Investment Rating - The investment rating for the company is "Accumulate" (maintained) [1] Core Views - The company has seen significant growth in key markets such as Russia and Europe, with a year-on-year revenue increase of 162% in Q1 2025. The revenue for 2024 and Q1 2025 reached 527 million and 178 million yuan respectively, representing a year-on-year growth of 10.06% and 264.24%. The net profit attributable to the parent company for the same periods was 56.14 million and 12 million yuan, with year-on-year growth of 9.43% and 161.79% [2] - The company's gross profit margin for 2024 is expected to increase by 0.53 percentage points to 22.32%, despite rising expenses related to new product development and market promotion [2] - The company is implementing a dual-brand strategy to penetrate niche markets and is actively entering the electric and new energy vehicle market [3] Revenue and Profit Forecast - Total revenue is projected to grow from 478.80 million yuan in 2023 to 989.34 million yuan in 2027, with a compound annual growth rate (CAGR) of approximately 20.02% [1] - The net profit attributable to the parent company is expected to increase from 51.31 million yuan in 2023 to 113.57 million yuan in 2027, reflecting a CAGR of approximately 25.31% [1] Market Demand and Product Performance - The demand for the company's products is increasing both domestically and internationally, with revenue from two-wheeled motorcycles expected to grow by 15.26% to 347 million yuan in 2024, accounting for 65.86% of total revenue [2] - The all-terrain vehicle (ATV) segment is also expected to see revenue growth of 3.38% to 163 million yuan in 2024, although its share of total revenue is projected to decrease [2] Strategic Initiatives - The company has established a dual-brand strategy with the launch of the KAYO brand, which has gained a competitive edge in various international markets [3] - A new subsidiary, Huari Energy, has been set up to focus on the electric vehicle market, aligning with the company's strategy to transition from traditional fuel to electric power [3]

Core Viewpoint - Audi aims to continuously innovate its product offerings in the competitive Chinese automotive market, emphasizing the importance of technology and local partnerships to meet consumer demands [1][4]. Group 1: Audi's Strategy and Product Development - Audi's President in China, Johannes Roscheck, highlighted the importance of introducing innovative products to maintain competitiveness in the market [1]. - The company is accelerating its electrification transformation and local product development, including partnerships with local tech firms like Huawei and Momenta to enhance its smart driving capabilities [3][5]. - Audi plans to launch a new brand, AUDI, to fill the gap in the high-end electric and intelligent product market, targeting younger consumers who prioritize technology [3][4]. Group 2: Market Dynamics and Consumer Preferences - The Chinese automotive market is undergoing significant changes, with domestic brands gaining traction due to their technological advancements and cost-effectiveness [4]. - Audi aims to leverage its long-standing presence in China and its commitment to quality to appeal to tech-savvy consumers [4]. - The introduction of advanced driving assistance systems in Audi vehicles, developed in collaboration with Huawei, positions Audi as a leader in integrating technology into both fuel and electric vehicles [5]. Group 3: Future Outlook and Product Strategy - Audi's global product strategy will focus on a balanced portfolio of fuel, hybrid, and electric vehicles, ensuring coverage across various vehicle segments [5]. - The company emphasizes the importance of local partnerships in its development strategy, having established a modern cooperation system with FAW in Changchun [5].

