Core Viewpoint - The company reported mixed financial results for 2024 and Q1 2025, with revenue growth stagnating and net profit declining significantly, indicating challenges in traditional business segments while exploring new growth areas in smart electric and non-automotive sectors [1][2][3]. Financial Performance - In 2024, the company achieved revenue of 11.167 billion yuan, a year-on-year increase of 0.67%, while net profit decreased by 9.68% to 1.660 billion yuan [1]. - For Q1 2025, revenue was 2.834 billion yuan, down 2.38%, and net profit fell sharply by 35.46% to 354 million yuan [1]. Business Segment Analysis - The fuel injection system, a core traditional business, saw revenue decline by 8.52% to 4.645 billion yuan due to reduced demand for traditional fuel vehicles amid the electric vehicle trend [2]. - The automotive after-treatment system reported a revenue increase of 1.99% to 3.477 billion yuan, with an improved gross margin from 12.52% to 15.11% [2]. - The intake system benefited from the hybrid market, achieving a significant revenue growth of 43.93% to 0.954 billion yuan, although its gross margin decreased from 22.42% to 19.52% [2]. Profitability Trends - The company's gross margin for 2024 was 18.18%, a slight increase of 0.67 percentage points, while the net margin decreased by 1.87 percentage points to 15.38% [3]. - In Q1 2025, the gross margin was 17.67%, down 0.86 percentage points, and the net margin fell by 6.91 percentage points to 12.92% [3]. Strategic Initiatives - The company is actively expanding into smart electric and non-automotive sectors, establishing a joint venture with Baolong Technology to develop full-active suspension motor hydraulic pump business [3]. - A strategic cooperation agreement was signed with Bosch China to enhance collaboration in automotive intelligence, hydrogen energy, and humanoid robotics, among other areas [4]. Investment Outlook - In the short term, the company’s traditional business remains stable, while new smart electric initiatives are expected to enter a phase of order release, leading to a potential upward trend in overall performance [5]. - For the medium to long term, the company aims to increase external collaborations and diversify its business ecosystem, which may open new growth opportunities [5].

Investment Rating - The report assigns an "Accumulate-A" rating for the company, marking its first coverage [1][8]. Core Views - The company is experiencing short-term profit pressure but is accelerating the construction of a new ecosystem in the smart electric and industrial sectors [2][4]. - The traditional core business of automotive fuel injection systems has seen a decline in revenue due to the shift towards electric vehicles, while the intake system business has benefited from the rapid growth in hybrid vehicle sales [4][5]. - The company is actively expanding into smart electric and non-automotive sectors, aiming to build a diversified business ecosystem for sustainable growth [5][7]. Financial Performance Summary - In 2024, the company achieved a revenue of 11.167 billion yuan, a year-on-year increase of 0.67%, while the net profit attributable to shareholders was 1.660 billion yuan, a decrease of 9.68% [3][4]. - For Q1 2025, the company reported a revenue of 2.834 billion yuan, down 2.38% year-on-year, and a net profit of 354 million yuan, down 35.46% year-on-year [3][4]. - The gross margin for 2024 was 18.18%, an increase of 0.67 percentage points year-on-year, while the net margin was 15.38%, a decrease of 1.87 percentage points year-on-year [5][10]. Business Segment Analysis - The automotive fuel injection system segment generated revenue of 4.645 billion yuan in 2024, a decline of 8.52% year-on-year, while the automotive after-treatment system saw revenue of 3.477 billion yuan, a growth of 1.99% [4]. - The intake system business experienced significant growth, with revenue reaching 954 million yuan, a substantial increase of 43.93% year-on-year, despite a decline in gross margin from 22.42% to 19.52% [4][5]. Future Outlook - The company is expected to see revenue growth in the coming years, with projected revenues of 11.854 billion yuan in 2025, 12.848 billion yuan in 2026, and 14.085 billion yuan in 2027 [8][10]. - The net profit attributable to shareholders is forecasted to be 1.410 billion yuan in 2025, 1.460 billion yuan in 2026, and 1.824 billion yuan in 2027 [8][10]. - The company is focusing on external collaborations and expanding into non-automotive sectors, which is anticipated to open new growth opportunities [5][8].

Core Viewpoint - Lynk & Co's new flagship model, the Lynk 900, was officially launched on April 28, with a price range of 309,900 to 416,900 yuan, featuring two engine options: 1.5T and 2.0T [1][3] Product Positioning - The launch timing of the Lynk 900 was strategically chosen to avoid competition with the Shanghai Auto Show, emphasizing its product value [1] - The vehicle is positioned as a family-oriented six-seat SUV, competing directly with other family-oriented products showcased at the auto show [3] - The merger between Lynk & Co and Zeekr has shifted Lynk's brand positioning towards sportiness and individuality, while the Lynk 900 focuses on the family market [3][5] Technical Specifications - The Lynk 900 boasts a length of 5240mm and a wheelbase of 3050mm, providing a spacious interior with a maximum internal space of 6.16 square meters and a height of 1293mm [5] - It features a flat floor and long sliding tracks for the second and third-row seats, with the second-row seats capable of rotating 180 degrees and offering heating and massage functions [8][10] - The vehicle includes advanced technology such as the LYNK Flyme Auto intelligent cockpit system, Qualcomm Snapdragon dual 8295 chips, and a comprehensive smart driving assistance system with laser radar [12] Competitive Landscape - The Lynk 900's main selling points include its spacious interior, advanced technology, and flexible seating arrangements, which are crucial in the competitive family SUV market [10][13] - The vehicle's launch sets a precedent for the family-oriented six-seat market, but it may face price competition as more similar models are introduced later in the year [13]

对自动驾驶的不同态度，让奔驰和宝马在新汽车时代一个向左，一个向右。 在国内市场卷起"全民智驾"风潮、特斯拉FSD入华、多家车企计划在年内实现L3级自动驾驶之际， 宝马保持了克制。 宝马新世代与奔驰CLA另一个显著差异是对全球化和本土化的不同倾斜。 这是高乐3月14日在宝马集团新世代科技战略沟通会视频连线中说的。当天的主角宝马新世代车型 没有将自动驾驶作为重点，高乐在回答提问时描述"我们将推出的L2+++的应用比我们现在要高出 一代。有很多L2+++的功能，变道、超车更加精准、可靠、安全。"他同时强调"有的车你不用握方 向盘可以很长时间，这个我们是做不到的、不允许的。" 新世代是宝马面向未来的一整套技术创新，包含全新电子电气架构、动力系统、智能座舱、智能驾 驶、设计语言等，代表了宝马在电动化、数字化、智能化等领域的最新成果。新世代技术将应用于 宝马未来所有车型，覆盖纯电动、插混、燃油、氢能多种驱动模式和全部细分市场。 驾驶乐趣、操控仍然是宝马新世代系列车型展示出的核心竞争力，宝马中国一位员工告诉汽车商业 评论，"宝马不会轻易把方向盘交给机器。" 巧的是，奔驰全新智能电动架构下的首款车型CLA在同一天全球首发，全 ...