Investment Rating - The report maintains a positive outlook on the automotive sector, suggesting stock selection to emphasize alpha over beta, with a focus on distinct individual stock characteristics [2]. Core Insights - The automotive sector experienced a slight decline in investment sentiment, with expectations for a rebound in demand towards the end of June due to increased marketing efforts. The industry is anticipated to enter a seasonal lull in July and August, followed by a surge in new product launches and seasonal sales towards the end of the year [2]. - The report highlights the importance of monitoring the impact of policies such as trade-in programs and changes in new energy vehicle purchase taxes on the industry [2]. Data Tracking - In April, wholesale passenger car sales reached 2.22 million units, a year-on-year increase of 11% but a month-on-month decrease of 10%. Retail sales for the same month were 1.59 million units, up 6% year-on-year but down 14% month-on-month [4]. - New energy vehicle deliveries from leading companies showed significant growth in May, with BYD delivering 380,000 units (up 15% year-on-year), and Li Auto and Xpeng also reporting substantial increases [4][19]. - The average discount rate in early June rose to 10.6%, reflecting a 0.4 percentage point increase from the previous period and a 2.9 percentage point increase year-on-year [4]. Market Performance - The automotive sector index fell by 2.57% this week, ranking 23rd out of 29 sectors. The overall market indices also showed declines, with the Shanghai Composite Index down 0.51% [7][28]. - The report notes that the automotive sector's price-to-earnings (PE) ratio stands at 31, indicating a relatively high valuation compared to historical averages [28][34].

Investment Rating - The report maintains a "Recommended" rating for the automotive industry [1] Core Views - The automotive sector is expected to benefit from the continuation of the vehicle trade-in policy in 2025, which is anticipated to support upward consumer spending [16] - The report highlights the emergence of high-end domestic brands and the potential for increased penetration of advanced driving technologies [16] - The report emphasizes the importance of the Robotaxi initiative by Tesla, which is set to launch on June 22, 2025, as a significant development in the industry [14] Summary by Sections Recent Developments - Multiple automotive companies have announced a "60-day payment term" commitment to suppliers, aiming to alleviate financial pressure [12] - The global first L3-level AI vehicle, the Xiaopeng G7, was officially unveiled with a pre-sale price of 235,800 yuan, featuring advanced AI capabilities [13] - Tesla plans to initiate its Robotaxi pilot service in Austin, Texas, with the first deliveries expected on June 28, 2025 [14] Market Performance - From June 9 to June 13, 2025, the A-share automotive sector underperformed compared to the Shanghai Composite Index, with a weekly decline of 0.8% [17] - The performance of individual segments showed a mixed trend, with passenger vehicles down by 2.0% and commercial vehicles up by 7.2% during the same period [17] Recommendations - The report recommends several companies based on their potential to benefit from the current market dynamics: 1. Domestic brands like Li Auto, JAC Motors, Geely, BYD, and Great Wall Motors are expected to thrive in the high-end market segment [16] 2. Companies involved in advanced driving technologies, such as Xiaopeng Motors, Huayang Group, Desay SV, and Kobot, are highlighted for their growth potential [16] 3. The report suggests focusing on companies with strong positions in the supply chain, such as Top Group, Sanhua Intelligent Control, and Beite Technology [16] 4. In the commercial vehicle sector, it anticipates a recovery in heavy truck demand, recommending companies like Foton Motor and China National Heavy Duty Truck [16]

Investment Rating - The report maintains a "Buy" rating for the company [1][8] Core Insights - The company has seen significant growth in the delivery of its AITO M8 model, with May deliveries reaching 12,116 units, and a weekly delivery rate exceeding 5,000 units [4][5] - The AITO M8 has received over 80,000 pre-orders, indicating strong market demand [5] - The company is also venturing into humanoid robotics, establishing a joint venture with Beihang University to develop and sell intelligent robots, which is expected to create new growth opportunities [5][8] - The company is planning to issue H-shares to enhance its global presence and competitiveness [7] Financial Projections - Revenue projections for 2025-2027 are estimated at 189.11 billion, 220.78 billion, and 263.83 billion respectively, with year-on-year growth rates of 30.26%, 16.75%, and 19.50% [8] - Net profit forecasts for the same period are 10.22 billion, 12.60 billion, and 15.51 billion, reflecting growth rates of 71.92%, 23.21%, and 23.13% [8] - The report anticipates a diluted earnings per share of 6.26 yuan in 2024, increasing to 9.49 yuan by 2027 [8] Stock Performance Data - The total share capital is 1.633 billion shares, with a market capitalization of 219.85 billion yuan [3] - The stock has seen a 12-month high of 149.89 yuan and a low of 70.24 yuan [3]

