Investment Rating - The report maintains a "Buy" rating for the company [2] Core Insights - The company reported a revenue forecast for 2025 of 830-840 billion yuan, representing a year-on-year increase of 110.7%-113.2%, with a net profit forecast of 18.7-19.0 billion yuan, reflecting a year-on-year growth of 44.8%-47.2% [7] - The company has established itself as a leader in the global smart hardware ODM industry, with over 200 million units shipped in 2021 [7] - The strategic upgrade to a "3+N+3" smart hardware platform aims to enhance its core business in smartphones, PCs, and data centers while expanding into emerging fields such as automotive electronics and robotics [7] - The company has a diversified revenue structure, with high-performance computing contributing 632.2 billion yuan, smart terminals 353.2 billion yuan, AIoT and others 46.7 billion yuan, and automotive and industrial products 15.6 billion yuan in 2024 [7] - The company has a strong client base, including major brands like Samsung, OPPO, Xiaomi, and Amazon, and has expanded its North American presence through the acquisition of Yiluda [7] Financial Data and Profit Forecast - The total revenue for 2025 is projected to be 165,490 million yuan, with a year-on-year growth rate of 50.6% [6] - The net profit attributable to the parent company is expected to reach 4,071 million yuan in 2025, with a year-on-year growth rate of 39.1% [6] - The earnings per share (EPS) for 2025 is forecasted at 4.01 yuan, with a price-to-earnings (PE) ratio of 23 [6] - The company has adjusted its profit forecasts upward for 2025, 2026, and 2027, with net profit estimates of 41 billion yuan, 44 billion yuan, and 50 billion yuan respectively [7]

Core Insights - Geely Auto has become the first global automotive company to receive the ISO/PAS 8800 certification for road vehicle safety and artificial intelligence processes, marking a significant step towards the AI era in the automotive industry [1][3][4] Group 1: Certification and Standards - The ISO/PAS 8800 standard, set to be released by the International Organization for Standardization (ISO) in December 2024, aims to regulate the safety development processes of AI systems throughout their lifecycle, enhancing the safety and reliability of intelligent driving vehicles [2][4] - Geely's achievement in obtaining this certification reflects its comprehensive safety system that encompasses functional safety, expected functional safety, and AI safety, establishing a full-cycle safety framework [1][4][5] Group 2: Safety Culture and Technological Development - Geely's safety culture is rooted in its commitment to user safety, which is reflected in its continuous improvement of safety technologies and adherence to international standards [3][5] - The company has established a complete AI functional safety system in collaboration with its electronic software, intelligent driving, and AI centers, ensuring compliance with the new standards [3][6] Group 3: Future Implications - The transition from "safety compliance" to "full lifecycle safety" in automotive AI signifies a competitive edge for companies like Geely, as the ability to analyze and design AI safety systems will become a core barrier in the intelligent connected vehicle market [4][6] - Geely is actively conducting specialized technical training to align its safety development processes with ISO/PAS 8800, enhancing the safety awareness of its technical teams and integrating various safety standards [6][7]

