丨证券研究报告丨 分析师及联系人 [Table_Author] [Table_scodeMsg1] 港股研究丨公司点评丨吉利汽车（00175.HK） [Table_Title] 吉利汽车 2025 年 12 月销量点评：超额完成全 年目标，极氪 9X 月交付过万 高伊楠 张扬 SAC：S0490517060001 SAC：S0490524030004 SFC：BUW101 请阅读最后评级说明和重要声明 报告要点 [Table_Summary] 吉利汽车发布 2025 年 12 月销量。公司 12 月销量 23.7 万辆，同比+12.7%，环比-23.7%。2025 年全年累计销量 302.5 万辆，同比+39.0%。新平台赋能，吉利汽车有望开启产品新时代。GEA 架构支撑新车周期，极氪、领克、银河全面向好。各品牌新能源转型顺利推进，规模效应逐步 凸显将带来盈利向上弹性。公司燃油车基盘稳固，联营企业创新出海模式持续打开海外新空间。 智能化战略即将开启，加速提升智驾能力。整车强势新周期下盈利具备较大弹性。 %% %% %% %% research.95579.com 1 [Table_scodeMsg2] 吉利汽 ...

Core Viewpoint - Changan Automobile's recent capital actions are not merely for financing but represent a systematic and forward-looking strategic restructuring aimed at seizing future opportunities in a rapidly changing automotive industry [2][4]. Group 1: Capital Actions - Changan Automobile's capital layout consists of three distinct actions: the independent listing of its high-end brand Avita Technology, the capital increase for its core subsidiary Deep Blue Automotive, and the significant investment in its intelligent technology arm, Changan Technology [4][5]. - Avita Technology submitted its listing application to the Hong Kong Stock Exchange, with revenue projected to rise from 28 million in 2022 to 15.195 billion in 2024, despite a cumulative loss nearing 10 billion [4]. - The capital increase for Deep Blue Automotive aims to secure its competitive position, with Changan planning to invest up to 3.122 billion, including intangible assets valued at 1.043 billion [4][5]. Group 2: Strategic Timing - The timing of these capital moves is closely related to the intense competition in the Chinese automotive market and the need for Changan to align with its development pace [7]. - The current market environment, characterized by price wars and declining profit margins, necessitates a robust financial buffer, particularly for Deep Blue Automotive, which is projected to have a revenue of 37.225 billion in 2024 but a net loss of 1.572 billion [7][8]. - Changan's capital operations are seen as a preparation for the new competitive cycle in the automotive industry, coinciding with the establishment anniversary of China Changan Automobile Group and the conclusion of the 14th Five-Year Plan [7][8]. Group 3: Future Capital Strategy - Changan Automobile's capital strategy is expected to evolve towards more sophisticated ecological operations along asset, liability, and equity lines [10][11]. - The company may explore "technology assetization" and "asset securitization," potentially packaging core technology patents for licensing to subsidiaries, thereby enhancing profitability and operational efficiency [11]. - Future plans may include optimizing capital structure and attracting diverse strategic investors to build industry alliances, with the possibility of further splitting off software subsidiaries for independent financing [11][12]. Group 4: Transformation and Challenges - Changan Automobile's capital strategy signifies a shift from traditional financing to a model that connects technology and defines ecosystems, moving valuation metrics from vehicle sales to technology licensing and ecological services [12]. - The company faces challenges in demonstrating the unique value and profitability prospects of Avita Technology's "CHN" model amidst significant losses, while also ensuring Deep Blue Automotive achieves a balanced financial position [12]. - This transformation within a state-owned enterprise not only impacts Changan's future but also serves as a case study for the broader Chinese automotive industry navigating its own transition [12].

