首次覆盖给予"买入"评级，目标价为8.60 港元：由于地平线目前正处于产品初期放量阶段，且我们预计 其2025-2026 年仍将维持财务亏损，因此我们采用市销率（P/S）对其进行估值。我们选取英伟达、 ARM、Mobileye 和黑芝麻智能作为可比公司，给予地平线20倍2026 年P/S 估值，得到目标价为8.60 港 元。首次覆盖给予"买入"评级。 机构：华兴证券 研究员：王一鸣 风险提示：1）智能驾驶或高级辅助驾驶进展不及预期；2）行业竞争加剧；3）贸易壁垒或监管等其他 不利因素影响；4）供应链风险；5）客户集中度过高风险。 充分受益于全球智能驾驶增长潜力：根据地平线机器人（简称"地平线"）招股书和灼识资讯的数据统 计，全球/中国的智能汽车销量2030 年将分别达到~8,000 万辆/3,000 万辆，届时高阶辅助驾驶+高级自动 驾驶的渗透率将接近100%水平。在此进程中，我们认为以地平线为代表的国内第三方供应商将直接受 益于智驾功能的快速普及。根据年报显示，地平线2024 年在中国OEM 高级辅助驾驶市场的份额超过 40%，龙头地位稳固。同时，地平线独特的软硬件结合能力和对高端芯片市场的逐步渗透将支撑其 ...

| 目标价: HK$8.60 | 当前股价: HK$6.46 | | --- | --- | | 股价上行/下行空间 | +33% | | 52 周最高/最低价 (HK$) | 10.38/3.32 | | 市值 (US$mn) | 3,766 | | 当前发行数量(百万股) | 4,576 | | 三个月平均日交易額 | 138 | | (US$mn) | | | 流通盘占比 (%) | 84 | | 主要股东 (%) | | | CARIAD Estonia | 18 | | Everest robotics | 13 | | SAIC QIJUN | 8 | | 按 2025 年 6 月 19 日收市数据 | | | 资料来源: FactSet | | 主要调整 | | 现值 | 原值 | 变动 | | --- | --- | --- | --- | | 评级 | 买入 | N/A | N/A | | 目标价 (HK$) | 8.60 | N/A | N/A | | 2025E EPS (RMB) | (0.07) | N/A | N/A | | 2026E EPS (RMB) | (0.02) | N ...

沃尔沃、奔驰等车企此前也调整了全面电动化计划。其中，奔驰去年曾表示将不再坚持原先 2030年前在主要市场全面转向电动汽车销售的目标。随后，奔驰全球CEO康林松称，这不意 味着奔驰将放弃电动化，而是会将燃油车和电动车双线发展，目前的计划是到2027年推出一 个全新的内燃机车型阵容，使内燃机能够持续到2030年代。 6月18日，奥迪全球CEO高德诺（Gernot Döllner）在接受外媒采访时确认已推翻前任管理 层所制定的计划，奥迪已经撤回原定于2033年停止研发和销售内燃机汽车的计划，目前不再 设定明确的终止时间表。 "奥迪将在2024年至2026年期间推出全新的内燃机和插电式混合动力汽车系列，这将为我们 在未来十年内提供更强的灵活性，然后我们将看看市场如何发展。"高德诺表示。 高德诺还透露，奥迪未来将牵头开发大众集团中大型车型的平台架构与软件系统，涵盖从A5 级别起的所有车型。这项工作包括下一代SSP平台，标志着大众集团将首次全面转向"软件定 义汽车"。该项目由大众与 Rivian 合作，首批搭载 SSP 平台的奥迪车型预计将在2027年底 或2028年上市。 按照原本计划，奥迪将于2026年在全球发布最后 ...

关注公众号，点击公众号主页右上角" ··· "，设置星标 "⭐" ，关注 鑫椤锂电 资讯~ 不过，值得注意的是，中国电动车市场发展迅速，跨国车企正加速在中国市场的电动化转型步伐，同时通 过不同举措实现降本增效。 高德诺此前表示，通过推出新车型、加强在中国市场的布局以及提升公司内部结构效率，对奥迪进行战略 性调整。而奥迪转型战略主要聚焦在两大关键领域：软件定义汽车和高级辅助驾驶技术。自2025年年中 起，奥迪陆续投产多款针对中国市场专属打造的车型。奥迪与一汽生产基于PPE豪华纯电动平台新车型， 奥迪Q6L e-tron已开启预售；与上汽联合开发面向中国市场的纯电动智能网联车型，新品牌AUDI的全新 纯电动车型将基于奥迪和上汽联合开发的智能数字平台进行打造。在智能化上，奥迪与华为合作，自 2025年起，搭载了华为高级智能驾驶辅助系统将应用于新平台产品。 "奥迪将在2024年至2026年期间推出全新的内燃机和插电式混合动力汽车系列，这将为我们在未来十年 内提供更强的灵活性，然后我们将看看市场如何发展。"高德诺表示。 高德诺还透露，奥迪未来将牵头开发大众集团中大型车型的平台架构与软件系统，涵盖从A5级别起的所有 车型 ...

