Core Viewpoint - The article emphasizes that achieving extreme cost-performance does not necessarily require sacrificing profits, as demonstrated by Leap Motor's recent advancements in technology and profitability [1][3][4]. Group 1: Company Positioning and Strategy - Leap Motor's CEO, Zhu Jiangming, aims for the company to be recognized for technology and innovation rather than low pricing, distancing from labels like "price butcher" [1][2]. - The company has positioned itself similarly to Uniqlo in the clothing industry, offering slightly higher prices for better quality [2]. - Leap Motor's strategy focuses on technological innovation as the foundation for cost reduction, with over 65% of vehicle components self-manufactured [2][3]. Group 2: Financial Performance - In Q4 2024, Leap Motor achieved a net profit for the first time, becoming the second new car-making force to do so, with a quarterly gross margin of 13.3% [2][3]. - The company sold 293,700 vehicles in the past year, ranking third among new car manufacturers [2][3]. Group 3: Product Development and Market Strategy - Leap Motor's B10 model, featuring advanced driving capabilities, is priced at 120,000 yuan, showcasing the company's ability to offer high-tech features at competitive prices [1][4]. - The company plans to increase its sales target for 2025 to between 500,000 and 600,000 vehicles, driven by new model releases and international market expansion [6][7]. Group 4: International Expansion - Leap Motor aims to export 50,000 vehicles this year, with a focus on localizing manufacturing in Europe [7][8]. - The collaboration with Stellantis is progressing well, with plans for local production and distribution channels in Europe [7][9]. Group 5: Competitive Landscape - Leap Motor acknowledges the competitive nature of the automotive industry, particularly in the context of "price wars" and technological advancements [3][18]. - The company is confident in its preparedness to face competition and aims to maintain its market position through continuous innovation and cost management [18].

智驾平权加速渗透，看好比亚迪、零跑汽车 摘要 • 新能源汽车渗透率加速提升重塑行业竞争格局，比亚迪发布全新智能驾驶 战略，全系标配天成智驾，推动智驾平权，超出市场预期。 • 吉利发布千里浩瀚高阶智驾方案，包括高速 N 微分和城市文化功能，将陆 续搭载于银河系列车型。 • 零跑汽车发布 B10，首次在 12 万元级别车型搭载激光雷达高阶智驾，全 系标配自动泊车，支持高速 A 及城区 CNAP 功能，实现智驾平权。 • 整车资产支架全面升级推动行情扩散，整车投资机会在于智能化赋能后的 销量和利润提升，零部件机会在于硬件公司业绩兑现和新技术供应商估值 提升。 • 比亚迪订单中智驾版占比受新旧款切换影响，清库缓慢经销商占比可达 50%以上，预计三月中下旬智驾版订单将全面爆发。 • 比亚迪核心竞争力在于成本控制能力，销量规模效应降低单车固定成本， 上游供应链优势支持其估值上行。 • 零跑汽车工程化能力强大，快速迭代至全新平台，B10 实现高速 NOA 等 功能，并推广至所有车型，24 年四季度首次实现净利润转正，毛利率达 13.3%，销量预计持续增长，PS 较低，股价上涨潜力大。 Q&A 2025 年乘用车板块的整体变 ...

撰 文 / 钱亚光 设 计 / 琚 佳 2月10日，比亚迪宣布"天神之眼"智驾系统将覆盖全系车型，并一口气推出21款智驾车型，甚至将 高速NOA功能覆盖到10万元车型。 2025年被认为是"智能驾驶元年"，中国汽车行业正从"电动化上半场"快速转向"智能化下半场"， 而"智驾平权"正在成为多数车企智能化的发展方向。 2月9日，长安汽车正式发布智能化战略"北斗天枢2.0"计划，从2025年起不再开发非数智化新产 品，全系标配开通智驾接口，未来3年长安汽车将推出35款数智新汽车产品。 同日，零跑汽车表示将推动智驾全民普及，即将上市的零跑B10车型是15万元级首款搭载激光雷达 并支持城区智能驾驶的车型。 3月3日，吉利汽车举办"吉利AI智能科技发布会"，并发布了"千里浩瀚"安全高阶智能驾驶系统，规 划了5级智驾方案，将覆盖吉利集团各品牌全系不同价位车型。 而智能驾驶的普及，离不开必不可少的"装备"——传感器性能的提高和成本的降低。 天神之眼C将是比亚迪应用最广泛的智驾系统，在硬件上搭载5个毫米波雷达、12个超声波雷达、 包括前视三目摄像头在内全车12个摄像头，在算力芯片方面选择了英伟达Orin N和地平线J6M。 轩 ...

