作者 | 耿宸斐 编辑 | 宋婉心 一路高歌猛进的"智驾"被按下了暂停键。小米SU7事故后半个月，工信部出台了监管文件限制智驾功能及宣传，有参会人士透露 了几大重点：L2不允许用"接管"进行宣传、不再受理"代客泊车"等驾驶员不能完全控制的功能、不允许公测等。 最新消息是，5月4日，小米调整了SU7新车定购页面中的措辞，将"智驾"更名为"辅助驾驶"。 在这场掀起舆论危机的车祸事故之前，小米等几家新能源车企进行了一轮配股融资，刚准备加满弹药推动"智驾平权"。 3月，小米、比亚迪各自配股融资425亿港元和435亿港元，蔚来也宣布拟配售约1.4亿股A类普通股融资40.3亿港元。其中，比亚 迪和小米均选择高位配股，蔚来则在股价处于历史低位的情况下实施配售。 蔚来管理层也曾在财报会上透露，相较于采用4颗Orin芯片，其自研的神玑NX9031智驾芯片可节省约1万元成本。 硬件层面，激光雷达是核心成本。尽管激光雷达近年来价格不断下探，已至千元左右，但在主打性价比的汽车市场中，激光雷 达堆叠仍旧带来不低的成本。 在这一背景下，车企开始采用差异化的智能驾驶方案：在基础款车型上主推成本更低的纯视觉方案，而在高阶版本中则配备激 光雷 ...

Core Insights - The Shanghai Auto Show has experienced a significant shift towards a quieter atmosphere compared to previous years, with a notable absence of high-profile promotional activities and celebrity appearances [3][5][30] - The automotive industry is witnessing a "leveling" movement in vehicle configurations, driven by intense competition among domestic car manufacturers and the normalization of previously hyped technologies [5][10][15] - The trend of "intelligent driving" features becoming standard across various models indicates a shift in consumer expectations and a reduction in the perceived exclusivity of such technologies [8][10][15] Industry Trends - The ongoing regulatory efforts to curb excessive marketing practices among car manufacturers have contributed to a more subdued environment at the auto show [5][30] - The competitive landscape has led to a widespread adoption of L2-level driver assistance technologies, with many brands now offering these features as standard [8][10][15] - The collaboration between traditional automakers and technology suppliers is becoming increasingly common, as companies seek to leverage external expertise to enhance their offerings [10][11][13] Market Dynamics - The Shanghai Auto Show set a new record with 1.01 million attendees and 1,366 vehicles on display, highlighting the event's significance in the global automotive landscape [27][30] - The presence of international visitors and exhibitors has become a norm, with over 63,000 overseas attendees from 97 countries at this year's event [27] - The shift from concept showcases to a focus on mass-produced vehicles reflects the industry's maturation and the need for manufacturers to demonstrate their capabilities to consumers [30]

Core Viewpoint - The company is positioned for growth through multiple dimensions: smart technology, scale, high-end products, and globalization, with a focus on the implementation of intelligent driving and achieving equality in smart driving capabilities [1][12]. Group 1: Smart Technology - The penetration rate of L2+ intelligent driving is increasing, with a rapid growth in high-level intelligent driving features. Consumer acceptance of smart driving is on the rise, supported by technological advancements from DeepSeek, which significantly reduce training costs and improve response times [2][20]. - The company has launched the Wangchao Ocean series of intelligent driving models, making high-level intelligent driving available at a price point as low as 70,000 yuan, thus promoting smart driving as a key consideration for car buyers [3][14]. Group 2: Scale and Cost Advantages - The Dm-i 5.0 technology is expected to enhance fuel efficiency and strengthen the company's market position through cost advantages and scale effects. The company aims to capture market share by lowering vehicle prices [12][13]. - The company has reported strong export growth, with significant increases in overseas sales, particularly in Brazil, Turkey, and Europe, indicating a robust global expansion strategy [4][12]. Group 3: High-End Product Strategy - The year 2025 is anticipated to be a pivotal year for high-end products, with flagship models like Han L and Tang L set to launch, featuring advanced intelligent driving systems that enhance brand positioning and profitability [4][13]. - The company is focusing on high-end models that integrate advanced technologies, which are expected to drive overall profitability upward [4][12]. Group 4: Globalization - The company is accelerating its overseas market investments and factory setups, with a target of exporting 800,000 vehicles in 2025, which is expected to boost profitability [4][12]. - The establishment of a self-owned shipping fleet is enhancing the company's export capabilities, contributing to its strong performance in international markets [12][13]. Group 5: Financial Projections - Revenue projections for 2025-2027 are estimated at 1,014.12 billion yuan, 1,237.23 billion yuan, and 1,477.25 billion yuan, respectively, with net profits expected to reach 58.15 billion yuan, 67.12 billion yuan, and 74.19 billion yuan [5][7]. - The company anticipates a significant increase in earnings per share (EPS) from 19.13 yuan in 2025 to 24.41 yuan in 2027, reflecting strong growth potential [5][7].

