新力量 New Force 第一上海研究部 research@firstshanghai.com 总第 4887 期 2025 年 10 月 22 日 星期三 研究观点 【公司研究】 招金矿业 (1818，买入）：业绩稳健增长，海域金矿开启价值重估新篇章 【公司评论】 特斯拉 (TSLA)：2025Q3 业绩前瞻 评级变化 | 公司 | 代码 | 评级 | 目标价(港元） | | 2025年EPS(港元) | | | 2026年EPS(港元) | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | 新 旧 新 | 旧 | 变动 | 新 | 旧 | 变动 | 新 | 旧 | 变动 | | 招金矿业 | 1818 | 买入 买入 43.72 | 24.00 | 82% | 0.890 | 0.900 | -1% | 1.250 | 1.088 | 15% | 第一上海证券有限公司 香港中环德辅道中 71 号永安集团大厦 19 楼 咨询热线：400-882-1055 服务邮箱：Service@firstshang ...

Core Insights - Lotus Technology reported a total vehicle delivery of 2,813 units and revenue of $218 million for the first half of 2025, showing a significant recovery in gross margin compared to the low point of 2024 [1] - The company has demonstrated a "resilient growth" trajectory amidst global market fluctuations and intensified competition, leveraging its product strength, capital, and strategic clarity [1] Group 1: Performance in China and Overseas - The Chinese market has been a key driver of growth, particularly with the upgraded ELETRE super SUV, which topped the high-end pure electric SUV segment in China, attracting high-net-worth users and boosting delivery and revenue [2] - In overseas markets, Lotus's share in the UK high-end pure electric market increased from 5% to 12% year-on-year, indicating a solid foothold in Europe [2] - The company has resumed deliveries of the EMIRA fuel-powered sports car in North America, clearing obstacles for further international expansion [2] Group 2: Financial Performance and Cost Management - The significant recovery in gross margin is attributed to effective cost control measures and the success of the ELETRE as a high-end model, enhancing the overall premium capability of the product mix [3] - The ability of a vehicle to dominate its niche market allows the company to avoid price wars, creating valuable profit space and brand momentum [3] Group 3: Capital Injection and Strategic Plans - Lotus Technology secured approximately $500 million in funding commitments from institutional investors and strategic partners, enhancing cash reserves and signaling market confidence in its strategy [4] - The funding includes up to $300 million in convertible notes and a credit facility of up to $200 million from major shareholder Geely, providing a diversified and stable financial foundation for future growth [4] - The capital will primarily support brand building, product development, and increased investment in smart technology, reinforcing the company's competitive edge in the "smart luxury mobility" sector [4] Group 4: Market Challenges and Strategic Adjustments - Despite rising sales, the management remains cautious due to the lower-than-expected penetration rate of pure electric vehicles in the ultra-high-end market, prompting a reassessment of technology routes and brand positioning [6] - The introduction of the "Luyou" super hybrid technology reflects a pragmatic shift to address market realities, aiming to satisfy high-end consumers' performance desires while alleviating range anxiety [6][7] Group 5: Brand Perception and Marketing Strategies - Lotus faces challenges in brand recognition, traditionally associated with aesthetics and performance, and must evolve to include "intelligence," "luxury," and "service" in its brand identity [8] - The company is enhancing its performance image through motorsport events and safety training initiatives, while also focusing on sustainability and social responsibility to resonate with modern consumers [8][9] Group 6: Future Outlook and Strategic Vision - Lotus Technology is transitioning from a niche sports car manufacturer to a global smart luxury mobility brand, balancing hybrid technology with electric and smart driving innovations [10] - The challenge lies in maintaining its racing heritage while adapting to contemporary market demands, requiring strategic foresight and brand evolution [10]

