Investment Rating - The report gives an initial rating of "Buy" for the company with a target price of 167.70 RMB, compared to the current price of 129.39 RMB [7]. Core Insights - The company achieved significant revenue growth in 2024, with total revenue reaching 145.18 billion RMB, a year-on-year increase of 305.04%, and a net profit of 5.95 billion RMB, marking four consecutive quarters of profitability [1][18]. - The sales volume of the company's new energy vehicles reached 427,000 units in 2024, representing a year-on-year increase of 182.8% [1][18]. - The partnership with Huawei has strengthened the company's core advantages in smart technology, enhancing both product and channel capabilities [2][32]. Summary by Sections Brand Transformation and Performance Improvement - The company has undergone a significant transformation, focusing on smart technology and new energy vehicles, leading to a substantial turnaround in performance [15]. - The collaboration with Huawei has been pivotal, with the launch of the AITO brand and models like the M5, M7, and M9 driving sales growth [15][18]. Deep Cooperation with Huawei - Huawei has empowered the product side with its ADS 3.0 technology, enhancing the smart driving experience and enabling features like "nationwide driving" [2][39]. - The channel side has also been transformed, with the establishment of a unified sales and service team to improve customer experience and operational efficiency [43]. High-End Positioning of AITO - The AITO brand is strategically positioned in the high-end market, capitalizing on the growing demand for luxury electric vehicles in China [50][53]. - The introduction of new models and upgrades, such as the M7 and M9, has contributed to the brand's upward trajectory in the market [55][59]. Growth Opportunities from Marginal Changes - The upcoming launch of the M8 model in the 350,000 to 450,000 RMB price range is expected to enhance the product matrix and drive sales growth [4]. - The company is expanding its international presence with the establishment of an overseas electric vehicle company, aiming to tap into global markets [4][22]. Financial Forecast and Valuation Analysis - The company is projected to achieve net profits of 10.96 billion RMB, 13.90 billion RMB, and 16.86 billion RMB for the years 2025 to 2027, respectively [4]. - Based on a 25X PE ratio for 2025, the target market value is estimated at 273.92 billion RMB, indicating a potential upside of 29.6% [4].

Investment Rating - The report gives an initial rating of "Buy" for the company [7] Core Viewpoints - The company achieved significant revenue growth in 2024, with total revenue reaching 145.18 billion yuan, a year-on-year increase of 305.04%, and a net profit of 5.95 billion yuan, marking four consecutive quarters of profitability [1][18] - The collaboration with Huawei has strengthened the company's core advantages in smart technology, enhancing both product and channel capabilities [2][32] - The high-end positioning of the AITO brand is expected to drive brand elevation and market penetration in the premium segment [3][50] Summary by Sections Brand Transformation and Performance Improvement - The company has undergone a transformation, focusing on smart technology and electric vehicles, leading to a significant turnaround in performance [15] - In 2024, the company sold 427,000 new energy vehicles, a year-on-year increase of 182.8%, with subsidiary sales reaching 389,000 units, up 265% [1][18] Deep Cooperation with Huawei - Huawei's support has enabled the company to enhance its product offerings and sales channels, leading to a more integrated user experience [2][43] - The Huawei ADS system has evolved to provide comprehensive smart driving capabilities, significantly improving the driving experience [33][39] High-End Positioning of AITO - The high-end market for passenger vehicles in China is expanding, with a notable increase in the penetration of new energy vehicles priced above 300,000 yuan [3][50] - The AITO brand has successfully entered the mid-to-high-end automotive market, with models like the M7 and M9 contributing to brand growth [3][55] New Growth Drivers - The upcoming launch of the M8 model in the 350,000 to 450,000 yuan price range is expected to enhance the product matrix and drive sales growth [4] - The establishment of an overseas electric vehicle company indicates a strategic move towards global market integration [4][46] Financial Forecast and Valuation Analysis - The company is projected to achieve net profits of 10.96 billion, 13.90 billion, and 16.86 billion yuan for the years 2025 to 2027, respectively [4][6] - The target market capitalization for 2025 is estimated at 273.92 billion yuan, with a target price of 167.70 yuan per share, reflecting a potential upside of 29.6% [4][6]

