这次会议是中国国际资本集团联合国国际资本集团联合国国际资本集团联合国国际资本集团联合国国际资本集团联合国国际资本集团联合国国际资本集团联合国国际资本集团联合国国际资本集团联合国国际资本集团联合国国际资本集团联合国国际资本集团联合国国际资本集团联合国国际资本集团 Without the written permission of CICC and the speaker, no organization or individual is allowed to punish, forward, reprint, disseminate, copy, edit or modify the meeting contents and relevant information in any form.CICC reserves the right to investigate the relevant legal liability. 大家下午好欢迎大家参加江宁汽车三季报交流电话会我是重金汽车人丹琳同时和我在线的还有我的同事金文娟老师江宁汽车是上周发布了三季度的业绩我们今天特别有幸邀请到了江宁汽车副总裁兼董秘雪岚峰许总以 ...

Summary of Conference Call Records Company Overview - **Company**: 微贸电子 (Micro Trade Electronics) - **Industry**: Home Appliances and Automotive Wiring Harnesses Key Points and Arguments Performance Highlights - In Q3 2024, 微贸电子 achieved significant growth, particularly in home appliances and automotive wiring harnesses, despite a challenging domestic economic environment [7][11] - Sales revenue increased by approximately 8% in the first nine months of the year, with net profit reaching around 30 million yuan, reflecting a 7% growth [14] - The integrated electronics business showed remarkable performance with a growth rate of 24% [14] Business Segments - The company focuses on two main areas: consolidating and expanding its existing home appliance business and increasing investments in the new energy vehicle (NEV) sector, including high-voltage wiring harnesses and charging guns [11][12] - The automotive wiring harness business is expanding into new markets, including low-altitude aircraft and has established partnerships with several well-known domestic car manufacturers [8][11] Market Trends and Opportunities - The North Exchange market has seen significant changes, with the number of listed companies increasing to 254, indicating a maturing market that attracts more investor attention [9] - Despite some companies having high valuations, many remain below a 30x price-to-earnings ratio, presenting investment opportunities [9] Product Offerings - 微贸电子 provides a one-stop electronic component solution, including electronic wires, wiring harness components, plastic products, PCBs, and coils [12] - The company has a strong focus on high-end clients in overseas markets, particularly in Europe and North America, who prefer its comprehensive solutions to reduce procurement and development costs [13] Strategic Initiatives - The company is actively exploring international markets and has successfully entered Europe and North America, securing important orders [8][11] - Future strategies include enhancing technological innovation and product upgrades to improve market competitiveness [11] Financial and Operational Insights - The gross profit margin improved by 0.5 percentage points, indicating effective cost management despite rising raw material prices [14][26] - The company has experienced a shift in sales distribution, with high-end home appliances now accounting for 55% of sales, while automotive business share has decreased to 30% [17][25] Challenges and Risks - The company faced a loss of over 1.6 million yuan due to exchange rate fluctuations in Q3, but expects to recover this loss as the exchange rate stabilizes [16][29] - The rising prices of plastic particles have impacted costs, prompting the company to implement measures such as bulk purchasing and price adjustment mechanisms with major clients [26] Future Outlook - The company remains optimistic about the NEV market, particularly in high-voltage wiring harnesses, and is cautious about entering this market due to fluctuating copper prices [44] - Plans to establish a new factory in Europe to mitigate the impact of tariffs and enhance competitiveness in the European market [37] Collaborations and Innovations - 微贸电子 is collaborating with 小鹏汽车 (Xiaopeng Motors) on flying car projects, contributing to design and cost optimization [39][40] - The company is also exploring opportunities in the semiconductor sector and has engaged with several listed companies for potential collaborations [38] Conclusion - 微贸电子 is well-positioned for future growth with a focus on innovation, international expansion, and strategic partnerships, despite facing challenges from market fluctuations and rising costs [11][37]

