Group 1 - The company announced a non-binding offer to privatize Zeekr, aiming to enhance resource integration, reduce costs, and improve competitiveness [1] - The proposed valuation for Zeekr is $2.566 per share or $25.66 per American Depositary Share (ADS), with options for shareholders to receive cash or new shares [1] - The offer represents a premium of approximately 13.6% over the last trading price of the ADS on the NYSE and a 20.0% premium over the volume-weighted average price over the last 30 trading days [2] Group 2 - The company currently holds about 65.7% of Zeekr's issued share capital [2] - If the privatization proposal is completed, Zeekr will become a wholly-owned subsidiary of the company and will be delisted from the NYSE [2]

Group 1 - Geely Automobile Holdings Limited plans to acquire all issued shares of Zeekr Intelligent Technology Co., indicating a complete merger if the transaction is completed [1] - This move is part of Geely Holding Group's implementation of the "Taizhou Declaration" strategy, focusing on the automotive core business and accelerating layout in the fields of new energy and intelligence [1][2] - The merger aims to enhance internal resource integration, improve R&D efficiency, reduce operational costs, and enhance user experience, positioning Geely for long-term sustainable development in the global new energy and intelligent competition [1][2] Group 2 - The global automotive industry is undergoing a profound transformation, with Geely Holding Group entering a new strategic phase defined by five core initiatives: strategic focus, integration, collaboration, stability, and talent [2] - In Q1 2025, Geely's sales reached 704,000 units, a 48% year-on-year increase, with new energy vehicle sales at 339,000 units, achieving over 50% penetration in the domestic new energy market [2] - The integration of Zeekr and Lynk & Co has shown initial success, with Q1 sales of 114,000 units for the combined brands, a 21% year-on-year increase, and a reduction in per-unit costs by over 20% [2] Group 3 - Post-merger, each brand will maintain clear market positioning and differentiated technology planning, with Zeekr positioned as a global luxury tech brand and Lynk & Co as a high-end new energy brand [3] - Geely Galaxy and China Star series will cover the mainstream market, providing diverse options for consumers [3] - The brands will collaborate in seven key areas, including vehicle architecture and electric drive systems, to enhance core competitiveness and market share [3] Group 4 - The merger will provide tangible benefits to users, including access to Zeekr's advanced technology across all Geely brands, improving overall product performance and user experience [4] - A unified charging system will address all charging needs, reducing user anxiety regarding energy replenishment [4] - Shared maintenance networks will offer standardized and convenient after-sales service experiences, enhancing user satisfaction [4]

极氪美股盘前拉升涨超8%，此前吉利汽车建议私有化极氪，建议购买价为每股美国存托股票25.66美 元。 ...

Core Viewpoint - Geely Auto has submitted a non-binding proposal to privatize Zeekr, offering to acquire all issued and outstanding shares and American Depositary Shares (ADS) of Zeekr, excluding those beneficially owned by the group [1] Group 1 - The proposed purchase price is $2.57 per share of Zeekr or $25.66 per ADS, representing a premium of approximately 13.6% over the last trading day’s closing price of the ADS on the NYSE [1] - The offer also reflects a premium of 20.0% over the volume-weighted average price of the ADS on the NYSE for the last 30 trading days prior to the proposal [1] - As of the announcement date, the group holds approximately 65.7% of the total issued and outstanding share capital of Zeekr [1] Group 2 - If the privatization proposal is completed, Zeekr will become a wholly-owned subsidiary of Geely Auto and will be delisted from the NYSE [1]

Core Viewpoint - The Chinese Ministry of Industry and Information Technology has indicated conditional approval for the production access of L3 autonomous driving vehicles, with various automakers announcing their timelines for L3 implementation [1][2]. Group 1: Industry Developments - Several automakers, including Chery, GAC, and Zeekr, have unveiled their intelligent driving plans and production timelines for L3 autonomous vehicles, with Chery aiming for L3 technology deployment by 2026 [2]. - In February, companies like Changan and Xpeng also announced their plans for L3 autonomous vehicle production, with Changan's Tian Shu intelligent driving system expected to achieve full-scene L3 capabilities by 2026 [3]. Group 2: Driving Factors - The push for L3 autonomous driving is driven by multiple factors, including technological advancements that transition L3 from theory to practice, improved regulations that reduce legal barriers, competitive pressure to enhance brand image, and strong market demand for safer and more comfortable driving experiences [3][4]. Group 3: Advantages of L3 Autonomous Driving - L3 autonomous driving offers several advantages: it reduces driver fatigue by taking over driving tasks in specific scenarios, enhances road safety through real-time environmental monitoring, and improves driving efficiency by adjusting speed and trajectory based on traffic conditions [4]. Group 4: Challenges Ahead - Despite the advancements, L3 autonomous driving faces challenges such as technical stability, safety, regulatory completeness, and consumer acceptance. The widespread adoption of L3 technology depends on unified regulations and scalable, cost-effective technology [5]. - Current L3 technology is likely to be implemented first in high-end vehicles and specific high-value scenarios, such as premium family cars and highway commuting [5]. Group 5: Future Outlook for L4 Autonomous Driving - Some companies are already planning for L4 autonomous driving, with Changan aiming for full-scene L4 capabilities by 2028 and GAC targeting early 2026 for scaled L4 operations. Transitioning from L3 to L4 requires significant technological advancements in sensors, algorithms, and automation levels [6].

