（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 ...

3月30日,问界M9 2025款先行者已迎来工厂验收交付仪式。问界首开行业先河,做出新的质量承诺:用户可 以亲自参与自己车辆的工厂终检验收,认可才提车。值得一提的是,问界M9连续3个月中国纯电车型保值 率第一!纯电、增程车型包揽新能源大型SUV保值率前两名。此外,问界M9上市以来累计交付超17万辆, 已经连续11个月蝉联中国市场50万级豪华车月度销冠,持续刷新中国豪华车市场销量纪录。 全景智慧旗舰SUV问界M9一季度持续热销!赛力斯近日发布的3月产销快报显示,2025年1-3月问界M9累 计销量23,290辆,累计同比增长117.83%。 与此同时,今年一季度问界系列新品迎来持续迭代升级。问界新M5 Ultra、问界M9 2025款今年三月份已 相继上市,家庭智慧旗舰SUV问界M8也已开启预订即将于4月上市,目前订单量已突破10万。 机构研报分析认为,赛力斯营收净利同比增长显著,盈利能力稳步提升,持续推进技术创新和模式创新,形成 差异化竞争力。今年第一季度,赛力斯进入产品更新迭代的关键窗口期,新品效应将进一步推动销量持续 攀升至更高水平。 西部证券最新研报指出,2024 年问界M7、M9 销量强劲,赛力斯经营 ...

Investment Rating - The report maintains a positive outlook on the automotive sector, indicating a continued bullish sentiment towards the industry [1]. Core Insights - The automotive sector is experiencing a recovery, with passenger car insurance registrations increasing by 9.8% week-on-week and 15.4% month-on-month, totaling 472,000 units in the last week of March [2][29]. - The report highlights significant changes in the industry, including Tesla's Model Y production line interruption, which led to a 13% decrease in vehicle deliveries for Q1 2025 compared to the previous quarter [2][3]. - BYD's production and sales figures for March show a year-on-year increase of 33% and 25%, respectively, with exports reaching 73,000 units, reflecting a 89% increase year-on-year [2][41]. Summary by Sections Weekly Review - The SW automotive index decreased by 3.5% this week, with the best-performing segment being SW commercial trucks, which increased by 0.7% [2][9]. - The report covers various companies, including Weichai Power, Great Wall Motors, and BYD, providing insights into their performance and market trends [2][41]. Industry Changes - The report notes that the impact of U.S. tariffs on automotive parts is limited, as most companies have established production capacities in North America [3]. - The domestic automotive market is expected to benefit from new policies aimed at increasing vehicle replacement and scrappage subsidies, potentially contributing an additional 1.07 to 1.7 million units in sales for 2025 [30]. Market Trends - The report forecasts that the domestic retail sales volume for 2025 will reach 23.83 million units, representing a year-on-year growth of 4.7% [30][31]. - The penetration rate of new energy vehicles is projected to reach 62% by 2025, with significant growth in both production and sales of electric vehicles [31][34]. Company Performance - Tesla's Q1 2025 production was reported at 362,615 vehicles, with a significant decline in deliveries due to production issues [41]. - The report highlights that Li Auto and Xpeng Motors have maintained stable production levels, while companies like Leap Motor have shown substantial growth in sales [41].

金融界4月7日消息，上证指数低开低走，上证民营企业50指数 (上证民企，000049)下跌8.31%，报 1466.3点，成交额689.79亿元。 从指数持仓来看，上证民营企业50指数十大权重分别为：恒瑞医药（9.51%）、寒武纪（5.56%）、三 一重工（4.73%）、韦尔股份（4.63%）、隆基绿能（3.99%）、赛力斯（3.93%）、福耀玻璃 （3.81%）、兆易创新（3.21%）、工业富联（3.16%）、金山办公（2.94%）。 从上证民营企业50指数持仓的市场板块来看，上海证券交易所占比100.00%。 从上证民营企业50指数持仓样本的行业来看，信息技术占比30.62%、工业占比24.61%、医药卫生占比 14.04%、可选消费占比13.45%、原材料占比8.68%、主要消费占比3.40%、通信服务占比2.94%、能源占 比1.16%、金融占比1.10%。 数据统计显示，上证民营企业50指数近一个月下跌3.08%，近三个月上涨6.20%，年至今上涨1.44%。 资料显示，指数样本每半年调整一次，样本调整实施时间分别为每年6月和12月的第二个星期五的下一 交易日。权重因子随样本定期调整而调整，调整时间 ...