Summary of Conference Call Records Industry Overview: Automotive Chips and Components Key Points on Automotive Chips - Lei Jun, founder of Xiaomi, announced that Xiaomi's automotive chips are expected to be launched soon, with the company projected to hold the largest market share among domestic manufacturers for automotive simulation chips in 2024 [1] - The automotive chip market in China is anticipated to reach 120 billion yuan in 2024 and exceed 300 billion yuan by 2030, reflecting a compound annual growth rate (CAGR) of over 25% [1] - Domestic automotive manufacturers are focusing on both electrification and intelligence, actively promoting the localization of automotive chips, transitioning from product development to large-scale sales [1][2] Key Points on Automotive Components - The Ministry of Industry and Information Technology, along with four other departments, is organizing the 2025 New Energy Vehicle (NEV) promotion activities in rural areas, aiming to enhance NEV penetration rates [3] - The initiative will target counties with low NEV adoption rates and will include various promotional activities, encouraging participation from manufacturers, sales, and service providers [3] - WanTong Intelligent Control is noted as one of the earliest developers of Tire Pressure Monitoring System (TPMS) sensors in China, supplying to major manufacturers like BAIC Arcfox and Tesla [4] Market Dynamics - The penetration rate of new energy vehicles in lower-tier cities is significantly lower than in first- and second-tier cities, indicating substantial growth potential [4] - Analysts predict that the automotive sector is entering a phase of high sales growth, driven by new vehicle launches and advancements in technology [4] - The automotive parts sector is seeing increased demand for components such as high polymer fluid pipeline systems and sealing systems for new energy vehicles [4] Additional Insights - Xiaomi's investment in robotics and automotive technology is part of a broader trend of technology companies entering the automotive space, which may lead to increased competition and innovation in the automotive chip market [1] - The collaboration between companies like Xiaomi and commercial suppliers in areas such as laser radar and battery management systems indicates a growing ecosystem of partnerships aimed at enhancing automotive technology [2] - The government's initiatives to promote NEVs in rural areas are expected to create new market opportunities and drive demand for automotive components and services [3] Conclusion The automotive chip and component industry in China is poised for significant growth, driven by technological advancements, government initiatives, and increasing consumer demand for new energy vehicles. Companies like Xiaomi and WanTong Intelligent Control are at the forefront of this transformation, highlighting the dynamic nature of the market.

证券研究报告|行业定期报告 2025 年 06 月 02 日 汽车行业周报 车企"价格战"扰动行情，小鹏 M03 推动高阶智驾下沉 中游制造/汽车 5 月 25 日至 5 月 31 日，汽车行业整体下跌 4.3%。本周，汽车行业"价格战" 逐渐演绎，比亚迪、吉利和奇瑞等车企纷纷加入新一轮的降价大潮，对整车行 情形成冲击。另外，本周有两款重磅新车上市，小鹏汽车 MONA M03 加推四 款新车型，官方指导价 11.98 万元至 13.98 万元，其中 502 与 600 续航版本为智 能配置更高的 Max 版本，据官方介绍，小鹏 MONA M03 AI 智能纯电掀背轿跑 上市 1 小时，大定达 12566 台，其中 Max 版订单占比 83%。尊界 S800 正式上 市并推出四款车型，售价 70.8-101.8 万元，上市 24 小时大定突破 1600 台。 ❑ 市场板块行情回顾 本周 CS 汽车-4.3%。本周（5 月 25 日至 5 月 31 日，下同）上证 A 指涨跌幅 为 0%，深证 A 指涨跌幅为-0.1%，创业板涨跌幅为-1.4%。本周各行业板块 多数上涨，其中涨幅居前的行业板块为 CS 综合金融（ ...

