Core Viewpoint - The company is positioned as a leader in the ADAS integrated machine market, with expectations for hardware shipments to exceed 10 million units by 2025, driven by the "Smart Driving Equality" initiative [3]. Group 1: Market Position and Growth - In 2024, the company holds the largest market share in the front-view integrated machine computing solutions for domestic passenger vehicles in China, and ranks second among independent high-level autonomous driving solution providers [3]. - The CEO stated that by 2025, one in every three smart vehicles will be equipped with the company's technology, with projected product delivery volumes reaching 2.9 million units in 2024 and cumulative deliveries hitting 7.7 million units [3]. Group 2: Short to Long-term Growth Logic - Short-term: The J6E/M models have secured contracts with major brands like BYD, Geely, and Chery, with expectations for mid-to-high level smart driving shipments to surpass 2 million units in 2025 [4]. - Short to mid-term: The J6P and HSD integrated high-level smart driving solution is set for mass production in Q3 2025, with significant performance improvements over the previous generation [4]. - Mid-term: Collaborations with several Tier-1 suppliers are expected to facilitate international expansion, with the J6B model anticipated to see volume shipments in 2026 [4]. - Long-term: The successful mass production of the Xuri 5 chip, which is already used in various household robots, indicates potential future entry into humanoid robots and robotic dog supply chains [4]. Group 3: Stock Performance and Market Liquidity - Following the pre-IPO lock-up expiration on April 24, the stock price showed resilience, with only a 4.27% decline on the day of the release, and subsequent fluctuations indicating strong market support for the J6 series and HSD products [5]. - As of April 30, the company meets the criteria for inclusion in the Hong Kong Stock Connect, which, along with the lock-up expiration, is expected to enhance liquidity as it has been added to the Hang Seng Technology Index [6].

Core Viewpoint - The article discusses the challenges faced by Xiaomi in the automotive sector, particularly regarding the SU7 Ultra model, highlighting issues of false advertising and customer dissatisfaction, which reflect broader industry concerns about trust and accountability in the electric vehicle market [1][21][35]. Group 1: Customer Issues and Reactions - Multiple owners of the Xiaomi SU7 Ultra have demanded refunds due to the carbon fiber hood not performing as advertised, leading to accusations of false advertising [3][4][6]. - Xiaomi acknowledged the discrepancies in their product claims and issued a public apology, offering compensation in the form of loyalty points to affected customers [7][9][13]. - The controversy has sparked significant backlash from consumers, who feel that Xiaomi's response has not adequately addressed their grievances [13][20]. Group 2: Product Performance and Safety Concerns - Following a series of incidents, Xiaomi limited the SU7 Ultra's maximum horsepower from 1548 to 900, requiring owners to complete a track test to unlock the full power [18][20]. - This decision has been met with criticism, as many believe it undermines the vehicle's appeal and disregards customer input [20][21]. Group 3: Industry Context and Implications - The article places Xiaomi's challenges within the broader context of the electric vehicle industry, where trust and safety are paramount, especially as new players enter the market [23][25][31]. - The shift in consumer expectations and the evolving relationship between car manufacturers and buyers are highlighted, indicating a need for greater accountability and transparency in the industry [27][28][32]. - Xiaomi's experience serves as a cautionary tale for other companies in the sector, emphasizing the importance of maintaining consumer trust and addressing issues proactively [29][35].

Core Viewpoint - The article discusses the challenges faced by Xiaomi in the automotive sector, particularly regarding the SU7 Ultra model, highlighting issues of false advertising and customer dissatisfaction, which have led to a significant trust crisis for the brand [2][28]. Group 1: Issues with SU7 Ultra - Multiple owners of the Xiaomi SU7 Ultra have demanded refunds due to the carbon fiber hood not performing as advertised, which they claim constitutes false advertising [5][12]. - The SU7 Ultra was initially celebrated for its performance, achieving a record time at the Nürburgring, but subsequent revelations about the product's actual capabilities have led to significant backlash from consumers [6][11]. - Xiaomi publicly apologized for the misleading information regarding the carbon fiber hood and offered compensation in the form of loyalty points to affected customers [9][12]. Group 2: Performance Limitations - In response to safety concerns, Xiaomi limited the SU7 Ultra's maximum horsepower from 1548 to 900, requiring owners to complete a track test to unlock the full power [20][23]. - This decision has been met with criticism from consumers who feel it undermines the vehicle's appeal and does not respect customer feedback [21][27]. Group 3: Broader Industry Context - The article places Xiaomi's challenges within the larger context of the automotive industry, noting that many new energy vehicle manufacturers are facing similar scrutiny and consumer expectations regarding safety and performance [24][27]. - The shift in consumer behavior towards seeking accountability from car manufacturers is highlighted, indicating a change in the relationship between consumers and automotive brands [25][26]. Group 4: Brand and Market Position - Xiaomi's rapid rise in the automotive market is noted, with the company entering a highly competitive space and establishing a strong brand identity among younger consumers [28][29]. - The article suggests that the current issues faced by Xiaomi should serve as a turning point for the entire industry, emphasizing the importance of safety and trust in the development of new energy vehicles [29].

