0 1 事 件 概 述 2025Q1销售管理费用为25.3亿元，同比/环比分别为-15.0%/-17.7%；2025Q1销售管理费用率为9.8%，同比/环比 为-1.9 pts/+2.8 pts。同环比下降主要由于员工薪酬减少、运营效率提升及营销和宣传活动减少。 渠道端： 截至2025年3月31日，公司于150个城市拥有502家零售中心，于225个城市运营502家售后维修中心。 公司发布2025Q1财报：2025Q1实现单季营收259.3亿元，同环比分别为+1.1%/-41.4%。2025Q1销量约为9.3万辆，同环 比分别为+15.5%/-41.5%；2025Q1汽车业务毛利率为19.8%，同环比分别为+0.4pct/+0.1pct。2025Q1归母净利润为6.5 亿元，同环比分别为+10.0%/-81.5%。2025Q1 non-GAAP归母净利润为10.2亿元，同环比分别为-20.3%/+74.7%。 0 2 分 析 判 断 ► 营收短期承压 毛利保持健康 营收端： 2025Q1公司总营收为259.3亿元，同比/环比分别为+1.1%/-41.4%；其中2025Q1汽车业务收入约为246.8亿元，同比/ ...

Group 1 - Star Stone Investment recently conducted research on a listed company, specifically focusing on Jingwei Hengrun, which has a dedicated institution for robot research and is advancing smart robots and smart warehousing [1] - Jingwei Hengrun is collaborating with Baixiniu on Robovan to promote the commercial rollout of unmanned vehicles for last-mile logistics [1] - The company has initiated L4 level fully unmanned driving operations at ports and plans to expand to public road scenarios, including point-to-point unmanned cargo transportation and Robobus microcirculation [1] - The decline in overall gross margin is primarily due to the rapid growth of the automotive electronics business, with new products being mass-produced for companies like Xiaomi, Xpeng, and Geely, driven by trends in the automotive industry [1] Group 2 - Star Stone Investment, established in 2007, is one of the top private equity fund management companies in China and a pioneer in the private equity sector [2] - The company has received numerous awards, including being the first Chinese private equity firm to win the Morningstar China Hedge Fund Award and to be included in the MSCI Global Hedge Fund Index [2] - Star Stone Investment focuses on long/short equity strategies and has built a strong research team of 40 professionals, employing a multi-faceted driving factor investment approach for comprehensive industry coverage [2] - The investment decision-making process is led by a committee, with nine fund managers collaboratively managing all products to identify high-quality investment targets [2] - The firm emphasizes compliance and risk control, establishing a rigorous compliance framework that integrates risk management throughout the investment research process [2]

Core Viewpoint - Xiaomi's recent statements and actions have sparked significant controversy, reflecting broader issues within the Chinese automotive ecosystem, particularly in the context of its electric vehicle (EV) offerings and the challenges faced by the company and its leadership [1][10]. Group 1: Company Performance and Product Success - Xiaomi's SU7 has achieved remarkable sales, with monthly deliveries surpassing 20,000 units and a total of 135,000 units sold in the previous year [4]. - In the first quarter of this year, Xiaomi delivered 76,000 units of the SU7, bringing the cumulative total to 258,000 units, positioning it as the top-selling model in the 200,000 yuan and above EV segment, even outperforming Tesla's Model 3 [4]. - The recently unveiled YU7 has also received positive market feedback, with user interest significantly higher than that for the SU7, indicating strong potential for future sales [5]. Group 2: Financial Performance - Xiaomi Group reported a record-breaking first-quarter financial performance, with revenue reaching 111.29 billion yuan, a 47.4% increase from the same period last year [7]. - The company's profit for the quarter was 10.89 billion yuan, marking a staggering 161% increase year-on-year, highlighting the financial strength despite ongoing controversies [7]. Group 3: Controversies and Challenges - Recent incidents, including a tragic car accident involving the SU7, have led to increased scrutiny and criticism of Xiaomi's smart driving technology, prompting regulatory responses from government agencies [7][8]. - The company faced backlash over issues related to the SU7 Ultra, including horsepower limitations and consumer rights disputes, leading to a significant reputational impact [8]. - Xiaomi's founder, Lei Jun, has entered a period of reduced public engagement, reflecting the pressure from ongoing controversies and the dual nature of media attention as both beneficial and detrimental [8][10].