以下文章来源于远川科技评论 ，作者徐姗姗 随着比亚迪逼近，特斯拉销量陷入停滞（Tesla sales stall as China's BYD closes in）。 比亚迪实现500万辆新能源车下线总共耗时15年，但第二个500万辆只用了15个月。依靠超前的电动化布 局，比亚迪在20万以下的平价车市场几乎没有对手。同时，比亚迪毛利率从2022年初的15%左右一路上 涨到25%，一度逼近30%，创造了价格战越打越富的逆天逻辑。 远川科技评论 . 刻画这个时代（的前沿科技） 去年8月比亚迪与Uber合作，让马斯克想起了自己当年开过的嘲讽，没忍住在推特上敦促比亚迪"迅速转 型"。含义是比亚迪虽然销量水涨船高，但跟特斯拉相比，智能化的进展太慢。 半年后，回旋镖结结实实扎了回来。特斯拉定价6.4万元的FSD中国首秀洋相尽出，反倒是比亚迪的"全 民智驾"发布会直接掀了桌子，把智驾车型的门槛直接砍到了6.98万。 资本市场看似不买账，实则集体抢跑：2月6号比亚迪发布预告时，大鳄们就把成建制的概念股批量送上 了涨停，给比亚迪重回万亿提前献礼。 一场声势浩大的"智驾平权"，似乎让比亚迪一扫智能化"最后一个上桌"的缺憾，但平权 ...

Core Viewpoint - This week, 70 stocks received significant attention from institutions, with a focus on the automotive and electronics sectors, particularly BYD and Haiguang Information [2][3][4]. Group 1: Institutional Ratings - A total of 58 institutions conducted 396 ratings, with 246 stocks receiving "buy" ratings [2]. - BYD received the highest attention with 19 ratings, followed by Haiguang Information with 10 ratings [2][5]. - The automotive sector, including stocks like Great Wall Motors and Yutong Bus, was the most favored [3]. Group 2: Sector Highlights - The electronics sector, featuring stocks such as Haiguang Information and Hengrui Technology, was the second most focused area with 7 stocks receiving attention [4]. - The semiconductor industry is projected to see significant growth, with global sales expected to reach $617.3 billion in 2024, a 19.1% increase [12]. Group 3: Company Performance - BYD's global sales are projected to reach 4.27 million units in 2024, ranking fourth in global automotive sales, with a 161.39% year-on-year increase in February 2025 [8]. - Haiguang Information is expected to achieve over 50% revenue and profit growth in 2024, with a three-year compound annual growth rate of 58.29% [13]. - Hengrui Technology reported a 49.94% increase in revenue for 2024, while Bawei Storage achieved an 86.71% revenue growth [14]. Group 4: Investment Recommendations - Institutions have raised ratings for Haiguang Information and Keri International, with Haiguang Information's target market value adjusted to 426.2 billion yuan [15]. - 21 stocks have over 30% upside potential based on institutional target prices, with Yinghe Technology showing over 120% upside potential [16].

Investment Rating - The investment rating for BYD is "Buy" and is maintained [6]. Core Views - BYD's overall sales in February reached 323,000 units, representing a year-on-year increase of 164.0% and a month-on-month increase of 7.4% [2][4]. - Passenger car sales in February were 318,000 units, with a year-on-year growth of 161.4% and a month-on-month growth of 7.3% [2][4]. - The sales of pure electric vehicles in February were 125,000 units, up 127.5% year-on-year, while hybrid vehicle sales reached 193,000 units, showing a year-on-year increase of 189.2% [2][4]. - Export sales in February hit a record high of 67,000 units, marking a year-on-year increase of 187.8% [2][4]. Summary by Sections Sales Performance - February total sales were 323,000 units, with a year-on-year increase of 164.0% and a month-on-month increase of 7.4% [2][4]. - Passenger car sales were 318,000 units, with a year-on-year increase of 161.4% and a month-on-month increase of 7.3% [2][4]. - Pure electric vehicle sales were 125,000 units, up 127.5% year-on-year, while hybrid vehicle sales were 193,000 units, up 189.2% year-on-year [2][4]. Brand Performance - The Dynasty and Ocean series sold approximately 305,000 units in February, a year-on-year increase of 167.1% [2][4]. - The Tengshi brand sold 8,513 units, reflecting an 85.1% year-on-year increase [2][4]. - The Fangchengbao brand saw sales of 4,942 units, up 113.9% year-on-year [2][4]. Regional Performance - Export sales reached 67,000 units in February, a year-on-year increase of 187.8% and a month-on-month increase of 1.0% [2][4]. Strategic Initiatives - BYD is advancing its smart driving strategy, with plans to offer advanced driving features at competitive prices, aiming to enhance market share and profitability [2][4]. - The company is expanding its overseas presence with factories in Thailand, Uzbekistan, Brazil, and Hungary, and is entering new markets such as Vietnam and Pakistan [2][4]. - The introduction of new high-end models is expected to further boost performance and market competitiveness [2][4]. Financial Projections - Forecasted net profits for 2024-2026 are 40.3 billion, 57.0 billion, and 69.2 billion respectively, with corresponding P/E ratios of 26.1X, 18.5X, and 15.2X [2][4].

