根据挚达科技5月13日在中国证监会的备案信息，其拟发行不超过约2062.71万股境外上市普通股并在港 交所上市。 与去年11月底呈交的第二份申请文件相比，在最新的这份申请文件中，挚达科技更新了公司2024年全年 及2025年一季度的财务数据等。《每日经济新闻》记者注意到，虽然是家用充电桩龙头，但挚达科技 2022年—2024年及2025年一季度（以下简称报告期）累计亏损3.36亿元。 每经记者｜蔡鼎 每经编辑｜张海妮 7月18日，"充电桩一哥"上海挚达科技发展股份有限公司（以下简称挚达科技）再次向港交所呈交了IPO （首次公开募股）申请文件，独家保荐人为申万宏源香港。这是挚达科技于2024年2月、2024年11月两 次递表失效后，第三次向港交所递交IPO申请。 图片来源：挚达科技申请文件 2022年至2024年，挚达科技的营收仍主要来自国内，但国内营收占比已经从2022年的98.1%降至2024年 的87.9%。同期，公司海外营收占比从1.9%提升至12.1%。 | | | | 截至12月31日止年度 | | | | | 截至3月31日止三個月 | | | | --- | --- | --- | --- | ...

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） | 4,096 | 4,697 | 5,471 | 6,997 | 8,388 | | 同比（%） | 24.48 | 14.65 | 16.50 | 27.88 | 19.88 | | 归母净利润（百万元） | 836.17 | 907.78 | 1,113.61 | 1,393.54 | 1,717.02 | | 同比（%） | 21.33 | 8.56 | 22.67 | 25.14 | 23.21 | | EPS-最新摊薄（元/股） | 0.83 | 0.91 | 1.11 | 1.39 | 1.71 | | P/E（现价&最新摊薄） | 23.03 | 21.22 | 17.29 | 13.82 | 11.22 | 证券研究报告·公司深度研究·汽车服务 中国汽研（601965） 智能网联强检落地将至，看好汽车检测行业 空间扩容与格局重塑 [Table_Tag] ...

Company Overview - Shandong Kuntai New Materials Technology Co., Ltd. specializes in the R&D, production, and sales of automotive interior materials and products, listed on February 16, 2023 [2] - The company’s main products include automotive tufted carpets and needle-punched carpets, primarily serving the complete vehicle matching market [2] Market Position and Growth - The company has established stable partnerships with brands such as BMW, Audi, Mercedes-Benz, and NIO, and is actively expanding overseas with subsidiaries in the USA, Singapore, and Mexico [2] - The needle-punched carpet segment has seen rapid growth due to favorable industry policies and increasing demand for new energy vehicles [3] Production Capacity and Investment - The company’s production capacity for needle-punched carpets has significantly increased following the launch of a project to produce high-grade needle-punched materials and 15,000 tons of BCF yarn [3] - The project is expected to enhance market share in the needle-punched carpet sector [3] Future Development and Market Expansion - Kuntai plans to strengthen its domestic market while expanding its presence in overseas markets, aiming to increase global market share [3] - The company is also focusing on R&D in the fiber sector to develop products that meet customer needs, enhancing overall competitiveness and profitability [3] Joint Ventures and Strategic Partnerships - The establishment of a Sino-Japanese joint venture aims to improve collaboration with Japanese clients and expand into the Japanese market [3] - The joint venture will facilitate resource integration and joint development in areas such as fiber and automotive carpets [3]

根据LSEG汇总的华尔街平均预期： 调整后每股收益（EPS）：2.44美元；营收：462.81亿美元。 若业绩符合预期，则营收将同比下降3.3%，调整后每股收益同比下降20.3%。通用在2024年第二季度营 收为479.7亿美元，归属于股东的净利润为29.3亿美元，调整后息税前利润（EBIT）为44.4亿美元。 公司在5月因关税调整了全年指引： 通用汽车(GM.N)将于周二美股开盘前公布第二季度财报，投资者正关注特朗普总统的汽车关税将如何 影响其业绩，以及公司是否会更新全年指引。 尽管汽车制造商一直希望关税有所缓解，但特朗普政府对进口汽车及大量汽车零部件的25%关税仍在实 施。 在这一不确定背景下，通用正努力对冲关税风险。上个月，公司宣布将在多家美国工厂投资40亿美元， 包括将两款原在墨西哥生产的车型迁至美国生产或增加其美国产量。公司上周还表示，将把一款燃油 SUV的生产转移至美国，并在其总部所在的密歇根州增加皮卡生产。 通用在5月曾表示，仍有信心抵消至少30%的预期关税成本增幅，但同时下调了2025年盈利指引，将汽 车关税可能带来的影响列为40亿至50亿美元。公司当时表示，其指引已考虑特朗普政府对关税作出的 ...

