Group 1 - The smart connected vehicle ETF (159872.SZ) remained stable with a 0.00% increase, while its associated index, CS Vehicle Networking (930725.CSI), rose by 0.15% [1] - Major constituent stocks such as SAIC Motor Corporation increased by 0.63%, Wanma Technology by 5.39%, and Qianfang Technology by 1.36%, indicating positive market sentiment [1] - A meeting held by the trading association on June 16 focused on supporting high-quality development in the automotive sector, with representatives from nine major automakers discussing financing needs and optimization suggestions [1] Group 2 - The trading association emphasized the need for innovation in the bond market to support automakers' transitions towards intelligent and green technologies [1] - Research from Shenwan Hongyuan highlighted the VLA model's significant improvement in autonomous driving performance, achieving an average no-takeover mileage of 50-100 kilometers, compared to traditional solutions [2] - The VLA model's deployment requires substantial computing power, as seen in Li Auto's use of a 4 billion parameter scale on the OrinX chip, underscoring the importance of computing hardware in the smart connected vehicle industry [2] Group 3 - Citic Securities noted Haige Communication's involvement in smart transportation, emphasizing its "Beidou + 5G + C-V2X" communication network, which is part of a national vehicle networking pilot project [2] - The technology developed by Haige Communication is expected to directly support high-level autonomous driving scenarios, reflecting the trend of collaborative development between vehicle networking infrastructure and intelligent driving [2]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company's profitability is strong, supported by high-end product offerings, despite a significant decline in total sales volume and revenue in Q1 2025 [4][6] - The company is expected to benefit from the growing market for high-end autonomous vehicles, with a projected increase in sales in the premium segment [6] - The company is focusing on expanding its robotics business, which is seen as a key growth area for the year [6] Financial Performance Summary - In Q1 2025, the company achieved total sales of 68,000 vehicles, a year-on-year decrease of 40.1%, with total revenue of 19.15 billion yuan, down 27.9% year-on-year [4][5] - The net profit attributable to the parent company was 750 million yuan, a significant increase of 240.6% year-on-year [4][5] - The gross margin improved to 27.6% in Q1 2025, up 6.1 percentage points year-on-year, despite a decline in sales volume [6] Revenue and Profit Forecast - Revenue projections for 2025 have been adjusted down from 184.3 billion yuan to 168.6 billion yuan, with net profit forecasts also reduced from 9.3 billion yuan to 8.7 billion yuan [6] - The company is expected to maintain a strong return on equity (ROE) of 44.1% in 2025, despite the competitive pressures in the automotive industry [5][6]

Investment Rating - The report downgrades the investment rating to "Accumulate" due to increased competition impacting profitability [4]. Core Views - The company, Xinhongye (301310.SZ), is a leader in specialty cables, with advanced technologies in robotics, nuclear fusion, and liquid-cooled ultra-fast charging cables [1]. - In 2024, the company achieved a revenue of 2.648 billion yuan, a year-on-year increase of 32.33%, but the net profit attributable to shareholders decreased by 29.61% to 116 million yuan [1]. - The first quarter of 2025 saw a revenue of 755 million yuan, a year-on-year increase of 55.35%, driven primarily by growth in automotive and energy storage businesses [1]. Revenue and Profitability - The revenue from new energy vehicle cables in 2024 was 1.486 billion yuan, up 37.71%, with a gross margin of 13.33%, down 2.38 percentage points from the previous year [2]. - The company’s photovoltaic cable revenue reached 731 million yuan, a 16.88% increase, with a gross margin of 4.4%, down 3.01 percentage points [2]. - Industrial cable revenue grew by 52.88% to 314 million yuan, with a gross margin of 10.39%, down 5.94 percentage points [2]. Technological Advancements - The company is involved in the ITER project, contributing to the development of cables for nuclear fusion equipment, which is expected to enhance performance and contribute to revenue growth [2]. - Xinhongye has developed ultra-flexible cables for humanoid robots, significantly surpassing the dynamic bending life limits of standard industrial robot cables [3]. - The company is focusing on high-end autonomous driving models and megawatt-level ultra-fast charging, becoming a core supplier for companies like BYD and Li Auto [3]. Financial Forecasts - The report predicts a decline in profitability due to intensified competition, with net profit forecasts for 2025, 2026, and 2027 set at 162 million, 221 million, and 289 million yuan respectively [4]. - The projected revenue growth rates for the next few years are 23.09% for 2025, 21.34% for 2026, and 18.25% for 2027 [5]. - The company's price-to-earnings (P/E) ratios for 2025, 2026, and 2027 are estimated at 29, 21, and 16 respectively [5].