Core Viewpoint - The article discusses Geely's strategic response to the competitive landscape of intelligent driving technology, emphasizing its unified approach through the "Qianli Haohan" system across all brands, contrasting with BYD's rapid rollout of intelligent driving versions across its product lines [2][12]. Summary by Sections Unified Intelligent Driving Strategy - Geely announced the unification of its intelligent driving solutions under the "Qianli Haohan" system, which is divided into five levels: H1, H3, H5, H7, and H9, aiming for a comprehensive rollout of features like parking assistance and navigation by March [3][4]. - The H1 level features a sensor configuration of 10V5R and a minimum computing power exceeding 100 TOPs, enabling high-speed navigation and automatic parking [4]. - The H3 level includes 11V3R sensors, supporting high-speed navigation and memory parking capabilities [4]. - The H5 level adds a laser radar to the H3 configuration, enhancing its capabilities for urban navigation and memory parking [4]. - The H7 level is similar to H5 but upgrades to parking valet features, while the H9 targets L3 level autonomous driving with advanced sensor configurations [4]. Competitive Positioning - Geely's approach contrasts with BYD's strategy of rapidly updating all mainstream models to "intelligent driving versions," as Geely opts for a more measured rollout, focusing on new models first and gradually updating older ones [13][21]. - The company is also integrating AI technologies into its intelligent driving strategy, enhancing capabilities in human-machine interaction and decision-making [6][8]. Resource Allocation and Development - Geely has established a joint venture to enhance its AI capabilities, which includes significant resources like the Xingrui Intelligent Computing Center with a computing power of 23.5 EFLOPS, the highest among domestic automakers [10][9]. - The integration of the Zeekr brand into Geely's structure aims to streamline development and reduce redundancy in intelligent driving technology [20][22]. Market Dynamics - The article highlights the ongoing price competition in the automotive market, with Geely and BYD both engaging in price reductions to maintain market share, indicating that having intelligent driving capabilities is becoming essential for competitiveness [18][17]. - Geely's strategy reflects a balance between technological advancement and market timing, as it seeks to avoid hasty decisions that could undermine its product lineup [21][23].

Core Viewpoint - BYD has officially launched its "Universal Intelligent Driving" strategy, introducing the "Tianshen Eye" technology matrix across its entire vehicle lineup, aiming to cover mainstream price ranges from 70,000 to 200,000 yuan [1][10]. Group 1: Tianshen Eye Technology Matrix - The "Tianshen Eye" technology matrix consists of three versions: "A" for the Yangwang brand targeting high-end users, "B" for Tengshi and BYD's premium models balancing cost and performance, and "C" for BYD's mainstream models focusing on affordability [2]. - The Tianshen Eye C features advanced hardware and algorithms, including a front-facing three-camera system and end-to-end control algorithms, with plans for future upgrades via OTA to unlock additional functionalities [3]. Group 2: Background of Intelligent Strategy - BYD has been conservative in implementing intelligent driving features but has recently surpassed the industry average in equipping such technologies, with high-level intelligent driving functions increasingly appearing in mid-to-high-end models [4]. - The introduction of the Tianshen Eye system across 21 models aims to democratize high-level intelligent driving technology, making it accessible in vehicles priced below 100,000 yuan [5]. Group 3: Market Comparison and Challenges - Compared to new entrants like Hongmeng Zhixing and Weilai, BYD's Tianshen Eye C is positioned as a Pro version, while Tianshen Eye A is akin to a Max version, with Tianshen Eye B estimated to fall in between [6]. - The aggressive push for "intelligent driving equity" may face challenges from technological, consumer, and competitive market perspectives [7]. Group 4: Future Industry Trends - The year 2025 is anticipated to mark the beginning of a "Universal Intelligent Driving" era, with other brands like Changan and Geely also planning to launch intelligent driving models priced around 100,000 yuan, potentially leading to intensified price competition in the market [8][10]. - BYD's strategy of adding features without increasing prices is expected to compel other manufacturers to follow suit, which could create a new form of price war in the intelligent driving segment [10].