Core Insights - The "May Day" holiday has become a significant promotional period for car manufacturers to boost their sales targets for the first half of the year [3][4] - The automotive consumption in China has shown positive trends in 2023, with a 6% year-on-year increase in retail sales of passenger cars in Q1, reaching 5.127 million units [3][11] - Various car manufacturers are employing a combination of price cuts, trade-in subsidies, and financial policies to stimulate sales during this holiday period [3][4] Group 1: Promotional Activities - Many car companies have launched substantial promotional activities, including cash subsidies and zero-interest financing options, to attract consumers during the "May Day" holiday [4][5] - BYD has introduced a comprehensive subsidy of up to 35,000 yuan for its Dynasty and Ocean series models, along with various limited-time discounts [5][7] - New energy vehicle brands like Zeekr and Li Auto are also offering significant cash discounts and promotional packages to enhance sales during this period [8][12] Group 2: Consumer Engagement - The "May Day" holiday has seen a surge in consumer interest, with major auto shows attracting large crowds, such as 350,000 attendees in Xi'an and over 290,000 in Suzhou [5][6] - The demand for new energy vehicles (NEVs) is particularly strong, with NEVs accounting for nearly 80% of new car launches at the Shanghai Auto Show [10][11] - Consumers are increasingly focused on the intelligent features of vehicles, with many willing to pay a premium for advanced technology rather than just lower prices [10][11] Group 3: Market Dynamics - The sales volume of new energy vehicles has significantly increased, with the retail penetration rate surpassing 51% for the first time in April 2023 [11] - Leap Motor achieved a sales milestone of over 41,000 units in April, while Xiaopeng and Li Auto also reported sales exceeding 30,000 units [11][12] - The competitive landscape is expected to intensify as manufacturers ramp up promotional efforts, with analysts predicting a further recovery in the automotive industry's performance in Q2 [13]

Investment Rating - The report maintains a "Buy" rating for the automotive sector, specifically recommending Xpeng Motors and Fuyao Glass, while suggesting to pay attention to Geely and BYD [4][24]. Core Insights - The automotive market showed stable performance in April, with new model launches and ongoing discounts boosting sales for new energy vehicle manufacturers. Xpeng's deliveries increased by 273.1% year-on-year and 5.5% month-on-month to 35,045 units, while Li Auto's deliveries rose by 31.6% year-on-year but fell by 7.5% month-on-month to 33,939 units. NIO's deliveries surged by 53.0% year-on-year and 58.9% month-on-month to 23,900 units [1][3]. - The report highlights the importance of terminal discounts and the impact of new model launches on sales stability. It notes that Xpeng launched several new models in March and April, while Li Auto and NIO also introduced new versions of their vehicles [1][2]. - The report emphasizes the potential for growth driven by trade-in programs and the ongoing trend towards smart driving and robotics in the automotive industry, suggesting that companies with strong self-research capabilities in smart driving algorithms and chips will benefit [3]. Summary by Sections Sales Performance - Xpeng delivered 35,045 units in April, marking a year-on-year increase of 273.1% and a month-on-month increase of 5.5% [1]. - Li Auto's deliveries reached 33,939 units, reflecting a year-on-year increase of 31.6% but a month-on-month decrease of 7.5% [1]. - NIO's deliveries totaled 23,900 units, with a year-on-year increase of 53.0% and a month-on-month increase of 58.9% [1]. New Model Launches - Xpeng launched new models including the G6 and G9 in March, and the X9 in April, with deliveries starting on April 23 [1]. - Li Auto introduced the L6 and MEGA Ultra in April, with the L6 expected to start deliveries in May [2]. - NIO's new model, the Firefly, was officially launched on April 19 [1]. Investment Recommendations - The report recommends buying shares of Xpeng Motors and Fuyao Glass, while suggesting to pay attention to Geely and BYD for potential investment opportunities [3][4].

