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Core Viewpoint - Huawei emphasizes the importance of high-quality standards in the automotive industry, suggesting that many manufacturers fail to meet these standards, which compromises safety and quality [1][8]. Group 1: Huawei's Automotive Strategy - Huawei's Executive Director Yu Chengdong announced that the company will focus on five automotive brands, indicating a strategic limit to its expansion in this sector [3][5]. - The newly launched Zun Jie S800, developed in collaboration with Jianghuai Automobile, has received significant market interest, with over 1,000 pre-orders within an hour of its release [4][6]. - The partnership between Huawei and Jianghuai has led to the establishment of a dedicated team of over 5,000 people and an investment exceeding 10 billion yuan in the Zun Jie project [4]. Group 2: Quality Standards and Safety - Yu Chengdong called for improved quality and safety standards in the automotive industry, stressing that sacrificing quality for cost reduction is unacceptable [8]. - He highlighted that, according to Huawei's quality standards, many vehicles from other manufacturers would not be approved for shipment, indicating a significant gap in quality assurance practices [8]. - The implementation of active safety technologies in Huawei's vehicles has reportedly prevented over 1.86 million potential collisions, showcasing the importance of safety in modern automotive design [8]. Group 3: Future Developments - The fifth brand, Shang Jie, is set to be launched in collaboration with SAIC Group, with an expected price range of 150,000 to 250,000 yuan, aiming to provide a cost-effective option within Huawei's automotive ecosystem [6]. - Yu Chengdong expressed confidence in the future growth of Huawei's automotive sector, despite previous challenges and misunderstandings faced during its development [6].

Core Viewpoint - The launch of the ZunJie S800 marks a significant collaboration between Huawei and JAC Motors, aiming to penetrate the high-end luxury car market with competitive pricing and advanced technology [3][10]. Group 1: Product Launch and Pricing - The ZunJie S800 was officially unveiled on May 30, with a total investment exceeding 10 billion yuan in the project [3][12]. - The pricing for the ZunJie S800 ranges from 708,000 yuan to 1,018,000 yuan, significantly lower than the previously anticipated price range of 1 million to 1.5 million yuan [9][10]. - The vehicle is positioned as a high-end intelligent luxury sedan, competing with traditional luxury brands like BMW 7 Series, Mercedes-Benz S-Class, and Audi A8 [3][8]. Group 2: Design and Features - The ZunJie S800 features a design philosophy called "Heaven, Earth, and Humanity," with advanced lighting systems and multiple color options [4][6]. - The dimensions of the vehicle are 5480mm in length, 2000mm in width, and 1542mm in height, with a wheelbase of 3370mm, providing a spacious interior [6]. - It incorporates advanced noise reduction technologies, achieving a noise level of 56.7 dB at 60 km/h on rough roads [6]. Group 3: Performance and Technology - The vehicle is built on the Tuling Longxing platform, featuring a digital chassis with a decision-making latency of less than 1 ms and a tenfold increase in processing capability [6][7]. - The ZunJie S800 offers impressive battery performance, with a range of 1,333 km for the range-extended version and 702 km for the pure electric version [7]. - It includes advanced safety features, such as a five-layer protective structure for the battery and active cooling systems to prevent thermal runaway [7][12]. Group 4: Strategic Vision - Both Huawei and JAC Motors emphasize their commitment to elevating China's automotive industry to the global value chain's top tier, focusing on cutting-edge design and technology [11][12]. - The ZunJie S800 is seen as a culmination of years of collaboration across the automotive supply chain, showcasing Chinese innovation and ambition [12].

