4月15日，德州仪器（TI）联合海康汽车与斑马智行，共同举办产品发布会，正式推出基于TDA4VH芯片的行业首款单芯片舱行泊一体解决方 案。此次合作以"智驾平权"为核心，通过深度的软硬件协同，为汽车智能化发展提供了高性价比的融合方案，标志着舱驾一体技术从概念迈向量产 落地的关键突破。 沈源强调，三方合作并非简单的硬件叠加，而是通过海康汽车的传感器融合算法、斑马智行的软件优化及TI的芯片性能调优，实现"1+1+1>3"的协同效 应。自海康汽车成立及斑马智行2014年起，三方在摄像头、域控制器、座舱系统等领域持续深耕，此次发布是技术积淀的集中爆发，更是面向高阶智驾的新 起点。通过三方合作，降低了车企的集成难度，推动行业快速量产。 作为智能驾驶传感器供应商，海康汽车乘用车事业部总经理高海斌介绍了公司在智能驾驶与座舱感知领域的全栈能力。凭借视觉传感器、毫米波雷达与 AI算法的融合，海康汽车已构建起从传感器到智能驾驶系统的完整产品矩阵，并率先推动舱泊/舱行泊一体化方案的量产。 高海斌则指出，产品主打用户高频使用场景，如高速自主变道、跟车等，解决90%以上的日常驾驶需求。该方案以性价比为核心，让L2 +技术惠及更多 车型。 ...

Investment Rating - The report maintains a "Recommended" rating for the company, with a target price of 370.83 CNY per share [5]. Core Views - The company achieved a revenue of 170.36 billion CNY in Q1 2025, representing a year-on-year increase of 36.3% but a quarter-on-quarter decrease of 38.0%. The net profit attributable to shareholders was 9.15 billion CNY, up 100.3% year-on-year but down 39.1% quarter-on-quarter [1]. - The company is expected to benefit from increased export sales and improved economies of scale, with projected revenues for 2025-2027 at 1,014.12 billion CNY, 1,237.23 billion CNY, and 1,477.25 billion CNY respectively [3][4]. Revenue and Profitability - In Q1 2025, the company sold 1.001 million vehicles, a year-on-year increase of 59.8% but a quarter-on-quarter decrease of 34.3%. The average selling price (ASP) per vehicle was 133,400 CNY, down 7900 CNY year-on-year [1]. - The overall gross margin for Q1 2025 was 20.1%, a decrease of 1.8 percentage points year-on-year, while the automotive and battery gross margin was 23.9%, down 4.2 percentage points year-on-year [2]. International Expansion and Technological Advancements - The company is accelerating its overseas factory construction and aims to enhance its presence in markets such as Brazil, Uzbekistan, Hungary, Turkey, and Indonesia. In Q1 2025, export sales reached 206,000 vehicles, a year-on-year increase of 110.5% [3]. - The company is leveraging its data advantages to promote "intelligent driving equality," which is expected to drive industry-wide collaboration and development [3]. Financial Forecasts - The report forecasts the company's net profit attributable to shareholders for 2025, 2026, and 2027 to be 58.12 billion CNY, 67.09 billion CNY, and 74.17 billion CNY respectively, with corresponding earnings per share (EPS) of 19.12 CNY, 22.08 CNY, and 24.41 CNY [4][8].