Group 1 - Dongfeng Motor Group announced the appointment of Zhou Feng as the new Deputy General Manager and Party Committee Member [1] - Zhou Feng has extensive experience in technology research and development, having held various positions within Dongfeng Nissan and Dongfeng Motor [4] - During his tenure as the head of Dongfeng Nissan, Zhou successfully launched the popular electric vehicle model, Dongfeng Nissan N7, which achieved over 20,000 pre-orders in just 50 days [4] Group 2 - Dongfeng's subsidiary brand, Yipai, also experienced a leadership change with the resignation of General Manager Yu Fei, who cited personal development plans [5] - The restructuring of Dongfeng's passenger vehicle business may be linked to Yu Fei's departure, as the company recently established a new entity, Yipai Automotive Technology Company, to enhance its operations [5][8] - Dongfeng aims to leverage its brand strength and technological capabilities to optimize its product offerings and services in the competitive market [8] Group 3 - Dongfeng Group has completed a capital increase of 1 billion yuan for its high-end electric vehicle brand, Lantu, to enhance its research, branding, and marketing capabilities [8] - The capital injection is crucial for Lantu as it aims to turn its annual performance from loss to profit [8] - Analysts believe Dongfeng is undergoing a significant transformation, shifting its revenue structure from commercial vehicles to passenger vehicles, with Lantu as a key driver of this change [9]

7月22日，华为常务董事、终端BG董事长余承东发布了一段其与享界S9T同框运镜的视频。据悉，余承 东近日前往内蒙古大草原针对享界S9T进行一系列测试，并与享界S9T一起来了一组"旱地拔葱"式的运 镜。 享界是华为与北汽合作推出的汽车品牌，首款车型享界S9定位行政级豪华轿车。据厂方数据，2025年6 月，享界S9交付4154辆，在30万元以上新能源轿车细分市场中处于领先位置。 在7月8日的"2025享界用户星享之夜"上，余承东就已经享界品牌将在2025年秋季推出一款旅行车型，补 充产品矩阵，覆盖更多家庭出行与长途使用场景。对于该车的售价，参考现款享界S9售价区间为30.98- 44.98万元，外界预测享界S9T的售价大概在40万元。 在动力方面，从产品公示信息来看，将提供纯电和增程两种可选。增程版有37kWh和53.4kWh两种电池 包，CLTC纯电续航最长可达354公里，综合续航最长可达1305公里。而纯电版配备100kWh电池包， CLTC综合续航最长可达801公里。 在智能化方面，享界S9T搭载1个192线激光雷达和3个固态激光雷达，另有3分布式4D毫米波雷达，感知 能力全面升级。还配有智慧电动门、智能电 ...

Core Insights - The automotive industry is experiencing a shift as companies disclose their 2025 semi-annual performance forecasts, serving as a test for their responsiveness to industry initiatives [1] - Among the 11 disclosed forecasts, 7 companies expect positive net profits, while 5 anticipate losses [1] Group 1: Passenger Vehicle Companies - Great Wall Motors is projected to have the highest net profit at 63.4 billion yuan, but with a decline of 10.2% year-on-year [2][3] - GAC Group and JAC Motors are expected to report significant losses, with GAC's loss estimated between 18.2 billion to 26 billion yuan, and JAC's loss around 6.8 billion yuan [3][6] - Seres is expected to achieve a net profit between 27 billion to 32 billion yuan, reflecting a substantial growth of 66.2% to 96.98% year-on-year, despite a 15.77% decline in sales volume [5][3] Group 2: Commercial Vehicle Companies - Commercial vehicle manufacturers generally report positive forecasts, with notable growth in net profits for companies like Foton Motor (7.76 billion yuan, up 87.5%) and King Long Motor (11.6 billion yuan, up 74.71%) [9][11] - The export market is a significant contributor to the performance of commercial vehicle companies, with a 10.8% increase in bus exports and a 10.5% increase in truck exports in the first half of 2025 [11] - Despite a projected profit of 1.8 million to 2.2 million yuan, FAW Jiefang anticipates a dramatic decline of 96.45% to 95.66% year-on-year due to intensified competition and market conditions [12]

