Core Insights - The article highlights Berndt's leadership at Volkswagen Group China, emphasizing the company's commitment to investing in China and adapting to the rapidly changing automotive landscape, particularly in electric vehicles [3][11]. Group 1: Leadership and Strategy - Berndt has been with Volkswagen for 32 years and has held various key positions, culminating in his role as Chairman and CEO of Volkswagen Group China since August 2022 [4][5]. - Under Berndt's leadership, Volkswagen China has adopted a "local for local" strategy to better meet the needs of Chinese customers and enhance business resilience [5][11]. - The establishment of the Volkswagen China Technology Company (VCTC) in April 2023, with an investment of approximately €1 billion, aims to streamline R&D and procurement processes, significantly reducing development cycles by about 30% [5][6]. Group 2: Market Position and Challenges - Volkswagen faces challenges in the Chinese market, including a slowdown in growth and increased competition from local brands, necessitating a rapid transformation towards electric and smart vehicles [4][5]. - The company plans to launch around 20 new energy vehicle models by 2027 and approximately 30 pure electric vehicles by 2030, reflecting its commitment to the electric vehicle market [9][11]. Group 3: Collaborations and Innovations - Volkswagen has formed strategic partnerships with companies like Xiaopeng Motors and CARIAD to develop advanced driving assistance and smart connectivity systems, indicating a collaborative approach to innovation [7][9]. - The company has also deepened cooperation with FAW Group and SAIC Group, focusing on both fuel and new energy vehicles, which is crucial for maintaining competitive advantages in the market [9][11]. Group 4: Future Outlook - Berndt emphasizes that investing in China is synonymous with investing in the future, as the Chinese automotive market is expected to transition to 80% new energy vehicles by 2030 [11][13]. - The company is positioned to leverage cash flow from its existing fuel vehicle business to fund new technology development, ensuring a balanced approach to investment and returns [13][14].

Core Viewpoint - The automotive market in China is experiencing a renewed price war, with significant price reductions across various vehicle segments, leading to a decline in market share for foreign brands and an increase in the penetration of domestic brands [1][2] Group 1: Market Dynamics - The price war has seen vehicles priced as low as 50,000 yuan and as high as 300,000 yuan, with some models experiencing price cuts of up to 50,000 yuan [1] - Domestic brands have captured over 50% market penetration in the passenger vehicle segment, even encroaching on the high-end market traditionally dominated by foreign luxury brands [1][2] - Despite advancements in electric and intelligent vehicle technologies, domestic brands still struggle to establish a presence in the ultra-luxury segment priced above 700,000 yuan [1][2] Group 2: Technological Advancements - The development and implementation of new technologies in vehicles require significant time and investment, often debuting in high-end models before trickling down to more affordable options [3][4] - The introduction of the Huawei and JAC Motors' luxury brand, Zun Jie, with its first model, the Zun Jie S800, marks a significant step in the domestic luxury vehicle market, showcasing advanced technologies in driving assistance and user experience [5][22] Group 3: User Experience Innovations - The Zun Jie S800 features a comprehensive array of sensors and advanced driving assistance systems, enhancing user experience through improved safety and comfort [7][10] - Innovative user interaction methods, such as gesture control and customizable screens, are designed to elevate the luxury experience for rear-seat passengers [12][14] - The vehicle incorporates unique features like the ActiveSafe zero-gravity seats, which enhance safety and comfort by adjusting in response to potential accidents [16] Group 4: Market Positioning and Future Outlook - To succeed in the high-end market, domestic brands must create products that align with consumer perceptions of luxury, focusing on unique features and experiences that differentiate them from competitors [18][20] - The Zun Jie S800 has already seen significant market interest, with over 1,600 pre-orders within 24 hours, indicating a positive reception for domestic luxury vehicles [18][20] - The success of the Zun Jie S800 could signify a pivotal moment for Chinese automotive brands in establishing a foothold in the global luxury vehicle market [22][23]

Investment Rating - The report maintains a "Buy" rating for Geely Automobile [1] Core Views - Geely Automobile's Q1 2025 performance met expectations, with revenue of 72.5 billion yuan, a year-on-year increase of 24.5%, and a net profit of 5.67 billion yuan, up 263.4% year-on-year [7] - The company has announced plans to acquire all issued shares of Zeekr, further implementing the "Taizhou Declaration" to focus on its core automotive business and enhance resource utilization efficiency [7] - The report forecasts Geely's net profit for 2025, 2026, and 2027 to be 14.2 billion, 19.6 billion, and 27.1 billion yuan respectively, corresponding to P/E ratios of 11, 8, and 6 times [7] Financial Performance Summary - Total revenue projections for Geely are as follows: 179.846 billion yuan for 2023, 240.194 billion yuan for 2024, 302.055 billion yuan for 2025, 382.115 billion yuan for 2026, and 455.664 billion yuan for 2027, with year-on-year growth rates of 21.06%, 33.56%, 25.75%, 26.51%, and 19.25% respectively [1] - The projected net profit for 2023 is 5.308 billion yuan, increasing to 16.632 billion yuan in 2024, then decreasing to 14.208 billion yuan in 2025, before rising to 19.579 billion yuan in 2026 and 27.100 billion yuan in 2027, with year-on-year growth rates of 0.91%, 213.32%, -14.57%, 37.80%, and 38.42% respectively [1] - The latest diluted EPS is projected to be 0.53 yuan for 2023, 1.65 yuan for 2024, 1.41 yuan for 2025, 1.94 yuan for 2026, and 2.69 yuan for 2027 [1] Market Data Summary - The closing price of Geely Automobile is 19.74 HKD, with a market capitalization of approximately 183.32 billion HKD [5] - The company has a price-to-book ratio of 2.09 and a debt-to-asset ratio of 65.83% [6]

