Investment Rating - The report maintains a "Buy" rating for the company, indicating a positive outlook for its stock performance relative to the benchmark index [4][5]. Core Insights - The company reported a total wholesale sales volume of 235,000 vehicles in May, representing a year-on-year increase of 46.4% and a month-on-month increase of 0.5%. Cumulatively, from January to May, the total wholesale sales reached 1.173 million vehicles, up 48.6% year-on-year [1][2]. - In May, the company's new energy vehicle (NEV) sales reached 138,021 units, a significant year-on-year increase of 135.2%, with a penetration rate of 58.7%. Cumulatively, NEV sales from January to May totaled 603,000 units, up 137.1% year-on-year [1][2]. - The launch of new models, such as the Galaxy Starry 8 and Lynk 900, is expected to enhance the company's market position in the high-end segment, with the Lynk 900 receiving over 30,000 orders shortly after its launch [2][3]. Summary by Sections Sales Performance - The company achieved a total wholesale sales volume of 235,000 vehicles in May, with NEV sales contributing significantly to this growth [1][2]. - The sales performance of the company's brands includes 189,000 units for the Geely brand, 18,908 units for Zeekr, and 27,630 units for Lynk in May [1][2]. New Product Launches - The Galaxy Starry 8 was launched in May with a price range of 115,800 to 155,800 RMB, and it received over 10,000 pre-orders within six days [2]. - The Lynk 900 was officially launched with four configurations, and it supports advanced driving technologies, achieving over 30,000 orders shortly after its release [3]. Financial Projections - The company forecasts revenues of 404.78 billion RMB, 489.69 billion RMB, and 572.83 billion RMB for 2025, 2026, and 2027, respectively, with net profits projected at 16.21 billion RMB, 22.09 billion RMB, and 25.98 billion RMB for the same years [4][5]. - The earnings per share (EPS) are expected to be 1.61 RMB, 2.19 RMB, and 2.58 RMB for 2025, 2026, and 2027, respectively, with corresponding price-to-earnings (P/E) ratios of 10, 7, and 6 [4][5].

汽车和汽车零部件行业周报 20250518 海内外共振 具身智能加速落地 2025 年 05 月 18 日 ➢ 本周数据：2025 年 5 月第 2 周（5.5-5.11）乘用车销量 45.4 万辆，同比 +4.9%，环比+7.1%；新能源乘用车销量 22.6 万辆，同比+16.0%，环比+10.8%； 新能源渗透率 49.8%，环比+1.6%。 ➢ 本周行情：汽车板块本周表现强于市场。本周（5 月 12 日-5 月 16 日）A 股 汽车板块上涨 1.91%，在申万子行业中排名第 7 位，表现强于沪深 300（1.23%）。 细分板块中，乘用车、汽车零部件分别上涨 3.76%、1.61%，商用载货车、汽车 服务、摩托车及其他、商用载客车分别下跌 0.48%、1.05%、1.33%、2.33%。 ➢ 本周观点：本月建议关注核心组合【比亚迪、吉利汽车、小鹏汽车、小米集 团、伯特利、拓普集团、新泉股份、沪光股份、春风动力】。 ➢ 机器人产业化进程加速 看好 T 链机器人+强智能化主机厂。本周，特斯拉 向华尔街分析师公布：Optimus 目前的产能为每月 1,000 辆。特斯拉计划在第 四季度启动投资者参观制造过程 ...