Core Viewpoint - The appointment of Liu Jiaming as the CEO of the "Qijing" brand marks a significant step in the collaboration between GAC Group and Huawei in the high-end intelligent electric vehicle market [1][3]. Group 1: Leadership Appointment - Liu Jiaming has been appointed as the CEO of the "Qijing" brand, responsible for brand strategy, product planning, market expansion, and operational management [1][3]. - The appointment was witnessed by key figures including Xu Zhijun, rotating chairman of Huawei, and Feng Xingya, chairman of GAC Group [3]. Group 2: Liu Jiaming's Background - Liu Jiaming has over 25 years of experience in the automotive industry, having worked in various roles including sales, product planning, investment strategy, and technology management [3]. - He previously led the planning of popular models such as the Highlander and Camry at GAC Toyota and implemented "structural reforms" in sales [3]. - His cross-domain and cross-cultural management experience is expected to facilitate the strategic implementation of the Qijing brand [3]. Group 3: Brand Collaboration - The Qijing brand is a high-end intelligent electric vehicle brand jointly announced by GAC and Huawei, aiming to integrate both companies' strengths in intelligence, ecology, and brand synergy [3]. - The brand is positioned to enter the market at a high starting point, focusing on providing consumers with a forward-looking intelligent travel experience [3].

Investment Rating - The report gives a "Buy" rating for the company [11][13]. Core Views - The company is a well-established domestic automaker leveraging state-owned assets for diversified development. The dual-track resilience of commercial and passenger vehicles solidifies growth foundations, while the collaboration with Huawei enables entry into the ultra-luxury intelligent vehicle segment [5][10]. Summary by Sections Company Overview - Jianghuai Automobile, established in 1964, is a comprehensive automotive enterprise integrating research, production, sales, and service across commercial and passenger vehicles. The company is controlled by the Anhui Provincial State-owned Assets Supervision and Administration Commission, with Volkswagen also holding shares through a joint venture [8][23][25]. Financial Performance - In 2024, the company reported revenue of 42.116 billion yuan, a year-on-year decline of 6.28%. The commercial vehicle segment accounted for over 50% of total revenue. The net profit attributable to shareholders was -2.741 billion yuan, a 60% decrease year-on-year, primarily due to losses from the Volkswagen Anhui joint venture and asset impairments [8][29][31]. Commercial Vehicle Segment - The commercial vehicle sector has a diversified layout centered around the Jianghuai 1 card, with light trucks maintaining a leading position in exports. In 2024, the export volume reached 36,000 units, marking 14 consecutive years at the top of the industry. The passenger vehicle segment has undergone brand integration and model simplification, focusing on three main brands: Jianghuai, Ruifeng, and Yi [9][42]. Ultra-Luxury Intelligent Vehicle Segment - The ultra-luxury vehicle market, priced above 600,000 yuan, is stable, with 464,000 units sold in 2024. The report highlights the significant growth of domestic brands, with a compound annual growth rate of approximately 187% from 2020 to 2024. The collaboration with Huawei has led to the launch of the Zun Jie S800, a high-end intelligent luxury sedan, which has shown strong market potential [10][11][75]. Future Profit Projections - The company is expected to achieve net profits attributable to shareholders of 3.97 billion yuan, 3.807 billion yuan, and 7.479 billion yuan for the years 2025, 2026, and 2027, respectively. The current market valuation corresponds to price-to-earnings ratios of 288.07, 30.01, and 15.28 times for the same years [5][11].

Core Viewpoint - GAC Group and Huawei have officially announced the launch of a new high-end smart electric vehicle brand called "Qijing" [2] Group 1 - The strategic cooperation between GAC and Huawei has entered a new phase, focusing on leveraging Huawei's strengths in assisted driving, smart cockpit, user ecosystem, and brand marketing, while GAC contributes its expertise in electric vehicle technology and manufacturing [5] - The Qijing brand aims to provide a forward-looking smart travel experience through innovative products and services [5] Group 2 - Qijing vehicles will be equipped with Huawei's most advanced intelligent technologies and are targeted at the younger demographic, emphasizing smart driving and intelligent cockpit capabilities [6] - In March, the establishment of Huawei Automotive Technology (Guangzhou) Co., Ltd. was announced with a registered capital of 1.5 billion yuan, serving as a key vehicle for the strategic cooperation between GAC and Huawei [6] - The first model under the Qijing brand is expected to be launched in 2026, focusing on the high-end market segment priced around 300,000 yuan [6]