Investment Rating - The investment rating for Geely Automobile is "Buy" (maintained) [1] Core Views - The Q1 performance of Geely Automobile met expectations, with a revenue of 72.5 billion yuan, representing a year-on-year increase of 24.5%, and a net profit of 5.67 billion yuan, up 263.4% year-on-year [7] - The company has announced plans to acquire all issued shares of Zeekr, further implementing the "Taizhou Declaration" to focus on the automotive main business and enhance resource utilization efficiency [7] - The overall single-vehicle profitability improved significantly due to scale effects and cost reduction strategies under the "One Geely" initiative [7] Financial Summary - Total revenue forecast for 2023A is 179.846 billion yuan, with a year-on-year growth of 21.06% [1] - The net profit forecast for 2023A is 5.308 billion yuan, with a year-on-year growth of 0.91% [1] - The latest diluted EPS for 2023A is 0.53 yuan per share, with a P/E ratio of 29.71 [1] - The projected net profit for 2025E is 14.208 billion yuan, with a year-on-year decrease of 14.57% [1] - The projected P/E ratios for 2025E, 2026E, and 2027E are 11.10, 8.05, and 5.82 respectively [1]

行 业 汽车 2025 年 05 月 11 日 研 究 行 业 定 期 报 告 汽车 吉利汽车建议私有化极氪 小鹏汇天生产许可证 申请获受理 投资要点： 本周专题：吉利汽车建议私有化极氪 小鹏汇天生产许可证申请获受理 5 月 7 日，吉利汽车公告称，公司于 2025 年 5 月 7 日向极氪提交 非约束性报价函，建议私有化极氪，收购所有已发行及发行在外的极 氪股份及美国存托股票（本集团实益拥有者除外）。公告称，建议购 买价为每股极氪股份 2.566 美元或每股美国存托股票 25.66 美元。 一旦私有化建议落实并完成，极氪将成为吉利汽车的全资附属公 司，实现私有化并于纽交所退市。此举是吉利汽车进一步落实《台州 宣言》，聚焦汽车主业，提升资源利用效率，深化品牌协同的重要步 骤，将强化吉利汽车在智能新能源汽车领域的全球竞争力。 5 月 9 日，小鹏汇天宣布，"陆地航母"飞行体生产许可证（PC） 申请正式获得民用航空中南地区管理局受理，标志着飞行汽车产品量 产体系开始接受局方审查。 生产许可证（PC） 是民航主管部门颁发给民用航空产品型号设计 批准持有人或其权益转让人的证件，用于表明其已建立航空产品的生 产体系和质 ...

公 司 报 告 证券分析师 | 王德安 | 投资咨询资格编号 | | --- | --- | | | S1060511010006 | | | BQV509 | | | WANGDEAN002@pingan.com.cn | | 王跟海 | 投资咨询资格编号 | | | S1060523080001 | | | BVG944 | | | WANGGENHAI964@pingan.com.cn | 汽车 2025 年 05 月 08 日 吉利汽车(0175.HK) 拟私有化极氪，"一个吉利"正当时 推荐（维持） 股价：16.78 元（港币） 主要数据 | 行业 | 汽车 | | --- | --- | | 公司网址 | www.geely auto.com.hk | | 大股东/持股 | | | 实际控制人 | 李书福 | | 总股本(百万股) | 10078.04 | | 流通 A 股(百万股) | | | 流通 B/H 股(百万股) | | | 总市值（亿元） | 1570.88 | | 流通 A 股市值(亿元) | | | 每股净资产(元) | 8.61 | | 资产负债率(%) | 59.71 | 行情 ...