Core Viewpoint - Beiqi Blue Valley has established a dual-brand strategy with "Extreme Fox" targeting the mid-to-high-end market and "Enjoy" as a high-end luxury brand developed in collaboration with Huawei, aiming for significant growth in the new energy vehicle sector by 2027 [1][2]. Group 1: Brand Strategy - The "Extreme Fox" brand is positioned in the 100,000 to 300,000 yuan range and is expected to be the main driver for scale effects [1]. - The "Enjoy" brand is a collaboration with Huawei, focusing on high-end technology and luxury, and is central to Beiqi Group's strategy in the high-end new energy vehicle market [1][2]. - Beiqi Blue Valley has committed to an "all in Enjoy" approach, emphasizing organizational structure, resource allocation, R&D investment, channel development, and brand co-construction [2]. Group 2: Sales and Growth Targets - In 2024, Beiqi Blue Valley achieved sales of 113,860 units, a year-on-year increase of 23.53%, with the Extreme Fox brand alone selling 81,017 units, up 169.91% [4]. - The company aims to sell 500,000 units of the Extreme Fox brand by 2027 and establish the Enjoy brand among the top luxury new energy vehicles [1][4]. - In 2025, the company plans to add over 80 new stores, achieving 100% coverage in tier-three cities and over 85% in tier-one to tier-five cities [4]. Group 3: Product Development - Multiple new models under both the Enjoy and Extreme Fox brands are set to launch in 2025, including pure electric and range-extended vehicles, with a target monthly sales volume of 20,000 units for the fourth quarter [5]. - The company is focusing on enhancing its product offerings through collaboration with Huawei in areas such as smart driving and vehicle technology [4][5]. Group 4: Profitability Improvement - Beiqi Blue Valley is prioritizing profitability, with a strict roadmap for improvement, emphasizing scale as a key factor for cost reduction and efficiency [6]. - The company aims to optimize its product mix to increase the proportion of high-margin products, targeting a sales ratio of 1:3 between Enjoy and Extreme Fox brands in 2025 [6]. - Efforts to reduce costs will include material savings, management, and marketing expenses, while also increasing the self-manufacturing ratio of certain components [6][7]. Group 5: Financial Performance - In the first quarter of the current year, Beiqi Blue Valley reported a revenue increase of 151% year-on-year, with an average selling price per vehicle rising by 8,000 yuan [7]. - The gross margin improved by 4.1 percentage points compared to 2024, and the company is working towards achieving positive gross profit, operating cash flow, and net profit [7].

Group 1 - Huawei held the HarmonyOS Intelligent Driving Experience S9 and new product launch event, introducing a range of smart products including the flagship sedan Enjoy S9, AITO Wenjie new M7 Pro, and various smart devices [1][10] - The Enjoy S9 is a collaboration between Huawei and BAIC, featuring luxury design, spacious interiors, and advanced smart technology, redefining the luxury sedan experience [5][6] - The Enjoy S9 boasts impressive specifications, including a 0-100 km/h acceleration in just 3.9 seconds, a combined range of 816 km, and a low energy consumption of 13.2 kWh per 100 km [6][9] Group 2 - The AITO Wenjie new M7 Pro has been launched as part of the "national SUV" series, featuring upgraded driving capabilities and enhanced comfort through CDC continuous variable damping technology [10] - Huawei's new products also include the nova Flip, which features a unique square screen design and advanced camera capabilities, aimed at younger consumers [13][15] - The MatePad Pro 12.2-inch and MatePad Air were introduced, showcasing advanced display technology and AI capabilities, enhancing productivity and creative experiences [16][22] Group 3 - The Huawei FreeBuds 6i were launched with advanced noise cancellation features and a long battery life of 35 hours, targeting young consumers seeking high-quality audio experiences [28][31] - The Huawei WATCH FIT 3 has gained popularity, with over 2 million units shipped globally, and new summer colors have been introduced to attract younger users [32] - The Huawei Smart Screen S5 Pro was unveiled, featuring enhanced interactive capabilities and a variety of smart functions, catering to family entertainment needs [34][36]

江淮汽车（600418）2025 年一季报点评 强推（上调） 业绩符合预期，尊界产品周期启动点燃增长 引擎 事项： ❖ 公司发布 2025 年一季度报告，营收 98.0 亿元，同比-13.0%，环比-1.1%，归母 净利-2.2 亿元，同比-3.3 亿元，环比+21.9 亿元，业绩符合预期。 评论： [ReportFinancialIndex] 主要财务指标 证 券 研 究 报 告 资料来源：公司公告，华创证券预测 注：股价为 2025 年 5 月 7 日收盘价 公司研究 乘用车Ⅲ 2025 年 05 月 08 日 | 目标价：53.06 | 元 | | --- | --- | | 当前价：36.20 | 元 | 华创证券研究所 证券分析师：张程航 电话：021-20572543 邮箱：zhangchenghang@hcyjs.com 执业编号：S0360519070003 联系人：张睿希 邮箱：zhangruixi@hcyjs.com 公司基本数据 | | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | | 营业总收入(百万) ...

