事件 投资建议：赛力斯迎来强新车周期，维持"买入"评级 公司发布3 月产销快报，3 月实现汽车批发销量2.46 万辆，同比-34.43%，环比+15.38%；其中1-3 月问 界M9 累计销量2.33 万辆，累计同比+117.83%。 受车型换代及新车上市影响，公司3 月销量短期承压 2025 年1-3 月，问界M9 累计销量2.33 万辆，累计同比增长117.83%。同时，公司2025 款问界M9、新车 M8、M5 Ultra 陆续发布上市。截至3 月27 日，问界M8小定超8 万台；2025 款问界M9 上市24 小时大定 超1.5 万台，订单表现亮眼。问界M7 改款有望于2025 年年中上市，或进一步推动销量增长。我们认 为，随着问界新车陆续亮相和发布，赛力斯新车周期有望全开启。 积极布局机器人领域，有望开启新的增长曲线 公司开始积极布局人形机器人领域。3 月31 日，赛力斯与北京航空航天大学成立具身智能技术公司，注 册资本5000 万。从股东穿透来看，赛力斯旗下凤凰技术有限公司和北航分别持股70%和30%。双方合资 公司经营范围包括智能机器人的研发、智能机器人销售、服务消费机器人制造、服务消费机器人销 ...

2024年，当大多数主流车企都既不增收又不增利时，赛力斯集团正在闷声发大财。 赛力斯集团4月发布的业绩公告显示，2024年，公司以营收1451.76亿元、净利润59.46亿元的业绩实现历史性突破，同比增速分别达305%和 128%，扭转2023年净亏损24.5亿元，2020-2023年累计亏损98.35亿元的颓势。 同时，赛力斯公告计划通过发行境外上市外资股，在香港主板市场挂牌上市。此次赴港IPO募集资金将用于技术研发、海外扩张及产能升级等。 去年赛力斯仅用一年时间便实现42.69万辆的销量突破，超越此前四年总和，其飞跃式增长的核心驱动力来自新能源汽车业务以及华为的赋能， 问界M9以50万元以上售价实现9个月蝉联销冠，打破德系豪华品牌在这一价格段的垄断格局；问界新M7在30万元级市场全年交付20万辆，验证 了"科技平权"策略的市场穿透力。这也帮助赛力斯的毛利率提升至26.21%，超越特斯拉的21.6%与比亚迪的23.2%。 然而，因70.53亿元的高研发投入与同比激增264%的销售费用，其净利率仅为3.27%。 尽管去年业绩亮眼，但今年开年以来，赛力斯销量出现下滑，一季度销量累计同比下滑42%。 眼下，鸿蒙智 ...

登录新浪财经APP 搜索【信披】查看更多考评等级 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： ● 增持计划的基本情况 基于对赛力斯集团股份有限公司（以下简称"公司"）未来发展的信心，公司高级管理人员及骨干团队 （以下简称"增持主体"）自本公告披露日（含本日）起6个月内，拟通过上海证券交易所交易系统允许 的方式增持公司股份，拟增持金额不低于人民币1,500万元，不超过人民币3,000万元。 ● 本次增持计划不设价格区间 ● 增持计划相关风险提示 （二）本次拟增持股份的种类和方式 以集中竞价交易方式增持公司人民币普通股（A股）。 本次增持计划的实施可能存在因证券市场情况发生变化等因素，导致增持计划延迟实施或者无法完成实 施的风险，敬请投资者注意投资风险。 基于对公司未来发展的信心以及对公司投资价值的认可，为维护股东利益，增强投资者信心，公司高级 管理人员及骨干团队自本公告披露日起6个月内，拟以集中竞价或相关法律法规允许的其他方式增持公 司股份，拟累计增持金额不低于人民币1,500万元，不超过人民币3,000万元 ...

Investment Rating - The investment rating for the company is "Buy" [1] Core Insights - The company reported a significant increase in revenue and achieved profitability in 2024, with total revenue reaching 145.18 billion yuan, a year-on-year growth of 305.04%, and a net profit attributable to shareholders of 5.95 billion yuan, marking a turnaround from losses [2][3] - The high-end strategy has shown remarkable results, with a notable increase in gross margin to 26.21%, up by 16.29 percentage points year-on-year, driven by strong sales of high-end models like the AITO M9 [4] - The company's advanced manufacturing capabilities, including a leading super factory and integrated die-casting technology, are expected to support new product launches, including the updated AITO M9 and the new AITO M8 [5] Summary by Sections Financial Performance - In 2024, the company achieved a record revenue of 145.18 billion yuan, with a net profit of 5.95 billion yuan, indicating a significant recovery from previous losses [2][3] - The fourth quarter of 2024 alone saw revenue of 38.55 billion yuan, a year-on-year increase of 101.18%, and a net profit of 1.91 billion yuan, reflecting a 1325.88% increase [3] Strategic Developments - The high-end vehicle sales reached 426,900 units in 2024, a year-on-year increase of 182.8%, with the AITO M9 being a standout product, selling over 150,000 units and leading the luxury car segment in China for 11 consecutive months [4] - The company invested 7.05 billion yuan in R&D in 2024, a 58.9% increase, with R&D personnel constituting one-third of the total workforce [4] Future Outlook - The company has adjusted its revenue forecasts for 2025 and 2026, projecting revenues of 185.68 billion yuan and 217.62 billion yuan respectively, while introducing a new forecast for 2027 at 242.58 billion yuan [6] - The earnings per share (EPS) estimates have been revised to 6.16 yuan for 2025, 7.74 yuan for 2026, and 9.36 yuan for 2027, with corresponding price-to-earnings (PE) ratios of 18.47, 14.70, and 12.16 [6]