5月7日，吉利汽车公告，公司于2025年5月7日向极氪提交非约束性报价函，建议私有化极 氪，收购所有已发行及发行在外的极氪股份及美国存托股票，建议购买价为每股极氪股份2.57 美元或每股美国存托股票25.66美元。 倘若私有化建议落实并完成，极氪将成为本公司的全资 附属公司，实现私有化并于纽交所退市 。 极氪在纽交所上市仅一年时间，吉利此举引发各方关注。 5月7日傍晚，吉利控股集团有关负 责人回应记者表示，吉利汽车此次建议私有化极氪，是吉利为了"聚焦汽车主业，回归一个吉 利" 。 极氪新款车型 极氪自动化产线 吉利将聚焦汽车主业 极氪冲击年销百万目标 2024年登陆纽交所 宁德时代等参与投资 根据吉利汽车公告，公司于2025年5月7日向极氪提交非约束性报价函，建议私有化极氪，收 购所有已发行及发行在外的极氪股份及美国存托股票（本集团实益拥有者除外）。建议购买 价为每股极氪股份2.57美元或每股美国存托股票25.66美元。该价格较最后交易日美国存托股 票于纽交所的收市交易价溢价约13.6%，较截至最后交易日止最后30个交易日期间美国存托股 票于纽交所的成交量加权平均价格溢价20.0%。 根据公告，于公布日期，本 ...

Core Viewpoint - The Chinese new energy vehicle (NEV) industry is rapidly advancing on the global stage, driven by technological innovation and industry collaboration, with SGS playing a crucial role in this transformation [1]. Group 1: SGS's Role and Expertise - SGS has over 145 years of history and operates more than 2,500 branches and laboratories in 115 countries, employing 99,500 professionals, establishing a comprehensive global service network [5]. - SGS began its automotive services in 2007, focusing on quality assurance across the entire value chain for the automotive industry, and has expanded its services significantly since then [5][7]. - The acquisition of Germany's TÜV Saar in 2015 marked a significant milestone for SGS, enhancing its technical capabilities and certification systems, allowing it to introduce new standards in China [5]. Group 2: Strategic Adjustments and Market Position - In response to the rising penetration of smart NEVs in China, SGS adjusted its service strategy in 2022, establishing the world's first commercial laboratory with V2X communication protocol testing capabilities [7]. - SGS has established over 10 automotive laboratories and more than 20 service points in China, becoming a leading enterprise in the automotive testing and certification sector [7]. Group 3: Focus on Key Areas in Smart NEVs - SGS is strategically focusing on critical areas such as power batteries and V2X technology to meet the core needs of Chinese automotive enterprises [8]. - SGS has developed a comprehensive testing service for new energy power battery systems, including performance, environmental, and safety testing, and has established a nationally recognized laboratory for thermal runaway fire spread testing [10]. Group 4: Support for Global Expansion - The global automotive industry is undergoing significant changes, presenting both opportunities and challenges for Chinese automotive exports, with SGS providing comprehensive solutions for overseas expansion [13]. - SGS recommends that Chinese automotive companies focus on markets in Europe, Southeast Asia, and the Middle East, offering tailored compliance support and certification services based on regional characteristics [13]. Group 5: Case Study and Future Outlook - A representative case involves BYD's cloud vehicle control system, where SGS's functional safety experts collaborated with BYD's R&D team, resulting in multiple safety certifications that support BYD's domestic and international market strategies [14]. - The global development of China's NEV industry is accelerating, with SGS committed to leveraging its expertise and global service network to support the internationalization of Chinese automotive enterprises [14].

Core Viewpoint - Jianghuai Automobile Group (JAC) is showcasing its latest developments in smart electric vehicles at the 2025 Shanghai International Auto Show, emphasizing its commitment to high-quality development and user-centered design in the transition to smart new energy vehicles [1][3]. Group 1: Product Launches - JAC unveiled two prototype vehicles based on the DEFINE platform: DEFINE-S and DEFINE-X, which aim to explore the boundaries of the platform while laying a solid foundation for future products [5]. - DEFINE-S features a supercar design with a total power output of 590 kW from three electric motors, integrating advanced safety features for an enjoyable driving experience [7]. - DEFINE-X embodies a blend of rugged and fluid aesthetics, equipped with the latest version of ADS and a smart chassis that responds within 100 milliseconds, enhancing driving ease [9]. Group 2: Strategic Collaborations - JAC's strategic model, the Jianghuai Hantu PHEV, focuses on "high performance in all scenarios," boasting a comprehensive range of over 1000 km with its hybrid powertrain [11]. - The luxury brand ZunJie, developed in collaboration with Huawei, debuted its first model, the ZunJie S800, priced between 1 million and 1.5 million yuan, set for delivery in the second quarter [13]. - The ZunJie S800 benefits from Huawei's technology, including satellite communication and 5G integration for seamless connectivity in remote areas [15]. Group 3: Future Directions - JAC and Huawei signed a comprehensive strategic cooperation agreement to enhance collaboration in various fields, including electric vehicle technology development, charging network construction, and international expansion [17]. - The company is positioning itself as an ecological aggregator, focusing on sustainable development and leveraging its 60 years of heritage to embrace global users and partners [18].