Investment Rating - The report assigns a rating of "Buy-A" to the company [6]. Core Views - The company's automotive business is under short-term pressure, with a focus on the launch of new models and the progress of new businesses like Optimus [1][3]. - The energy business is experiencing rapid growth, benefiting from the production of the Shanghai energy storage factory [2]. - The company is transitioning from a traditional electric vehicle manufacturer to an AI-driven technology company, with key initiatives including FSD, Robotaxi, and the humanoid robot Optimus [2]. Summary by Sections Financial Performance - In Q1 2025, the company reported revenue of $19.335 billion, a decrease of 9.23% year-over-year, and a net profit of $420 million, down 63.29% year-over-year [1]. - Automotive sales revenue was $12.925 billion, down 21.5% year-over-year, with vehicle deliveries of 337,000 units, a decline of 13% year-over-year [1]. - The automotive gross margin was 16.2%, with a margin of 12.5% excluding credit revenue, both showing a slight decrease [1]. Business Segments - The energy business generated revenue of $2.73 billion in Q1 2025, a year-over-year increase of 66.97%, with storage deployment reaching 10.4 GWh, up 154% [2]. - The company plans to launch a more affordable vehicle in the first half of 2025, which is expected to expand its customer base and boost sales [1][3]. Future Projections - Revenue projections for 2025-2027 are $107.2 billion, $131.5 billion, and $162.1 billion, respectively, with net profits of $7.54 billion, $8.89 billion, and $11.59 billion [3][10]. - The company is expected to achieve a valuation of $857.28 billion by 2025, with a target price of $266.21 per share over the next six months [3][12].

在回报股东方面，珀莱雅一直不遗余力，通过持续且丰厚的分红举措，彰显出公司对股东权益的高度重 视以及稳健发展的坚定信心。2024年年度报告显示，珀莱雅2024年度公司现金分红占2024年度合并报表 归属于上市公司股东净利润的40.07%，包括：拟每10股派发现金红利11.90元（含税）、拟分配现金红 利总额4.69亿元（含税）；2024年度集中竞价方式回购股份金额1.53亿元（含税）。自上市以来，珀莱 雅累计分红及回购金额已达20.02亿元（含2024年度拟分配的现金红利）。 据珀莱雅化妆品股份有限公司（股票代码：603605）近期发布的2024年年度报告显示，2024年度营业收 入同比增长21.04%，促使珀莱雅销售规模首次突破百亿元，实现收入107.78亿元；实现归母净利润 15.52亿元，同比增长30%；毛利率、净利率分别提升至71.39%和14.71%，核心经营指标均创历史新 高。2024年，珀莱雅依托"科技驱动产品、多品牌协同、全域渠道融合"，以卓越表现完成营收百亿元的 历史性突破，引领国货美妆行业迈向新高度，成为行业发展的标杆。 营收、净利创新高 上市以来累计分红及回购金额超20亿元 根据珀莱雅20 ...