在新能源汽车渗透率突破40%的关键产业拐点，由半导体行业观察联合慕尼黑上海电子展共 同主办的「2025新能源与智能汽车技术论坛」于4月16日在上海新国际博览中心N5馆M50会 议室隆重举行。 辉羲智能产品总监 胡艳青 南芯科技汽车电子事业部市场总监黄陆建演讲主题为 《从电源管理到驱动芯片：智能汽车电子电 气架构的全链路赋能》 。他指出，智能汽车芯片需求已从每车1600颗攀升至3000颗以上，其中 电 源与驱动芯片作为核心支撑，分别负责系统稳定供电与精准控制执行，是保障智能驾驶安全与性能 的关键。 南芯科技围绕ADAS、电机控制、摄像头模组等场景，推出覆盖1A至16A输出的高能 效、低EMI电源方案，以及涵盖高边开关、eFuse、半桥驱动器在内的完整车规级驱动产品组合， 满足智能汽车对高功率密度、功能安全与系统响应速度的严苛要求。 本次论坛围绕电动化与智能化两大核心领域，聚焦电动化平台架构、车规级芯片国产替代、 智能驾驶系统集成三大热点技术主线，特邀 黑芝麻智能、辉羲智能、士兰微、纳芯微、南芯 科技、华研慧声、华大半导体、华太电子、概伦电子、荣湃半导体、宇都通讯 等十余家产业 领军企业（排名不分先后），深度探讨 ...

| 投资要点 | | --- | 公司公告： 公司披露2024年年报，2024Q4实现营收487.7亿元，同环比分别+13.2%/+42.5%，归母净利润 37.4 亿 元 ， 同 环 比 分 别 +158.9%/+400.1% ， 扣 非 后 归 母 净 利 润 9.1 亿 元 ， 同 环 比 分 别 +435.2%/+77.0%。2024Q4业绩符合我们预期。 Q4业绩符合预期，自主经营向好： 1）营收层面： 并表销量/ASP环比均提升。销量维度，公司24Q4实现并表销量51.2万台，同环 比+14.2%/+37.7%；折算Q4并表单车均价9.5万元，同环比分别-0.9%/+3.5%。 2）毛利率层面： 公司Q4毛利率为16.2%，同环比分别-3.3/+0.5pct，环比改善主因包括①深蓝科技Q4销量14.6万 台，环比+86.9%，毛利率改善；②持续降本影响，Q4为确认降本最多季度。 3）费用率层面： 公 司 Q4 销 管 研 费 用 率 分 别 5.8%/1.8%/4.2% ， 同 比 分 别 +0.5/+0.8/+0.9pct ， 环 比 分 别 +1.0/-1.4/-0.3pct。 4）投资收益层 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company's performance in 2024 met expectations, with three major plans progressing simultaneously: the "Shangri-La" plan for new energy, the "Beidou Tianshu" plan for intelligence, and the "Haina Baichuan" plan for globalization [7] - The company reported a total revenue of 151.3 billion yuan in 2023, with a projected increase to 159.7 billion yuan in 2024, representing a year-on-year growth of 5.58% [1][8] - The net profit attributable to shareholders is expected to decline from 11.3 billion yuan in 2023 to 7.3 billion yuan in 2024, reflecting a decrease of 35.37% [1][8] - The company achieved a fourth-quarter revenue of 48.77 billion yuan in 2024, with a year-on-year increase of 158.9% [7] - The company plans to accelerate its overseas product layout in 2025, with the introduction of the Deep Blue S05 and other global products [7] Financial Summary - Total revenue is projected to grow from 159.7 billion yuan in 2024 to 223.0 billion yuan in 2027, with a compound annual growth rate (CAGR) of approximately 7.04% [1][8] - The net profit attributable to shareholders is forecasted to increase to 13.8 billion yuan by 2027, with a CAGR of 26.34% from 2024 [1][8] - The earnings per share (EPS) is expected to rise from 0.74 yuan in 2024 to 1.39 yuan in 2027 [1][8] - The company's price-to-earnings (P/E) ratio is projected to decrease from 16.52 in 2024 to 8.79 in 2027, indicating improved valuation over time [1][8]

