Investment Rating - The report maintains a "Recommended" rating for the automotive industry [1] Core Views - The automotive sector is expected to enter a phase of sales prosperity, event catalysis, and industry trend resonance, with continued optimism for investment opportunities in the automotive sector [8][18] - The 2024 vehicle trade-in policy has boosted passenger vehicle sales beyond expectations, and the continuation of this policy in 2025 is expected to support upward consumer spending on automobiles [8][18] Summary by Sections Recent Developments - The Tengshi N9 SUV was launched on March 21, with a starting price of 389,800 yuan, featuring advanced specifications such as a power output of nearly 1,000 horsepower and a 0-100 km/h acceleration time of 3.9 seconds [5][15] - The second-generation Haval Xiaolong MAX began pre-sales on March 21, with a starting price of 138,800 yuan, showcasing a comprehensive power system and intelligent driving features [6][16] - Elon Musk held a Tesla all-hands meeting on March 20, discussing innovations in production lines and plans for mass production of autonomous vehicles and humanoid robots [7][17] Market Performance - The automotive sector outperformed the Shanghai Composite Index during the week of March 17-21, with the automotive index declining by 0.8% compared to the Shanghai Composite's decline of 1.6% [20] - The report highlights a significant increase in the penetration rate of advanced driving assistance systems, benefiting leading automakers and related component manufacturers [9][19] Investment Opportunities - The report identifies several investment opportunities, including: 1. Domestic automakers entering a new phase of high-end development, with companies like Li Auto, JAC Motors, Geely, BYD, and Great Wall Motors expected to benefit [19] 2. The "affordability" of advanced driving technology is anticipated to significantly increase its market penetration, with recommendations for companies like XPeng Motors, Huayang Group, Desay SV, and Kobot [19] 3. The potential for mass production of robots, with recommendations for leading companies in the industry chain such as Top Group, Sanhua Intelligent Control, and Beite Technology [19] 4. Favorable conditions for high-quality auto parts manufacturers amid a complex export environment, recommending companies like Fuyao Glass, Xingyu Co., and Yinlun [19] 5. Recovery in the commercial vehicle sector, particularly for heavy trucks, with recommendations for leading companies like China National Heavy Duty Truck Group and Yutong Bus [19]

Investment Rating - The investment rating for BYD is "Recommended (Maintain)" [1][12][16] Core Views - BYD achieved a significant revenue increase in 2024, with total revenue reaching 777.1 billion yuan, a year-on-year growth of 29.02%, and a net profit of 40.25 billion yuan, up 34.00% year-on-year [5][11] - The company maintains a high level of R&D investment, with R&D expenses reaching 54.2 billion yuan in 2024, reflecting a year-on-year increase of 35.7% [11][12] - New technology platforms launched in 2025, such as the "Tianshen Eye" intelligent driving system and the "Super e" platform, are expected to support sales growth [12][11] Financial Summary - In 2024, BYD's total sales volume reached 4.272 million units, a year-on-year increase of 41.3%, with overseas sales of passenger cars growing by 71.9% [11] - The company's revenue projections for 2025 to 2027 are 959.58 billion yuan, 1,126.16 billion yuan, and 1,266.28 billion yuan, respectively, with corresponding net profit estimates of 51.09 billion yuan, 64.06 billion yuan, and 73.87 billion yuan [7][15] - The gross margin for 2024 was reported at 19.4%, with a net margin of 5.2% [7][15] Sales and Production Insights - BYD's high-end brand Tengshi saw a slight decline in sales, with 126,000 units sold in 2024, down 1.4% year-on-year [12] - The company launched the Tengshi N9 SUV in March 2025, targeting competition with other high-end brands [12] Future Outlook - The report anticipates that the new technology platforms and ongoing globalization strategies will further enhance BYD's profitability and market position [12][11] - Adjusted net profit forecasts for 2025 and 2026 are 51.1 billion yuan and 64.1 billion yuan, respectively, with a new forecast for 2027 at 73.9 billion yuan [12][15]

