2025 年 4 月 8 日 沈嘉婕 | H70455@capital.com.tw | | | --- | --- | | 目标价(港币) | 17.3 | 公司基本资讯 | 产业别 | | 汽车 | | --- | --- | --- | | H 股价(2025/04/07) | | 13.42 | | 恒生指数(2025/04/07) | | 19,828.3 | | 股价 12 个月高/低 | | 18.98/7.47 | | 总发行股数(百万) | | 10,077.39 | | H 股数(百万) | | 10,077.39 | | H 市值(亿元) | | 1,352.39 | | | 浙江吉利控股集 | | | 主要股东 | | 团有限公司 | | | | (39.94%) | | 每股净值(元) | | 8.61 | | 股价/账面净值 | | 1.56 | | 一个月 | 三个月 一年 | | | 股价涨跌(%) -24.86% | -5.36% 49.40% | | 近期评等 | 出刊日期 | 前日收盘 | 评等 | | | --- | --- | --- | --- | | 2024-1 ...

撰文 / 路 行 设计 / 师 超 在豪华车的销量榜上，莲花没有姓名。 从战略路线的调整、品牌名称的回归，到高层人事的变动，拥有77年历史的莲花汽车（原路特斯）正经历一场前所未有的变革阵痛。在全球汽车产业加 速向电动化与智能化转型的浪潮中，这些动作背后折射出传统超豪华品牌在新时代转型中的深层矛盾。 正如其品牌slogan"For the Drivers"所喻，真正的驾驶者从不畏惧弯道，但莲花需要证明，在电动化与智能化的新赛道上，它依然是那个敢于"打破规 则"的领跑者。 从技术标杆到价格混战 莲花 跑 车曾以极致的轻量化设计、空气动力学技术和赛道基因闻名全球。 7次F1厂商年度总冠军、6次F1车手年度总冠军、81次F1分站赛冠军，另外还有9次勒芒大奖赛分组冠军、1次印地500大奖赛冠军、1次世界拉力锦标赛 冠军。 莲花车队金光闪闪的成绩，得益于其灵魂人物、创始人柯林·查普曼（Colin Chapman）在赛车设计上的天才创造。空气动力学技术、双凸轮轴、地面效 应、双底盘等技术的应用，使莲花跑车在历史上留下了浓墨重彩的一笔。 燃油车时代，初代莲花Elise725公斤、118匹马力、实现5.7秒零百加速的传奇，印证 ...

秉承大厂优良的制造基因，广汽本田投入35亿元筑起全新的新能源工厂，推动本地化研发生产，聆听中国消费者对新能源汽车的真实需求。3月26日，广汽 本田开发区新能源工厂落成典礼暨全新电动车型P7下线仪式举行，标志着广汽本田实现从燃油经典到智电先锋的跨越。 作为"蕴新智远"战略的重要落地举措，新能源工厂是广汽本田电动化的关键突破、全新电动车型P7则是担当广汽本田电动化转型的支柱车型，二者对广汽本 田加速智能电动科技转型具有重要意义。未来广汽本田将基于新工厂进一步丰富产品矩阵，并扩大智能技术应用，提升智能安全与智能交互技术的普及。 从B级车标杆雅阁，到全新纯电P7，变化的是动力源和智能生态，不变的是广汽本田超26年对驾趣与品质的极致追求。面对快节奏下浮躁的新能源车市风 气，广汽本田拒绝以牺牲质量为代价换取短期市场红利，而是将用户价值刻进DNA，坚守长期主义，以扎实可靠的技术沉淀为用户带来高品质出行价值。 在全球汽车市场加速电动化、智能化转型的趋势下，频繁迭代的新能源汽车正面临同质化的局面，多款车型"换壳子不换里子"，配上相似的沙发、冰箱、大 彩电即可推向市场。据不完全统计，今年2月以来，新能源汽车市场已陆续推出超过30 ...

