IT之家 12 月 17 日消息，鸿蒙智行尊界 S800"时代旗舰"轿车第 10000 台已于昨日下线并交付，车主为影星李连杰。 据博主 @老林的佛系车库 昨日分享，尊界 S800 目前销售均价 90+ 万元，200 多天实现 10000 台下线（不包括展车和试驾车），现在产能可达几千，上月单 月交付 2000+ 台。他表示，这几点随便拿一个点都能作为尊界超豪华国产已经成功的证明，而恐怖的是以上几个点全部达成。 博主还分享了华为常务董事、产品投资评审委员会主任、终端 BG 董事长余承东的讲话。其中提到，尊界新产品上线要把销量维持到 5000-6000 台。博主进 行了类比，尊界 5000 台每个月，相当于一个品牌销售额可以顶一个集团的销售额。 据IT之家昨日报道，华为常务董事、产品投资评审委员会主任、终端 BG 董事长余承东表示，尊界实现一个月量产几千台的规模对供应链要求非常高，这次 是带领中国汽车产业链向超高端超豪华品牌海量交付的第一次集体冲锋，预计这个月的产能可以超 4000 台。 鸿蒙智行官方在 12 月 2 日发布了尊界 S800 购置税补贴政策延续公告。该公告提到，尊界 S800 上市 175 天大 ...

Core Viewpoint - The recent developments in L3 conditional autonomous driving in China, particularly involving Huawei's vehicles, signify a major step towards commercial application in the automotive industry [3][7]. Group 1: L3 Autonomous Driving Testing - Huawei's Hongmeng Zhixing has initiated L3 level conditional autonomous driving testing in collaboration with the Shenzhen Municipal Transportation Bureau and other relevant departments [3][7]. - The pilot program covers all high-speed roads in Shenzhen, totaling 1,000 kilometers, with Huawei employees participating using the 2025 model of the AITO Wenjie M9 and the AITO Zunji S800 [3][7]. Group 2: Regulatory Milestones - On December 15, the Ministry of Industry and Information Technology officially announced the first batch of L3 conditional autonomous driving vehicle permits in China, marking a transition from testing to commercial application [3][7]. - Two models suitable for urban congestion and highway scenarios will be tested in designated areas of Beijing and Chongqing [3][7]. Group 3: User Interaction Features - The L3 exclusive human-machine interaction interface of Huawei's Qian Kun Zhijia ADS has been made public, featuring a voice reminder that activates when L3 autonomous driving is engaged [3][7].

证券研究报告 汽车 行业定期报告 hyzqdatemark 2025 年 12 月 10 日 投资评级： 看好（维持） 李泽 SAC：S1350525030001 lize@huayuanstock.com 游泽晨 youzechen@huayuanstock.com 板块表现： 看好高端车市场自主品牌崛起 ——汽车行业双周报（20251124-20251207） 证券分析师 投资要点： 请务必仔细阅读正文之后的评级说明和重要声明 联系人 市场空间：40 万元以上高端车市场空间稳定，看好纯电放量驱动新能源渗透率提升。 2018 年以来，绝大多数年份 40 万元以上高端车销量均保持在 70-120 万辆区间内， 在汽车总销量中占比基本在 5%以上，市场空间整体稳定。目前 40 万元以上高端车 的能源类型仍以 ICE 为主，2025 年 1-10 月累计销量中 ICE 占比为 52.9%，BEV 仅 15.0%。随着充电效率的提升和补能网络逐步完善，纯电车型有望凭借更大的空间、 更顺畅的驾驶体验和更高的能源转化效率等优势在高端市场快速放量，驱动新能源 渗透率进一步提升，预计 2026 年 40 万元以上高端车新能 ...