Group 1: Xiaopeng Motors - MONA M03 Launch - Xiaopeng Motors launched the annual version of MONA M03 with four configurations and three new color options, priced between 119,800 to 139,800 yuan [1] - The Max version features the new Turing AI driving assistance system, equipped with 27 sensors and dual NVIDIA Orin-X chips, supporting various driving assistance functions [1][3] - The vehicle offers two battery options: 51.8 kWh and 62.2 kWh, with corresponding power outputs of 190 hp and 218 hp, and CLTC ranges of 502/515 km and 600/620 km respectively [3] Group 2: Competitive Positioning - The MONA M03, as the top-selling compact electric sedan in April, aims to strengthen its competitive edge with this upgrade and price strategy, particularly against BYD Qin PLUS EV [5] - The Max version's pricing at 139,800 yuan puts pressure on competitors, but challenges include consumer sensitivity to charging efficiency and potential competition from models using 800V platforms [5] - Regulatory scrutiny on the promotion of driving assistance features may impose stricter evaluations on the Max version's capabilities [5] Group 3: Changan Automobile - UNI-Z Update - Changan launched the new UNI-Z fuel and plug-in hybrid versions, maintaining a price range of 115,900 to 133,900 yuan, with minor power system optimizations [8][10] - The fuel version features a 1.5T engine with a power increase to 192 hp and torque to 310 Nm, while the plug-in hybrid version offers a pure electric range of 125 km [10] Group 4: FAW Bestune - Yueyi 07 Launch - FAW Bestune introduced the new plug-in hybrid SUV Yueyi 07, priced between 99,800 to 129,900 yuan, featuring a 1.5L hybrid system with two electric range options [16][18] - The vehicle's design is simple and fluid, with a focus on interior technology, including an 8-inch instrument panel and a 12.6-inch vertical central control screen [18] Group 5: Lantu Motors - FREE+ Interior Release - Lantu Motors unveiled the interior design of the FREE+ model, set to begin pre-sales in June, featuring Huawei's HarmonyOS and the QianKun ADS4 driving assistance system [24][25] - The vehicle dimensions have slightly increased, and it includes a 15.6-inch 2K floating central control screen, with various luxury features such as a 22-speaker audio system [25][28] - The powertrain consists of a 1.5T range extender and an electric motor, with two-wheel drive and four-wheel drive options, offering different electric ranges [25][28]

Core Insights - Nvidia is applying its AI models to autonomous vehicles, collaborating with Mercedes to launch a fleet using Nvidia's end-to-end autonomous driving technology this year [1][2] - Pony.ai plans to expand its Robotaxi fleet to 1,000 units by the end of 2025, with Q1 2025 revenue reaching 102 million yuan (approximately 13.98 million USD), a 12% year-on-year increase [2] - Baidu's "Luobo Kuaipao" service provided over 1.4 million rides in Q1 2025, a 75% year-on-year growth, with a total of over 11 million rides since inception [2] - WeRide reported Q1 2025 revenue of 72.44 million yuan, with Robotaxi revenue at 16.1 million yuan, accounting for 22.3% of total revenue, up 10.4 percentage points year-on-year [3] - Tesla plans to launch autonomous taxi services in Austin, Texas, by the end of June, starting with about 10 vehicles and potentially expanding to 1,000 if successful [3] Investment Highlights - The value and penetration of intelligent driving chips are expected to increase, benefiting companies like Horizon Robotics and Black Sesame [5] - There is still room for domestic replacement in the Tier 1 segment, with a focus on core products to deepen customer loyalty, highlighting companies like Desay SV and Jingwei Hirain [5] - High-level autonomous driving requires regulatory and testing support, marking a new phase for automotive technology services, with a focus on China Automotive Research [5] - The potential for high-level autonomous Robotaxi services is significant, with acceleration expected in 2025, particularly for companies like Pony.ai and WeRide [5]