Core Viewpoint - The article emphasizes the importance of mastering key technologies and maintaining control over the manufacturing sector, particularly in the automotive industry, where China is accelerating its leadership in the global electric vehicle market. The urgent need to address the domestic automotive chip supply chain issues is highlighted [1]. Group 1: Chip Development and Innovation - China Electronics Technology Group Corporation (CETC) is advancing its business layout to create a reliable and low-cost automotive chip supply chain, focusing on key technology development for "bottleneck" chips [1][2]. - CETC has achieved significant milestones in the development of various automotive chips, including over 50 types across seven categories, with 12 new models certified and 8 key products included in industry recommendations for mass production [2]. - The company has successfully supplied over 10 million power chips, meeting the needs of more than 2.5 million electric vehicles, and has made breakthroughs in SiC MOSFET technology [2]. Group 2: Application and Verification - CETC is actively optimizing designs and validating domestic chips in various automotive systems, delivering over 9 million automotive electronic products to mainstream car manufacturers [3]. - The company has developed a T-BOX production line that utilizes self-developed control chips for automated production, enhancing the integration of various sensing technologies in intelligent driving products [3]. Group 3: Software Adaptation and Ecosystem - In 2024, CETC was recognized as one of the first central state-owned enterprises to contribute to open-source ecosystem construction, launching the "EasyXMen" safety vehicle control operating system [4]. - The company has completed the adaptation of 17 chip models within its vehicle control operating system, facilitating the integration of advanced driver-assistance systems (ADAS) and other applications [4]. Group 4: Production Capacity and Technological Advancements - CETC has made significant technological breakthroughs in chip manufacturing processes, covering various technologies such as E-flash, CMOS, and SiC MOSFET, to meet the demand for automotive chips [5]. - The establishment of a reliable supply chain for automotive chips is supported by the completion of quality certification for multiple production lines, including a 6-inch specialty analog integrated circuit line [5]. Group 5: Strategic Planning and Resource Allocation - CETC is actively undertaking numerous major tasks and projects, leveraging national and local financial support, and planning to introduce social equity investment funds to bolster automotive chip technology and industry development [6]. - The company aims to cultivate new productive forces and advantages through targeted technological breakthroughs and product development [6]. Group 6: Quality Assurance and Standards - CETC has achieved multiple quality management certifications and is advancing the certification of core chips for functional safety, enhancing its capability to support high-quality transformation [7]. - The company is committed to implementing national policies and advancing the automotive chip business to ensure the safety of the supply chain [7].

Core Viewpoint - The company is facing significant financial challenges, with a reported undistributed profit of -972,744,761.4 yuan as of December 31, 2024, which exceeds one-third of its total equity, primarily due to intensified competition and strategic adjustments in the smart automotive industry [2] Group 1: Financial Performance - The company's undistributed losses amount to -972,744,761.4 yuan, which is more than one-third of its total equity of 2,371,817,314 yuan [2] - The losses are attributed to increased competition in the smart automotive sector, leading to pressure on product margins and profitability [2] Group 2: Industry Challenges - The automotive industry is undergoing rapid technological innovation, with both traditional automakers and new tech companies increasing their investments in smart vehicles [2] - Companies are adopting aggressive pricing strategies to attract consumers, which intensifies market competition and challenges profitability for automakers and suppliers [2] Group 3: Strategic Adjustments - The company is focusing on core business segments such as intelligent cloud, intelligent driving, intelligent cockpit, and intelligent chips to enhance market competitiveness and profitability [3] - A new product lineup, including the NIInCar series of intelligent driving products, is being introduced to provide cost-effective solutions for automakers [3] - The company is optimizing its organizational structure and personnel allocation to reduce labor costs and improve operational efficiency [3] Group 4: Innovation and Development - The company plans to enhance its research and development efforts, particularly in high-level intelligent driving systems, to keep pace with industry advancements [3] - There is a focus on deploying AI models to improve algorithm development efficiency and support product innovation [3] - An employee stock ownership plan is being implemented to motivate core talent and foster a culture of innovation within the organization [3]

Core Viewpoint - Horizon (9660.HK) has been included in the Hong Kong Stock Connect list, effective from the next trading day, marking recognition of its strength and long-term value in the capital market [2]. Group 1: Company Performance - Horizon delivered approximately 2.9 million sets of intelligent driving product solutions in 2024, representing a year-on-year growth of 38%, and has cumulatively delivered around 7.7 million sets, leading the domestic market [2]. - The revenue of Horizon increased by 53.6% year-on-year to 2.384 billion yuan in 2024, indicating strong growth in both production scale and commercial revenue [4]. Group 2: Market Position - By 2025, Horizon's cumulative shipment volume is expected to exceed 10 million sets, making it the first intelligent driving technology company in China to reach this milestone [3]. - Horizon's market share in the Chinese OEM Advanced Driver Assistance Systems (ADAS) market increased to over 40% in 2024, maintaining its leading position [3]. - In the domestic market for intelligent driving computing solutions for self-owned passenger vehicles, Horizon holds a market share of 33.97%, with one in three intelligent driving cars in China equipped with Horizon's solutions [4]. Group 3: Product Development and Partnerships - Horizon officially launched the L2 urban assisted driving system on April 18, featuring the domestically strongest intelligent driving computing solution, the Journey 6P, which employs an end-to-end technology architecture [4]. - The company has announced or deepened strategic partnerships with global automotive Tier 1 giants such as Continental, Bosch, and Denso [4].