（原标题：安全成为竞争新锚点，赛力斯如何重构豪华定义） 安全正在成为智能汽车的新溢价点，传统豪华品牌的安全配置往往与车型价格强绑定，但赛力斯采 取'技术普惠'策略，通过一体化压铸工艺降低制造成本，使720°安全架构得以覆盖从问界M5到M9的全 系车型。 赛力斯还希望通过研发与制造环节的标准化，将安全能力沉淀为可复用的体系。赛力斯公布了一组数 据：超1100万公里测试里程、1300多个仿真场景验证，以及万吨级压铸工艺与100%自动化焊接。这与 特斯拉的超级工厂有异曲同工之处，前者以一体化压铸提升效率，后者则以模块化降低边际成本。 消费者对"安全即豪华"理念已经认同。杰兰路2024年研究显示，问界品牌发展信心指数与净推荐值 （NPS）双双登顶，问界M9更以88.4分位列新能源SUV车型NPS榜首。而在NEV-CACSI测评中，问界 M7、M5分别拿下混动中大型SUV用户满意度第一与纯电动中型SUV感知质量冠军。 不过，业内也有新的疑问，"全系标配安全"的策略虽能快速占领市场，也可能导致高端车型的差异化价 值被稀释，如何平衡技术普惠与品牌溢价，将是赛力斯下一阶段的关键课题。此外，智能化安全的复杂 性远超机械时代，涉 ...

张兴海说："问界M8/M9双旗舰车型，正在重构中国豪华汽车市场格局。问界能取得今天的成绩，要感谢市场的认可和用户的喜爱。" 北京商报讯(记者刘洋)4月23日，在2025上海车展上，赛力斯（601127）集团董事长(创始人)张兴海与华为常务董事、终端BG董事长董事长余承东在直播间 畅聊，共话问界"智慧重塑豪华"之路。 "三天前问界M8开始全国交付，我也跟很多用户在交付现场做了交流，他们都提到了问界M8安全、智能、舒适、有大空间。"张兴海说，"我们争取做到， 用户买了一台问界M8，收到一个放心，感到一份自豪。" 2021年，赛力斯和华为跨界合作，开创行业先河，联合打造问界品牌。目前，问界用户数已经突破60万。其中，问界M9累计交付量突破18万辆，连续11个 月蝉联中国市场50万级豪华车月度销冠，持续引领科技豪华新格局；问界M8上市4天，"大定"突破5万辆。 "我坚持先于用户测试、驾驶每一款新车，就是要确保用户放心购车、放心用车。"张兴海在直播中分享，不久前试驾问界M8从重庆前往冈仁波齐，用了55 小时，行驶超过3500公里，安全性、体验感很好。 "从用户中来，到研发中去。"张兴海表示，与问界的用户面对面交流，许多 ...

赛力斯智能安全构建了包括"生命保护"、"车身防护"、"健康呵护"、"隐私守护"四大安全领域在内的智 能安全体系。全方位保护人、车、物的安全，为用户提供全生命周期的安全保障。 4月23日，赛力斯（601127）智能安全于上海车展重磅发布，首创以场景定义安全，构建了包括"生命保 护"、"车身防护"、"健康呵护"、"隐私守护"四大安全领域的智能安全体系。 发布会上，赛力斯汽车总裁何利扬同时公布了最新问界大数据，截至4月20日，问界用户智能增程电动 行驶总里程超过124亿公里，纯电行驶里程占比超过70%，智能辅助驾驶总里程已超过20亿公里，智能 辅助驾驶激活用户占比超过74%。 随着智能化、网联化、电动化、共享化的发展，整车安全正经历着从"被动安全"到"被动安全+主动安 全"，再到"全维安全"的跃迁。基于复杂多样化的全场景出行，整车安全正迎来智能安全的新时代。 在生命保护方面，赛力斯研发了行业首创的720°安全保护架构，打造出了量产的，全球最大铝合金一体 化压铸后车体，并实际运用到了问界M9上，同时率先研发出面向量产的全球最大一体化压铸镁合金后 车体。 未来，问界全系产品都将采用一体化压铸。此外，赛力斯还构建了行业领 ...

Core Viewpoint - Seres Automotive has introduced the "Seres Intelligent Safety" system at the Shanghai International Auto Show, emphasizing a safety concept defined by scenarios, focusing on four key areas: "Life Protection," "Body Protection," "Health Care," and "Privacy Protection" [1][3]. Group 1: Intelligent Safety System - The "Seres Intelligent Safety" system is built around four main areas: Life Protection, Body Protection, Health Care, and Privacy Protection [1][3]. - The system includes a 720° safety protection framework and a five-layer battery defense system, enhancing user safety [3][5]. - The vehicles have avoided over 1.6 million potential collision incidents, showcasing the effectiveness of the body protection measures [3][5]. Group 2: User Data and Privacy - Seres has established a multi-layered defense system for data management, ensuring user privacy and vehicle data security throughout the data lifecycle [3][5]. - The company employs a "cloud-management-end-chip" approach to safeguard user information [3]. Group 3: Market Performance and User Base - The AITO brand has expanded its product line to include four models: M5, M7, M9, and the newly launched M8 [5]. - As of April 20, the AITO brand has over 600,000 users, with a total intelligent range of over 12.4 billion kilometers, of which over 70% is pure electric mileage [1][7]. - The M9 model has achieved the highest Net Promoter Score (NPS) in the new energy SUV category, with a score of 88.4 [5].

