Group 1: Company Performance - BMW reported a revenue of 532.71 million, experiencing a decline of 4.57% [2] - General Motors achieved a revenue of 484.27 million, with an increase of 2.41% [2] - Maruti Suzuki's revenue stood at 478.17 million, reflecting a growth of 1.76% [2] - Porsche's revenue was 470.88 million, showing a decrease of 9.17% [2] - Mahindra & Mahindra reported 439.83 million, with a slight decline of 1.46% [2] - Ford's revenue reached 429.47 million, marking an increase of 2.01% [2] - Honda's revenue was 411.19 million, with a growth of 5.08% [2] - Hyundai reported 343.76 million, reflecting an increase of 5.85% [2] - Tata Motors achieved a revenue of 314.87 million, with a slight increase of 1.29% [2] - Stellantis reported 309.65 million, marking an increase of 1.45% [2] - Li Auto's revenue was 293.9 million, showing a growth of 2.77% [2] - Seres reported 289.83 million, with a decline of 4.09% [2] - SAIC Motor's revenue stood at 267.52 million, reflecting a decrease of 3.52% [2] - Kia Motors reported 259.06 million, with a decline of 1.41% [2] - Geely's revenue was 247.46 million, showing a significant decrease of 6.97% [2] - Suzuki Japan reported 241.62 million, with an increase of 6.44% [2] - Great Wall Motors achieved 237.38 million, reflecting a decline of 3.37% [2] - Xpeng Motors reported 194.13 million, with a slight increase of 0.46% [2] Group 2: Emerging Companies - Rivian reported a revenue of 181.25 million, with a notable increase of 5.84% [3] - Renault achieved a revenue of 158.45 million, reflecting a growth of 0.93% [3] - Changan Automobile reported 149.11 million, with a slight decline of 0.73% [3] - Subaru's revenue was 132.67 million, showing an increase of 1.03% [3] - Hozon Auto reported 114.17 million, with a decline of 2.03% [3] - GAC Group achieved a revenue of 112.96 million, reflecting a slight decrease of 0.57% [3] - JAC Motors reported 106.34 million, with a decline of 1.34% [3] - Leapmotor's revenue was 93.91 million, showing a decrease of 1.87% [3] - Isuzu reported 93.34 million, with a slight increase of 0.42% [3] - Weilai Auto achieved a revenue of 92.8 million, reflecting an increase of 2.49% [3] - Ford Otosan reported 87.41 million, with an increase of 2.94% [3] - Nissan's revenue was 87.38 million, showing a growth of 1.47% [3] - Lucid Motors reported 86.63 million, with a notable increase of 4.58% [3] - VinFast Auto achieved a revenue of 84.2 million, reflecting a slight decline of 0.24% [3] - Zeekr reported 74.58 million, with an increase of 1.07% [3]

Summary of Conference Call Records Industry Overview - The conference call focused on the automotive industry, particularly the electric vehicle (EV) and intelligent driving sectors, as well as the automotive parts industry in regions like Anhui and Changzhou [1][2]. Key Points and Arguments Electric Vehicles and Intelligent Driving - Top choice for investment in the EV and intelligent driving sectors is Topology, with Horizon as the preferred choice for intelligent incremental components, followed by Desay and Huayang [1][2]. - Jianghuai Automobile's new model S800 is expected to launch at the end of May 2025, with a conservative monthly sales estimate of 1,000 units, potentially reaching 2,000-3,000 units in stable conditions [1][4]. Automotive Parts Industry - The automotive parts sector is experiencing structural changes, with a focus on companies showing performance inflection points and those with low valuations, recommending companies like Xiangyu and Jifeng [2][3]. - Ankai Bus is entering a profit release phase, targeting a revenue of approximately 3 billion yuan for the year, reflecting the competitive landscape in the bus industry [2][10]. Company-Specific Insights - Berteli is projected to see a revenue increase of about 30% in 2025, with significant growth in EPB (30%), line control (40%), and lightweight components (70-80%) [1][9]. - Newyu is transforming its customer base, gaining orders from major clients like Geely and North American EV customers, with expected revenue from its Serbia factory of 400-500 million yuan this year [2][11]. - Newquan is expected to achieve a revenue of over 17 billion yuan in 2025, with Chery and Tesla as its largest clients [2][12]. Regional Developments - The Anhui region is seeing rapid development in the robotics industry, with companies like Anhui Heli and Aifert collaborating closely with Huawei to advance industrial automation [1][5][6]. - Companies like Jujie and Ruiyu are focusing on welding automation and industrial robot applications, showcasing strong business synergies [1][7]. Future Projections - Jianghuai's partnership with Huawei involves significant investment, with a total expected investment reaching 10 billion yuan, aiming for breakeven by 2027 [1][4]. - Berteli's new product launches include EMB products expected to enter mass production in 2026, with a focus on key components in the robotics sector [1][9]. Additional Important Information - The competitive landscape in the bus market is intense, with Ankai targeting Southeast Asia, Central Asia, and the Middle East for exports [2][10]. - Newyu's strategic focus on high-value automotive lighting products is expected to enhance its market position, particularly in the North American market [2][11]. - Newquan's acquisition of Wuhu Lichi is aimed at consolidating its market position and driving business growth [2][12]. This summary encapsulates the key insights and projections from the conference call, highlighting the dynamics within the automotive industry and specific company strategies.

