Investment Rating - The report gives an "Overweight" rating for the automotive industry, indicating a positive outlook compared to the overall market performance [4][12]. Core Insights - The automotive industry in China showed steady growth in early 2025, with production and sales reaching 4.553 million and 4.552 million vehicles respectively, marking year-on-year increases of 16.2% and 13.1% [5]. - Domestic brands are leading the market, with a retail share of 65.6% in February 2025, up by 10.6 percentage points year-on-year. New energy vehicles (NEVs) are experiencing significant growth, with wholesale figures for NEVs reaching 1.719 million units, a 52.3% increase year-on-year [5]. - The industry is facing increased discount rates due to seasonal demand fluctuations, with average discount rates rising to 14.61% [5]. - Raw material prices for new energy vehicles are declining, contributing positively to supply chain profitability [5]. Summary by Sections Industry Performance - In January-February 2025, the automotive sector saw production and sales of 4.553 million and 4.552 million vehicles, with passenger cars at 3.936 million and commercial vehicles at 617,000 [5]. - Exports of vehicles reached 911,000 units, with NEVs showing a remarkable increase of 54.5% year-on-year [5]. Brand Analysis - Domestic brands achieved a retail volume of 2 million units, while joint venture brands saw a decline of 18% [5]. - NEVs accounted for a penetration rate of 62% among domestic brands in February 2025 [5]. Cost and Profitability - The report highlights a decrease in raw material prices, with steel and aluminum down by 3.43% and 0.10% respectively [5]. - The profitability of major automotive companies varies significantly, with BYD expected to see a net profit increase of 123% to 136% in Q1 2025, while companies like Seres are projected to experience a decline of 77% to 74% [6]. Investment Recommendations - The report recommends investing in leading domestic manufacturers such as BYD and Xpeng, as well as companies involved in smart technology and central enterprise reforms [5]. - It also suggests focusing on component manufacturers with strong growth potential, such as Fuyao Glass and New Spring [5].

Investment Rating - The report maintains a "Recommended" investment rating for the automotive industry [1] Core Views - The upcoming release of Tesla's next-generation actuator, Optimus, is expected to enhance automation capabilities, with significant improvements in movement control and fluidity [4][5] - March sales data for domestic car manufacturers showed strong performance, with a year-on-year increase of 12% in retail sales, indicating a robust recovery in the Chinese automotive market [7][34] - The report emphasizes the potential for continued growth in the automotive sector, particularly for domestic brands like BYD, which saw a 25% increase in sales in March [5][7] Summary by Sections Market Performance and Valuation - The automotive sector's performance has lagged behind the broader market, with a decline of 3.5% in the CITIC Automotive Index compared to a 1.4% drop in the CSI 300 [15][24] - The current PE ratio for the automotive industry stands at 30.7, indicating a relatively high valuation compared to historical levels [24] Industry Data Tracking and Commentary - In March, the average daily retail sales of passenger cars reached 4.0 million units, reflecting a 14% year-on-year increase [33] - The report notes that the introduction of policies promoting vehicle replacement has positively impacted market dynamics, contributing to the sales growth observed in March [36] Recommended Stocks - The report highlights several key investment opportunities, including: - For complete vehicles: Companies like Seres and JAC Motors are recommended due to their collaboration with Huawei [8] - For automotive parts: Companies such as New Spring Co., Daimei Co., and Mould Technology are noted for their growth potential in the changing market landscape [40][41]

上 市 公 司 2025 年 04 月 06 日 赛力斯 (601127) ——全年业绩符合预期，布局机器人寻求二次增长曲线 报告原因：有业绩公布需要点评 买入（维持） | 市场数据： | 2025 年 04 月 03 日 | | --- | --- | | 收盘价（元） | 124.60 | | 一年内最高/最低（元） | 149.89/70.24 | | 市净率 | 16.6 | | 股息率%（分红/股价） | 0.27 | | 流通 A 股市值（百万元） | 188,119 | | 上证指数/深证成指 | 3,342.01/10,365.73 | | 注："股息率"以最近一年已公布分红计算 | | | 基础数据: | 2024 年 12 月 31 日 | | | --- | --- | --- | | 每股净资产（元） | | 8.12 | | 资产负债率% | | 87.38 | | 总股本/流通 A 股（百万） | 1,633/1,510 | | | 流通 B 股/H 股（百万） | | -/- | 一年内股价与大盘对比走势： 邵翼 (8621)23297818× shaoyi@swsresearc ...