01 事件概述 公司发布4月产销快报，4月新能源汽车批发销售38.0万辆，同比+21.3%，环比+0.7%；新能源乘用车批发销售37.3万辆，同比+19.4%，环比 +0.3%。分品牌看，4月王朝海洋、腾势、方程豹、仰望销量分别34.7万辆、15,388辆、10,039辆、135辆。 02 分析判断 2025年为公司的高端化产品大年，腾势N9已于2025年3月上市，定位六座大型SUV，售价38.98-44.98万元，全系标配易三方技术，舒适度、 豪华属性强，有望带动整体盈利向上。王朝旗舰车型汉L/唐L于4月上市，均搭载 DiPilot 300 "天神之眼" 高阶智驾系统，支持高速 NOA 和城 市 NOA 等智能驾驶功能，其兆瓦闪充技术依托全域 1000V 高压架构与自研 "闪充电池"，实现 1000kW 峰值充电功率，5 分钟补能 400 公里 续航，有望带动主品牌高端化。 03 投资建议 我 们 看 好 公 司 技 术 驱 动 产 品 力 与 品 牌 力 向 上 ， 引 领 智 驾 平 权 ， 加 速 出 海 ， 同 时 高 端 化 稳 步 推 进 ， 预 计 2025-2027 年 营 收 为 10,1 ...

比亚迪（002594.SZ）系列点评二十八 出海再创新高 智驾、高端化多重成长 2025 年 05 月 05 日 ➢ 事件概述：公司发布 4 月产销快报，4 月新能源汽车批发销售 38.0 万辆， 同比+21.3%，环比+0.7%；新能源乘用车批发销售 37.3 万辆，同比+19.4%， 环比+0.3%。分品牌看，4 月王朝海洋、腾势、方程豹、仰望销量分别 34.7 万 辆、15,388 辆、10,039 辆、135 辆。 ➢ 4 月批发同比增长 出口表现亮眼。公司 4 月新能源乘用车批发销售 38.0 万 辆，同比+21.3%，受益出海销量提升，环比+0.7%。1-4 月累计销售 135.9 万 辆，同比+45.1%。4 月新能源出口销量 7.9 万辆，再创新高；1/2/3/4 月公司披 露出口销量分别 6.6/6.7/7.3/7.9 万辆，1/2/3 月海外上险分别 2.9/2.8/4.0 万 辆，出海稳步增长，一方面是由于海外真实需求逐步提升，受益土耳其、巴西、 欧洲等地销量快速增长，主要车型是 seal U 混动；一方面是受益滚装船投入： 比亚迪 2024 年 1 月、11 月，2025 年 1 月分 ...