Industry Insights - Shenzhen has launched the largest scale vehicle-to-grid (V2G) testing in the country, allowing electric vehicles to return surplus electricity to the grid, with over 760 charging stations and 17,000 vehicles participating, achieving an interaction volume of 88,000 kWh [6][8] - The Ministry of Commerce plans to enhance the implementation of vehicle trade-in policies to support the purchase of new energy vehicles, aiming to unlock consumption potential [8][9] - The new energy battery industry in Yunnan province saw a year-on-year increase of 79.2% in added value in the first two months of the year [8] - CATL and Sinopec have signed a cooperation agreement to build over 500 battery swap stations this year, with a long-term goal of expanding to 10,000 stations [9] - Beijing's new energy vehicle ownership has surpassed 1 million, with over 400,000 charging piles established [9] Policy Information - Hainan's Ding'an County offers a maximum reward of 5,000 yuan for purchasing new energy vehicles, with specific conditions for eligibility [12][13] - Guangdong has introduced new regulations for public service vehicles, mandating that the price of new energy vehicles should not exceed 180,000 yuan [14][15] - Six departments are promoting the use of heat pump technology in electric vehicles to improve battery energy efficiency [16][17] Company Information - Baidu Apollo and Jiangling New Energy will deploy over 1,000 vehicles in Dubai as part of their strategic cooperation [20] - BYD has announced significant price reductions for several non-intelligent driving models, with discounts reaching up to 16,000 yuan [21][22] - XPeng's MONA M03 has achieved a production milestone of 100,000 units in just 216 days, setting a record for the fastest production in the new energy sector [23] - NIO has completed its 70 millionth battery swap service and plans to establish battery swap stations in every county across 27 provincial-level regions this year [24] - Seres is planning to list on the Hong Kong Stock Exchange to enhance its global strategy and capital operations [25] - Xiaomi has expanded its automotive retail presence, adding 15 new stores in March and planning 33 more in April [26] - Li Auto aims for a total sales target of 700,000 vehicles this year, with a specific goal of 50,000 pure electric vehicles [26] - XPeng has established a new sales service company in Chengdu, with a registered capital of 5 million yuan [32] - NIO has introduced a limited-time purchase policy offering various benefits, including free battery swaps and zero-interest financing [32] New Vehicle Information - The ARCFOX Alpha S6 has been launched with a price range starting at 195,800 yuan, featuring advanced battery technology and impressive range capabilities [34]

《华为汽车系列：三种模式赋能车企，打造中国智能汽车品牌》-20240314 点评报告： 《赛力斯系列三： 2024营收高速增长，净利润接近预告上限》-20250408 赛力斯系列 车中旭霞 深度报告 ： 《赛力斯系列二-三季报点评：净利润高速增长，费用率有效降低》-20241106 《赛力斯：一季度净利润扭亏为盈，有望迎来经营上行周期》-20240504 核心观点 赛力斯2024全年营业收入1451.76亿元，归母净利润59.46亿元；第四季度营收385.49亿元，归母净利润19.08亿元 2024全年，实现营收1451.76亿元，同比305%;归母净利润59.46亿元，年度实现扭亏为盈，实际归母净利润接近业绩预 告中55亿-60亿的上限。2024第四季度，实现营收385.49亿元，同比101.18%，环比-7.29%；归母净利润19.08亿元,环 比-20.94%。2024全年汽车整车业务1389亿元，经营活动产生的现金流225.2亿元。 公司第四季度维持了高水准的毛利率，净利润率有所下滑 公司公司2024全年毛利率26.15%；第四季度毛利率28.70%。公司全年归母净利润率4.10%；第四季度归母净利润 ...

证券代码：601127 证券简称：赛力斯 公告编号：2025-048 赛力斯集团股份有限公司 关于公司高级管理人员及骨干团队增持公司股份 计划的公告 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： 增持计划的基本情况 基于对赛力斯集团股份有限公司（以下简称"公司"）未来发展的信心，公 司高级管理人员及骨干团队（以下简称"增持主体"）自本公告披露日（含本日） 起 6 个月内，拟通过上海证券交易所交易系统允许的方式增持公司股份，拟增持 金额不低于人民币 1,500 万元，不超过人民币 3,000 万元。 本次增持计划的实施可能存在因证券市场情况发生变化等因素，导致增持计 划延迟实施或者无法完成实施的风险，敬请投资者注意投资风险。 基于对公司未来发展的信心以及对公司投资价值的认可，为维护股东利益， 增强投资者信心，公司高级管理人员及骨干团队自本公告披露日起 6 个月内，拟 以集中竞价或相关法律法规允许的其他方式增持公司股份，拟累计增持金额不低 于人民币 1,500 万元，不超过人民币 3,000 万元。具体情况公告如 ...

