动力方面，全新智己L6搭载三款高性能电池包，覆盖690km至850km的CLTC续航里程。其中，MAXh后驱版采用74kWh电池，零百加速5.9秒；PRO MAX版 配备100kWh电池，续航达850km，零百加速4.6秒；Ultra版则以780kWh电池容量与2.74秒零百加速成绩，展现极致性能。全系标配800V超高压快充平台，大 幅缩短充电时间，彻底解决用户续航焦虑。 在操控性与智能配置上，全新智己L6也呈现出了极佳的竞争力。其搭载灵蜥数字底盘2.0，集成智慧四轮转向系统与线控制动技术，后轮支持双向18度转 向，最小转弯半径仅4.69米，窄巷掉头灵活堪比MINI。爆胎场景下，灵蜥爆胎稳定控制系统可在200毫秒内完成车身稳定控制，极端工况仍能安全行驶。IM AD3.0智能驾驶系统可实现"全国无图城市NOA"，支持自定义泊车功能，指尖拖动即可完成复杂车位泊入，真正做到智能又便捷。 在必不可少的安全性能方面，新车采用了"十纵十横"潜艇笼式车身架构，独创的三重冗余开门系统，可智能识别后方150米内移动物体，将碰撞风险降低 92%。电池安全测试标准远超国标，热扩散测试中整包至少监控24小时无起火无爆炸，实现"超十万 ...

证券研究报告 | 行业周报 2025 年 04 月 21 日 汽车 上汽华为联合发布"SAIC 尚界"，4 月第二周乘用车零售同比+8% | 1 | | | | | | | | --- | --- | --- | --- | --- | --- | --- | | 股票 | 股票 | 投资 | EPS （元） | | PE | | | 代码 | 名称 | 评级 | 2024E | 2025E | 2024E | 2025E | | 000625.SZ | 长安汽车 | 增持 | 0.94 | 1.27 | 13.16 | 9.74 | | 000887.SZ | 中鼎股份 | 增持 | 0.99 | 1.17 | 16.29 | 13.79 | | 002284.SZ | 亚太股份 | 买入 | 0.29 | 0.47 | 35.17 | 21.7 | | 002906.SZ | 华阳集团 | 增持 | 1.24 | 1.71 | 24.15 | 17.51 | | 09660.HK 地平线机器人-W | | 买入 | 1.26 | 1.56 | 4.34 | 3.51 | | 301106.SZ | 骏成科 ...

Group 1 - The event "Hongmeng Smart Travel | Smart Brand Night" in Shanghai showcased the integration of technology and art, highlighting the launch of the new versions of the Zhijie R7 and Zhijie S7 Ultra, targeting young consumers and families [1][10] - Liu Yifei, as the brand ambassador, emphasized the alignment of her artistic values with the pioneering spirit of the Zhijie brand, promoting a message of breaking boundaries through talent [2][4] - The Zhijie R7 features advanced intelligent driving assistance systems, enhancing safety and driving experience, appealing to the needs of young users for both urban commuting and long-distance travel [7][9] Group 2 - The Zhijie R7 Max CLTC has a pure electric range of 360 km and a combined range of 1673 km, with a low fuel consumption of 5.68 L per 100 km, significantly reducing travel costs [12] - The Zhijie S7 Ultra sports version includes high-performance features such as Brembo brakes and a 0-100 km/h acceleration time of just 3.3 seconds, catering to the desires of young consumers for individuality and performance [12][15] - The brand has achieved over 130,000 pre-orders, indicating strong market recognition and the successful capture of dual consumer demands for technological efficiency and emotional value in design [9][15] Group 3 - The launch of the new models is part of Zhijie's strategy to reshape the competitive landscape of smart vehicles, combining technological innovation with emotional connections to users [16] - The brand's focus on minimalist design and reliable safety aligns with the lifestyle aspirations of young consumers, positioning Zhijie as a partner in exploring life and new experiences [13][15] - Promotional offers during the initial sales period, such as discounts up to 44,000 yuan, enhance the attractiveness of the products to potential buyers [15]

