投资要点 核心看点：涡轮增压器有望快速放量（实现单车价值量提升）、布局人形机器人 西菱动力：汽车发动机零部件优质供应商，精进工艺加速关节环节国产替代 公司起步于发动机核心零部件，布局高壁垒及价值量赛道打开成长空间。 2022-2024 年公司营收：11.1 亿元增长至17.5 亿元，CAGR 为26%；归母净利润：0.37 亿元增长至0.51 亿元，CAGR 为17%。2024 年发动机零部件及航空零部件收入占比分别为90%/7%。过去三年ROE 分别 为2.5%/-6.5%/3.2%。 谐波减速器：具有体积小、传动精度高的优势，材料、齿形设计及加工壁垒较高。 ③公司：产能充足，且持续提升智能制造能力、铸造及锻造工艺能力；拥抱比亚迪、吉利、奇瑞等优质 客户，有望实现产能稳步释放。 布局涡轮增压器：国产化率较低、市场空间大、壁垒高+公司产能持续扩张。 ① 涡轮增压器：提升发动机热效率并控制尾气排放，我国涡轮增压器在传统燃油和混动车上的渗透率 将进一步提升。预计到2027 年市场规模为211 亿元，2025-2027 年CAGR 为14%。产品设计及制造壁垒 均较高，因此外资厂商占据较高市场份额。 ②公司：202 ...

Core Insights - The launch of Geely Radar's Horizon EM-P and King Kong EM-P electric hybrid pickup trucks addresses consumer demand for fuel efficiency, particularly among pickup users [2][3] - The vehicles are built on the M.A.P. Radar Hanhai new energy pickup platform and utilize the Thor EM-P super electric hybrid system, offering advantages in power, safety, drivability, cost-effectiveness, and intelligence [2] - The Thor EM-P super electric hybrid system provides a maximum power of 260 kW and a peak torque of 914 N·m, with a system efficiency of up to 97% [2] Cost Efficiency and Market Potential - Geely Radar's market philosophy emphasizes that "electric is cheaper than fuel," with the ability to achieve "oil-electric parity" and save users over 10,000 yuan due to tax exemptions [3] - The new pickups have a combined fuel consumption of only 1.5 liters per 100 km and a fuel consumption of 6.4 liters when depleted, saving over 0.3 yuan per kilometer compared to traditional fuel pickups [3] - The electric hybrid pickups also benefit from green license plates, allowing them to use green channels and avoid highway fees, further reducing transportation costs [3] Industry Growth and Future Outlook - In the first quarter of this year, sales of new energy pickups increased by 180% year-on-year, with March seeing a remarkable 220% growth [3] - Industry experts view plug-in hybrid pickups as a significant growth opportunity, highlighting their low cost and long range as key advantages [3] - The launch of the super electric hybrid pickups marks a milestone for Geely Radar in the new energy pickup sector, reshaping the performance architecture and usage scenarios of pickups [3]

"好饭不怕晚"。5月下旬，工信部发布了第395批新车公示。这批公示为行业带来了哪些牵引 车重磅车型？各家企业有何新动作？牵引车市场正呈现出哪些新风向呢？ 下面请看第一商用车网报道。 首先来看第395批公示牵引车整体申报情况。此次，第395批新车公示牵引车方面申报了39款 新品，相比上一批公示减少了11款，相比第393批和第392批各自多十余款，比1月发布的第 391批仅减少1款。整体来看，牵引车申报数量比较可观，这在一定程度上体现出了企业对牵 引车市场发展潜力的看好。 从细分车型来看，新能源和国六牵引车新车数量严重分化。新能源牵引车申报31款，包括换电 14款、充电12款、插电混动3款和燃料电池2款；国六牵引车8款，包括燃气车5款和柴油3 款。本批公示中，换电牵引车超过充电牵引车数量，成为本批公示中牵引车领域单一车型申报 最多的车型。而此前从去年11月起，已有连续6批公示，充电牵引车新车数量超过换电牵引 车。本批公示换电牵引车申报数量创下近7个批次最高。 同时也可看到，插电混动牵引车市场正在崛起。今年从第392批起，已连续四个月有插电混动 牵引车新车申报公示，一汽解放、中国重汽、远程新能源商用车都在力推，本批 ...