2025年8月29日，路特斯科技正式公布了第二季度及上半年财务业绩。2025年上半年，公司实现汽车总 交付量2813辆，上半年总收入为2.18亿美元。 莲花科技首席执行官冯擎峰表示："在市场环境波动的背景下，我们能够在中国高度竞争的市场中交出 亮眼表现，彰显了战略的韧性。路特斯科技有信心在长期内持续强化运营，并为股东创造可持续的价 值。"未来，公司将增强"One Lotus"战略下品牌整合及协同、提升运营效率，进一步提升全球渠道及销 售能力。 海外市场方面，2025年上半年，莲花生活用车在英国高端纯电市场（>8万英镑）市占率从去年同期5% 提升至今年的12%。受关税波动影响的燃油跑车EMIRA，已于7月在北美市场恢复交付。此外，路特斯 机器人已与海外战略合作伙伴签署协议，双方将在智能驾驶领域开展合作，并探索在沙特阿拉伯发展 Robotaxi业务。 从市场表现来看，上半年交付量主要集中于中国市场。随着升级车型在第二季度陆续开启客户交付，升 级版莲花ELETRE超跑SUV凭借其卓越性能与出色设计，有力推动了中国市场的交付量，更直接带动了 整体收入的增长。CFO王达学表示："随着升级车型在第二季度于中国的交付加速， ...

Core Viewpoint - Lotus Technology reported its financial performance for Q2 and the first half of 2025, highlighting significant growth in vehicle deliveries and revenue, particularly driven by the Chinese market [1] Group 1: Financial Performance - In the first half of 2025, the company achieved total vehicle deliveries of 2,813 units and total revenue of $218 million [1] - The overall delivery volume and revenue increase were primarily attributed to the rollout of upgraded models like the Lotus ELETRE in Q2 [1] Group 2: Market Performance - The majority of vehicle deliveries in the first half of 2025 were concentrated in the Chinese market [1] - In the UK high-end electric vehicle market (priced above £80,000), the market share of Lotus lifestyle vehicles increased from 5% in the same period last year to 12% in the first half of 2025 [1] Group 3: Strategic Developments - The fuel-powered sports car EMIRA resumed deliveries in the North American market in July, following fluctuations in tariffs [1] - Lotus Robotics has signed agreements with overseas strategic partners to collaborate in the field of intelligent driving and explore the development of Robotaxi services in Saudi Arabia [1]

Group 1: Government Initiatives - Shanghai Municipal Party Committee and the Cyberspace Administration of Shanghai launched "Several Measures to Support Quality Internet Content Creation," outlining nine support policies including financial incentives, talent policies, scene construction, and overseas support [1][6] - The Ministry of Industry and Information Technology is soliciting opinions on the revision of the "Mobile Power Safety Technical Specifications," which will impose stricter technical standards on mobile power supplies, including power banks [3][4] Group 2: Economic Data - The National Bureau of Statistics reported that China's GDP for the first half of the year reached 660,536 billion yuan, with a year-on-year growth of 5.3%. The primary, secondary, and tertiary industries grew by 3.7%, 5.3%, and 5.5% respectively [3] - The second quarter GDP growth was 5.2%, with a quarter-on-quarter increase of 1.1% [3] Group 3: Corporate Developments - Geely Holding Group announced the signing of a merger agreement between Geely Automobile and Zeekr Technology, with Geely acquiring all outstanding shares of Zeekr, offering shareholders the option of cash or stock exchange [3][14] - Bubble Mart expects its revenue for the six months ending June 30, 2025, to grow by no less than 200% year-on-year, with profits potentially increasing by no less than 350% [13][14] - Xpeng Huitian announced the completion of a $250 million Series B financing round, indicating a $100 million amount for the B2 round [13][15] Group 4: Market Trends - The banking sector has shown an upward trend, with several A-share listed banks, including Xiamen Bank and Shanghai Pudong Development Bank, seeing stock price increases of over 30% this year [8] - The eleventh batch of national drug centralized procurement has been initiated, focusing on quality control and compliance in the procurement process [5] Group 5: Strategic Partnerships - Ningde Times signed a strategic cooperation agreement with T3 Mobility to advance Robotaxi business development, leveraging its battery swap and intelligent technology solutions [13][16] - BMW China partnered with Momenta to develop a smart driving assistance solution based on a large model, applicable to multiple vehicle models [13][16]