0 1 事 件 概 述 公司 2025 年 6 月 1 日发布 2025 年 5 月产销快报：批发销量 10.2 万辆，同比 +11.8% ，环比 +2.2% ； 1-5 月累 计批发 45.9 万辆，同比 -0.5% 。其中， 1 ）哈弗 5.8 万辆，同比 +22.6% ，环比 +1.7% ； 1-5 月累计批发 25.9 万辆，同比 +2.8% 。 2 ）魏牌 0.6 万辆，同比 +115.3% ，环比 +28.1% ； 1-5 月累计批发 2.4 万辆，同比 +43.5% 。 3 ）皮卡 1.6 万辆，同比 +2.7% ，环比 -11.4% ； 1-5 月累计批发 8.3 万辆，同比 +8.3% 。 4 ）欧拉 0.2 万辆，同比 -67.3% ，环比 +9.1% ； 1-5 月累计批发 1.1 万辆，同比 -58.7% 。 5 ）坦克 2.1 万辆，同比 +2.8% ，环比 +8.8% ； 1-5 月累计批发 8.2 万辆，同比 -8.8% 。 0 2 分 析 判 断 ► 坦克贡献稳定利润 魏牌涨势亮眼 坦克 5 月批发销售 2.1 万辆，同比 +2.8% ，环比 +8.8% 。坦克 300 批发销 ...

Core Viewpoint - The 2025 Guangdong-Hong Kong-Macao Greater Bay Area Auto Show showcases over 1,000 vehicle models from more than 100 brands, emphasizing the importance of technological innovation and high-quality products in the automotive industry [1][2]. Group 1: Event Overview - The auto show features 112 vehicle brands and 1,039 models, including global and national premieres, under the theme "Facing Technology, Facing the Future, Facing the Market" [1]. - Notable exhibitors include BYD, Xiaomi, NIO, Changan, Geely, and SAIC Volkswagen, with significant new model launches and technological advancements [2][3]. Group 2: Technological Innovations - The Huawei and Jiangqi collaboration launched the Zun Jie S800, priced from 708,000 yuan, with over 1,000 pre-orders within an hour, indicating strong market interest [3]. - The Zun Jie S800 will upgrade to Huawei's ADS 4 intelligent driving system in Q3 2025, showcasing the trend towards smart vehicle technology [3]. Group 3: R&D Investments - Xiaopeng Motors reported a quarterly R&D investment of nearly 2 billion yuan, aiming to become a global AI automotive company [4]. - GAC Group emphasizes user-centric innovation, with over 55 billion yuan invested in R&D to meet diverse consumer needs [4][5]. - Huawei's R&D investment reached 179.7 billion yuan in 2024, with over 10 billion yuan allocated to automotive intelligence, highlighting the competitive focus on core technology breakthroughs [5].

Summary of SANY Heavy Industry Conference Call Company Overview - **Company**: SANY Heavy Industry - **Industry**: Construction Machinery Key Points Financial Performance - **Q2 Revenue Growth**: Expected to be between 10% and 15%, slightly lower than Q1, but within normal fluctuations [2][3] - **Cash Flow Improvement**: Significant improvement due to optimized revenue collection and payment processes, with inventory turnover rates increasing [2][17] Market Trends - **Domestic Excavator Market**: Price stability with intense competition in small excavators; company is shifting focus to medium and large excavators to enhance market share [2][11][30] - **Overseas Market Performance**: Stable growth in Southeast Asia and Africa, with high equipment utilization; however, the Russian market is facing a decline due to rising terminal rates [2][6] Strategic Initiatives - **Direct Sales Increase**: Plans to increase direct sales proportion, especially in Europe and the US, currently over 50% [2][7][9] - **Market Expansion**: Exploring opportunities in Russia, Brazil, and Africa, with potential capacity deployment in these regions [2][14] Product and Technology - **Electric Products Growth**: Increasing revenue share from electric products, with significant growth expected in concrete pumps and loaders [4][22] - **Focus on Large Excavators**: Shift in product strategy towards medium and large excavators to adapt to market competition [11][30] Regional Insights - **Southeast Asia**: Highest equipment utilization, particularly in Indonesia, with expected double-digit growth [6] - **North America**: Current inventory levels are approximately five months, with a gross margin around 20% despite high tariffs [12][13] Capital Expenditure - **Future Capital Expenditure**: Expected to be around 20-30 billion yuan, focusing on optimizing existing capacity rather than acquiring new land [15][16] Competitive Landscape - **Market Share Stability**: Anticipated slight fluctuations in market share, with medium and large excavators expected to maintain around 30% market share [4][31] Challenges and Risks - **Domestic Industry Adjustment**: Domestic market adjustments have a significant impact on capital market sentiment, but the company's performance remains stable due to strong overseas contributions [34] Corporate Governance - **Board Transition**: No specific timeline for board transition; the leadership team is relatively young, averaging in their forties [32][33] Investor Relations - **Shareholder Communication**: Company has a strong track record in shareholder communication, with a current price-to-book ratio of approximately two [35] Additional Notes - **Dealer Profitability**: Over 60% of excavator dealers reported profitability in the first half of the year, indicating a positive trend [25] - **Cost Optimization Measures**: Various cost control measures implemented, including supply chain improvements and management expense reductions [26][27] This summary encapsulates the key insights and strategic directions discussed during the conference call, providing a comprehensive overview of SANY Heavy Industry's current position and future outlook in the construction machinery industry.

