Core Viewpoint - Chery is preparing for its IPO, marking a significant step for Chinese domestic car brands to enter the capital market, especially as it is the only major domestic automaker yet to be listed [3][11]. Financial Performance - In the first nine months of 2024, Chery reported revenues of 182.1 billion yuan and a net profit of 11.3 billion yuan, with a net profit margin slightly above 6% [5][16]. - The average revenue per vehicle sold is 107,000 yuan, with a gross profit of 16,000 yuan and a net profit of approximately 7,000 yuan [6][18]. - Chery's revenue surged from 92.6 billion yuan in 2022 to 163.2 billion yuan in 2023, nearly doubling [15]. Brand Structure - Chery operates five brands: Chery, Jetour, Exeed, iCAR, and Zhijie, with Chery being the main brand contributing 60% of sales [8]. - Fuel vehicles are the primary revenue source, accounting for 75% of total income, while electric vehicles contribute only 25% [9]. Market Position - Chery's overseas market contributes approximately 44% of its sales and revenue, with prices in some regions exceeding domestic prices by over 50% [10][20]. - In 2024, Chery sold 2.604 million vehicles, ranking fifth in total sales among Chinese automakers [14]. Export Strategy - Chery's export strategy has been highly successful, with overseas sales increasing significantly, contributing to 795 billion yuan in revenue in 2023, a 140% year-on-year increase [22]. - The company has established a strong presence in markets like Russia and Brazil, where it has adapted its vehicles to local preferences [27]. New Energy Transition - Chery's new energy vehicle (NEV) sales have been lagging, with only 22% of total sales in 2024 coming from NEVs, despite a significant increase in overall sales [32][33]. - The company is focusing on hybrid vehicles as a key part of its transition strategy, while pure electric models are still in the early stages [35]. R&D Investment - Chery has invested nearly 17 billion yuan in R&D over the past three years, but its R&D expenditure as a percentage of revenue remains lower than competitors like BYD and Geely [37][38]. IPO Motivation - The upcoming IPO is seen as a crucial move for Chery to alleviate its financial pressures and support its expansion in international markets and new energy vehicle development [40][41].

Core Viewpoint - Genesis is committed to long-term investment in the Chinese market despite its current challenges and aims to adapt its strategy to better align with local consumer preferences [1][2][3]. Group 1: Market Performance - Genesis has experienced significant sales growth in North America over the past five years, achieving the highest growth rate among luxury brands last year [3]. - In contrast, Genesis has struggled in the Chinese market since its entry five years ago, with low sales and brand recognition [3][6]. - The Chinese luxury car market is currently undergoing intense competition, presenting both challenges and opportunities for Genesis [7][8]. Group 2: Strategic Plans - Genesis is entering a new phase of operations, referred to as the 2.0 phase, focusing on refined operations to ensure survival and prepare for sustainable growth in the future [10][11]. - The company plans to close some brand promotion centers and open new sales and service locations to improve operational efficiency [11]. - A new "showroom+" model is being implemented to reduce operational costs by significantly decreasing the size of physical locations [12]. Group 3: Marketing and Branding - The marketing strategy is shifting to resonate more with Chinese consumers, incorporating local cultural elements and relatable narratives [14][15]. - Recent marketing efforts have focused on practical applications of technology in vehicles, appealing to younger consumers [15][16]. - Genesis maintains its original brand identity while adapting its messaging to better fit the Chinese market [16]. Group 4: Competitive Landscape - The competitive environment in China is described as "brutal," with ongoing price wars affecting brand perception [18][19]. - Genesis aims to differentiate itself by enhancing consumer experience and offering unique value propositions beyond traditional luxury features [19][20]. - The brand's ability to adapt to local market dynamics and consumer preferences will be crucial for its success in the evolving automotive landscape [20].