Investment Rating - The report does not explicitly state an investment rating for the industry or company Core Insights - Huawei has transitioned from a component supplier to a comprehensive solution provider in the smart automotive sector, adhering to a "no car manufacturing" strategy while deeply collaborating with automotive companies, creating a differentiated competitive landscape compared to BYD's vertical integration approach [3] - The report emphasizes Huawei's automotive business development through three parallel models: component supply, HI intelligent driving, and HarmonyOS intelligent driving, with the HI model showing the most growth potential due to its non-threatening nature to automotive companies [3] - The report aims to analyze Huawei's strategic layout and development status in the automotive industry, focusing on its technological innovation, business model transformation, and industrial ecosystem construction under the "no car manufacturing" strategy [3] Summary by Sections Huawei's Automotive Business Development - Huawei's automotive journey began with in-car communication (2013-2015), evolved through collaborations with car manufacturers (2016-2018), and has now reached the stage of providing comprehensive solutions since 2019 [3] Production Capacity and Market Performance - Huawei's smart selection vehicle business has established an annual production capacity of 1.7 million units, achieving rapid growth in the high-end new energy market, with standout models like the Zhijie R7 and Xiangjie S9 [4] - The production layout includes various factories, with the Wanjie M5, M7, and M9 produced at different facilities, totaling capacities of 700,000, 150,000, and 150,000 units respectively [4] Revenue Projections - By 2030, Huawei's automotive business is projected to achieve revenues of 63.51 billion yuan from HarmonyOS intelligent driving and 24.27 billion yuan from smart automotive solutions, with intelligent driving and cockpit technologies being the main growth drivers [5][16] - The HarmonyOS intelligent driving sales are expected to increase from 78,000 units to 1.56 million units, primarily driven by the Wanjie series [5] Business Models - Huawei's smart automotive business operates through five major solutions, providing comprehensive support from components to complete vehicles, leveraging both direct sales and partnerships with automotive companies [7] - The sales network consists of direct brand outlets and strategic partnerships, including self-operated retail points and authorized specialty stores [8] Case Study: Seres - The collaboration between Seres and Huawei has evolved through various stages, leading to a product line expansion from the SF5 to multiple models like the Wanjie M5/M7/M9, achieving peak monthly sales of over 40,000 units [11] - The innovative marketing strategy of the smart selection model has significantly contributed to Seres' success, offering a transparent pricing system and a user-centered purchasing experience [11]

余承东说过， 问界 M9 对华为来说标志着新的开始。 "问界 M9 是我们亲手打造的，源头的每一部分都由我们亲自设计。" 截至 12 月 26 日，上市一周年之际，问界 M9 累计大定超过 20 万辆，连续 8 个月蝉联国内汽车市场 50 万 元以上不分车型、不分能源形式的销量冠军 —— 这也是首次有国产品牌打破 BBA 在 50 万元以上豪华市 场的垄断。 "问界 M9，绝对对得起 '那四个字'！" 这个成绩足以让余承东自豪——不仅代表着智选车战略的成功，也 兑现了余承东对于帮助合作伙伴实现商业成功，助力汽车产业链协同向上发展的诺言。 按 50 万元均价计算，单车车型创造的营收超千亿元。赛力斯发布的审计报告显示，2024 年上半年，华为 车 BU 净利润 22.3 亿元，预估全年净利润为 33.5 亿元，车 BU 可能实现成立五年来首次扭亏为盈。 定义问界 M9 成功的不仅是销量和利润，更在于它打破了长期被外资品牌垄断的豪华车市场格局，重新定 义了新能源汽车时代的豪华车。 在这一中国汽车品牌多年处于弱势的市场，问界 M9 能够在一年内突围并连续保持销冠位置，究竟做对了 什么？ 问界 M9 在 50 万元以上 ...