Group 1 - Li Auto has adjusted its annual sales target from 700,000 units to 640,000 units, indicating a shift in strategy amid increasing competition in the Chinese electric vehicle market [2][4] - The company plans to reduce the production target for its range-extended L series from at least 560,000 units to 520,000 units, while significantly increasing the target for pure electric products from 50,000 units to 120,000 units [4] - The adjustment reflects a strategic response to the competitive landscape, as Li Auto's sales performance has been impacted by traditional automakers and new entrants focusing on plug-in hybrid and range-extended products [4][5] Group 2 - In the first four months of the year, Li Auto delivered 126,803 units, a year-on-year increase of only 19.41%, the lowest among its peers [7][8] - The company must deliver over 70,000 units monthly for the remainder of the year to meet the original target, which is considered nearly impossible, prompting the downward adjustment [8] - Li Auto's proactive strategy includes enhancing its pure electric vehicle lineup and restructuring its sales and service teams to better address market challenges [10][12] Group 3 - The shift towards range-extended and pure electric vehicles has become a consensus in the industry, with competitors like Zeekr and Xpeng also planning to launch range-extended models [5] - Li Auto's internal adjustments and strategic focus on pure electric vehicles indicate a significant shift in its operational priorities, aiming to balance its product offerings in a rapidly evolving market [10][12] - The company is also expanding its infrastructure, planning to increase its supercharging stations to 4,000 and its retail outlets to over 800, targeting lower-tier cities [10][12]

大家好，我是比亚迪海洋网的销售，今天来聊一下刚上市不久的海狮07 DMI。 第一批车有两台，早在5月1日就到店了，分别是指导价16.98万的150领航版和17.98万的领航+版，都是亚特兰蒂斯灰。后续车源还没有消息，目前也没有在途的 车。 最近总听到有人说，海洋网这车型越来越多都分不清了。这里可以传授一个记住所有车型的小技巧：来比亚迪上班。 不来？那分不清很正常…… 新车是哪天到店的？ 新车目前价格是多少？ 海狮07 DMI分三个配置，指导价16.98万-20.58万，目前订车送4次保养，置换补贴他品5000，本品6000。 上市权益中还有个3年免费服务系列，比如免费取送车、道路救援啥的，但是我接待过的所有客户都对这些不以为然，不在乎。 新车厂家的培训资料有哪些值得注意的点？ 这车的培训可不简单，第一轮是内训师来线下培训，给我们整得很紧张，结果两个小时就完事了，后续就还是线上培训了。 能感觉出来内训师冥思苦想也没啥好说的，大家也没发现什么独特的亮点。说到这不得不举报王朝网老六不务正业，整天不关注自己家的车型总盯着我们海洋网 的，还给我发一些莫名其妙的信息，我看都看不懂。 平均每天都多少人来看这款车？ 不瞒大家 ...

Group 1 - Jiangsu Aoliwei Sensor Technology Co., Ltd. applied for a patent titled "A Flip Valve for Plug-in Hybrid Vehicles," with publication number CN120027251A, and the application date is February 2025 [1] - The patent describes a flip valve that includes a shell with a bottom cover, which forms a cavity, and a valve body that divides the cavity into exhaust, pressure retention, and gas-liquid chambers [1] - The valve body features an exhaust port that connects the pressure retention chamber and the gas-liquid chamber, and it includes a movable pressure retention component and a float that can move up and down [1] Group 2 - Jiangsu Aoliwei Sensor Technology Co., Ltd. was established in 1993 and is located in Yangzhou, primarily engaged in the automotive manufacturing industry [2] - The company has a registered capital of 79654.8907 million RMB and has invested in 14 enterprises, participated in 37 bidding projects, and holds 270 patents [2] - Additionally, the company possesses 45 administrative licenses and has one trademark information [2]

长城魏建军又开炮，火力不亚于雷军创飞保时捷。 5月21日晚，小米全新SUV小米YU7正式亮相小米战略新品发布会。在雷军的演讲中，小米YU7拳打Model Y脚踩保时捷，平等创飞了每一个出现在PPT上的 竞品。 甚至没出现在PPT上的法拉利，因为Purosangue"撞"上了YU7主打色"宝石绿"，被外界解读为"暗讽小米"。 小米发布会次日，魏建军又一次因为语出惊人火上热搜，常压油箱、压榨供应商、汽车恒大、出海丢人......他直言不怕挨骂。没有雷军的粉丝基础和浸淫互 联网多年的强大话题属性，魏建军选择用火力最猛的方式出圈—当行业"吹哨人"。 两个军占据了当天最热门的话题。 在汽车圈，没有人不想当网红。就像长安汽车的高管公开羡慕"我们上个热搜就像过年，结果雷军天天在过年"。 人人都想成为雷军，因为流量即权力，谁掌握了话语权，谁就更接近真理。 雷军一下场造车，就可以宣称解决了"汽车工业史上140年都没解决的难题—防晒，而且是三层镀银防晒"；也可以把小米YU7上的全景曲面投影技术称作"黑 科技"，尽管宝马此前在概念车上，已经展示过类似的设计。 在企业家的宏大叙事下，品牌的拥趸被进一步提纯，演变为接近信仰式的忠诚.. ...

