Investment Rating - The report maintains a "Strong Buy" rating for Geely Automobile, expecting it to outperform the benchmark index by over 20% in the next six months [5][18]. Core Views - Geely Automobile has initiated a non-binding privatization offer for Zeekr at a premium of 13.6% over the last closing price, aiming to consolidate its high-end electric vehicle assets and enhance operational efficiency [2][8]. - The privatization is expected to significantly increase Geely's profits and long-term shareholder value, with projections indicating a 34.3% increase in net profit from the acquisition [8][9]. - The company is on track for a successful electric transformation starting in 2024, with further acceleration anticipated in 2025, supported by strategic brand integration [8][9]. Financial Summary - **Revenue Projections**: - 2024A: 240,194 million CNY - 2025E: 336,392 million CNY (34.03% YoY growth) - 2026E: 441,972 million CNY (40.05% YoY growth) - 2027E: 514,187 million CNY (31.39% YoY growth) [4][9] - **Net Profit Projections**: - 2024: 16,632 million CNY - 2025: 14,788 million CNY (-11.09% YoY) - 2026: 20,800 million CNY (40.66% YoY) - 2027: 25,699 million CNY (23.55% YoY) [4][9] - **Earnings Per Share (EPS)**: - 2024: 1.65 CNY - 2025: 1.47 CNY - 2026: 2.06 CNY - 2027: 2.55 CNY [4][9] - **Valuation Ratios**: - Price-to-Earnings (P/E) ratio for 2025: 10.6x - Price-to-Book (P/B) ratio for 2025: 1.6x [4][9] Target Price - The target price range for Geely Automobile is set between 23.69 and 28.43 CNY, representing a potential upside of 42% to 70% from the current price of 16.78 CNY [5][8].

证 券 研 究 报 告 吉利汽车（00175.HK）重大事项点评 强推（维持） 启动极氪私有化，打造"一个吉利" 事项： ❖ 吉利汽车发布公告，宣布向极氪提交非约束性私有化要约，拟以2.566美元/18.5 元或 1.23 股新发行的吉利汽车股份收购每股极氪股份（以上两种方案股东可 选择，后同），或以 25.66 美元/185 元或 12.3 股新发行的吉利汽车股份收购每 股极氪 ADS。该报价较极氪最后一个交易日收盘价溢价 13.6%，较过去 30 个 交易日成交量加权平均价溢价 20%。目前，吉利汽车持有极氪 65.7%股权，若 私有化建议落实及完成，极氪将成为吉利汽车全资子公司并从纽交所退市。 评论： [ReportFinancialIndex] 主要财务指标 | | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | | 主营收入(百万元) | 240,194 | 336,392 | 441,972 | 514,187 | | 同比增速(%) | 34.03% | 40.05% | 31.39% | 16.34% | | 归母 ...

Group 1 - The fuel vehicle market is declining while the penetration rate of new energy vehicles is rapidly increasing, putting pressure on joint ventures that once dominated the Chinese market [1] - GAC Honda is facing challenges in its electrification transformation, struggling to scale its hybrid technology and receiving lukewarm responses to its early electric vehicle offerings [1] - GAC Honda has launched the P7, a new electric SUV priced at 199,900 yuan, marking a significant shift in its approach to the Chinese market [1] Group 2 - The P7 features advanced driving assistance systems, including Honda CoPilot Pro, but these features are not standard and require additional costs, limiting their current usability [2] - The success of the P7 as a key model in GAC Honda's electrification strategy remains to be seen, pending market validation [2]

穆希雅介绍道，相关调查显示，超过2/3的德国汽车行业受访者计划持续增加在华投资，尤其是在研 发、生产和销售等领域；1/3的受访企业将扩大在华产能，长期来看，80％的企业计划维持或扩大在华 生产规模。多数德国企业秉持"在中国，为中国"的策略，也有部分企业仍继续将中国视为出口基地。 对于产能布局问题，穆希雅解释道，德国车企扩大在华产能是为了适应中国市场激烈的竞争环境，基于 在中国积累的市场经验，更好地践行"在中国，为中国"的策略，通过投资研发和生产更适配中国市场的 产品，实现快速转型。产品方面，德国整车企业和零部件供应商在中国市场上非常注重本土化，无论是 从数字化还是产品设计方面来看都是如此。与此同时，她还提到，中国车企也在积极拓展海外市场，逐 渐积累在欧洲市场的经验，尝试"在欧洲，为欧洲"的发展路径。 市场需求方面，穆希雅强调，中国和欧洲市场的消费者需求存在差异且不断变化。中国消费者更看重车 辆空间和数字化功能，欧洲消费者则侧重于安全性和性能，但随着市场和技术的发展，消费者的需求将 逐渐趋近。她认为，如果车企想在不同的市场上取得成功，就必须灵活适应不同市场的独特需求，在经 销商、售后、营销、产品等方面因地制宜。 ...

