Core Insights - The electric drive system is a critical component of new energy vehicles, responsible for converting electrical energy into mechanical energy, directly influencing vehicle performance, energy efficiency, and reliability [1][14][15] - The market for electric drive systems in China is experiencing explosive growth, with the market size projected to increase from 17.1 billion yuan in 2019 to 151.45 billion yuan in 2024, representing a compound annual growth rate (CAGR) of 54.69% [1][14] - The development of the electric drive system industry is closely linked to the overall prosperity of the new energy vehicle sector, which is expected to continue expanding as the industry moves towards scale and intelligence [1][14] Industry Overview - The electric drive system consists of three main components: the drive motor, controller, and reducer, which are essential for the vehicle's power output and efficiency [5][7] - The electric drive system is categorized into four types based on motor configuration: single motor drive, dual motor drive, hub motor drive, and wheel-side motor drive [6][7] Industry Policies - The Chinese government has implemented a series of supportive policies to promote the development of new energy vehicles and their core components, including electric drive systems [8][9] - Recent initiatives include the Jilin Province's action plan for high-quality development of new energy and intelligent connected vehicles, focusing on key technologies such as high-energy, high-safety batteries and efficient electric drive systems [8][9] Industry Chain - The electric drive system industry chain includes upstream raw material suppliers (e.g., steel, aluminum alloys), midstream system assembly suppliers, and downstream new energy vehicle manufacturers [9][10] Market Growth and Trends - The production of new energy vehicles in China has surged from 340,500 units in 2015 to 12.888 million units in 2024, with a CAGR of 49.74% [13][15] - The electric drive system installation in new energy passenger vehicles is expected to reach 7.758 million units in 2024, a year-on-year increase of 41.72% [15] Key Companies - Major players in the electric drive system industry include Huichuan Technology, Times Electric, Wolong Electric Drive, and Jingjin Electric [2][16] - Wolong Electric Drive Group focuses on the research, production, and sales of motors and controls, with a projected revenue of 9.066 billion yuan in 2024, a decrease of 6% [16][17] - Jingjin Electric Technology is a leading domestic company in electric drive systems, with a revenue of 969 million yuan in the first half of 2025, a year-on-year increase of 78.84% [17][18] Future Development Trends - The integration of electric drive systems is expected to evolve from a "three-in-one" configuration to a more comprehensive "multi-in-one" approach, enhancing efficiency and reducing weight [19] - The industry is moving towards high-voltage platforms (800V and above) to meet fast charging demands, with silicon carbide (SiC) power modules becoming increasingly important [20] - Continuous optimization of electric drive system efficiency will focus on innovative design, materials, and control technologies to minimize energy consumption across all operational scenarios [21]

中经记者 郭阳琛 石英婧 上海报道 商用车方面，上汽大通的"无人客货双子星"也在本届广州车展完成首秀。大拿RoboVAN与大拿 RoboBUS两款车型可适用于物流、客运等多种行业，同时将与宁德时代强强联合，发布更高效、可靠 的补能方案。 2025年11月21日，第二十三届广州国际汽车展览会（以下简称"广州车展"）在中国进出口商品交易会展 馆盛大开幕。《中国经营报》记者注意到，由于距离新能源汽车购置税补贴减半仅剩一个多月，众多车 企纷纷在年末发布新车，而广州车展正是集中"上新"的舞台。据统计，本届广州车展现场汇聚1085台展 车，其中首发新车93台，包括别克、零跑、吉利银河、上海大通等品牌。 此外，岚图汽车、智己汽车等品牌选择在广州车展前"错峰"发布新车。例如，11月18日，岚图汽车正式 发布旗舰SUV——岚图泰山，37.99万元起售。 多名业内人士表示，因为购置税补贴减半，使得一些消费者提前做出购买决策。车企都在拿出十二分的 努力加快新品开发，去抓住这一波政策红利。同时，燃油车与新能源汽车都要做好准备，才能应对接下 来更为激烈的市场竞争。 首发新车93台展商数量增81% 据悉，本届广州车展上共有首发新车93台 ...

随着11月进入尾声，各家车企均陆续发布了2025年前三季度财报。在主要财务指标中，盈利能力是市场 关注的焦点，特别对于车企而言，单车利润是广受热议的话题。 近日，第一财经记者统计了16家在A股和港股上市的主流车企、新势力以及头部跨国车企。数据显示， 作为豪华车企，奔驰是统计车企中单车利润最高的，每卖一辆车可赚近2.4万元；其次是全球车企"盈利 王"丰田汽车，单车利润可达1.6万元，前三季度净利润超1250亿元。 排在第三的是中国车企赛力斯，单车利润超1.5万元，这也是统计车企中自主品牌单车盈利最高的企 业，而且超过了特斯拉的单车利润1.4万元。 在统计的16家车企中，只有上述4家企业单车利润超过了1万元，占比25%。而且，值得注意的是，这四 家车企中，有两家是新能源车企，其中赛力斯今年前三季度的新能源汽车的销售占比接近九成，特斯拉 是纯电车企。这也说明新能源汽车不赚钱这个结论其实已经不成立。 受到美国汽车关税、电动化转型、裁员成本增加等因素影响，跨国车企的盈利指标今年几乎都遭受了不 同程度地损伤。以奔驰为例，今年前三季度的净利润为38.78亿欧元，而去年同期为78.06亿欧元，同比 跌幅超过了50%。奔驰单车 ...

