 billion yuan, reflecting a decline of 14.3% [3][8] - The company’s gross margin for Q4 2025 was 17.8%, with a quarter-on-quarter increase of 1.5 percentage points [1][7] Sales and Production Outlook - The sales volume for Q4 2025 was 109,000 units, down 31% year-on-year but up 17% quarter-on-quarter. The average selling price (ASP) for vehicles was 250,000 yuan, showing a slight decline [1][7] - The company plans to launch the next-generation L9 and L9 Livis models in Q2 2026, with the L9 Livis priced at 559,800 yuan, featuring significant technological upgrades [1][7] Management and Strategy - Li Auto is implementing a "store partner plan" to enhance operational quality and efficiency in its direct sales system, which is expected to improve profitability [1][7] - The company’s management capabilities and forward-looking strategies are viewed as robust, positioning it well for recovery and growth in the AI era [1][7]

理想汽车公布2025年第四季业绩后，该行下调2026至2028年预测，销量预测下调5%至22%，基于管理层对 2026年销量指引低于预期，以及改款车型推出步伐放缓;毛利率预测下调0.4至1.0个百分点，基于2026年第一 季及全年指引低于预期，以及销量及收入减少;因此，纯利预测下调21%至34%。 高盛发布研报称，理想汽车-W(66.85,-4.45,-6.24%)(02015)公布的2025年第四季业绩符合预期，惟2026 年第一季及全年预测的销量及毛利率指引逊于预期。高盛将理想汽车目标价由93港元下调至74港元，评级 由"买入"下调至"中性"。该行预期理想汽车将进入连续两季的纯利亏损扩大，销量增长乏力及车辆毛利率 受压，主要由于缺乏新车型推出、原材料及内存成本上涨，以及低利润率车型占比提高。 理想汽车-W(02015):下调评级至"中性",降目标价至74港元 美国高盛 ...

Investment Rating - The report maintains a "Recommendation" rating for Li Auto-W (02015.HK) [1] Core Views - Li Auto reported a net profit of 0.2 billion yuan in Q4 2025, marking a year-on-year decline of 35 billion yuan but a quarter-on-quarter increase of 6.4 billion yuan. The total revenue for Q4 2025 was 28.8 billion yuan, down 35% year-on-year but up 5.2% quarter-on-quarter. For the full year 2025, revenue was 112.3 billion yuan, a 22% decline year-on-year, with a net profit of 1.1 billion yuan, down 69 billion yuan year-on-year [1][7] Financial Performance Summary - **Revenue and Profitability**: - Q4 2025 revenue was 28.8 billion yuan, with a year-on-year decrease of 35% and a quarter-on-quarter increase of 5.2%. The full-year revenue for 2025 was 112.3 billion yuan, down 22% year-on-year. The net profit for Q4 2025 was 0.2 billion yuan, a decrease of 35 billion yuan year-on-year but an increase of 6.4 billion yuan quarter-on-quarter [1][7] - **Sales Volume**: - In Q4 2025, the sales volume was 109,000 vehicles, down 31% year-on-year but up 17% quarter-on-quarter. The average selling price (ASP) for vehicles was 250,000 yuan, down 19,000 yuan year-on-year and 28,000 yuan quarter-on-quarter [1][7] - **Gross Margin**: - The gross margin for Q4 2025 was 17.8%, a decrease of 2.4 percentage points year-on-year but an increase of 1.5 percentage points quarter-on-quarter. The vehicle gross margin was 16.8%, down 2.9 percentage points year-on-year but up 1.3 percentage points quarter-on-quarter [1][7] - **Cost and Expenses**: - R&D expense ratio was 10.5%, up 5.0 percentage points year-on-year, while SG&A expense ratio was 9.2%, up 2.2 percentage points year-on-year [1][7] Future Outlook - **New Model Launches**: - The company plans to launch a new generation of L9 and a new version of L9 Livis in Q2 2026, with the L9 Livis priced at 559,800 yuan. The i6 model is expected to contribute significantly to sales in 2026, with monthly delivery capacity projected to reach 20,000 units [1][7] - **Organizational Improvements**: - Li Auto has restructured its R&D organization to enhance efficiency and reduce the iteration cycle for AI model training from two weeks to one day. Sales channel reforms are also underway to improve operational quality [1][7] - **Sales and Revenue Forecasts**: - The sales forecasts for 2026-2027 have been adjusted down to 500,000 and 520,000 vehicles, respectively. Revenue forecasts for the same period have been revised to 131.3 billion and 140.2 billion yuan. Net profit forecasts have also been adjusted to 0.96 billion and 3.81 billion yuan for 2026 and 2027, respectively [1][7]