Core Insights - Audi is entering a year of delivery in the Chinese market, showcasing five new production models at the Shanghai Auto Show, including the Audi A5L, A5L Sportback, Q5L, Q6 e-tron, and E5 Sportback, which are based on the latest platforms [1][4] - The company has a clear strategic blueprint to not only launch new products in the electric vehicle market but also to continue leading in the luxury fuel vehicle market [1][4] Strategic Focus - Audi's transformation strategy focuses on two key areas: software-defined vehicles and advanced driver assistance technologies [4][5] - The E5 Sportback, developed in collaboration with SAIC, is a significant milestone in Audi's global transformation, adhering to the strategy of "In China, for China" [4][5] Dual Brand Strategy - Audi's dual brand strategy aims to serve different consumer segments: the traditional Audi brand for those seeking classic luxury and technology balance, and the new AUDI brand targeting younger consumers interested in cutting-edge technology [5][7] - This strategy is a long-term plan based on the unique development speed and consumer segmentation in the Chinese market [5][7] Partnerships and Technology - Audi has partnered with Huawei to integrate advanced driving technologies into its vehicles, with the A5L Sportback being the first fuel vehicle to feature Huawei's technology [5][7] - The company is also collaborating with Momenta to develop advanced driver assistance systems, positioning itself as the first luxury brand to offer such systems in both fuel and electric vehicles [5][7] Market Insights - The average age of luxury car consumers in China is 35, indicating a younger demographic with higher expectations for technology and personalization [7] - Audi plans to maintain a product strategy that includes fuel vehicles, hybrid vehicles, and electric vehicles, recognizing the significant differences in consumer demand across global markets [7][8] Localization Strategy - Audi emphasizes local development in China, aligning its AUDI brand strategy with the "In China, for China" approach, and incorporating market-specific solutions into its platforms [7][8] - The company is committed to balancing its development across key markets, including the U.S. and Europe, while continuing its localization efforts in China [7][8]

Core Insights - The Chinese electric vehicle market is experiencing intense competition, but Beiqi Blue Valley has achieved significant breakthroughs in sales, technology, and brand with its dual-brand strategy of Arcfox and Xiangjie [2][3] Sales Performance - In 2024, Beiqi Blue Valley's total sales reached 113,860 units, a year-on-year increase of 23.53%, with Arcfox brand sales soaring by 169.91% to 81,017 units [3] - The Xiangjie brand maintained the top position in the pure electric sedan market for seven consecutive months, successfully penetrating the high-end market [3] - In Q1 2024, sales figures were 7,219, 6,227, and 14,268 units, reflecting year-on-year growth rates of 383.85%, 401.77%, and 93.10% respectively [3] Revenue Growth - Beiqi Blue Valley reported a revenue of 3.773 billion yuan in Q1 2025, marking a 150.75% increase year-on-year, primarily driven by increased vehicle sales [5] - The company plans to issue up to 1.672 billion shares to raise no more than 6 billion yuan for new energy vehicle development and AI platform projects [5] Strategic Focus - The company emphasizes R&D, with an investment of 3.191 billion yuan in 2024, a 48.22% increase, accounting for 21.99% of total revenue [5] - The dual-brand strategy allows for a complementary product matrix covering price ranges from 150,000 to 400,000 yuan, targeting both mass and high-end markets [7] Product Innovation - Arcfox's new models, such as the Alpha S6 and T6 series, incorporate advanced features like laser radar and fast charging technology, redefining value standards in the mainstream market [7] - The Xiangjie S9, developed in collaboration with Huawei, achieved over 5,200 pre-orders within 72 hours, indicating strong demand for high-tech, quality products [9] Future Plans - In 2025, Beiqi Blue Valley aims to enhance brand synergy, with Arcfox targeting the 100,000 to 150,000 yuan market and Xiangjie planning to introduce MPVs and crossovers [12] - The company is committed to a "three-year leap action" plan, aiming for annual sales of 2 million units by 2027, with over 50% being new energy vehicles [19][20]