Investment Rating - The investment rating for BYD is "Recommended" [1] Core Views - BYD achieved a revenue of 777.1 billion yuan in 2024, representing a year-on-year increase of 29.02%, with a net profit of 40.25 billion yuan, up 34.00% year-on-year [4] - The company maintains high R&D investment, with R&D expenses reaching 54.2 billion yuan in 2024, a year-on-year increase of 35.7% [7] - The company is focusing on high-end vehicle development, with the Tengshi brand as a key area for growth, despite facing challenges in the high-end market [8] Financial Summary - Revenue projections for 2025 and 2026 are 959.58 billion yuan and 1,126.16 billion yuan, respectively, with expected growth rates of 23.5% and 17.4% [6] - Net profit forecasts for 2025 and 2026 are 51.09 billion yuan and 64.06 billion yuan, with year-on-year growth rates of 26.9% and 25.4% [6] - The gross margin for 2024 is reported at 19.4%, with a net margin of 5.2% [6] Sales Performance - BYD's total vehicle sales reached 4.272 million units in 2024, marking a year-on-year increase of 41.3% [7] - The company reported a quarterly sales volume of 1.52 million units in Q4 2024, with a revenue of 274.9 billion yuan, reflecting a quarter-on-quarter increase of 36.7% [7] R&D and Technological Advancements - BYD is set to launch new technologies in 2025, including the "Tianshen Eye" intelligent driving system and the "Super e" platform, which are expected to enhance product competitiveness [8] - The company is focusing on maintaining a strong presence in the economy car market while also pushing for advancements in high-end vehicle technology [8]

撰 文 / 周 洲 设 计 / 张 萌 3月20日，春分时节，由人民邮电出版主办的《志在超车：智能网联汽车的中国方案》新书发布暨 媒体见面会在北京举行。 《志在超车：智能网联汽车的中国方案》由第十四届全国政协常委、经济委员会副主任，工业和信 息化部原部长苗圩撰写。 2020 年7月底，苗圩从工业和信息化部部长的岗位上退休。 由于大学所学专业是内燃机，几十年来工作也一直与汽车行业息息相关，苗圩对汽车行业最有感 情、最有兴趣、也最为熟悉，所以决定把对工业、通信业和信息化发展的重大问题研究聚焦到汽车 行业，继续探讨汽车行业在面临百年一遇的全球大变局下如何"换道超车"的问题。 经过四年多的努力，苗圩出了两本书，第一本是2024年年初出版的《换道赛车：新能源汽车的中国 道路》；第二本就是3月20日发布的《志在超车：智能网联汽车的中国方案》。 《换道赛车》回答了中国的汽车产业"如何换道"的问题，姊妹篇《志在超车》对汽车产业竞争智能 化"下半场"发展方向进行了深入浅出的前瞻研判。 换道和超 发布会上，苗圩带着对汽车行业深厚的情感，围绕我国发展智能网联汽车的潜力与优势、机遇与挑 战，分享了自己写作这本书的心路历程以及对中国汽 ...

Core Viewpoint - Xiaopeng Motors is expected to achieve profitability in Q4 2024, with significant revenue growth and improved sales performance, driven by new model launches and organizational reforms [2][5][6]. Group 1: Financial Performance - Xiaopeng Motors reported a revenue of 40.87 billion yuan for 2024, a year-on-year increase of 33.2%, surpassing the previous year's revenue of 30.68 billion yuan by over 10 billion yuan [2]. - The company sold a total of 190,000 vehicles in 2024, with Q4 sales reaching 91,500 units, a quarter-on-quarter increase of 96.6%, accounting for nearly 50% of the annual sales [3]. - The net loss for 2024 was 5.79 billion yuan, significantly reduced from a loss of 10.38 billion yuan in 2023, marking a year-on-year improvement of 44.2% [5]. Group 2: Product and Market Strategy - The successful launch of the MONA M03 and P7+ models contributed significantly to sales growth, with both models achieving over 10,000 deliveries in consecutive months [4]. - Xiaopeng Motors plans to introduce three new models and four major updated models in 2025, aiming for a sales target of 350,000 units, effectively doubling the previous year's sales [15][16]. - The company is focusing on a pricing strategy that emphasizes value reconstruction rather than simple discounts, with a 34% total component upgrade for the new G6 model [16]. Group 3: Supply Chain and Cost Management - Organizational changes and supply chain reforms have led to a 15% reduction in costs, with over 99% of battery procurement coming from second-tier suppliers [6]. - The gross margin for 2024 was 14.3%, an increase of 12.8 percentage points year-on-year, reflecting ongoing cost management efforts [6]. - Xiaopeng Motors is establishing a positive feedback loop between pricing advantages and supplier confidence, as suppliers are increasingly optimistic about the company's sales performance [9][10]. Group 4: Technological Advancements - The company invested 6.457 billion yuan in R&D in 2024, up from 5.277 billion yuan in 2023, indicating a commitment to technological development [10]. - Xiaopeng Motors is on track to produce its self-developed Turing chip, which is expected to enhance cost efficiency and product optimization in the long term [12]. - The company aims to achieve L3-level autonomous driving capabilities by the second half of 2025, with plans for L4 low-speed autonomous vehicles by 2026 [18][19]. Group 5: International Expansion - Xiaopeng Motors aims to double its overseas sales in 2025, targeting over 40,000 units, following a successful 2024 with over 20,000 units sold internationally [17]. - The company plans to establish over 300 sales and service outlets globally by the end of 2025, significantly increasing its international presence [17].