证 券 研 究 报 告 科技赋能下的换道再提速 2026年春季汽车行业投资策略 证券分析师：戴文杰 A0230522100006 研究支持： 朱傅哲 A0230524080008 邵翼 A0230524120001 联系人： 朱傅哲 A0230524080008 2026.3.19 核心结论：换道拥抱科技浪潮，变革中寻找新机遇 1. 行情回顾：科技主线贯穿 2. 整车：政策影响有限，紧抓科技向上 3. 零部件：聚焦科技外溢+出海双主题 4. AI产业趋势：Token时代的新话语权 1.1 行情回顾：汽车板块涨幅略低于沪深300指数1.1pct www.swsresearch.com 证券研究报告 2 ◼ 汽车需求受到政策变化的影响有限，乐观看到中高端需求的超预期回暖。无论是消费习惯、能力、人口结构，还是产品竞争力都相较于8年前有了较大变化，因此我们不必刻 舟求剑对明年的退坡过度担忧。我们相信优秀的B/C级新产品将会显著激发用户的换车需求。政策对A0/A00市场会有结构性影响，但新能源渗透率进一步提升已成定局。 ◼ 整车出海的超额利润来自工程师红利，我们相信这轮中国智能电动车的全球化之路已经开启，5年后海外销量 ...

港股 新能源车企股震荡走高，小米集团(01810.HK)涨超5%，奇瑞汽车(09973.HK)、 比亚迪股份 (01211.HK)、吉利汽车(00175.HK)、理想汽车(02015.HK)、 赛力斯(09927.HK)等个股跟涨。 ...

完整早报音频，请点击标题下方小耳机收听 【苹果 CEO 库克现身成都，不久前否认退休传闻】 3 月 18 日下午，苹果公司 CEO 蒂姆·库克现身成都太古里苹 果零售店，有消息称他此次主要为参加 Apple 50 周年特别活动。不久前，库克接受媒体采访时，驳斥了外界关于 其即将退休的猜测，表示相关说法纯属传闻。（第一财经） 【马化腾首次公开谈及 "养虾"：可结合微信去中心化理念】 3 月 18 日消息，在腾讯控股 2025 年业绩沟通会 上，马化腾首次公开谈及他对"养虾"的思考。他认为，"龙虾"应用能够让 AI 落地到各种丰富的场景中，而不像过 去那样完全集中在 ChatBot 里，这能够更好地发挥腾讯资源，让各战线联合发力，也为正在开发中的微信 agent 带来了启发。马化腾提到，微信生态中的小程序一直是去中心化的，类似这样的理念，可以融入到未来的"龙虾"应 用当中。（东方财富网） 【腾讯 QClaw 宣布版本更新，微信入口升级为小程序】 3 月 18 日，腾讯本地 AI 助手 QClaw 宣布版本更新，并 扩大内测范围，微信入口升级为小程序，支持上传或接收电脑端文件。此外， QClaw 将陆续支持在小程序 ...

Key Takeaways Li Auto posted breakeven Q4 earnings, down from prior-year EPS of $0.45.Q4 vehicle deliveries fell to 109,194 units from 158,696 a year ago.Revenues dropped to $4.1B, with vehicle margin down to 16.8% in Q4.Shares of Li Auto (LI) have lost 1.7% since the company reported fourth-quarter 2025 results. It reported breakeven earnings, down from the prior-year quarter’s EPS of 45 cents. The figure also missed the Zacks Consensus Estimate of earnings of 5 cents.Revenues of $4.1 billion decreased fro ...

智通财经APP获悉，周三，理想汽车(LI.US)跌逾4%，报17.21美元。消息面上，今年以来，理想等多家 车企CEO已多次预警芯片涨价带来的成本挑战。汇丰此前发布研报称，近期金属及存储芯片等上游原材 料价格急升，这将在短期内给汽车厂商带来显著成本压力，存储芯片涨价或带来1000至3000元的成本上 涨，直接对电动车的成本结构造成打击。除芯片外，锂矿等动力电池原材料价格波动也进一步放大了成 本压力。 ...