以下文章来源于IN咖 ，作者聪明投资者 IN咖 . 多视角关注优秀投资人和企业家 以上是 浑瑾资本李岳 在 4月14日的一场线上路演中分享的最新观点。 在 AI大趋势如火如荼的当下，李岳从消费中看到了更多的机会。 "投资这件事的终极意义在于战胜货币供应量，全球货币供应量是以每年8%～10%的速度在增长，只有全球最稀缺的优质资产才能穿越周期。" "打个比方，美国人是用龙虾、鲍鱼才能做出了米其林，中国人用小米粥就熬出了米其林。所以，出现了 科技平权。 " " 以往消费刚需聚焦于衣食住行，未来则涌现出三大新刚需： IP消费、悦己消费以及国产平替。" 成立浑瑾之前， 2009年至2011年 李岳 曾在华夏基金担任消费行业分析师和国际业务部研究副主管 ， 2011年加入高瓴，于2020年 离任，离开 时是高 瓴二级市场大消费组合的负责人，主导超过百亿美元基金的大消费板块投资工作。 在过往十几年的投资生涯中， 李岳 专注于大消费领域，以及制造业等投研工作。 在本次交流会中，通过李岳对于大量公司案例的分析，不难看出他对这些领域的生意非常了解。 尤其是对于新消费中 IP消费的理解，李岳并非简单探讨了趋势，而是从本质出发，理解 ...

摘要 ► 新一 轮 产品周期强势开启，销量有望大幅回升 小鹏汽车于2024Q3推出A+级智能纯电掀背轿跑MONA M03，具备15万元级市场越级智能座舱与智驾能力，配备同级别前列续航体验与动感外观设计，销量可持 续性增强 ，帮助公司率先下探至10-15万元主流市场，拉动整体销量；小鹏P7+于2024Q4推出，作为首款搭载低成本纯视觉智驾方案新车，有望在成本优化与技 术创新上领先竞品；2025年，公司预计推出多款新车型，进一步丰富产品矩阵，推动经营基本面改善。看好公司在新产品周期的驱动下，扩充产品矩阵，迎来销量 大幅回升。我们预计公司2025年销量有望达到45万辆以上，较2024年的19.1万辆，同比大幅提升，进入高速增长区间。我们预计，汽车毛利率有望由不足10%逐 步上移至10-15%，公司或将于在2025Q4实现季度净利润转正。 ► 降本增效兑现，成本控制优化 公司持续推进渠道改革，进行直营加盟销售体系整合、三大车型平台负责人更换、供应链反腐开展、"木星计划"方案提出等一系列内部体系调整，重新聚焦智能化 标签，从根源上提升产品迭代输出能力，增强渠道下沉能力，强化成本控制优化。同时，公司持续深化与大众集团合作 ...

2024年，当大多数主流车企都既不增收又不增利时，赛力斯集团正在闷声发大财。 赛力斯集团4月发布的业绩公告显示，2024年，公司以营收1451.76亿元、净利润59.46亿元的业绩实现历史性突破，同比增速分别达305%和 128%，扭转2023年净亏损24.5亿元，2020-2023年累计亏损98.35亿元的颓势。 同时，赛力斯公告计划通过发行境外上市外资股，在香港主板市场挂牌上市。此次赴港IPO募集资金将用于技术研发、海外扩张及产能升级等。 去年赛力斯仅用一年时间便实现42.69万辆的销量突破，超越此前四年总和，其飞跃式增长的核心驱动力来自新能源汽车业务以及华为的赋能， 问界M9以50万元以上售价实现9个月蝉联销冠，打破德系豪华品牌在这一价格段的垄断格局；问界新M7在30万元级市场全年交付20万辆，验证 了"科技平权"策略的市场穿透力。这也帮助赛力斯的毛利率提升至26.21%，超越特斯拉的21.6%与比亚迪的23.2%。 然而，因70.53亿元的高研发投入与同比激增264%的销售费用，其净利率仅为3.27%。 尽管去年业绩亮眼，但今年开年以来，赛力斯销量出现下滑，一季度销量累计同比下滑42%。 眼下，鸿蒙智 ...

