Investment Rating - The report maintains a "Buy" rating for the company [7] Core Views - The company achieved a revenue of 7.7 billion RMB in Q4 2024, slightly exceeding Bloomberg consensus by 1%, with a year-on-year growth of 22%. The adjusted net profit was 450 million RMB, surpassing Bloomberg consensus by 15%, resulting in a profit margin of 6% [7] - For the full year 2024, the company reported a revenue of 26.8 billion RMB, a 19% year-on-year increase, with an adjusted net loss of 22 million RMB compared to a loss of 3.4 billion RMB in 2023. The operating cash flow was 6 billion RMB, significantly improved from 270 million RMB in 2023 [7] - The company continues to see growth in high-engagement users, with a Q4 2024 Monthly Active Users (MAU) of 340 million, a 1% year-on-year increase, and Daily Active Users (DAU) of 103 million, a 3% increase. The average daily usage time per user increased by 4 minutes to 99 minutes [7] - The gaming segment showed strong growth, with Q4 2024 gaming revenue reaching 1.8 billion RMB, a 79% year-on-year increase, driven by the success of the game "Three Kingdoms: Strategizing the World" [7] - Advertising revenue also maintained rapid growth, with Q4 2024 advertising income of 2.4 billion RMB, a 24% year-on-year increase, indicating potential for further growth in this area [7] - The company has launched its self-developed large language model and a commercial AIGC platform, which are expected to enhance community engagement and operational efficiency [7] - The adjusted net profit forecast for 2025 has been slightly raised to 1.786 billion RMB, while the 2026 forecast has been lowered to 2.542 billion RMB, with a new forecast for 2027 set at 3.137 billion RMB [7] Financial Data and Profit Forecast - Revenue projections for the company are as follows: - 2023: 22.528 billion RMB - 2024: 26.832 billion RMB - 2025E: 30.213 billion RMB - 2026E: 33.176 billion RMB - 2027E: 35.836 billion RMB - Adjusted net profit forecasts are: - 2023: -3.425 billion RMB - 2024: -0.022 billion RMB - 2025E: 1.786 billion RMB - 2026E: 2.542 billion RMB - 2027E: 3.137 billion RMB [3][8]

Investment Rating - The report assigns a "Buy" rating for the company, marking its first coverage [1][7]. Core Insights - The company is positioned as a leading luxury SUV manufacturer, leveraging its partnership with Huawei to enhance product offerings and market presence. The introduction of new models like the M9 and M7 has significantly boosted sales, leading to a projected net profit of 4 billion CNY in 2024 [4][6][7]. Summary by Sections Company Overview - The company, originally established in 1986, has transitioned through various phases, focusing on electric vehicles since 2016. It has launched several models under the AITO brand in collaboration with Huawei, including the M5, M7, and M9, which have contributed to its growth in the luxury SUV market [4][19][21]. Financial Data and Profit Forecast - The company is expected to achieve total revenues of 144.3 billion CNY in 2024, with a year-on-year growth rate of 302.7%. The net profit is projected to reach 5.7 billion CNY, marking a significant turnaround from previous losses [5][9][34]. Investment Highlights - The partnership with Huawei has evolved through three stages, enhancing product capabilities and market competitiveness. The company is expected to explore both high-end and mainstream markets, with the M8 model anticipated to fill pricing gaps and drive additional sales [6][8][40]. Sales and Market Dynamics - The company has seen a substantial increase in sales, with the M9 model becoming a bestseller in the high-end SUV segment. The total sales for the AITO series are projected to reach 486,000 units by 2025, contributing to a revenue forecast of 208 billion CNY [8][26][34]. Profitability and Cost Management - The gross margin is expected to improve significantly, with projections of 26.0% in 2024 and 28.2% in 2025, driven by enhanced operational efficiency and cost control measures [5][37].