Core Insights - The Guangzhou Auto Show this year reflects a shift in focus from sensationalism to substantive product offerings, with Mercedes-Benz showcasing a robust and systematic value enhancement across its vehicle lineup [1] - Mercedes-Benz emphasizes that luxury is not merely about technological innovation but also about a deep understanding of consumer needs and a commitment to safety and quality [7] Group 1: Product Innovation - Mercedes-Benz's long-wheelbase C-Class is the first in its class to feature the Qualcomm 8295 smart cockpit chip and the third-generation MBUX intelligent human-machine interaction system, highlighting the brand's commitment to integrating advanced technology into luxury vehicles [2] - The entire lineup, including the E-Class and S-Class, has undergone intelligent upgrades, reinforcing the idea that smart technology should be a standard in luxury rather than an optional feature [2][3] Group 2: Market Positioning - The stability of Mercedes-Benz's sales in the luxury segment is supported by high resale values, with the E-Class achieving the highest three-year resale rate among mid-to-large sedans in 2024 [5] - The brand's high resale value is attributed to a unified global manufacturing standard, extensive after-sales network, and timeless design, which collectively reduce long-term ownership anxiety for consumers [5] Group 3: Manufacturing Philosophy - Mercedes-Benz's commitment to safety and quality is evident in its rigorous testing protocols, including 15,000 simulation tests and 150 real vehicle crash tests before market launch [3][7] - The brand's manufacturing philosophy emphasizes a deep respect for the essence of manufacturing, ensuring that every vehicle meets high standards of safety, comfort, and performance [7] Group 4: Consumer Trust - In an era of uncertainty, the predictability and reliability of Mercedes-Benz vehicles are seen as a luxury, with consumers choosing the brand for its long-term value and trustworthiness [5][6] - The focus on delivering real value and a predictable experience positions Mercedes-Benz as a leader in the luxury automotive market, especially as the industry shifts from disruptive narratives to value-driven storytelling [7]

Core Insights - The digital transformation in manufacturing is increasingly relying on advanced digital certifications as a benchmark for technological strength and management efficiency [1][3] - Huabao International is actively promoting its "Four Modernizations" strategy, elevating "management digitization" to "management intelligence" to build an AI-driven smart enterprise operation system [1][3] - Jiangxi Xinhui, a subsidiary of Huabao International, has successfully achieved the "L6 level" certification in digital development, showcasing the effective implementation of the company's intelligent transformation strategy [1][3] Group 1 - Huabao International's "Four Modernizations" strategy focuses on three key areas: productivity paradigm transformation, innovation methodology transition, and organizational capability reconstruction [3] - The company has completed the deployment of a hundred billion parameter local model and initiated plans for a thousand billion parameter model, alongside advancing the structuralization of knowledge assets [3] - The L6 certification represents a high level of digital maturity, indicating significant application of information technology in core business scenarios and a well-established industrial internet architecture [3] Group 2 - Jiangxi Xinhui has integrated industrial internet platforms into production, merging traditional equipment with IoT sensors to enhance production efficiency and reduce defect rates [3] - A unified data platform has been created to consolidate data across R&D, production, and supply chain, breaking down information silos and providing precise data support for management decisions [3] - The recognition of Jiangxi Xinhui reflects its commitment to Huabao International's strategic goals and its proactive approach to digital transformation [3][5] Group 3 - The honor received by Jiangxi Xinhui is a testament to the collective efforts of employees, from smart equipment upgrades to continuous optimization of data algorithms [5] - Looking ahead, Jiangxi Xinhui aims to deepen the integration of digitalization with the real economy, focusing on smart factory construction and industrial big data applications [5] - Huabao International plans to further promote such digital practices across its subsidiaries, enhancing digital talent development and optimizing technology empowerment mechanisms [5]

每经AI快讯，12月12日，长安汽车(000625.SZ)公告称，全资子公司长安科技拟开展增资扩股。长安汽 车拟通过非公开协议方式，与中国长安汽车、辰致集团共同参与本次增资。本次长安科技增资扩股总额 为30亿元，其中，长安汽车拟增资6亿元，最终持有75%股权。本次增资完成后，长安科技注册资本将 增至13亿元（最终以工商变更登记为准）。长安科技仍为公司控股子公司。此次增资旨在集中集团资源 加大智能化领域的战略性布局投入，推动长安汽车智能化战略落地。 ...