Investment Rating - The report maintains a recommendation for the automotive industry [4] Core Insights - The Shanghai International Auto Show will commence on April 23, showcasing several significant new models, including those from Geely, NIO, and Li Auto, which are expected to impact stock prices [3][10] - The report highlights the anticipated launch of nine major new or updated models in April 2025, suggesting a potential catalyst for investment in the automotive sector [9][12] Summary by Sections Industry Overview - The automotive sector comprises 225 listed companies with a total market capitalization of approximately 30,810.37 billion CNY and a circulating market value of about 23,623.17 billion CNY [4] Market Performance - The absolute performance of the automotive sector over the past month, six months, and twelve months is -3.5%, -4.3%, and -9.1% respectively, while the relative performance shows -2.1%, 1.3%, and 3.2% [5] New Model Launches - Key new models expected in April include: 1. Leapmotor B10: A-class flagship pure electric SUV, expected to sell 5,000 to 8,000 units monthly [11][13] 2. BYD Han L: C-class flagship plug-in hybrid/pure electric sedan, expected to sell 10,000 units monthly [20][28] 3. BYD Tang L: C-class flagship plug-in hybrid/pure electric SUV, expected to sell 8,000 units monthly [30][31] 4. NIO Firefly: A0-class pure electric hatchback, expected to sell 5,000 to 8,000 units monthly [11][20] 5. Avita 06: B-class range-extended/pure electric sedan, expected to sell 5,000 units monthly [11][20] 6. AITO M8: C-class range-extended family SUV, expected to sell 15,000 to 20,000 units monthly [11][20] 7. Lynk & Co 900: C-class plug-in hybrid six-seat SUV, expected to sell 6,000 to 8,000 units monthly [11][20] Investment Recommendations - The report suggests focusing on the new models from Leapmotor (B10), BYD (Han L, Tang L), NIO (Firefly), Changan (Avita 06), and Geely (Lynk & Co 900) due to their expected market impact [11][20][30] - Key investment recommendations include Geely and Li Auto, with expectations of exceeding market performance in upcoming financial reports [11][20]

Group 1 - Apple CEO Tim Cook sold 108,100 shares of Apple stock for approximately $24.18 million, marking his third sale in a year, totaling over $110 million [2] - Oriental Fortune's chairman stated there are no plans to acquire Xueqiu during the annual performance briefing [3] - Meituan's CEO Wang Xing announced organizational adjustments and personnel appointments, including merging the review business into the core local business [3] Group 2 - Douyin Group acquired a land parcel in Guangzhou for 1.214 billion yuan to build a South China innovation base [4] - Tesla plans to produce 5,000 units of its Optimus humanoid robot this year, with a goal of 50,000 units next year [4] - Huawei's Hubble invested in Chengdu Xinzhao Technology, increasing its registered capital from 62.13 million yuan to approximately 70.20 million yuan [4] Group 3 - Pinduoduo announced a new initiative called "1,000 Billion Support" to invest over 100 billion yuan in the next three years to enhance the e-commerce ecosystem [6] - Meituan started a pilot program for rider pension insurance, expanding coverage to 17 provinces and cities [7] - Ele.me launched an AI product called "AI Entry Smart Manager" to assist new merchants with the onboarding process [8] Group 4 - Seres reported that the sales of its AITO M9 model increased by 117.83% year-on-year in the first quarter, with total sales reaching 23,290 units [9] - Poly Developments won a residential land bid in Hangzhou for 4.25 billion yuan, with a premium rate of 17.73% [10] - Guotai Junan completed its name change to Guotai Haitong Securities and appointed Zhu Jian as chairman and Li Junjie as president [11] Group 5 - Hengrui Medicine received approval for clinical trials of its new drug HRS-6719, which targets tumor cells [12] - Novo Nordisk announced the departure of its executive vice president Camilla Sylvest, with new leadership appointments [13] Group 6 - Several gold jewelry brands reported that the price of gold jewelry exceeded 960 yuan per gram [14] - Three squirrels increased the proportion of self-produced nuts and snacks significantly through the establishment of supply chain bases [14] - Dongpeng Beverage submitted an application for H-share listing on the Hong Kong Stock Exchange [15] Group 7 - Chanel denied rumors of a 20% workforce reduction in China, stating that its personnel development plans remain unchanged [16]

Core Viewpoint - Seres has successfully turned a profit in 2024, with plans to go public in Hong Kong within two years, marking a significant milestone for the company [2][17]. Financial Performance - In 2024, Seres achieved sales of 426,900 vehicles, a year-on-year increase of 182.84%. Total revenue reached 145.176 billion yuan, up 305.04%, and net profit was 5.946 billion yuan, reversing a loss of 2.45 billion yuan in 2023 [2][3]. - The top-selling model, the AITO M7, sold 193,300 units, followed by the M9 and M5 with 156,100 and 36,500 units, respectively [2]. Market Valuation and Growth Expectations - Seres has become the fourth profitable new energy vehicle company globally, with optimistic market valuations ranging from 230 billion to 400 billion yuan. Analysts predict net profits could exceed 10 billion yuan in 2025, with sales of 600,000 to 700,000 vehicles [3][4]. - The company's market capitalization has surpassed 200 billion yuan, reflecting strong growth expectations [4]. Sales Trends and Challenges - Despite initial success, there are signs of declining monthly sales for key models like the M7, M9, and M5, indicating potential challenges ahead [6][10]. - The sales peak for the M7 occurred in September 2024, after which a downward trend was observed [6]. Strategic Partnerships and Investments - Seres has deepened its collaboration with Huawei, which has provided significant technological support, enhancing the smart features of its vehicles [4][10]. - In August 2024, Seres signed an investment agreement with Huawei, injecting 11.5 billion yuan into a new venture, reinforcing its strategic position in the smart vehicle market [16]. Future Plans and Developments - Seres plans to go public in Hong Kong to create an international capital platform and support R&D in new energy technologies [17][18]. - The company is also focusing on expanding its product lineup, with new models like the M5 Ultra and M9 set to launch in 2025, aiming to fill market gaps [20].