Core Insights - In May, new car sales in the UK dropped over 45% year-on-year, with Tesla performing poorly in this market [2] - Tesla's sales in the UK were only 1,758 units in May, down from 3,244 units in the same month last year, indicating a significant decline [2] - Despite the decline in May, Tesla remains the best-selling electric vehicle brand in the UK for the year to date [2] Company Performance - Chinese automotive brand BYD showed strong growth in the UK, with new car sales more than doubling in May to 1,388 units [2] - Overall, new car registrations in the UK increased by 4.3% in May, reaching 144,098 units [2] - Sales of pure electric vehicles in the UK grew by 28% year-on-year, indicating sustained demand for electric vehicles in the market [2] Market Dynamics - The shift towards electrification in the global automotive industry is reflected in the competitive landscape of the UK market [2] - Tesla, as a pioneer in the electric vehicle sector, faces challenges from emerging automotive brands like BYD [2] - The rise of Chinese brands like BYD injects new vitality into the UK automotive market, highlighting the intensity of competition among international brands [2]

证券研究报告 | 2025年06月03日 汽车行业周报（25 年第 21 周） 优于大市 Robotaxi 商业落地加速，小鹏 MONA M03 新车型上市 1 小时大定破万台 月度产销：根据中汽协数据，4 月汽车产销分别完成 261.9 万辆和 259.0 万 辆，环比下降 12.9%和 11.2%，同比增长 8.9%和 9.8%。乘用车产销分别完成 225.7 万辆和 222.3 万辆，环比下降 12.4%和 10%，同比增长 10.2%和 11%。 新能源汽车产销分别完成 125.1 万辆和 122.6 万辆，同比分别增长 43.8%和 44.2%。新能源汽车新车销量占汽车新车总销量的 47.3%。汽车出口 51.7 万 辆，环比增长 2%，同比增长 2.6%。 周度数据：根据上险数据，5.19-5.25 国内乘用车上牌 39.89 万辆，同 比+11.9%，环比+2.4%；其中新能源乘用车上牌 22.11 万辆，同比+22.1%， 环比+1.7%。 本周行情：本周（20250526-20250530）CS 汽车下跌 4.32%，CS 乘用车 下跌 8.93%，CS 商用车上涨 0.68%，CS 汽车零 ...

Core Insights - The 2025 Guangdong-Hong Kong-Macao Greater Bay Area Auto Show will showcase new models and technologies, featuring over a hundred global automotive brands and a thousand new vehicles, including the latest electric models from BMW [1] Group 1: BMW X3 Long Wheelbase Version - The new BMW X3 long wheelbase version features an extended wheelbase for enhanced space, intelligent interaction, and premium driving experience, achieving near 50:50 weight distribution for optimal performance [1][3] - The vehicle's maximum power has increased to 190 kW, with a peak torque improvement of 14% and a 5% reduction in fuel consumption compared to the previous generation [1] - The new electric brake system reduces brake pressure build-up time to 150 milliseconds, significantly improving braking precision and safety [1][2] Group 2: Advanced Technology and Safety Features - The new BMW X3 includes the largest head-up display in its class, providing layered information to keep the driver's focus on the road [2] - It features a new generation BMW operating system with 2.4 times the computing power of its predecessor, enabling faster responses from the BMW Intelligent Personal Assistant [2] - The vehicle is equipped with a 360° intelligent active safety system, including features like start monitoring and collision warnings, enhancing overall safety for passengers [2] Group 3: Manufacturing and Market Position - The new BMW X3's torsional rigidity has significantly improved, utilizing ultra-high-strength hot-formed steel, and the body has a corrosion resistance of up to 15 years, exceeding industry standards [3] - BMW has implemented approximately 100 AI applications in its Shenyang production base, including an innovative AI quality inspection system that analyzes stamping process images in 0.01 seconds with near 100% accuracy [3] - Since its launch in 2003, the BMW X3 has gained the trust of over 3.5 million users globally, with China being the largest single market, surpassing one million units sold [3] Group 4: Market Strategy in Southern China - The Guangdong-Hong Kong-Macao Greater Bay Area is a key market for luxury brands, and BMW has been increasing its investment in Southern China, focusing on sales network expansion and localized production [4] - BMW aims to enhance the competitiveness of its main models and solidify its market position while leveraging the M series to strengthen brand identity and promote pure driving pleasure [4]

买入（维持） | [Table_EPS] 盈利预测与估值 | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业总收入（百万元） | 16,628 | 11,855 | 13,200 | 17,000 | 20,100 | | 同比（%） | 19.35 | (28.71) | 11.34 | 28.79 | 18.24 | | 归母净利润（百万元） | 1,774.57 | 286.10 | 1,056.93 | 1,702.00 | 2,227.97 | | 同比（%） | (23.45) | (83.88) | 269.42 | 61.03 | 30.90 | | EPS-最新摊薄（元/股） | 1.13 | 0.18 | 0.67 | 1.09 | 1.42 | | P/E（现价&最新摊薄） | 17.15 | 106.36 | 28.79 | 17.88 | 13.66 | [Table_Tag] [Table_Summary] 投资要点 2025 年 06 月 03 日 证券分析师 周 ...