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The report highlights that Changan Automobile's wholesale sales in February 2025 reached 161,400 units, showing a year-on-year increase of 5.72% but a month-on-month decrease of 41.45%. Cumulative wholesale sales for January-February 2025 totaled 437,100 units, reflecting a year-on-year growth of 0.94% [2] - The report emphasizes the acceleration of the company's new energy vehicle (NEV) sales, which reached 39,700 units in February, marking a month-on-month increase of 68.4% but a year-on-year decrease of 41.25% [2] - The company plans to launch 13 new energy models in 2025, enhancing its global strategy and product offerings, with a focus on smart driving solutions and international expansion [6][7] Summary by Sections Sales Performance - In February 2025, the company's total wholesale sales, self-owned brands, and self-owned passenger vehicle sales all experienced month-on-month declines but year-on-year growth. The decline was primarily due to adjustments in production schedules post-Spring Festival and temporary market demand contraction [6] - The NEV penetration rate improved compared to January 2025, with significant contributions from new models set to launch in April 2025 [6] Financial Forecasts - The forecast for the company's main revenue is projected to grow from 151.3 billion yuan in 2023 to 203.9 billion yuan in 2026, with a compound annual growth rate (CAGR) of approximately 10.5% [3][7] - The net profit attributable to the parent company is expected to increase from 5.2 billion yuan in 2024 to 9.7 billion yuan in 2026, reflecting a recovery after a projected dip in 2024 [3][7] Strategic Initiatives - The company is enhancing its collaboration with partners like Huawei and CATL, which is expected to bolster its electric and smart transformation efforts [6] - The report outlines the company's plans for international expansion, including the establishment of a factory in Southeast Asia and the introduction of its brands in various global markets [6][7]

Investment Rating - The investment rating for the company is "Buy" and is maintained [6]. Core Views - In February 2025, the company achieved a total sales volume of 77,883 vehicles, representing a year-on-year increase of 9.7% but a month-on-month decrease of 3.8%. Among these, 31,068 vehicles were exported, accounting for 39.9% of total sales. The sales of new energy vehicles reached 15,121 units, with a share of 24.9% in passenger vehicle sales, reflecting a year-on-year increase of 4.7 percentage points [2][9]. - The company is accelerating its global expansion and is committed to transitioning to new energy, with a continuous new vehicle cycle expected to drive improvements in sales and performance. Long-term strategies are anticipated to open up growth opportunities in sales, while the shift towards smart technology is expected to enhance profitability across the entire industry chain [2][9]. Summary by Sections Sales Performance - In February 2025, total sales reached 77,883 units, with domestic sales of 46,815 units (up 15.8% year-on-year) and new energy vehicle sales of 15,121 units (up 23.2% year-on-year). Cumulatively, sales for January and February 2025 totaled 159,000 units, down 9.3% year-on-year [9]. - By brand, Haval sold 43,301 units (down 3.2% year-on-year), Tank sold 11,762 units (up 15.7%), WEY sold 3,643 units (up 37.5%), Ora sold 1,898 units (down 36.9%), and pickup trucks sold 17,263 units (up 65.0%) [9]. - The sales of boxy models reached 29,000 units (up 41.5% year-on-year), and models priced above 200,000 yuan sold 18,000 units (up 33.0%) [9]. Global Expansion and Strategy - The company is implementing its "ONE GWM" strategy to accelerate overseas expansion, covering over 170 countries and regions with more than 1,300 sales channels. The overseas sales volume in February was 31,068 units, up 1.6% year-on-year [9]. - The company is focusing on the new energy transition, emphasizing plug-in hybrid models and accelerating the launch of smart new energy products across multiple brands [9]. Financial Projections - The company is projected to achieve net profits of 12.69 billion yuan, 16.05 billion yuan, and 17.95 billion yuan for the years 2024, 2025, and 2026, respectively. The corresponding A-share price-to-earnings ratios are expected to be 16.8X, 13.3X, and 11.9X [9].