Core Viewpoint - Beijing Automotive's performance in 2024 shows a significant decline in net profit and revenue, primarily driven by the poor performance of its luxury brand Beijing Benz and the ongoing losses of Beijing Hyundai [2][5][10]. Group 1: Beijing Automotive's Financial Performance - In 2024, Beijing Automotive reported a revenue of 192.5 billion yuan, a decrease of 2.8% year-on-year, with a net profit of 9.56 billion yuan, down 68.5% from the previous year [2]. - The revenue from fuel vehicles increased slightly by 1.2% to 184.97 billion yuan, while revenue from new energy vehicles plummeted by 50.7% to 7.53 billion yuan [2]. - Overall gross profit fell by 19.4% to 30.89 billion yuan, with a significant drop in gross profit from fuel vehicles and continued losses in the new energy sector [2][3]. Group 2: Beijing Benz's Impact - Beijing Benz, a key profit contributor, experienced a revenue decline of 3.36% to 21.75 billion euros, with net profit dropping by 18.5% to 2.44 billion euros, resulting in a loss of over 2 billion yuan in net profit contribution to Beijing Automotive [6][11]. - The sales volume of Beijing Benz fell by 7.3% to 683,600 units, significantly exceeding the global decline of 3% for the Mercedes-Benz brand [7]. - The price war in the market led to substantial discounts on key models, which did not translate into increased sales, damaging the brand's reputation [7][8]. Group 3: Beijing Hyundai's Performance - Beijing Hyundai has faced continuous losses, with a cumulative loss of 13.08 billion yuan over three years, and a significant drop in sales from 300,000 units to just 154,200 units in 2024, a decline of 36.02% [10][13]. - The company has not launched any electric vehicles, contributing to its declining market presence and financial struggles [12][13]. Group 4: Increased Expenditures - Despite declining profits, Beijing Automotive's capital expenditures rose by 9.8% to 53.8 billion yuan, and R&D expenditures increased by 20.2% to 4.29 billion yuan, attributed to investments in new energy vehicle development [14].

an 好较之子 | 成就新汽车人 国家网 2017-08-07 11:32:53 PM I ■ 计 维 设 ූ 与 le नार 創 新 领 行 生 向 品 TD 推 撰 文 / 张霖郁 设 计 / 赵昊然 来 源 / Wall Street Journal 作 者 / Adam Whittaker 当地时间3月17日，奥迪在德国总部因戈尔施塔特发布2024年财报。 2024年，奥迪销售收入为645.32亿欧元，同比2023年的698.65亿欧元下滑8%。营业利润为39.03亿欧 元，较2023年的62.8亿欧元减少38%，利润率为6%。其中，奥迪品牌2024年经营收益为26亿欧元， 与2023年的48亿欧元相比，同比下滑54%，销售回报率为4.6%，上一年为7.5%。 奥迪财报显示，利润下滑主要源于重组的费用比较高，包括关闭布鲁塞尔工厂在内。 2024年，奥迪共交付167.12万辆，同比下降11.8%。其中，纯电动车仅有16.93万辆，上一年是19.19 万辆，但纯电占比上一年是9.3%，2024年是9.4%。 裁员 据外媒报道，奥迪表示，经与工会讨论，到2029年将裁7500个工作岗位。 此次裁员主要集中 ...

Group 1 - The core viewpoint of the article is that Hyundai Mobis has completed the internal design of automotive semiconductors for software-defined vehicles (SDV) and plans to start mass production, marking a significant step in the automotive semiconductor market [1][2]. - Hyundai Mobis aims to establish a research base in Silicon Valley by the end of this year to enhance its technological capabilities and secure automotive semiconductor technology [1][3]. - The company has developed semiconductors for key components such as electrification, electronics, and lighting, with plans to outsource production to Samsung Electronics [1][2]. Group 2 - The demand for automotive semiconductors is rapidly increasing due to advancements in autonomous driving technology and the shift towards electrification, with the number of semiconductors in mass-produced vehicles reaching up to 3,000 [2]. - Market research firm IDC predicts that the global automotive semiconductor market will grow from $41.182 billion in 2020 to $88.275 billion by 2027, with an average annual growth rate of approximately 12% [2]. - Hyundai Mobis is focusing on two areas: power semiconductors to improve electric vehicle range and performance, and system semiconductors for various vehicle functions [2].

Core Viewpoint - Ford is officially discontinuing the Focus model in November 2025, marking the end of a classic vehicle that has been a significant part of its lineup, particularly in the Chinese market [1][3][23]. Summary by Sections Discontinuation Announcement - Ford announced the discontinuation of the Focus model, with no replacement planned, highlighting a shift in focus towards electric vehicles and performance models like Bronco and Mustang [1][4]. Market Performance - The Focus's sales in China have drastically declined, with monthly sales dropping to single digits in 2023, indicating a significant loss of market relevance [3][21]. Historical Significance - The Focus was initially designed for the European market, gaining popularity for its sporty characteristics and handling, which resonated well with consumers [6][9][11]. Evolution of the Model - The Focus underwent several generations, with the third generation being particularly successful, achieving monthly sales of 30,000 units and becoming the best-selling sedan in China for three consecutive years [16][21]. Decline Factors - The introduction of a three-cylinder engine and a problematic dual-clutch transmission in later models led to consumer dissatisfaction and a decline in sales, with annual sales dropping from 400,000 units to just 22,500 by 2021 [17][20][21]. Shift in Company Strategy - Ford's strategic pivot towards electric vehicles and high-end off-road models reflects a broader industry trend, as traditional fuel-powered sedans struggle to compete in a rapidly changing market [22][23].