财报显示，通用汽车Q1销售额为440亿美元，好于市场预期的432亿美元;营业利润为35亿美元，好于市 场预期的34亿美元;每股收益为2.78美元，好于市场预期的2.68美元。 总的来说，此次预期调整折射出汽车行业面临的双重压力：既要应对电动化转型的巨额投入，又需承受 全球贸易环境突变带来的成本冲击。在通用汽车大幅调低盈利目标后，行业分析师正重新评估关税政策 对北美汽车产业链的连锁反应，这或将引发新一轮行业盈利预期修正潮。 智通财经APP获悉，通用汽车(GM.US)在因关税不确定性撤回 2025 年财务展望几天后，于周四更新了 全年利润预期。这家底特律汽车巨头将调整后每股收益预期大幅下调至8.25-10.00美元区间，此前预期 为11.00-12.00美元，并显著低于华尔街10.99美元的共识预期。归属于股东的净利润预期区间同步下修 至82亿-101亿美元，此前为112亿-125亿美元。 公司管理层直言，最新预测已计入40亿-50亿美元的关税相关影响，这成为拖累盈利预期的核心因素。 此外，该公司全年汽车运营现金流预期也遭下调，最新指引为173亿-208亿美元。 值得注意的是，尽管下调盈利预期，通用汽车仍维持全年 ...

Core Insights - Volkswagen is focusing on its "In China, For China" strategy, showcasing its commitment to the Chinese market by launching over 30 competitive new models in the next three years, primarily in the electric vehicle segment [1][7] - The company presented three new concept cars at the Shanghai Auto Show, which are designed in collaboration with its local joint ventures, highlighting the brand's tailored approach to meet diverse consumer needs in China [3][4] Product Strategy - Volkswagen plans to introduce more than 20 advanced new energy vehicles, including pure electric, plug-in hybrid, and range-extended models starting in 2026, to cater to the diverse demands of Chinese consumers [7][8] - The ID. AURA concept car is the first pure electric sedan based on the CMP platform, featuring advanced driving assistance and AI virtual assistant capabilities [7][8] - The ID. ERA concept car targets the growing demand for range-extended vehicles, boasting a comprehensive range of over 1000 kilometers and advanced navigation and parking assistance technologies [8][11] - The ID. EVO concept car, a full-size electric SUV, offers a range of 700 kilometers and features a unique design with customizable LED lighting and a high-tech interior aimed at enhancing user experience [11][13] Technological Advancements - Volkswagen emphasizes the importance of local R&D capabilities through Volkswagen (China) Technology Co., Ltd. (VCTC) to better integrate into the local mobility ecosystem [13] - The new CMP platform and CEA architecture are designed to optimize costs by 40% and improve the speed from development to market by over 30%, with vehicles based on these platforms set to launch in 2026 [13]

Core Insights - The automotive industry is undergoing significant changes due to electrification and geopolitical influences on supply chains, leading to layoffs among major Tier 1 suppliers like Mahle [1] - Mahle plans to restructure its operations by 2025, including layoffs in Slovenia and shifting production to Bosnia and Hungary, while also consolidating its divisions and management [1] Group 1: Company Strategy - Mahle invests 5.4% of its revenue annually in R&D, focusing on local R&D capabilities in China to adapt to market demands and technological advancements [2][4] - The company emphasizes close customer relationships and rapid technology iteration to maintain competitiveness in the fast-evolving Chinese market [2][3] Group 2: Market Challenges - Mahle addresses the high cost sensitivity of Chinese OEMs by leveraging supply chain advantages and integrating local and international resources to enhance cost efficiency [4] - The company has established a "war room" to analyze market conditions and continuously improve its operations in response to cost pressures [4] Group 3: Global Operations - Mahle has restructured its global production capacity, designating China as a fully autonomous region with independent project teams, while also implementing regional management in India [5] - The company supports free trade and advocates for the resolution of tariff negotiations to minimize economic harm and maintain production efficiency [5] Group 4: Technological Advancements - Mahle has been proactive in developing products for the emerging 800V high-voltage platform, including on-board chargers and DC converters, as part of its electrification strategy [6] - The company is also innovating in smart charging solutions and has developed wireless charging technology, positioning itself for future advancements in electric vehicle infrastructure [6]

