24晚间，伴随年报的发布，"史上最强" 比亚迪 (002594.SZ) 持续冲击市场热度。 在商业世界早已证明，在一个充分竞争的领域，一家企业的崛起与没落，都有迹可循。 笔者分析财报后发现，比亚迪在 "市场、盈利、投资、研发、一体化、资本" 等6个方面的持续突 破，造就了比亚迪这份史上最强年报。 首先看市场突破力。 根据中国汽车工业协会的数据，中国新能源汽车全年产销分别达1,288.8万 辆和1,286.6万辆，同比分别大幅增长34.4%和35.5%，连续十年位居全球第1。 而据财报披露，比亚迪24年产销分别为430.41万辆 （同比增长125.52%） 和427.22万辆 （同比 增长41.265） ，市场占有率超33%，即市场每投入一辆新能源汽车，有一辆就是比亚迪。 另据24潮产业研究院 (TTIR) 统计，2020-2024年这五年间，比亚迪乘用车和商用车销量分别增长 了26.21倍、2.25倍，增长势头非常强劲。 | स्ट (२) | 乘用车销量 | 商用车销量 | | --- | --- | --- | | 2024年 | 425.04 | 2.18 | | 2023年 | 301.29 | 1. ...

来源|极速财讯 在全球新能源汽车市场，特斯拉的投资者们正经历着前所未有的焦虑。BYD（比亚迪）这三个字母，如同一把达摩克利斯之剑，成为特斯拉股价持续 承压的关键动因。从智能驾驶技术突破到价格战碾压，从欧洲市场扩张到中国本土围剿，比亚迪的全方位进击让特斯拉的"多头"们夜不能寐。 比亚迪24日发布的财报显示，2024年营收首次突破1000亿美元（7771亿元人民币），并且也是首次超越特斯拉（977亿美元）。在港股市场上， 从2025年开年至今，比亚迪股份累计上涨超50%，最高触及426.60港元。 马斯克在特朗普政府中的角色，使特斯拉品牌卷入了美国政治斗争的核心，成为意识形态冲突的具象化符号。尽管白宫对此做出了一系列的操作，比 如特朗普在白宫的草坪上进行"现场背书"、商务部长在新闻节目上为特斯拉股票做宣传、联邦调查局以恐怖主义罪名威胁破坏者等等，但这些令人眼 花缭乱的手段，依然让特斯拉的投资者们显得有些绝望。 在中国市场，特斯拉正经历"滑铁卢"，今年2月，其销量同比暴跌49%，市场份额降至3.9%，同比下降4个百分点。但比亚迪并不是唯一一个正在蚕 食特斯拉市场份额的中国竞争对手，摩根士丹利研报预测，特斯拉在华收入 ...

不仅没能完成目标，对比2023年，净亏损额还多出了近17亿元。这大概就是财报发布后，李斌迎来诸多质疑的核心原因。 无论对于投资者还是对于消费者，造车11年的李斌和蔚来整个高管团队确实都需要用行动给出具体的解释。 3月21日，蔚来汽车发布2024年财报。根据财报，蔚来全年销售22.20万辆车，净亏损224亿元，粗略计算，蔚来每卖出一台车，大约净亏10万 元。 去年年初，蔚来确定的全年销量目标为23万辆，比2023年目标低了1.5万辆。当时蔚来创始人、董事长李斌对外宣称，这是一个相对理性的目标。 但24年财报显示，蔚来没能完成年初确定的销量目标，实际缺口约为8000辆。 乐道"折戟"暴露管理问题 业绩公布当天，蔚来美股股价应声下跌，收盘跌4.46%。港股表现也不尽如人意，财报发布后的两个工作日，该股股价持续下跌，截至发稿，报 33.8港元，当日跌2.59%。 这与去年9月份蔚来半年业绩发布后，美股大涨14.39%形成鲜明对比。 彼时，蔚来销量稳定，乐道还没正式上市，管理层也在电话会上强调换电业务已经等到了盈利的曙光。一时间资本纷纷看好，在理想、小鹏、比亚 迪、零跑不约而同地在财报发布后遭遇了股价下跌之后，反而是亏 ...

Industry Information - As of March 14, approximately 1.3 million applications for the 2025 vehicle trade-in subsidy have been received nationwide [4] - In January-February, the production of new energy vehicles in Beijing increased by 2.5 times [10] - Jiangsu has established an innovative consortium for the recycling of new energy power batteries [8] - CATL is developing a second-generation sodium battery with performance close to lithium iron phosphate [8] - The global market share of CATL's power batteries reached 37.9% in 2024 [10] - The total revenue of CATL in 2024 was 362 billion yuan, with a net profit of 50.7 billion yuan [10] Policy Information - The central government has increased support for the trade-in of consumer goods, extending the automotive consumption chain [4] - Zhejiang province supports the replacement of vehicles, with a maximum subsidy of 15,000 yuan per new energy vehicle [4] Company Information - Xiaomi's electric vehicle deliveries have reached 200,000 units, with a target of 350,000 units for 2025 [21][23] - BYD has entered the South Korean market and has become a formal member of the Korean Automobile Importers and Distributors Association [22] - NIO's third brand, Firefly, will launch its first model on April 19, integrating into NIO's battery swap system [27] - Li Auto has issued nearly 20 million shares for employee incentives, valued at approximately 1.89 billion yuan [26] - Xpeng Motors reported a revenue of 40.87 billion yuan for 2024, with a fourth-quarter revenue of 16.11 billion yuan [23]