对话会议系统请输入餐会密码并以警号键解锁密码错误请重新输入密码并以警号键解锁 欢迎接入金门财经电话会议系统请输入餐会密码 定以紧靠券结束欢迎接入金门财经电话会议系统请输入餐会密码 定以紧靠券结束 欢迎接入金门财经电话会议系统请输入餐会密码 定以井号件结束欢迎接入金门财经电话会议系统请输入餐会密码 定以井号件结束 欢迎接入金门财经电话会议系统请输入餐会密码 定以警号券结束欢迎接入金门财经电话会议系统请输入餐会密码 定以警号券结束 欢迎介入金门财经电话会议系统请输入餐会密码并以警号件结束欢迎介入金门财经电话会议系统请输入餐会密码并以警号件结束 欢迎接入金门财经电话会议系统请输入餐会密码 定以警号件结束欢迎接入金门财经电话会议系统请输入餐会密码 定以警号件结束 欢迎接入金门财经电话会议系统请输入餐会密码并以请号键结束欢迎接入金门财经电话会议系统请输入餐会密码并以请号键结束 欢迎接入金门财经电话会议系统请输入餐会密码并以警号键结束 您已成功加入会议 感谢大家参加本次会议会议即将开始请稍后感谢大家参加本次会议会议即将开始 感谢大家参加本次会议会议即将开始请稍后 感谢大家参加本次会议会议即将开始请稍后 感谢大家参加本次会 ...

对话会议系统请输入餐会密码并以警号键解锁密码错误请重新输入密码并以警号键解锁 欢迎接入金门财经电话会议系统请输入餐会密码 定以紧靠券结束欢迎接入金门财经电话会议系统请输入餐会密码 定以紧靠券结束 欢迎接入金门财经电话会议系统请输入餐会密码 定以井号件结束欢迎接入金门财经电话会议系统请输入餐会密码 定以井号件结束 欢迎接入金门财经电话会议系统请输入餐会密码 定以警号券结束欢迎接入金门财经电话会议系统请输入餐会密码 定以警号券结束 欢迎介入金门财经电话会议系统请输入餐会密码并以警号件结束欢迎介入金门财经电话会议系统请输入餐会密码并以警号件结束 欢迎接入金门财经电话会议系统请输入餐会密码 定以警号件结束欢迎接入金门财经电话会议系统请输入餐会密码 定以警号件结束 欢迎接入金门财经电话会议系统请输入餐会密码并以请号键结束欢迎接入金门财经电话会议系统请输入餐会密码并以请号键结束 欢迎接入金门财经电话会议系统请输入餐会密码并以警号键结束 您已成功加入会议 感谢大家参加本次会议会议即将开始请稍后感谢大家参加本次会议会议即将开始 感谢大家参加本次会议会议即将开始请稍后 感谢大家参加本次会议会议即将开始请稍后 感谢大家参加本次会 ...

Investment Rating - The report assigns an "Overweight" rating to XPeng with a price target of HK$53.00, indicating a potential upside of approximately 30-40% from the current price of HK$42.45 [3][11][13]. Core Insights - XPeng is placed on "Positive Catalyst Watch" ahead of two significant events: the XPeng Technology Day on October 24 and the 3Q24 results announcement in late November, where a strong performance is anticipated [12][18]. - The report forecasts a substantial increase in vehicle deliveries from approximately 46.5k units in 3Q24 to around 82k units in 4Q24, driven by new model launches [13][18]. - XPeng's sales volume is projected to grow by 72% year-on-year in 2025, reaching approximately 310k units, supported by the introduction of new models [13][18]. Summary by Sections Upcoming Events - **XPeng Technology Day (Oct 24)**: Anticipated announcements include new product strategies, potentially introducing non-BEV or EREV models, and advancements in autonomous driving technology using visual-based sensors [12][18]. - **3Q24 Results (Late Nov)**: Expected to exceed consensus estimates by approximately 23%, driven by higher gross profit margins and strong vehicle sales [9][18]. Financial Projections - **3Q24 Estimates**: Revenue is projected at RMB 11,075 million with a gross profit margin of 7.9%, while net profit is expected to be a loss of RMB 1,410 million [9]. - **4Q24 Estimates**: Revenue is forecasted at RMB 16,577 million, with a projected delivery of 82k units, reflecting a 77% increase from 3Q24 [9][18]. Market Trends - The report highlights a growing trend in the NEV market, with PHEV and EREV vehicles expected to account for approximately 60% of total NEV sales in China by 2030, up from 34% last year [12][18]. - XPeng's collaboration with Volkswagen is expected to enhance product development and improve margins through increased licensing fees [5][18]. Valuation Metrics - The price target of HK$53 is based on a blended average of 1.2x one-year-forward price-to-sales and 1.1x EV/sales, reflecting expectations of sector multiple expansion [14][19].

