今年2月，在业内全民智驾兴起的时候，笔者曾写过一篇题为 《全民智驾的另一面》 的博客， 主 要想法有三条：一是 要教育用户，怎样使用智能驾驶系统才是安全的？ 二是 装用智能驾驶系统，会提 高成本并可能对可靠性有影响。 三是 系统并不是越高级越适用。最近由于出现了一些用户滥用辅助驾 驶系统的事故，工业和信息化部召集会议，要求生产厂家不得过度宣传，不得误导用户。对此笔者的看 法是： 一、政府主管部门的要求是非常正确和非常及时的。 虽然智能驾驶技术近年来发展很快，但远未 达到成熟，远未达到用户可以任意使用的程度。而且法律也不支持用户的滥用，出现事故就是用户的责 任。生产企业绝对不应该过度宣传，误导用户。国外某厂家把它称之为完全自动驾驶系统（FSD），是 不负责任的行为。国内一些网红大咖，网上直播自己长距离脱手驾驶，也是不正确的，现在这些视频都 已经被下架。 我们发展新技术的初心和使命，是造福用户，造福社会。不能为了企业利益过度宣传， 误导用户。 顺便再说一句，使用"智能驾驶"的描述，笔者也曾参与倡导。 初衷是不赞成使用"自动驾驶"的说 法，代之以"智能驾驶"。 当下人工智能兴起，需要教育社会，对于"智能"和"人工智 ...

Investment Rating - The report maintains a "Recommendation" rating for the company with a target price of 12.24 CNY [1][7]. Core Views - The company has achieved significant growth in its financial performance, with a 2024 revenue of 60.514 billion CNY, representing a year-on-year increase of 26.23%, and a net profit of 0.825 billion CNY, up 160.36% year-on-year. The first quarter of 2025 continues this trend with a revenue of 15.666 billion CNY, a 49.06% increase, and a net profit of 0.247 billion CNY, up 138.20% year-on-year [1][3]. - The modified plastics, green petrochemicals, and new materials businesses have all seen growth in both sales and revenue, contributing to the overall performance improvement [1][3]. Financial Summary - **2024 Financial Performance**: Total revenue reached 60.514 billion CNY with a year-on-year growth of 26.23%. Net profit was 0.825 billion CNY, marking a 160.36% increase [1][3]. - **2025 Q1 Performance**: Revenue for the first quarter was 15.666 billion CNY, a 49.06% increase year-on-year, with net profit at 0.247 billion CNY, up 138.20% [1][3]. - **Sales Growth**: The modified plastics business sold 2.5515 million tons in 2024, a 20.78% increase, generating revenue of 32.075 billion CNY, up 18.95%. In Q1 2025, sales were 604,400 tons, a 25.26% increase, with revenue of 7.620 billion CNY, up 30.67% [1][7]. - **New Materials Business**: In 2024, sales reached 236,000 tons, a 32.51% increase, with revenue of 3.654 billion CNY, up 15.73%. Q1 2025 saw sales of 56,000 tons, a 26.13% increase, and revenue of 0.867 billion CNY, up 32.41% [1][7]. - **Green Petrochemicals**: Revenue for 2024 was 11.436 billion CNY, a 22.30% increase, with a gross margin improvement to -6.36%. In Q1 2025, sales were 447,500 tons, a 118.51% increase, with revenue of 3.289 billion CNY, up 126.79% [1][7]. Investment Recommendations - The company is expected to maintain rapid growth in modified plastics and new materials, supported by its global expansion and new market opportunities. Projected net profits for 2025-2027 are 1.414 billion CNY, 1.902 billion CNY, and 2.379 billion CNY, with corresponding year-on-year growth rates of 71.5%, 34.5%, and 25.1% respectively [1][7].