Investment Rating - The report maintains a "Buy" rating for the company [2][59]. Core Insights - The company is positioned as the market leader in the ADAS integrated machine market in China, with a projected hardware shipment exceeding 10 million units by 2025, driven by the "intelligent driving equality" trend [2][4]. - The J6E/M series has secured multiple model designations from major automotive brands, indicating strong short-term revenue growth potential [2][4]. - The HSD system, launched in April 2025, marks a significant advancement in high-level intelligent driving solutions, with initial deployment in Chery's models [2][4][29]. Summary by Sections 1. Core Business Progress - The company holds a 43.58% market share in the Chinese ADAS market for 2024, ranking first among domestic brands [11]. - The J6E/M series has been designated for over 310 models, with a delivery volume of 2.9 million units expected in 2024 and a cumulative total of 7.7 million units [11][12]. - The J6P and HSD system are set to begin mass production in Q3 2025, with significant performance improvements over previous generations [22][26]. 2. Capital Market Situation - Following the pre-IPO lock-up expiration, the stock price showed resilience, with only a slight decline on the day of the release [52][55]. - The company is expected to meet the conditions for inclusion in the Hong Kong Stock Connect, which will enhance liquidity [56][58]. 3. Revenue Growth Forecast - The company anticipates continued rapid revenue growth, with a clear growth logic in the short, medium, and long term [2][59]. - The introduction of the J6P is expected to drive an increase in average selling prices (ASP) for hardware due to its enhanced capabilities [22][26].

Summary of Leap Motor Conference Call Company Overview - **Company**: Leap Motor - **Industry**: Electric Vehicle (EV) Manufacturing Key Points and Arguments Sales Performance - In April 2025, Leap Motor sold 41,000 vehicles, maintaining the top position in wholesale sales among new force car manufacturers for two consecutive months, with a month-on-month increase of 4,000 units, primarily due to the complete delivery of the B10 model and significant growth in overseas sales, which reached 6,086 units, the highest among new forces [2][5] - During the May Day holiday, Leap Motor set a new record for order volume, with over 18,000 total orders from May 1 to May 5, and a single-day order exceeding 3,700 units on May 5, indicating strong market demand and potential for future sales growth [2][5] Product Development - The second new car from the B platform, the B01, was unveiled at the Shanghai Auto Show, positioned as a compact pure electric sedan with a competitive price and a range of 650 kilometers, equipped with advanced technologies including LIP3.5 architecture and high-performance chips [2][6] - The new C10 model has started pre-sales, featuring an improved range of 605 kilometers and a price range of 129,800 to 149,800 yuan, enhancing market competitiveness through price reduction and added features [2][6] Strategic Partnerships - Leap Motor signed a strategic cooperation memorandum with China FAW Group, focusing on joint development of new energy passenger vehicles and integration of component technologies, which is expected to positively impact the company's performance through authorized service income [2][7] Financial Projections - For 2025, Leap Motor anticipates sales of 500,000 to 600,000 vehicles, with revenue exceeding 60 billion yuan, and projections for 2026 reaching 100 billion yuan. The expected gross margin is between 10% and 12%, although actual performance typically exceeds guidance [4][12] - The company expects significant improvements in gross margin due to scale effects and cost reductions from the LIP3.5 platform, which is designed to lower production costs [3][12] Market Outlook - The company maintains a positive outlook for future sales, expecting stable monthly sales of 10,000 to 15,000 units for the B10 model and several thousand units for the B01 after its launch in July [4][8] - The new C10 model is projected to maintain strong sales momentum, supported by competitive pricing and enhanced features [9][10] Competitive Positioning - Leap Motor's products are positioned competitively against rivals such as BYD and XPeng, with the B01's range and pricing strategy aimed at capturing market share in the compact EV segment [6][11] Cost Management - The LIP3.5 platform is expected to reduce costs significantly through design optimizations and negotiations with suppliers, contributing to better profitability despite a competitive market environment [12] Additional Important Information - Leap Motor's overall sales strategy includes accelerating overseas expansion, with a focus on high-end models and localizing production to mitigate market disruptions [8][11] - The company has a robust pipeline of new models, including the B05 expected to debut at the Chengdu Auto Show in August 2025, which will further enhance its market presence [11]