Core Viewpoint - Changan Automobile is advancing its smart technology strategy by increasing capital in its wholly-owned subsidiary, Changan Technology, through a private placement with partners [1] Group 1: Capital Increase Details - Changan Technology plans to raise a total of RMB 3 billion through this capital increase [1] - Changan Automobile will contribute RMB 600 million, retaining a 75% stake [1] - China Changan Automobile Group will invest RMB 2.1 billion for a 22% stake, while Chanzhi Automotive Technology Group will invest RMB 300 million for a 3% stake [1] Group 2: Impact on Company Structure - Following the capital increase, Changan Technology's registered capital will rise to RMB 1.3 billion [1] - Changan Technology will remain a controlled subsidiary of Changan Automobile, with no changes to the consolidated financial reporting scope [1]

Investment Rating - The investment rating for Geely Automobile is "Buy" and is maintained [6]. Core Insights - Geely Automobile reported a total sales volume of 307,000 units in October 2025, representing a year-on-year increase of 35.5% and a month-on-month increase of 12.5% [2][4]. - Cumulative sales from January to October 2025 reached 2.477 million units, up 44.3% year-on-year [2][4]. - The company is expected to enter a new product era supported by the GEA architecture, with positive developments across its brands including Zeekr, Lynk & Co, and Galaxy [7]. - The transition to new energy vehicles is progressing smoothly, with scale effects expected to enhance profitability [7]. - Geely's strong foundation in fuel vehicles and innovative overseas expansion strategies are opening new markets [7]. - The company is set to launch 10 new energy models in 2025, with significant advancements in smart driving capabilities [7]. Summary by Sections Sales Performance - October 2025 sales reached 307,000 units, with Geely brand, Lynk & Co, and Zeekr sales at 245,000, 40,000, and 21,000 units respectively [7]. - Galaxy brand achieved 127,000 units in October, marking a 100.8% increase year-on-year [7]. - Exports in October totaled 42,000 units, up 22.6% year-on-year [7]. - New energy vehicle sales in October were 178,000 units, accounting for 57.9% of total sales, a year-on-year increase of 63.6% [7]. Product Strategy - Geely plans to launch 10 new energy models in 2025, including five new models and several facelifts [7]. - The company is enhancing its smart driving capabilities, with new models expected to feature advanced driving technologies [7]. Financial Outlook - The projected net profit for 2025 is 16.1 billion yuan, with a corresponding price-to-earnings ratio of 10.6X [7].

Investment Rating - The investment rating for BYD is "Buy" and is maintained [7]. Core Insights - In Q3 2025, BYD reported revenue of 194.98 billion yuan, a year-on-year decrease of 3.1% and a quarter-on-quarter decrease of 3.0%. The net profit attributable to shareholders was 7.82 billion yuan, down 32.6% year-on-year but up 23.1% quarter-on-quarter. The net profit excluding non-recurring items was 6.89 billion yuan, down 36.6% year-on-year and up 26.9% quarter-on-quarter. The company is firmly committed to its intelligent driving transformation under its smart strategy, with the launch of the Super e platform marking a significant innovation in pure electric technology. The model lineup for high-end markets is expanding with the Tengshi, Yangwang, and Fangchengbao models. The overseas market continues to grow, with plans to enhance overseas channels and model matrix. The peak season in the second half of the year is expected to improve scale effects, and profitability is anticipated to continue to rise with the expansion of overseas markets and high-end offerings [2][5][11]. Financial Performance Summary - In Q3 2025, BYD's total sales volume was 1.114 million vehicles, showing a slight decline of 1.8% year-on-year and 2.7% quarter-on-quarter. The overseas sales volume remained high at 231,000 vehicles, with a year-on-year increase of 12.5 percentage points. The average revenue per vehicle was approximately 137,000 yuan, reflecting a slight decrease [11]. - The gross margin for Q3 2025 was approximately 17.6%, an increase of 1.3 percentage points quarter-on-quarter but a decrease of 2.5 percentage points year-on-year. The gross margin for the vehicle business was about 20.6%, up 1.9 percentage points quarter-on-quarter and down 2.7 percentage points year-on-year. The improvement in vehicle profitability was attributed to the reduction of dealer rebates, easing of terminal price wars, and ongoing cost reductions [11]. - The company expects a net profit attributable to shareholders of 35 billion yuan for 2025, corresponding to a PE ratio of 27 times, maintaining the "Buy" rating [11].

