尽管定位紧凑级SUV，铂智3X的轴距却达到2765mm，后排腿部空间宽大。座椅支持完全放平后形成的3米"移动大床"，配合分层后备箱和30处储物空间， 适配家庭出行的多样化需求。后排座椅18档调节的"贵妃躺椅模式"尤其令人印象深刻，可以为乘坐人员带来舒适的体验。 在新能源车市场竞争白热化的当下，广汽丰田铂智3X像一匹黑马，以上市初期不错的销量证明了合资品牌在纯电领域的潜力。 近日，经济观察报记者试驾了广汽丰田铂智3X，对这款车的外观、内饰、空间、安全等方面进行了深入了解。 铂智3X外观设计延续了丰田一贯的务实风格，整体造型以家庭用户的审美偏好为导向，没有过于激进的元素，中规中矩。但与其他丰田车型相比已有较大 提升。令人惊喜的是铂智3X内饰的蜕变，中控台和门板等处采用大面积软质包裹，拥有32色氛围灯等配置，14.6英寸高清中控屏与8.8英寸液晶仪表的组 合，视觉上与新势力车型不相上下，摆脱了传统合资车型的"塑料感"。 安全方面，铂智3X延续了丰田的双冗余的设计理念，拥有双冗余制动系统、双电源备份等设计，车身72%的高强度钢与热成型材料占比，在C-NCAP测试中 获得较好成绩。 总体而言，在铂智3X身上可以看到这款 ...

荣威D6作为荣威纯电动紧凑型轿车的代表之一，采用前置单电机布局。新车提供两个版本，纯电动续驶里程为450km和520km，同时配装CTB电池车身 一体化技术和一体式热管理方案。座舱内，新车搭载了全新斑马智行Venus 2.1车机系统，界面UI设计简洁大方，配有导航、音乐、视频等功能。 逾百款全新车型首发，智能化技术成果再攀高峰，多项战略合作协议落地……4月23日，第二十一届上海国际汽车工业展览会（以下简称"2025上海 车展"）开幕，为汽车爱好者与从业者带来了一场视觉与思想的"盛宴"。"这里不仅拿到了限量版矿泉水，还意外收获了网红瑞士卷……"观众全方位、多 角度地体验到了2025上海车展的魅力。作为上海的网红美食"名片"，瑞士卷的滋味早已深入人心，此次车展所体现的"睿智前瞻、务实进取、精益求 精"的精神，如同这瑞士卷一般，给每一位到场的观众留下了独特体验与深刻印象。 "2025上海车展，不仅是指引汽车产品未来发展方向的灯塔，更为汽车产业的转型升级注入了强劲的动力与坚定的信心。"中国汽车工业咨询委员会主任 安庆衡在接受《中国汽车报》记者采访时表示。他指出，无论是从车企技术创新能力的显著提升，到行业整体发展态度的 ...

利润端： 2025Q1扣非归母净利润为-8.9亿元，同比/环比分别为-229.9%/-64.0%。利润转负主要受影响于汽车销量下滑、市场竞争加剧、促销投入加大、政府补助同 比减少等综合所致。 费用端： 2025Q1销售/管理/研发/财务费用率分别为6.3%/5.6%/-1.4%/1.9%，同比分别为0.4pts/0.9pts/-1.1pts/0.2pts，环比分别为3.4pts/2.0pts/-1.0pts/-0.5pts。 01 事件概述 公司发布2025Q1业绩：2025Q1营业总收入为198.8亿元，同比/环比为-7.8%/-39.8%；2025Q1归母净利润-7.3亿，同比/环比转负；2025Q1扣非归母净利润为-8.9亿 元，同比转负，环比减亏64.0%。 ► 营收短期承压 单车ASP有所上升 收入端： 2025Q1营业总收入为198.8亿元，同比/环比分别为-7.8%/-39.8%。 ► 合资整体承压 自主小幅下滑 公司2025Q1批发合计37.1万辆，同比-9.4%。分品牌来看，合资品牌方面，广汽本田205Q1批发9.3万辆，同比-20.7%；广汽丰田2025Q1批发16.2万辆，同比+3.6% ...