Investment Rating - The report maintains an "Accumulate" rating for the company with a target price of 60.19 RMB [8][9]. Core Views - The company reported Q1 revenue of 908 million RMB, a year-on-year increase of 25.81%, and a net profit of 93.6 million RMB, up 28.15% year-on-year, exceeding previous expectations due to reduced expense ratios and increased foreign exchange gains [1]. - The company is optimistic about its expansion into emerging sectors, particularly in smart driving and robotics, which are expected to drive growth and profitability [3]. - The company is actively establishing manufacturing bases in Vietnam, Mexico, and Thailand, contributing to its internationalization efforts and enhancing its competitiveness in the global micro-motor market [4]. Summary by Sections Financial Performance - In Q1, the company's gross margin was 27.18%, with a net margin of 11.11%, reflecting a year-on-year decrease in gross margin but an increase in net margin due to lower expense ratios [2]. - The company forecasts net profits of 401 million RMB, 464 million RMB, and 535 million RMB for 2025-2027, with corresponding EPS of 1.25 RMB, 1.45 RMB, and 1.68 RMB [5][7]. Market Position and Strategy - The company is focusing on high-value products in the electric motor sector, particularly for electric vehicles and humanoid robots, which are expected to enhance its market position [3]. - The establishment of overseas manufacturing bases is part of the company's strategy to capture opportunities in North America and other regions, with overseas revenue expected to grow significantly [4]. Valuation - The report assigns a PE ratio of 48x for 2025, reflecting a premium of 20% over comparable companies, with an adjusted target price of 60.19 RMB [5].

Investment Rating - The investment rating for the company is "Buy" with a target price of 11.13 RMB [7][8]. Core Insights - The company achieved a revenue of 10.212 billion RMB in 2024, a year-on-year increase of 3.69%, while the net profit attributable to shareholders was a loss of 5.53 billion RMB, which is a significant improvement of 44.29% year-on-year [1][2]. - In Q1 2025, the company reported a revenue of 2.177 billion RMB, a decrease of 11.71% year-on-year, but managed to turn a profit with a net profit of 0.03 billion RMB [1][2]. - The strong growth in the automotive optical business, which saw a year-on-year increase of 120%, helped offset declines in other segments, particularly in touch display and terminal manufacturing [1][2][3]. - The company is expected to benefit from the rapid growth in automotive optical demand, with projections indicating that revenue from this segment could exceed 3.5 billion RMB in 2025, increasing its share of total revenue from 20.2% in 2024 to 31.2% in 2025 [3][4]. Summary by Sections Financial Performance - In 2024, the optical lens and module business generated revenue of 4.156 billion RMB, a year-on-year increase of 34.2%, with automotive optical revenue reaching 2.06 billion RMB [2]. - The touch display business saw a significant decline, with revenue dropping to 2.560 billion RMB, a decrease of 17.57% year-on-year [2]. - The company incurred a total impairment loss of approximately 420 million RMB in the touch display segment, contributing to the overall loss for the year [2]. Future Outlook - The automotive optical business is projected to grow rapidly, driven by the increasing adoption of advanced driver-assistance systems (ADAS) in vehicles, with the number of cameras per vehicle expected to rise significantly [3]. - The company plans to expand its camera applications into AR/VR and humanoid robots, indicating potential for diversification and growth in new markets [3]. Valuation and Estimates - Revenue forecasts for 2025 and 2026 are maintained at 11.338 billion RMB and 12.341 billion RMB, respectively, with a new estimate for 2027 at 13.334 billion RMB [4]. - The net profit estimates for 2025 and 2026 have been adjusted downwards to 200 million RMB and 370 million RMB, respectively, due to anticipated increases in operating expenses [4]. - The company is valued at a price-to-earnings ratio of 59.6x for 2025, with the optical business commanding a higher multiple of 36.5x [4][13].

