业 研 究 / 行 业 点 评 证 券 研 究 报 告 证券分析师 戴文杰 A0230522100006 daiwj@swsresearch.com 樊夏沛 A0230523080004 fanxp@swsresearch.com 联系人 邵翼 (8621)23297818× shaoyi@swsresearch.com 2025 年 11 月 16 日 广州车展新车频发，智能车是明年 高确定性主线 看好 ——2025/11/10-2025/11/14 汽车周报 本期投资提示： 本研究报告仅通过邮件提供给 中庚基金 使用。1 请务必仔细阅读正文之后的各项信息披露与声明 行 业 及 产 业 行 汽车 - ⚫ 观点：广州车展上智驾平民化、智能座舱-大模型深度融合宣告——智能化不再是加分 项，而是入场券。油电同智也是此次车展一大看点，广丰、日产等车企都将推出自己全 新智能化武装的燃油车，回到消费者的视线来。我们认为 2026 年将是智能化的决胜 年，任何车企将借助智能化重新分配份额。我们建议首先关注包括特斯拉、小鹏为首的 科技领先企业，也建议关注底部区间的比亚迪、理想。同时对业绩有支撑、估值相对较 低且有提升潜力的 ...

Investment Rating - The investment rating for the company is "Buy" and is maintained [6]. Core Insights - In October 2025, the company delivered 42,013 new vehicles, representing a year-on-year increase of 75.7% and a month-on-month increase of 1.0% [2][4]. - Cumulatively, from January to October 2025, the company delivered 355,000 new vehicles, marking a year-on-year increase of 190.0% [2][4]. - The company is expected to see steady sales growth driven by strong new vehicle cycles, enhanced marketing systems, and ongoing improvements in smart driving technology [2][9]. - The new models MONA M03 and P7+ are expected to initiate a new vehicle cycle for the company [9]. Summary by Sections Sales Performance - October 2025 saw a record monthly delivery of over 40,000 vehicles, with significant contributions from the new P7 model and strong sales of the SUV family [9]. - The MONA M03 model alone delivered over 15,000 units in October, with total deliveries exceeding 200,000 since its launch [9]. Future Outlook - For Q3 2025, the company anticipates deliveries between 113,000 and 118,000 units, representing a year-on-year growth of 142.8% to 153.6% [9]. - Expected revenue for Q3 2025 is projected to be between 19.6 billion and 21 billion CNY, reflecting a year-on-year increase of 94.0% to 107.9% [9]. Strategic Developments - The company is expanding its international presence, having entered seven new markets in Europe, Asia, and Africa, transitioning from rapid expansion to solid operations [9]. - The upcoming launch of the next-generation extended-range product, the X9, is anticipated to enhance the company's competitive edge with its unique features [9].