Investment Rating - The report maintains a "Recommended" rating for the automotive sector [1]. Core Insights - The automotive industry is expected to enter a phase of high sales prosperity, event catalysts, and industry trend resonance, with continued optimism for investment opportunities in the automotive sector [4][15]. - The introduction of new models, such as the Leap B10 and the 2025 Xiaopeng G6/G9, has generated significant consumer interest, with the B10 receiving 31,688 orders within 48 hours of its pre-sale launch [2][3][13][14]. Summary by Sections Recent Trends - From March 10 to March 14, the A-share automotive sector underperformed the Shanghai Composite Index, with the automotive index rising by 0.8% compared to the Shanghai Composite's 1.4% [1][17]. - The performance of major automotive stocks in Hong Kong during the same period showed varying results, with Li Auto, Xiaopeng Motors, and NIO experiencing gains of 2.1%, 2.3%, and 9.2% respectively, while Leap Motors saw a significant increase of 15.1% [1][17]. New Model Launches - The Leap B10, a compact SUV, was launched with a price range of 109,800 to 139,800 yuan, featuring advanced technology and impressive specifications, including a maximum power output of 160 kW and a range of up to 600 km [2][13]. - Xiaopeng Motors launched the 2025 G6 and G9 models, priced at 176,800 to 198,800 yuan and 248,800 to 278,800 yuan respectively, with both models featuring significant upgrades and strong initial order volumes [3][14]. Market Outlook - The report anticipates that the automotive sector will benefit from the continuation of vehicle replacement policies, which are expected to support upward consumer spending in 2025 [4][15]. - Key investment opportunities are identified in several areas, including high-end domestic brands, affordable advanced driving technologies, and the robotics sector, with specific companies recommended for investment [4][15][16].

贾浩楠 发自 凹非寺 量子位 | 公众号 QbitAI 高阶智驾 的"破壁人"，来了。 激光雷达 、 200TOPS+算力 、 端到端智驾模型 、 全场景无图N OA …全部 标配 —— 这是激光雷达、高阶智驾车型"史低"售价： 12.98万 ，来自 零 跑 最新紧凑级SUV B10 ： 而且还只是预售，后续正式售价只低不高。 在和量子位面对面交流中，零跑创始人、董事长、CEO 朱江明 明确 了零跑智驾策略： 2025年智驾普及浪潮，出现"高价高体验"与"低价规模化" 两个看似永不交汇的平行宇宙，但零跑撕开了"时空裂缝"： 不做中阶，只有入门和高阶两套方案和技术，全部标配 。 全链自研，把"AI老司机"塞进每台买菜车的驾驶座。 入门 （基础L2功能） 是照顾预算的确有限的用户， 而高阶方案零跑的态度是 "一步到位" ，直接从 城区NOA起步标配 ，后续免费OTA车 位到车位能力。 零跑端到端交卷 科普一下，NOA全称是 智能领航辅助驾驶 ，意思是只要导航信息， 系统就能自己开。"城区"NOA前提下，包括识别红绿灯、 主动避让绕 行、自主过环岛等等，系统完全可以全场景覆盖。 端到端技术 的应用， 让城区NOA具 ...

