耐世特系列 车中旭霞 深度报告： 《 智能驾驶系列专题：线控转向加速落地，线控底盘大势所趋 》——20250626 点评报告 ： 《 耐世特（01316.HK）优于大市上半年净利润同比增长 304%，海外盈利加速修复 》-20250821 核心观点 上半年净利润同比+304% 2025H1耐世特收入22.42亿美元，同比+7%；EPS收入7.04亿美元，同比+9%；净利润0.63亿美元，同比+304%；净利率2.83pct，同比+2.07pct。分区域看，1）北美区收 入11.38亿美元，同比+1.7%；EBITDA利率7.56%，同比-0.25pct；2）亚太区收入6.87亿美元，同比+15.46%；EBITDA利率16.84%，同比-0.76pct；3）EMEA&LATAM 收入4.01亿美元，同比+9.56%；EBITDA利率8.76%，同比+6.73pct。海外盈利修复，业绩反转加速兑现。 盈利加速修复，上半年净利率同比提升2pct 利润端，2025H1公司毛利率11.55%，同比+1.50pct；净利率2.81%，同比+2.05pct。公司研发/销售/管理/财务费用率分别为3.35%/0.49%/3 ...

Core Viewpoint - The article discusses the differences between Robotaxi services and mass-produced passenger vehicles equipped with intelligent driving systems, highlighting their distinct operational models, technological paths, and market dynamics [2][4][5]. Group 1: Differences in Operational Models - Robotaxi services are based on a commercial operation logic, aiming to replace human drivers and generate revenue through passenger fares, focusing on absolute safety in limited scenarios [4][5]. - In contrast, mass-produced passenger vehicles aim to enhance vehicle appeal and value, facing broader safety challenges across various driving environments, including complex urban settings [5][18]. Group 2: Technological Pathways - Robotaxi typically employs a multi-sensor fusion approach combined with high-definition maps, ensuring high safety and reliability in specific operational areas [4][9]. - Mass-produced vehicles, represented by companies like Tesla and Xpeng, often utilize a pure vision approach or a multi-sensor fusion strategy, focusing on real-time data analysis rather than relying heavily on high-definition maps [9][10]. Group 3: Hardware and Development Costs - The hardware costs for Robotaxi are significantly higher, with sensor costs reaching tens of thousands of dollars per vehicle, and typically equipped with around 30 sensors [9][10]. - Mass-produced vehicles generally have fewer sensors, often around 20, and are more cost-sensitive, leading to a different balance between cost, performance, and adaptability [10][18]. Group 4: Responsibility and Scale - In the Robotaxi model, the operating company bears full responsibility for the entire service process, while in mass-produced vehicles, the responsibility is more complex, with drivers retaining primary responsibility [18][19]. - The scale of deployment also differs significantly, with Robotaxi operating a few thousand units compared to the millions of mass-produced vehicles equipped with intelligent driving systems [18][19]. Group 5: Perception of Difficulty - Robotaxi operators view difficulty based on operational speed and safety, often achieving driverless operation in urban areas while being cautious in more complex environments like highways [19]. - Conversely, mass-produced vehicle manufacturers face challenges in urban settings, where the complexity of driving conditions increases significantly, making it a primary focus for competition [19][21].