Financial Performance - In 2024, the company achieved total revenue of 20.437 billion CNY, a year-on-year increase of 21.19% [1] - The net profit attributable to shareholders was 58.3818 million CNY, a decrease of 24.09% compared to the previous year [1] - The net profit after deducting non-recurring gains and losses was 12.7211 million CNY, an increase of 95.66% year-on-year [2] Business Focus and Product Lines - The company has three main business systems: optical camera modules, optical lenses, and fingerprint recognition modules, among others [2] - R&D investment reached 1.591 billion CNY, accounting for 7.79% of total revenue in 2024 [2] - The company has a total of 2,263 R&D personnel, representing 20.33% of the workforce, with a year-on-year growth of 9.91% [2] Future Strategies and Development Plans - In 2025, the company aims to enhance operational capabilities, maintain compliance, and focus on quality management and technological innovation [3] - Plans include restructuring the central research institute to strengthen technical capabilities and enhance customer relationships [3] - The company will explore new business areas in smart locks, industrial and medical applications, and VR/AR technologies [6] Market Position and Competitive Edge - The company is positioned as a leader in the optical and optoelectronic fields, with a focus on high-end products and market share enhancement [4] - It has established long-term partnerships with numerous automotive brands for its vehicle camera products [5] - The company is actively participating in international competition and expanding its global sales network [7] Mergers and Acquisitions - The company plans to acquire 28.2461% of O-Film Microelectronics through a combination of stock issuance and cash payment [8] - This acquisition will enhance control over O-Film Microelectronics, which has strong profitability and technical capabilities in fingerprint recognition and optical sensing modules [8] Investor Relations and Compliance - The company emphasizes compliance and risk management, ensuring adherence to legal regulations and maintaining a healthy operational environment [7] - It is committed to enhancing communication with investors and optimizing resource allocation to improve operational efficiency and profitability [8]

Group 1: Company Performance and Financials - The company achieved a revenue of 69.897 billion yuan in 2024, representing a year-on-year growth of 28.27%, and a net profit of 3.624 billion yuan, up 19.94% year-on-year [9] - The company plans to distribute a cash dividend of 4.00 yuan per 10 shares for the 2024 fiscal year [7] - The company’s assembly business revenue increased by 97.42% in 2024, with a net profit margin of 1.61%, indicating strong growth in this segment [11] Group 2: Growth Drivers and Strategic Initiatives - Future growth drivers include deepening customer and business expansion in consumer electronics and new energy vehicles, as well as new projects in folding screens, smart automotive glass, humanoid robots, and AI glasses [10][12] - The company is focusing on vertical integration of the supply chain, providing comprehensive precision manufacturing services from product design to large-scale assembly, enhancing overall revenue and profit scale [10][13] - Continuous improvement in lean management and R&D collaboration in glass, metal materials, and functional modules to seize opportunities in emerging fields like AI terminals and smart vehicles [10][5] Group 3: Impact of Trade Policies and Market Conditions - The company has established a robust global supply chain, with 58% of its overseas business in 2024, primarily consisting of components and functional modules, which helps mitigate tariff risks [6][8] - The company’s proactive global layout and diversified development strategy have strengthened its resilience against external market fluctuations, with limited expected impact from changes in tariff policies [6][8] - The company is prepared to utilize 500 million to 1 billion yuan for share repurchase to stabilize stock prices amid market volatility [7] Group 4: Future Plans and Market Positioning - The company is planning to list in Hong Kong to expand its global business footprint and enhance delivery capabilities, with funds raised aimed at developing folding screens, smart automotive components, and AI glasses production [8][14] - The company does not plan to create a direct-to-consumer brand, focusing instead on being a leading provider of precision manufacturing solutions for brand clients [3]