转型电动化还是坚持内燃机，德系车走到了命运的十字路口。 起点锂电获悉，保时捷与瓦尔塔的收购谈判迎来尾声。当地时间3月11日 保时捷宣布收购瓦尔 塔旗下V4Drive公司的股份，将成为该公司的大股东 ，瓦尔塔也将保留该公司的少量股份，该 公司名称也将改为V4Smart。 V4Drive主打圆柱电池制造，工厂位于德国Ellwangen，并准备在保时捷的支持下启动 Nördlingen新厂生产，两个生产基地共雇佣约375名员工，但需要注意的是，保时捷目前正在 裁员，计划裁减约3900个职位。 具体来看，V4Drive领导团队由三人组成：分别是来自保时捷的Lutz Kramer、Monika Steuss 和来自瓦尔塔的Andreas Tschürtz，两方高管融合将保证两个高管的股东顺利展开交流对接。 除了收购该公司，保时捷也同其他公司一道助力自身的电动化转型，例如与Customcells合资成 立Cellforce集团专注电池研发，还同巴斯夫集团合作开发电池材料/技术，与美国的电池新秀企 业Group14 Technologies也眉来眼去，计划开发硅基负极。 也就是说，转型过程艰难，但不得不做。 01 百年电池 ...

Core Viewpoint - The automotive industry is undergoing a significant transformation driven by electrification and intelligence, leading to the discontinuation of classic models like Mazda6 and Ford Focus, which once defined the golden age of family sedans [6][5][22]. Group 1: Discontinuation of Classic Models - Mazda has officially confirmed the end of Mazda6 production globally, which had already ceased in Japan last December, with overseas production ending as parts run out [3]. - Ford also announced that its Saarlouis plant in Germany will stop producing the Focus in November, marking the end of another iconic model [4]. - The discontinuation of these models signals a shift in the automotive landscape, where traditional fuel vehicles are being phased out in favor of electric and intelligent vehicles [6]. Group 2: Historical Significance of Mazda6 - Mazda6, first launched in 2002, was a flagship model for Mazda, known for its unique design and driving dynamics, which set it apart from competitors like Honda Accord and Volkswagen Passat [8][12]. - The model achieved global sales exceeding 3 million units, with nearly one-third of those sales coming from the Chinese market [19]. - However, the decline in sales was evident, with Japanese domestic sales plummeting from 25,000 units in 2003 to just 2,000 units in 2022 [17]. Group 3: Market Challenges and Strategic Shifts - Mazda's sales in China have been declining, with a 14.71% drop in cumulative sales in 2024, highlighting the brand's struggles in a competitive market [24]. - The introduction of the electric model EZ-6, intended as a successor to Mazda6, has not performed well, with sales figures showing a significant decline [25]. - Mazda is shifting its focus towards SUVs and crossovers, which are expected to account for over 70% of its product lineup, as part of a strategy to concentrate resources on high-profit models [27]. Group 4: Broader Industry Trends - The automotive industry is witnessing a trend where many classic models are being phased out due to the need for companies to balance profitability and survival amid the electrification wave [22][31]. - Ford's experience with the Focus illustrates the challenges faced by traditional automakers, as the model's profitability has significantly declined, leading to a strategic pivot towards electric vehicles and high-margin products [30].

Core Viewpoint - Audi has officially closed its Brussels factory, resulting in approximately 3,000 job losses, as part of its strategy to adapt to declining demand for high-end electric SUVs and ongoing structural issues in production and logistics [1][3]. Group 1: Factory Closure and Employment Impact - Audi announced the closure of its Brussels factory, which has a history of over 70 years, marking a significant shift in its production strategy [1][3]. - The company plans to assist affected employees and will hold a job fair in April to offer 4,000 positions in the local area [2]. Group 2: Market Demand and Sales Performance - The demand for high-end electric SUVs has decreased globally, leading to a significant drop in sales of Audi's flagship Q8 e-tron model [3]. - Audi's global electric vehicle deliveries exceeded 1.64 million units last year, but this represented an 8% decline compared to the previous year [4]. Group 3: Competitive Landscape and Sales Decline - The German luxury car manufacturers, known as BBA (Benz, BMW, Audi), have all reported sales declines in 2024, with Audi experiencing the most significant drop of 11.8% [7][9]. - In the Chinese market, which is crucial for luxury car sales, all three manufacturers faced substantial declines, with Audi's sales down by 10.9% [10]. Group 4: Future Outlook and Challenges - Audi's CEO has labeled 2024 as a transitional year, banking on the upcoming launches of new models like the Q6 e-tron and A6 e-tron to reverse the current downward trend [16]. - The company is facing unique challenges compared to its competitors, including delays in new model launches due to software issues [15].