上 市 公 司 2025 年 04 月 06 日 赛力斯 (601127) ——全年业绩符合预期，布局机器人寻求二次增长曲线 报告原因：有业绩公布需要点评 买入（维持） | 市场数据： | 2025 年 04 月 03 日 | | --- | --- | | 收盘价（元） | 124.60 | | 一年内最高/最低（元） | 149.89/70.24 | | 市净率 | 16.6 | | 股息率%（分红/股价） | 0.27 | | 流通 A 股市值（百万元） | 188,119 | | 上证指数/深证成指 | 3,342.01/10,365.73 | | 注："股息率"以最近一年已公布分红计算 | | | 基础数据: | 2024 年 12 月 31 日 | | | --- | --- | --- | | 每股净资产（元） | | 8.12 | | 资产负债率% | | 87.38 | | 总股本/流通 A 股（百万） | 1,633/1,510 | | | 流通 B 股/H 股（百万） | | -/- | 一年内股价与大盘对比走势： 邵翼 (8621)23297818× shaoyi@swsresearc ...

Core Viewpoint - In 2024, Horizon Robotics-W (09660) is projected to achieve total revenue of 2.38 billion yuan, representing a year-on-year growth of 53.6%, with a net profit of 2.35 billion yuan, and a narrowed adjusted operating loss of 1.495 billion yuan compared to 1.687 billion yuan in 2023 [1][2] Revenue and Profit Analysis - The company is expected to generate total revenue of 2.38 billion yuan in 2024, marking a 53.6% increase year-on-year [2] - The net profit for 2024 is projected at 2.35 billion yuan, a significant recovery from a net loss of 6.739 billion yuan in 2023, primarily due to a fair value change gain of 4.677 billion yuan from preferred shares and other financial liabilities [2] - Adjusted operating loss is forecasted at 1.495 billion yuan, an improvement from 1.687 billion yuan in 2023 [1][3] Business Segment Performance - Revenue from automotive solutions is expected to reach 2.312 billion yuan in 2024, reflecting a year-on-year increase of 57.2% [2] - Revenue from automotive product solutions is projected at 664 million yuan, up 31.2% year-on-year, driven by increased delivery volumes [2] - Revenue from licensing and service business is anticipated to be 1.658 billion yuan, a 70.9% increase, attributed to high demand for algorithms, software development tools, and technical services [2] Cost Efficiency and Profitability - The company's gross margin is expected to be 77.25% in 2024, an increase of 6.7 percentage points year-on-year, driven by a higher proportion of high-margin licensing and service revenue [3] - Gross margins for different business segments are projected as follows: automotive product solutions at 46%, licensing and service at 92%, and non-automotive solutions at 23%, with respective year-on-year increases of 2, 3, and 10 percentage points [3] - The company's operating expenses ratio is forecasted to be 176.36%, a decrease of 25.81 percentage points year-on-year [3] Delivery and Model Designation - The delivery volume for automotive product solutions is expected to reach approximately 2.9 million units in 2024, with a cumulative delivery volume of around 7.7 million units [4] - The company has secured over 100 model designations in 2024, increasing the total number of model designations to over 310 by December 31, 2024 [4] Product Development and Market Expansion - The company will launch the Journey 6 series processing hardware in 2024, aimed at enhancing advanced driver assistance and high-level autonomous driving solutions, with production starting in February 2025 [5] - The Journey 6 series has already been adopted for mass production by BYD's Tian Shen Eye C and will be implemented across more than 20 automotive manufacturers and brands [5] - From 2025 onwards, over 100 models equipped with the Journey 6 series are expected to be launched, covering a wide range of market segments from domestic to international brands, and from economy to luxury vehicles [5]

