Core Insights - Avita has officially launched its strategic 2.0 plan alongside the release of the Avita 07 2026 model, defined as a "smart and beautiful urban luxury SUV" [1] - The new model offers six variants with pure electric and range-extended powertrains, priced between 219,900 to 279,900 yuan, with promotional prices starting from 209,900 to 269,900 yuan [1] - The Avita 07 2026 model features several luxury configurations, including a four-door electric suction door, streaming electronic rearview mirror, and a 35.4-inch 4K panoramic screen [1] Product Features - The entire series is equipped with Huawei's Qian Kun ADS 4 advanced driver-assistance system, upgraded with 4D millimeter-wave radar and new auxiliary driving lights, enhancing driving and parking experiences [3] - The cabin features Huawei's Harmony Space 5, providing an immersive interactive experience [3] Strategic Goals - Avita aims for global sales of 400,000 units and annual revenue of 100 billion yuan by 2027, with targets of 800,000 units by 2030 and 1.5 million units by 2035 [3] - To achieve these goals, Avita plans to enhance product, technology, service, and globalization strategies, including launching five upgraded models in collaboration with Huawei and CATL by 2026 [3] Global Expansion - Avita plans to enter over 80 countries and establish more than 700 sales channels by 2030, accelerating its globalization process [3] - The strategic partnership with Huawei will deepen, focusing on team collaboration, joint manufacturing, and ecosystem building [4] - Avita has delivered over 3,000 vehicles to Huawei employees to date [4]

Core Viewpoint - Chery Automobile has announced its subscription results, with concerns about potential listing price drops due to easy subscription rates, reflecting recent trends in the market for new stocks [1] Group 1: IPO Information - Company Name: Botai Carlink (02889.HK) [3] - Industry: Automotive [3] - Subscription Period: September 22 to September 25 [3] - Total Shares Issued: 10.4369 million shares, with 10% for public sale and 90% for international placement [3] - Offering Price: 102.23 HKD per share [3] - Market Capitalization: 15.334 billion HKD [3] - Minimum Subscription Amount: 2065 HKD [3] - Listing Date: September 30 [3] - Cornerstone Investors: 3 cornerstone investors subscribed for 43.7% of the offering [3] Group 2: Company Overview - Botai Carlink, established in 2009 and headquartered in Shanghai, specializes in automotive intelligent cockpit solutions, providing customized integrated solutions [3][4] - By 2024, Botai Carlink is the third-largest supplier of intelligent cockpit domain controllers in China, holding a market share of 7.3% [3] Group 3: Financial Performance - Revenue growth from 1.218 billion RMB in 2022 to 2.557 billion RMB in 2024, with a compound annual growth rate (CAGR) of 44.9% [5][6] - For the first five months of 2025, revenue reached 754 million RMB, a year-on-year increase of 34.4% [6] - Cumulative losses from 2022 to 2024 approached 1.5 billion RMB, primarily due to high R&D investments and strategic expansion [6] Group 4: Product and Market Position - The core business includes intelligent cockpit solutions and connected services, with intelligent cockpit solutions accounting for 94.8% of total revenue in 2024 [7] - Domain controllers are the main product, with revenue increasing from 674 million RMB in 2022 to 1.959 billion RMB in 2024, achieving a CAGR of 70.5% [8] - The intelligent cockpit market in China is rapidly growing, projected to reach 129 billion RMB in 2024 and 299.5 billion RMB by 2029, with a CAGR of 18.4% [9] Group 5: Competitive Landscape - The market concentration is increasing, with the top three suppliers holding approximately 40% of the market share, benefiting Botai Carlink in expanding its market share and reducing costs [9] - Compared to peers, Botai Carlink's valuation appears high, with a market cap of 15.3 billion HKD and a price-to-sales ratio of 5, while competitors have lower valuations [9][10]

