格隆汇9月15日｜富特科技(301607.SZ)接受特定对象调研时表示，目前，公司已与多家头部整车企业建 立了稳定的合作关系，主要客户包括广汽、蔚来、小米、零跑、小鹏、长安等优质厂商。公司重点配套 的车型涵盖多款市场热门及主力产品，例如蔚来ES/ET系列、乐道、萤火虫，小米SU7/YU7，以及广汽 埃安系列等。 ...

Core Viewpoint - The article discusses the growth logic and investment value of Suzhou Huichuan United Power, which is expected to be the largest IPO project in the A-share new energy vehicle supply chain this year [3]. Company Overview - United Power, a subsidiary of Huichuan Technology, focuses on modular solutions and components for electric drive systems and power systems, serving as a core supplier for domestic new energy vehicle manufacturers [4]. - The company is recognized as a sole supplier for Li Auto and one of the electric drive suppliers for Xiaomi's vehicles, benefiting from the rapid growth of these companies [4]. IPO Progress - United Power completed the registration with the CSRC in just seven and a half months, indicating a quick IPO process despite minor setbacks [4]. - The company aims to raise 4.86 billion yuan, with a valuation expected between 20 billion and 50 billion yuan [4]. Financial Performance - Revenue projections for United Power from 2022 to 2024 are approximately 5 billion yuan, 9.3 billion yuan, and 16.1 billion yuan, with gross margins of 13%, 15%, and 16% respectively [7]. - The net profit margin is expected to improve from -4% in 2022 to 6% in 2024, driven by controlled sales and R&D expenses [7]. Customer Base and Market Position - The proportion of revenue from the top five customers decreased from 76% in 2023 to 68% in 2024, indicating diversification in customer relationships [9]. - As of May 2025, the company had an order backlog of nearly 7.9 billion yuan, ensuring continued high growth and stable profit structure [9]. Capacity and Investment Needs - United Power's production capacity utilization rates for electric drive systems and power systems are 94% and 74% respectively, suggesting potential capacity expansion issues [14]. - The company plans to use over half of the IPO proceeds for capacity construction, with a projected revenue of approximately 37 billion yuan by 2029 if fully operational [15]. Market Share and Competitive Landscape - United Power's market share in electric motors and controllers exceeds 10%, ranking second in the independent third-party sector [16]. - The company is positioned to maintain growth in the medium to long term, supported by its industry status and business growth rate [16]. Industry Dynamics - The future of United Power's growth is closely tied to the ongoing price war in the new energy vehicle sector, which could either benefit or limit the company's expansion [18]. - If the price war continues, it may lead to structural adjustments in the industry, increasing reliance on third-party suppliers like United Power [19]. - Conversely, if the price war eases, major automakers may shift towards vertical integration, potentially limiting United Power's market opportunities [20]. Current Industry Challenges - The automotive industry's profit margins are under pressure, with the profit rate dropping to 4.3% in 2024, indicating ongoing challenges due to the price war [21]. - The current market conditions may affect United Power's IPO timing and future growth prospects [21].

Core Viewpoint - Li Auto has adjusted its Q2 delivery forecast down to 108,000 units from a previous estimate of 123,000 to 128,000 units, indicating challenges in meeting its annual sales target of 700,000 units due to market competition and internal restructuring efforts [1][2]. Group 1: Market Dynamics - The current market landscape is becoming increasingly competitive, particularly in the 200,000 to 300,000 RMB price range, with strong contenders like Xiaomi's SU7/YU7 and AITO's M8 impacting Li Auto's sales performance [2]. - Li Auto's sales growth has slowed, with a year-on-year decline in June sales, attributed to the competitive pressure from new entrants in its preferred price segment [2]. Group 2: Product Strategy - Li Auto is transitioning from range-extended vehicles to pure electric models, with the upcoming launch of the Li i8/i6 expected to significantly impact the market [2][10]. - The company is restructuring its sales organization, consolidating 26 sales regions into five major areas to enhance operational efficiency and better prepare for the new product cycle [1]. Group 3: Charging Infrastructure - Li Auto has made significant investments in charging infrastructure, with over 15,000 supercharging stations established, including a substantial number of high-capacity 360 kW chargers, which can charge the Li MEGA from 10% to 80% in just 15 minutes [10][13]. - The company aims to achieve a target of 4,000 supercharging stations by the end of the year, enhancing the convenience of charging for users and aiming for coverage comparable to traditional gas stations [10][13]. Group 4: User Experience and Product Design - The new Li i series features a design that blends characteristics of SUVs and MPVs, targeting family users who prioritize comfort and space over traditional SUV aesthetics [18][19]. - The shift in design philosophy aims to cater to the growing demand for family-oriented electric vehicles in the 300,000 RMB price range, where quality is prioritized over exterior design [19].