Group 1 - The core viewpoint of the article highlights Avita Technology's new brand proposition "Intelligence at Heart, Pursuing Passion" launched at the Shanghai Auto Show, with the Avita 06 model set to feature Huawei's latest ADS 4.0 system in the third quarter [1][2] - Avita's brand renewal aims to implement a new luxury system characterized by "high aesthetics, high intelligence, and high value" across product experience, user service, and emotional value [2] - The Avita 06, which was officially launched on April 19 with a starting price of 194,900 yuan, is the fourth strategic model co-developed with Huawei [2] Group 2 - Avita's new model showcases improvements in intelligence, design, and configuration compared to its previous models, emphasizing the strategic advantages of collaboration with Changan, Huawei, and CATL [5] - The partnership with Huawei is framed as a strategic alliance where both parties share risks and benefits, with significant achievements in their four-year plan resulting in sales reaching 10,000 units [5] - The Huawei Kunlun ADS 4 system, set to be featured in the Avita 06, boasts a 50% reduction in end-to-end latency, a 20% increase in traffic efficiency, and a 30% decrease in emergency braking rates, enabling advanced navigation assistance without reliance on high-precision maps [7]

岚图上海车展发布会 岚图 【文/观察者网 潘昱辰 编辑/高莘】4月24日，在2025上海国际车展上，东风汽车集团旗下高端岚图汽车 携首搭华为乾崑智驾ADS 4.0与鸿蒙座舱5.0的岚图FREE+、四座旗舰MPV岚图梦想家山河两款新车亮 相，并正式发布服务品牌"岚图服务VOYAH SERVICE"。 其中，岚图FREE+作为品牌开山之作的焕新版，投入超5亿元完成1366项升级，其中安全相关优化达 381项。其最大亮点在于搭载华为乾崑智驾ADS 4.0与鸿蒙座舱5.0，成为岚图与华为深度合作的标志性 产品。 他将岚图的技术归纳为"聪明的大脑（智能化）与强健的体魄（机械素质）的结合：如华为ADS 4.0赋予 岚图FREE+城市复杂路况的通行能力，而EDC魔毯悬架、百万级底盘调校等机械素质，则确保其在操 控与舒适性上的平衡。 "岚图内部禁用'自动驾驶'一词，坚持使用"组合驾驶辅助"定义其智驾功能，以避免用户误解。"面对工 信部近期发布的智驾技术规范，卢放同样强调，安全是岚图的底线。 2025年第一季度，岚图汽车以同比59%的增速跑赢大市，并于4月迎来第20万辆整车下线，成为首个达 成这一里程碑的央企高端品牌。此外，2 ...

Core Insights - The automotive industry is undergoing a transformation with the rise of new energy vehicles and smart driving technologies, leading to a shift in the roles of supply chain companies [1][3][4] Group 1: Industry Trends - The 2025 Shanghai Auto Show features a significant increase in the area dedicated to automotive technology and supply chains, now accounting for nearly one-third of the exhibition space [1][2] - A total of 23 suppliers have entered the vehicle exhibition area, marking an increase of 16 companies compared to the 2021 Shanghai Auto Show, highlighting the growing importance of suppliers in the automotive sector [1][2] - The integration of smart driving, power batteries, and intelligent cockpits is becoming crucial for the transformation of the automotive industry [1][3] Group 2: Supplier Collaborations - Major automotive manufacturers are increasingly collaborating with leading supply chain companies to enhance their technological capabilities, as evidenced by partnerships announced during the auto show [3][4] - Notable collaborations include General Motors' Buick and Cadillac, as well as Toyota and Honda, all partnering with the intelligent driving solution company Momenta to deploy L2 urban auxiliary driving technology [3][4] - The presence of international suppliers such as Sony, Intel, and Mobileye at the auto show indicates a growing interest in the Chinese market and the importance of global competition in the automotive supply chain [4][7] Group 3: Technological Innovations - CATL unveiled several new battery technologies, including sodium-ion batteries and the second-generation supercharging battery, which are designed to support future levels of autonomous driving [4][5] - Horizon Robotics introduced its latest L2 urban auxiliary driving system, showcasing a full-stack solution that aims to enhance driving automation in complex urban environments [6] - The auto show also featured new products from various suppliers, including a central computing platform from Black Sesame Intelligence and a new generation of battery management systems from Xinwangda [6][7]