本报记者刘钊 4月28日，领克汽车旗下的全新旗舰车型领克900在2025上海车展期间正式发布，标志着极氪科技集团在 双品牌战略下迈出了坚实的一步。这款备受瞩目的大六座SUV不仅承载着领克品牌向"宽"发展的重任， 更体现了极氪科技集团体系化能力的全面提升。发布会后，极氪科技集团CEO安聪慧与极氪科技集团副 总裁、领克汽车销售公司总经理林杰接受《证券日报》等媒体的专访，深入探讨了领克900的市场定 位、公司战略以及未来发展规划。 领克900目标进入细分市场前三强 领克900定位为"智享百变旗舰大六座SUV"，其诞生基于领克汽车的SPA Evo大型电混车专属架构。该架 构以久经考验的SPA架构为基础，融入了864项新能源时代最前沿的智能化、电动化专利技术，为领克 900在安全、空间、性能、智能等方面打下了坚实的基础。 "领克900的首要目标是进入大六座SUV市场的前三强。领克900上市一个小时内大定已经破万，这充分 说明了市场对这款车的认可和期待。"林杰强调，这款车的定价超出了用户的期待，而大定情况也异常 火爆。领克900的推出，不仅是基于市场对大型SUV需求的加速增长，更是领克品牌对细分市场深刻理 解的体现。 谈 ...

西南证券股份有限公司龚梦泓近期对德尔玛（301332）进行研究并发布了研究报告《水健康增长良好，降 本增效成果明显》，给予德尔玛增持评级。 风险提示：原材料价格反弹、海外需求不及预期、汇率波动等风险。 证券之星数据中心根据近三年发布的研报数据计算，东北证券赵哲研究员团队对该股研究较为深入，近三 年预测准确度均值为56.05%，其预测2025年度归属净利润为盈利2.02亿，根据现价换算的预测PE为 22.75。 最新盈利预测明细如下： | 报告日期 | 机构简称 | 研究员 | 沂一年山德 | 研报数 覆盖时长 | | 2025 预测 | 2026 页测 | 2027 面测 | 目标价 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | | 预测准确度 | | | 净利润(元) | 净利润(元) | 净利润(元) | (70) | | 2025-04-25 | 华泰证券 | 樊俊豪 | - | -- | 1 | 1.65亿 | 1.77亿 | 1.87 Z | 11.16 | | 2025-04-25 | 申万宏源 | 刘正 ...

Core Viewpoint - SAIC Audi's dual-brand strategy is a significant move to navigate the challenges of traditional luxury brands transitioning to electric vehicles, aiming to create a unique value proposition in the luxury car market by offering both fuel and electric vehicles simultaneously [1][6][11] Group 1: Product Strategy - The launch of the new SAIC Audi A5L Sportback, featuring Huawei's advanced driving technology, and the Audi E5 Sportback, the first mass-produced electric vehicle under the new AUDI brand, signifies the full implementation of SAIC Audi's dual-brand strategy [1][4] - The A5L Sportback retains the mechanical appeal of the EA888 engine and quattro all-wheel drive while integrating advanced driving assistance capabilities, addressing consumer demand for both traditional and smart features [9] - The Audi E5 Sportback is built on an intelligent digital platform (ADP) and boasts impressive specifications, including a 0-100 km/h acceleration in 3.4 seconds and a range exceeding 770 kilometers on a single charge [7][4] Group 2: Market Positioning - In a market where the penetration rate of new energy vehicles exceeds 40%, SAIC Audi's strategy of offering both fuel and electric vehicles reflects a precise understanding of the Chinese automotive market [2] - The company aims to capture high-end electric market share with the Audi E5 Sportback while solidifying its luxury fuel vehicle base with the A5L Sportback, avoiding price wars with new entrants and maintaining brand premium [6][11] Group 3: User Experience and Service - SAIC Audi is developing a "full lifecycle service" ecosystem, integrating resources from both brands to create a service network covering 90 key cities in China, with plans to expand to 240 locations by year-end [10] - The company is enhancing user experience through immersive brand spaces that engage multiple senses, aiming to elevate brand recognition and create a unique luxury experience [10] Group 4: Strategic Intent - The dual-brand strategy is not just about product offerings but also about reconstructing the value chain of joint ventures, moving away from traditional models to a "global standard + Chinese solution" collaborative system [6][11] - The competition in the luxury car market has evolved from product-centric to a focus on systemic capabilities, where companies that can balance mechanical heritage with smart technology and service ecosystems will lead the market [11]