跨越2030年的多年长期合作项目。 本文为IPO早知道原创 作者｜Stone Jin 微信公众号｜ipozaozhidao 据IPO早知道消息，禾赛科技日前宣布，与一家欧洲顶级主机厂达成了具有里程碑意义的多年独家定 点合作，为其下一代汽车平台提供高性能超远距激光雷达，覆盖其燃油车和新能源汽车的多款车型。 禾赛累计量产定点车型突破100款 新获三家国内头部车企的十余款车型 热门 IPO | 小马智行 | 地平线 文远知行_ | 黑芝麻智能 | | --- | --- | --- | | 手戈平 | 老铺黄金 小菜园 | 美的集团 | | 极智嘉 | 明略科技 特斯联 | 手桌 | 值得一提的是，这是一个跨越2030年的多年长期合作项目，也是至今为止海外前装量产激光雷达领 域规模最大的订单。 禾赛联合创始人及CEO李一帆表示，"此次长期合作项目，不仅是对禾赛极致性能与卓越质量的高度 认可，更是对禾赛产品实力的有力证明。这充分表明我们的产品能够满足国际顶级汽车主机厂的严苛 标准，也彰显了客户对我们未来发展的坚定信心。我们深感荣幸能够凭借创新的激光雷达技术，为未 来出行注入强大动力，这一技术将在传统燃油车与电动汽车平 ...

Investment Rating - The report maintains a "Buy" rating for Leap Motor (9863.HK) with a target price of HKD 52.4, indicating a potential upside of 26% from the current price of HKD 41.5 [2][4][6]. Core Insights - Leap Motor's sales guidance for 2025 is strong, with expectations to exceed 500,000 vehicles sold, driven by new models and mid-cycle updates [6]. - The company aims for a gross margin of over 10%, supported by its self-developed core automotive electronic components and the LEAP 3.5 architecture [6]. - Leap Motor is expected to achieve profitability in 2025, aided by effective cost management and operational leverage [6]. - The current price-to-sales ratio of 0.9x suggests potential for valuation re-rating, making it attractive compared to peers in the new energy vehicle sector [6]. Financial Performance and Forecast - Revenue is projected to grow significantly from RMB 16,747 million in 2023 to RMB 57,812 million in 2025, reflecting a compound annual growth rate (CAGR) of 80% [3][10]. - Gross margin is expected to improve from 0.5% in 2023 to 10.8% in 2025, indicating enhanced profitability [3][10]. - Net losses are forecasted to decrease from RMB 4,216 million in 2023 to a near breakeven of RMB 49 million in 2025, with a return to profitability anticipated in 2026 [3][10]. - The company achieved a revenue of RMB 134.6 billion in Q4 2024, marking a 155% year-on-year increase [9]. Valuation Methodology - The valuation is based on a sum-of-the-parts approach, applying a price-to-sales ratio of 1.1x for automotive sales and 1.0x for services and other revenues, leading to a target price of HKD 52.4 [11].

2025 年 3 月 11 日 | 产业别 | | 汽车 | | --- | --- | --- | | H 股价(2025/03/10) | | 41.50 | | 恒生指数(2025/03/10) | | 23,783.5 | | 股价 12 个月高/低 | | 41.75/19.54 | | 总发行股数(百万) | | 1,336.97 | | H 股数(百万) | | 1,116.41 | | H 市值(亿元) | | 347.61 | | 主要股东 | 陈爱玲(25.09%) | | | 每股净值(元) | | 7.53 | | 股价/账面净值 | | 5.51 | | 一个月 | 三个月 | 一年 | | 股价涨跌(%) 17.40% | 48.75% 59.31% | | 近期评等 | 出刊日期 | 前日收盘 | 评等 | | --- | --- | --- | | 2025-2-21 | 33.45 | 买进 | 产品组合 汽车 100% 股价相对大盘走势 C o m p a n y U p d a t e C h i n a R e s e a r c h D e p t . | 沈嘉婕 | ...