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The report highlights significant events, including Changan Automobile's February 2025 production and sales report, showing a wholesale vehicle sales volume of 161,400 units, with a year-on-year increase of 0.94% for the cumulative sales from January to February 2025 [2][6] - The company plans to launch 13 new energy vehicle models in 2025, enhancing its global strategy and accelerating its electric and intelligent transformation [6][7] - The report anticipates a recovery in net profit for 2024-2026, with projected figures of 5.245 billion, 6.885 billion, and 9.662 billion yuan respectively, corresponding to EPS of 0.69, 0.97, and 1.14 yuan [6][7] Summary by Sections Sales Performance - In February 2025, the company's wholesale sales were 161,400 units, with a month-on-month decrease of 41.45% and a year-on-year increase of 5.72%. Cumulative sales for January-February 2025 reached 437,100 units, up 0.94% year-on-year [2] - The new energy vehicle sales in February were 39,700 units, reflecting a month-on-month increase of 68.4% but a year-on-year decrease of 41.25% [2] Financial Forecasts - The main revenue forecast for 2025 is 186.5 billion yuan, with a year-on-year growth rate of 11% [3] - The projected net profit for 2025 is 6.885 billion yuan, with a year-on-year growth of 31% [3] Strategic Initiatives - The company is set to enhance its product lineup with new energy models and expand its global market presence, targeting 81 countries [6] - Collaborations with Huawei and CATL are expected to deepen, supporting the company's electric and intelligent transformation [6]

Investment Rating - The report maintains a "Recommended" rating for the company [7] Core Views - The company is accelerating its transition to electric vehicles, with a target of 3 million total sales and 1 million in new energy vehicles by 2025 [2][3] - The company is expected to launch new models such as Avita 06 and Deep Blue S09, enhancing its product lineup and supporting its electric transformation [3] - The overseas sales are growing rapidly, with a 63.6% year-on-year increase in February, indicating a clear global expansion strategy [4] Sales Performance - In February, the company's wholesale sales reached 161,000 units, a year-on-year increase of 5.7% but a month-on-month decrease of 41.4% [1] - The wholesale sales of self-owned passenger vehicles in February were 94,000 units, up 12.5% year-on-year but down 51.2% month-on-month [2] - The new energy vehicle sales in February were 39,700 units, with significant contributions from Deep Blue and Avita brands [2][3] Financial Forecast - The revenue projections for 2024, 2025, and 2026 are estimated at 163.0 billion, 188.6 billion, and 212.1 billion yuan respectively, with corresponding net profits of 6.1 billion, 8.2 billion, and 10.8 billion yuan [4][6] - The earnings per share (EPS) are forecasted to be 0.61, 0.83, and 1.09 yuan for the years 2024, 2025, and 2026 respectively [6][4] Global Expansion Strategy - The company plans to establish 8 new operating entities and 16 logistics nodes overseas by 2025, aiming to enhance its global market presence [4] - The Thai factory is expected to start production in Q1 2025, with an initial capacity of 100,000 vehicles, which will increase to 200,000 vehicles in the second phase [4]

01 事件概述 公司发布 2月产销快报：集团2月批发销量为16.1万辆，同比+5.7 % ，环比 -41.4 % 。 自主乘用车 2 月批发销量为 9.4万辆，同比+12.5 % ，环比 -51.2 % ； 长安福特 2月批发销量为 1. 2万辆，同比 - 9.0 % ，环比 - 31.5 % ； 长安马自达 2 月批发销量为 0 .38万辆，同比 - 3.9 % ，环比 - 42.5 % 。 02 分析判断 1月深蓝、阿维塔品牌销量分别 24,575 、 8,826 辆； 2月深蓝、阿维塔品牌销量分别为18 , 738、5182辆。展望2 025 年，深蓝计划推出包括 S09 在内的两款全新车 型，其中深蓝 S09采用六座布局，搭载行业第一梯队水平的华为乾崑智驾 ADS 3.0，同时加速全球化布局，投放更多全球化产品， 2025 全球年销目标为 50万台（国 内4 0 万台，海外 1 0 万台）。阿维塔方面，新车型主要有阿维塔 06 以及阿维塔 12 和阿维塔 07 的改款车型，阿维塔0 6 将配备华为乾崑智驾 ADS 3.0 和鸿蒙 4.0 车 机系统，相比阿维塔1 1/12/07 价格有望进一步下探，助 ...