推荐（维持） 高阶智驾渗透率持续提升，商业化进程提速 行业研究 计算机 2025 年 05 月 25 日 证 券 研 究 报 告 政策计算机行业周报（20250519-20250523） 华创证券研究所 证券分析师：吴鸣远 邮箱：wumingyuan@hcyjs.com 执业编号：S0360523040001 联系人：周志浩 邮箱：zhouzhihao1@hcyjs.com 行业基本数据 | | | 占比% | | --- | --- | --- | | 股票家数(只) | 336 | 0.04 | | 总市值(亿元) | 41,548.90 | 4.19 | | 流通市值(亿元) | 35,628.74 | 4.53 | 相对指数表现 | % | 1M | 6M | 12M | | --- | --- | --- | --- | | 绝对表现 | -1.7% | -2.5% | 30.2% | | 相对表现 | -4.2% | -3.0% | 23.6% | -16% 11% 39% 66% 24/05 24/08 24/10 24/12 25/03 25/05 2024-05-24~2025-05-23 ...

Group 1 - The retail sales of passenger cars in China reached 932,000 units from May 1 to May 18, 2023, representing a 12% increase year-on-year and an 18% increase month-on-month, with a cumulative retail of 7.804 million units in 2023, up 8% year-on-year [1] - The wholesale of passenger cars during the same period was 858,000 units, showing an 18% increase year-on-year but a 2% decrease month-on-month, with a cumulative wholesale of 9.326 million units in 2023, up 12% year-on-year [1] - China’s automotive market has potential for growth, requiring policy support to elevate the ownership ceiling and stimulate replacement potential, with a target of achieving a stable sales volume of 28 million units by enhancing the car ownership rate to 300 vehicles per thousand people [1] Group 2 - Guohai Securities anticipates that the used car replacement policy will catalyze passenger car sales in 2024, with continued support for automotive consumption in 2025 [2] - The automotive sector is expected to enter a phase of high sales prosperity, driven by improved monthly sales year-on-year, new car launches, technological advancements, and trends in high-level autonomous driving and robotics [2]

Core Viewpoint - The company, Leap Motor, reported exceptional Q1 2025 financial results, achieving a revenue of 10.02 billion yuan, a year-on-year increase of 187.1%, and a significant reduction in net loss to 130 million yuan, outperforming market expectations of over 500 million yuan in losses [1] Financial Performance - Revenue reached 10.02 billion yuan, marking a 187.1% year-on-year growth [1] - Gross margin improved to a historical high of 14.9% [1] - Net loss narrowed to 130 million yuan, significantly better than the expected loss of over 500 million yuan [1] - Positive operating cash flow of 340 million yuan for the quarter, with a total of 8.471 billion yuan for the year 2024 [1] - Cash and cash equivalents totaled 25.7 billion yuan as of March 2025 [1] Market Position and Sales - The company delivered approximately 88,000 vehicles in Q1 2025, a year-on-year increase of 162.1%, solidifying its position as the leading new force in the automotive sector [2] - The C series accounted for 67,812 units delivered, representing 77.5% of total sales, with a 4.9% increase in single-vehicle revenue [2] - In April, total deliveries reached 41,039 units, a 173% year-on-year increase, making it the only new force brand to surpass 40,000 units in monthly sales [5] Product Development and Innovation - The launch of the B10 model in April has seen over 10,000 units delivered, contributing to the sales growth [2] - The company introduced the LEAP 3.5 technology architecture, enhancing its smart driving capabilities and integrating advanced hardware [5][6] - The B10 is the first model to feature the LEAP 3.5 architecture, making it a competitive product in the 120,000 yuan price range [5] International Expansion - The company has expanded its market presence to 23 international markets, including Europe, the Middle East, Africa, Asia-Pacific, and South America [9][10] - The C10 model was launched in Europe in January 2025, with deliveries starting in March 2025 [9] - Plans for local assembly in Malaysia for the C10 model are set to begin by the end of 2025 [10] Investor Sentiment - The company's strong performance has attracted positive market sentiment, with significant share purchases by the founder and CEO, totaling over 3 billion HKD [12] - Investment banks have raised their target prices for the company, with Citigroup increasing its target from 50.1 HKD to 74.2 HKD [12]