大家汇报一下我们关于江淮汽车的投资逻辑和近期的一些更新我们认为江淮汽车与华为合作的尊敬上市正在变得越来越近考虑到公司整体在汽车制造上的一个优势以及与华为合作的这个尊敬品牌的一个非常有吸引力的定位我们认为公司从营收和业绩上 还是有希望在明年获得一个比较大的改善因此在目前的状态还是建议这个公司保持关注那么近期可能公司最大的这个基本面变化就是华为的这个余承东总在近期的一些论坛上有披露说分界将在今年11月15号的广州车展上亮相并且会在明年的春天来上市 那么这样的一个发布也使得可能江淮汽车后续最大的一个看点也是在时间上变得更加的确定因为此前的话公司也披露过与华为的合作并且在一些公开信息中披露了一系列的产能的一些布局那么我们从这些产能的布局中大致能够了解到这是一个 豪华或者说到豪华到超华之间的这样的超豪的这样的一个品牌那么定位呢很可能是在这个八十万以下并且呢他的首发车型中可能会包括轿车和MPV那么后续呢也可能会包括部分SUV这是我们从公司在一些这个产能招标中能够看到的部分信息那么本次的这个华为宇总的之路还包括了他在 这个价格就是可能会是一个百万级别的豪车因此呢我们从这个产品也能看到这个车大概率后续的营业能力是比较强的那么 ...

Industry and Company Involved - **Industry**: Commercial vehicle sector, specifically focusing on medium and heavy commercial vehicles (M&HCVs), light commercial vehicles (LCVs), and electric vehicles (EVs). - **Company**: Foton Motor Corporation Limited (Foton) Core Views and Arguments - **Subsidy Policies and Market Recovery**: The introduction of subsidy policies and the scrappage scheme for commercial vehicles are expected to stimulate demand in both passenger and commercial vehicle markets, benefiting Foton as a leader in the medium and heavy commercial vehicle segment. - **Foton's Performance**: Foton's sales of medium and heavy commercial vehicles (M&HCVs) have been negatively impacted by factors such as technological dependencies and low freight rates. However, the company's sales of light commercial vehicles (LCVs) have shown a decline of approximately 5%. - **LCV Market**: The LCV market is expected to grow at a rate of 4% this year, with the key factors being the adjustment of product structure and the improvement of the proportion of new energy products. - **New Energy LCVs**: The penetration rate of new energy LCVs has reached 13% this year, with a significant increase in the use of new energy LCVs in urban logistics distribution. - **Market Share**: Foton holds a 27% market share in the LCV segment, with a leading advantage over competitors such as Jianghuai, Chang'an, and Dongfeng. - **Export Business**: Foton's export business, particularly in the medium and heavy commercial vehicle segment, is expected to be a significant source of growth, with a focus on regions such as South America and the Middle East. - **Technological Advancements**: Foton has made significant advancements in technologies such as autonomous driving, automated manual transmission (AMT), and semi-solid-state batteries for LCVs. Other Important Points - **Sales and Revenue**: Foton's sales of LCVs reached 79,000 units in August, with a year-on-year growth rate of over 50%. The company's revenue from LCVs accounted for approximately 50% of its total revenue. - **Profitability**: Foton's gross margin has increased to 12.5%, with a significant improvement in sales and administrative expenses. - **Future Outlook**: Foton's overall performance is expected to improve in the coming years, with a projected revenue of 10 to 11 billion yuan and a net profit margin of 15%. - **Valuation**: Foton's valuation is relatively low compared to its peers, with a price-to-earnings ratio of 17 times.