Investment Rating - The report maintains a "Recommended" rating for the company, with a target price of 370.83 CNY per share [5]. Core Views - The company achieved a revenue of 170.36 billion CNY in Q1 2025, representing a year-on-year increase of 36.3% but a quarter-on-quarter decrease of 38.0%. The net profit attributable to shareholders was 9.15 billion CNY, up 100.3% year-on-year but down 39.1% quarter-on-quarter [1]. - The company is focusing on expanding its overseas market presence, with plans to establish factories in Brazil, Uzbekistan, Hungary, Turkey, and Indonesia, which is expected to boost profitability [3]. - The report forecasts revenue growth for 2025-2027, estimating revenues of 1,014.12 billion CNY, 1,237.23 billion CNY, and 1,477.25 billion CNY respectively, with net profits of 58.12 billion CNY, 67.09 billion CNY, and 74.17 billion CNY [4]. Revenue and Profitability - In Q1 2025, the company sold 1.001 million vehicles, a year-on-year increase of 59.8%, with an average selling price (ASP) of 133,400 CNY, which is a slight decrease compared to the previous year [1][2]. - The overall gross margin for Q1 2025 was 20.1%, with the automotive and battery gross margin at 23.9%, reflecting a year-on-year decline of 1.8 percentage points [2]. - The report indicates that the increase in net profit is primarily due to the higher proportion of export sales and enhanced economies of scale [2]. Future Outlook - The company is expected to accelerate its intelligent driving initiatives, leveraging its data advantages to promote widespread adoption of smart driving technologies [3]. - The report projects earnings per share (EPS) to be 19.12 CNY, 22.08 CNY, and 24.41 CNY for the years 2025, 2026, and 2027 respectively, with corresponding price-to-earnings (PE) ratios of 19, 17, and 15 [4].

上汽通用五菱产品营销中心五菱市场总监思行在接受新京报贝壳财经记者采访时表示，五菱希望以风格更年轻化、搭载技术配置更务实的产品占领中型车市 场。同时，五菱要在配置功能介绍上做"减法"，满足用户真实需求。 要在配置功能介绍上"减法" 新京报贝壳财经：五菱品牌过去的定位专注性价比，对于品牌向上，有什么计划？ 思行：关于五菱的产品线布局，集团给我们的目标就三个词——向上、向上、向上，所以五菱首次推出了带有高速辅助驾驶等功能的五菱星光。接下来会推 出星光S，一款在同样品牌架构上打造的SUV，后续还有MPV或其他产品。公司的目标是通过架构化造车，降低成本，让用户花更少的钱买到更好的产品。 新京报贝壳财经：五菱星光的目标市场是什么，你们对产品有什么思考？ 思行：这款车将以更年轻化的风格，占领中型车市场。目前来看，中型车市场行业竞争较为激烈，价格一路下压，合资中型车比如帕萨特、凯美瑞，价格都 压到15万元以下。我们将利用车的空间优势，把内饰全面焕新，参与竞争。 团队希望在产品扎实的前提下，于配置功能的介绍上做"减法"。做"加法"可能是行业参与者的本能，现在市场上大家希望把配置加得很多，增加高端感，以 便卖更高的价格。五菱团队 ...

Investment Rating - The report maintains a "Buy" rating for BYD [1] Core Views - The Q1 performance of BYD is impressive, with revenue reaching 170.4 billion yuan, a year-on-year increase of 36% [7] - The company expects a sales growth of 25-30% for the year, with a target of 5.5 million vehicles sold [7] - BYD's net profit for Q1 is reported at 9.2 billion yuan, showing a year-on-year increase of 100% [7] - The report anticipates a target price of 507 yuan for 2025, corresponding to a PE ratio of 28x [7] Financial Forecasts - Total revenue projections for BYD are as follows: - 2023: 602.3 billion yuan - 2024: 777.1 billion yuan - 2025: 983.3 billion yuan - 2026: 1,157.1 billion yuan - 2027: 1,316.1 billion yuan - Net profit forecasts are: - 2023: 30.0 billion yuan - 2024: 40.3 billion yuan - 2025: 55.0 billion yuan - 2026: 68.3 billion yuan - 2027: 82.1 billion yuan - The report indicates an EPS of 9.88 yuan for 2023, increasing to 27.02 yuan by 2027 [1][8] Sales and Market Share - BYD's Q1 sales reached 1 million vehicles, with a domestic market share of 35% [7] - The export volume for Q1 was 210,000 vehicles, a year-on-year increase of 110% [7] - The report highlights that high-end vehicle sales reached 53,000 units in Q1, a year-on-year increase of 37% [7] Cost and Profitability - The average selling price per vehicle in Q1 was 151,000 yuan, with a gross profit of 32,000 yuan per vehicle [7] - The report projects that single vehicle profit will maintain above 9,000 yuan despite an expected increase in costs due to the introduction of smart driving models [7] Capital Expenditure and Inventory - BYD's capital expenditure in Q1 was 37 billion yuan, a year-on-year increase of 42% [7] - The inventory at the end of Q1 was reported at 154.4 billion yuan, reflecting a 33% increase from the beginning of the year [7]

