5月9日，A股早盘走势震荡，截至发稿，中证A500指数跌0.41%，成分股中，润和软件涨超6%，软通动 力、华能国际、百济神州-U、兴业银行等跟涨。 相关ETF中，截至发稿，A500指数ETF（159351）跌0.31%，成交额超5亿元，换手率近4%，早盘交投 活跃，溢折率0.04%，盘中频现溢价交易。 资金流向上，Wind金融终端数据显示，A500指数ETF（159351）昨日获超7500万元资金净流入，该 ETF已连续三个交易日获资金净流入，累计"吸金"超1.8亿元。 A500指数ETF（159351）紧密跟踪新一代标杆指数中证A500指数，该指数优选各行业市值代表性强、 表征行业龙头的500只股票，兼顾大市值的同时均衡覆盖A股各行业核心龙头资产。此外，该指数在电 子、电力设备、医药生物、计算机等行业权重较大，成长属性更强。A500指数ETF（159351）还配备 了场外联接基金（A类022453；C类022454）。 消息面上，据中国证券报，中国上市公司协会5月8日发布的中国上市公司2024年经营业绩报告显示，截 至5月7日，除公告延迟披露公司外，沪深北三家证券交易所共5412家上市公司公布2024年年 ...

Investment Rating - The report maintains a "Buy" rating for the company with a target price of 67.50 CNY, based on a 27x PE valuation for comparable companies in 2025 [2][5]. Core Insights - The company reported a significant revenue increase of 41.8% year-on-year in Q1, with total revenue reaching 2.638 billion CNY and a net profit of 270 million CNY, reflecting a 28.8% increase [9]. - The company is expanding its customer base, having added eight new clients in North America, including Ford and Changan Mazda, which is expected to drive future growth [9]. - The company is focusing on new technology and product development, aiming to enhance its competitive edge and increase the value per vehicle through innovations in electric control systems and lightweight components [9]. Financial Performance Summary - Revenue projections for 2025-2027 are 13.011 billion CNY, 15.962 billion CNY, and 19.698 billion CNY, respectively, with year-on-year growth rates of 30.9%, 22.7%, and 23.4% [4][11]. - The net profit attributable to the parent company is forecasted to be 1.518 billion CNY in 2025, 1.863 billion CNY in 2026, and 2.298 billion CNY in 2027, with growth rates of 25.6%, 22.8%, and 23.3% [4][11]. - The company's gross margin is expected to stabilize around 22.0% to 22.5% from 2025 to 2027, while the net margin is projected to remain at 11.7% [4][11].

Group 1 - The automotive supply chain is experiencing a surge in joint ventures and collaborations, breaking traditional boundaries and fostering a new wave of partnerships [2][3] - Recent collaborations include partnerships between major players such as Visteon and ByteDance's Volcano Engine, Bosch and Horizon, and others, focusing on innovative solutions in smart cockpits and autonomous driving [3][4] - The launch of the first fully autonomous iVISION smart headlight by a consortium of Chinese companies marks a significant advancement in domestic supply chain capabilities, expected to accelerate market penetration by 35% [3] Group 2 - The automotive supply chain is facing intense competition and pressures, leading companies to embrace collaboration as a key strategy to overcome challenges and reduce costs [5][6] - Global trade issues and tariff challenges are prompting companies to explore cooperative strategies to enhance their market positions and operational efficiencies [5][6] - Collaborations are seen as essential for expanding into international markets, allowing domestic companies to leverage foreign expertise and distribution channels while foreign firms benefit from local market insights [9] Group 3 - Future collaborations in the automotive supply chain are anticipated to deepen and broaden, enabling companies to share risks, reduce investments, and achieve synergies [8] - Joint procurement and shared production facilities are expected to lead to significant cost savings, enhancing competitiveness for both vehicle manufacturers and parts suppliers [8] - The shift towards collaborative models is viewed as a necessary evolution in the industry, moving away from competitive pressures to a more cooperative framework that benefits all stakeholders [9]