专题：新浪财经上市公司研究院 出品：新浪财经上市公司研究院 作者：昊 4月3日晚，赛力斯发布3月产销快报，当月新能源汽车销量为18805辆，同比下降32.19%，其中赛力斯汽车销量为14827辆，同比下降45.66%；1-3月新能源汽 车累计销量54552辆，同比下降42.47%，其中赛力斯汽车累计销量45135辆，同比下降46.31%。 值得注意的是，4月1日，各车企陆续晒出3月销量成绩单，但鸿蒙智行和问界一改传统惯例，均未在当日发布销量数据。 2024年，搭乘华为品牌东风，赛力斯实现销量、收入和利润大幅增长。不过，进入2025年后，公司连续三个月销量接近腰斩，问界M9、M7和M5全线大 跌，与其它新势力品牌形成鲜明反差。 而与此同时，问界的直接竞争对手理想3月和一季度销量却仍在上升。由于性价比不足以及华为与其它车企合作面的扩大，赛力斯的"华为光环"似乎已逐渐 褪色。 更令人担心的是，近几年赛力斯已四次定增，累计融资达217亿，然而2024年负债率仍继续升至87%的新高，其中应付款高达685亿，同比增长127%，大量 占用供应商资金。一旦销量逆转并延续下滑趋势，赛力斯和问界的资金链风险或将暴露。 赛力斯已宣 ...

Investment Rating - The report maintains a "Positive" investment rating for the automotive industry [14] Core Insights - The impact of the recent tariffs imposed by the U.S. on China is relatively limited for the automotive sector, primarily affecting parts exports. Strong parts manufacturers have established global production capabilities, particularly in Mexico, which benefits from zero tariffs under the USMCA agreement [2][10] - The overall automotive sales for the week of March 24-30 reached 482,500 units, a 12.3% increase compared to the previous week. New energy vehicle sales were 241,900 units, reflecting an 8.0% increase, with a penetration rate of 50%, down 2.0 percentage points from the previous week [9][10] - The A-share automotive sector experienced a decline of 3.60%, underperforming the CSI 300 index, which fell by 1.37% [9] Summary by Sections Tariff Impact - The U.S. tariffs on Chinese imports have a limited short-term impact on the automotive sector, with parts exports being the primary concern. Companies can potentially shift production to Mexico or other low-tariff regions to mitigate costs [10][23] Market Performance - The automotive sector's performance in the A-share market has been weak, with various sub-sectors showing declines, particularly in commercial vehicle parts and tires [9][11] Sales Data - Total automotive sales for March 2025 reached 1.685 million units, a 23.4% increase year-on-year, with new energy vehicles accounting for 890,000 units, up 27.7% [9][10] Investment Recommendations - The report recommends focusing on the complete vehicle segment and parts manufacturers with strong overseas layouts, particularly those involved in smart driving technologies and robotics [11][12] - Specific companies highlighted for investment include BYD, XPeng Motors, and Geely for smart driving vehicles, and Top Group and Fulin Precision for robotics [11][12] Parts Manufacturing - Some parts manufacturers may face pressure due to declining Tesla sales, but recovery is expected with new vehicle launches in Q2. Companies with operations in Mexico are less affected by the tariffs [12][40]

（原标题：问界M9一季度销量同比增117.83% 机构称赛力斯新车周期有望全开启） "今年一季度，问界M9累计销量2.33万辆，累计同比增长117.83%。同时，公司2025款问界M9、新车 M8、M5Ultra陆续发布上市。截至3月27日，问界M8小订超8万台；2025款问界M9上市24小时大订超1.5 万台，订单表现亮眼。问界M7改款有望于2025年年中上市，或进一步推动销量增长。随着问界新车陆 续亮相和发布，赛力斯新车周期有望全开启。"国联民生证券最新研报显示。 此前3月31日，赛力斯刚刚公布2024年财报显示，2024年实现营业收入1451.76亿元，同比增长 305.04%，创历史新高；净利润达59.46亿元；新能源汽车毛利率提升至26.21%。 数据显示，赛力斯2024年新能源汽车销量426885辆，同比增长182.84%，实现了销量倍增目标，问界系 列的热销，有力促进了赛力斯整体的销量增长。2024年问界M9累计交付超15万辆，目前已连续11个月 蝉联50万级以上豪华车月度销冠，持续刷新中国豪华车市场销量纪录。问界新M7系列2024全年交付量 近20万辆，荣获2024年新势力车型年度销冠。 此前 ...