Group 1 - The core viewpoint of the news is that Botai Carlink is launching its IPO in Hong Kong, aiming to become the "first stock of smart cockpits" with significant backing from cornerstone investors [1] - Botai Carlink plans to issue 10.4369 million H-shares at a price of 102.23 HKD per share, with the IPO expected to conclude on September 25 and the listing on September 30 [1] - The company has attracted major cornerstone investors, including Horizon Together Holding Ltd., Huangshan SP, and Smart Ventures Limited, collectively subscribing for 466 million HKD, accounting for over 40% of the offering size [1] Group 2 - Botai Carlink is a leading supplier of smart cockpit solutions in China and one of the earliest developers in this field, offering integrated solutions that combine software, hardware, and cloud services [2] - The company has provided services for over 200 models across more than 50 automotive brands, including major Chinese OEMs like BYD and Geely, as well as international OEMs like Audi [2] - According to Zhaoshang Consulting, Botai Carlink ranks first among Chinese suppliers of smart cockpit solutions based on the number of high-end solutions equipped with Qualcomm Snapdragon 8295 chips as of December 31, 2024 [2] Group 3 - Botai Carlink has established a deep collaboration with Huawei, being a founding member of the Open Source Harmony Working Committee and obtaining patent cross-licensing with Huawei [3] - The company reported revenues of 1.22 billion CNY, 1.49 billion CNY, and 2.56 billion CNY for the years 2022 to 2024, with a compound annual growth rate of 44.9%, while still facing net losses [3] - In the first five months of 2025, the company achieved revenue of 750 million CNY, a year-on-year increase of 34.6%, with a net loss of 220 million CNY, a decrease of 10.1% year-on-year [3]

Core Insights - The global automotive display panel shipment is projected to reach approximately 120 million units in the first half of 2025, reflecting a year-on-year growth of 5.6%, with the front-mounted market contributing significantly at 88.5% [1] - The automotive industry is experiencing a slowdown in overall sales growth, which is limiting the substantial increase in demand for automotive display panels, yet the demand for diversified and high-end displays in smart cockpits continues to drive market stability [1][6] - The competitive landscape in the automotive display panel market remains intense, characterized by a concentration of leading players and clear tier distinctions, with BOE and Tianma leading the first tier [1][2] Company Summaries - **BOE**: As a leading player in the display industry, BOE's shipments reached approximately 21.6 million units in the first half of 2025, marking an 8.2% increase year-on-year, capturing 18.1% of the global market share. The company is actively expanding its product matrix across various display technologies [1][4] - **Tianma**: With a focus on automotive display business, Tianma's shipments totaled around 21 million units, reflecting a significant year-on-year growth of 24.7%. The company has established a strong foothold in the mid-sized display market and is expanding into new applications [2][4] - **AUO**: After acquiring BHTC, AUO is transitioning from a single panel supplier to a comprehensive cockpit display solution provider. In the first half of 2025, AUO's shipments reached 12.4 million units, with a year-on-year growth of 6.5% [3][4] - **LG Display**: LG Display shipped approximately 9.7 million units in the first half of 2025, leveraging its expertise in LTPS LCD and OLED technologies to maintain a presence in the high-end automotive display market [3][4] - **Japan Display (JDI)**: JDI faced significant challenges, with shipments declining to 8.9 million units in the first half of 2025, impacted by financial difficulties and intense market competition [3][4] Market Outlook - The automotive display panel market is expected to experience a "short-term demand pulse growth" alongside "long-term development uncertainties." The overall shipment for 2025 is projected to grow by 4.0%, reaching 240 million units [6] - In 2026, the automotive market is likely to face constraints from policies, consumer behavior, and supply chain issues, leading to a slowdown in growth and structural optimization [6] - Manufacturers are advised to be cautious of "passive capacity expansion" risks, as blind expansion to meet short-term demands could lead to inventory buildup and price wars [6]

通信终端及配件 广和通（300638.SZ） 买入-B(维持) 2025 年 9 月 23 日 公司研究/公司快报 公司近一年市场表现 | 市场数据：2025 年 | 9 月 | 22 日 | | | --- | --- | --- | --- | | 收盘价（元）： | | | 31.91 | | 总股本（亿股）： | | | 7.65 | | 流通股本（亿股）： | | | 5.33 | | 流通市值（亿元）： | | | 170.06 | | 基础数据：2025 6 | 年 | 月 | 日 30 | | | --- | --- | --- | --- | --- | | 每股净资产（元）： | | | | 4.68 | | 每股资本公积（元）： | | | | 0.92 | | 每股未分配利润（元）： | | | | 2.36 | 张天 执业登记编码：S0760523120001 邮箱：zhangtian@sxzq.com 赵天宇 执业登记编码：S0760524060001 邮箱：zhaotianyu@sxzq.com AI stack 深化布局，具身智能和智能座舱是增长主力 事件描述： 公司发布 20 ...

