图源：零跑官方 作者丨彭鑫 编辑丨安安 11月21日，零跑汽车于广州国际车展正式揭幕全新A平台首款车型——零跑A10，标志着零跑补齐A、B、C、D四大系列矩阵的最后一块拼图，正式进入主 流细分市场全覆盖的新阶段。作为一款定位"智能精品长续航SUV"的全球车型，零跑A10以"好而不贵、科技普惠"为核心理念，集500km CLTC超长续航、高 通8295P+8650双旗舰芯片、车位到车位全场景智能辅助、油冷电驱、88.1%空间得房率等配置。新车同步开启盲订，并计划于2026年上半年开启交付。 图源：零跑官方 零跑A10以"科技自然美学2.0"为设计理念，将创新科技与自然纯粹相融合，塑造出"纯粹、向上、愉悦"的视觉语言。外观上，零跑A10以经典SUV比例为基 础，融入情感化设计细节。车身长度超4200mm，轴距超2600mm，凭借88.1%的超高得房率，实现小车身大空间的越级体验。前脸搭配"嘻嘻灯"，以三段式 弧线延续家族经典设计；车尾采用"哈哈尾灯"元素，前后呼应，成为零跑A10独有的情绪符号。1133mm俯冲式长机盖、18英寸活力运动轮毂、6处辅助驾驶 小蓝灯、半隐藏门把手与贯通式进气风道等设计态。 色彩方面， ...

2025年11月21日，零跑汽车于广州国际车展正式揭幕全新A平台首款车型——零跑A10，标志着零跑补齐A、B、C、D四大系列矩阵的最后一块拼图， 正式进入主流细分市场全覆盖的新阶段。作为一款定位"智能精品长续航SUV"的全球车型，零跑A10以"好而不贵、科技普惠"为核心理念，集500km CLTC超 长续航、高通8295P+8650双旗舰芯片、车位到车位全场景智能辅助、油冷电驱、88.1%空间得房率等越享配置，打破10万元级市场"智能妥协、续航焦虑、 空间必挤"的行业困局，为主流家庭及追求品质的用户提供全场景不将就的出行解决方案。新车同步开启盲订，并计划于2026年上半年开启交付。 盲订权益部分，预付99元意向金，抢先盲订享5重专属限时权益： 1、盲订用户转大定并提车，赠送A10限定神秘礼品（价值400元，限量2000名）； 2、盲订用户转大定并提车，即享3000能量积分； 3、解锁零跑A10专属个性化身份标识（含头像框、徽章等）； 4、优先参与APP专属活动，有机会赢得惊喜大奖、积分； 5、优先参与官方产品共创品鉴等专属活动。 色彩方面，零跑A10推出6款全球自然色，灵感源于全球特色城市及地区。"橡果棕"如 ...

Core Viewpoint - The company, Unisoc, has made significant progress in its automotive electronics business, particularly in the production of safety chips, which are now being mass-produced for several leading Tier 1 suppliers and OEMs [1][3]. Group 1: Automotive Electronics Business Progress - The company reported that its annual shipment volume for safety chips has reached several million units, covering multiple mass-production models from various automakers [1]. - The automotive electronic chips are primarily focused on two categories: safety chips and domain control chips, with safety chips emphasizing vehicle identity authentication, data security, and functional safety [3]. - The company is experiencing accelerated customer onboarding, leading to stable volume growth for related products [3]. Group 2: Domain Control Chips - The domain control chips are mainly applied in critical areas such as power and chassis, where safety requirements are extremely high, and the industry adoption cycle is lengthy with stringent OEM certification standards [3]. - The company is advancing verification and customer-side adaptation according to automotive regulations, focusing on computing power, interfaces, and safety mechanisms for continuous iteration [3]. Group 3: Industry Trends and Strategic Focus - The domestic automotive industry's international expansion and the increasing penetration of intelligent connected vehicles are driving close communication between customers and the company regarding chip upgrades in product forms and usage [3]. - The company aims to enhance its product matrix in line with automakers' platform needs and ensure long-term supply capabilities through quality systems and supply chain management [3]. - The industry trend indicates that domestic substitution is a crucial direction for automotive electronic chips, with the company prepared in technology research and customer certification, focusing on functional safety, information security, and reliability to seize structural opportunities brought by smart electrification [3].