证券研究报告·公司深度研究·电池 先导智能（300450） 看好国内龙头扩产重启&海外整车厂入局， 龙头设备商充分受益 买入（维持） | [Table_EPS] 盈利预测与估值 | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业总收入（百万元） | 16,628 | 11,855 | 13,200 | 17,000 | 20,100 | | 同比（%） | 19.35 | (28.71) | 11.34 | 28.79 | 18.24 | | 归母净利润（百万元） | 1,774.57 | 286.10 | 1,056.93 | 1,702.00 | 2,227.97 | | 同比（%） | (23.45) | (83.88) | 269.42 | 61.03 | 30.90 | | EPS-最新摊薄（元/股） | 1.13 | 0.18 | 0.67 | 1.09 | 1.42 | | P/E（现价&最新摊薄） | 17.15 | 106.36 | 28.79 | 17.88 | 13.66 ...

Core Viewpoint - The automotive industry is experiencing a shift towards high-quality products, with a focus on safety and user experience, as highlighted by Huawei's emphasis on quality standards and the challenges faced by competitors in achieving similar benchmarks [1][2][17]. Group 1: Industry Dynamics - The penetration of electric vehicles (EVs) is increasing, leading to heightened scrutiny on safety and quality issues within the industry [1]. - Huawei's chairman, Yu Chengdong, criticized the current safety and quality standards of many car manufacturers, suggesting that many do not meet Huawei's stringent requirements [2][17]. - The automotive market is evolving, with traditional sales models being disrupted by new marketing and distribution channels, such as online sales [5][11]. Group 2: Huawei's Position and Strategy - Huawei is positioning itself as a leader in the smart electric vehicle sector, with significant investments in R&D, exceeding 20 billion yuan annually [7][9]. - The company has developed six key technological areas: intelligent driving, intelligent cockpit, intelligent electric, intelligent vehicle control, intelligent vehicle cloud, and intelligent connectivity, asserting its competitive edge in these domains [9][10]. - Huawei's new vehicle brand, "Wenjie," has achieved significant sales milestones, with the Wenjie M9 becoming a top seller in the high-end segment [7][15]. Group 3: Quality and User Experience - Huawei emphasizes a rigorous quality management system, which has led to a significant reduction in product failure rates, aiming for high user satisfaction [12][13]. - The company believes that user experience is paramount, with a focus on not just product quality but also usability and customer satisfaction metrics [12][14]. - Huawei's approach to quality extends to its partnerships with car manufacturers, where it insists on maintaining high standards across all aspects of vehicle performance and user experience [14][16]. Group 4: Future Outlook - The company is optimistic about the future of its vehicle brands, with expectations of growing recognition and market presence as they continue to innovate and improve [15]. - Huawei's ADS (Advanced Driver Assistance System) technology is set to advance, with plans for L3 and L4 capabilities in urban environments, reflecting the company's commitment to enhancing safety and user experience [18][19]. - The call for a collaborative ecosystem in the smart electric vehicle sector indicates a strategic focus on partnerships and industry-wide improvements [19].

当电动汽车业务持续亏损，美国总统特朗普的关税政策又带来重压时，越来越多的跨国车企选择重 新加码内燃机。 近日，通用汽车宣布，将斥资8.88亿美元，在纽约州托纳万达工厂投产新一代V8发动机。本田也计 划削减电动化领域投资，同时进一步强化油电混合动力车产品线。另外，梅赛德斯-奔驰、Stellantis、 马自达、斯巴鲁、丰田等多家车企此前都承诺继续投资内燃机技术。 本田这样做，同样是基于现实考虑。2024财年（2024年4月~2025年3月），本田净利润同比下降 24.5%。尤其是2025年1-3月，本田季度净利润同比暴跌87%。严峻的数据迫使本田做出改变。发展混动 确保基本盘，同时对纯电采取渐进策略，则成了本田的最优解。 博弈与平衡 值得注意的是，跨国车企对内燃机的重新加码并非始于2025年，早在2024年便已显现诸多端倪。 2024年初，丰田汽车会长丰田章男宣布，丰田将继续生产发动机，且已经启动了新型内燃机开发项 目。随后在2024年5月底，丰田、马自达、斯巴鲁三家车企的社长罕见地共同露面，承诺将继续投资内 燃机技术，并通过使内燃机与电动化技术相结合，与绿色替代燃料（如生物燃料和合成燃料）兼容，从 而助力内燃 ...