赛力斯（601127.SH） 优于大市 营收高速增长，净利润接近预告上限 | 盈利预测和财务指标 | 2023 | 2024 | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业收入(百万元) | 35,842 | 145,176 | 180,023 | 200,275 | 224,953 | | (+/-%) | 5.1% | 305.0% | 24.0% | 11.2% | 12.3% | | 归母净利润(百万元) | -2450 | 5946 | 9425 | 12185 | 14904 | | (+/-%) | -36.1% | -342.7% | 58.5% | 29.3% | 22.3% | | 每股收益（元） | -1.62 | 3.94 | 6.24 | 8.07 | 9.87 | | EBIT Margin | -16.7% | 4.0% | 4.8% | 6.1% | 6.6% | | 净资产收益率（ROE） | -21.5% | 48.5% | 43.5% | 36.0% | 30.8% | | 市盈率（ ...

长江商报消息 ●长江商报记者 汪静 豪赌华为推动企业转型 张兴海的创业之路始于上世纪80年代。1986年，重庆巴县一间逼仄的厂房内，23岁的张兴海借来8000元 创办凤凰弹簧厂，生产汽车座椅弹簧。彼时，他或许未曾想到，这根不起眼的弹簧会成为撬动中国汽车 工业变革的支点。 当时，全自动洗衣机拉线开关所用的弹簧被国外企业垄断，进口价格高达1美元以上。面对这一技术难 题和商业机会，张兴海带领团队攻克了技术难关，研制出符合标准且价格更为亲民的弹簧，仅需1元多 人民币。这一创新使得自研弹簧成为多数厂家的首选，为张兴海积累了第一桶金。 当时，重庆汽车产业链风风火火，1995年，曾经的凤凰电器弹簧厂重组为重庆渝安集团，这就是小康股 份的前身。一年后，渝安集团全面进军汽车产业链，却在2003年遭遇行业天花板——中国零部件企业普 遍困于技术代工，利润微薄。于是，张兴海决定进入摩托车行业，不巧的是，赶上了限摩令，业务发展 举步维艰。 但机会很快就到来。2003年，东风集团位于十堰的一个微型车合股项目发展不顺，持续亏损，东风决定 招揽新的合作伙伴。值得注意的是，东风手里这个合资项目，有个堪称珍贵的资源——汽车生产资质。 张兴海瞄准 ...

Investment Rating - The report maintains a neutral investment rating for the automotive and parts industry [6] Core Insights - The report highlights the potential benefits for domestic parts companies building factories in Mexico due to the new tariff policies announced by Trump, which will not impose additional tariffs on certain goods [9][12] - The report suggests continued focus on humanoid robotics and automotive supply chain investment opportunities, with expectations for profitability and valuation increases [3][14] - The anticipated growth in market share for competitive domestic brands and new forces in intelligent driving technology by 2025 is emphasized [3][14] Summary by Sections Investment Recommendations and Targets - The report recommends focusing on companies such as SAIC Motor, BYD, and Changan Automobile, among others, for potential investment opportunities [3][15] - Specific companies highlighted include: - SAIC Motor (buy) - Changan Automobile (buy) - BYD (not rated) - China National Heavy Duty Truck Group (buy) - GAC Group (buy) [15] Market Performance - The report notes a decline in the automotive sector, with a 3.5% drop in the CITIC automotive sector index, underperforming the CSI 300 index [17] - The report identifies the top-performing stocks in the automotive sector, including New Aluminum Era and Jiuyi Co., while also noting significant declines in others like Junda Co. [17][18] Sales Tracking - Preliminary statistics indicate a 10% year-on-year increase in wholesale sales of passenger vehicles in March, with total sales reaching 2.41 million units [26] - Retail sales also saw a 12% increase year-on-year, totaling 1.89 million units in March [26] Industry Dynamics - The report discusses the launch of new models such as the AITO M8 and M9, which are expected to boost sales for the brand [2][14] - It also highlights the performance of various companies, with notable growth in revenue and profit for firms like Seres and Bojun Technology [39][40]