Investment Rating - The report maintains a "Positive" investment rating for the automotive sector, highlighting the acceleration of supply chain transformation and the infusion of AI technology as key drivers for valuation recovery [1]. Core Insights - The report emphasizes that the automotive industry is witnessing a significant shift towards intelligent technology and robotics, with companies diversifying into manufacturing sectors, including the development of proprietary chips and data centers for AI models. The focus on AI-driven smart technology is expected to be a major theme in the upcoming market trends [2][3]. - The report notes a substantial increase in retail sales of passenger vehicles, with a total of 339,300 units sold in the week of February 10-16, 2025, marking a 38% increase week-on-week. Notably, sales of new energy vehicles surged by 65%, achieving a penetration rate of 50.62% [2][3]. - The report highlights the recent rise in raw material prices for both traditional and new energy vehicles, with shipping costs also increasing significantly [2][3]. Industry Updates - The automotive industry recorded a total transaction value of 595.9 billion yuan for the week, with the automotive index rising by 3.73%, outperforming the Shanghai Composite Index, which increased by 1% [2][3]. - Key events include the introduction of various local policies for vehicle trade-in subsidies, the launch of new autonomous technologies by Huawei, and the strategic partnership between SAIC and Huawei aimed at enhancing smart vehicle offerings [2][3][4][12][40]. Investment Recommendations - The report suggests focusing on leading domestic manufacturers such as BYD and Geely, as well as companies involved in the smart technology trend, including Xpeng Motors and others. It also recommends component manufacturers with strong growth potential, such as Fuyao Glass and New Spring [2][3][12]. - The report identifies several companies actively expanding into robotics, indicating a strategic shift towards this emerging sector, which is expected to drive future growth [14][16][17]. Market Performance - The automotive sector's price-to-earnings (P/E) ratio stands at 28.87, ranking it 13th among all sectors, indicating a moderate valuation compared to the broader market [23][25]. - A total of 217 automotive stocks saw price increases, while 71 experienced declines, with notable gainers including Jun Chuang Technology and Chuan Huan Technology [26][28]. Key Events and Developments - The report outlines various local government initiatives to promote vehicle trade-in programs, with subsidies for scrapping old vehicles and purchasing new energy vehicles [3][4]. - The launch of the autonomous driving service by Xiaoma Zhixing in Guangzhou marks a significant step in the commercialization of autonomous vehicle technology [18][19].

行 业 及 产 业 医药生物 2025 年 02 月 23 日 定价与支付端有望迎来改革，建议 行 业 研 究 / 行 业 点 评 证 券 研 究 报 告 《本周医药上涨 2.7%，卫健委公布年度首 批为民服务实事项目，美国联邦医疗保健 岗位裁员超五千人》 2025/02/16 《Deepseek 如何部署？AI 医药景气持 续！——计算机行业周报 20250210- 20250214》 2025/02/15 《AI+医药市场关注度持续提升，板块估值 有望修复——海外消费周报（20250210- 20250214）》 2025/02/15 证券分析师 张静含 A0230522080004 zhangjh@swsresearch.com 联系人 张静含 (8621)23297818× zhangjh@swsresearch.com 本期投资提示： ⚫ 支付端深化改革，今年将出台首版丙类目录。2024 年 12 月 14 日，全国医疗保障工作 会议在北京召开，总结 2024 年医保工作，部署 2025 年工作。会议指出，2025 年要 大力推进医保改革，其中第五条为"强化医保战略购买，赋能医药产业创新发展"。 2 ...

基础化工 2025 年 02 月 23 日 钛白粉大厂再次上调报价，钾肥景 气提升，DeepSeek 推升特种树脂 需求 看好 ——《化工周报 25/02/17-25/02/21》 行 业 及 产 业 证 券 研 究 报 告 证券分析师 马昕晔 A0230511090002 maxy@swsresearch.com 宋涛 A0230516070001 songtao@swsresearch.com 研究支持 邵靖宇 A0230524080001 shaojy@swsresearch.com 任杰 A0230522070003 renjie@swsresearch.com 赵文琪 A0230523060003 zhaowq@swsresearch.com 周超 A0230123090004 zhouchao@swsresearch.com 李绍程 A0230124070001 lisc@swsresearch.com 联系人 马昕晔 (8621)23297818× maxy@swsresearch.com 本期投资提示： 请务必仔细阅读正文之后的各项信息披露与声明 行 业 研 究 / 行 业 点 评 相关研究 ...

Investment Rating - The report maintains a "Positive" rating for the real estate and property management sectors [3][4]. Core Insights - The real estate market is showing signs of improvement, with core cities experiencing better sales and land auction activities. Beijing has restarted special bonds for land reserves, and Shentie Group is providing loans to Vanke [3][4]. - The report highlights a combination of favorable fundamentals, policies, and company dynamics that are expected to positively impact the real estate sector [3][4]. Summary by Sections Industry Data - New home sales in 34 key cities reached 2.11 million square meters last week, a week-on-week increase of 25%. First and second-tier cities saw a 28% increase, while third and fourth-tier cities experienced a 3% decline [3][4]. - In February, new home sales in 34 cities increased by 13% year-on-year, with first and second-tier cities up by 22% and third and fourth-tier cities down by 34% [3][4]. - The inventory situation shows a decrease in available housing, with a total of 91.03 million square meters available for sale, a 0.4% decrease week-on-week [3][4]. Policy News - Housing prices in first-tier cities continue to rise, while second and third-tier cities show slight declines. The Ministry of Housing and Urban-Rural Development is promoting the construction of affordable housing [3][4]. - Beijing issued a total of 563.9 billion yuan in local government bonds, including 117 billion yuan specifically for land reserves [3][4]. Company Dynamics - Vanke has received a loan of 4.2 billion yuan from Shentie Group, and Greentown has issued a USD 150 million bond [3][4]. - The report notes that major property companies are actively acquiring land, indicating a positive outlook for the sector [3][4]. Market Performance - The real estate sector underperformed the market, with the SW Real Estate Index down by 1.58%, while the CSI 300 Index rose by 1% [3][4]. - The report recommends several companies based on their product strength, valuation recovery potential, and benefits from land acquisition and urban renewal [3][4].