Summary of Conference Call on Intelligent Driving Chips Industry Overview - The domestic mid-tier intelligent driving chip market is primarily dominated by Horizon Robotics' Journey 6 series, which strikes a balance between performance and price, making it widely adopted by mainstream OEMs. Qualcomm and NVIDIA solutions are used less frequently [1][2] - The high-end market is mainly led by NVIDIA's Orin series chips, but Horizon has introduced a full-stack high-end solution, HSD, based on G6P, gaining some market share due to cost advantages and superior performance [1][2] - Qualcomm's 8,775 chip is positioned for the mid-to-low-end market, expected to be deployed in the second half of 2025, but OEMs show limited willingness to adopt it due to the challenges of simultaneous development of cockpit and intelligent driving systems [1][5] Key Insights - The domestic vehicle chip design sector has largely achieved independence, but the production side still relies on foreign foundries, limiting the localization rate of mid-tier and high-end chips. The future trend is to enhance design independence and seek more production collaborations [1][6] - NIO is making the fastest progress in self-developed chips, having implemented its self-developed ZAM chip in the ET9 model, improving computing power utilization and reducing costs, although it faces challenges in capacity and R&D costs [1][7] Market Dynamics - The domestic vehicle chip market can be segmented into low, mid, and high tiers. The low tier includes basic L2 functions, while the mid-tier has expanded to high-speed NOA, which has become mainstream following BYD's intelligent driving strategy [2] - The pricing trend for mainstream vehicle chips is generally declining, with low-tier chips around $20, mid-tier chips like Horizon's 6M at approximately $70, and high-end chips like NVIDIA's Orin X exceeding $300 [3][17] Competitive Landscape - The low-tier market is primarily led by Horizon, Mobileye, and Bosch, with Horizon's share expected to increase. The mid-tier market is dominated by the Journey 6 series, which is projected to capture a significant portion of the domestic OEM market in the next two years [18] - In the high-end market, NVIDIA still holds the largest share, with a small portion allocated to Qualcomm's 8,650 and Horizon's HSD solution [18] Self-Developed Chips - NIO is the fastest in self-development, with its ZAM chip already in use, while other companies like XPeng and Li Auto are at different stages of development. The advantages of self-developed chips include better software-hardware coupling and cost savings [7][9] - However, self-developed chips face disadvantages such as limited manufacturing capacity and high R&D costs, which could lead to higher costs compared to externally sourced chips if sales volumes are insufficient [8][9] Future Trends - The trend towards self-developed chips is not expected to be prevalent among traditional automakers like Geely and Chery due to their complex R&D systems and high investment risks. In contrast, emerging companies like NIO and XPeng are more inclined to pursue self-development as it aligns with their brand identity [9][10] - The integration of cockpit and intelligent driving functions is currently less common due to high performance requirements and rapid iteration speeds, with a trend towards separating these functions until higher-performance chips become available [15] Geopolitical and Regulatory Impact - Geopolitical factors and tariffs have limited effects on the vehicle chip industry, with few restrictions on chip exports from China to other countries, except the U.S. Companies like Horizon face slow overseas expansion due to insufficient data accumulation and mass production experience [20]

证券研究报告·行业研究·汽车与零部件 AI+汽车智能化系列之十一—— 2 ◼ 看好头部第三方智驾供应商突破机遇：智驾平权需求+性能追赶/量产验证共同驱动。 ➢ 第三方智驾供应商或成为二三线车企智驾平权最优方案：展望终局，我们认为头部车企与头 部智驾供应商都有望依托智能驾驶领域的积累拓展至具身智能大赛道，头部智驾供应商或成 为二三线车企智驾平权最优方案，预计头部智驾供应商的潜在市场份额为全部新车销量的 50%左右。 ➢ 理解本轮智能化对国产芯片端影响：智驾平权是主线，系统降本是暗线。车企竞争加剧/智 驾方案内卷的大背景下【全栈自研】成为车企当下考虑的次要因素，我们认为城市级别NOA 的智驾平权正在加速到来。车企对于功能上车的思路永远兼顾性能和成本，目前看即将落地 的基于国产芯片的智驾方案或为当下高阶智驾方案的成本最优解。 ◼ 如何衡量国产芯片的比较优势？ ➢ 英伟达凭借Orin系列智驾芯片在当下高阶智驾市场独领鳌头，据我们观察国产芯片供应商经 过近五年的追赶在产品性能、量产验证、客户获取多个维度开始比肩英伟达 ◼ 如何看待第三方芯片供应商的核心价值？ ➢ 先发的重要性：智驾芯片普遍需要三年以上研发制造周期，同时 ...

