整体毛利率创近年最优 第二季度，公司整体毛利率提升2.9个百分点至约18.4%，创近年来最优水平。 毛利率能够反映产品的成本竞争力，也直接指向业绩增长的弹性。均胜电子实现整体毛利率连续多个季 度增长，盈利能力继续提升，这背后是均胜电子在全球范围内推进成本优化、供应链调整和运营提效的 成果。通过引入中国供应商、优化采购策略、推动产能转移等一系列"神操作"，公司不仅稳住基本盘， 更在海外市场实现毛利率大幅提升，欧洲和美洲地区改善明显，"中国供应链+全球布局"的战略显出成 果。 拆解来看，均胜电子汽车安全与汽车电子的业务毛利率均实现同比提升。其中，汽车安全业务毛利率约 15.9%，同比提升约2.0个百分点，全球四大区域业务毛利率全部实现同比提升；汽车电子业务毛利率同 比提升约2.2个百分点至约21.5%。 随着原材料降本等措施成效显著，均胜电子海外盈利能力持续增强，海外地区主营业务毛利率同比提升 约3.0个百分点至约17.8%。从地区看，欧洲区域成本改善措施落地较早，报告期内毛利率已取得较大提 升，伴随美洲区域成本改善措施落地逐步起效，预计毛利率后续将会同步提升。 8月25日，均胜电子（600699）(600699 ...

Core Viewpoint - The company is experiencing fluctuations in sales and profitability, with a focus on the growth of its premium brands and the development of new electric vehicle models to enhance market presence and technological capabilities [4][5][6][8]. Sales Performance - In July 2025, the company's vehicle sales decreased by 6.4% year-on-year and 14.3% month-on-month, totaling 10,280 units, while cumulative sales from January to July increased by 98.6% to 77,000 units [4]. - For the year 2024, the company achieved a total vehicle sales increase of 23.53% to 114,000 units, with the premium brand, Extreme Fox, seeing a significant rise of 169.91% to 81,000 units [6]. Financial Performance - In Q4 2024, the company reported a revenue of 14.51 billion yuan, a year-on-year increase of 1.3%, but a net loss that expanded by 28.7% to 6.95 billion yuan. The revenue for Q4 2024 decreased by 6.3% year-on-year and 22.8% month-on-month to 4.69 billion yuan [5]. - In Q1 2025, the company’s revenue surged by 150.8% year-on-year to 3.77 billion yuan, while the net loss narrowed by 6.2% to 950 million yuan [5]. Margin Recovery - The gross margin for Q1 2025 improved to -7.5%, a year-on-year increase of 0.4 percentage points and a month-on-month increase of 14.5 percentage points, primarily driven by the strong sales of the Extreme Fox brand [7]. - The company anticipates further margin recovery with the upcoming launch of new models equipped with advanced driving systems [7]. Strategic Initiatives - The company announced plans to raise up to 6 billion yuan through a private placement to fund the development of various new energy vehicle models and AI-driven platforms [8]. - The "Three-Year Leap Action" initiative aims to enhance brand collaboration and market penetration in the mid-to-high-end segments through technological advancements and improved channel efficiency [8].

Investment Rating - The report maintains a "Recommended" rating for the company [4][5]. Core Views - The company is positioned as a leading player in the automotive wiring harness industry, benefiting from the growth of the electric vehicle market and the trend of domestic substitution [1][3]. - The customer structure is continuously optimizing, with a significant reduction in the revenue concentration of the top five customers from 98.7% in 2015 to 80.1% in 2024, indicating a diversification of the customer base [2][17]. - The company is expanding into the high-voltage connector business, which is expected to open a second growth curve, with the global automotive connector market projected to grow from $21.77 billion in 2024 to $23.09 billion in 2025 [3][4]. Summary by Sections 1. Introduction - The report highlights the company's unique position as a domestic automotive wiring harness manufacturer, emphasizing its strong cost control and design capabilities, which have allowed it to penetrate various automotive brands [11]. 2. Domestic Automotive Wiring Harness Market - The company has a comprehensive product range covering various types of wiring harnesses, including high-voltage harnesses for electric vehicles, and has established a strong customer base among both traditional and new automotive brands [23][25]. - The company has successfully entered the supply chains of new energy vehicle manufacturers, significantly increasing its revenue from these clients [17][51]. 3. Four Transformations Driving Technological Leap - The report discusses the increasing demand for high-voltage wiring harnesses driven by the rise of electric vehicles and the need for lightweight solutions, which are reshaping the competitive landscape [3][20]. - The company is transitioning from a labor-intensive model to a more automated and technology-driven approach, enhancing its competitive edge [21]. 4. Capacity Layout and Optimization - The company is optimizing its production capacity and has established smart factories to improve efficiency, which is expected to lead to significant capacity release [4][39]. - The company has expanded its global footprint, with subsidiaries in Romania and other locations, supporting its international growth strategy [2][29]. 5. Profit Forecast and Investment Recommendations - The company is projected to achieve revenues of 95.6 billion yuan in 2025, with a net profit of 7.8 billion yuan, reflecting a strong growth trajectory [4][5]. - The report emphasizes the company's focus on core technologies and its strategic expansion into high-voltage connectors, which are expected to drive future growth [4][62].

