如今许多我们习以为常的标配，最初都曾是豪华车的专属，从奔驰1951年首创的安全车身，到沃尔 沃1959年三点式安全带的普及，再到1981年奔驰的工程师将安全气囊作为选配安装在奔驰S级轿车 上。 当中国车企开始卷安全时，成为了豪华车最害怕的一集。 安全即豪华，豪华车的天花板该 定在哪儿 2025年9月12日，仰望汽车正式发布全尺寸行政豪华SUV仰望U8L鼎世版，售价128万元起。这款 集"鼎级安全、鼎级体验、鼎级豪华"于一身同时蕴含中国传统"鼎"文化的旗舰车型，包含着这家车 企"问鼎"豪华车市场的野心。 唐太宗李世民在《帝范》中写道："取法于上，得乎其中；取法于中，得乎其下；取法于下，则无所 得矣。"只有把天花板定的足够高，才能突破固有的认知和能力的上限。 豪华车的天花板该定在哪儿？U8L的答案是——鼎级安全。相比技术创新上已经很"顶"的U8，U8L 进行了347项升级。 事实上，豪华车的进化史，本质上就是一部人类建立在安全出行之上的极致追求史。 近年来，新能源技术加剧变革，越来越多的国产车企弯道超车冲击豪华车市场，从冰箱彩电大沙发到 安全、智能、长续航。国产豪华车品牌将燃油车时代被视为"极致"追求的"神器"一 ...

Investment Rating - The investment rating for the company is "Buy" [5] Core Insights - The company reported impressive revenue growth, with 2024 revenue reaching 24.71 billion yuan, a year-on-year increase of 41.14%, and a net profit of 2.11 billion yuan, up 30.93% year-on-year [1] - For Q1 2025, the company achieved revenue of 5.99 billion yuan, reflecting a year-on-year growth of 36.91%, and a net profit of 496 million yuan, which is a significant increase of 59.57% year-on-year [1] Revenue Performance by Segment - In 2024, the charging and energy storage segment generated revenue of 12.67 billion yuan, up 47.23% year-on-year, with the energy storage business alone achieving 3.02 billion yuan, a remarkable growth of 184.00% [2] - The smart innovation segment reported revenue of 6.34 billion yuan, increasing by 39.53% year-on-year, while the smart audio segment generated 5.69 billion yuan, up 32.84% year-on-year [2] Revenue Performance by Channel - Online channels contributed 17.60 billion yuan in revenue in 2024, a year-on-year increase of 71.23%, with independent sites achieving 2.50 billion yuan, up 101.34% [2] - Offline channels generated 7.11 billion yuan, reflecting a year-on-year growth of 36.72% [2] Revenue Performance by Region - Domestic revenue reached 885 million yuan in 2024, up 38.71% year-on-year, while overseas revenue was 23.83 billion yuan, increasing by 41.23% year-on-year [3] - For Q1 2025, domestic revenue was 255 million yuan, a growth of 55.44% year-on-year, and overseas revenue was 5.74 billion yuan, up 36.18% year-on-year [3] Profitability and R&D Investment - The company's gross margin for 2024 was 43.67%, a slight increase of 0.14 percentage points year-on-year, while Q1 2025 gross margin was 43.28%, down 1.84 percentage points year-on-year [4] - R&D expenses for 2024 amounted to 2.11 billion yuan, representing a year-on-year increase of 49.13% [4] Future Earnings Forecast - The company is projected to achieve revenues of 31.00 billion yuan and 40.26 billion yuan in 2025 and 2026, respectively, with a new forecast for 2027 revenue at 52.08 billion yuan, reflecting year-on-year growth rates of 25.5%, 29.9%, and 29.4% [11] - Expected net profits for 2025 and 2026 are 2.60 billion yuan and 3.55 billion yuan, respectively, with a new forecast for 2027 net profit at 4.81 billion yuan, indicating year-on-year growth rates of 23.0%, 36.3%, and 35.7% [11]

Investment Rating - The investment rating for the company is "Buy" [5] Core Insights - The company reported impressive revenue growth, with 2024 revenue reaching 24.71 billion yuan, a year-on-year increase of 41.14%, and a net profit of 2.11 billion yuan, up 30.93% year-on-year [1] - In Q1 2025, the company achieved revenue of 5.99 billion yuan, reflecting a year-on-year growth of 36.91%, and a net profit of 0.50 billion yuan, which is a significant increase of 59.57% year-on-year [1] Revenue Performance - In 2024, the charging and energy storage products generated revenue of 12.67 billion yuan, up 47.23% year-on-year, with the energy storage segment alone achieving 3.02 billion yuan, a remarkable growth of 184.00% [2] - The online sales channel in 2024 generated 17.60 billion yuan, a year-on-year increase of 71.23%, with independent sites contributing 2.50 billion yuan, up 101.34% [2] - The company’s domestic revenue in 2024 was 0.88 billion yuan, up 38.71% year-on-year, while overseas revenue reached 23.83 billion yuan, growing by 41.23% year-on-year [3] Profitability and R&D Investment - The gross margin for 2024 was 43.67%, a slight increase of 0.14 percentage points year-on-year, while Q1 2025 gross margin was 43.28%, down 1.84 percentage points year-on-year [4] - The company invested 2.11 billion yuan in R&D in 2024, marking a year-on-year increase of 49.13% [4] Future Earnings Forecast - The company’s projected revenue for 2025 and 2026 is 31.00 billion yuan and 40.26 billion yuan, respectively, with a year-on-year growth of 25.5% and 29.9% [11] - Expected net profit for 2025 and 2026 is 2.60 billion yuan and 3.55 billion yuan, reflecting year-on-year growth of 23.0% and 36.3% [11] - The estimated EPS for 2025 and 2026 is 4.90 yuan and 6.67 yuan, respectively [11]