Core Points - The China Securities Index for Global Intelligent Driving, which includes companies listed in Hong Kong and the US, has seen a decline of 10.79% in the past month, 18.03% over the last three months, and 18.28% year-to-date [1] - The index comprises 50 companies involved in intelligent driving sectors such as perception, positioning, decision-making, control execution, and vehicle networking, reflecting the overall performance of these companies [1] Group 1: Index Performance - The index is currently at 5531.79 points, with a base date of December 30, 2016, set at 1000.0 points [1] - The index has experienced significant declines, indicating potential challenges in the intelligent driving sector [1] Group 2: Index Holdings - The top ten holdings in the index include NVIDIA Corp (9.98%), XPeng Motors-W (9.95%), Li Auto-W (9.21%), and Tesla Motors Inc (8.08%) [2] - The index's market distribution shows that 60.74% of the holdings are from the Nasdaq Global Select Market, 30.10% from the Hong Kong Stock Exchange, and smaller percentages from other exchanges [2] - In terms of industry representation, passenger vehicles account for 23.62% of the index, while optical electronics and digital media represent 3.46% and 3.41%, respectively [2] Group 3: Index Adjustment - The index samples are adjusted biannually, with adjustments occurring on the next trading day after the second Friday of June and December [3] - Weight factors are generally fixed until the next scheduled adjustment, with provisions for temporary adjustments in special circumstances [3]

汽车/乘用车 比亚迪（002594.SZ） 2025 年 04 月 09 日 投资评级：买入（维持） | 日期 | 2025/4/9 | | --- | --- | | 当前股价(元) | 324.60 | | 一年最高最低(元) | 403.40/203.99 | | 总市值(亿元) | 9,864.81 | | 流通市值(亿元) | 3,773.20 | | 总股本(亿股) | 30.39 | | 流通股本(亿股) | 11.62 | | 近 3 个月换手率(%) | 82.26 | 股价走势图 数据来源：聚源 -30% 0% 30% 60% 90% 120% 2024-04 2024-08 2024-12 2025-04 比亚迪 沪深300 相关研究报告 《Q4 业绩高增，"兆瓦闪充+智驾平 权"开启新征程—公司信息更新报告》 -2025.3.26 《闪电配售破浪前行，全球化及智能 化进程再提速—公司信息更新报告》 -2025.3.5 《发布天神之眼 C 高阶智驾，开创全 民智驾新时代—公司信息更新报告》 -2025.2.11 Q1 业绩预计高增， "海外市场+新车周期"持续发力 ——公司信息更新报告 ...

比亚迪（002594.SZ） 2025 年 04 月 09 日 投资评级：买入（维持） | 日期 | 2025/4/9 | | --- | --- | | 当前股价(元) | 324.60 | | 一年最高最低(元) | 403.40/203.99 | | 总市值(亿元) | 9,864.81 | | 流通市值(亿元) | 3,773.20 | | 总股本(亿股) | 30.39 | | 流通股本(亿股) | 11.62 | | 近 3 个月换手率(%) | 82.26 | 股价走势图 数据来源：聚源 -30% 0% 30% 60% 90% 120% 2024-04 2024-08 2024-12 2025-04 比亚迪 沪深300 相关研究报告 汽车/乘用车 《Q4 业绩高增，"兆瓦闪充+智驾平 权"开启新征程—公司信息更新报告》 -2025.3.26 《闪电配售破浪前行，全球化及智能 化进程再提速—公司信息更新报告》 -2025.3.5 《发布天神之眼 C 高阶智驾，开创全 民智驾新时代—公司信息更新报告》 -2025.2.11 Q1 业绩预计高增， "海外市场+新车周期"持续发力 ——公司信息更新报告 ...

赛力斯（601127.SH） 优于大市 营收高速增长，净利润接近预告上限 | 盈利预测和财务指标 | 2023 | 2024 | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业收入(百万元) | 35,842 | 145,176 | 180,023 | 200,275 | 224,953 | | (+/-%) | 5.1% | 305.0% | 24.0% | 11.2% | 12.3% | | 归母净利润(百万元) | -2450 | 5946 | 9425 | 12185 | 14904 | | (+/-%) | -36.1% | -342.7% | 58.5% | 29.3% | 22.3% | | 每股收益（元） | -1.62 | 3.94 | 6.24 | 8.07 | 9.87 | | EBIT Margin | -16.7% | 4.0% | 4.8% | 6.1% | 6.6% | | 净资产收益率（ROE） | -21.5% | 48.5% | 43.5% | 36.0% | 30.8% | | 市盈率（ ...