撰 文 / 洪晗琪 设 计 / 师 超 起亚汽车上一次出圈，是对席卷全行业的"价格战"公开唱反调。 "起亚不打算打价格战"，比起以低价换市场份额，起亚更关心如何在提升工人福利、保证产业链健 康的情况下涨销量。相比简单粗暴的"价格战"，起亚更想打一场由技术创新与产品升级驱动的"价 值战"。 这年3月，起亚中国发布新能源战略，计划在2023年-2027年期间，在中国市场推出6款电动车： EV6 GT、EV5、EV9、入门级SUV、基于新一代电动车专用平台开发的高端电动车、中型SUV。同 年，EV6 GT、EV5分别以进口、国产的方式快速导入国内市场。 市场的确朝着这个方向变化。根据乘联会数据，2024年1-10月，新能源乘用车L2级及以上的辅助驾 驶功能装车率达67.1%。过去一年，支持城区/高速自动驾驶辅助功能的车型，在20万元级市场广泛 中国之行坚定了起亚高层此前的判断：中国汽车市场的消费偏好已经与欧美地区截然不同。前者更 注重智能化、车联网及娱乐系统，后者则倾向于驾驶性能和品质 ——这更符合燃油车的产品开发 逻辑。 当竞争对手们为"流量"各显身手时，起亚更是表现佛系，发布会不对标"别人家的孩子"、不造概 念 ...

德方纳米与ICL分别持有该厂20%和80%的股份，合作双方也分别对此项目发表相关言论。 经历业绩大起大落的德方纳米迎来开门红。 起点锂电获悉， 德方纳米与特种矿物公司ICL集团达成协议，将在西班牙加泰罗尼亚萨伦特镇 合资建设锂电池材料工厂 ，该厂投资为2.85亿欧元，占地约25英亩，与当地规划的电池厂距离 较近，是西班牙该地区第一家生产磷酸铁锂材料的工厂。 德方纳米任望保表示磷酸铁锂是锂电池的关键材料，对新能源汽车产业链完善至关重要，合资 是双方优势的有利整合；ICL菲尔 布朗（Phil Brown）则认为磷酸铁锂是能源转型的关键解决 方案将共同开发一个重要的新增长市场。 ICL Group Ltd.主营特种矿物，主要有溴、钾肥和磷酸盐等产品，主打食品、农业、工业市场 相关矿物解决方案。近年来该公司对新能源领域有浓郁兴趣，除本次项目外，还在美国密苏里 州建立大型的磷酸铁锂制造厂。 德方纳米同样出海意愿强烈，海外布局方面此前公司表示称对海外情况进行充分考察与分析， 将选择合适的时间推进出海计划，本次合作是公司出海过程中具有里程碑意义的事件，标志公 司向外迈出了关键一步。 01 抗住市场压力，稳步前行 德方纳米一 ...

编 译 / 张霖郁 设 计 / 赵昊然 丰田和大众集团，2024年全球业绩呈现一喜一悲。 据外媒报道，2024年丰田全球销量超过1100万辆，同比增长6.7%。 丰田在美国表现出色，2024年销量为233.26万辆，同比增长3.7%，其中接近一半是混动车型。这一 数据和丰田在中国的表现相比，过于悬殊。 2024年，丰田在中国市场共销售177.6万辆，同比下滑6.9%。其中广汽丰田2024全年终端销量为 77.01万辆，同比下滑14.5%；一汽丰田为80万辆，基本与前一年持平。 丰田2024年在中国的总销量占其全球销量的16%，这几年这一比例基本保持在20%左右。中国市场 向来不是丰田的第一大市场。 不管怎样，丰田守住了2024年汽车行业老大的地位。 大众集团是全球车企老二，2024年共实现总销量902.7万辆，同比下降2.3%。中国市场贡献了292.8 万辆，和前一年323.6万辆相比，下滑9%。 其中，一汽-大众完成165.91万辆，同比下降13%；上汽大众销量超过120万辆，基本和2023年持 平。 大众在中国市场的下滑主要受一汽-大众业绩的影响，另外，大众安徽ID.UNXY的量尚未起来。从 全球来看，大 ...