Core Viewpoint - The company is expected to achieve a total revenue of $4.28 billion in 2024, reflecting a year-on-year increase of 1.6%, with significant growth in EBITDA and net profit, indicating a positive financial outlook for the year [3]. Group 1: Financial Performance - Total revenue for 2024 is projected to be $4.28 billion, up 1.6% year-on-year, aligning with previous forecasts [3]. - Gross margin is expected to increase by 1.7 percentage points to 10.5%, while EBITDA is anticipated to rise by 22.5% to $420 million [3]. - Net profit is forecasted to grow by 68.0% to $62 million, with a significant increase in net profit in the second half of 2024, projected to be $46 million, reflecting a year-on-year increase of 1577.3% [3]. Group 2: Regional Performance - The Asia-Pacific region is expected to see a revenue increase of 10.1% to $1.34 billion, contributing to 31% of total revenue, while North America’s revenue share is projected to decrease by 3 percentage points to 51% [4]. - EBITDA margin in the Asia-Pacific region is expected to rise by 0.6 percentage points to 17.2%, while North America’s EBITDA margin is projected to increase by 2.3 percentage points to 8.1% [4]. - The company anticipates that the EBITDA margin will increase by 1.7 percentage points to 9.9% in 2024, driven by growth in the Asia-Pacific region and recovery in North America [4]. Group 3: Order Growth and Product Development - The company secured new orders totaling $6 billion in 2024, with significant breakthroughs in steer-by-wire, DP-EPS, and rear-wheel steering businesses [5]. - Notable new orders include projects from leading North American electric vehicle manufacturers and major Chinese automakers, indicating a broadening customer base [5]. - The company is expected to leverage its technological advantages and modular capabilities to expand into new business areas, particularly in advanced driver-assistance systems [5].

Investment Rating - The investment rating for the company is "Buy" (maintained) [1][4] Core Views - The company is expanding its product matrix with two new electric SUVs, the Li Auto i8 and i6, set to launch in July 2025 and the second half of 2025, respectively [3] - The company aims to enhance its high-level autonomous driving capabilities alongside the new vehicle launches [3] - The company plans to increase its supercharging station network to 4,000 by the end of 2025, with a target of 2,500 stations available at the launch of the Li Auto i8 [3] Financial Forecasts - The company’s total revenue for 2023 is projected at 123.85 billion yuan, with a year-on-year growth of 173.48% [1] - Revenue forecasts for 2024, 2025, 2026, and 2027 are 144.46 billion yuan, 172.86 billion yuan, 236.56 billion yuan, and 275.05 billion yuan, respectively, with year-on-year growth rates of 16.64%, 19.66%, 36.85%, and 16.27% [1][4] - The net profit attributable to the parent company for 2023 is expected to be 11.70 billion yuan, with a significant year-on-year increase of 681.65% [1] - The net profit forecasts for 2024, 2025, 2026, and 2027 are 8.03 billion yuan, 9.38 billion yuan, 14.48 billion yuan, and 17.51 billion yuan, respectively, with year-on-year growth rates of -31.37%, 16.79%, 54.41%, and 20.86% [1][4] - The earnings per share (EPS) for 2023 is projected at 5.52 yuan, with forecasts for 2024, 2025, 2026, and 2027 at 3.79 yuan, 4.42 yuan, 6.83 yuan, and 8.25 yuan, respectively [1][4] - The price-to-earnings (P/E) ratios for 2024, 2025, 2026, and 2027 are expected to be 27.85, 23.85, 15.44, and 12.78, respectively [1][4]