据悉，赛力斯已构建起贯穿研发、测试、智造、质量、供应链、数智化和服务等全流程的智能安全保障 体系。在研发环节，通过1300多个仿真场景和超1100万公里的测试里程，有效缩短了新车开发周期同时 提升产品质量。智造环节则采用万吨级压铸工艺，实现100%自动化焊接和底盘螺栓装配。 目前，问界品牌已形成M5、M7、M8、M9四大产品序列，拥有超过60万用户，智能辅助驾驶总里程已 突破20亿公里，激活用户占比超过74%。 凤凰网科技讯（作者/于雷）4月23日，赛力斯（601127）智能安全体系在2025上海车展正式发布，赛力 斯汽车总裁何利扬在会上发布了最新问界大数据：截至4月20日，问界用户智能增程电动行驶总里程已 突破124亿公里，纯电行驶里程占比高达70%以上。智能辅助驾驶总里程已超过20亿公里，智能辅助驾 驶激活用户占比超过74%。 车身防护方面，赛力斯通过持续的感知训练迭代，显著提升了车辆的主动安全水平。数据显示，问界车 辆已帮助用户避免超过160万次可能发生的碰撞事故，展现了其卓越的前向、侧向及后向全方位防碰撞 能力。 健康呵护领域，赛力斯打造了五感健康座舱，为用户提供清新呼吸、母婴亲肤、舒适护眼、静谧悦耳 ...

据豪森智能消息，近日，大连豪森与赛力斯（601127）集团股份有限公司就高端增程器生产线项目达成 合作签约。此次合作是双方在新能源汽车领域的首次携手，也是豪森承接的首个"华为智选"项目，具有 重要的战略意义。本次由豪森提供的高端增程器产线，从该产线下线的产品，将直接应用于问界系列车 型。 ...

证券代码：601127 证券简称：赛力斯 公告编号：2025-052 赛力斯集团股份有限公司 2024年年度股东大会决议公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 重要内容提示： 本次会议是否有否决议案：无 一、 会议召开和出席情况 (一) 股东大会召开的时间：2025 年 4 月 22 日 (二) 股东大会召开的地点：公司会议室 (三) 出席会议的普通股股东和恢复表决权的优先股股东及其持有股份情 况： | 1、出席会议的股东和代理人人数 | 2,879 | | --- | --- | | 2、出席会议的股东所持有表决权的股份总数（股） | 971,243,297 | | 3、出席会议的股东所持有表决权股份数占公司有表决权股份 | 59.6028 | | 总数的比例（%） | | (四) 表决方式是否符合《公司法》及《公司章程》的规定，大会主持情 况等。 本次股东大会由公司董事会召集，现场会议由董事长主持。会议采用现场投 票和网络投票相结合的表决方式。本次股东大会的召集、召开及表决符合《中华 人民共和国公司法》、中国 ...

Core Viewpoint - The AI Fund Shenwan Lingxin New Energy Vehicle Theme Flexible Allocation Mixed A (001156) reported a profit of 48.76 million yuan in Q1 2025, with a net value growth rate of 2.83% for the period [2]. Fund Performance - As of April 21, the fund's net value growth rates were -3.44% over the past three months, -5.17% over the past six months, 9.50% over the past year, and -21.41% over the past three years, ranking 109/182, 98/182, 75/179, and 62/119 respectively among comparable funds [3]. - The fund's Sharpe ratio over the past three years was -0.0817, ranking 61/116 among comparable funds [7]. - The maximum drawdown over the past three years was 57.59%, with the largest single-quarter drawdown occurring in Q1 2020 at 28.78% [9]. Fund Holdings and Strategy - As of Q1 2025, the fund's scale was 1.544 billion yuan [14]. - The fund has a high concentration of holdings, with the top ten stocks including BYD, CATL, Xinwangda, Keda Li, Xiamen Tungsten, Weir Shares, Jianghuai Automobile, Seres, BAIC Blue Valley, and Jingfang Technology [18]. - The fund manager indicated a strategic shift in Q1 2025, reducing exposure in the wind and solar storage sectors and focusing investments on the automotive sector, particularly in battery and materials, smart vehicles, and automotive components [2].