比亚迪股份于北京时间 4 月 25 日晚，港股盘后发布了 2025 年第一季度业绩。要点如下： 1. 再次交出惊艳的汽车毛利率答卷，比亚迪强降本能力毋庸置疑： 在一季度卖车周期底部，比亚迪仍然实现了非常不错的卖车毛利率水平（一季度汽车毛利率 24%，超市场预期 22.3%）。 而从历史可比性的毛销差角度来看（会计调整将质保金从销售费用端拉到销售成本端，天然拉低毛利率），一季度毛销差达到了 16.4%，竟然做到了去年一季度大 超市场预期的毛利率水平，背后仍然体现的是强供应链溢价能力 + 高垂直整合能力 + 出海高毛利三重优势的释放。 2. 卖车收入端不及预期，但在清库存周期中海豚君认为问题不大： 一季度卖车收入端看似不及预期，但海豚君认为市场对比亚迪卖车收入单价预期过高，虽然一 季度由于出海放量，出海销量占比达到新高，对单价端有正向的拉动作用（可能也是市场预期本季度单价还在环比上行的核心原因），但其实海豚君了解到，比 亚迪一季度仍然在以清老款车库存为主，且降价幅度很大，而智驾版车型的实际上市时间较晚，所以这样的卖车单价是在海豚君意料之内的。 3. 单车净利端表现不错，略超预期中枢： 对于投资者同样关注的单车净利 ...

2025年，被称为"全民智驾元年"。 这意味着，从今年开始智驾渗透开始进入加速期。与此同时，一场残酷的智驾淘汰赛也在悄然开启，智 驾能力成为车企能否"上牌桌"的关键。 在这场关于关乎技术、生态与商业化的竞争里，已经有一些公司开始崭露头角，四维图新就是其中一 家。 4月25日晚间，四维图新发布2024年年报。财报显示，公司全年营业收入35.18亿元，较2023年的31.22亿 元同比增长12.68%。考虑到去年的宏观环境，两位数的增长殊为不易。 在营收加速增长的同时，公司的经营性亏损也明显收窄。2024年，公司扣非净利润亏损较2023年收窄了 21.69%。 比财务数据更令人欣喜的是，公司在云、芯、舱、驾等业务的全面爆发。 其中，智云板块大幅增长28.96%；智芯业务实现营业收入5.66亿元，同比增长10.92%。在智驾方面， 2024年初至2025年一季度，四维图新成功斩获基础行车产品300万套及舱泊产品60万套的新增定点。 这些真金白银的数据，不仅标志着四维图新智驾业务真正实现了量产落地，也意味着其正式拿到了智驾 终局的船票。 / 01 /业务全面突破，智云业务大涨28.96% 业绩转好背后，是公司业务全面 ...

点击招商研究小程序查看PDF报告原文 事件： 公司发布 2024 年及 25Q1 业绩， 24 全年营收 46.6 亿元，同比 +49.0% ，归母净利润 6.2 亿元，同比 +74.7% 。 25Q1 公司营收 11.96 亿元，同比 +15.0%/ 环比 -9.9% ；归母净利润 1.23 亿元，同比 -23.8%/ 环比 -24.7% 。我们点评如下： 24 全年收入及净利润同比高增，汽车、软板等业务贡献业绩增量。 24 全年营收 46.6 亿元，同比 +49.0% ，归母净利润 6.2 亿元，同比 +74.7% ，扣非归母净利润 6.1 亿元，同比 +75.6% ；毛利率 33.64% ，同比 +1.26pct 。分业务看， 24 全年公司汽车连接器 / 射频连接器及线缆组件 / 电磁兼容 件 / 软板 / 其他主营业务营收分别为 14.6/10.4/9.1/5.4/7.1 亿元，同比 +77.4%/30.1%/14.8%/73.1%/ 77.4% ；毛利率 39.4%/43.2%/30.8%/12.6%/27.6% ，同比 -0.7/+0.8/+1.7/+6.5/ +3.9pct 。其中 1 ） 汽 ...