Investment Rating - The report maintains an "Outperform the Market" rating for the company [5][70]. Core Insights - The company achieved a net profit of 410 million yuan in Q3 2025, representing a year-on-year increase of 35% [1][9]. - For the first three quarters of 2025, the company reported revenue of 45.844 billion yuan, up 11.45% year-on-year, and a net profit of 1.12 billion yuan, an increase of 18.98% year-on-year [1][9]. - The company has a robust order book, with new orders totaling approximately 40.2 billion yuan in Q3 2025 and 71.4 billion yuan for the first three quarters [2][36]. - The company is actively expanding its automotive electronics and robotics key component business, positioning itself as a "Tier 1" supplier in the automotive and robotics sectors [3][58]. Financial Performance - In Q3 2025, the company's revenue was 15.497 billion yuan, a 10.25% increase year-on-year, while the net profit was 4.13 billion yuan, up 35.40% year-on-year [1][9]. - The gross margin for Q3 2025 was 18.6%, an increase of 2.9 percentage points year-on-year, while the net margin was 2.9%, a slight decrease of 0.1 percentage points year-on-year [1][11]. - The company’s operating expenses increased, with the four expense rates at 14.59% in Q3 2025, up 3.3 percentage points year-on-year [17]. Order and Business Development - The company secured new orders in the automotive safety and electronics sectors, with significant contributions from leading domestic brands and new energy vehicle manufacturers [2][36]. - The company is focusing on the development of automotive intelligent solutions, including central computing units and smart cockpit products, with expected lifecycle order values of approximately 150 billion yuan and 50 billion yuan, respectively [2][44]. Future Outlook - The report forecasts revenue for 2025-2027 to be 64.243 billion yuan, 68.098 billion yuan, and 71.843 billion yuan, respectively, with net profits projected at 1.582 billion yuan, 1.920 billion yuan, and 2.153 billion yuan [4][70]. - The company is enhancing its technological capabilities in the fields of intelligent driving, smart cockpit, and new energy management systems, aiming to maintain a competitive edge in the market [40][47].

Core Insights - The company reported a significant increase in wholesale sales for October 2025, with a total of 143,000 vehicles sold, representing a year-on-year growth of 22.5% and a month-on-month increase of 7.1% [1] - Cumulative wholesale sales from January to October reached 1.066 million vehicles, showing a year-on-year increase of 9.9% [1] Group 1: Sales Performance - Haval brand sold 88,000 vehicles in October, up 21.4% year-on-year and 7.7% month-on-month, with cumulative sales of 617,000 vehicles from January to October, reflecting a 13.3% year-on-year increase [1] - Wey brand achieved sales of 13,000 vehicles in October, marking a substantial year-on-year growth of 95.8% and a month-on-month increase of 15.2%, with cumulative sales of 76,000 vehicles, up 96.3% year-on-year [1] - Tank series sold 22,000 vehicles in October, up 16.6% year-on-year and 4.0% month-on-month, with cumulative sales of 187,000 vehicles from January to October, showing a slight decline of 0.8% year-on-year [1][2] - The pickup segment recorded sales of 14,000 vehicles in October, up 9.3% year-on-year and 9.2% month-on-month, with cumulative sales of 150,000 vehicles, reflecting a 3.7% year-on-year increase [1] - Ora brand sold 6,000 vehicles in October, a modest year-on-year increase of 1.6% but a decline of 9.7% month-on-month, with cumulative sales of 35,000 vehicles, down 33.0% year-on-year [1] Group 2: New Product Launches - The new Tank 400 model was officially pre-sold on October 21, with pre-sale prices starting at 309,800 yuan, featuring advanced technology and enhanced driving experience [2] - Haval's new models, including the 2026 Big Dog and the Menglong, are driving sales growth through competitive pricing and upgraded features [2] Group 3: International Expansion - The company reported overseas wholesale sales of 57,000 vehicles in October, up 28.7% year-on-year and 13.7% month-on-month, with cumulative overseas sales of 391,000 vehicles from January to October, reflecting a 6.2% year-on-year increase [3] - The Tank 500 Hi4-T model has been launched in Australia, receiving positive feedback for its technology and off-road capabilities, indicating potential for steady growth in international markets [3] Group 4: Financial Projections - The company anticipates revenue growth with projected figures of 226.78 billion yuan, 289.80 billion yuan, and 318.78 billion yuan for the years 2025 to 2027, respectively [3] - Expected net profit for the same period is projected at 12.67 billion yuan, 17.52 billion yuan, and 19.40 billion yuan, with corresponding price-to-earnings ratios of 15, 11, and 10 times based on the closing price of 22.69 yuan per share on November 3, 2025 [3]