近期，蔚来全新ES8正式上市。这款全场景科技旗舰SUV不仅在动力系统和座舱配置上进行了 系统性升级，其在智能座舱核心体验上的创新也引发关注。尤为引人注目的是，该车型在后排侧 窗部分搭载了由光羿科技提供的EC电致变色智能调光隐私车窗，这一新材料技术的规模化落地， 正成为新能源汽车产业链上"材料创新驱动体验革新"的典型案例。 电致变色进入侧窗应用，开启智能材料进阶之路 据光羿科技介绍，蔚来ES8所搭载的调光车窗透光率低至0.35%，可在保证高隐私性的同时实现动 态调节，适配商务、休憩、亲子、旅行等多种出行场景。车内成员可独立控制每一片侧窗的光线状态， 实现真正意义上的"定制化光线管理"。 光羿科技汽车事业部副总裁何嘉智表示："这不仅是一次材料创新的落地，更是用户需求驱动产业 演化的体现。用户对于隐私性、隔热性、视觉舒适度的需求，正在重新定义智能座舱的标准。" 看得见的隐私，也是一种技术兑现的能力 在智能汽车时代，整车体验正从"硬件性能"转向"场景满足"。光线调节作为其中极具感知价值的维 度，正在成为用户体验的新战场。在蔚来ES8中，光羿科技的调光侧窗技术实现了对出行场景的深度融 合。 在过往的应用路径中，电致变色 ...

Core Viewpoint - The company, Botai Vehicle Networking Technology (Shanghai) Co., Ltd., is preparing for an IPO on the Hong Kong Stock Exchange to raise funds for product expansion, technology enhancement, and market development [1][2]. Group 1: Company Overview - Botai Vehicle Networking aims to leverage capital to strengthen R&D investment and production capacity, consolidating its high-end market advantage and expanding overseas [1]. - The company has completed multiple rounds of financing, raising over 4 billion yuan, with notable investors including Red Horse Capital and Xiaomi Group [2]. - Botai's core product is a domain controller for smart cockpits, allowing OEMs to customize solutions based on vehicle design [3]. Group 2: Financial Performance - Revenue is projected to double from 1.218 billion yuan in 2022 to 2.557 billion yuan in 2024, with a 34.4% year-on-year growth in the first five months of 2025 [2]. - R&D expenses for 2022 to 2024 are reported at 277 million yuan, 235 million yuan, and 207 million yuan, respectively [2]. Group 3: Market Position and Competition - Botai is the third-largest supplier of domain controller solutions for passenger vehicles in China, holding a market share of 7.3% [4]. - The market for passenger vehicle smart cockpit solutions is expected to grow from 129 billion yuan in 2024 to 299.5 billion yuan in 2029, with a compound annual growth rate of 18.4% [4]. Group 4: Industry Challenges - The automotive smart industry is highly competitive, and any failure to compete effectively could significantly impact the company's performance [6]. - Botai relies heavily on Qualcomm for system-on-chip purchases, which poses risks related to geopolitical influences and cost fluctuations [5][6].

Group 1 - NIO launched the new ES8 on September 20, featuring systematic upgrades in its power system and cabin configuration, along with innovative smart cockpit experiences [1] - The ES8 incorporates EC electrochromic smart dimming privacy windows provided by Guangyi Technology, marking a significant advancement in material innovation and user experience [1] - Guangyi Technology is the only company to achieve mass production of EC dimming applications for both sunroofs and side windows, overcoming challenges in material performance, manufacturing processes, vehicle regulations, and supply chain collaboration [1][2] Group 2 - The introduction of dimming side windows in the ES8 signifies a shift in automotive experience from hardware performance to fulfilling user scenarios, with light adjustment becoming a new battleground for user experience [2] - The dimming technology allows for deep integration with various travel scenarios, such as creating a mobile meeting space during business receptions and providing a comfortable light environment for families [2] - The demand for smart dimming technology is driven by consumer needs rather than solely by manufacturers, with privacy protection and quality sunshade experiences becoming essential for electric vehicle users [2] Group 3 - Guangyi Technology has established a complete closed loop from material research and development to vehicle adaptation, with over 20 mass-produced models utilizing their dimming products, totaling more than 100,000 units installed [2][3] - The company aims to push smart materials from the laboratory to the main battlefield, with plans for large-scale delivery of side windows by 2025 [3] - The electrochromic technology is expected to enter a popularization phase alongside electric vehicles, becoming a new competitive advantage in the smart automotive sector [3]

