Group 1 - The company reported a significant increase in revenue for 2024, achieving 145.176 billion yuan, a year-on-year growth of 305.04%, and a net profit of 5.946 billion yuan, marking a turnaround from losses [1] - The company’s new energy vehicle sales reached 427,000 units in 2024, representing a year-on-year increase of 182.8%, with the Wanjie M9 model delivering over 150,000 units and maintaining the top sales position in the luxury car segment for 11 consecutive months [2] - The gross margin for the automotive business improved to 25.69% in 2024, an increase of 16.18 percentage points year-on-year, with the new energy vehicle segment achieving a gross margin of 26.21%, up 16.29 percentage points [2] Group 2 - The company is set to launch new models, including the 2025 Wanjie M9 in March and the Wanjie M8 in April, which are expected to boost sales and enhance competitive advantages in their price segments [3] - Profit forecasts for 2025 and 2026 have been adjusted to 9.8 billion yuan and 13.1 billion yuan respectively, with a new forecast for 2027 set at 15.5 billion yuan, reflecting positive expectations for the new vehicle cycle [3] - The company maintains a "recommended" rating based on the long-term growth potential of the Wanjie brand and the value-added potential from its stake in Huawei [3]

Investment Rating - The report maintains a "Recommended" investment rating for the company, indicating an expectation of stock performance that exceeds market performance by 10% to 20% over the next six months [10]. Core Views - The company is projected to turn a profit in 2024, with a significant increase in revenue and net profit compared to previous years. The expected revenue for 2024 is 145.18 billion yuan, representing a year-on-year growth of 305.04%, and a net profit of 5.95 billion yuan, marking a turnaround from losses [4][6]. - The launch of new models in 2025 is anticipated to enhance the company's sales and profitability, with the new models expected to maintain strong competitive advantages in their respective market segments [7][8]. Summary by Sections Financial Performance - In 2024, the company achieved a revenue of 145.18 billion yuan, a 305.04% increase year-on-year, and a net profit of 5.95 billion yuan, a significant recovery from a loss of 2.45 billion yuan in 2023 [4][6]. - The gross margin for the automotive business reached 25.69% in 2024, an increase of 16.18 percentage points year-on-year, with the gross margin for the new energy vehicle segment at 26.21%, up 16.29 percentage points [7]. Sales and Market Position - The company sold 427,000 new energy vehicles in 2024, a year-on-year increase of 182.8%. The Wanjie M9 model alone delivered over 150,000 units, leading the luxury car segment in China for 11 consecutive months [7]. - The upcoming models, Wanjie M8 and the updated M9, are expected to further boost sales and profitability, with strong initial order performance noted [8]. Future Projections - The company’s net profit forecasts for 2025 and 2026 have been adjusted to 9.8 billion yuan and 13.1 billion yuan, respectively, with a new projection for 2027 set at 15.5 billion yuan [8]. - The report highlights the potential for continued growth in the Wanjie brand, especially following the introduction of new models, which are expected to enhance sales volume and profitability [8].

腾势、领克、奇瑞、深蓝等各大品牌将陆续推出同级别豪华SUV，豪华SUV市场竞争日趋白热化 全年营收超过千亿，扭转扣非净利润连亏六年的局面。2024年，赛里斯的业绩大获丰收。 根据财报，2024年，赛力斯实现营业收入1451.76亿元，同比增长305.04%，实母净利润59.46亿元。 赛力斯同时还宣布，拟在香港主板挂牌上市，控股子公司赛力斯汽车拟增资扩股并引入战略投资者，增 资金额合计不超过50亿元。 刚进入2025年，赛力斯前2个月的销量就出现"腰斩"的情形。产销快报显示，今年1月份，赛力斯销售 22430台新车，同比骤降45.82%，其中新能源汽车销量17906台，同比减少51.39%。到2月份，销量下降 的趋势仍未扭转，当月赛力斯所有车型销量21329台，同比环比分别减少39.4%、4.9%。其中，新能源 车2月销量17841台，同比环比分别减少41.0%、0.4%。 方正证券研报认为，赛力斯2月份销量下滑，主要受春节假期影响以及新品周期发布在即带来的观望效 应影响。 年报显示，2024年全年，赛力斯汽车营业收入1373.69亿元，净利润51.18亿元。该公司称，营业收入增 长主要系新能源汽车销量倍增， ...