Investment Rating - The report assigns an IPO-specific rating of 5.6 out of 10 for the company, based on operational performance, industry outlook, valuation, and market sentiment [6]. Core Insights - The company, Naxin Micro (2676.HK), is a fabless analog chip design firm focusing on automotive electronics, energy, and consumer electronics, with a comprehensive product line including sensors, signal chain chips, and power management chips [1]. - Revenue is projected to grow from 1.67 billion in 2022 to 1.96 billion in 2024, with a significant increase in the first half of 2025, driven by demand in automotive electronics and the integration of the acquired company, Maiguan [1]. - The company ranks fifth among domestic analog chip firms in China and leads in automotive analog chip revenue, with strong customer recognition in the rapidly growing electric vehicle market [2]. Company Overview - Naxin Micro has over 3,600 product models and holds a strong market position in niche areas like digital isolation chips and magnetic sensors [1]. - The automotive electronics and energy sectors contribute over 85% of the company's revenue, highlighting their role as key growth drivers [1]. Industry Status and Outlook - The company is positioned to benefit from the domestic semiconductor market's growth and the trend towards localization, particularly in the automotive sector, where demand for automotive-grade chips is surging [3]. - The company has a low overseas revenue contribution (1.0% in the first half of 2025) but plans to expand its global market presence [3]. Strengths and Opportunities - Naxin Micro is the largest domestic manufacturer of silicon carbide epitaxial wafers, with a production capacity of 420,000 wafers, which will further enhance its competitive edge [3]. - The company aims to increase its market share through product diversification and expanding its sales network internationally [3]. Financial Information - The company plans to raise approximately 2.21 billion HKD from its IPO, with funds allocated for technology enhancement, product diversification, and market expansion [10]. - The estimated market capitalization post-IPO is 18.745 billion HKD, with a net asset value per share of 47.33 HKD [11].

11月26日～29日，上海法兰克福汽配展如期而至，全球悬挂系统专家BILSTEIN（倍适登）以"探至臻技术，铸卓越之道"为主题，携覆盖全系列、全场 景的悬挂系统产品与解决方案重磅登场，全面展示其在悬挂技术领域的深厚积累与前瞻布局。 作为源自1873年的德国品牌，倍适登现为蒂森克虏伯集团全资子公司，此次展会不仅是其新组织架构落地后的一次重要亮相，更重要的是传递出倍适登 及蒂森克虏伯深耕中国汽车售后市场的坚定决心。 ■扎实聚焦悬挂技术与产品 展会现场，倍适登聚焦产品与技术本身，用实力说话，集中呈现三大核心展区，彰显领先技术实力。 全系产品矩阵区覆盖了从日常通勤到专业赛道的全场景需求，优于原厂的B4系列及B4空气悬挂、进阶升级的B6系列、高性能专属的EVO S/T1/R系列以 及专业越野产品，构成了完善的产品体系。每一款产品都历经极寒、高温、盐雾腐蚀、百万次负载循环等严苛测试，延续了德国制造的高品质基因。 此外，倍适登推出的悬挂整备解决方案，通过提供全套更换附件与技术支持，为维修厂和车主打造一站式服务体验，实现了技术与服务的深度融合。 ■全部精力投入售后市场 倍适登特别设立新能源适配专区。加装倍适登定制专业赛道绞牙 ...

Investment Rating - The report suggests a cautious subscription for the company [2][4]. Core Insights - The company operates on a fabless model, focusing on chip research and design while outsourcing wafer manufacturing and most packaging testing to third-party suppliers. It provides high-performance and reliable products and solutions in automotive electronics, energy, and consumer electronics [2]. - The company's product categories include sensors, signal chain chips, and power management chips, forming a complete system link from perception to signal processing and system power supply [2]. - According to Frost & Sullivan, the company ranks 14th among all analog chip companies in China with a market share of 0.9% in the analog chip market, and 5th among Chinese analog chip companies [2][3]. Market Overview - The analog chip market in China is projected to reach RMB 195.3 billion in 2024, with the IDM model accounting for 76.4% (approximately RMB 149.2 billion) and the fabless model holding a smaller share of 23.6% (approximately RMB 46.1 billion) [3]. - The fabless model is expected to gain traction, with its market share projected to reach 27.4% (approximately RMB 91.5 billion) by 2029. The fastest-growing segments will be in new energy vehicles, smart devices, and artificial intelligence, particularly in the power management chip market, which is expected to expand to RMB 223.4 billion by 2029, with a CAGR of 12.1% from 2025 to 2029 [3]. Financial Performance - The company's revenues for 2022, 2023, and 2024 were RMB 1,670.4 million, RMB 1,310.9 million, and RMB 1,960.3 million, respectively. The net profit/loss figures were RMB 250.57 million, RMB -305.33 million, and RMB -402.88 million for the same years [3]. Valuation - The company's Hong Kong IPO valuation is approximately 8.7 times PS for 2024, which is considered reasonable and positioned in the middle of the industry [4].