以下文章来源于晚点Auto ，作者晚点团队 晚点Auto . 从制造到创造，从不可能到可能。《晚点LatePost》旗下汽车品牌。 问界全新车型 M8 预计二季度上市。 文丨曾兴 编辑丨龚方毅 我们从多个独立信源处获悉，问界 M9 改款车型将于近期上市，较原计划提前近一个季度。 处在竞争更激烈的 20 万元至 30 万元 SUV 市场的问界 M7，确实需要通过改款重新激活销量。1 月问界 M7 卖出 0.8 万辆，销量已不足高峰时期的三分之一。 改款后的问界 M7 可能会上调车型价格和定位，与智界 R7 区隔，同时也和将在今年年中上市的小米 YU7 错 位竞争。小米 YU7 定位中高端纯电 SUV，处在 25 万至 35 万元价格带，从工信部申报信息来看，共有三个 版本，可能延续小米 SU7 的车型策略，推出标准版、Pro 版和 Max 版。 2 月 19 日，工信部新车申报目录出现改款问界 M9，从申报信息看，新车外观延续了家族式设计，改款主 要为动力和智驾水平的提升。新车将搭载型号为 HG15T 的增程器，与问界 M8 一致。增加了两颗侧向和 一颗后向激光雷达，在硬件上和尊界 S800 看齐。 全新车型问 ...

摘要 真话白话说财经，理财不说违心话 --这是第1307 篇白话财经- - 今天，在港股下跌的背景下，A股午后拉升，沪指顽强收红，表现依然坚挺。 （图片来源：东方财富APP，统计截至2025/2/27，不作投资推荐） 市场热度不减，两市成交额再度突破2万亿。 盘面上，蜜雪冰城港股上市引发抢购潮，带动消费板块领涨，食品饮料、商业百货、白酒等涨幅居前，通信、光伏、传媒等板块回调。 机构分析认为，目前开始至两会之前，科技部分板块开始轮动，市场风格可能仍然以成长类+制造类为主，科技仍有胜率。 融资余额大增，创2015年来新高 在市场表现强势之际，又有重磅信号出现了。 截至2025年2月26日， A股市场融资余额突破1.9万亿元，达到2015年7月3日之后将近十年的新高。代表着杠杆资金持续活跃，加速入场 。 分析人士认为，这一指标存在两面性。 一方面，融资余额大幅增加往往伴随着行情正徐徐展开，某些行业正处于市场热点之中，市场赚钱效应良好。 另一方面，融资余额作为短线情绪指标，反映的是投资者使用杠杆资金进行投资的意愿与情绪，短期内融资余额的大幅增加也可能意味着市场风险正在积 聚，投资者需要警惕可能的下跌压力。 从历史上来 ...

以下文章来源于晚点Auto ，作者晚点团队 晚点Auto . 从制造到创造，从不可能到可能。《晚点LatePost》旗下汽车品牌。 毫末今年重点发力千元级智驾方案。 文丨窦亚娟 毫末智行转向 "性价比" 2019 年，长城汽车将智能驾驶前瞻部独立出去，成立了毫末智行。成立四年多来，毫末形成了乘用车 智能驾驶、末端物流配送两大核心业务，获得的融资也超过数十亿元。 虽然独立运行，但毫末智行业务此前多来自长城汽车。截至目前，搭载毫末智能驾驶产品--HPilot 的长 城车型超过 20 款，包括山海炮 HEV 版、新摩卡 Hi-4S 等车型，智能驾驶行驶里程近 1.4 亿公里。 除了长城，毫末一直希望寻找到更多大型车企客户，构建毫末的 "车企朋友圈"。2023 年 4 月，毫末官 宣 3 家主机厂定点合同。有业内人士告诉《晚点 Auto》，毫末今年新获得两家主机厂合同，其中一家 为头部主机厂量产订单。 汽车行业价格战愈演愈烈，甚至降价也不一定能把车卖出去。成本压力传递到上游智驾行业，智驾供 应商也打起了价格战。 编辑丨 冒诗阳 《晚点 Auto》获悉，自动驾驶公司毫末智行获得 3 亿元人民币 B2 轮融资，加上此前成 ...