中信建投指出，2023年12月后，由于市场暂时处于信心不足的状态，资金紧平衡，小盘股补跌，市场风 格重新转向大盘和价值。2024年1月份以来，AI、智能车等热点反复活跃，带动市场风格向小盘和成长 转变。2024年5月后，受地缘政治与宏观经济等因素影响，市场情绪进一步回落，成交额维持低位，市 场风格转向大盘价值，大盘价值风格抗跌。年初市场受DeepSeek、人形机器人概念提振，市场资金进 攻，风格转向小盘成长风格。近期市场回暖，上证指数屡创新高，成交额维持高位，市场小盘成长更具 弹性。 ...

Core Viewpoint - The article discusses the recent adjustments made by the company regarding the i8 SKU, including pricing changes and feature enhancements, while raising questions about the implications for profitability and organizational capabilities. Group 1: i8 SKU Adjustments - The company has decided to adjust the i8 SKU based on a 98% MAX Ultra option rate, reducing the price of the MAX version by 10,000 and adding a platinum sound system, with options for additional features at a cost of 10,000 [1]. Group 2: Strategic Questions - Questions are raised regarding how the L series will operate following the i8 adjustments [3]. - The potential impact of the i8 changes on gross margin, net profit margin, and free cash flow is questioned [3]. - There is speculation about whether the company's recent operations have been chaotic and the underlying reasons for this [3]. - The article questions the current organizational capability of the company and how it should be evaluated [3]. - It discusses whether the CEO has made multiple misjudgments in recent years and how to interpret this phenomenon [3]. - The article explores the relationship between the CEO's acceptance of potential misjudgments and the overall confidence in the company's future [3]. - It inquires about the long-term trends in the industry and the CEO's insights on what is clear and what remains uncertain [3]. - The article differentiates between events that were anticipated by the company and those that were not in recent months [3]. - It questions whether a positive long-term outlook for the company requires that many factors align with its expectations [3]. - The company's ability to manage public sentiment and its expected development in this area are evaluated [3]. - A comparison of the company's core advantages and disadvantages relative to competitors like Huawei and Xiaomi is made [3]. - The article discusses the short-term perception of smart vehicles as a poor business model and questions the long-term viability of smart vehicles and AI robotics [3]. - It examines the relationship between smart vehicles and AI, particularly the importance of foundational model capabilities [3]. - The potential of the VLA and the company's smart cockpit is questioned, suggesting that many may underestimate it [3]. - The company's position in the AI and hardware-software integration field is assessed [3].

Group 1 - The ETF market opened with mixed performance, with the Smart Car ETF (159888) leading the gains at 1.99% [1] - The Sci-Tech Semiconductor ETF (588170) increased by 1.89%, while the Hong Kong Securities ETF (513090) rose by 1.74% [1] - The Securities ETF Pioneer (516980) was the biggest loser, declining by 1.23%, followed by the Gold Stock ETF (517520) which fell by 1.02%, and the China Securities A50 ETF (560820) which decreased by 0.86% [1]

Investment Rating - The report maintains a "Buy" rating for the company [8] Core Views - The company reported Q1 2025 revenue of 3.095 billion RMB, representing a year-over-year increase of 28.28% and a quarter-over-quarter decrease of 23.16%. The net profit attributable to shareholders was 322 million RMB, up 32.68% year-over-year but down 25.28% quarter-over-quarter [1][2] - The company is expected to continue its growth trajectory, driven by new projects and increased market share among domestic brands. Several new models are anticipated to become bestsellers, and the company is actively expanding its overseas presence [1][4] - The gross margin for Q1 2025 was stable at 18.83%, with a slight increase in R&D expense ratio, indicating a robust pipeline of projects [3] - The company is well-positioned in the smart vehicle market and is accelerating its global expansion, with production capacity in Serbia and new entities established in Mexico and the USA [4] Summary by Sections Financial Performance - Q1 2025 revenue was 3.095 billion RMB, with a year-over-year growth of 28.28% and a quarter-over-quarter decline of 23.16%. The net profit attributable to shareholders was 322 million RMB, reflecting a year-over-year increase of 32.68% [1][2] - The company expects revenue growth to continue, with projected revenues of 17.656 billion RMB, 22.823 billion RMB, and 29.330 billion RMB for 2025, 2026, and 2027 respectively [7] Profitability and Costs - The gross margin for Q1 2025 was 18.83%, showing stability compared to previous periods. The R&D expense ratio increased to 6.0%, indicating a strong focus on ongoing projects [3] - The report forecasts net profits of 1.946 billion RMB, 2.512 billion RMB, and 3.180 billion RMB for 2025, 2026, and 2027 respectively [7] Market Position and Growth Potential - The company has gained significant market share among domestic brands and is expected to benefit from the launch of several new models in 2025, which are likely to be popular [2][4] - The company is expanding its global footprint, with production capabilities in Europe and plans for further opportunities in North America [4] Valuation - The target price is set at 176.20 RMB, with a projected PE ratio of 26 times for 2025, reflecting a 30% premium over comparable companies [5][9]

相关产品：香港科技ETF(159747)；恒生指数ETF(513600)，场外联接(C类：005659；A类： 501302)。H股ETF(159954)，场外联接(A类：005554；C类：005555)；恒生生物科技ETF(159615)，场外 联接(A类：018078；C类：018079)。 港股持续上行，科技股表现强势，香港科技 ETF(159747)高开高走涨近2% 2025年3月26日，港股三大指数高开，香港科技ETF(159747)早盘震荡走强涨近2%，截至10:09，该 基金盘中成交额已达8877.69万元，换手率23.4%，市场交投活跃。跟踪指数中证香港科技指数强势上涨 1.24%，成分股三生制药上涨5.39%，金蝶国际上涨4.76%，零跑汽车上涨4.64%，药明合联，吉利汽车 等个股跟涨。 国元国际控股分析表示，从技术面来说港股短期或继续消化此前上涨的估值，业绩期的到来也将第 一次验证市场对于AI潮的预期。我们认为若相关上市公司业绩表明AI对于公司盈利的提振作用，市场 对于AI赋能的预期将更加强烈，港股科技股股价能有进一步支撑。 中信证券指出，新经济的大容量、高共识的核心资产在港股具有独占 ...