Investment Rating - The report maintains a "Recommended" investment rating for the automotive industry [2] Core Insights - The automotive sector has shown a significant performance divergence between passenger vehicles and commercial vehicles, with the latter expected to maintain high growth momentum [1][5] - The passenger vehicle segment experienced a revenue increase of 7.4% year-on-year in Q3 2025, while the sales volume grew by 14.4%, indicating a price war impact with an average price decrease of 0.99 million yuan per vehicle [5][37] - The commercial vehicle sector has seen a notable recovery in sales since June 2025, driven by government fiscal improvements and overseas demand, leading to a valuation recovery in the sector [5][15] Summary by Sections Passenger Vehicles - The passenger vehicle market maintained a high level of activity in Q3 2025, with wholesale sales reaching 7.53 million units, a year-on-year increase of 13.7% [23] - The segment's revenue for Q3 2025 was 557.7 billion yuan, with a notable performance difference among manufacturers, driven by new product launches and a shift towards higher-end models [37][44] - The profitability of the passenger vehicle sector showed a decline, with a net profit of 9.49 billion yuan in Q3 2025, down 25.1% year-on-year, primarily due to pressure on leading manufacturers like BYD [41][44] Commercial Vehicles - The commercial vehicle sector, particularly buses and heavy trucks, has shown significant improvement, with Q3 2025 revenues increasing by 30.6% year-on-year for buses and 26.9% for heavy trucks [6][15] - The heavy truck segment's net profit reached 3.84 billion yuan in Q3 2025, reflecting a 55.3% increase year-on-year, supported by favorable government policies and demand recovery [6][15] Auto Parts - The auto parts sector reported a revenue increase of 10.4% year-on-year in Q3 2025, with a net profit growth of 22.6%, indicating effective cost control and efficiency improvements [5][6] - Nearly 80% of auto parts companies achieved revenue growth in Q3 2025, driven by strong demand from the automotive production side [5][6] Investment Recommendations - The report suggests focusing on companies in strong product cycles, such as Great Wall Motors, Seres, and SAIC Motor, as well as key suppliers in the auto parts sector like Joyson Electronics and Desay SV [5][6][7]

Investment Rating - The report maintains a "Strong Buy" rating for Jianghuai Automobile (600418) [1] Core Views - Jianghuai Automobile's revenue for Q3 2025 reached 11.5 billion yuan, showing a year-on-year increase of 5.5% and a quarter-on-quarter increase of 20% [1] - The company reported a net loss attributable to shareholders of 660 million yuan for Q3 2025, a decrease of 990 million yuan year-on-year and a decrease of 110 million yuan quarter-on-quarter [1] - The launch of the Zun Jie S800 model has begun contributing to revenue and gross profit, with significant growth in both metrics [7] Financial Performance Summary - Total revenue projections for 2025-2027 have been adjusted to 45.6 billion, 69.2 billion, and 85.4 billion yuan respectively, with year-on-year growth rates of 8%, 52%, and 23% [7] - The net profit attributable to shareholders is projected to be -1.54 billion, 2.06 billion, and 5.41 billion yuan for 2025-2027, reflecting a significant turnaround in profitability [7] - The gross margin for Q3 2025 was reported at 13.9%, an increase of 2.6 percentage points year-on-year and 6.0 percentage points quarter-on-quarter [7] Sales and Production Insights - The Zun Jie S800 has accumulated over 15,000 pre-orders within four months of its launch, indicating strong demand [7] - The company aims to ramp up production capacity to achieve a monthly output of 4,000 units by the end of 2025 [7] - The report anticipates that the Zun Jie S800 will achieve stable monthly sales of 2,000 units in the following year [7] Market Position and Competitive Advantage - The Zun Jie brand is expected to position Jianghuai as a high-return-on-equity (ROE) and competitive player in the luxury car market, benefiting from cost advantages and a favorable market structure [7] - The luxury car segment is characterized by high profitability, with potential net margins significantly exceeding those of competitors like Porsche [7] Valuation and Target Price - The target price for Jianghuai Automobile is set at 70.02 yuan, representing a potential upside of 45% from the current price of 48.16 yuan [3] - Long-term projections estimate the company's market value could reach 299.3 billion yuan, indicating a potential increase of 1.9 times [7]