广汽、华为启境汽车启航仪式 广汽集团 在汽车电动化转型过程中，广汽集团曾走在行业前列。广汽埃安作为广汽新能源业务的主力品牌，自 2020年以后曾步入高速增长期，连续数年获得国内新能源汽车销量冠军，2023年更达到年销48万辆的巅 峰水平，并一度考虑独立上市。 然而由于深陷"网约车"标签，广汽埃安的品牌高端化进程始终止步不前。尽管后期广汽又推出独立高端 品牌昊铂，但其销量和市场存在感均不尽如人意。 2024年，广汽埃安销量仅为37.5万辆，同比下滑21.2%；今年1-8月，广汽埃安销量仅为15.4万辆，同比 下降17.3%。今年上半年，广汽埃安的营业收入为103亿元，同比下滑17%。 与此同时，由于广汽集团主要利润来源——日系合资企业广汽丰田和广汽本田销量持续下滑，导致其利 润无法覆盖广汽新能源业务产生的亏损。今年上半年，广汽集团营业收入为421.66亿元，同比下降 7.95%；归属于上市公司股东的净亏损为25.38亿元，而上年同期的净利润15.16亿元，同比由盈转亏。 【文/观察者网 潘昱辰 编辑/高莘】9月19日，广汽集团与华为共同宣布，由广汽和华为乾崑联合打造的 高端智能新能源汽车品牌"启境"近日正式举行 ...

经观汽车 9月19日，据广汽集团董事长冯兴亚发布的微博，全新高端智能新能源汽车品牌——"启境"的正式发布。这标志着广汽集团与华为的战略合作进入新阶段， 双方将深度融合华为在智能驾驶、智能座舱、用户生态和品牌营销领域的优势，与广汽集团在三电技术、整车制造领域的专长，共同为"启境"品牌注入核心 竞争力。未来该品牌将通过创新产品和服务，为用户提供前瞻性的智能化出行体验。 ...

华望汽车于2025年3月18日正式成立，注册资本15亿元，由广汽集团全资持股，法定代表人为广汽集团 副总经理閤先庆。 根据双方规划，启境汽车将全系搭载华为乾昆智能技术，涵盖智能驾驶、智能座舱等核心功能，融合华 为领先的智能科技与广汽集团可靠的大厂制造品质。 据悉，"启境"品牌的首款产品将定位30万级豪华智能新能源车，提供纯电和增程两种动力形式，预计 2026年推出实车。 有消息称，华望汽车目前规划了两款车型，分别为轿车与SUV，动力形式涵盖纯电与增程。两款新车预 计将于2026年面世，风格定位接近目前20万元以上热门品牌，但整体定位更趋高端。 8月8日，广汽集团召开华望项目开发攻关动员会，从战略层面进行部署，强调项目成功对广汽整体发展 具有重要意义。 长江商报奔腾新闻记者 黄聪 销量不佳之下，广汽集团（601238.SH、02238.HK）联手华为能否取得突破？ 9月16日，有消息称，广汽与华为联合打造的全新高端智能新能源汽车品牌正式定名为"启境"，该品牌 将在近期正式发布。 天眼查信息显示，2025年5月，由广汽集团设立的华望汽车技术（广州）有限公司（以下简称"华望汽 车"）申请注册了"启境"等多枚商标。 ...

Investment Rating - The report upgrades the investment rating to "Buy" for the company [4] Core Views - The company is expected to benefit from the product cycle of its ARCFOX brand, with a potential turnaround in profitability, while the high-margin Xiangjie brand is beginning to stabilize in volume [7] - The company anticipates revenues of 331 billion, 596 billion, and 820 billion for the years 2025, 2026, and 2027 respectively, with corresponding net profits of -44 billion, -17 billion, and 14 billion [7] Financial Summary - Revenue projections for 2023A to 2027E show significant growth, with 2023A at 14,319 million and expected to reach 81,962 million by 2027E, reflecting a growth rate of 50.5% in 2023 and 37.5% in 2027 [1] - The net profit is projected to improve from -5,400 million in 2023A to 1,388 million in 2027E, with a notable increase of 182.8% in 2027 [1] - The report indicates a P/S ratio of 1.4 for 2025, 0.8 for 2026, and 0.6 for 2027, suggesting a favorable valuation trend [7] Brand Development - The Xiangjie brand, in collaboration with Huawei, is gaining traction with the launch of the Xiangjie S9, which has achieved over 3,000 units in sales and aims to lead the market for new energy vehicles priced above 300,000 yuan by June 2025 [2] - The ARCFOX brand is expanding its product lineup with a focus on mainstream consumer markets, including the upcoming A0-class pure electric SUV, ARCFOX T1, priced starting at 68,800 yuan [3] Strategic Partnerships - The collaboration with Huawei has deepened over the years, leading to the successful launch of the Xiangjie S9, which has become a market leader in its segment [46] - The company is leveraging Huawei's advanced technology in smart driving and electric vehicle solutions to enhance its product offerings [21][30]