亲爱的粉丝朋友们： 大家好！感谢您一直以来对"WitsView睿智显示"的关注与支持。为了更准确地传达我们的品牌定位与 服务方向，自即日起，" WitsView睿智显示 "将正式更名为" 集邦Display "。 此次更名不仅是品牌形象的升级，更是我们紧跟半导体显示行业发展趋势、深化专业研究的关键一 步。 近年来，随着物联网、智能驾驶、AI驱动的智能终端等技术的不断演进，显示产业正迎来新一轮的升 级与融合，形成百花齐放的局面。 作为TrendForce集邦咨询旗下专注于光电显示领域的研究品牌，我们将以"集邦Display"这一全新身 份，聚焦LCD/MLED/OLED等新型显示技术，持续为您提供高质量的 行业资讯、 市场洞察、供需分 析与产业趋势预测， 发掘市场潜力，赋能品牌行销与技术产品布局， 助力行业决策与发展。 此图片来自微信公众平台 十八届十二日日日 未来，我们仍由原WitsView核心团队运营，不变的是对专业与深度的坚守，升级的是内容体系与全球 视角。感谢一路同行，期待在"集邦Display"的新起点上，与您一同见证显示产业的每一个重要时刻！ —— 集邦Display团队 ▶ 关于集邦 ...

Core Viewpoint - Yantai Intelligent Driving Industry Investment Development Co., Ltd. has been established with a registered capital of 100 million yuan, focusing on investment activities and services related to artificial intelligence and electric vehicle infrastructure [1] Company Summary - The newly established company is fully owned by Yantai Low Altitude Economic Development Co., Ltd. [1] - The business scope includes investment activities using its own funds, application system integration services in the artificial intelligence sector, and operation of electric vehicle charging infrastructure [1]

Core Viewpoint - The Ministry of Industry and Information Technology (MIIT) has issued the "Computing Power Interconnection Action Plan" to promote the application of computing power interconnection in various new business scenarios [1] Group 1: Application Scenarios - The plan emphasizes the application of computing power interconnection in service scenarios such as computing resource services, task scheduling, market transactions, and open-source community operations [1] - It aims to enhance enterprise-level applications in artificial intelligence, scientific computing, intelligent manufacturing, remote medical services, and visual internet [1] - The initiative also targets consumer-level applications including intelligent driving, cloud rendering, cloud computing, and cloud gaming [1] Group 2: Integration with Other Technologies - The plan encourages the integration and innovative application of computing power interconnection with energy internet, industrial internet, and mobile internet [1]

Core Viewpoint - The emergence of "smart driving insurance" (智驾险) is a response to the growing concerns about the safety and liability of autonomous driving technologies, as companies race to offer new insurance products to reassure consumers [2][3]. Group 1: Industry Dynamics - Smart driving insurance is being developed as a new product category, with companies like Huawei, Xiaopeng, and NIO launching their own plans to provide coverage for autonomous driving risks [2][3]. - The current market for smart driving insurance is characterized by a split consumer sentiment, where tech enthusiasts are willing to pay for coverage, while average users prioritize cost and practicality [2][3]. - The insurance models are primarily divided into two types: collaborative insurance with traditional companies and self-operated full-service models by car manufacturers [3][4]. Group 2: Product Design and Liability - Smart driving insurance products often take the form of "service rights" to navigate legal restrictions, with companies like Xiaopeng requiring users to purchase their insurance before accessing smart driving services [4][5]. - The design of these insurance products focuses on specific driving functions, with varying coverage limits and conditions, such as Xiaopeng's offering of up to 1 million yuan for certain scenarios [6][7]. - The responsibility for accidents during autonomous driving is complex, as it involves determining liability during the transition of control between the vehicle and the driver [6][8]. Group 3: Data and Transparency - The pricing of smart driving insurance relies on dynamic data, including system performance, user behavior, and environmental conditions, which differ from traditional insurance models [9][10]. - The control of data during claims processes raises concerns about transparency, as car manufacturers often hold the data needed for accident liability assessments [9][10]. - Proposals for third-party data oversight and legal reforms are being discussed to enhance the fairness and transparency of the insurance process [10]. Group 4: Future Trends - The evolution of smart driving insurance is expected to continue as technology advances, potentially expanding coverage to higher levels of autonomous driving [11][12]. - The success of smart driving insurance will depend on the ability of companies to provide genuine financial backing for their products and establish robust data systems for accurate pricing [12].