行业研究 邮箱：suqianye@hcyjs.com 执业编号：S0360523050001 证 券 研 究 报 告 电动车行业跟踪报告 4 月新势力交付同环比持续增长，零跑连续 推荐（维持） 两月稳居新势力交付榜首 电力设备及新能源 2025 年 05 月 06 日 华创证券研究所 证券分析师：苏千叶 证券分析师：黄麟 邮箱：huanglin1@hcyjs.com 执业编号：S0360522080001 行业基本数据 | | | 占比% | | --- | --- | --- | | 股票家数(只) | 299 | 0.04 | | 总市值(亿元) | 47,031.12 | 4.86 | | 流通市值(亿元) | 41,360.01 | 5.39 | 相对指数表现 | % | 1M | 6M | 12M | | --- | --- | --- | --- | | 绝对表现 | -8.6% | -9.5% | 1.9% | | 相对表现 | -4.9% | -6.5% | -2.7% | -18% -5% 8% 20% 24/05 24/07 24/09 24/12 25/02 25/04 2024-05- ...

Core Perspective - The 2025 Shanghai Auto Show showcases a revolution in automotive design aesthetics, with Chinese brands integrating cultural elements into their designs, moving beyond superficial aesthetics to redefine the automotive industry's aesthetic standards [2][3][4]. Design Language Reconstruction - GAC's Trumpchi S9 embodies the philosophy of "hiding sharpness in gentleness," reflecting a modern interpretation of Chinese cultural genes through its design [3]. - The shift in design paradigms indicates a transition from merely transporting cultural symbols to deeply decoding and reorganizing cultural genes within the Chinese automotive industry [3]. - The Red Flag brand's grille design exemplifies this transformation, utilizing parametric algorithms to reinterpret traditional aesthetics into a modern context [3]. Color Revolution - The Zeekr 001 FR's "Extreme Blue" paint represents a technological interpretation of traditional aesthetics, showcasing dynamic glaze color beauty through advanced materials [4]. - Chinese automotive manufacturers are acting as cultural decoders, transforming ancient motifs into algorithms that drive future designs [4]. Material Revolution - Domestic automakers are leveraging patent data to build a technological aesthetic, with 38% of new material application patents globally reflecting advancements in materials science [7]. - Innovations such as BYD's "blade battery" and XPeng's flying car design illustrate the integration of traditional wisdom with modern material science [7]. Globalization and Localization Balance - The GAC CC4 concept car merges pre-war streamlined design with contemporary aesthetics, showcasing a blend of Western modernism and Eastern life philosophy [8]. - The localization rate of Chinese automakers' overseas models has increased from 15% in 2020 to 47% in 2024, highlighting collaboration between local design centers and cultural institutions [8]. Emotional Design Standards - The China Automotive Engineering Research Institute is set to introduce the world's first international standard for emotional design in smart vehicles, incorporating cultural symbols into the evaluation system [9]. - This "soft standard" aims to redefine the value system in global automotive design, emphasizing cultural DNA in smart vehicles [9]. Future Competition Landscape - The competition in automotive design will extend beyond technical specifications to include cultural encoding and value output capabilities, positioning Chinese automotive industry as a digital carrier of civilization [9].

Core Insights - The competition among new energy vehicle manufacturers in China remains intense, with sales figures being a key indicator of market positioning [1][2][26] - Leap Motor has emerged as a leader in April sales, achieving a significant year-on-year growth [4][5][26] - Other companies like Xiaopeng and NIO have shown positive sales trends, while some brands are experiencing declines [9][12][16][20] Sales Rankings - Leap Motor ranked first with 41,309 units sold in April, a 10.63% increase from March [2][4] - Xiaopeng ranked second with 35,045 units, marking a 5.54% increase [2][9] - Li Auto ranked third with 33,939 units, but saw a 7.46% decrease from the previous month [2][20] Performance Analysis - Leap Motor's success is attributed to its strong value proposition and efficient delivery system, with its C10 model achieving over 100,000 deliveries [7][4] - Xiaopeng's consistent performance is linked to its strategic adjustments and successful model launches [9][10] - NIO's sales increased by 53% in April, indicating a positive shift in its market strategy [12] Declining Sales - Xiaomi's sales fell by 4.25% to 28,000 units, reflecting challenges faced in the market [14] - Aion, Deep Blue, and Zeekr experienced significant declines, with Aion's sales down 16.96% [16][17] - Li Auto's decline raises concerns about its competitive position, especially in a crowded SUV market [20][25] Market Dynamics - The competitive landscape is evolving, with new entrants and existing players intensifying their efforts to capture market share [26] - The importance of maintaining strong sales performance is emphasized, as companies without robust competitive advantages may struggle to survive [26]