Investment Rating - The industry investment rating is "Overweight" indicating a positive outlook for the sector compared to the overall market performance [15]. Core Insights - The report highlights a mixed performance among key automotive companies, with some showing resilience and growth potential, particularly in high-end and international markets [3][4]. - The report emphasizes the importance of technological advancements and the integration of smart features in vehicles, which are expected to drive profitability [5][6]. - There is a notable focus on companies with strong performance in the robotics sector and those expanding their international presence, suggesting a trend towards diversification and innovation [8][9]. Summary by Sections Overall Performance - BYD reported a slight revenue decline but saw a recovery in ASP and gross margin, supported by international expansion and high-end product offerings [3][4]. - Great Wall Motors faced challenges due to scrappage tax and exchange rate impacts but is expected to benefit from new platform launches [4]. - Seres achieved strong gross margins driven by the M8 model, with further profit growth anticipated from the upcoming M7 model [4]. Component Manufacturers - Fuyao Glass experienced a 18.9% revenue increase and a 14.1% rise in net profit, with a focus on high-value products [5]. - Kobot's revenue grew by 11.8%, although net profit remained stable due to losses from consolidated businesses [5]. - Star Universe's revenue growth was bolstered by Seres, and the company is expanding into robotics [5][6]. Investment Recommendations - The report recommends focusing on leading domestic manufacturers like BYD, Geely, and XPeng, as well as companies involved in smart technology and robotics [3][5]. - It suggests monitoring state-owned enterprise consolidations and component manufacturers with strong growth potential, such as Fuyao Glass and Silver Wheel [3][5][6].

Core Insights - Harmony Intelligent Mobility Alliance (HIMA) achieved a record monthly delivery of 68,216 vehicles in October, surpassing 1 million cumulative deliveries, marking the fastest record for a new force brand [2] - The average transaction price for vehicles in October was 390,000 yuan, contributing to the high-quality development of the Chinese automotive industry [2] Company Overview - HIMA was officially established by Huawei on November 9, 2023, as an upgrade to its smart car business, integrating over 30 years of ICT technology with automotive manufacturing capabilities [2] - The product matrix includes five series: Wanjie, Zhijie, Xiangjie, Zunjie, and Shangjie, covering price ranges from 150,000 to 1 million yuan [2] Product Highlights - Wanjie M9: Flagship SUV with Huawei Ascend 910B chip (400 TOPS computing power), leading the luxury car segment in China for 11 consecutive months [3] - Zhijie S7: First model with Harmony Smart Cockpit 4.0, equipped with 192-line LiDAR and valet parking AVP feature [3] - Xiangjie S9: Best-selling luxury pure electric sedan for 7 months in the 400,000 yuan and above category [3] - Zunjie S800: Premium model featuring distributed satellite communication on the Tuling Longxing platform [3] - Shangjie H5: First model co-developed with SAIC, targeting young consumers [3] Future Plans - HIMA aims to achieve annual sales of 1 million vehicles by 2025, with 5 new models and 5 annual facelift models already launched [3] - Plans to introduce 13 L4 autonomous driving models by 2026, with a goal for large-scale commercial use of L4 autonomous driving in urban areas by 2027 [3]

Investment Rating - The industry investment rating is Neutral (maintained) [5] Core Insights - The sales and market share of Hongmeng Intelligent Driving models are expected to continue to rise, benefiting companies in the supply chain [2][3] - The report highlights the strong performance of Hongmeng Intelligent Driving models during the National Day holiday, with a total of 41,300 units booked from October 1-7, representing a 44% year-on-year increase [8] - The report anticipates that the introduction of national standards for intelligent assisted driving will further enhance the market share of vehicles equipped with Huawei's intelligent driving systems [8] Summary by Sections Investment Recommendations and Targets - The report suggests focusing on Hongmeng Intelligent Driving vehicles and related companies, with specific buy recommendations for SAIC Motor (600104), Yanchai Automobile (600418), and several component manufacturers including Yinlun Co. (002126), Xinquan Co. (603179), and others [3] - The report notes that multiple new models are set to launch, which is expected to drive sales and market share upward [3] Market Performance - The report indicates that the high-end and luxury segments of Hongmeng Intelligent Driving models are leading in market share, with significant bookings for models like the Zun Jie S800 and Wanjie M9 [8] - The report projects that by 2026, the product matrix of Hongmeng Intelligent Driving will be further enhanced, allowing for a more comprehensive market presence in the mid-to-high-end new energy vehicle sector [8] Regulatory Developments - The report discusses the upcoming mandatory national standards for intelligent connected vehicles, which are expected to be implemented on January 1, 2027, and how this will impact the market dynamics for L2 level assisted driving systems [8]