2025年4月份，我国新能源重卡整体销量同比暴涨245%，单月销量达到破纪录的1.58万辆！ 作为新能源重卡市场占比最高的细分领域，新能源牵引车表现如何？跑赢还是跑输？ 请看第一商用车网的分析报道。 新能源牵引车4月实销1.16万辆 ，同比大增364% 根据第一商用车网最新掌握的终端销量数据（注：本文数据来源为交强险实销口径，不含出口 和军车，下同），2025年4月份，国内新能源重卡销售1.58万辆，环比今年3月份增长5%， 同比增长245%。其中新能源牵引车销售1.16万辆，环比增长6%，同比增长364%，同比增 速较上月（+290%）扩大74个百分点，继续呈现暴涨之态。与新能源重卡市场整体走势相 同，新能源牵引车市场在2025年4月份也交出环比、同比双增的成绩单，而新能源牵引车市场 的增速比新能源重卡市场整体增速更高（高出119个百分点）。 2025年4月份，新能源牵引车在新能源重卡市场占到73.20%的份额，较上月（72.74%）小 幅增长。今年1-4月，新能源牵引车在新能源重卡市场占到72.56%的份额，较2024年全年 67.99%的占比明显提升，与去年同期相比则提升了超16个百分点（如上图）。根据 ...

近日，江淮1 van旗下全系新能源车型将于5月18日焕新上市。以产品创新与服务升级为核 心，5款车型重磅来袭，5地头部经销商鼎力加持，首任车主三电系统终身质保，开启绿色运 力新时代，加速新能源商用车的规模化普及。 全系焕新 精准覆盖多元场景 聚焦技术升级与用户需求，此次江淮1 van全系新能源焕新上市，预计推出五大系列车型，以 多场景、高价值的产品布局，覆盖城配物流、短途运输等多元商用场景。 其中，恺达U7主推宁德时代64度电池车型，兼顾续航与装载能力。恺达EX6推出3种场景产 品，包含搭载亿纬55度/66度电池的车型、主打低货台设计的快捷版，以及即将推出的蓝猫明 窗版则以轻量化设计和实用功能，适配城市短途运输场景。 恺达U7-宁德64度，全新一代纯电轿卡，大电量更能跑，工况续航320km，驾驶室内宽 1750mm，横向大空间智能驾舱，14寸高清智慧大屏，搭载倒车影像、无线充电、ABS等丰 富智能配置，年轻卡友轻松上手，驾乘更舒适。 技术方面，恺达EX6后续将要推出宁德70度车型，搭载行业领先的2C充电技术，充电效率较 行业主流大幅提升，显著缩短补能时间，提升运营效率，助力用户实现"快充快跑"。 服务方面，江 ...