Investment Rating - The report maintains a "Recommended" rating for the company, with a target price of 8.04 CNY per share, corresponding to a PB of 0.7 for the years 2025-2027 [6][3]. Core Views - The company reported a total revenue of 19.88 billion CNY in Q1 2025, reflecting a year-on-year decrease of 7.8% and a quarter-on-quarter decrease of 39.8%. The net profit attributable to shareholders was -730 million CNY, indicating a significant decline compared to the previous year [1][2]. - The company is facing short-term revenue pressure, but the average selling price (ASP) per vehicle has increased. The decline in profits is attributed to decreased vehicle sales, intensified market competition, increased promotional spending, and reduced government subsidies [1][2]. - The company is focusing on smart driving technology as a core strategy and is expanding its battery swap station network in collaboration with CATL. This dual approach aims to drive the company out of its current operational downturn [3][2]. Summary by Sections Revenue and Profitability - In Q1 2025, the total revenue was 19.88 billion CNY, down 7.8% year-on-year and 39.8% quarter-on-quarter. The net profit attributable to shareholders was -730 million CNY, with a non-recurring net profit of -890 million CNY, marking a year-on-year decline of 229.9% [1][2]. - The sales, management, R&D, and financial expense ratios were 6.3%, 5.6%, -1.4%, and 1.9%, respectively, showing year-on-year changes of 0.4pts, 0.9pts, -1.1pts, and 0.2pts [1]. Sales Performance - The total wholesale volume in Q1 2025 was 371,000 vehicles, a decrease of 9.4% year-on-year. The breakdown shows that GAC Honda sold 93,000 vehicles (-20.7%), GAC Toyota sold 162,000 vehicles (+3.6%), GAC Trumpchi sold 69,000 vehicles (-19.0%), and GAC Aion sold 47,000 vehicles (-3.6%) [2][3]. Strategic Initiatives - The company has launched several new electric vehicle models and is enhancing its product matrix to better position itself in the new energy and intelligent vehicle sectors. This includes the introduction of various electric SUVs and sedans [2]. - The strategic partnership with CATL aims to implement battery swap standards across more models and expand the battery swap station network, which is expected to support the company's recovery [3]. Financial Forecast - The projected revenues for 2025, 2026, and 2027 are 124.69 billion CNY, 144.15 billion CNY, and 167.35 billion CNY, respectively. The net profit attributable to shareholders is expected to be 875 million CNY, 1.15 billion CNY, and 2.37 billion CNY for the same years [5][9].

Investment Rating - The report maintains a "Buy" rating for the company with a target price of 8.82 CNY, based on an estimated EPS of 0.49 CNY for 2025 and a comparable company PE average of 18 times [3][6]. Core Insights - The company's gross margin is under short-term pressure, and it continues to deepen its collaboration with Huawei [2][9]. - The first quarter performance met expectations, with a revenue of 19.65 billion CNY, a year-on-year decline of 7.9%, and a net profit attributable to the parent company of -0.732 billion CNY, compared to 1.22 billion CNY in the same period last year [9]. - The company is accelerating the transformation of its joint venture brands towards electrification and intelligence, with significant new product launches expected to enhance market competitiveness [9]. - The company is pushing internal reforms for its self-owned brands and deepening cooperation with Huawei, aiming for a cost reduction of approximately 10% by 2025 [9]. Financial Summary - The company's projected financials for 2023A to 2027E show a revenue decline in 2024A to 106.798 billion CNY, followed by a recovery to 116.686 billion CNY in 2025E, with a CAGR of 7.9% from 2025E to 2027E [5][10]. - The gross margin is expected to improve from 5.8% in 2024A to 7.5% in 2027E, while the net profit margin is projected to stabilize around 3.7% by 2027E [5][10]. - The company anticipates a significant recovery in net profit attributable to the parent company, from 0.824 billion CNY in 2024A to 5.016 billion CNY in 2027E, reflecting a strong rebound in profitability [5][10].

Group 1 - GAC Group showcased multiple brands including GAC Aion and GAC Trumpchi at the Shanghai Auto Show, unveiling four new vehicles and introducing flying cars and third-generation humanoid robots, embracing the AI transformation era [1][3] - The company launched the GAC Starlink AI panoramic map, focusing on safety and aiming to create an "AI+" full-scenario intelligent travel ecosystem, integrating "sky, people, home, and car" [3] - GAC has incubated the flying car brand GOVY, with the multi-rotor GOVY AirCar starting airworthiness certification and plans to begin reservations within the year, marking a new era in low-altitude travel [3][5] Group 2 - In the robotics sector, GAC has developed the third-generation humanoid robot GoMate, achieving seamless integration of AI large models and assisted driving algorithms, with plans to establish the world's first humanoid robot application demonstration area in Guangzhou this year [6][8] - GAC's GoLife "green intelligent home" solution supports over 1,000 home appliance brands and more than 4,000 devices, aiming for deep integration between smart car cabins and the Internet of Things to meet customized family needs [9] - GAC aims to redefine cars as "intelligent mobile homes," targeting the launch of the first L3 conditional autonomous driving product and the first mass-produced L4 highly autonomous vehicle by the end of this year [10] Group 3 - GAC Trumpchi, in collaboration with Huawei and CATL, unveiled the Trumpchi Xiangwang S9, the first flagship SUV of the 9 series, featuring the latest driving assistance system and HarmonyOS cabin, set to launch in Q3 2025 [12][15] - GAC Aion and Didi Autonomous Driving are jointly developing the first mass-produced L4 highly autonomous vehicle, expected to roll off the production line by the end of this year and gradually operate in select areas of Guangzhou and Beijing next year [10][13] - GAC's commercial vehicle brand GAC Lingcheng introduced the GAC PICKUP 01, a technology aesthetic pickup concept designed for global users, showcasing high performance and intelligence [15][17]