Core Viewpoint - Junsheng Electronics (600699.SH) has set its H-share IPO price at HKD 22, representing a 32% discount compared to its latest A-share closing price, amid concerns over declining revenue and reduced investor confidence [5][6]. Group 1: Financial Performance - In Q3 2025, Junsheng Electronics reported revenue of CNY 15.497 billion, a year-on-year increase of 10.25% but a quarter-on-quarter decline of 1.74% [7]. - The net profit attributable to shareholders for Q3 2025 was CNY 413 million, reflecting a year-on-year growth of 35.40% and a quarter-on-quarter increase of 12.37% [7]. - The company did not provide an explanation for the quarter-on-quarter revenue decline in its Q3 report [8]. Group 2: Business Segments and Market Position - Junsheng Electronics specializes in automotive electronic solutions, safety solutions, and other automotive components, with a focus on smart cockpits and safety systems [6]. - The company holds an 8.9% market share in the global smart cockpit domain control system market, ranking fourth globally with revenue of CNY 6.3 billion [6]. - The gross margin for the automotive safety business improved by 2.4 percentage points year-on-year to approximately 16.4% in the first three quarters of 2025 [8]. Group 3: Market Trends and Future Outlook - The automotive industry is experiencing a shift towards integrated smart cockpit solutions, with increasing competition and a growing influence of Chinese companies in the global market [6]. - The tightening of automotive safety regulations is expected to raise the cost of passive safety features per vehicle from approximately CNY 1,500 in 2020 to CNY 1,800 by 2029 [6]. - Concerns have been raised regarding the potential impact of the end of tax exemptions for new energy vehicles in 2026, which may slow down market growth [12].

Investment Rating - The report maintains a "Recommended" rating for the company, with a closing price of 22.69 CNY per share as of November 3, 2025 [6]. Core Views - The company has achieved record sales in October, with wholesale sales reaching 143,000 units, a year-on-year increase of 22.5% and a month-on-month increase of 7.1%. Cumulative sales from January to October reached 1.066 million units, up 9.9% year-on-year [1]. - The introduction of new models, particularly the Tank 400, is expected to enhance brand positioning and drive sales growth. The new model features advanced technology and is aimed at improving the driving experience [2]. - The Haval brand continues to perform well, with sales of 88,000 units in October, reflecting a year-on-year increase of 21.4% and a month-on-month increase of 7.7%. The launch of new models is expected to further strengthen market competitiveness [3]. - The company's overseas sales are also on the rise, with October sales reaching 57,000 units, a year-on-year increase of 28.7% and a month-on-month increase of 13.7%. The company is making progress in localizing production in Australia, which is anticipated to boost overseas sales [3]. Summary by Sections Sales Performance - In October, the company reported a wholesale sales figure of 143,000 units, with significant contributions from various brands: Haval (88,000 units), Wey (13,000 units), Pickup (14,000 units), Ora (6,000 units), and Tank (22,000 units) [1]. - Cumulative sales for the first ten months of the year reached 1.066 million units, with Haval and Wey brands showing notable year-on-year growth [1]. New Product Launches - The Tank 400 was launched for pre-sale on October 21, 2025, with advanced features aimed at enhancing the driving experience and promoting brand high-end positioning [2]. - Haval's new models, including the 2026 version of the Big Dog and the Menglong, are expected to drive sales through competitive pricing and upgraded features [3]. Financial Projections - The company forecasts revenues of 226.78 billion CNY in 2025, 289.8 billion CNY in 2026, and 318.78 billion CNY in 2027, with corresponding net profits of 12.67 billion CNY, 17.52 billion CNY, and 19.4 billion CNY respectively [4][5]. - The projected PE ratios for the upcoming years are 15 for 2025, 11 for 2026, and 10 for 2027, indicating a favorable valuation outlook [4][5].