2025广州车展上，色彩、形态各异的汽车摆放在展馆中，但穿梭其中的消费者已逐渐因审美疲劳， 难再对同质化汽车市场提起兴趣。千篇一律的汽车市场需要新的刺激点，启境孕育而生，站到聚光灯 下，开启中国汽车新生代的新征程。 而 乏善可陈的广州车展中，广汽股价 在本周内接连 强势涨 停，有华为加持的启境则犹如一抹艳 色，让人眼前一亮。 作为华为 "第一境"，启境需要满足市场"既要、又要、还要、 更要 "的诉求，除了满足基本的安 全、优秀的操控基因，而且还需要有突出的智能化优势。为此，华为选择在"技术、团队、流程、理 当前，汽车工业革命已驶入一场新变革。中国汽车工业协会数据显示，今年 10月，中国新能源汽车 月度渗透率首次突破50%，每售出2辆新车，至少有1辆是新能源汽车。预计2026年，新能源汽车销 量和保有量将持续创新高，新能源渗透率预计突破60%。 在变革浪潮进入智能化转折点，启境趁势而起，并在华为乾崑生态大会上完成首次公开亮相。华为智 能车解决方案 BU CEO靳玉志 此前 表示，中国市场经过十年电动化发展，已经有很多很优秀的、 各种各样的电动车，有的车漂亮，有的车安全，有的车强调操控。那么，竞争激烈的汽车市场为 ...

5、根据2024年年报，公司海外营收占比为71.98%，受益于人民币贬值。 (免责声明：分析内容来源于互联网，不构成投资建议，请投资者根据不同行情独立判断) 来源：新浪证券-红岸工作室 11月28日，均普智能涨1.42%，成交额1.05亿元，换手率0.80%，总市值131.30亿元。 异动分析 人形机器人+汽车热管理+华为汽车+新能源汽车+人民币贬值受益 1、2025年7月14日互动易，公司全资子公司与智元机器人通过成立合资公司开展通用人形机器人本体的 共研、生产和销售，同时公司也向智元机器人供应零部件。 2、公司承接并完成了宝洁集团全球近十年投资最大的电动剃须刀智能制造装备项目，并陆续开拓了采 埃孚、保时捷、福特、美国车桥、美的集团等客户的新能源汽车电驱动和电控模块、 800V 汽车电压升 压模块、新一代大尺寸汽车中控触摸屏系统、汽车电子刹车助力系统、新能源汽车空调压缩机等代表行 业前沿技术的智能制造装备项目。 3、2023年10月13日互动易：公司为客户提供车载控制系统装配智能产线，据了解相关产线生产的终端 产品会上车华为HI模式或智选模式相关车型。 4、宁波均普智能制造股份有限公司的主营业务是成套装配与 ...

第二十三届广州车展期间，腾势汽车携腾势N8L、腾势D9、腾势N9、腾势Z9、Z9GT等全系列车型亮 相，展示了品牌在新能源汽车安全、操控方面的技术成果，以及在电动化、智能化领域的布局。 腾势展台 腾势汽车 本次车展上，刚上市不久的大六座车型腾势N8L亮相。作为核心优势，腾势N8L拥有多项安全配置。其 车身关键部位采用2000MPa热成型钢，配合混动CTB技术，经测试可承受25吨大货车侧翻压顶的压力。 同时，搭载的易三方系统让车辆在安全性能上有多项安全表现，为家庭出行提供了保障。 操控表现方面，腾势N8L全系配备"插混专用2.0T高效发动机+三电机"动力系统，零百加速时间为3.9 秒，转弯半径4.58米，辅以35.4米的刹车距离和云辇-A智能空气车身控制系统。 腾势N8L 腾势汽车 展台上展示的腾势D9至尊版采用"紫气凌云"双色车身。作为热销MPV车型，腾势D9即将达成30万辆交 付量。自2022年上市以来，腾势D9连续两年在MPV年度销量保持领先。 今年1—10月，腾势D9再次获得中国新能源MPV市场销量冠军。用户覆盖何猷君、经济学家管清友、主 持人杨澜、奥运冠军王皓等不同领域人士。在海外市场，腾势D9在印尼 ...

长城证券研报指出，亿纬锂能2025年前三季度归母净利润为28.16亿元，同比下降11.70%；Q3归母净利 润为12.11亿元，同比增长15.13%，环比增长140.16%。动力电池业务高增态势延续，2026年增长动能全 面强化。2025 年前三季度公司动力电池出货量约34.59GWh，同比大幅增长66.98%，出货量大幅增长。 随着全球新能源汽车渗透率提升与储能市场需求持续释放，叠加公司在动力电池、储能系统及固态电池 领域的多元化技术布局与产能落地，公司主营业务成长空间广阔。首次覆盖，予以"买入"评级。 ...