按照原本计划，奥迪将于2026年在全球发布最后一批燃油车，2033年实现全面电动化。 不过，值得注意的是，中国电动车市场发展迅速，跨国车企正加速在中国市场的电动化转型步伐，同时 通过不同举措实现降本增效。 高德诺此前表示，通过推出新车型、加强在中国市场的布局以及提升公司内部结构效率，对奥迪进行战 略性调整。而奥迪转型战略主要聚焦在两大关键领域：软件定义汽车和高级辅助驾驶技术。自2025年年 中起，奥迪陆续投产多款针对中国市场专属打造的车型。奥迪与一汽生产基于PPE豪华纯电动平台新车 型，奥迪Q6L e-tron已开启预售；与上汽联合开发面向中国市场的纯电动智能网联车型，新品牌AUDI的 全新纯电动车型将基于奥迪和上汽联合开发的智能数字平台进行打造。在智能化上，奥迪与华为合作， 自2025年起，搭载了华为高级智能驾驶辅助系统将应用于新平台产品。 按照原本计划，奥迪将于2026年在全球发布最后一批燃油车，2033年实现全面电动化。早在今年3月 份，高德诺在财报会上接受记者采访时就表示，这一计划有所调整，奥迪重新审视了停售燃油车的时 间，鉴于全球各地市场发展程度不均衡，电动车的普及速度存在显著差异，正实施因地制宜的 ...

TOP2解读(非理想AD团队自己的说法，是TOP2个人的解读): 3.理想选择标配激光雷达，是由于随着产业进步(有理想自身的进步，也有中国产业链本身的进步)， 激光雷达可以带来的现货安全价值(更好的高阶AEB AES能力)而不是期货安全价值足够大了，这个足 够大的时间节点在2024年下半年。 4.产业进步速度存在不确定性，理想在某个时间节点前，没有足够信心或预判性，激光雷达的现货安 全价值可以达到2024年下半年的水平，有信心后，基于理想价值观，选择了标配激光雷达。做了这个 决定后，什么时候选择标配也需要综合考虑产业整体水平，理想自身更新换代节奏。 以下为理想高级辅助驾驶产品经理微博用户陈两把内容： Q：为什么老车型没有标配高算力的Orin-X和激光雷达？ A：给到车主朋友更多选择，部分老司机朋友就不喜欢城市NOA、认为用不上，有高速NOA 就够了，比如我大姑父，就选的L8 Pro。如果强行塞给车主用不上的功能、配置，那车辆售价自然也 就高了，成本也是车主承担，大可不必（真实思考，未影射）。为什么L9一开始只有Max后来才有的 Pro，也是真的有车主朋友提出述求，出一个入门版本吧，有AD Pro能有高速NOA ...

Core Viewpoint - The traditional luxury car brands represented by BBA (BMW, Benz, Audi) are facing significant challenges in the Chinese market, with local luxury brands rapidly gaining market share and altering consumer perceptions of luxury vehicles [1][3][20]. Group 1: Market Dynamics - The global sales of BBA brands are declining, with BMW and Benz experiencing the largest drops in China, with sales down 13% and 7% respectively, while Audi's sales fell by approximately 11% [1][3]. - The Chinese luxury car market is evolving, with the segment priced between 200,000 to 300,000 yuan experiencing a 92% growth from 1.982 million units in 2018 to 3.822 million units in 2024 [3][18]. - In 2024, domestic high-end brand passenger car sales are projected to reach 4.738 million units, reflecting a 2.3% year-on-year increase [3][18]. Group 2: Audi's Strategic Shift - Audi is launching a new AUDI brand in China, aiming to attract younger consumers and differentiate itself in the luxury market [2][3]. - The AUDI E5 Sportback, which debuted shortly before the Shanghai Auto Show, represents Audi's commitment to electric and intelligent vehicle technology, with a focus on local partnerships for battery and smart driving solutions [2][4][7]. - Audi's collaboration with local suppliers like CATL for battery systems and Momenta for intelligent driving technology highlights a strategic pivot towards leveraging Chinese innovation [2][9][11]. Group 3: Competitive Landscape - Traditional luxury brands are increasingly adopting Chinese smart automotive solutions, with BBA brands collaborating with local companies to enhance their technological offerings [9][10][21]. - The shift towards smart and electric vehicles is not just limited to BBA; other foreign brands are also forming partnerships with Chinese suppliers to adapt to the rapidly changing market [10][13]. - The competitive landscape is intensifying, with the Chinese market leading in the adoption of new energy vehicles, achieving over 50% penetration, while other regions lag behind [18][20]. Group 4: Future Outlook - The success of BBA brands in China is seen as critical for their global strategy, with significant investments planned for new electric models and local R&D initiatives [17][20]. - The rapid development of smart and electric vehicles in China is expected to influence global automotive trends, with Chinese solutions beginning to penetrate international markets [21].