Investment Rating - The investment rating for the company is "Accumulate" with a target price of 52.92 CNY [6][13]. Core Insights - The company has demonstrated steady revenue growth, effective cost control, and is advancing its AI sewing machine and robotics business, which opens a second growth curve through its intelligent transformation [2][13]. - The company reported a revenue of 4.967 billion CNY for the first three quarters of 2025, representing a year-on-year increase of 5.53%, and a net profit attributable to shareholders of 682 million CNY, up 10.06% year-on-year [13]. - The company is transitioning from a traditional sewing equipment manufacturer to an intelligent manufacturing solution provider driven by AI and robotics, with successful implementation of smart features in core products [13]. Financial Summary - Total revenue is projected to grow from 5.294 billion CNY in 2023 to 7.997 billion CNY in 2027, with a compound annual growth rate (CAGR) of approximately 10% [4][14]. - Net profit attributable to shareholders is expected to increase from 538 million CNY in 2023 to 1.240 billion CNY in 2027, reflecting a CAGR of around 16.4% [4][14]. - The earnings per share (EPS) is forecasted to rise from 1.13 CNY in 2023 to 2.60 CNY in 2027 [4][14]. - The return on equity (ROE) is anticipated to improve from 12.4% in 2023 to 19.7% in 2027 [4][14]. Strategic Developments - The company has launched its high-end smart brand "Aitu" with its first product Ai10 targeting the global high-end market, marking the commercialization of its AI product system [13]. - The intelligent transformation strategy is expected to gradually reveal growth potential as AI and robotics products are progressively implemented [13].

Investment Rating - The investment rating for Huayang Group is "Buy" (maintained) [1] Core Views - The company's Q3 2025 revenue reached 3.48 billion yuan, with a year-on-year increase of 31.43% and a quarter-on-quarter increase of 23.34%. The net profit attributable to shareholders was 220 million yuan, reflecting a year-on-year increase of 23.74% and a quarter-on-quarter increase of 18.22%, aligning with expectations [8] - The gross margin for Q3 2025 was 18.93%, showing a year-on-year decrease of 2.13 percentage points and a quarter-on-quarter decrease of 0.57 percentage points, indicating a stabilization trend after recent competitive pressures in the downstream automotive sector [8] - The company is actively expanding its production capacity, with construction projects reaching a balance of 364 million yuan, a significant increase of 89.92% from the beginning of the year, aimed at supporting future revenue growth [8] - The company is deepening its smart technology initiatives and expanding its overseas business, with ongoing projects in smart cockpits and wireless charging, which are expected to contribute to steady growth [8] - Revenue forecasts for 2025-2027 are maintained at 12.7 billion, 15.6 billion, and 18.7 billion yuan, with year-on-year growth rates of 25%, 23%, and 20% respectively. The net profit forecasts have been slightly adjusted downwards to 810 million, 1.03 billion, and 1.33 billion yuan for the same period, with corresponding P/E ratios of 20, 16, and 12 times [8] Financial Summary - Total revenue for 2023 is projected at 7.14 billion yuan, with a year-on-year growth of 26.59%. The net profit attributable to shareholders is expected to be 464.82 million yuan, reflecting a year-on-year increase of 22.17% [1] - The latest diluted EPS for 2023 is estimated at 0.89 yuan per share, with a P/E ratio of 35.38 times [1] - The company’s total assets are projected to reach 12.2 billion yuan by 2024, with a debt-to-asset ratio of 48.40% [7]