Core Insights - Great Wall Motors reported strong financial performance in Q2 2025, achieving revenue of 52.316 billion yuan, a year-on-year increase of 7.72%, and a net profit of 4.586 billion yuan, up 19.42% year-on-year and 161.87% quarter-on-quarter, marking the best Q2 results in the company's history [2] - The company showcased its six brands at the 2025 Chengdu International Auto Show, highlighting the new Tank 500 model, which emphasizes smart technology and luxury in the off-road segment [2][6] Financial Performance - In Q2 2025, Great Wall Motors achieved a cumulative sales volume of 312,000 vehicles, representing a year-on-year increase of 11.63% and a quarter-on-quarter increase of 21.51%, also the best Q2 sales performance in history [2] - The company's focus on smart new energy vehicles and its strategic positioning in technology, off-road capabilities, and globalization contributed to its high-quality growth [2] Product Launch and Features - The new Tank 500 model features the third-generation Coffee Pilot Ultra driver assistance system, equipped with 27 sensors, enabling full-scene navigation assistance [3] - The Tank 500 is available in three power versions, with prices ranging from 335,000 to 375,000 yuan, and includes advanced features such as a 2.0T engine with dual motors and a battery capacity of 59.05 kWh [6] - The vehicle's charging capabilities have been significantly upgraded, allowing for a fast charge from 30% to 80% in just 16 minutes, with a 30% increase in charging speed [6] Market Performance and Outlook - Despite the strong launch of the Tank 500, the Tank brand experienced a 10.67% decline in sales in the first half of the year, totaling 104,000 units, marking the first negative growth since the brand's independence [7] - The potential for the new Tank 500 to drive sales growth in the off-road market remains to be seen [7]

Investment Rating - The investment rating for the company is maintained at "Accumulate" [2] Core Views - The company has achieved a revenue of 92.33 billion yuan in the first half of 2025, representing a year-on-year growth of 0.99%, while the net profit attributable to shareholders decreased by 10.2% to 6.34 billion yuan [7] - The gross margin has slightly declined, and the expense ratio has increased, with a gross margin of 18.38%, down by 1.56 percentage points year-on-year [7] - The company has established a comprehensive production layout both domestically and internationally, with a total sales volume of 568,852 vehicles in the first half of 2025, a year-on-year increase of 2.52%, including 160,435 new energy vehicles, which grew by 23.64% year-on-year [7] - The company is expected to achieve net profits of 14.62 billion, 17.53 billion, and 21.47 billion yuan for the years 2025 to 2027, corresponding to PE ratios of 15.1, 12.6, and 10.3 respectively, maintaining the "Accumulate" rating [7] Financial Performance - Revenue forecast for 2023A to 2027E shows a growth from 173.21 billion yuan in 2023 to 331.06 billion yuan in 2027, with a revenue growth rate of 26.1% in 2023, gradually decreasing to 18.6% in 2027 [6] - The net profit forecast indicates a recovery from a decline of 15.1% in 2023 to a growth of 22.5% by 2027 [6] - The earnings per share (EPS) is projected to increase from 0.82 yuan in 2023 to 2.51 yuan in 2027 [6] Production and Sales - The company has 10 fully integrated vehicle production bases in China and has established three fully integrated vehicle production bases in Thailand and Brazil, along with several KD factories in Ecuador, Malaysia, and Pakistan [7] - The company is focusing on the smart new energy vehicle segment, enhancing its market influence [7]

Core Viewpoint - Jianghuai Automobile, in collaboration with Huawei, has launched its high-end luxury passenger car brand, Zun Jie, with the first model, Zun Jie S800, priced between 708,000 to 1,018,000 yuan, achieving 12,000 pre-orders within 87 days of its launch [1][2][14]. Group 1: Company Background and Market Entry - Jianghuai Automobile has a long history, starting with commercial vehicles in 1968 and entering the passenger car market in 2002, but has not been particularly prominent in the passenger vehicle sector until the recent launch of Zun Jie S800 [2][3]. - The company aims to enter the high-end luxury car market, which raises questions about its previous performance in the passenger vehicle segment [2][3]. Group 2: Strategic Collaboration and Technological Innovation - The collaboration between Jianghuai and Huawei is based on the need for technological and energy transformation, leveraging Jianghuai's industrial foundation and Huawei's advanced technology [3][4]. - The Zun Jie S800 features significant advancements in smart technology, including the "Six Domain Fusion Technology" and various innovative features such as zero-gravity seats and gesture-controlled systems [3][4]. Group 3: Research and Development Investment - Jianghuai has increased its R&D investment, with 2025's first half seeing an investment of 2.216 billion yuan, a 34.47% increase year-on-year, representing 11.44% of revenue, focusing on smart and new energy technologies [10][14]. - The company emphasizes original innovation and aims to develop unique technologies rather than relying on existing ones, with a focus on four key areas: vehicle integration, user experience design, key technology mastery, and production process innovation [10][11]. Group 4: Manufacturing and Quality Assurance - Jianghuai and Huawei have established a digital twin factory for the Zun Jie S800, utilizing Huawei's industrial data model technology to optimize production processes [11][13]. - The Zun Jie S800 has led to a systemic upgrade across the supply chain, with Jianghuai forming partnerships with over 220 global suppliers to enhance quality and innovation [13][14]. Group 5: Market Performance and Future Plans - Since its launch, the Zun Jie S800 has exceeded market expectations, contributing to a 34.5% increase in Jianghuai's stock price from January 2 to August 27, 2025, ranking among the top in the automotive sector [14]. - Jianghuai plans to accelerate the development of additional models under the Zun Jie brand, aiming to provide more domestic ultra-luxury products to the market [14].