Investment Rating - The report maintains a "Buy" rating for the company [6]. Core Views - July sales showed a decline both year-on-year and month-on-month, with total sales of 10,280 units, a decrease of 6.4% year-on-year and 14.3% month-on-month. Cumulative sales from January to July increased by 98.6% to 77,000 units [1]. - The company's performance in Q4 2024 was slightly below expectations, with revenue of 14.51 billion yuan, a year-on-year increase of 1.3%, and a net loss of 6.95 billion yuan, an increase of 28.7% year-on-year. In Q1 2025, revenue increased by 150.8% year-on-year to 3.77 billion yuan, with a net loss of 9.5 billion yuan, narrowing by 6.2% year-on-year [1][2]. - The company is expected to benefit from the launch of new high-end models, particularly the Xiangjie S9T, which is anticipated to enhance its market position in the high-end segment [2][3]. Sales and Financial Performance - The company’s automotive sales for 2024 are projected to increase by 23.53% to 114,000 units, with the extreme fox brand expected to see a significant rise of 169.91% to 81,000 units [2]. - The gross margin for Q1 2025 is expected to improve, driven by strong sales of the extreme fox brand and the upcoming launch of new models equipped with advanced technology [2][3]. - The company plans to raise up to 6 billion yuan through a private placement to enhance its electric vehicle technology capabilities and support the development of multiple new energy vehicle models [3]. Financial Projections - Revenue projections for 2025 and 2026 are set at 32.32 billion yuan and 57.73 billion yuan, respectively, with expected net losses of 4.81 billion yuan and 2.05 billion yuan [5][12]. - The report anticipates a return to profitability by 2027, with a projected net profit of 870 million yuan [3][5]. Market Position and Strategy - The company is focusing on dual-brand development with Xiangjie and Extreme Fox to enhance its market penetration in the mid-to-high-end segments [3]. - The report highlights the importance of technological advancements and brand positioning in improving the company's competitive edge in the rapidly evolving electric vehicle market [3].

Core Viewpoint - The company reported a mixed performance in July 2025, with significant growth in certain brands while facing challenges in others, indicating a need for strategic focus on product innovation and market expansion [2][4][5]. Sales Performance Overview - In July 2025, the company achieved a wholesale volume of 104,000 vehicles, representing a year-on-year increase of 14.3% but a month-on-month decrease of 5.7%. Cumulative wholesale from January to July reached 674,000 vehicles, up 3.6% year-on-year [2]. - Breakdown of July sales includes: - Haval: 56,000 vehicles, +6.2% YoY, -9.9% MoM; cumulative 378,000 vehicles, +7.1% YoY [2]. - Wey: 10,000 vehicles, +263.3% YoY, -1.5% MoM; cumulative 45,000 vehicles, +96.8% YoY [2]. - Pickup trucks: 14,000 vehicles, +14.5% YoY, +4.2% MoM; cumulative 110,000 vehicles, +5.8% YoY [2]. - Ora: 4,000 vehicles, -10.0% YoY, +31.0% MoM; cumulative 18,000 vehicles, -50.2% YoY [2]. - Tank: 20,000 vehicles, +7.2% YoY, -7.2% MoM; cumulative 124,000 vehicles, -8.2% YoY [2]. Brand Analysis - Tank brand showed stable sales with July wholesale of 20,000 vehicles, while Wey brand exhibited strong growth with a 263.3% increase in July sales [4]. - The new Tank 500Hi4-T/Hi4-Z is set to begin pre-sales in August, with expectations for a Q3 2025 launch, featuring advanced technology aimed at enhancing off-road performance and efficiency [4]. - Wey's new flagship SUV is anticipated to be the first model on a new intelligent platform, which could enhance brand image and drive sales growth [4]. Haval Brand Performance - Haval's July sales reached 56,000 vehicles, with a new Haval H9 expected to debut by year-end, emphasizing off-road capabilities [5]. - The Haval Big Dog 2026 model launched on July 17, achieving over 20,000 orders within 24 hours, showcasing the brand's influence in the market [5]. - The ongoing product strategy in both hardcore and light off-road segments is expected to drive sales growth [5]. International Sales and Production - The company reported overseas wholesale sales of 41,000 vehicles in July, up 4.9% YoY and 2.5% MoM, with cumulative sales from January to July at 239,000 vehicles, down 17.5% YoY [6]. - The Brazilian factory is set to commence operations in August, which is expected to enhance sales in Latin America [6]. Financial Projections - Revenue projections for 2025-2027 are estimated at 226.78 billion, 261.70 billion, and 296.25 billion yuan, respectively, with net profit forecasts of 14.09 billion, 16.30 billion, and 18.24 billion yuan [7]. - The expected PE ratios for 2025, 2026, and 2027 are 13, 11, and 10, respectively, indicating a favorable valuation trend [7].