Investment Rating - The report maintains a "Buy" rating for BYD [1] Core Views - BYD's recent H-share placement of 129.8 million shares at HKD 335.2 per share is the largest equity refinancing project in the global automotive industry in the past decade, reflecting strong investor confidence in BYD's growth prospects and the global trend towards electrification and intelligence in the automotive sector [7][8] - February sales reached 323,000 units, a year-on-year increase of 164%, with strong export performance [9] - The company is expected to achieve sales of 5.5 million units in 2025, with over 80% of these being intelligent driving models [9][22] Financial Forecasts - Total revenue is projected to grow from CNY 602.3 billion in 2023 to CNY 1,057.7 billion in 2026, with a compound annual growth rate (CAGR) of approximately 26.37% [1][24] - Net profit attributable to shareholders is expected to increase from CNY 30.04 billion in 2024 to CNY 65.08 billion in 2026, reflecting a CAGR of 22.77% [1][24] - The report revises the net profit forecasts for 2024-2026 to CNY 40 billion, CNY 53 billion, and CNY 65 billion respectively, corresponding to P/E ratios of 25x, 19x, and 15x [22] Sales and Production Insights - In February, BYD's plug-in hybrid vehicle sales reached 193,000 units, accounting for 60.7% of total sales, while pure electric vehicle sales were 125,000 units [16] - The company plans to launch several new models in 2025, including the Han L and Tang L, which are expected to enhance sales further [20] Battery Production and Supply - BYD's battery installation in February increased by 150% year-on-year, with a total of 16.7 GWh installed [21] - The company anticipates a total battery output of 345 GWh in 2025, with significant contributions from both self-supply and external supply [21]

Investment Rating - The report maintains a "Recommended" rating for BYD [6] Core Views - The report highlights BYD's successful H-share placement, raising approximately HKD 43.5 billion, which reflects global investor confidence in the company's growth prospects and the electric vehicle industry's trends [1] - BYD's overseas sales are projected to reach 800,000 units in 2025, driven by increasing demand in markets like Turkey, Brazil, and Europe, along with enhanced shipping capacity [2] - The launch of smart driving models is expected to accelerate the adoption of advanced driving technologies, with a significant portion of orders for these models already captured [3] - The financial forecast indicates strong revenue growth, with expected revenues of CNY 833.6 billion, CNY 1,017 billion, and CNY 1,214.3 billion for 2024, 2025, and 2026 respectively [4] Summary by Sections H-Share Placement - BYD announced an H-share placement of 129.8 million shares at HKD 335.2 per share, raising approximately HKD 43.5 billion, with a discount of 7.8% from the previous closing price [1] - The funds will be used for R&D, overseas expansion, and general corporate purposes [1] Overseas Expansion - BYD's export volumes are expected to grow significantly, with 80,000 units projected for 2025, supported by increased demand and new shipping capabilities [2] - The company is actively establishing factories in Brazil, Uzbekistan, Hungary, Turkey, and Indonesia to enhance its global footprint [2][8] Smart Driving Technology - The introduction of smart driving models aims to democratize advanced driving features, with a notable order share of 25%-30% for these models [3] - High-end models like the Han L and Tang L are set to launch in March 2025, featuring advanced driving systems [3] Financial Projections - Revenue forecasts for 2024, 2025, and 2026 are CNY 833.6 billion, CNY 1,017 billion, and CNY 1,214.3 billion respectively, with net profits expected to be CNY 39.9 billion, CNY 55.4 billion, and CNY 65.6 billion [4][11] - The report anticipates a steady increase in earnings per share (EPS) from CNY 13.71 in 2024 to CNY 22.55 in 2026 [4][11]