Investment Rating - The investment rating for the company is "Outperform the Market" [5][3][29] Core Views - The company achieved a significant revenue growth of 305% year-on-year in 2024, with total revenue reaching 145.18 billion yuan and a net profit of 5.946 billion yuan, marking a turnaround from losses [1][9] - The fourth quarter of 2024 saw revenue of 38.549 billion yuan, a year-on-year increase of 101.18%, although it experienced a quarter-on-quarter decline of 7.29% [1][9] - The company maintains a high gross margin, with an annual gross margin of 26.15% and a fourth-quarter gross margin of 28.70% [1][9][13] - The company is focused on high R&D investment while gradually controlling sales expenses, with a fourth-quarter R&D expense ratio of 3.16% and a sales expense ratio of 13.52% [2][16] Financial Performance Summary - For 2024, the company reported total revenue of 145.18 billion yuan, with a gross profit of 37.97 billion yuan and a net profit margin of 4.10% [1][9] - The company expects revenue projections for 2025-2027 to be 1800 billion yuan, 2003 billion yuan, and 2250 billion yuan respectively, with net profits of 94.25 billion yuan, 121.85 billion yuan, and 149.04 billion yuan [3][29] - The earnings per share (EPS) are projected to be 6.24 yuan, 8.07 yuan, and 9.87 yuan for 2025, 2026, and 2027 respectively [3][29] Sales and Product Performance - The core product, the "Wenjie" series, is expected to achieve annual sales of 389,100 units in 2024, with fourth-quarter sales of 96,600 units [2][18] - The M9 model maintained a high sales ratio of 49.70% in the fourth quarter, with sales of 49,330 units [2][18] - The company reported an increase in single-vehicle revenue and gross profit, with fourth-quarter single-vehicle revenue at 399,100 yuan and gross profit at 114,500 yuan [20][2] Valuation and Market Position - The company is valued at a reasonable market capitalization of 216.8 billion to 235.6 billion yuan, with a corresponding share price valuation of 144 to 156 yuan [3][29] - The company is positioned in the luxury car market, benefiting from high gross margins and a strong competitive edge compared to mainstream manufacturers [26][27]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1][9] Core Views - The report highlights that the company is experiencing positive financial performance driven by a new vehicle cycle, accelerated intelligent driving technology, and overseas expansion [1][8] - In March 2025, the company delivered 33,205 vehicles, representing a year-on-year increase of 268%, and a total of 94,008 vehicles in Q1 2025, up 331% year-on-year [1][2] Financial Performance - For Q4 2024, the company achieved revenue of 16.11 billion RMB, with a year-on-year growth of 23.4% and a quarter-on-quarter growth of 59.4% [5] - Vehicle revenue for Q4 2024 was 14.67 billion RMB, showing a year-on-year increase of 20.0% and a quarter-on-quarter increase of 66.8% [5] - The company reported a gross margin of 14.4% for Q4 2024, with an automotive gross margin of 10.0% [5][9] Sales and Delivery Outlook - The company expects to deliver between 91,000 to 93,000 vehicles in Q1 2025, representing a year-on-year growth of 317.0% to 326.2% [6] - Projected total revenue for Q1 2025 is estimated to be between 15 billion to 15.7 billion RMB, reflecting a year-on-year growth of 129.1% to 139.8% [6] Strategic Developments - The company has expanded its overseas market presence, entering Poland, Switzerland, Czech Republic, and Slovakia, with plans to sell models P7, G9, and G6 in Q2 2025 [8] - The company has established partnerships with leading distribution companies in Europe to enhance its market penetration [8] Future Projections - Revenue projections for 2025 to 2027 are 89 billion, 129.4 billion, and 153.8 billion RMB, with growth rates of 118%, 45%, and 19% respectively [7][9] - The company is expected to achieve a net profit of -1.316 billion RMB in 2025, turning positive with a profit of 2.408 billion RMB by 2026 [7][9]

汽车/乘用车 长城汽车（601633.SH） Q4 业绩同比增长，海外/坦克/魏牌有望继续贡献增量 2025 年 04 月 01 日 投资评级：买入（维持） | 日期 | 2025/3/31 | | --- | --- | | 当前股价(元) | 26.10 | | 一年最高最低(元) | 33.34/21.55 | | 总市值(亿元) | 2,234.85 | | 流通市值(亿元) | 1,616.60 | | 总股本(亿股) | 85.63 | | 流通股本(亿股) | 61.94 | | 近 3 个月换手率(%) | 18.84 | 股价走势图 数据来源：聚源 -24% -12% 0% 12% 24% 36% 48% 2024-04 2024-08 2024-12 长城汽车 沪深300 相关研究报告 《2024 年业绩预计高增，坦克/魏牌有 望带来新增量—公司信息更新报告》 -2025.1.17 《Hi4-z 技术进军泛越野市场，智能化 有望加速上车—公司信息更新报告》 -2024.10.28 xujianfeng@kysec.cn 证书编号：S0790123070014 受坦克、海外业务销量增长推动， ...