Company Overview - The company held a product launch event for the MONA M03 Max model on May 28, with pricing exceeding market expectations [1] - The Max version is priced at 154,000 yuan, which is a reduction of 16,000 yuan from the previous pre-sale price of 158,000 yuan, and is 10,000 yuan less than the Plus version [1] Product Features and Market Strategy - The new model continues the company's strategy of creating popular products through competitive pricing, rich standard configurations, and advanced intelligent driving features [1] - The Max version is unique in the domestic market as it is the only model under 150,000 yuan equipped with dual Orin chips and capable of full-scene high-level assisted driving [2] - The target demographic for the Max version is younger consumers who are more accepting of and willing to pay for assisted driving features, with an expected purchase ratio exceeding market expectations [1] Sales Performance and Market Expansion - The company reported monthly sales exceeding 30,000 units from January to April, indicating a strong product cycle [1] - The launch of the new model is expected to drive quarterly sales and profitability improvements [1] - In Q1, the company achieved over 370% year-on-year sales growth in overseas markets and opened over 40 new overseas stores [1] - Plans for localized production in Indonesia for the G6 and X9 models are set to begin in the second half of 2025, with a goal of doubling overseas sales by 2025 [1] Technological Advancements - The M03 Max model features a global first "human-machine co-driving" function, allowing for collaborative control with the assisted driving system [2] - The company plans to roll out OTA updates for ETC toll station assistance and three-point turns by the end of June [2] Financial Outlook - Current stock prices correspond to a 2025 P/S ratio of 1.6 for Hong Kong stocks and 1.5 for U.S. stocks, maintaining an outperform rating [2] - Target prices are set at 108 HKD and 28 USD, representing an upside potential of 41% and 45%, respectively, corresponding to a 2025 P/S ratio of 2.2 [2]

随着技术迭代、安全法规及碰撞测试要求的提升，行业对主被动安全产品提出更高的标准，例如未来新 车强制安装AEBS等。多家机构表示，AEBS正从对标迈向建标阶段，预计市场空间将达千亿规模，均 胜电子、保隆科技、万安科技等公司已获订单突破，有望从技术大规模强制前装中受益。 智能化拓展汽车安全边界 均胜电子表示，公司已将安全产品与电子技术进行深度融合，推出系列面向未来驾驶的创新安全解决方 案，在主动安全与智能辅助驾驶方面率先突破。公司已经在为整车厂客户提供集成软硬件的智能辅助驾 驶解决方案，主要包括ADAS域控制器、前视一体机、舱驾一体化方案、中央计算单元等。 其中，AEBS是ADAS功能中的一部分，已被列为欧盟E-NCAP等强制认证的主动安全核心系统。其整体 解决方案的组成又包含软硬件，而均胜电子在传感器、域控制器和算法等方面均有建树，已形成软硬一 体化技术优势，其最新的前视一体机能够实现AEB自动紧急制动、自适应巡航和车道保持等功能。 五矿证券表示，前视一体机方案预计成为法规给乘用车AEBS带来的主要增量。从成本看，8MP(8百万 像素单摄像头)前视一体机方案已经能识别车辆、行人、两轮车等标准中的要求，成本目前已 ...

华依科技 20250529 摘要 华依科技与多家智能驾驶厂家建立稳定供货关系，并积极拓展乘用车和 无人物流车市场，两类产品在核心算法和底层数据上具有协同性，能够 有效应对不同客户的需求。 无人物流车市场对 IMU 需求显著，华依科技与头部厂家如九识智能、新 时达等合作，预计 2025 年市场容量将突破万台，2026 年有望进一步 增长，中国短途物流车辆市场规模庞大，潜力巨大。 无人物流车市场发展迅速，政策环境相对宽松，华依科技正与头部公司 展开战略合作谈判，旨在占据更多市场份额，实现持续发展，并积极探 索订阅服务模式。 自动驾驶出租车（Robotaxi）作为重要应用场景，对 IMU 需求同样关 键，华依科技积极关注并布局该领域，通过技术创新与战略合作推动行 业发展，政策环境的优化也为行业提供支持。 无人物流在产品和技术层面已相对成熟，但商业闭环仍受政策限制，随 着政策逐步放宽，无人物流行业有望迅速发展，预计 2025 年出货量将 突破万台，实现显著增长。 Q&A 华依科技在无人驾驶领域的惯性测量单元（IMU）产品布局情况如何？ 华依科技自 2018 年开始布局 IMU 产品，作为姿态测量和惯性导航的核心传感 ...