Investment Rating - The report maintains a "Recommended" rating for the company [6] Core Views - The company has shown a steady increase in sales, particularly in the WEY brand, which saw a significant year-on-year increase of 263.3% in July [2] - The introduction of new models and the activation of the Haval brand are expected to drive sales growth, with the Haval brand achieving a sales volume of 56,000 units in July, up 6.2% year-on-year [3] - The company is expanding its overseas sales, with July's overseas wholesale sales reaching 41,000 units, a year-on-year increase of 4.9% [3] Summary by Sections Sales Performance - In July, the company reported a wholesale sales volume of 104,000 units, a year-on-year increase of 14.3% and a month-on-month decrease of 5.7% [1] - Cumulative wholesale sales from January to July reached 674,000 units, up 3.6% year-on-year [1] Brand Performance - WEY brand sales in July were 10,000 units, with a remarkable year-on-year increase of 263.3% [2] - Haval brand sales were 56,000 units in July, with a year-on-year increase of 6.2% [3] - Tank brand sales were stable at 20,000 units in July, with a year-on-year increase of 7.2% [2] New Product Launches - The new Tank 500Hi4-T/Hi4-Z is set to begin pre-sales in August, with an expected launch in Q3 2025 [2] - The new Haval H9 is anticipated to debut by the end of the year, emphasizing off-road capabilities [3] Financial Forecast - Projected revenues for 2025-2027 are 226.78 billion, 261.70 billion, and 296.25 billion yuan respectively, with net profits expected to be 14.09 billion, 16.30 billion, and 18.24 billion yuan [4][19] - The report forecasts a PE ratio of 13, 11, and 10 for the years 2025, 2026, and 2027 respectively [4]

Core Viewpoint - The company reported a decline in net profit for the first half of 2025, with a net profit of 6.34 billion yuan, down 10.2% year-on-year, while the second quarter showed a recovery with a net profit of 4.59 billion yuan, up 19.1% year-on-year and 161.9% quarter-on-quarter [2]. Financial Performance - In H1 2025, the company achieved a net profit attributable to shareholders of 6.34 billion yuan, a decrease of 10.2% year-on-year, with a per-unit net profit of 11,000 yuan, down 2000 yuan year-on-year [2]. - The wholesale volume for H1 2025 was 570,000 units, an increase of 1.8% year-on-year, with Q2 2025 wholesale volume at 313,000 units, up 10.1% year-on-year and 21.9% quarter-on-quarter [2]. - Q2 2025 saw significant deliveries: Haval delivered 177,000 units (up 24.7% year-on-year), Wey brand delivered 21,000 units (up 106.3% year-on-year), while other brands like Ora and Tank experienced declines [2]. Product Development - The company is set to launch new models in H2 2025, including the Tank 400/500/700 with upgraded off-road technology and new SUVs from the Wey brand, enhancing its product matrix and brand positioning [3]. - The 2026 Haval Big Dog has been launched with a refreshed design, and the new flagship model, the Menglong PLUS, is expected to be released in H2 2025, focusing on luxury and performance [3]. Global Expansion - In H1 2025, overseas wholesale sales were 198,000 units, a slight decrease of 1.9% year-on-year, but Q2 2025 saw a recovery with 107,000 units sold, up 17.5% quarter-on-quarter [4]. - The company is expanding its global presence with new models launching in markets like Thailand and Mexico, and plans to enhance production capabilities in Brazil [4]. Investment Outlook - The company is expected to see revenue growth from 226.78 billion yuan in 2025 to 296.25 billion yuan in 2027, with net profits projected to rise from 14.09 billion yuan to 18.24 billion yuan in the same period [6].