Core Viewpoint - The company, Seres, has submitted its IPO application to the Hong Kong Stock Exchange, marking a significant step towards becoming a major player in the automotive industry with an "A+H" stock structure [2][5]. Financial Performance - In 2024, Seres achieved profitability, becoming the fourth global electric vehicle company to do so, with revenue soaring from RMB 358 billion in 2023 to RMB 1,451 billion in 2024, a year-on-year increase of 305.5% [5]. - The gross margin improved from 7.2% in 2023 to 23.8% in 2024, reflecting a 16.6 percentage point increase, indicating strong sustainable development potential [5]. Sales and Market Position - Seres experienced explosive sales growth in 2024, with total vehicle sales nearing 500,000 units, and its flagship brand, AITO, delivering 387,100 units, a 268% year-on-year increase [7]. - The AITO M5 set a record for the fastest delivery of over 10,000 units for a new brand in its first year, while the M7 and M9 became bestsellers in their respective price segments [7][8]. Strategic Partnerships and Support - Seres benefits from strategic support from state-owned enterprises, with Dongfeng Group holding a 20% stake and providing various resources, including financial services and logistics support [9][10]. - The acquisition of Longsheng New Energy for RMB 8.164 billion, backed by state-owned assets, further solidifies Seres' position and operational capabilities [10][11]. Research and Development - The company is investing heavily in self-research, having spent nearly RMB 10 billion on the development of its modular platform, which supports multiple powertrain types [21][23]. - Seres aims to transition from relying on Huawei's technology to developing its own innovations to enhance brand value and consumer loyalty [23]. Market Challenges - Despite strong sales, Seres faces challenges, including a high asset-liability ratio of 87% and a declining sales trend in early 2025, with January sales down 51.39% year-on-year [17][19]. - The company relies heavily on the domestic market, with 97% of its revenue coming from China, which poses risks as competition intensifies [19]. Future Outlook - Seres plans to explore international markets and establish strategic alliances to enhance its global presence, particularly in Europe [23]. - The company is also preparing for potential challenges related to compliance and management costs associated with its dual listing strategy [25].

Core Viewpoint - The rapid advancement of "smart driving" technology has been halted due to regulatory restrictions following a high-profile accident involving Xiaomi's SU7, leading to significant financial repercussions for several electric vehicle manufacturers [3][4][5]. Group 1: Regulatory Impact - The Ministry of Industry and Information Technology has issued new regulations limiting the promotion and functionality of smart driving systems, particularly prohibiting the use of terms like "takeover" and restricting features that cannot be fully controlled by the driver [3]. - Following the accident, Xiaomi rebranded its "smart driving" feature to "assisted driving" on its vehicle ordering page [4]. Group 2: Financial Consequences - Prior to the accident, several electric vehicle companies, including Xiaomi and BYD, raised substantial capital through share placements, with Xiaomi and BYD each raising approximately HKD 42.5 billion and HKD 43.5 billion respectively [5]. - The announcement of these placements led to a sharp decline in stock prices, with BYD's shares dropping over 7% and Xiaomi's market value evaporating by nearly HKD 100 billion in a single day [5]. Group 3: Cost Structure of Smart Driving - Smart driving technology constitutes a significant portion of vehicle costs, with research indicating that it accounted for 38% of total expenditures for automakers last year, second only to battery costs [5]. - The cost of smart driving systems varies between thousands to tens of thousands of yuan, representing 5% to 15% of the total vehicle cost, and this percentage may increase with the addition of advanced features [7]. Group 4: R&D Strategies - Companies like NIO, Xiaopeng, and Li Auto primarily adopt a mixed model of self-research and external procurement for smart driving technologies, balancing core capabilities with faster product deployment [8]. - NIO's self-developed smart driving chip reportedly saves around CNY 10,000 compared to using multiple external chips [9]. Group 5: Market Dynamics - BYD's recent strategy to integrate high-level smart driving features across a wider range of models, including those priced below CNY 100,000, disrupts the previous pricing logic in the smart driving market [17][18]. - The industry consensus is that achieving economies of scale through mass production is essential for reducing smart driving costs, with a focus on penetrating the mainstream price segment of CNY 100,000 to CNY 200,000 [19]. Group 6: User Perception and Challenges - There is a significant gap in user understanding of smart driving technologies, particularly in lower-priced models where feature reductions may amplify safety concerns [20][21]. - The reliance on pure vision systems in lower-tier models poses challenges in complex real-world scenarios, as these systems may struggle with rare but critical situations not covered in training data [21][22].