Group 1 - The core point of the article is that Faraday Future (FF) successfully passed all proposals at its annual shareholder meeting, which supports the goal of launching its first vehicle, FX, by the end of 2025 [1][2] - The approval of key proposals, including board elections, private placement, and share authorization, indicates strong shareholder support for the current management team, with all five board candidates receiving over 95% of the votes [1] - The private placement will enhance FF's financial strength, helping the company maintain compliance with NASDAQ listing requirements and creating conditions for future financing [1][2] Group 2 - The share authorization proposal increased the number of common shares from 129 million to 167 million, a 29% increase, allowing room for future mergers, acquisitions, and strategic partnerships [1] - FF reiterated its firm opposition to share consolidation, committing to enhancing shareholder value through capital structure optimization while maintaining NASDAQ listing status [1] - The FX prototype has received public road testing approval, and the first mass-produced model, Super One, is set for a product launch event this summer, with positive feedback from U.S. consumers and dealers [2] Group 3 - Management's decision to increase their holdings through a 10b5-1 purchase plan, totaling $610,000 in FF common stock, is seen as a sign of confidence in the company's long-term development [2] - The stock price of FFAI rose 8.2% despite a general downturn in the U.S. stock market and the electric vehicle sector, with a peak increase of 16% during trading [2] - The upcoming timeline for the FX product line and the goal of achieving strategic objectives by 2025 will be critical in assessing the viability of FF's business model [2]

每经记者 范文清 每经编辑 孙磊 转型中的奥迪正在中国市场开启交付之年。 在本届上海车展上，奥迪因带来五款全新量产车型而备受业内瞩目。这五款车型均基于奥迪最新平台打造，比如奥迪A5L、奥迪A5L Sportback、奥迪Q5L这 三款燃油车均出自奥迪PPC豪华燃油车平台，奥迪Q6 e-tron是基于PPE豪华纯电动平台打造的第三款纯电动车型，奥迪E5 Sportback则是全新AUDI品牌的首 款量产车。这些首发车型将于未来数月内登陆中国市场。 "我们不仅要在新能源车市场投放新产品来发力，还要在豪华燃油车市场继续引领并稳步推进。"奥迪股份公司管理董事会主席高德诺在本届上海车展期间接 受《每日经济新闻》记者采访时表示，面对新时代浪潮，奥迪已制定清晰的战略蓝图。本届上海车展亮相的产品系列，正是奥迪战略转型的最佳印证。 事实上，为了在新时代的竞争中更进一步，奥迪将战略转型主要聚焦在两大关键领域：软件定义汽车和高级辅助驾驶技术。而在应对科技转型的挑战过程 中，奥迪深刻认识到，必须依靠强大的合作伙伴关系，通过与优秀的中国科技公司合作，才能精准对接中国市场的独特需求。 为此，奥迪在本届上海车展之前便透露了与华为合作的消息 ...

Group 1 - Audi showcased 19 models at the Shanghai International Auto Show, including 5 new production models specifically designed for the Chinese market [1][2] - The new models are built on the PPE luxury electric platform, PPC luxury fuel vehicle platform, and ADP intelligent digital platform, featuring advanced driver assistance technologies [2] - Audi's dual-brand strategy in China aims to cater to different consumer segments, with "Four Rings Audi" targeting traditional luxury consumers and "AUDI" brand focusing on younger, tech-savvy customers [9] Group 2 - Audi emphasizes a transformation speed likened to a "leopard," focusing on software-defined vehicles and advanced driver assistance technologies while maintaining a commitment to quality [5][6] - The company integrates into the Chinese technology ecosystem, collaborating with Huawei for ADAS systems and Momenta for advanced driving features, responding to local market demands [5][8] - Audi's leadership highlights the importance of safety and user needs in product development, particularly for the younger demographic in China, which has an average age of 35 [8][11] Group 3 - The partnership with FAW Audi and SAIC Audi allows for a comprehensive product matrix covering both fuel and electric vehicles, enhancing market reach [9][11] - Audi's long-standing presence in China, over 30 years, reinforces its commitment to quality and reliability, positioning it to face the challenges posed by rising domestic brands [11]