此外，财报显示，2024年赛力斯智慧工厂产能利用率高达130.4%，同时经营活动产生的现金流量净额225.15亿元，同比增长251.93%。 牵手华为三年，赛力斯完成从"亏血"到"造血"的转变。4月1日，赛力斯股价开盘涨至126.88元/股，盘中一度涨至128.22元/股。股价上涨的背后，是赛力斯扭 亏、二次上市等一系列消息的披露。3月31日晚，赛力斯发布的财报显示，2024年营收1451.76亿元，同比增长305.04%；归属于上市公司股东的净利润达到 59.46亿元。近五年来，赛力斯的净利润首次扭亏为盈。 营收超千亿元的背后是"卖爆"的问界。财报显示，2024年，赛力斯新能源汽车营收1354.91亿元，占总营收的比例超过93%。2024年，赛力斯新能源汽车销量 为42.69万辆，同比增长高达182.84%。根据赛力斯官方，目前集团的整车业务板块包括润驰、蓝电、AITO、DFSK。但从财报披露的数据来看，问界成为赛 力斯整车业务的"顶梁柱"。财报显示，2024年问界M9全年交付新车超15万辆，问界新M7交付新车超20万辆。赛力斯方面在财报中提到，营收增长主要来自 新能源汽车销量的增长。 问界品牌不仅助力赛力 ...

Group 1 - The concept of street vendor economy increased by 0.45% on April 1, with a net inflow of 464 million yuan from main funds [1] - A total of 18 stocks in this concept rose, while 12 stocks fell [1] - The top net inflow stocks included Jianghuai Automobile (3.23 billion yuan), Qianli Technology (70.41 million yuan), and Sais (56.03 million yuan) [1] Group 2 - Jianghuai Automobile (600418) had a latest price of 36.26 yuan, with a rise of 0.72% and a net inflow of 3.23 billion yuan, accounting for 12.17% of the main fund [2] - Qianli Technology (601777) saw a price of 8.38 yuan, with a 1.58% increase and a net inflow of 70.41 million yuan, representing 14.29% of the main fund [2] - Sais (601127) had a price of 125.82 yuan, with a slight decrease of 0.06% and a net inflow of 56.03 million yuan, making up 2.63% of the main fund [2]

2024年是赛力斯全面发力和全面收获的一年，公司营收和净利润大幅增长的同时，问界跻身中国高端汽车市场第一梯队，亦打破了外资品牌的垄断。与此同 时，以魔方技术平台、超级增程系统为代表的一系列创新成果，成为推动赛力斯可持续增长的重要动力。在资本市场上，赛力斯获调入沪深300等四大指 数。 当前，汽车产业电动化、智能化趋势持续深入，新能源汽车产业亦进入竞争加剧、市场份额不断集中的阶段，聚焦新豪华汽车"主航道"的赛力斯，已成为资 本市场优质车企的龙头标的之一。 产品品牌现跨越式成长 2025年总台春晚上，780辆问界M9惊艳亮相，在赛力斯超级工厂的"舞台"上，国家艺术体操队、时代少年团连同780辆问界M9的演出，实现了科技、艺术与 体育的跨界交融，展示了中国新能源汽车的领先实力。 问界M9惊艳亮相的背后，2024年赛力斯新能源汽车销量42.69万辆，同比大幅增长182.84%。其中，问界M9定位"全景智慧旗舰SUV"的全尺寸SUV，2024年 开启大规模交付后实现了垂直上量，2024年累计交付量突破15万辆，至今已连续11个月保持中国市场50万级豪华车型销量冠军，成为中国豪华电动车领域的 标杆。 问界新M7定位家庭智 ...

全年归母净利润规模近60亿元"官宣"全球第四家盈利新能源车企 在爆款车型持续放量和高端站位加速企稳的双重加持下，赛力斯盈利水平水涨船高，终于在2024年财报中正式宣布全年业绩扭亏为盈，奠定全球第四家盈利 的新能源车企地位。 3月31日晚，赛力斯发布2024年全年业绩，官宣成为全球第四家盈利新能源车企。 财报显示，去年全年，赛力斯实现营业收入1451.76亿元，同比增长305.04%，创历史新高；归属于上市公司股东的净利润达59.46亿元；新能源汽车毛利率 提升至26.21%。 亮眼的财务数据背后，是赛力斯全年销量实现倍增，其中，爆款车型问界新M7系列2024全年交付量近20万辆；问界M9累计交付超15万辆，已连续11个月荣 膺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。 在新能源汽车价格比拼的魔咒中，赛力斯走了一条技术升级、品牌提档、服务做优的竞争之路，才以领先于同行平均扭亏时间的速度实现首次盈利。在品牌 质量、资产质量、技术质量多维提升的预期下，赛力斯有望以智慧重塑豪华，让更多的中国人驾乘中国造豪华汽车。 赛力斯的向好趋势早有预兆。早在去年一季度数据披露后，赛力斯就成为又一家率先扭亏的新能源 ...