对于本田新的发展战略是否会影响到本田在中国的产品投放节奏，经济观察报向本田技研工业（中国）投资有限公司（下称"本田中国"）了解情况，本田中 国一位人士表示："本田在中国还是会按照上海车展发布的最新战略，继续加速推进电动化、智能化发展。" 中国投资协会上市公司投资专业委员会副会长支培元表示，放缓电动化步伐可能使合资公司在中国蓬勃发展的纯电动车市场中陷入被动。目前，中国纯电动 车市场占有率前十的品牌里，自主品牌占据7席，发展势头强劲。本田若不能及时跟上节奏，恐将错失抢占市场份额的黄金时机。 调整"航向" 本田此次对于其汽车业务的调整主要集中在两个方向，一是提升产品的智能化水平，二是在放缓电动化的同时加速混动化。 在智能化方面，本田正在自主研发新一代ADAS系统，该系统在设定导航目的地后，可实现全路况环境下的加速与转向辅助。基于电动车平台特性，该技术 将优先搭载于2027年投放北美和日本市场的纯电及混动车型。针对中国市场，本田选择与Momenta合作开发本土化ADAS系统，预计未来所有在华新车型都 将标配该技术。 面对全球电动车市场增速放缓，本田将混动技术确立为短期战略核心。通过双电机混合动力系统"e:HEV"的迭 ...

Group 1 - Honda has adjusted its electric vehicle (EV) sales target, now expecting EV sales to be below the previously announced 30% by 2030 due to a slowdown in the EV market [1] - The company plans to enhance its hybrid vehicle lineup, aiming to launch 13 next-generation hybrid models globally over the next four years starting in 2027 [1] - Honda's total vehicle sales target is to increase by over 3.6 million units by 2030, with hybrid vehicle sales expected to rise by 2.2 million units [1] Group 2 - For the fiscal year 2024, Honda reported a revenue increase of 6.2% to 21.69 trillion yen, but operating profit and net profit saw significant declines, with operating profit down 12.2% to 1.21 trillion yen and net profit down 24.5% to 835.84 billion yen [2] - The company anticipates that tariffs from various countries will impact the operating profit by 650 billion yen in the next fiscal year, with an estimated effect on 550,000 vehicles and a profit impact of about 300 billion yen [2] - Honda's revenue forecast for fiscal year 2025 is 20.3 trillion yen, a decrease of 6.4%, with operating profit expected to drop by 58.8% to 500 billion yen and net profit projected to fall by 70.1% to 250 billion yen [2] Group 3 - Honda is developing a new generation of Advanced Driver Assistance Systems (ADAS) to be widely adopted in its electric and hybrid models launching in North America and Japan in 2027 [3] - In China, Honda is collaborating with Momenta to create an ADAS suitable for local road conditions, with all new models in the Chinese market set to feature this technology [3] - The company aims to implement a robust supply chain strategy focused on mixed production lines for electric and hybrid vehicles, ensuring the supply of electric components centered around batteries [3] Group 4 - Honda plans to modularize its electric motorcycles and will start production at a new factory in India in 2028, aiming to capture the leading market share in the electric motorcycle sector [4] - The strategic adjustments by Honda reflect the broader challenges faced by traditional automakers in the electrification wave, balancing high R&D costs with uncertain market demand [4] - Other automakers, like Ford, have also shifted focus from electric to hybrid vehicles due to lower-than-expected demand, indicating a trend among traditional manufacturers [4]

Core Viewpoint - The upcoming launch of the super electric hybrid pickup by Geely Radar is expected to lead the new energy pickup market with its advanced plug-in hybrid technology [2][5]. Industry Insights - The market for new energy pickups is seen as a "blue ocean" opportunity, with significant structural growth potential due to the rapid increase in pickup exports and the transition from traditional fuel pickups to new energy variants [2][3]. - New energy pickup sales experienced a remarkable year-on-year growth of 180% in Q1, with March alone seeing a 220% increase [3]. - The market share of pure electric pickups in the domestic market is 4.6%, while plug-in hybrid pickups account for 1.7% [3]. Technological Developments - Plug-in hybrid pickups are recognized for their three main technical advantages: cost-effectiveness for short trips, dual-system performance meeting high power demands, and the ability to provide high-power external electricity for outdoor activities [3][6]. - Geely Radar's super electric hybrid pickup features the industry's first 3-DHT configuration hybrid system, achieving a thermal efficiency of 44.26% and a fuel consumption reduction of approximately 21% compared to traditional fuel pickups [6]. Company Strategy - Geely Radar is committed to a long-term strategy of "technology + scenario," utilizing both pure electric and hybrid technologies to drive innovation and performance [5]. - The super electric hybrid pickup has undergone extensive testing, including over 1,000 powertrain system tests and 40 million kilometers of durability testing, equivalent to more than 1,000 laps around the Earth [5][6]. - With a market share of 63.2% in the new energy pickup segment, Geely Radar is positioned as a leader in the industry, enhancing its product lineup and solidifying its market position [6].