赛力斯集团股份有限公司 2025年3月份产销快报 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。 证券代码：601127 证券简称：赛力斯 公告编号：2025-047 2、2025年1-3月问界M9累计销量23,290辆，累计同比增长117.83%。 特此公告。 赛力斯集团股份有限公司董事会 2025 年 4 月 3 日 单位：辆 产品名称 产量 销量 本月 本月同比 本年累计 累计同比 本月 本月同比 本年累计 累计同比 新能源汽车 19,355 -27.61% 56,225 -42.49% 18,805 -32.19% 54,552 -42.47% 其中：赛力斯汽车 14,827 -39.13% 47,183 -45.66% 13,696 -45.19% 45,135 -46.31% 其他车型 6,111 -25.30% 12,334 -34.01% 5,804 -40.78% 13,816 -28.46% 合计 25,466 -27.07% 68,559 -41.13% 24,609 -34.43% 68,368 -40 ...

金融界4月3日消息，上证指数低开高走，上证汽车指数 (上证汽车，950070)报6191.11点。 数据统计显示，上证汽车指数近一个月下跌0.53%，近三个月上涨2.85%，年至今下跌0.75%。 从上证汽车指数持仓的市场板块来看，上海证券交易所占比100.00%。 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，调整时间与指数样本定期调整实施时间相同。在下一个定期 调整日前，权重因子一般固定不变。特殊情况下将对指数进行临时调整。当样本退市时，将其从指数样 本中剔除。样本公司发生收购、合并、分拆等情形的处理，参照计算与维护细则处理。 从上证汽车指数持仓样本的行业来看，汽车零部件与轮胎占比57.81%、乘用车占比33.32%、交通运输 设备占比8.11%、汽车经销商与汽车服务占比0.76%。 从指数持仓来看，上证汽车指数十大权重分别为：赛力斯（12.76%）、福耀玻璃（12.4%）、上汽集团 （9.78%）、拓普集团（5.32%）、赛轮轮胎（5.14%）、宇通客车（4.84%）、长城汽车（4.3%）、北 汽蓝谷（3.96%）、华 ...

3 月31 日晚公司发布2024 年度报告，2024 年分别实现营收、归母、扣非归母1451.76、59.46、55.73 亿 元，同比分别+305.04%、+342.72%、+215.71%；销售毛利率26.15%，同比+15.76pct；销售净利率 3.27%，同比+14.87pct。 2024 年公司净利润实现同比扭亏为盈，主要系新能源汽车销量增加，摊薄提升；同时营业毛利率同比 增长，期间费用率同比下降。 2024Q4 营收净利同比增长显著，盈利能力稳步提升。2024Q4，分别实现营收、归母、扣非归母 385.49、19.08、18.10 亿元，同比分别+101.18%、+1325.88%、+200.47%。销售毛利率28.70%，同比 +15.16pct，环比+3.17pct；净利率3.45%，同比+7.13pct，环比-1.48pct。 新能源车销量同比高增，旗下车型销量领先。2024 年，公司新能源汽车销量42.69 万辆，同比 +182.84%。问界凭借产品力与高端化战略，位居中国高端汽车市场第一梯队。2024 年，全景智慧旗舰 SUV 问界M9 累计交付量突破15 万辆，连续蝉联中国50 万元 ...

证券研究报告 | 公司点评报告 2025 年 04 月 03 日 赛力斯（601127.SH） 2024 业绩高增，领跑高端 SUV 市场 中游制造/汽车 2024 年 11 月，公司发布全新一代赛力斯超级增程系统。该系统采用赛翼 （C2E）增城架构，实现 RoboREX 智能控制，热效率达 44.8%，综合油耗 降低 15%，1 升油可发电超 3.6 度，处于行业量产增程器的领先水平。2024 年，公司增程器销量达 47 万台。 此外，智能座舱及智能驾驶领域，公司与华为联合开发并量产的鸿蒙座舱和 ADS 智驾系统，率先实现全国无图智驾。公司深度融合整车控制技术，持续 优化智驾体验，实现全维安全进化。智能测试领域，公司运用大数据、自动 化和 AI 技术，构建 VTS+VHR+IDS 三大系统，提供全链路、全生命周期主动 智慧服务。 强烈推荐（维持） 目标估值：NA 当前股价：125.82 元 基础数据 | 总股本（百万股） | 1633 | | --- | --- | | 已上市流通股（百万股） | 1510 | | 总市值（十亿元） | 205.5 | | 流通市值（十亿元） | 190.0 | | 每股净 ...