李斌召开沟通会：现在是"全网教我做CEO"，蔚来今年Q4必须盈利 李斌重申了蔚来最核心的任务—— 今年四季度必须实现盈利。作为中国的公司，不能奢望像亚马逊、特斯拉一样在成立的第 16 年甚至第 20 年才实现盈 利，且有很多同行实现盈利的时间更短。 今年蔚来的九款新产品将陆续交付，到四季度，我们的销售服务网络和换电站的建设也会基本完成阶段性布局。在这样的情况下，如果我们四季 度不能如期盈利，对整个公司的长远发展、商业模式都将是非常大的考验，所以我们必须实现四季度盈利。 李斌否认了宁德时代也做换电会导致蔚来的竞争力削弱的说法。"我们和宁德时代合作，意味着这个讨论可以结束了。我们和宁德时代的合作不只是在资本 层面，还有技术和服务体系的双向赋能，还有电池运营。本来 2020 年 8 月我们就一起成立了电池资产公司蔚能，这家公司也运行得很好。" 他表示，双方的合作意味着换电已经成为了"一种主流的补能模式"。蔚来专注于中高端，宁德时代则主要布局经济型的市场，其"巧克力电池"具备更低的成 本，换电这一赛道与"两桶油（IT之家注：中国石化和中国石油）"类似。 IT之家 3 月 24 日消息，据"晚点 Auto"，蔚来创始人 ...

Core Viewpoint - Xiaopeng Motors' Q4 2024 financial results showed a decline in vehicle sales price, leading to lower-than-expected revenue, but the gross margin improved significantly due to cost reduction capabilities [1][5][12]. Financial Performance - Vehicle sales price decreased by nearly 30,000 yuan, resulting in a sales revenue of 14.67 billion yuan, slightly below the market expectation of 15.3 billion yuan [1][13][24]. - The automotive gross margin reached 10%, exceeding the market expectation of 9.4%, reflecting significant improvements in cost management [1][5][12]. Sales Guidance - The Q1 2025 sales guidance is set at 91,000 to 93,000 vehicles, implying a flat month-over-month increase in March, raising concerns about the sustainability of sales momentum for popular models P7+ and M03 [2][5][19]. - The implied vehicle price for Q1 2025 is projected to drop to 150,000 yuan, continuing the downward trend [2][20][22]. Cost Management - The single vehicle cost decreased to 144,000 yuan, contributing to the improved gross margin despite lower sales prices [18][26]. - The company achieved a significant reduction in costs through enhanced supply chain management and strategic pricing adjustments [6][17][32]. Operating Expenses - Selling and administrative expenses increased significantly, reaching 2.28 billion yuan, primarily due to the transition to a dealership model and expansion of the sales network [30][34]. - R&D expenses were 1.63 billion yuan, slightly below market expectations, focusing on smart driving technology and new model development [31][32]. Market Positioning - Xiaopeng is focusing on high cost-performance products and user-oriented design, with a strong product cycle expected in 2025 [10][12][28]. - The company is positioned to lead in high-level smart driving technology, aiming to make it accessible in lower-priced models [10][12][28].

Investment Rating - The report maintains a "Buy" rating for Leap Motor (09863.HK) with a target price of HKD 66, corresponding to a valuation of HKD 885 billion, which is 1.5x the estimated 2025 P/S ratio [4][7]. Core Views - Leap Motor achieved profitability in Q4 2024, with expectations for full-year profitability in 2025. Q4 2024 sales exceeded 120,000 units, leading to revenue of RMB 13.44 billion and a gross margin improvement of 6.6 percentage points year-on-year to 13.3% [1][4]. - The launch of the LEAP 3.5 technology architecture and the B10 model is expected to drive strong product cycles, with pre-sale orders for the B10 model reaching 31,688 units within 48 hours [2][4]. - A strategic partnership with FAW aims to enhance cost and scale advantages through joint development and component cooperation, potentially lowering production costs [3][4]. Financial Summary - The projected sales volume for Leap Motor is expected to exceed 500,000 units in 2025, with total revenue forecasted at RMB 54.94 billion, reflecting a year-on-year growth rate of 71% [4][13]. - The company anticipates a net profit margin of 0.6% in 2025, improving to 6.2% by 2027, with net profit estimates of RMB 336 million in 2025 and RMB 6.036 billion in 2027 [4][12]. - Key financial metrics include a projected revenue of RMB 32.16 billion in 2024, increasing to RMB 54.94 billion in 2025, with a gross profit of RMB 5.968 billion and a gross margin of 10.9% [6][13].