3月份，重卡市场整体销量同比下降4%，牵引车市场同比下降11%，年内首次跑输重卡市场"大 盘"；4月份，重卡市场整体销量同比增长7%，牵引车市场跑赢还是跑输？行业格局有无新变化？ 请看第一商用车网的分析报道。 4月销售4.3万辆，环比下降25%，同比下降6% 第一商用车网最新获悉，根据中汽协数据（企业开票数口径，非终端实销口径，下同）， 2025年4月份，我国重卡市场共计销售8.77万辆，环比下降21%，同比增长7%。这其中，作 为重卡市场中最受关注的细分领域，牵引车市场在4月份未能同步实现同比增长，交出的成绩 单为：销售4.25万辆，环比下降25%，同比下降6%，同比降幅较上月（-11%）有所缩窄。 连续两个月跑输重卡市场"大盘"。 纵观近五年4月份牵引车市场销量及增幅走势图，最近五年的4月份，牵引车市场走出一个降- 降-增-增-降的走势（与重卡市场整体走势不尽相同），五年中有四年4月份销量超过4万辆， 其中2021年4月份销量达到9.59万辆，2022年4月份出现近8成大降，跌至不足2万辆水平； 随后两年的4月份逐年增长，2025年4月份牵引车市场再次出现下滑，4.25万辆的销量在近五 年里排倒数第二位， ...

Group 1 - A new company named Zhong'an Zhiliang Automotive Technology (Anhui) Co., Ltd. has been established with a registered capital of 30 million yuan [1] - The company is involved in various sectors including computer system services, software development, intelligent control system integration, and integrated circuit design and manufacturing [1] - The ownership structure includes Jianghuai Automobile, Tianyi Transportation Technology Co., Ltd., and Zhaobian (Shanghai) Technology Co., Ltd. as shareholders [1] Group 2 - The company's business scope also covers IoT device manufacturing and sales, AI software development, big data services, and automotive parts research and sales [1] - The company is positioned to engage in a wide range of technology services including information system integration and maintenance, as well as communication equipment manufacturing and sales [1] - The establishment of this company reflects the growing trend in the automotive technology sector, particularly in areas related to smart vehicles and IoT applications [1]

Investment Rating - The report does not provide a specific investment rating for the company [6] Core Views - The company's performance in 2024 and Q1 2025 is under pressure, with a revenue decline of 6.3% year-on-year to 42.12 billion yuan in 2024 and a net loss attributable to shareholders of 1.78 billion yuan, compared to a net profit of 150 million yuan in 2023 [1][2] - The company is facing operational difficulties, with total vehicle sales in 2024 down 7.4% year-on-year to 403,000 units, driven by a significant decline in passenger vehicle sales [2] - The launch of the new model, Zun Jie S800, in collaboration with Huawei is a focal point, with pre-orders showing promising initial demand [3] Summary by Sections Financial Performance - In 2024, the company reported a revenue of 42.12 billion yuan, a decrease of 6.3% year-on-year, and a net loss of 1.78 billion yuan, a significant drop from the previous year's profit [1] - Q1 2025 saw a revenue of 9.8 billion yuan, down 13.0% year-on-year, with a net loss of 220 million yuan [1] - The gross margin for 2024 was 10.5%, down 0.8 percentage points year-on-year, and for Q1 2025, it was 10.0%, down 1.4 percentage points year-on-year [2] Sales and Market Position - Total vehicle sales in 2024 were 403,000 units, a decline of 7.4% year-on-year, with passenger vehicle sales down 16.6% to 167,000 units [2] - The new model Zun Jie S800 has received 2,108 pre-orders within 48 hours of its announcement, indicating strong market interest [3] Future Outlook - The company plans to focus on the Zun Jie S800's market performance post-launch and the allocation of resources from Huawei's distribution channels [3] - Profitability is expected to improve in 2026 with the gradual production of new platform models from Volkswagen and subsequent models from Zun Jie [3]

