北汽蓝谷还在预亏公告中提到，2024年归属于上市公司股东的净利润为-69.48亿元，归属于上市公司股 东的扣除非经常性损益的净利润为-73.23亿元。因此，2025年北汽蓝谷预计亏损至少收窄32%以上。 【文/观察者网 潘昱辰 编辑/高莘】1月19日，北汽蓝谷披露2025年年度业绩预亏公告。北汽蓝谷预计 2025年年度归属于上市公司股东的净利润为-46.5亿元到-43.5亿元；预计归属于上市公司股东的扣除非 经常性损益后的净利润为-49.5亿元到-46.5亿元。 预亏公告发布后，截至1月20日A股收盘，北汽蓝谷股价跌2.91%，报收8.35元。 极狐阿尔法S 极狐 展望下一阶段，北汽蓝谷认为，随着新产品矩阵有序投放、降本增效措施全面落实，以及智能化技术进 入商业化变现周期，公司的盈利能力预计将得到系统性改善。 针对公司何时能实现扭亏为盈的疑问，北汽蓝谷对观察者网表示，实现盈利并非单一取决于销售规模， 而是一个由规模扩张、结构优化和经营质量提升共同驱动的系统性结果。 北汽极狐 极狐 对于预亏的原因，北汽蓝谷对观察者网表示，过去一年北汽蓝谷出现的阶段性亏损，本质上是公司在新 能源行业关键窗口期所做的战略性、前瞻性 ...

Core Insights - The 2025 World Intelligent Connected Vehicles Conference opened in Beijing, highlighting China's advancements in the intelligent connected vehicle industry and the establishment of a complete industrial system [1][2] - The Chinese Ministry of Industry and Information Technology (MIIT) aims to accelerate breakthroughs in high-level autonomous driving technology through the integration of artificial intelligence and the automotive industry [2] Industry Developments - China's intelligent connected vehicle technology has significantly improved, with a complete industrial system that includes smart cockpits, autonomous driving, and cloud control [1] - New passenger cars equipped with combined driving assistance features account for over 60% of new car sales [1] - The country has initiated "vehicle-road-cloud integration" application trials in 20 cities, enhancing infrastructure such as roadside units and cloud control platforms [1] Infrastructure and Testing - Over 35,000 kilometers of testing demonstration roads have been opened nationwide, with more than 11,000 intelligent roadside units deployed [1] - The MIIT plans to deepen the integration of artificial intelligence technology with the automotive industry, supporting the development of vertical large models and specialized models across the entire supply chain [2] Future Plans - The MIIT will advance the "vehicle-road-cloud integration" application trials to improve the safety and efficiency of autonomous driving through traffic and roadside information [2] - A development plan for the intelligent connected new energy vehicle industry during the 14th Five-Year Plan period will be compiled, along with the establishment of standards for combined driving assistance and autonomous driving [2]

Investment Rating - The report maintains a "Recommended" investment rating for the company [1][4]. Core Views - The company continues to expand its advantages in the automotive sector while focusing on AI to develop high-end projects, which is expected to enhance profitability [4][9]. - In the first half of 2025, the company achieved a revenue of 7.095 billion yuan, a year-on-year increase of 20.93%, and a net profit attributable to shareholders of 650 million yuan, a slight decrease of 1.06% year-on-year [4][8]. - The company has become the world's largest automotive PCB supplier as of 2024, leveraging its extensive industry experience and a strong customer base [8][9]. - The company is actively embracing opportunities in AI, with ongoing advancements in high-end PCB products for data centers and AI servers [9]. Financial Performance Summary - Revenue projections for the company are as follows: 2024A: 12.659 billion yuan, 2025E: 15.055 billion yuan, 2026E: 17.774 billion yuan, and 2027E: 20.863 billion yuan, with year-on-year growth rates of 17.7%, 18.9%, 18.1%, and 17.4% respectively [7][10]. - Net profit projections are: 2024A: 1.169 billion yuan, 2025E: 1.433 billion yuan, 2026E: 1.830 billion yuan, and 2027E: 2.246 billion yuan, with year-on-year growth rates of 24.9%, 22.6%, 27.7%, and 22.7% respectively [7][10]. - The company's gross margin is expected to improve from 22.7% in 2024 to 24.6% in 2027, while the net margin is projected to increase from 9.2% to 10.8% over the same period [11]. Market Position and Strategy - The company has established itself as a leading supplier in the automotive PCB market, with a focus on high-end projects such as laser radar boards and domain controller boards, which are in the process of mass production [8][9]. - The company is also enhancing its production capabilities for high-end HDI boards and is investing in technology upgrades at its manufacturing facilities to support AI and data center applications [9].

Group 1: Industry Overview - The automotive industry in Beijing is experiencing rapid growth, with a projected production of 1.145 million vehicles in 2024, representing a 13% year-on-year increase, and nearly 294,000 of these being new energy vehicles, which is a nearly threefold increase [4] - Beijing has become a significant automotive manufacturing base in China, focusing on the development of intelligent connected new energy vehicles and advanced autonomous driving technologies [4] Group 2: Company Developments - Xiaomi's automotive factory in Beijing has achieved a 100% automation rate in key processes, with a significant reduction in production time by 74% through the use of a large die-casting machine that consolidates 72 parts into one [1] - Ideal Automotive has implemented a digital manufacturing system called Li-Mos, which enhances efficiency and precision in production through automated processes and real-time quality monitoring [2] - Both Xiaomi and Ideal Automotive are investing heavily in research and development, with Xiaomi committing to an additional 200 billion RMB over the next five years, while Ideal Automotive has maintained over 10 billion RMB in annual R&D spending [2][4] Group 3: Technological Innovations - Xiaomi's factory utilizes an AI-based detection system called "X-Eye," achieving a quality inspection accuracy rate exceeding 99.9% [1] - Ideal Automotive's production line benefits from automated guided vehicles (AGVs) and intelligent robotic arms that streamline various manufacturing processes, contributing to a smarter production environment [2] Group 4: Environmental Initiatives - Both companies are adopting green manufacturing practices, including the use of renewable energy, recycled materials, and measures to reduce energy consumption and pollution emissions [2]

Core Insights - The automotive industry is the largest manufacturing sector in Beijing, with an expected output value exceeding 440 billion yuan in 2024, representing a year-on-year growth of over 15% [2][4][6][10][15] - Since the 14th Five-Year Plan, Beijing has focused on developing a smart connected new energy vehicle ecosystem, advancing high-level autonomous driving technology, and promoting the transformation of traditional car manufacturers while introducing new players [2][4][6][10][15] - In 2024, eight vehicle manufacturers, including Xiaomi and Li Auto, are projected to produce 1.145 million vehicles in Beijing, marking a 13% increase year-on-year, with new energy vehicle production reaching 294,000 units, a nearly threefold increase [2][4][6][10][15]