汽车行业点评报告：智界R7增程版发布，看好鸿蒙智行2025年销量增长

Investment Rating - The industry investment rating is "Recommended (Maintain)" [8] Core Viewpoints - The launch of the extended-range version of the Zhijie R7 is expected to significantly boost vehicle sales, marking the beginning of a product-rich year for Hongmeng Zhixing in 2025 [8] - The R7 extended-range version features Huawei's Snow Owl intelligent silent range extension technology, optimizing power balance, NVH, and energy consumption [8] - The vehicle is equipped with a new generation DriveONE three-in-one motor with a maximum speed of 16,000 rpm and a power generation efficiency exceeding 92% [8] - The engine achieves a thermal efficiency of 44.5%, and the vehicle includes advanced noise control technologies [8] - The R7 extended-range model is designed to alleviate range anxiety for users compared to pure electric models, with significant sales potential anticipated [8] Summary by Relevant Sections Recent Developments - On December 19, 2024, Huawei collaborated with four automakers, including Seres and Chery, to launch the Zhijie R7 extended-range version, priced between 249,800 and 289,800 yuan, with deliveries starting on January 5, 2025 [8] Market Outlook - The first-tier intelligent driving capabilities are expected to drive sales growth for Hongmeng Zhixing vehicles in 2025, as the company has become the first in China to implement an end-to-end intelligent driving system [8] - By the end of November 2024, the total mileage of intelligent driving reached over 1 billion kilometers, with significant user engagement [8] Investment Recommendations - The report suggests focusing on companies benefiting from Huawei's intelligent driving capabilities, including Seres, Changan Automobile, JAC Motors, and BAIC Blue Valley [8]