Group 1 - Xpeng Motors has completed the construction of its new manufacturing base in Wuhan, which covers over 1 million square meters and is expected to enhance production capacity and supply chain management [1] - The total assessed value of the assets mortgaged for long-term bank loans, including the Guangzhou, Zhaoqing factories, and Wuhan base, amounts to 5.36 billion yuan [1] Group 2 - King Long Automobile's chairman, Xie Siyu, has resigned from his positions due to work changes, but this will not affect the normal operation of the board [2] - The leadership change may prompt market interest in the company's future strategic direction and management stability [2] Group 3 - Mazda will suspend production of the CX-50 model at its Alabama plant for the Canadian market starting May 12, in response to import tariff pressures [3] - This decision may impact Mazda's competitiveness in the North American market and affect dealer inventory and sales [3] Group 4 - Ferrari's CEO, Benedetto Vigna, confirmed the company's commitment to developing gasoline, hybrid, and fully electric vehicles, providing customers with a wide range of options [4] - This strategy is expected to enhance Ferrari's competitiveness in the luxury car segment and solidify its market position [4] Group 5 - Huawei's new brand "Shangjie" was unveiled at the Hongmeng Intelligent Mobility product launch, showcasing the company's investment in the smart automotive sector [5] - The brand aims to implement Huawei's smart travel solutions and adhere to strict quality management standards, with the first product expected to debut in the fall [5]

Core Insights - The launch of the new GAC Trumpchi M8 QianKun series MPV marks a significant collaboration with Huawei, showcasing advanced intelligent technology and luxury features to meet consumer demands for high-quality new energy smart MPVs [1] Group 1: Intelligent Driving Features - The QianKun Intelligent Driving ADS enables full-scene connectivity, allowing for seamless parking from space to space, including complex road conditions like roundabouts and U-turns [2] - As of March 2023, the QianKun Intelligent Driving has accumulated over 2.5 billion kilometers of intelligent driving mileage, equivalent to over 60,000 laps around the Earth, with more than 55 million users utilizing its features [2] - The system has successfully avoided over 2 million potential collisions since its launch, aiming to provide comprehensive safety across all speeds, directions, and scenarios [2] Group 2: Smart Cabin Experience - The new HarmonyOS cabin offers a minimalist interface and seamless integration with various applications, allowing for voice commands with a success rate of 99.5% [3] - Users can easily transfer music and applications from their mobile devices to the vehicle's system, enhancing the overall user experience [3] - The cabin supports a wide range of applications, including navigation and media streaming, creating a cohesive ecosystem between the vehicle and personal devices [3] Group 3: Customizable User Scenarios - The M8 allows users to define their travel scenarios, such as automatic navigation to work and personalized media playback upon entry [4] - The vehicle features a dual-screen setup with a 15.6-inch central control screen and a 17.3-inch ceiling screen, enabling seamless interaction between the two displays [4] - The HSpace-Link protocol supports various external devices, enhancing the vehicle's smart cabin capabilities and allowing for remote control of home appliances [4] Group 4: Remote Monitoring and Safety - The M8 is equipped with the QianKun Cloud Sentinel feature, enabling remote monitoring of the vehicle's surroundings through four-way panoramic imaging [5] - The vehicle provides real-time diagnostics and alerts for potential issues, ensuring proactive maintenance and safety for users [5] - The VHR service offers comprehensive vehicle status management and battery safety alerts, enhancing user confidence in vehicle performance [5] Group 5: Market Position and Sales - The Trumpchi MPV series has surpassed 750,000 units sold, establishing itself as a leader in the Chinese MPV market [6] - With the integration of Huawei's QianKun, HarmonyOS, and QianKun Cloud, the Trumpchi MPV family is positioned as a benchmark for smart MPVs in the new era [6]