Investment Rating - The industry rating is "Recommended" [5] Core Insights - The new energy vehicle industry is experiencing rapid growth, with significant increases in delivery and sales figures for various brands in March, including notable growth rates exceeding 20% for companies like BYD, NIO, and Li Auto. The overall market is expected to continue expanding due to factors such as improved supply, vehicle replacement policies, and the transition to smart electric vehicles [1][13][14] - The solar energy sector is poised for growth, driven by inventory and capacity reductions, with a focus on the structural opportunities in key materials and components. The report highlights the potential for price stabilization and recovery in the solar supply chain, particularly for silicon materials and innovative technologies like perovskite solar cells [26][27][28] - The offshore wind power sector is expected to see increased activity, with several key projects progressing in Guangdong and Shandong provinces. The report suggests that the domestic offshore wind market will benefit from ongoing project developments and rising demand for components like submarine cables and foundation piles [3][24][48] Summary by Sections 1. New Energy Vehicles - March saw strong performance in new energy vehicle deliveries, with brands like Xpeng and Li Auto showing significant year-on-year growth. The overall market is expected to benefit from favorable policies and technological advancements [1][13][14] - The lithium battery supply chain is anticipated to expand due to rising demand from energy storage and consumer electronics, with a focus on price stabilization and potential recovery in profitability for key players [14][17][19] 2. New Energy - The report notes short-term disruptions in silicon wafer production due to natural disasters, which may lead to price increases. However, long-term prospects remain positive for leading companies with strong technological and supply chain capabilities [2][22] - The solar energy market is expected to benefit from inventory and capacity adjustments, with a focus on the growth of perovskite technology and the potential for price recovery in silicon materials [26][27][28] 3. Wind Power - The offshore wind sector is highlighted as a key area for growth, with significant projects underway in Guangdong and Shandong. The report emphasizes the importance of domestic and international demand for components and the potential for increased profitability in the supply chain [3][24][48] - The report also discusses the expected recovery in onshore wind power pricing and the potential for domestic manufacturers to expand into international markets, driven by competitive advantages in technology and cost [52][54]

Investment Rating - The investment rating for the company is "Outperform the Market" [5][3][29] Core Views - The company achieved a significant revenue growth of 305% year-on-year in 2024, with total revenue reaching 145.18 billion yuan and a net profit of 5.946 billion yuan, marking a turnaround from losses [1][9] - The fourth quarter of 2024 saw revenue of 38.549 billion yuan, a year-on-year increase of 101.18%, although it experienced a quarter-on-quarter decline of 7.29% [1][9] - The company maintains a high gross margin, with an annual gross margin of 26.15% and a fourth-quarter gross margin of 28.70% [1][9][13] - The company is focused on high R&D investment while gradually controlling sales expenses, with a fourth-quarter R&D expense ratio of 3.16% and a sales expense ratio of 13.52% [2][16] Financial Performance Summary - For 2024, the company reported total revenue of 145.18 billion yuan, with a gross profit of 37.97 billion yuan and a net profit margin of 4.10% [1][9] - The company expects revenue projections for 2025-2027 to be 1800 billion yuan, 2003 billion yuan, and 2250 billion yuan respectively, with net profits of 94.25 billion yuan, 121.85 billion yuan, and 149.04 billion yuan [3][29] - The earnings per share (EPS) are projected to be 6.24 yuan, 8.07 yuan, and 9.87 yuan for 2025, 2026, and 2027 respectively [3][29] Sales and Product Performance - The core product, the "Wenjie" series, is expected to achieve annual sales of 389,100 units in 2024, with fourth-quarter sales of 96,600 units [2][18] - The M9 model maintained a high sales ratio of 49.70% in the fourth quarter, with sales of 49,330 units [2][18] - The company reported an increase in single-vehicle revenue and gross profit, with fourth-quarter single-vehicle revenue at 399,100 yuan and gross profit at 114,500 yuan [20][2] Valuation and Market Position - The company is valued at a reasonable market capitalization of 216.8 billion to 235.6 billion yuan, with a corresponding share price valuation of 144 to 156 yuan [3][29] - The company is positioned in the luxury car market, benefiting from high gross margins and a strong competitive edge compared to mainstream manufacturers [26][27]

Core Insights - The domestic "new car manufacturing" sector is undergoing a reshuffle, with sales dynamics changing significantly in March 2025, as new players vie for market share [1][3] - Li Auto's sales have been surpassed by Leap Motor, which achieved a monthly sales record of 37,000 units, while AITO's sales have dropped over 40% year-on-year, pushing it out of the top tier [1][3] Sales Performance - AITO's sales have seen a significant decline, with Q1 2025 sales dropping by 46.31% year-on-year, and March sales falling by 45.19% to approximately 13,700 units [3][5] - The M9 model, which is a key product for AITO, has also experienced a drop in sales, with January and February 2025 sales at 12,500 and 5,242 units respectively, compared to over 16,000 units in late 2024 [5][6] Competitive Landscape - The high-end SUV market is becoming increasingly competitive, with AITO facing challenges from rivals like Li Auto's L9 and NIO's ES8, as well as new entrants [6][7] - The trend of "intelligent driving" and price wars is reshaping the domestic electric vehicle market, with AITO's unique selling proposition of "Huawei Intelligent Driving" losing its exclusivity as competitors adopt similar technologies [7][8] Market Trends - The market is shifting towards more affordable electric vehicles, with predictions indicating that models priced between 150,000 and 250,000 yuan will capture about 60% of the market share by 2030 [6][9] - The competitive landscape is evolving, with companies like BYD and Xpeng also entering the lower price segments, intensifying competition for AITO [8][9]