花旗发布研报称，将长汽目标价(02333)由23.7港元下调至18.9港元，维持"买入"评级。长城汽车 （601633）日前发布业绩快报，预料去年度纯利达99.12亿元人民币，同比下跌21.7%，逊于投资者预 期，主要由于期内毛利率同比下降1个百分点至18.5%;与直销模式及新产品推广相关的费用增加;约10亿 元人民币的俄罗斯废旧车辆税项退税延迟入账;以及年终奖金增加的影响。 长汽预期去年全年收入将同比增长10.2%至2,227.9亿元人民币，符合预期，产品整体平均售价为16.83万 元人民币。管理层将今年销售目标定为180万辆，其中海外销售目标为60万辆，相信增长将来自中南美 洲、中东、欧洲及右行市场。 ...

Core Viewpoint - Xiaomi's founder and CEO Lei Jun announced a delivery target of 550,000 vehicles for Xiaomi Auto in 2026, which is considered ambitious given the company's short time in the automotive market [1] Group 1: Company Goals - The 2026 delivery target of 550,000 vehicles is set for Xiaomi Auto, which has been in operation for less than two years [1] - Lei Jun acknowledged that the target may seem conservative, but it reflects the company's commitment to steady progress in a competitive industry [1] Group 2: Industry Context - The automotive market is highly competitive, with established players like BMW, Benz, and Audi (BBA) selling around 600,000 to 700,000 vehicles annually in China [1] - Xiaomi's relatively low sales target is positioned against the backdrop of intense competition and the company's nascent presence in the automotive sector [1]

Group 1 - The core objective announced by Xiaomi's founder Lei Jun is to achieve a total delivery target of 550,000 vehicles for Xiaomi Auto in 2026 [1] - Lei Jun acknowledged that the sales target of 550,000 units is conservative, considering Xiaomi Auto has only been in the market for less than two years and faces intense competition [3] - In 2025, Xiaomi Auto's total deliveries are projected to exceed 410,000 units, with over 50,000 units delivered in December 2025 [6] Group 2 - The Xiaomi YU7 model has achieved over 150,000 deliveries within six months, which is 2.3 times the delivery rate of the SU7 during the same period [6]

Core Viewpoint - Morgan Stanley has raised the revenue forecast for Dongfeng Group (00489) for the fiscal year 2025 by 15%, driven by recent sales trends and management guidance, with sales volume expected to reach 150,000 units [1] Group 1: Revenue and Sales Forecast - The sales volume estimate has been increased to 150,000 units for 2025 [1] - The average selling price has increased by 7% based on the report for the first seven months of 2025 [1] - The target price has been adjusted from HKD 10.65 to HKD 11.24, maintaining an "Overweight" rating [1] Group 2: Management Insights and Future Plans - Key points from the management meeting indicate that most existing models will be upgraded in 2025, supporting the sales target of 150,000 units and stable average selling prices [1] - Management aims for a year-on-year sales growth of 50% to 80% in 2026, benefiting from the launch of a new six-seat SUV in 2025 and SUV/MPV models in 2026 [1] - New production capacity to be released in the first half of 2026 will assist in achieving sales targets [1] Group 3: External Support and Market Position - Lantu will enhance revenue through external technical support, although there is currently no clear timeline for an IPO [1]