Core Viewpoint - SUTENG JUCHUANG (2498.HK) reported a net loss of 396 million yuan for 2024, although the loss has narrowed compared to the previous year. The company emphasizes high growth in its business and innovation initiatives [1][7]. Financial Performance - In 2024, SUTENG JUCHUANG sold approximately 544,200 units of LiDAR, achieving the highest market share with a year-on-year growth of about 109.6%. The total revenue for the year was approximately 1.65 billion yuan, representing a year-on-year increase of 47.2% [1][9]. - The gross profit for the year was 280 million yuan, with an overall gross margin increasing to 17.2%, up 8.8 percentage points from 2023. The adjusted net loss of 396 million yuan decreased by approximately 8.9% compared to the previous year [7][9]. Research and Development - SUTENG JUCHUANG's total R&D investment for 2024 was approximately 620 million yuan, with about 250 million yuan allocated to innovation projects, accounting for 41.0% of total R&D expenses. The innovation focus is on robotics and AI technologies [3][19]. - The company aims to achieve quarterly breakeven in the LiDAR segment by the second half of 2024, with a target for overall profitability by 2026 [5][8]. Market Strategy - The company is pursuing a dual strategy of technological equity and upward technology advancement. It has introduced a LiDAR product priced below $200, aimed at making advanced driving assistance systems (ADAS) accessible for vehicles priced under 150,000 yuan [11][12]. - SUTENG JUCHUANG has established partnerships with over 10 humanoid robot companies globally and is focusing on developing components like Active Camera and dexterous hands for robotics [19][21]. Competitive Landscape - The LiDAR market is becoming increasingly competitive, but SUTENG JUCHUANG is positioned as a leader with a comprehensive product matrix and rapid product development cycles, reducing the development time for new products to three months [10][18]. - The average selling price of ADAS products decreased from 3,200 yuan in 2023 to 2,600 yuan in 2024, while the price for LiDAR used in robotics dropped from 11,200 yuan to 8,100 yuan [16][17]. International Expansion - The company has secured partnerships with eight overseas and joint venture brands, with plans to increase its international market revenue share. Notably, it has gained contracts with all top three Japanese automakers [18][19].

民营车企三强之一的长城汽车（601633）（601633.SH、02333.HK）年报出炉。 日前，长城汽车发布2024年年报，报告期，公司营业收入突破了2000亿元大关，达2021.95亿元，同比 增长16.73%；实现归母净利润126.92亿元，同比增长80.73%，归母净利润的增幅高于营业收入的增幅。 长江商报记者注意到，盈利能力的大幅提升，背后是毛利率的提升。2024年，长城汽车的毛利率为 19.51%，创八年新高。 同时，长城汽车的出口表现亮眼，海外销售45.41万辆，同比增44.61%。 3月28日晚间，长城汽车披露了其史上最好的财报。 长城汽车的2024年年报显示，报告期，公司营业收入首次突破2000亿元大关，达2021.95亿元，同比增 长16.73%。归母净利润为126.92亿元，同比增长80.73%，净利润的增幅高于营业收入的增幅。 长江商报记者注意到，长城汽车的归母净利润和营收一同创下公司在A股上市后的历史新高。 2024年，长城汽车国内产品结构进一步优化，售价较高的坦克和魏牌，销量增长超其他品牌产品。数据 显示，坦克品牌销量23.2万辆，同比增长43%，占长城总体销量的18.8%；平均 ...