受此消息提振，蔚来港股股价拉涨，涨幅一度超17%，收盘上涨8.95%。 宁德时代将投资蔚来能源 中国证券报记者注意到，这不是蔚来和宁德时代的首次合作，2024年3月，双方曾签署框架协议， 共同推动长寿命电池研发创新。 宁德时代、蔚来，战略合作 3月18日，蔚来汽车和宁德时代共同宣布，3月17日晚，双方签署战略合作协议，将共同打造换电网 络并推进行业技术标准的统一。 同时，双方将进行资本合作。蔚来表示，宁德时代正在推进对蔚来子公司蔚来能源不超过25亿元的 战略投资。宁德时代将支持蔚来换电网络的发展，蔚来公司旗下firefly萤火虫品牌后续开发的新车型将 适时导入宁德时代巧克力换电标准和网络。 加快推动换电标准统一 记者注意到，2023年11月至今，已有多家主流新能源车企加入换电阵营。长安汽车、吉利控股、江 汽集团、奇瑞汽车、广汽集团等车企与蔚来签署了换电战略合作协议。 目前，蔚来已累计建成3172座换电站，形成9纵9横14大城市群高速换电网络，布局近1000座高速公 路换电站，连通全国超700个城市。 2024年12月18日，曾毓群在"宁德时代巧克力换电生态大会"上表示："到2030年，在电车补能模式 上，换电 ...

获宁德时代25亿元战略投资 蔚来直线拉升 股价大涨 超17% 据蔚来公众号消息，3月17日晚，蔚来与宁德时代在福建宁德签署战略合作协议。双方将通过构建 覆盖全系乘用车的换电网络、统一行业技术标准、深化资本与业务合作，为广大用户提供更高效的能源 解决方案，引领新能源汽车产业迈向高质量发展新阶段。 在此基础上，双方将进行资本合作，宁德时代正在推进对蔚来能源不超过25亿元人民币的战略投 资，进一步巩固双方战略合作伙伴关系。双方通过技术互通、资本和商务合作等方式，实现「1+1>2」 的产业贡献。 蔚来高级副总裁沈斐与宁德时代换电业务总经理杨峻代表双方签约。蔚来创始人、董事长、CEO李 斌与宁德时代创始人、董事长兼CEO曾毓群现场见证。蔚来CFO曲玉，蔚来高级副总裁曾澍湘，宁德时 代市场体系联席总裁韩伟，宁德时代首席投资官王红波，宁德时代CFO郑舒等出席签约仪式。 根据协议，双方基于全球汽车产业转型升级趋势，发挥双方在相关领域所拥有的技术、管理、平 台、品牌资源等优势，旨在打造全球规模最大、技术最领先的乘用车换电服务网络。响应国家新能源汽 车发展战略规划，双方将在统一电池标准的基础上，深化换电网络共享，推动换电服务的普 ...

Core Viewpoint - The collaboration between Guoxuan High-Tech and Chery Automobile has significantly deepened, with Guoxuan's battery installation ratio for Chery vehicles reaching 60% in the hybrid sector for 2024, indicating a strong market presence and growth potential in the new energy vehicle sector [1][2]. Summary by Sections Partnership Development - Guoxuan High-Tech and Chery have a long-standing partnership that began in 2012, focusing on the application of new energy products. The collaboration has evolved through various milestones, including the signing of a strategic cooperation agreement in 2019 and significant battery supply for popular models like the Chery QQ Ice Cream [2][3]. - In 2022, the annual installation volume exceeded 130,000 units, representing a growth of over 220% compared to the previous year [2]. Product Launch and Features - The newly launched Star Era ES range-extended version is a key product resulting from the strategic partnership, aimed at the C-class high-end range-extended sedan market. It features the "Kunpeng Battery," developed through deep collaboration between Guoxuan and Chery [2][3]. - The battery pack boasts seven core advantages achieved through innovative structural design, big data technology application, and optimization of raw materials [2]. Future Plans - The companies have planned more high-end model collaborations, with ongoing projects set to be launched in the market soon. In addition to Chery, Guoxuan is also collaborating with several top 10 OEMs, including Changan, Leap Motor, and Geely, to expand their range-extended product offerings [3]. Technical Specifications - The battery pack supports rapid charging, achieving 80% charge in just 17.5 minutes from 20% [4]. - It offers an impressive range of 1,645 km, the highest in its class for hybrid vehicles [4]. - The battery pack is designed to operate in extreme conditions, withstanding temperatures as low as -35°C, and features enhanced safety measures, including high-strength protection and advanced collision safety standards [4].