那么到了目前这个位置呢我们认为就是要寻找全市场基本上的确定的方式就是寻找主线嘛寻找最左倾的一个方向或者说寻找弹性更好的一个方向那么我对这个阶段汽车的定义的就是内生成长编辑编法R字内生成长呢就相当于是基本盘也跟我们前期观点的标的相同 性比较高一点就是一个呢就是在今年这个政策的趋势下呢汽车市场三十度的销售数据还是非常不错的并且呢目前企业的在售订单也还是非常好有可能公司企业在四季度继续维持一个高增这样一个情况那么其中呢新能源的渗透率呢在九月份呢是已经达到了超过了50%这样一个情况非常好 那么我们认为在今年金牛仪式这种加利住宿的背景下呢就觉得国内的新能源企业对有趣一些新品牌的竞争力呢就会进一步上升和提升那它就有一个比较好的基本面在三季度和四季度的业绩呢也会同样的是保持一个比较好的情况尤其前面也提到过整个九月份的销量数据承受了去年的高基数的一个情况 逐步进入了同比正增长的一个阶段吧我们觉得这一块的机会是比较大的所以说在自主包括行动车这一块都会受益于整个行业紧急上行加速的一个落地所以说综合来看呢整车我们还是建议前期提到的第一个呢就是基本面的像迪亚迪另外就是华为鸿蒙系的一些车企像 赵丽丝、江淮、北契这些标的另外呢编辑编划呢 ...

Investment Rating - The report provides an investment comparables sheet for global automotive OEMs, indicating a general investment rating of Overweight (OW) for GM and Ford, while Tesla and Rivian are rated Underweight (UW) [7]. Core Insights - The automotive industry is experiencing significant valuation metrics, with a focus on EV/EBITDAP, EV/Sales, and P/E ratios for various companies. The report highlights that GM has a target price of 64.0, representing a 34% upside, while Tesla's target price of 130.0 indicates a -40% downside [7][10][11]. Summary by Sections Global Auto OEMs Investment Comparables - The report includes a detailed valuation comp table for global automotive OEMs, showcasing various financial metrics such as market cap, debt, and EBITDA margins [6][7]. Global Auto Parts Suppliers Valuation Metrics - Valuation metrics for US auto parts suppliers are presented, emphasizing financial returns and performance metrics, which are crucial for assessing investment opportunities in this segment [5][13]. Auto Auctions and Rentals - Investment comparables for auto auction service providers and auto rentals are included, providing insights into market dynamics and potential growth areas within the automotive sector [5][14]. Tire Manufacturers and Auto Dealers - The report also covers valuation metrics for global tire manufacturers and auto dealers, highlighting their financial performance and market positioning [5][14].

好的 知名的各位机构投资者我是国海汽车的首席编辑师戴畅非常感谢大家在下午的时间接受到我们的电话会议当中那其实我们在金融财经应该是持续的从七月底以来持续的在开会看好整个北大的反转我们可以看到整个汽车中端上险的数据逐步的在上台阶 从五六月份的下滑到七八月份的同比未证到九月份的接近九点阵阵长再到十月初双位数阵阵长依次的在反映我们的相应的判断今天电话会我们也是两个部分首先有请我们田野资深分析师田野给大家详细分享十月份最新的紧急的情况跟后面的一些展望第二部分由我这边给大家汇报整个系列板块整体的抗动观点和标的推荐首先有请田野好的各位投资人下午好我是广海汽车田野 那刚刚这个戴老师所讲的那十月份的刚刚出的这个上礼拜的上险数啊也就是十月份第二上险数呢是这个非常的超预期啊可以说是大超预期的啊那这个也是我们其实从八月份一直以来呢呃就是 包括已就换新加码之后一直看多7成板块上一周的数据超预期我觉得可能很多人都去问这个因素是什么包括是说是因为基数比较低还是说其他的什么原因上个礼拜的话总量是上显是59.8万同比是39 缓比是50%可以说是增速无论是同比还是缓比都是非常的高无论是同比和缓比其实也反映出一个问题 其实历史的基数可能不一定是比 ...