小米汽车与近日调整了SU7新车订购页面的措辞：将"智驾"修改为"辅助驾驶"，另外，"代客泊车"功能的介绍也被修改为"代客泊车辅助"。小米汽车官方 回应媒体称，此举为响应国家号召，顺应汽车行业驾驶自动化分级标准。 小米汽车官网截图 南都记者注意到，小米汽车并非个例，理想、蔚来、鸿蒙智行等多家车企也纷纷调整了宣传口径，不再使用"高阶智驾"等概念，而是普遍采用"导航辅助 驾驶"等说法。 小米汽车3月29日事故已经过去月余，虽然事故原因仍在调查中，但公众对智能驾驶技术开启了深入的反思：当我们将方向盘让渡给算法时，究竟在让渡 什么？ 多家车企"智驾"更名背后 一场合规与责任的博弈 工信部明确要求车企在宣传中不得使用"自动驾驶""自主驾驶""智驾""智能驾驶""高阶智驾"等容易引发误解的名词，必须以"智驾等级 + 辅助驾驶"进行描 述，例如"L2 级辅助驾驶"。此外，禁止使用"代客泊车""一键召唤""远程遥控"等名词，强调驾驶员必须全程参与控制。 南都记者注意到，除小米汽车，多家车企均调整了智能驾驶的宣传策略。5月1日，理想产品线负责人李昕旸在微博上介绍理想L6智能焕新版时，强调 了"辅助驾驶焕新"，理想官微也转发了这条 ...

Investment Rating - The report maintains an "Accumulate" rating for the company [2] Core Views - The company achieved a revenue of 2.638 billion yuan in Q1 2025, representing a year-on-year growth of 41.8% [5] - The net profit attributable to shareholders for Q1 2025 was 270 million yuan, up 28.8% year-on-year [5] - The company is expanding its production capacity and actively developing new projects in the smart driving sector [5] Financial Summary - Revenue projections for the company are as follows: 12.989 billion yuan in 2025, 16.527 billion yuan in 2026, and 21.085 billion yuan in 2027, with corresponding net profits of 1.523 billion yuan, 1.925 billion yuan, and 2.520 billion yuan respectively [5][6] - The company's P/E ratios are projected to decrease from 23.2 in 2025 to 14.0 in 2027, indicating potential value appreciation [5][6] - The company reported a gross margin of 18.0% in Q1 2025, which is a decrease compared to previous periods, attributed to product mix adjustments [5]