Investment Rating - The report maintains a "Recommended" rating for the company [4][6]. Core Views - The company achieved a wholesale sales volume of 380,000 new energy vehicles in April, representing a year-on-year increase of 21.3% and a month-on-month increase of 0.7% [1][2]. - The cumulative sales from January to April reached 1.359 million units, up 45.1% year-on-year [2]. - The company’s export sales in April reached 79,000 units, setting a new record, with steady growth in overseas demand, particularly in Turkey, Brazil, and Europe [2][3]. - The launch of the intelligent driving version of the Dynasty Ocean series is expected to accelerate the democratization of intelligent driving technology [3]. - 2025 is projected to be a significant year for high-end products, with the launch of the Tengshi N9 and flagship models featuring advanced intelligent driving systems [3]. Financial Projections - Revenue forecasts for 2025-2027 are projected at 1,014.12 billion, 1,237.23 billion, and 1,477.25 billion yuan respectively, with net profit estimates of 58.15 billion, 67.12 billion, and 74.19 billion yuan [4][5]. - Earnings per share (EPS) are expected to be 19.13, 22.09, and 24.41 yuan for 2025, 2026, and 2027 respectively, with corresponding price-to-earnings (PE) ratios of 18, 16, and 14 [4][5].

Core Insights - The automotive industry is undergoing a transformation with a focus on smart electric vehicles, as evidenced by the significant increase in exhibition space dedicated to automotive technology and supply chains at the Shanghai Auto Show, which expanded from 30,000 square meters to approximately 100,000 square meters this year [1] - The competition among car manufacturers is shifting towards the supply chain, with technology suppliers emerging as key players in the development of innovative products for the Chinese electric vehicle market [1][3] - Local suppliers in China, such as Huawei and Baosteel, are showcasing their latest automotive technologies, indicating a deepening integration of technology and automotive sectors [1] Industry Trends - The 2025 Shanghai Auto Show highlighted the importance of electrification and intelligence, with suppliers showcasing advanced technologies in areas such as smart driving, digital cockpits, and AI chips [3] - Companies like Fureitek are introducing innovative products in the field of assisted driving, emphasizing low coupling and high reliability in their camera modules and radar products [3][6] - Bosch reported that 65% of its new business in China over the next five years will be related to smart and electrified solutions, reflecting a rapid market shift towards these technologies [6] Safety and Regulation - The rise of smart driving technologies has prompted a reevaluation of safety standards in the industry, with recent accidents leading to increased scrutiny and the development of regulatory frameworks [11] - The penetration rate of Level 2 autonomous driving technologies is already high, and consumer demand remains strong, despite regulatory tightening [11] - Companies are focusing on product safety and stability, with many suppliers emphasizing these aspects at the Shanghai Auto Show [11] Cost Management and Innovation - The automotive industry is facing significant cost pressures, leading to a focus on cost control without compromising product quality, with technology innovation being a key strategy for achieving this balance [15][16] - Companies are integrating various control systems to reduce costs and enhance product competitiveness, while also promoting the use of domestic chips to stabilize supply chains [16][20] - The trend of "reverse technology output" from China is gaining momentum, with local manufacturers increasingly defining next-generation technologies and supporting global clients [17][20] Digital Transformation - The shift towards digitalization in manufacturing processes is crucial for shortening development cycles for automotive manufacturers, with companies like Unity providing digital twin solutions to enhance operational efficiency [21] - The competitive landscape for automotive supply chains is evolving, with a focus on innovation speed, localization depth, and cost control capabilities becoming paramount [22] - The transition from China as a "world factory" to an "innovation laboratory" is redefining the global automotive industry's value chain [22]

2025 年 04 月 30 日 公司点评 买入/维持 伯特利(603596) 目标价: 昨收盘:59.40 智驾平权时代：做强 X 向，做大 Y+Z 向 ◼ 走势比较 (30%) (10%) 10% 30% 50% 70% 24/4/30 24/7/11 24/9/21 24/12/2 25/2/12 25/4/25 ◼ 股票数据 | 总股本/流通(亿股) | 6.07/6.06 | | --- | --- | | 总市值/流通(亿元) | 360.27/360.14 | | 12 个月内最高/最低价 | 67.4/31.75 | | (元) | | 相关研究报告 <<打造一体式底盘域控系统：做强 X 向，做大 Y+Z 向>>--2024-09-03 <<伯特利 2023 年报点评：智能电控 龙头，产能扩张驱动高速成长>>-- 2024-03-31 证券分析师：刘虹辰 电话：010-88321818 E-MAIL：liuhc@tpyzq.com 分析师登记编号：S1190524010002 事件：公司发布 2024 年报&2025 年一季报，2024 年营业收入 99.37 亿元， 同比+32.95%；归母 ...