2025 年 5 月 7 日 晨会速递 分析师点评 市场数据 总量研究 【策略】盈利探底回升，科技板块景气度上行——A 股及港股财报分析 A 股 2024 年盈利增速回落，但 2025Q1 盈利增速显著回升。全部 A 股 2024 年归母 净利润同比下降2.3%，较2024年前三季度归母净利润增速回落2.4pct，而其2025Q1 归母净利润同比增长 3.6%，较 2024 年全年归母净利润增速回升 5.9pct。此外，港 股方面，2024H2 港股盈利增速较 2024H1 回升，恒生科技盈利保持高增。 市场基准利率以政策利率为中枢运行既是健全市场化利率调控机制的应有之义，也是 内嵌于"牵 OMO 利率之一发而带动各市场利率全身"的必然选择。即便没有美国加 征高额关税等事件，今年一季度以来的"正偏离"亦将向常态回归，而 4 月份相关事 件的出现加速了这一过程的到来。 行业研究 【汽车】新势力改款+新车相继发布，关注节后终端优惠变化——特斯拉与新势力 4 月销量跟踪报告(买入) 4 月车市表现平稳，新车上市/老车型终端优惠持续提振新势力销量，五一新势力购车 权益总体稳定，1）预计以旧换新驱动的 2025E 国内 ...

投资建议：维持行业"增持"评级。 我们认为：在智驾平权和出海两大趋势加持下，汽车行业的成长仍然 不乏亮点；同时由于行业竞争激烈，整车与零部件围绕年降的博弈将持续。我们认为受益的标的包括新能 源整车，以及线控底盘零部件、智能座椅零部件和头部新势力核心供应链公司。 汽车行业成长性尚可。 根据 WIND 及各公司财报，全部汽车行业 A 股公司 2024/2025Q1 营收同比增 速为 6.6%/5.7% 。二级行业方面， 2025Q1 营收成长性排序为摩托车及其他 > 乘用车 > 汽车零部件 > 商用车 > 汽车服务。从细分的三级行业看，营收成长性的亮点在于电动乘用车、汽车电子等。我们认为随 着辅助驾驶的发展，汽车行业的成长亮点仍在。 归母净利润增速口径：全部汽车行业 A 股公司 2024/2025Q1 营收同比增速为 10.9%/11.3% 。 二级 行业方面， 2025Q1 成长性排序为摩托车及其他 > 汽车服务 > 乘用车 > 汽车零部件 > 商用车。从细分 的三级行业看，归母净利润成长性的亮点在于电动乘用车、商用载客车等。我们认为，虽然行业竞争激 烈，优秀企业仍然能够不断提升效率，实现利润率提升。 报告导读 ...

Core Insights - The 2025 Shanghai International Automobile Industry Exhibition showcases over a hundred new models and highlights advancements in intelligent technology, marking a significant event for both automotive enthusiasts and industry professionals [2][3] - The exhibition serves as a beacon for the future direction of automotive products and injects strong momentum and confidence into the industry's transformation and upgrade [2][6] Industry Trends - The exhibition features a diverse array of global automotive brands, including major players like Volkswagen, Mercedes-Benz, and Tesla, alongside high-end and modified car brands [3][4] - The focus on intelligent technology and electric vehicle development is evident, with new models like the Changan Q07 and the Zeekr 9X showcasing advanced autonomous driving capabilities and high computing power [4][5] - The proportion of new energy vehicles at the exhibition has increased significantly, with over 60 new energy models presented, representing 69.1% of the total new cars, up from 38.4% at the 2020 Beijing Auto Show [8] Technological Innovations - The exhibition highlights a shift towards original core technologies in automotive innovation, moving away from mere improvements to groundbreaking advancements [6][14] - Companies are increasingly emphasizing practical features and responsible marketing, moving away from exaggerated claims about autonomous driving capabilities [9][10] Market Dynamics - The competitive landscape is evolving from price wars to a more diversified competition strategy, with companies focusing on unique features and technological advancements rather than solely on pricing [15][16] - The introduction of Level 3 autonomous driving capabilities is a focal point, with several companies planning to launch models equipped with this technology within the year [16][17] Consumer Insights - Consumer interest in intelligent driving features is growing, with 90% of consumers willing to pay extra for advanced intelligent driving services [13] - The industry is witnessing a shift towards rational consumer behavior, with a greater emphasis on understanding the actual capabilities of autonomous driving systems [12][14]