Investment Rating - The industry investment rating is "Overweight" indicating that the industry is expected to outperform the overall market [20]. Core Views - NIO's Firefly model has exceeded expectations at the auto show, with potential monthly sales of 4,000-5,000 units, which could increase total sales to 20,000-25,000 units, replicating the growth path of XPeng's Mona M03 [3][4]. - SAIC is expected to see a structural change in joint venture brands, with new models from SAIC Volkswagen and General Motors anticipated to be turning points next year [3][5]. - Leap Motor's sales surpassed 40,000 units in April, with an annual target of 500,000-550,000 units, supported by the delivery of C10/C16 and new models [3][6]. - Great Wall Motors experienced a profit decline in Q1 due to short-term factors, but strong sales of fuel vehicles and a successful pricing strategy for new energy vehicles are expected to drive recovery [3][9]. - The report recommends focusing on domestic leading manufacturers like BYD and XPeng, as well as companies involved in intelligent trends and state-owned enterprise reforms [3]. Summary by Sections Complete Vehicles: NIO, SAIC, Leap Motor, Great Wall - NIO's Firefly model shows strong potential for sales growth in China, with new models and self-developed technology expected to enhance market confidence [4]. - SAIC is witnessing a structural change in joint ventures, with new product launches expected to halt the decline in market performance [5]. - Leap Motor's sales are projected to reach 500,000-550,000 units in 2025, with a focus on cost control and overseas expansion [6][8]. - Great Wall Motors is expected to recover from short-term profit declines, with strong sales in fuel vehicles and new energy models driving growth [9]. Components: Fuda, Shuanghuan, Yinlun, Jifeng, JuYi, Baolong - Fuda's Q1 profit doubled year-on-year, focusing on core businesses like crankshafts and electric drives [10]. - Shuanghuan's Q1 profit increased by 25%, with steady growth in core business despite a decline in non-core operations [10]. - Yinlun's Q1 profit rose by 11%, with strong growth in digital energy and improved profitability in North America [10]. - Jifeng's Q1 profit exceeded 100 million yuan for the first time since 2021, indicating successful overseas integration [11]. - Baolong is showing signs of a performance turnaround, with improved profitability expected from structural adjustments [13].

5月8日，沪指盘中震荡上扬，创业板指涨近2%，场内超3800股飘红。截至收盘，沪指涨0.28%报3352 点，深证成指涨0.93%报10197.66点，创业板指涨1.65%报2029.45点。 盘面上看，军工、汽车、银行、建筑、保险、酿酒等板块拉升，大飞机、商业航天、CPO概念等活跃。 不含当日上市新股，今日可交易A股中，上涨个股有3839只，占比71.24%。统计显示，涨停个股中，主 板有92只，北交所1只，创业板9只，科创板3只。以所属行业来看，上榜个股居前的行业有机械设备、 建筑装饰、国防军工行业，上榜个股分别有18只、12只、11只。 东莞证券认为，短期市场或将继续呈现震荡格局，但风险偏好已显现边际改善迹象，整体指数层面的风 险仍处于可控范围之内。随着业绩验证期结束，前期压制小盘成长股表现的因素逐渐消退，科技领域后 续景气度线索逐步得到强化，成长性板块有望获得市场青睐。 东兴证券表示，随着行情趋于活跃，投资者可提升一定仓位，参与结构性行情。大科技板块仍是首选， 重点关注机器人、人工智能、智能驾驶等方向；其次是消费方向，重点关注以家电、消费电子、汽车为 代表的政策红利方向，同时，政策和外部事件催化较多的 ...

Investment Rating - The investment rating for the company is "Buy" and is maintained [8]. Core Insights - The company reported a revenue of 16.106 billion yuan in 2024, an increase of 14.61% year-on-year, while the net profit attributable to shareholders was 253 million yuan, a decrease of 31.02%. In Q1 2025, the revenue reached 4.312 billion yuan, up 21.23% year-on-year, with a significant net profit increase of 78.46% to 212 million yuan [2][6][11]. Financial Performance Summary - In 2024, the company achieved a gross margin of 11.90%, an increase of 1.54 percentage points year-on-year. The net profit margin for Q1 2025 improved significantly, reaching 5.04% [11]. - The company’s inventory turnover days and accounts receivable turnover days decreased by 13.11% and 7.02% respectively in 2024, indicating improved operational efficiency [11]. - The company’s LED business revenue grew by 6.56% in 2024, with high-end LED products increasing by 13.91% [11]. - The integrated circuit business saw a revenue increase of 23.86% in 2024, benefiting from a recovery in terminal market demand [11]. Future Projections - The company is projected to achieve net profits of 982 million yuan, 1.306 billion yuan, and 1.631 billion yuan for the years 2025, 2026, and 2027 respectively, with corresponding price-to-earnings ratios of 63X, 47X, and 38X [11].