"宁波膜智信息科技有限公司"为势银（TrendBank）唯一工商注册实体及收款账户 势银研究： 势银产业研究服务 势银数据： 势银数据产品服务 势银咨询： 势银咨询顾问服务 重要会议： 4月29日，2025势银异质异构集成封装产业大会（浙江宁波） 点此报名 添加文末微信，加 先进封装 群 2025势银异质异构集成封装产业大会 将于 4月29日 在浙江宁波 · 甬江实验室举办。 会议议程 专题论坛： 异构集成研究中心成立仪式 09:00 09:10 相关领导 主办方、联合主办方致辞 09:10 09:20 相关领导 混合键合在异构集成先进封装中的应用 09:20 钟飞 主任助理、信息材料与微纳器件制备 09:40 平台负责人 爵江实验室 Chiplet EDA全流程:设计空间探索,物 理实现及多物理验证 09:40 吴晨 项目总监 10:00 芯粒CAD和制造浙江省工程研究中心/深圳 市比昂芯科技有限公司 聚焦2.5D/3D先进封装EDA平台,探索后 10:00 端全流程设计、仿真与验证协同创新模式 10:20 赵毅 创始人兼首席科学家 珠海硅芯科技有限公司 空部 10:20 10:40 硅基光芯片制造与集成工 ...

Investment Rating - The report maintains a "Buy" rating for the automotive industry, highlighting strong growth potential in the sector [9][40]. Core Insights - The upcoming Tesla Optimus Gen3 update is expected to drive the next wave of robotics market growth, with significant improvements in dexterity and actuator design [4]. - The Shanghai Auto Show has highlighted the focus on intelligent driving and smart cockpit technologies, with a clear trend towards integrated functionalities in smart cockpits [7]. - The penetration rate of L2 and above intelligent driving features in new vehicles reached 55.7% in the first half of 2024, indicating a rapid shift towards mainstream adoption [8]. - The report emphasizes the importance of domestic brands collaborating with technology leaders like Huawei to capture market share in the high-end vehicle segment [9]. Summary by Sections Market Performance and Valuation Levels - The automotive sector's performance has been strong, with the CITIC Automotive Index rising by 5.0%, outperforming the broader market by 4.6 percentage points [16]. - The automotive industry PE (TTM) stands at 29.2, while the PB is at 2.7, indicating a relatively high valuation compared to historical levels [25]. Industry Data Tracking and Commentary - Retail sales of passenger vehicles in April showed a year-on-year increase of 12%, with a total of 602.4 million units sold year-to-date [34]. - The report notes a significant decline in raw material prices, which may positively impact production costs for automotive manufacturers [38]. Recommended Companies and Profit Forecasts - The report identifies several companies with strong growth potential, including: - Mould Technology (EPS forecast: 0.93, Buy rating) [42] - Shuanglin Technology (EPS forecast: 1.42, Buy rating) [42] - Jianghuai Automobile (EPS forecast: 0.25, Buy rating) [42] - The focus is on companies involved in robotics and intelligent automotive technologies, with specific recommendations for investment in key players [40].

利润端： 2025Q1扣非归母净利润为-8.9亿元，同比/环比分别为-229.9%/-64.0%。利润转负主要受影响于汽车销量下滑、市场竞争加剧、促销投入加大、政府补助同 比减少等综合所致。 费用端： 2025Q1销售/管理/研发/财务费用率分别为6.3%/5.6%/-1.4%/1.9%，同比分别为0.4pts/0.9pts/-1.1pts/0.2pts，环比分别为3.4pts/2.0pts/-1.0pts/-0.5pts。 01 事件概述 公司发布2025Q1业绩：2025Q1营业总收入为198.8亿元，同比/环比为-7.8%/-39.8%；2025Q1归母净利润-7.3亿，同比/环比转负；2025Q1扣非归母净利润为-8.9亿 元，同比转负，环比减亏64.0%。 ► 营收短期承压 单车ASP有所上升 收入端： 2025Q1营业总收入为198.8亿元，同比/环比分别为-7.8%/-39.8%。 ► 合资整体承压 自主小幅下滑 公司2025Q1批发合计37.1万辆，同比-9.4%。分品牌来看，合资品牌方面，广汽本田205Q1批发9.3万辆，同比-20.7%；广汽丰田2025Q1批发16.2万辆，同比+3.6% ...