新势力车企：自我造血迫切性提升，新一轮产品验证成长性。理想汽车盈利能力依然稳 健，零跑、小鹏毛利率改善显著，亏损逐渐收窄。2025年比亚迪、小米成功融资为竞争注入 新弹药，但新势力融资环境、估值水平已较其刚上市时发生较大变化，尽快实现自我造血的 迫切性提升。下一步，新一轮的产品投放成为新势力车企进一步拓展成长空间的关键。如理 想汽车在2025年将加速推进纯电车型，开拓纯电市场；小鹏汽车通过推出增程版车型丰富产 品矩阵，满足多元化市场需求；零跑则基于全新的LEAP3.5架构在2025年推出全新的B系列 车型。 国有车企：盈利稍弱，与华为合作推动业务转型。国有车企的盈利水平稍弱，这一现象 背后存在多重影响因素：其一，过往国有车企的利润支柱合资车企的投资收益走低；其二， 国有车企尚未跨越新能源车规模效应临界点，仍处于亏损阶段，品牌高端化尚未实现突破； 其三，国内汽车市场结构调整，燃油车板块的盈利下降。面临转型压力，多数国有车企正积 极深化与华为的战略合作，以期推动企业向智能化、电动化的业务转型进程。 投资建议：民营车企盈利韧性强，并凭借规模优势引领智能辅助驾驶平权，推荐赛力 斯、比亚迪、长城汽车、吉利汽车。新势力亏 ...

Group 1: Private Car Manufacturers - Private car manufacturers exhibit strong profit resilience, driven by high-end breakthroughs, increased export ratios, and scale effects in the new energy vehicle sector [1] - Key players like BYD and Geely are expected to lead the push for advanced driver assistance systems by 2025, capitalizing on their scale and industry advantages [1] - The profitability of major private car manufacturers is improving, with Seres benefiting from the popularity of its AITO series and Great Wall Motors leveraging its core brands like Tank and pickup trucks [1] Group 2: New Forces in the Automotive Industry - New forces in the automotive sector are facing increased urgency to achieve self-sustainability, with companies like Li Auto maintaining robust profitability while others like Leap Motor and Xpeng show significant improvements in gross margins [2] - The upcoming product launches in 2025 are crucial for these new entrants to expand their growth potential, with Li Auto focusing on pure electric models and Xpeng enhancing its product matrix with range-extended models [2] - The financing environment and valuation levels for new forces have changed significantly since their initial public offerings, necessitating a quicker path to self-sufficiency [2] Group 3: State-Owned Car Manufacturers - State-owned car manufacturers are experiencing weaker profitability due to declining investment returns from joint ventures and challenges in achieving scale effects in the new energy vehicle market [3] - Many state-owned enterprises are actively deepening strategic partnerships with Huawei to facilitate their transition towards smart and electric vehicle production [3] - The domestic automotive market's structural adjustments have led to decreased profitability in the traditional fuel vehicle segment, adding to the pressures faced by state-owned manufacturers [3]