Core Insights - The new Deep Blue S07 was officially launched on September 19, with a price range of 156,900 to 173,900 CNY, and a cash discount bringing the effective price down to 153,900 to 170,900 CNY [1][3] Group 1: Product Overview - The Deep Blue S07 is positioned as a mid-size SUV, offering both pure electric and range-extended versions, with the range-extended model having a maximum CLTC electric range of 300 km and the pure electric version achieving 550 km [3][8] - The vehicle has been sold in over 70 countries and regions globally, with more than 250,000 users since its launch [3] Group 2: Design and Features - The dimensions of the Deep Blue S07 are 4750 mm in length, 1930 mm in width, and 1625 mm in height, with a wheelbase of 2900 mm [3] - The interior features a floating central control design, ultra-suede upholstery, leather seats, ambient lighting, panoramic sunroof, electric sunshade, and privacy glass in the rear [5] - The smart cockpit includes a 15.6-inch 2.5K ultra-high-definition screen and a 55-inch AR-HUD system, integrating Qualcomm's Snapdragon 8295P chip and Deepal OS 4.0 [5] Group 3: Intelligent Driving and Safety - The vehicle is equipped with Huawei's QianKun ADS SE, featuring a sensor fusion system with 25 sensors, including 3 millimeter-wave radars, 10 high-definition cameras, and 12 ultrasonic radars [7] - It supports various advanced driving assistance features such as highway navigation assistance, urban cruising assistance, and intelligent parking assistance [7] Group 4: Powertrain and Performance - The range-extended version is powered by a 72 kW 1.5L range extender, with motor power options of 190 kW and 200 kW, achieving a CLTC electric range of 230 km and 300 km, with fuel consumption of 3.8 L/100 km [8] - The pure electric version has a maximum motor power of 200 kW and a CLTC range of 550 km [8] - The vehicle features a front MacPherson and rear multi-link suspension system, equipped with FSD variable damping shock absorbers and HRS hydraulic rebound dampers for improved comfort and handling [8]

Company Overview - Huqin Technology's stock price increased by 2.00% on September 22, reaching 99.89 CNY per share, with a trading volume of 6.62 billion CNY and a turnover rate of 1.18%, resulting in a total market capitalization of 1014.64 billion CNY [1] - The company specializes in the research, design, production, and operation services of smart hardware products, with its main revenue sources being high-performance computing (60.32%), smart terminals (31.93%), AIOT and others (3.95%), and automotive and industrial products (1.24%) [1] Financial Performance - For the first half of 2025, Huqin Technology achieved operating revenue of 839.39 billion CNY, representing a year-on-year growth of 113.06%, and a net profit attributable to shareholders of 18.89 billion CNY, up 46.30% year-on-year [2] - Since its A-share listing, the company has distributed a total of 17.81 billion CNY in dividends [3] Shareholder Information - As of June 30, 2025, the number of Huqin Technology's shareholders reached 43,100, an increase of 3.71% from the previous period, with an average of 13,257 circulating shares per person, a decrease of 3.41% [2] - The top ten circulating shareholders include Hong Kong Central Clearing Limited, which holds 12.429 million shares, an increase of 1.595 million shares compared to the previous period [3] Market Activity - The stock has seen a year-to-date increase of 42.59%, with a 5-day increase of 11.17%, a 20-day increase of 5.55%, and a 60-day increase of 23.81% [1] - The company has appeared on the trading leaderboard once this year, with the most recent appearance on April 16, where it recorded a net buy of -1.22 billion CNY [1]