美银证券发表研究报告指，小鹏汽车第三季收入达200亿元，按年及按季分别增长102%及12%，大致符 合该行预期。综合毛利率为20.1%，按年及按季上升4.8及2.8个百分点，好过该行预期的17.7%。整车利 润率为13.1%，按年升4.5个百分点，按季跌1.2个百分点，主要因清库存而进行促销。期内非通用会计 准则净亏损1.52亿元，好过该行预期的净亏损3.98亿元。展望第四季，小鹏管理层预期交付量为12.5万 至13.2万辆，按年增长37%至44%，收入为215亿至230亿元，按年增长34%至43%。 该行下调对小鹏的2025年销量预测1%，但将2026及27年预测分别上调3%及5%；将2025年非通用会计准 则净亏损预测由10.94亿元下调至8.84亿元，同时将2026及27年非通用会计准则净利润分别下调20%及 9%。该行对小鹏港股目标价由105港元升至109港元，美股目标价由27美元升至28美元，反映销量预测 上调，重申"买入"评级，看好2026年强劲的产品布局。 ...

Group 1 - The core viewpoint emphasizes the balance between performance and cost in battery cell procurement for automotive manufacturers [3] - Total sales forecast is approximately 65,000 units [3] - The main driving forces include the basic demand from C and B series models, along with a rebound in orders after the holiday [3] - The production target aims for a monthly sales surge to 70,000 units in the fourth quarter [3] Group 2 - BYD is expanding its presence in Southeast Asia [6] - CATL is experiencing growth in the energy storage market that surpasses that of the power market [6]

Core Viewpoint - Li Auto's stock experienced a decline following a fire incident involving its vehicle, the Li MEGA, while the company faces challenges with declining delivery numbers and adjusted sales forecasts [1] Group 1: Incident Report - On October 23, a Li MEGA vehicle caught fire in Shanghai, but all passengers were able to exit safely [1] - The company is cooperating with fire department investigations and has sent personnel to the scene [1] Group 2: Delivery Performance - In September, Li Auto delivered 33,951 vehicles, representing a year-on-year decrease of 36.8%, marking the fourth consecutive month of decline [1] Group 3: Analyst Ratings and Forecasts - HSBC Research maintains a "Buy" rating for Li Auto, citing strong performance of the newly launched Li i6 electric SUV, which is expected to boost Q4 sales [1] - However, due to pressures on the EREV model's sales and pricing, HSBC has lowered its sales forecasts for 2025 to 2027 by 22% to 31%, and corresponding profit forecasts by 55%, 42%, and 31% [1]

Core Viewpoint - Xiaomi's automotive division is expected to achieve significant sales growth, with the new SUV model YU 7 anticipated to become a best-seller, potentially doubling sales next year [1] Group 1: Sales Forecast - Xiaomi's automotive sales are projected to reach 350,000 to 400,000 units this year [1] - The YU 7 model is expected to contribute to monthly sales of 30,000 to 40,000 units [1] - Combined sales of SU 7 and YU 7 could reach 50,000 to 60,000 units, with a target of 700,000 to 800,000 units next year [1] Group 2: Competitive Landscape - The starting price for the YU 7 is estimated to be around 250,000 RMB [1] - Key competitors for the YU 7 include Tesla Model Y, NIO EC6, and XPeng G7 [1] - The YU 7 has a higher potential for market impact, with three times the number of pre-registrations compared to the SU 7 at the same stage [1] Group 3: Market Dynamics - The demand for the SU 7 remains strong despite ongoing price wars in the automotive market [1] - Xiaomi plans to introduce new models next year, with the potential to exceed 1 million units in sales if production capacity is sufficient [1]