Investment Rating - The investment rating for the company is "Buy-A" with a target price of HKD 102.6 for the next six months [7]. Core Views - The company reported significant revenue growth in Q2 2025, achieving revenue of CNY 18.27 billion, a year-on-year increase of 125.3% and a quarter-on-quarter increase of 15.6% [1]. - The automotive sales revenue reached CNY 16.9 billion in Q2 2025, up 148% year-on-year and 17% quarter-on-quarter, with vehicle deliveries of 103,000 units, representing a year-on-year increase of 241.6% [2]. - The gross margin for automotive sales improved significantly to 14.3%, an increase of 8.0 percentage points year-on-year and 3.9 percentage points quarter-on-quarter, driven by changes in product sales structure and cost reduction efforts [3]. - The company is expected to continue its strong product cycle with new models launching, including the new P7 and two new Mona SUVs in 2025 [4]. Financial Summary - The projected revenues for 2025, 2026, and 2027 are CNY 90 billion, CNY 138.9 billion, and CNY 173.6 billion respectively, with corresponding price-to-sales ratios of 1.7, 1.1, and 0.88 [4]. - The net loss for 2025 is estimated at CNY 3.16 billion, improving from a loss of CNY 5.38 billion in 2024 [5]. - The company’s gross margin is projected to reach 16.0% in 2026 and 20.0% in 2027, indicating a positive trend in profitability [10].

Investment Rating - The investment rating for the company is "Buy" and is maintained [7]. Core Insights - In Q2 2025, the company achieved revenue of 18.27 billion, representing a year-on-year increase of 125.3% and a quarter-on-quarter increase of 15.6%. The gross margin was 17.3%, up 3.3 percentage points year-on-year and 1.8 percentage points quarter-on-quarter. The net loss was 480 million, narrowing by 810 million year-on-year, while the Non-GAAP net loss was 390 million, narrowing by 830 million year-on-year. The company's smart driving capabilities remain leading, and with a strong new vehicle cycle, combined with channel transformation and enhanced marketing systems, sales are expected to accelerate [2][4][7]. Summary by Sections Financial Performance - In Q2 2025, the company reported revenue of 18.27 billion, a year-on-year increase of 125.3% and a quarter-on-quarter increase of 15.6%. The gross margin reached 17.3%, up 3.3 percentage points year-on-year and 1.8 percentage points quarter-on-quarter. The net loss was 480 million, a reduction of 810 million year-on-year, while the Non-GAAP net loss was 390 million, a reduction of 830 million year-on-year [2][4][7]. Sales and Delivery - The company delivered 103,000 vehicles in Q2 2025, a year-on-year increase of 241.6% and a quarter-on-quarter increase of 9.8%. The delivery breakdown included MONA M03, G6, P7+, G9, and X9, with respective deliveries of 39,000, 24,000, 21,000, 10,000, and 7,500 units. The sales structure continues to improve, enhancing per vehicle revenue and profitability [7]. Future Outlook - For Q3 2025, the company anticipates delivery volumes between 113,000 and 118,000 vehicles, representing a year-on-year growth of 142.8% to 153.6%. Expected revenue is projected to be between 19.6 billion and 21 billion, a year-on-year increase of 94.0% to 107.9%. The strong new vehicle cycle and the launch of new models are expected to sustain sales momentum [7].

Financial Performance - In Q2 2025, the company reported total revenue of 18.27 billion yuan, a year-on-year increase of 125.3%, with total revenue for the first half reaching 34.09 billion yuan, up 132.5% [1] - Automotive sales revenue in Q2 contributed 16.88 billion yuan, reflecting a 147.6% year-on-year growth [1] - The overall gross margin improved to 17.3%, up 3.3% year-on-year, while the automotive gross margin reached 14.3%, an increase of 7.9% [1] - The net loss narrowed to 480 million yuan, with a target to achieve quarterly profitability by Q4 2025 [1] Delivery and Product Development - The company delivered 103,181 vehicles in Q2 2025, marking a significant year-on-year increase of 241.6%, with total deliveries for the first half reaching 197,000 units, up 279% [1] - New products and upgraded models, including the 2025 XPeng X9 and the new MONA M03 Max, have been launched, enhancing the product lineup [1] - The MONA M03 has consistently delivered over 10,000 units for 11 consecutive months, with its Max version accounting for over 80% of total orders [1] Cash Flow and Investment - As of June 30, 2025, the company's cash and cash equivalents, along with short-term investments, rose to 47.57 billion yuan, an increase of 2.29 billion yuan from the previous quarter [2] - The company maintained a high level of R&D investment, with Q2 R&D expenses reaching 2.21 billion yuan, a year-on-year increase of 50.4% [2] - Despite narrowing losses, the company remains in a loss phase, focusing on both pure electric and super range-extended technology routes in the second half of the year [2] Future Guidance - For Q3, the company projects deliveries between 113,000 and 118,000 vehicles, representing a year-on-year growth of 142.8% to 153.6%, with total revenue expected to be between 19.6 billion and 21 billion yuan [2] - The company aims to balance growth and profitability while achieving a competitive edge in technology, which will be crucial for meeting its growth targets [2]

