汽车/乘用车 吉利汽车（00175.HK） 造车成本优势延续，品牌整合驱动经营提效 2025 年 07 月 01 日 投资评级：买入（维持） | 日期 | 2025/6/30 | | --- | --- | | 当前股价(港元) | 15.960 | | 一年最高最低(港元) | 20.900/7.310 | | 总市值(亿港元) | 1,609.43 | | 流通市值(亿港元) | 1,609.43 | | 总股本(亿股) | 100.84 | | 流通港股(亿股) | 100.84 | | 近 3 个月换手率(%) | 48.18 | 股价走势图 数据来源：聚源 -40% 0% 40% 80% 120% 160% 2024-07 2024-11 2025-03 吉利汽车 恒生指数 相关研究报告 ——港股公司深度报告 | 张可（分析师） | 赵旭杨（分析师） | 陈沆（联系人） | | --- | --- | --- | | zhangke1@kysec.cn | zhaoxuyang@kysec.cn | chenhang1@kysec.cn | | 证书编号：S0790523070001 | 证书编号： ...

关注 「电动车公社」 和我们一起重新思考汽车 最近几年， 预制菜 突然火了起来，盒马、叮咚买菜、山姆等平台都纷纷推出了自家的预制菜产品，甚至"年夜饭"都有礼盒装的预制菜了。 甭管吃起来味道 怎么样，预制菜作为"半成品"，打开包装加热几分钟就能吃，甚至有些还自带包装、连碗都不用刷，简直不要太方便。 可你知道吗？不只餐饮界有预制菜， 造车界居然也开始出现"预制菜"了！ 去年年底，宁德时代举办了一场声势浩大的发布会。只不过这一次，宁王并没有像以前一样发布全新电池，而是发布了自研的首款底盘—— 磐石底盘。 发布会现场， 阿维塔 就跟宁德时代签约，成了第一个宣称使用磐石底盘的品牌。 紧接着， 北汽、江淮、长安马自达 ，都相继曝出了即将使用磐石底盘开发新车型的消息。 今天，我们就借此机会好好聊一聊，电池厂造的底盘到底有什么特点？作为造车界的"预制菜"，又会对未来的汽车行业，产生怎样的影响？ 01. "吃得放心" 要想让车企放心"吃"宁德时代的预制菜，安全性绝对是必不可少的。 从起名的艺术来看，磐石底盘听起来就"坚不可摧"。而证明这一点的方式也非常简单粗暴： 撞就完事儿了！ 于是，宁德时代先是拿基于磐石底盘打造的样车，做了 ...

Core Insights - The article discusses the evolution of the domestic new energy vehicle (NEV) market, highlighting a shift from policy-driven to consumer-driven growth, with penetration rates increasing rapidly between 10% and 50% [1] - The emergence of intelligent driving (智驾) is seen as a new opportunity for market restructuring, with expectations for significant advancements in technology and cost reduction by 2025 [1] - Companies with strong core technologies and cost control are expected to capture higher market shares, with XPeng Motors identified as a potential leader in the intelligent driving wave [1] Group 1: Industry Trends - The NEV market is transitioning towards consumer-driven demand, with significant growth in penetration rates [1] - Intelligent driving technology is anticipated to enhance user experience and reduce costs, leading to increased market share for companies excelling in these areas [1] - 2025 is projected to be a pivotal year for the increase in intelligent driving penetration [1] Group 2: Company Strategy - XPeng Motors is launching a new product strategy over the next three years, with a focus on a diverse product matrix to cover all categories of intelligent mobility [2] - The company plans to initiate a product iteration cycle starting in Q3 2024, with several strategic models expected to launch in 2025 [2] - XPeng's AI-driven intelligent driving capabilities and improved vehicle lineup are expected to significantly boost sales and profitability [2] Group 3: Financial Projections - The company is projected to achieve revenues of 99.1 billion yuan in 2025, with a price-to-sales ratio of 1.4X [2] - The combination of scale enhancement, cost reduction from platform and technology, and expansion of software profitability models is expected to provide substantial financial flexibility [2] - The ongoing advancements in AI and intelligent driving are seen as key components in establishing a competitive edge in the automotive industry [2]