Core Insights - Geely Auto Group has achieved record sales in October 2025, with total sales exceeding 300,000 units and new energy vehicle sales reaching nearly 178,000 units, marking a significant market momentum [1][5] - The company showcased its diverse intelligent new energy vehicle lineup during the 2025 Hangzhou Marathon, integrating green technology and smart services into the event [1][2] Sales Performance - In October 2025, Geely's total passenger vehicle sales reached 307,133 units, a year-on-year increase of 35% and a month-on-month increase of 12% [5] - Year-to-date sales for the first ten months exceeded 2.477 million units, reflecting a 44% year-on-year growth [5] - New energy vehicle sales in October reached 177,882 units, a 64% year-on-year increase, with cumulative sales for the year surpassing 1.345 million units, up 106% year-on-year [5] Technological Integration - Geely's vehicle lineup for the marathon included advanced technologies such as low energy consumption, ultra-fast charging, and long-range capabilities, enhancing both event efficiency and user experience [3][4] - The company has invested in AI technology, creating an ecosystem that integrates big data and advanced computing, showcasing its commitment to innovation in the automotive sector [4] Community Engagement - Geely's participation in the marathon reflects its commitment to supporting local economic development and promoting sports and cultural integration in Zhejiang [4] - The company actively engaged its employees and media representatives in the marathon, embodying the spirit of perseverance and positivity [3]

Core Viewpoint - FAW-Volkswagen has become the first domestic automaker in China to achieve cumulative sales of over 30 million vehicles, marking a significant milestone in its 34-year history amidst a rapidly changing automotive market [1][4]. Group 1: Company Achievements - The launch of the FAW Audi A5L and the subsequent production of the 30 millionth vehicle highlight FAW-Volkswagen's growth from a single brand to a comprehensive matrix of three brands: Volkswagen, Audi, and Jetta, with over 30 models [1][3]. - Since its establishment in 1991, FAW-Volkswagen has expanded its production capabilities, with five major manufacturing bases and an annual production capacity of 2.55 million vehicles [3][4]. - The company achieved the milestone of 10 million vehicles in 2014 and 20 million in 2020, reaching 30 million just five years later, demonstrating its strong market performance [4]. Group 2: Market Challenges - The Chinese automotive market is undergoing significant changes, with the rise of new energy vehicles (NEVs) and increased competition from domestic brands like BYD, which has surpassed FAW-Volkswagen in sales [5][6]. - In 2022, the mainstream joint venture market saw a decline in new car retail sales by 15.7%, with FAW-Volkswagen facing pressure despite being a leading joint venture brand [5][6]. - In September, FAW-Volkswagen's wholesale volume was 143,000 units, a year-on-year decline of 3.8%, indicating the competitive pressures it faces in the market [6]. Group 3: Future Strategies - FAW-Volkswagen aims to achieve an annual sales target of 2 million vehicles, with plans to launch nearly 30 new products in the next five years, including over 20 new energy models [8][9]. - The company has signed a strategic cooperation agreement to introduce 11 new models tailored for the Chinese market, including six pure electric vehicles [9][10]. - Investment of approximately 10 billion yuan annually will be directed towards research and development, focusing on smart driving and software innovations, with a goal to significantly reduce project development cycles [10].

Investment Rating - The report maintains a "Recommended" rating for the company, with a target price based on a PE ratio of 42/34/27 for the years 2025-2027 [7][5]. Core Insights - The company reported a revenue of 20.93 billion yuan for the first three quarters of 2025, representing an 8.1% year-on-year increase, while the net profit attributable to shareholders decreased by 12.0% year-on-year [1]. - In Q3 2025, the revenue reached 7.99 billion yuan, showing a 12.1% year-on-year and 11.5% quarter-on-quarter growth, driven by increased sales from key clients such as Tesla and Xiaomi [2][3]. - The company is strategically positioned as a Tier 0.5 supplier in the automotive parts industry, collaborating with major electric vehicle manufacturers and expanding its product lines [3][4]. Revenue and Profitability - The company's Q3 2025 gross margin was 18.6%, down 2.3 percentage points year-on-year, and the net profit margin was 8.4%, down 2.6 percentage points year-on-year [2]. - The projected revenues for 2025-2027 are 31.30 billion, 36.88 billion, and 44.84 billion yuan, respectively, with net profits expected to be 3.04 billion, 3.75 billion, and 4.68 billion yuan [5][6]. Product and Market Development - The company is actively expanding its product offerings in robotics and AI applications, with significant investments planned for production bases in Thailand and other regions [4][5]. - The company has established stable partnerships with both domestic and international automotive manufacturers, enhancing its position in the global supply chain [3]. Financial Forecast - The financial forecast indicates a steady growth trajectory, with expected revenue growth rates of 17.7%, 17.8%, and 21.6% for the years 2025, 2026, and 2027, respectively [6][11]. - The earnings per share (EPS) are projected to be 1.75, 2.16, and 2.69 yuan for the years 2025, 2026, and 2027, respectively [5][6].