Core Viewpoint - The rise of DeepSeek signifies China's capability to break foreign technology monopolies in the AI sector, reshaping global perceptions of Chinese tech companies and accelerating capital inflow into Chinese assets, particularly in the tech sector [1] Group 1: Financial Performance - Weimob Group reported an adjusted total revenue of RMB 1.468 billion for the fiscal year 2024, with a one-time price discount of RMB 129 million from 2023 advertising services [1] - The adjusted gross profit for the period was RMB 906 million, and operating cash flow improved significantly from a loss of RMB 596 million in 2023 to a loss of RMB 332 million [1] - As of December 31, 2024, Weimob's cash and bank deposits amounted to approximately RMB 1.779 billion, indicating a healthy financial status [1] Group 2: Business Development - Despite macroeconomic pressures, Weimob's core business remains robust, with subscription solution revenue reaching approximately RMB 919 million, and average revenue per user increasing by 4.2% to RMB 14,598 [2] - The revenue from smart retail grew by 5.2% year-on-year to RMB 618 million, accounting for 67.2% of subscription solution revenue [2] - Weimob's marketing services generated approximately RMB 18.015 billion in gross advertising revenue, a year-on-year increase of 24.5% [2] Group 3: Strategic Initiatives - Weimob has successfully transitioned to a focus on large clients, achieving a 48% market share among China's top fashion retailers and a 50% share in commercial real estate [3] - The launch of the upgraded Smart Purchase solution led to a 70% increase in new client signings in commercial real estate [3] - Weimob is actively integrating AI technologies, having connected with multiple major AI platforms, which is expected to enhance its business operations [8][9] Group 4: Market Opportunities - The introduction of Tencent's "WeChat Store" and its new "Gift Giving" feature is anticipated to significantly increase merchant participation and demand for service providers [4][5] - Weimob has launched five integrated solutions for the WeChat Store, aiming to enhance operational efficiency for various business types [5] - The company is positioned to benefit from the growing number of service providers in the WeChat ecosystem, which has exceeded 3,000 [5] Group 5: AI Integration - Weimob is leveraging AI technology to enhance its service offerings, with the WAI product line showing significant improvements in operational efficiency [9][10] - The WIME product, aimed at small and micro e-commerce operators, has demonstrated substantial user growth and engagement [10] - The integration of DeepSeek's technology is expected to enhance Weimob's AI capabilities, making its products more competitive in the market [10] Group 6: Industry Outlook - The arrival of DeepSeek is likely to lead to a reevaluation of SaaS companies, as it may break the current stagnation in the industry [11] - Weimob's strategic positioning within the Tencent ecosystem and its focus on AI applications are expected to unlock new growth opportunities [11][12] - Despite currently low stock prices, Weimob's ongoing strategies may lead to a potential rebound in valuation as market conditions improve [12]

撰 文 / ABR编辑部 设 计 / 琚 佳 1月车市热度不及往年，狭义乘用车零售179.4万辆，同比-12.1%、环比-31.9%的开门黑，使得汽车 人对2月充满期待。 理由是，春节前后各省份新一轮置换更新政策的落地，节后新能源市场热度回升，会助推车市在节 后加速恢复至正常水平。 中国汽车流通协会乘用车市场信息联席分会结合1月厂商目标完成率情况综合估算，初步推算2月狭 义乘用车零售总市场规模约为125.0万辆左右，同比增长13.6%，环比-30.3%，其中新能源零售预计 可达60万，渗透率回升至48%左右。 从3月1日造车新势力发的捷报来看，2月销量中，蔚小理中最风光的是，连续4个月销量过3万辆、 连续2个月超越理想拿下新势力销冠的小鹏汽车。小鹏在两款相对平价的新车MONA M03和P7+的 加持下——尤其是MONA M03扎准了10万-15万元的市场节奏，月销量均过3万辆，风头正盛。 同时，理想交付26263辆，同比增长29.7%；零跑交付25287辆，同比增长285%；鸿蒙智行交付 21517辆；蔚来公司交付新车13192辆，同比增长62.2%，其中蔚来品牌交付新车9143辆，同比增长 12.4%，乐道 ...