Shenwan Hongyuan Securities·2025-08-06 03:10Investment Rating - The report initiates coverage with a "Buy" rating for 隆盛科技, projecting a target market value of 11.1 billion yuan based on a 38x PE ratio for 2025 [8]. Core Insights - 比亚迪 is focusing on balancing growth quantity with development quality, recognizing the need for a transition to a higher quality operational state, with ongoing monitoring required for the success of this transformation [3][4]. - 优信 is benefiting from a stabilizing new car market, which is improving the profitability environment for its used car business, with a scalable and well-controlled business model showing effectiveness [3][4]. - 隆盛科技 has diversified into three main business segments: EGR systems, new energy electric drive core components, and precision parts, while also exploring potential growth areas in aerospace and humanoid robotics [5][6][7]. - 蔚来 has launched its new brand 乐道 with the L90 model, which has received a positive market response, indicating strategic importance for balancing sales and profitability [3][9]. Summary by Sections 比亚迪 and 优信 - 比亚迪 is aware of the necessity to transition towards higher quality operations and is actively planning for this change, although the success of this transition remains to be seen [4]. - 优信's business model is proving effective, with a 30-day inventory turnover rate enhancing confidence in its operational capabilities, and the used car market is expected to benefit from rising prices and government support [4]. 隆盛科技 - 隆盛科技 has established a stable market position in EGR systems, with projected revenue of 730 million yuan in 2024, and is expanding into new energy motor cores, which is expected to reach a market size of nearly 10 billion yuan by 2025 [5][6]. - The company is also pursuing opportunities in humanoid robotics and aerospace, leveraging its existing manufacturing capabilities and customer relationships to create a synergistic ecosystem [7]. 蔚来 - 蔚来 is implementing cost-cutting measures and efficiency improvements, with expectations of narrowing net losses in the second quarter due to a streamlined organizational structure and reduced R&D expenses [9]. - The introduction of the 乐道 brand is anticipated to significantly improve 蔚来’s overall profitability model through scale effects as sales of new models increase [3][9].