行 业 及 产 业 非银金融 行 业 研 究 / 行 业 点 评 证券分析师 罗钻辉 A0230523090004 luozh@swsresearch.com 孙冀齐 A0230523110001 sunjq@swsresearch.com 冉兆邦 A0230524090003 ranzb@swsresearch.com 研究支持 金黎丹 A0230123060002 jinld@swsresearch.com 请务必仔细阅读正文之后的各项信息披露与声明 证 券 研 究 报 告 ⚫ 券商：本周申万券商 II 指数收涨 0.58%，跑输沪深 300 指数 0.42pct。1）市场活跃度回升，券 商有望受益。受行业主题投资活跃驱动，本周沪深北日均股票成交额为 19,143.19 亿元，环比 +9.39%，周度日均股票成交额连续三周上行。截至 2025 年 2 月 20 日，融资融券余额为 18,795.30 亿元，较上周末增长 1.4%。我们认为市场活跃度上行有利于券商经纪及两融业绩提 升。截至本周五，券商行业估值 1.42 倍，较 2024 年 9 月 24 日以来最高估值水平低 15.5%。2） 支持民营企业 ...

轻工制造 行 业 研 究 / 行 业 点 相关研究 《家居行业 2025 年度策略：家居板块政 策受益，Beta 和 Alpha 共振》 2024/12/18 证券分析师 黄莎 A0230522010002 huangsha@swsresearch.com 屠亦婷 A0230512080003 tuyt@swsresearch.com 庞盈盈 A0230522060003 pangyy@swsresearch.com 张海涛 A0230524080003 zhanght@swsresearch.com 张文静 A0230524120005 zhangwj@swsresearch.com 魏雨辰 A0230525010001 weiyc@swsresearch.com 联系人 丁智艳 (8621)23297818× dingzy@swsresearch.com 2025 年 02 月 23 日 Rokid Glasses 出圈催化 AI 眼镜 产业链；全球情绪消费需求崛起； 关注拟上市新股群核科技 看好 ——造纸轻工周报 2025/2/17-2025/2/21 本期投资提示： ⚫ 风险提示：消费修复不及预期；地 ...

行 业 及 产 业 有色金属 行 业 研 究 / 行 业 点 评 证 券 研 究 报 证券分析师 郭中伟 A0230524120004 马焰明 A0230523090003 maym@swsresearch.com 陈松涛 A0230523090002 chenst@swsresearch.com 宋涛 A0230516070001 songtao@swsresearch.com 研究支持 陈松涛 A0230523090002 chenst@swsresearch.com 联系人 陈松涛 (8621)23297818× chenst@swsresearch.com 2025 年 02 月 23 日 供给约束预期强化，重视稀土板块 布局 看好 ——《稀土开采和稀土冶炼分离总量调控管理办法（公 开征求意见稿）》点评 本期投资提示： 请务必仔细阅读正文之后的各项信息披露与声明 告 ⚫ 事件：2025 年 2 月 19 日，工信部发布《稀土开采和稀土冶炼分离总量调控管理办法 （暂行）（公开征求意见稿）》及《稀土产品信息追溯管理办法（暂行）（公开征求意 见稿）》，本次征求意见稿主要从稀土开采和冶炼分离总量调控、稀土产品 ...

行 业 及 产 业 医药生物 行 业 研 究 / 行 业 点 证券分析师 张静含 A0230522080004 zhangjh@swsresearch.com 研究支持 李敏杰 A0230523070006 limj2@swsresearch.com 联系人 张静含 (8621)23297818× zhangjh@swsresearch.com 2025 年 02 月 23 日 本周医药上涨 1.9%，国常会在医 疗等领域研究推出新开放举措，创 新药定价有望迎来新政策 看好 ——医药行业周报（2025/2/17-2025/2/21） 本期投资提示： 1.市场表现：本周医药板块上涨 1.9% 本周申万医药生物指数上涨 1.9%，同期上证指数上涨 1.0%，万得全 A（除金融石油 石化）上涨 2.5%。本周医药生物指数在 31 个申万一级子行业中表现排名第 9。 1.9% -6% -4% -2% 0% 2% 4% 6% 8% 10% 通信(申万) 机械设备(申万) 电子(申万) 汽车(申万) 计算机(申万) 电力设备(申万) 国防军工(申万) 环保(申万) 医药生物(申万) 基础化工(申万) 社会服务(申万) 钢 ...