Core Points - The 21st Shanghai International Automobile Industry Exhibition has commenced, featuring nearly 1,000 exhibitors from 26 countries and regions, showcasing over 100 new car models and hosting more than 193 press conferences, solidifying its status as the "largest auto show in the world" [1] - The rapid growth of the Shanghai Auto Show reflects the significant development of China's automotive industry, which has maintained the world's largest production and sales volume for 16 consecutive years [1] - The event serves as a platform for automotive companies to enhance user experience and interaction, with many brands focusing on user-centered design and co-creation activities [3][6] Industry Trends - The rise of short video platforms has made live streaming a crucial marketing tool for car manufacturers, with executives actively engaging with users through social media [6] - The competition among car manufacturers has intensified, leading to a "value war" in the market, with companies showcasing their latest advancements in intelligent driving technology [6][9] - The emphasis on safety in intelligent driving has become a key marketing point, with companies adjusting their promotional strategies in response to recent incidents and regulatory scrutiny [7][8] Supply Chain Developments - The exhibition highlighted the growing strength of China's intelligent automotive supply chain, with a significant presence of technology and supply chain companies [9][12] - Localized products and services are increasingly being developed by Chinese companies, allowing them to compete on a global scale [15][18] - Strategic partnerships between automotive manufacturers and supply chain companies are becoming more common, as seen with Ningde Times and several major car manufacturers [15] Globalization Efforts - The Shanghai Auto Show attracted a large number of international dealers and media, demonstrating the global appeal of the Chinese automotive market despite ongoing trade tensions [19] - Chinese automotive companies are actively pursuing international partnerships and collaborations, with plans to export new energy vehicles globally [22][25] - The event serves as a significant platform for showcasing China's automotive industry achievements and its aspirations to become a global automotive powerhouse [25]

Market Overview - The Shanghai Composite Index fell by 0.05% to 3286.65 points, with a high of 3294.98 points during the day [1] - The Shenzhen Component Index also decreased by 0.05%, closing at 9849.8 points, peaking at 9882.54 points [1] - The ChiNext Index dropped by 0.13%, ending at 1931.94 points, with a maximum of 1941.17 points [1] ETF Market Performance - The median return of stock ETFs was -0.1% [2] - The highest performing scale index ETF was the Hai Fu Tong CSI 2000 Enhanced Strategy ETF, with a return of 1.53% [2] - The highest performing industry index ETF was the China Tai CSI All-Share Integrated Circuit ETF, returning 1.45% [2] - The top three ETFs by return were: - Huaxia CSI Automotive Parts Theme ETF (1.96%) - Hai Fu Tong CSI Automotive Parts Theme ETF (1.69%) - Penghua CSI Media ETF (1.65%) [4][5] ETF Fund Flow - The top three ETFs by fund inflow were: - E Fund SSE STAR 50 ETF (inflow of 363 million yuan) - E Fund ChiNext ETF (inflow of 244 million yuan) - Guotai CSI Steel ETF (inflow of 183 million yuan) [6][7] - The top three ETFs by fund outflow were: - Huatai-PB CSI A500 ETF (outflow of 251 million yuan) - Guotai CSI A500 ETF (outflow of 201 million yuan) - E Fund CSI 300 ETF Initiated (outflow of 197 million yuan) [6][7] Financing and Margin Trading - The highest financing buy amounts were for: - Huaxia SSE STAR 50 ETF (323 million yuan) - E Fund ChiNext ETF (199 million yuan) - Guolian An CSI All-Share Semiconductor Products and Equipment ETF (186 million yuan) [8][9] - The highest margin sell amounts were for: - Southern CSI 1000 ETF (24.54 million yuan) - Southern CSI 500 ETF (19.86 million yuan) - Huatai-PB CSI 300 ETF (7.71 million yuan) [8][9] Industry Insights - Everbright Securities noted that the launch of new vehicles could catalyze an upward trend in industry prosperity, with a focus on smart technology by 2025 [10] - Minsheng Securities highlighted that the passenger vehicle market is showing positive fundamentals, driven by new vehicle launches and increasing demand for smart driving technology [11]