Investment Rating - The report maintains a "Recommended" rating for the automotive industry [1] Core Views - The automotive industry is expected to benefit from the continuation of the vehicle replacement policy in 2025, supporting upward consumption trends. The industry is also experiencing a structural shift towards high-end and intelligent upgrades, which presents investment opportunities [18] Summary by Sections Recent Developments - Chery Automobile has successfully listed on the Hong Kong Stock Exchange, raising HKD 9.14 billion with a record oversubscription of 238 times. The company's revenue is projected to grow from CNY 92.618 billion in 2022 to CNY 269.899 billion by 2024, with a compound annual growth rate (CAGR) of 70.7% [5][13] - The Ideal i6 was launched at a price of CNY 249,800, featuring advanced technology and performance specifications [14] - The Shangjie H5 was launched with a starting price of CNY 159,800, offering both electric and range-extended versions [15] - The all-new Wanjie M7 was launched with a price range of CNY 279,800 to CNY 379,800, providing multiple powertrain options [17] Market Performance - From September 22 to September 26, the automotive sector underperformed compared to the Shanghai Composite Index, with the automotive index remaining flat while the overall index rose by 0.2% [19] - The automotive sector's weekly trading volume decreased, indicating a potential decline in investor interest [19] Investment Opportunities - The report highlights several companies poised to benefit from the industry's transition to high-end and intelligent vehicles, including Ideal Auto, Jianghuai Automobile, Geely, BYD, and Great Wall Motors [18] - The report also identifies opportunities in high-level intelligent driving technologies, recommending companies like XPeng Motors and Huayang Group [18] - In the commercial vehicle sector, it anticipates a recovery in heavy truck demand in 2025, recommending leading companies such as Foton Motor and China National Heavy Duty Truck Group [18] Key Company and Earnings Forecasts - The report provides earnings per share (EPS) and price-to-earnings (PE) ratios for several key companies, indicating a bullish outlook for firms like Yiyuan Co., Baolong Technology, and Xinyu Co. [8]

Core Viewpoint - The success of the ZunJie S800 represents not just a single product achievement but also signifies a shift for domestic automotive manufacturing from following to leading in the industry [3] Group 1: Transformation of Workforce - The mindset of production line workers has evolved from a focus on standardization to a pursuit of craftsmanship, as exemplified by the meticulous handcrafting of the intelligent starry sky ceiling in the S800 [4][5] - Workers now approach car manufacturing as an art form, emphasizing the importance of cleanliness and precision in their work [4] Group 2: Quality Control and Standards - The ZunJie project sets stringent quality standards, such as limiting impurities in the car body to under 3 grams before painting, which is at the edge of luxury car industry standards [5][7] - A rigorous cleaning process has been implemented to ensure that the car body meets these high standards, with regular inspections confirming compliance [8] Group 3: Attraction of Talent - The emergence of high-end manufacturing projects like the ZunJie S800 is attracting young talent, shifting their career aspirations towards the automotive industry rather than traditional tech sectors [9][11] - The factory environment resembles a high-tech laboratory, integrating advanced technologies such as AGV robots and AI visual systems for quality control [9] Group 4: Industry Collaboration and Innovation - The ZunJie S800 project has fostered a new collaborative model among suppliers, transitioning from a passive execution role to an active innovation role [12][16] - Joint development efforts among companies like Huawei, Jianghuai, and Songzhi have led to significant technological breakthroughs, such as the dual-layer air conditioning system [14][16] Group 5: Economic and Competitive Implications - The successful launch of the ZunJie S800 is expected to enhance the brand's market position and serve as a benchmark for other domestic brands aiming for the high-end market [19][20] - The project has catalyzed a transformation in the entire automotive supply chain, pushing component manufacturers to innovate and upgrade their technologies [19][20] Group 6: Broader Industrial Impact - The success of high-end vehicles like the ZunJie S800 reflects a country's overall industrial strength and serves as a catalyst for advancements across various manufacturing sectors [22][23] - The automotive industry’s evolution is indicative of a larger trend in manufacturing, where high-performance requirements drive improvements in foundational industrial capabilities [22][23]