具体情况如下： 1，订单情况： 均店新增订单：15~20台 进店量占比：20% 需要注意： -上市价格符合客户预期，权益比较到位，所以第一波客户上市当天出现小高峰，后续试驾稳定高峰值。 -上市后订单依然高度集中在一二线城市，长三角、珠三角明显高于全国。 2，客户画像：30~45岁，男性比例：65% 需要注意： -喜欢旅行，整体消费能力明显较强，家里基本都有BBA车型，非常喜欢享界S9T外观，看重华为智驾和驾驶体验。 -上市订单客户跟预售保持一致，女性客户比例较高，出现破圈效果，门店反馈非华为数码用户占到40%以上。 3，配置选择： 纯电：增程：6:4 max：ultra：6:4 外观颜色： 仙踪绿（主销） 内饰颜色： 白沙杏（主销） 需要注意： -偏向日常家用的纯电版占比较高，厂家给出1万选配权益，所以很多客户更倾向选择max加选装，增程选装53度电池比例较高。 4，竞品对比：基本无对比 需要注意： -BBA增换购客户为主，增换购比例超过90%。喜欢就买了，没有明确对比燃油或新能源、包括旅行车，客户在等待其他鸿蒙新车型上市作对比。 // 订单表现 15 ~ 20 20% 均店新增订单 进店量占比 少军说: ( ...

Core Insights - Deep Blue Automotive reported global vehicle deliveries of 28,235 units in August, representing a year-on-year increase of 40% and a month-on-month increase of 4% [2] - The Deep Blue S05 achieved global sales of 12,184 units in August, marking the third consecutive month of sales exceeding 11,000 units [2] - The 2026 model of Deep Blue L07 was launched on August 13, featuring Huawei's Qian Kun intelligent driving system as standard across all models, positioning it as the only sedan in the 150,000 RMB price range with this feature [2] - The new Deep Blue S07 was unveiled at the Chengdu Auto Show on August 29, equipped with Qualcomm's fourth-generation digital cockpit platform Snapdragon 8295P and standard Huawei Qian Kun intelligent driving ADS SE across all models [2] - The Deep Blue S07 is a mid-size SUV with a fuel consumption rate of 3.8L/100km [2]

Group 1 - Huawei and SAIC have launched the first SUV of the Shangjie brand, the Shangjie H5, with a starting pre-sale price of 169,800 yuan [2] - The Shangjie H5 has received over 50,000 small orders within 18 hours of its pre-sale, marking a significant entry for Huawei's HarmonyOS driving technology into the budget electric vehicle market [2] - The Shangjie H5 is positioned against competitors like Leapmotor C11, Xpeng G6, and Deep Blue S07, offering advanced Huawei technology at a more accessible price point [2] Group 2 - SAIC Group reported a 43.49% year-on-year increase in new energy vehicle sales, totaling 763,500 units from January to July this year [3] - The Shangjie H5 features both range-extended and pure electric powertrains, with the range-extended version offering a maximum range of 1,360 km and the pure electric version providing up to 655 km [3] - The Shangjie H5 is developed based on the SAIC Roewe ES39 model and utilizes the SAIC Star Cloud pure electric platform, benefiting from SAIC's supply chain [3] Group 3 - Over 1,500 dealers, including luxury brand 4S stores like Porsche and Volvo, have expressed interest in joining the Shangjie brand [4] - The official launch event for the Shangjie H5 is scheduled for September 23, with potential price adjustments based on continued demand [4] - The Shangjie brand faces challenges in brand recognition and consumer trust regarding quality control and after-sales service [3][4]

Investment Rating - The report maintains a "Buy" rating for the company with a target price of 26.25 CNY, based on a comparable company PE average valuation of 25 times for 2025 [2][5]. Core Insights - The launch of the Shangjie H5 is expected to significantly enhance the company's sales and profitability, with the vehicle's advanced technology and competitive pricing likely to capture a substantial market share in the 200,000 CNY segment [10]. - The company is anticipated to achieve a turnaround in its autonomous brand profitability this year, driven by internal reforms and the introduction of new models like the MG4, which has shown strong pre-order interest [10]. Financial Forecasts - The projected earnings per share (EPS) for 2025-2027 are 1.05 CNY, 1.17 CNY, and 1.31 CNY respectively, reflecting an upward adjustment from previous estimates [2]. - Revenue forecasts indicate a gradual recovery, with expected revenues of 638.11 billion CNY in 2025, 687.20 billion CNY in 2026, and 742.17 billion CNY in 2027, showing growth rates of 3.9%, 7.7%, and 8.0% respectively [4][11]. - The gross margin is projected to improve from 9.5% in 2023 to 11.5% by 2027, indicating enhanced operational efficiency [4][11]. Market Performance - The company has shown strong relative performance, with a 58.74% increase over the past year compared to the Shanghai Composite Index [6]. - The stock price as of August 25, 2025, was 20.53 CNY, with a 52-week high of 21.19 CNY and a low of 11.43 CNY [5].