Group 1 - Xiaomi's Yu7 has received 200,000 pre-orders in just 3 minutes, but delivery times are extended due to production capacity constraints, with standard versions expected to take over a year for delivery [1] - The long wait times for the Yu7 have created opportunities for competitors like Model Y and Zhijie R7, which are gaining popularity in the 250,000-300,000 yuan electric SUV market [1] - The competition in the SUV market is intensifying, with brands striving to enhance user experience through product innovation and technological advancements [1][2] Group 2 - The Yu7 and Zhijie R7 are larger in size compared to the Model Y, with the Yu7's initial success attributed to its aesthetic appeal and unique features, such as multiple magnetic points for ecosystem integration [2] - Zhijie R7 offers both pure electric and range-extended versions, with a maximum range of 802 km for the pure electric model and rapid charging capabilities [3] - The evolution of Chinese brands in the electric vehicle sector is reshaping the industry landscape, with companies like Xiaomi and Zhijie making significant strides against previously dominant players like Tesla [3]

Core Viewpoint - Porsche's global deliveries in the first half of 2025 decreased by 6% year-on-year, primarily driven by a significant slowdown in the Chinese market, where sales fell by 28% [1][2]. Group 1: Sales Performance - Porsche's global delivery volume reached 146,391 units in the first half of 2025, marking a 6% decline compared to the previous year [1]. - The Chinese market, which had previously supported Porsche's growth, saw a dramatic 28% drop in sales, significantly impacting overall performance [2]. - In contrast, North America experienced a 10% increase in sales, becoming a key growth area for the company [3]. Group 2: Market Dynamics - The Chinese market is undergoing a transformation from high-end consumption to a reassessment of product value, leading to increased competition from local electric vehicle brands [2]. - Economic uncertainties have caused some loyal Porsche customers to delay purchasing decisions or shift towards more feature-rich domestic brands within the same budget [2]. Group 3: Product Strategy - Porsche's electric vehicle, the Taycan, has not met sales expectations in China, prompting significant price reductions of nearly 20% for some versions to stimulate demand [3]. - Despite challenges, Porsche's management remains optimistic about the Taycan, emphasizing its technological capabilities and driving performance [3]. - The company is accelerating its electrification strategy, with electric and plug-in hybrid models accounting for 36% of global deliveries in the first half of 2025, a 14.5% increase year-on-year [4]. Group 4: Competitive Landscape - Porsche faces significant competition in the Chinese market from leading electric vehicle manufacturers like BYD, Geely, and others, particularly in terms of smart features and user engagement [4]. - The traditional brand's high-end status is no longer a decisive factor in sales, as the market increasingly values technological capabilities and overall system performance [4].

Core Viewpoint - The article highlights the upcoming launch of four significant new electric vehicles in July 2025, focusing on their advanced technology, design, and market positioning [1][8]. Group 1: Vehicle Launches - Four major new vehicles are set to launch: Li Auto i8, Leap Motor B01, Voyah FREE+, and BYD Sea Lion 06 [1][8]. - All four vehicles emphasize smart electric technology and spacious designs, catering to family and young user needs [8]. Group 2: Vehicle Specifications - **Voyah FREE+**: Positioned as a large five-seat SUV with a starting price of 229,900 CNY, featuring Huawei's ADS 4.0 system and a 0-100 km/h acceleration in 4.9 seconds [3][4][5]. - **Leap Motor B01**: A compact electric sedan priced between 105,800 to 135,800 CNY, offering a maximum range of 650 km and fast charging capabilities [5][6]. - **Li Auto i8**: A six-seat mid-large electric SUV with a length of 5,085 mm, featuring dual motor all-wheel drive and a range of up to 720 km [7][8]. - **BYD Sea Lion 06**: A mid-size SUV with a price range of 160,000 to 200,000 CNY, available in both plug-in hybrid and pure electric versions, with a maximum range of 605 km [8]. Group 3: Technological Features - All vehicles are equipped with advanced driver assistance systems and large-screen infotainment systems, enhancing user experience and safety [8]. - The vehicles utilize high-performance chips and multiple sensors for improved autonomous driving capabilities [4][6][7].