平安证券晨会纪要-20250530

Core Viewpoints - The report highlights that the company achieved a revenue of 111.3 billion yuan in Q1 2025, representing a year-on-year increase of 47.4%, and an adjusted net profit of 10.7 billion yuan, up 64.5% year-on-year [2][5][8] - The automotive business is experiencing rapid growth, with losses narrowing, and the self-developed flagship smartphone SoC chip, Xuanjie O1, has officially entered mass production, further advancing the company's high-end smartphone strategy [2][8] Revenue and Profit Analysis - In Q1 2025, the automotive business generated revenue of 18.1 billion yuan, with a single vehicle average selling price (ASP) of 239,000 yuan, reflecting a 0.5 thousand yuan increase quarter-on-quarter [5][6] - The automotive business's gross margin reached 23.2%, an increase of 2.7 percentage points quarter-on-quarter, with operational losses narrowing to 500 million yuan [5][8] Product Development and Market Position - The YU7 model is set to launch in July 2025, featuring significant upgrades in configuration compared to the SU7, including a long-range battery and advanced technology [6] - The company regained the top position in the Chinese smartphone market with a market share of 18.8%, a year-on-year increase of 4.7 percentage points, and a global market share of 14.1% [7][8] Growth in Smart Home Appliances - The smart home appliance segment saw a revenue increase of 113.8% year-on-year, with significant sales in air conditioners, refrigerators, and washing machines, contributing to an IoT and consumer products revenue of 32.3 billion yuan, up 58.7% year-on-year [7][8] Profit Forecast and Investment Recommendation - The profit forecasts for 2025 to 2027 have been adjusted to 41.8 billion yuan, 53.4 billion yuan, and 66.6 billion yuan respectively, maintaining a "recommend" rating for the company [2][8]