8月20日，第二十届全国大学生智能汽车竞赛全国总决赛在杭州电子科技大学落幕。极氪智能科技作为赛事重要支持方，以创新技术资源与前瞻 视野深度参与赛事，持续深化在智能驾驶领域的技术投入与人才战略布局。 作为教育部认可的国家A类大赛，全国大学生智能汽车竞赛历经二十届发展，已成长为覆盖全国30多个省市自治区、500余所高校的国家级权威科技竞 赛，累计吸引超过65万人次参与。本届竞赛由教育部高等教育司委托高等学校自动化类专业教学指导委员会与中国自动化学会联合主办，经过各省赛及区域 赛的层层选拔，最终700余支队伍、3000余名选手成功会师总决赛，赛事涵盖自动控制、模式识别、传感技术、电子电气、计算机、机械与汽车等多学科领 域，充分展现了中国大学生在智能汽车领域的创新实力与技术追求。作为赛事重要支持方，极氪于赛事现场设置代表车型静态展示与沉浸式体验环节，向广 大师生零距离呈现极氪在智能座舱交互与智能驾驶领域的技术魅力，推动智能科技与高校群体的深度互动。 主办单位:中国自动化学会 协办单位：英飞凌科技(中国)有限公司 深圳国芯人工智能有限公司 | 百度在线 科大讯飞(苏州)科技有限公司 | 恩智浦 北方天途航空技术发展 ( ...

| Wind代码 | 证券简称 | 近1年回报(%) 20240821~20250819 | 基金经理 | | --- | --- | --- | --- | | 016303.OF | 中信建投北交所精选两年定开A | 257.52 | 冷文鹏 | | 014283.OF | 华夏北交所创新中小企业精选两年定开 | 236.86 | 顾鑫峰 | | 014279.OF | 汇添富北交所创新精选两年定开A | 226.06 | 马翔,马磊 | | 016307.OF | 景顺长城北交所精选两年定开A | 178.56 | 农冰立 | | 014275.OF | 易方达北交所精选两年定开A | 152.23 | 郑希 | | 014277.OF | 万家北交所慧选两年定开A | 150.35 | 叶勇 | 本报（chinatimes.net.cn）记者栗鹏菲 叶青 北京报道 近期，公募基金市场捷报频传，北交所主题基金以惊人的赚钱效应成为市场中最耀眼的明星。Wind数 据显示，截至8月19日，已有3只北交所主题基金近一年收益率突破200%大关，展现出极强的赚钱效 应。 其中，冷文鹏管理的中信建投北交所精选两年定开 ...