东风本田汽车有限公司总经理渡边丈洋 东风本田汽车有限公司执行副总经理潘建新 整车智能电动化转型下，去年新能源乘用车整体渗透率一举冲破五成。一方面，自主品牌市占率不断走 高，另一面，合资车厂变革迟缓，销量低迷。 数据显示，今年一季度，东风本田累计销量75724台，同比下降44.44%。而从单月销量来看，2025年以 来，其已连续3个月同比下滑。 "目前整个汽车行业竞争非常激烈，面临的环境也非常严峻，单纯以牺牲利润换取短期份额不可持续， 我们坚持长期主义，通过多方位的举措维持公司正常运营，并实现高质量增长。"4月23日，东风本田总 经理渡边丈洋在接受包括21世纪经济报道在内的记者采访时表示。 渡边丈洋进一步表示："目前，东风本田部分电动车销量不太乐观，这促使我们不断探索能打动中国客 户的车型。在这个过程中，中国完善且全球领先的电动汽车产业链为我们提供了强大助力。我们将深化 与国内产业链的合作，实现降本提速，与中国市场同频共振。" 受访人： （以下为采访实录，有删节） 《21世纪经济报道》（以下简称《21世纪》）：东风本田如何应对电动车销量下滑态势？ 渡边丈洋：目前，东风本田部分电动车销量不太乐观，这促使我们不断探 ...

本公司监事会及全体监事保证公告内容不存在任何虚假记载、误导性陈述或者 重大遗漏，并对其内容的真实性、准确性和完整性承担个别及连带责任。 根据《上市公司行业信息披露指引第二号——房地产、第四号——电力、第五号—— 零售》的要求，辽宁申华控股股份有限公司（简称"公司"）现将 2025 年一季度主要经 营数据披露如下： 证券代码：600653 证券简称：申华控股 编号：临 2025—19 号 辽宁申华控股股份有限公司 2025 年一季度主要经营数据公告 - 1 - 1、汽车销售：2025 年 1-3 月，公司实现合并口径宝马品牌销售 2,394 辆，同比下降 11%。 近日，宝马集团公布了 2025 年第一季度的销量，数据显示中国市场 2025 年第一季度累计交 付 155,195 辆，同比下滑 17.2%。公司凭借高效的管理和优质的服务已尽力减少市场下滑带来 的不利影响，面对竞争加剧和电动化转型的局面，公司和宝马厂商均已开始做出调整。 2025 年，宝马将正式发布全新的 Neue Klasse 平台架构，同时计划推出 10 款重磅新车型。 除已在售的全新 BMW X3 长轴距版，全新 BMW M235L 四门轿跑 ...

去年，宾利宣布根据市场实际情况，调整电动化转型战略。对此，弗兰克·斯特芬·瓦利泽向记者表示，宾利汽车基于全球客户对插电混动车型的积极反 馈调整了商业战略，最新发布的"Beyond100+"商业战略将宾利插电混动车型的生命周期从2030年延长至2035年。自2035年起，宾利将全面转型为纯电动车 型的生产。"按照最新计划，首款纯电动宾利车型预计于2027年引入中国市场。该车将会是一款更加紧凑的全新SUV车型，开创全新的细分市场。目前该项 目进展顺利，几周之前我已经在雪地路况下试驾了这款新车，体验非常好。" 弗兰克·斯特芬·瓦利泽透露。 作为2025上海车展惟一参展的超豪华品牌，宾利携全雅度版最新车型阵容：新宾利飞驰雅度版、欧陆雅度版及欧陆敞篷雅度版三款车型在上海车展完成 全球公众首秀。宾利官方提供的数据显示，该系统由先进的4.0升V8发动机与动力强劲的电机组成，最大功率可达680马力，峰值扭矩为930牛·米。 "新雅度版车型的推出标志着宾利汽车新款高性能混动系统的面世。中国是宾利汽车最重要的市场之一，上海车展也是全球最重要的车展之一。在这 里，我充分地感受到了中国市场的热情。所以，我们将最新的技术和产品第一时间 ...