Core Viewpoint - The automotive industry is evolving towards intelligent systems, necessitating a robust foundational support. Companies like Li Auto are proactively investing in their own vehicle operating systems, exemplified by the announcement of the open-source "Li Star Ring OS" by CEO Li Xiang [1][8]. Group 1: Development and Investment - The Li Star Ring OS project was initiated in 2021 with a dedicated research team of 200 people and has accumulated over 1 billion in R&D expenses, with the first deployment of the self-developed operating system expected in 2024 [2][9]. - The CTO of Li Auto, Xie Yan, has a strong background in operating systems, having previously worked at Huawei and Alibaba, which adds credibility to the development of Li Star Ring OS [2][9]. Group 2: Addressing Industry Challenges - The global chip shortage, exacerbated by the pandemic, led to significant delays and price increases for automotive chips, with delivery times extending from one month to six months and prices soaring by 5 to 10 times [5][9]. - Li Auto's self-developed operating system has reduced the adaptation time for new chip models from six months to one month, allowing for greater flexibility in chip selection and alleviating supply chain pressures [6][9]. Group 3: Technological Advancements - The Li Star Ring OS is designed to evolve alongside the smart automotive industry, focusing on four core technological capabilities, including a concept of resource pooling for AI computing power [7][9]. - The operating system incorporates native security mechanisms to address future information security challenges, including data encryption, system integrity protection, and identity authentication [7][9]. Group 4: Open Source Strategy - The official release of the Li Star Ring OS technical white paper marks the formal launch of its open-source initiative, aiming to collaboratively solve industry challenges and innovate together with other stakeholders [8][9]. - Xie Yan emphasized that the open-source approach is not a one-time transaction but a starting point for ongoing collaboration to address future issues in the automotive sector [8][9]. Group 5: Future Directions - Future models from Li Auto will be equipped with the Li Star Ring OS, with some components already utilized in previous models, indicating a gradual integration of the new system [25][9]. - The concept of "computing power pooling" is highlighted as a means to efficiently utilize AI computing resources across various domains within the vehicle, distinguishing it from the "cockpit integration" approach [26][27].

Group 1 - Huawei's Executive Director and Head of Terminal BG, Yu Chengdong, announced that the first model under the "Shangjie" smart car brand, developed in collaboration with SAIC Motor Corporation, is expected to be launched in the autumn of this year [1]

Summary of Conference Call Records Company Overview - The primary focus is on **Macroview Technology**, a leading global supplier of panoramic camera lenses and imaging modules, with products used in various electronic devices, including smartphones, home appliances, and automobiles [1][2]. Key Industry Insights - **Smart Automotive Sector**: Macroview Technology has established stable partnerships with major automotive manufacturers and is involved in two main projects: capacity expansion and facility upgrades, aiming to increase production capacity by approximately 27.96 million units [2][3]. - **Growth in Camera Usage**: The average number of cameras per vehicle has increased from 1.7 in 2018 to 3 in 2023, with some models, like BYD's "Heavenly Eye," featuring up to 12 cameras, indicating a rapid growth trajectory in automotive camera installations [4][7]. Financial Performance - Projected revenues for Macroview Technology from 2022 to 2024 are approximately **450 million**, **770 million**, and **1.09 billion** CNY, respectively, with a compound annual growth rate (CAGR) exceeding 50% [9]. - The company’s net profit is expected to grow from **65 million** to **165 million** CNY over the same period, reflecting a strong financial outlook [9]. Competitive Position - Macroview Technology holds a significant market share in the panoramic camera sector, with a reported growth rate of **14.2%** in this segment [3]. - The company has a deep integration with leading players in the film and television industry, achieving a **75%** share in the imaging module market for cinematic applications [6]. Emerging Trends - The electronic price tag market is projected to grow significantly, with a global market penetration of only **15%** as of 2023, indicating substantial growth potential [11]. - The company is positioned to benefit from the increasing demand for digital retail solutions, with a focus on electronic price tags as a foundational technology for digital stores [12]. Risks and Challenges - Potential risks include reliance on specific suppliers for electronic paper film, which could impact production if supply issues arise [15]. - The company faces challenges related to raw material price volatility, which could affect profit margins due to the lack of pricing power [21]. Conclusion - Macroview Technology is well-positioned in the rapidly growing sectors of panoramic cameras and smart automotive applications, with strong financial projections and a competitive edge in partnerships and market share. However, it must navigate risks associated with supply chain dependencies and raw material costs to sustain its growth trajectory.