汽车/乘用车 长城汽车（601633.SH） Q4 业绩同比增长，海外/坦克/魏牌有望继续贡献增量 2025 年 04 月 01 日 投资评级：买入（维持） | 日期 | 2025/3/31 | | --- | --- | | 当前股价(元) | 26.10 | | 一年最高最低(元) | 33.34/21.55 | | 总市值(亿元) | 2,234.85 | | 流通市值(亿元) | 1,616.60 | | 总股本(亿股) | 85.63 | | 流通股本(亿股) | 61.94 | | 近 3 个月换手率(%) | 18.84 | 股价走势图 数据来源：聚源 -24% -12% 0% 12% 24% 36% 48% 2024-04 2024-08 2024-12 长城汽车 沪深300 相关研究报告 《2024 年业绩预计高增，坦克/魏牌有 望带来新增量—公司信息更新报告》 -2025.1.17 《Hi4-z 技术进军泛越野市场，智能化 有望加速上车—公司信息更新报告》 -2024.10.28 《坦克品牌及海外业务推升盈利，智 能化领域发展提速—公司信息更新报 告》-2024.8.30 赵旭杨（分析师） ...

Investment Rating - The investment rating for the company has been downgraded to "Recommended" [2][8][18] Core Views - The company reported a revenue of 107.8 billion yuan for 2024, a year-on-year decrease of 17%, and a net profit attributable to shareholders of 0.82 billion yuan, down 81% year-on-year [2][4] - The company is expected to face significant pressure in both its independent and joint ventures in 2024, but there are expectations for operational improvements in 2025 [2][8] - The target price for the company's A-shares is set at 9.9 yuan and for H-shares at 3.5 HKD, based on adjusted profit expectations for 2025-2027 [2][8] Financial Summary - Total revenue for 2024 is projected at 107.8 billion yuan, with a year-on-year growth rate of -16.9% for 2025, followed by positive growth rates of 8.4%, 13.0%, and 11.4% for 2026 and 2027 respectively [4][9] - The net profit attributable to shareholders is expected to recover from -0.82 billion yuan in 2024 to 1.19 billion yuan in 2025, with further increases to 2.32 billion yuan in 2026 and 3.14 billion yuan in 2027 [4][9] - The earnings per share (EPS) is projected to rise from 0.08 yuan in 2024 to 0.31 yuan in 2027 [4][9] Operational Insights - The company plans to launch over 20 new models in 2025, including 7 from its independent brand, aiming for total production and sales exceeding 1 million units [2][8] - The company is collaborating with Huawei, having invested 1.5 billion yuan to establish a new automotive venture focused on luxury smart electric vehicles [2][8] Market Performance - The company's stock price as of March 28, 2025, is 8.49 yuan, with a historical high of 10.69 yuan and a low of 7.13 yuan within the past 12 months [4][5]

Core Viewpoint - The automotive industry is experiencing a significant transformation driven by the rise of electric vehicles and intelligent driving technologies, with a focus on key players like BYD, Geely, and XPeng [4][10][13]. Weekly Data - In the third week of March 2025, passenger car sales reached 430,000 units, up 15.6% year-on-year and 3.5% month-on-month; new energy vehicle sales were 224,000 units, up 31.2% year-on-year and 0.8% month-on-month, with a penetration rate of 52.1%, down 1.4 percentage points [2]. Market Performance - The automotive sector underperformed the market, with a decline of 3.89% in the A-share automotive sector from March 24 to 28, ranking 11th among sub-industries, compared to a decline of 1.05% in the CSI 300 [3][30]. Company Performance - Key companies like BYD, Weichai, and China National Heavy Duty Truck Corporation reported strong earnings, with BYD's net profit for Q4 2024 at 15.02 billion yuan, up 73.1% year-on-year and 29.4% month-on-month; China National Heavy Duty Truck's net profit was 546 million yuan, up 28.4% year-on-year and 73.0% month-on-month; Weichai's net profit was 3.002 billion yuan, up 19.5% year-on-year and 20.2% month-on-month [5][10]. Passenger Car Market Outlook - The passenger car market is showing upward momentum, with new models launching and intelligent driving technologies gaining traction. The penetration rate of new energy vehicles is recovering rapidly due to subsidy policies, with significant pre-sale orders for models like Great Wall's Xiaolong MAX and Geely's Lynk & Co 900 [6][11]. Investment Recommendations - The focus is on high-quality domestic brands accelerating breakthroughs in smart and global markets, recommending companies such as BYD, Geely, XPeng, and others in the new energy vehicle sector [7][13][15]. Motorcycle Market - The large-displacement motorcycle market is expanding, with significant sales growth reported in February 2025, particularly for brands like Chunfeng Power, which saw a 134.9% year-on-year increase in sales [23][24]. Heavy Truck Market - The heavy truck market is recovering, supported by expanded subsidy policies for replacing old vehicles, with sales in February 2025 reaching approximately 80,000 units, a 34% increase year-on-year [25][26]. Tire Industry - The tire industry is experiencing strong demand and performance, with high operating rates and a focus on global expansion. Leading companies are expected to benefit from ongoing growth and technological advancements [27][28].