Core Viewpoint - Shanghai Zhida Technology Development Co. (Zhida Technology) is preparing for an IPO on the Hong Kong Stock Exchange, aiming to raise funds for overseas expansion, R&D, acquisitions, facility upgrades, and working capital [1] Financial Performance - Zhida Technology's revenue has declined for two consecutive years, with projected losses expanding by 306% in 2024 compared to 2023 [2][4] - Revenue figures for 2022, 2023, and 2024 are 697 million, 671 million, and 593 million RMB respectively, indicating a cumulative decrease of approximately 14.9% over three years [3] - The company reported net losses of 25 million, 58 million, and 236 million RMB for 2022, 2023, and 2024, with a net loss margin worsening from -3.6% in 2022 to -39.8% in 2024 [4][5] Market Position and Strategy - Despite being a leading player in the home charging station market, Zhida Technology faces operational challenges, including high debt pressure and a reliance on strategic price cuts to maintain market share [2][6] - The average selling price of products fluctuated, with 2022 at 790.5 RMB, 2023 at 914.4 RMB, and 2024 at 808.6 RMB, while service prices dropped significantly from 1084.8 RMB in 2022 to 598.3 RMB in 2024 [6][7] Customer Dependency and Risks - Over 70% of Zhida Technology's revenue in 2024 is expected to come from automotive manufacturers, which possess significant bargaining power, further squeezing profit margins [2][12] - The company has a high customer concentration risk, with the top five customers accounting for 65.8% to 73.4% of revenue from 2022 to 2024 [12] Capital and Liquidity Concerns - The company has experienced continuous cash outflows from operating activities, totaling 588 million RMB from 2022 to 2025, with a significant outflow of 271 million RMB in 2023 [9][10] - The debt-to-asset ratio surged from 108% in 2023 to 900% in 2025, indicating severe liquidity issues and increasing short-term repayment pressures [10][11] Governance and Performance Guarantees - The underwriter's affiliate has completely exited its stake in Zhida Technology, raising concerns about the company's long-term value [14] - The founder faces a performance guarantee obligation of 39 million RMB due to unmet performance targets, which could further destabilize the company's financial situation [15]

摘要 量的增长势头良好，但更受市场关注的一点是锂电企业的业绩。 随着上市公司陆续公布了上半年 业绩预告，其释放了重要的行业信号——头部电池厂商效益提升、中游材料出现拐点、上游锂矿继 续承压。 供需边际改善 上半年，锂电产销同比增长主要得益于下游电动汽车持续扩张。 一方面，"以旧换新"政策以及车企促销继续托举着市场消费。数据显示，上半年新能源汽车产销 量分别为 696.8 万辆和 693.7 万辆，同比分别增长 41.4% 和 40.3% 。新能源车促销力度虽有 所回调但仍较上年同期增加 1.6 个百分点。 另一方面，插混和混动车型的强劲表现推动了新能源汽车出口。今年上半年，新能源汽车出口 106 万辆，其中乘用车出口 101.1 万辆，同比增长 71.3% 。欧洲市场在 2025 年上半年电动车 销量同比增长 26% ，纯电动与插电式混合动力车型几乎并驾齐驱，分别增长 26% 和 27% 。 尽管欧洲部分城市的购车补贴已结束，但 Rho Motion 预测随着更多地方财政资金释放，市场将 在下半年进一步提振。 头部电池厂商效益提升、中游材料出现拐点、上游锂矿继续承压。 进入 7 月，锂电行业纷纷交出了上半年答 ...

没有发布会，没有长篇大论，特斯拉仅用"Model Y L，金秋见"几个简短的文字，在7月中旬确认了一款专为中国市场打造的新车型，即将到来。 图/微博 当特斯拉Model Y L带着6个座位和加长的轴距来势汹汹，不少人将其视为对国产新能源的"降维打击"。 自2019年的Model 3和2021年的Model Y之后，特斯拉已经很久没有推出重磅新品，所谓的焕新版也只是在外形上进行略微改动。再加上国产新能源车企的 崛起，特斯拉在国内的销量由盛转衰。 去年特斯拉交付了178.9万辆新车，虽然仍是一份出色的成绩，但相较2023年却下降了1.1%。今年第二季度，特斯拉的交付量为38.41万辆，相较去年同期 下降了13.5%。 但翻开中国家庭用车市场的竞争图谱会发现，面对这位"迟到的选手"，零跑、理想、问界、腾势等本土品牌早已构筑起坚固的城墙壁垒。这场看似激烈的 对抗，实则更像是国产新能源主场优势的一次实力验证。 今年下半年的车市，注定会看到各家品牌在中大型SUV赛道拼得火热。那么，特斯拉的Model Y L到底用意在何？国产阵营真的慌了吗？国内家庭用车市 场又会发生怎样的改变？ 01 特斯拉"补课"大六座 想要预判特斯拉 ...