Core Viewpoint - The company reported strong financial performance for 2024, with significant revenue and profit growth driven by core customer vehicle launches and an expanding market for new energy vehicles [1][2]. Financial Performance - In 2024, the company achieved revenue of 4.2 billion, a year-on-year increase of 63%, and a net profit attributable to shareholders of 610 million, up 99% year-on-year [1]. - In Q4 2024, revenue reached 1.37 billion, reflecting a 52% year-on-year increase and a 20% quarter-on-quarter increase, while net profit was 250 million, up 93% year-on-year and 81% quarter-on-quarter [1]. - The company’s gross profit margin for 2024 was 28%, an increase of 2 percentage points year-on-year, and the net profit margin was 15%, up 3 percentage points year-on-year [2]. Customer and Market Dynamics - Key customers include Li Auto, Seres, and Xpeng Motors, with expectations of continued revenue growth as these customers launch new models [1]. - Domestic new energy vehicle sales reached 12.87 million in 2024, a 36% year-on-year increase, with significant sales growth from Xpeng (190,000 units, +34%), Li Auto (500,000 units, +33%), and Seres (430,000 units, +183%) [1]. Production and Capacity Expansion - The company is expanding its production capacity with new projects and has a robust order book, which is expected to support long-term growth [2]. - The company is enhancing its manufacturing capabilities across various processes, including stamping, injection molding, and integrated die-casting, which will facilitate entry into the white body sector [2]. Profitability Outlook - The company is projected to see continued profit growth due to existing core customer demand and the introduction of new products, with net profits forecasted at 860 million, 1.12 billion, and 1.34 billion for 2025-2027, corresponding to PE ratios of 14, 11, and 9 [3].

Group 1 - The core viewpoint of the news is that as of March 31, 2025, institutional investors hold a significant portion of the shares of Seres (601127.SH), with a total of 599 institutions owning 9.53 billion shares, representing 63.12% of the total share capital [1] - The top ten institutional investors account for 58.68% of the total shares held, with a slight decrease of 0.13 percentage points compared to the previous quarter [1] Group 2 - In the public fund sector, there are 9 funds that increased their holdings, including major funds like Dachen Internet Thinking Mixed A and Industrial Bank New Energy Vehicle Mixed A, with an increase ratio of 0.12% [2] - Conversely, 32 public funds reduced their holdings, with a decrease ratio of 0.59%, including funds like GF Small Cap Growth Mixed (LOF) A and GF Technology Pioneer Mixed [2] - A total of 551 new public funds were disclosed this period, including popular ETFs such as Huaxia SSE 50 ETF and Huatai-PB CSI 300 ETF [2]

【重要事项】 成都先导：拟受让南京海纳医药科技股份有限公司约65%股权，预计构成重大资产重组 欧菲光：拟筹划购买欧菲微电子、江西晶浩少数股权，4月1日起停牌 【业绩】 中旗新材：控股股东拟变更为星空科技，4月1日起复牌 润建股份（002929）：拟开展不超50亿元的资产池业务，用于公司算力网络等业务发展的资金需求 赛力斯（601127）：拟通过发行股份购买龙盛新能源100%股权，拟筹划发行H股股票并上市 特变电工：拟投资170.39亿元建设煤制气项目 会稽山：4月1日起公司部分重点产品提价 轻纺城：控股股东拟增持1%-2%公司股份 ST目药：公司股票申请撤销其他风险警示 建科股份：证券简称拟变更为联检科技 北方华创：拟14.48亿元协议受让芯源微8.41%股份 芯源微：若两次股份协议受让都完成，北方华创将成公司第一大股东 云南白药（000538）：2024年净利润同比增长16.02%，拟每10股派11.85元 协创数据（300857）：2024年净利同比增长140.8%，拟每10股转增4股派2.93元 上港集团（600018）：2024年净利润同比增长13.26%，拟每10股派发现金红利1.45元 中航沈飞： ...