Core Viewpoint - The company reported a significant increase in net profit for the first half of 2025, driven by strong growth in automotive and AR/VR segments, despite a slight decline in mobile product shipments [1][2]. Group 1: Financial Performance - In H1 2025, the company achieved revenue of 19.652 billion yuan, a year-on-year increase of 4.2% [1] - Net profit reached 1.646 billion yuan, reflecting a substantial year-on-year growth of 52.6% [1] - The gross margin improved to 19.8%, up by 2.6 percentage points compared to the previous year [1] Group 2: Mobile Business - The mobile segment saw a decline in shipment volumes, with mobile lens and camera module shipments down approximately 6% and 21% year-on-year, respectively [2] - However, the average selling price (ASP) for mobile lenses and camera modules increased by around 20%, contributing to improved profitability [2] - The company expects mobile lens gross margins to continue to rise, projecting a gross margin of 25%-30% for 2025 [2] Group 3: Automotive Business - The automotive segment experienced a significant increase in shipments, with car-mounted lens shipments rising by 21.7% to 65 million units, maintaining the company's leading global market share [3] - The company has deepened strategic collaborations with major autonomous driving platforms, enhancing its market position [3] - The automotive segment is expected to see revenue growth exceeding 20% year-on-year for the full year 2025 [3] Group 4: Emerging Businesses - The XR business showed rapid revenue growth in H1 2025, primarily due to the company's strong involvement in the smart glasses sector [4] - The company is also making advancements in robotics, with applications in navigation, obstacle avoidance, and AI recognition, expanding its market presence [4] - The company aims to leverage its technological advancements and strategic upgrades to drive sustained growth in these emerging sectors [4]

G15 沈海高速上海至常州段的 LED 屏上，"严禁使用辅助驾驶" 的红色警示灯仍在滚动闪烁。这则未配套处罚措施的提示，却像一记重锤砸在智能汽车行 业的神经上 —— 当部分高速路段明确禁止 L2/L2 + 级系统启用，当市场监管总局与工信部的新规严令禁止 "L2.5""脱手驾驶" 等模糊宣传，曾经被车企当 作核心卖点的辅助驾驶功能，正在政策红线与技术局限的双重挤压下褪去光环。当辅助驾驶这张牌不再奏效，车企的破局之道藏在何处？ 辅助驾驶 "退潮"：被揭穿的技术泡沫 辅助驾驶的 "哑火" 并非偶然，而是技术局限性与商业夸大碰撞后的必然结果。去年一起追尾致死事故至今仍令人警醒：前车爆胎后未及时撤离，后车的 辅助驾驶系统因未能识别静止车辆，最终造成 2 人死亡。车企在《智驾必读告知书》中早已明确列出免责条款：系统无法识别静止车辆、缓慢行驶的工程 车、异形挂车等场景 —— 这些 "不能" 恰恰暴露了当前技术的真实边界。 高速禁令的三大理由更直指核心矛盾。在施工改道路段，不规则摆放的锥桶、临时设置的限速标志，常常超出毫米波雷达与摄像头的融合感知范围；节假 日车流量激增时，ACC/AEB 系统的误判急刹可能引发连环追尾；而 ...

隔夜，全球AI总龙头英伟达收盘下跌3.5%，软件公司Palantir和芯片设计公司Arm分别重挫9.4%和5%。 科技板块的下跌，带动纳指下跌了1.4%。 美股科技板块下跌的原因在于，麻省理工学院发布了一篇题为《生成式AI鸿沟：2025年商业AI现状》 的报告。 该报告指出，高达95%的企业从其生成式AI投资中获得的回报为零。OpenAI首席执行官Sam Altman近 期也敲响了AI投资警钟，他认为AI相关股票已出现泡沫迹象。两个消息共同刺激了投资者对美股科技 板块的谨慎态度。 尽管如此，也有不少对AI热潮持正面看法的观点出现。 即便是敲响AI投资警钟的Sam Altman，其动作却很诚实。Sam Altman准备让OpenAI投入数万亿美元建 设数据中心，还多方寻求算力合作。 对于AI是否有泡沫，达哥认为，真正的投资高手不是回避泡沫，而是看清它、利用它，并在大众狂欢 结束前悄然离场。 昨天，有一篇文章在投资圈流传。文章的主要意思是，在牛市中，下车了真正有价值的标的，就会很难 再上车，因为下车之后过一段时间会发现，卖出的个股继续上涨。 此时内心在想：便宜的时候我都卖了，现在再去买就下不了手。在错过有真正价值 ...