点击注册小程序 查看完整报告 特别申明： 本订阅号中所涉及的证券研究信息由光大证券研究所编写，仅面向光大证券专业投资者客户，用作新媒体形势下研究 信息和研究观点的沟通交流。非光大证券专业投资者客户，请勿订阅、接收或使用本订阅号中的任何信息。本订阅号 难以设置访问权限，若给您造成不便，敬请谅解。光大证券研究所不会因关注、收到或阅读本订阅号推送内容而视相 关人员为光大证券的客户。 报告摘要 2024年及1Q25业绩承压： 2024年实现营业收入同比-6.3%至421.2亿元，归母亏损为17.8亿元（vs. 2023年归母净利润1.5亿元），扣 非归母净亏损同比扩大59.6%至27.4亿元；其中，4Q24营业收入同比-10.1%/环比-9.2%至99.1亿元，归母净 亏损为24.1亿元（4Q23归母净亏损0.3亿元/3Q24归母净利润3.2亿元），扣非归母净亏损为25.1亿元（4Q23 扣非归母净亏损11.9亿元/3Q24扣非归母净亏损3.2亿元）。1Q25营业收入同比-13.0%/环比-1.1%至98.0亿 元，归母净亏损为2.2亿元（vs. 1Q24归母净利润1.1亿元/4Q24归母净亏损24.1亿元），扣非归 ...

| | | 169.9 | | 14.82 | | --- | --- | --- | --- | --- | | | 雷诺 | 157.82 | + -0.97 | 54.63 | | | 长安汽车 | 149.53 | + -1.08 | 1.71 | | | 斯巴鲁 | 129.55 | + -4.77 | 17.72 | | S | 和泰汽车 | 117.13 | + -2.21 | 21.03 | | 合 广汽集团 | | 113.48 | -0.85 | 1.11 | | JAC | 江淮汽车 | 105.97 | + -2.54 | 4.85 | | ID | Leapmotor | 98.37 | | 8.43 | | ISUZU | 五十铃 | 92.21 | +0.19 | 12.95 | | | 尉米汽车 | 90.15 | +0.22 | 4.13 | | F | 福特奥托生 87.44 | | + -1.09 | 2.49 | | | VinFast Auto | 87 | + -2.4 | 3.62 | | | 路西德汽车 | 84.19 | + +3.35 | 2.76 | | ...

Group 1 - BYD reported a value of 1583.74 with a decrease of 10.36, indicating a decline in performance [2] - Ferrari's value stands at 867.42, showing a slight decrease of 2.7 [2] - Volkswagen experienced an increase of 7.49, reaching a value of 570.91 [2] - Mercedes-Benz reported a value of 565.48, with a significant increase of 19.12 [2] Group 2 - BMW's value is 560.88, reflecting an increase of 12.66 [3] - Porsche's value is 483.99, with an increase of 7.2 [3] - General Motors reported a value of 476.97, showing a notable increase of 20.28 [3] - Mahindra Automotive's value is 438.87, with an increase of 17.33 [3] - Honda's value stands at 435.85, reflecting an increase of 6.48 [3] - Ford's value is 419.53, with an increase of 10.75 [3] - Hyundai's value is 337.81 [3] - Tata Motors reported a value of 312.69, with an increase of 5.35 [3] - Stellantis' value is 301.59, reflecting an increase of 18.43 [3] - Li Auto's value is 284.75, with an increase of 17.55 [3] - SAIC Motor's value stands at 267.71, reflecting an increase of 2.73 [3] - Kia's value is 263.74, with an increase of 3.1 [3] - Suzuki's value is 245.79, showing an increase of 10.9 [3] - Geely's value is 240.91, reflecting a decrease of 4.67 [3] - Great Wall Motors reported a value of 239.73, with a slight decrease of 0.1 [3] - Xpeng Motors' value is 202.01, reflecting an increase of 14.25 [3] Group 3 - Renault's value is 153.69, with a slight increase of 0.73 [4] - Changan Automobile reported a value of 150.77, reflecting a minor decrease of 0.24 [4] - Subaru's value stands at 140.06, with an increase of 4.92 [4] - GAC Group's value is 115.22, reflecting an increase of 0.99 [4] - NIO's value is 94.59, with an increase of 5.18 [4] - VinFast Auto reported a value of 87.71, reflecting an increase of 0.7 [4] - Nissan's value stands at 84.45, with an increase of 2.62 [4] - Zeekr's value is 73.18, reflecting an increase of 1.78 [4]