重要提示：本材料不构成任何形式的要约、承诺或其他法律文件，亦非任何投资、法律或财务等方面的专业建议。过往业绩不预示 未来表现。投资须谨慎。 随着4月底临近，上市公司正迎来一季报的密集披露期。通常来讲，一季报作为上市公司每年首份公开 披露的业绩报告，对全年经营具有较强的前瞻性指引作用，因其不仅能够有效反映当下行业和公司的经 营状况，而且也能体现对未来经营的预期。我们以A股和港股总市值超过200亿元的所有上市企业，以 及其它具有行业代表性的公司为样本，梳理卖方分析师的盈利预测后，发现以下三个领域当前展现出了 明显的景气改善迹象： 1 AI产业链代表的科技行业 AI产业链代表的科技行业 数据来源：万得、淡水泉投资，选用数据区间为2024年1月1日至2025年4月18日。 超越经济周期、具有独立成长逻辑的优质公司 在宏观经济仍面临不确定性的大环境下，各行各业开始涌现出越来越多超越经济周期、具备独立成长逻 辑的优质公司。以储能产业链为例，虽然行业仍存在供给过剩的情况，但是部分龙头公司凭借全球化产 能布局在一定程度上规避关税影响，同时依靠先进技术带来的成本优势，海外产能充分受益于海外需求 增长带动的储能订单释放，形成量利 ...

Investment Rating - The report maintains a "Buy" rating for the company, with a market price of RMB 95.60 and a sector rating of "Outperform" [2][4]. Core Insights - The company has shown rapid revenue growth, with Q1 2025 revenue reaching RMB 1.75 billion, a year-over-year increase of 109%. The gross margin improved to 22.8%, up 1.5 percentage points year-over-year. The automotive business is expected to deepen its layout, contributing to future growth [4][9]. - The company is positioned to benefit from new product launches, particularly the LOFIC+200MP, which is anticipated to drive incremental revenue in 2025. The smartphone, automotive, and security sectors are all experiencing robust growth [4][9]. - The company’s earnings per share (EPS) estimates for 2025, 2026, and 2027 are projected at RMB 2.14, RMB 3.32, and RMB 4.16 respectively, with corresponding price-to-earnings (PE) ratios of 44.7, 28.8, and 23.0 [6][9]. Summary by Sections Revenue and Growth - The company’s main revenue for 2024 is projected at RMB 5.968 billion, reflecting a growth rate of 108.9%. By 2025, revenue is expected to reach RMB 8.556 billion, with a growth rate of 43.4% [8][9]. - The smartphone business is expected to generate RMB 3.291 billion in revenue in 2024, a year-over-year increase of 269%, accounting for 55.2% of total revenue [9]. Profitability - The company’s net profit for 2024 is projected at RMB 393 million, a significant increase of 2,662.8% year-over-year. For 2025, the net profit is expected to reach RMB 859 million [8][9]. - The EBITDA for 2025 is estimated at RMB 1.192 billion, with a growth rate of 70.6% [8][9]. Market Position - The company ranks fifth globally in the smartphone CIS market with an 11.2% market share in 2024. In the automotive CIS market, it is ranked fourth globally and second domestically [9]. - The security business is expected to generate RMB 2.150 billion in revenue in 2024, with a year-over-year growth of 29%, maintaining its leading position in the global market [9].