Core Viewpoint - The article highlights the booming market for large six-seat SUVs in China, driven by consumer demand and strategic product launches from various automakers, indicating a significant growth phase for this segment [2][4][9]. Group 1: Market Dynamics - The large six-seat SUV segment is experiencing rapid growth, transitioning from early to mid-stage development, and is considered a "hot market" with strong consumer demand [8][9]. - Sales data shows that the cumulative delivery of the AITO M8 has surpassed 100,000 units since its launch, with monthly sales exceeding 20,000 units for three consecutive months [5]. - The overall market for mainstream six-seat SUVs is projected to reach approximately 1 million units in 2025, up from 821,255 units in 2024 [6]. Group 2: Consumer Insights - Consumer interest in large six-seat SUVs is driven by family travel needs, with many buyers prioritizing space and comfort for family outings [10][12]. - The article notes that consumers are increasingly faced with choices among various models, leading to confusion over which features to prioritize, such as space versus price [14]. - The demand for large six-seat SUVs is expected to continue growing due to demographic changes and evolving family structures in China [9][19]. Group 3: Competitive Landscape - Automakers are intensifying competition in the large six-seat SUV market, with multiple brands launching new models to capture market share [7][19]. - The article provides a detailed comparison of various models, highlighting differences in specifications, pricing, and unique selling points, which are crucial for consumer decision-making [13][15]. - Promotional strategies, such as tax subsidies and competitive pricing, are being employed by brands like NIO and Zeekr to attract buyers [16][18]. Group 4: Future Outlook - Experts predict that the demand for large six-seat SUVs will continue to expand until around 2036, driven by population growth and changing family dynamics [19]. - However, the increasing number of models may lead to market saturation and potential oversupply, raising concerns about the sustainability of this growth [19].

但现如今，深蓝给新款S09加配不加价，就相当于是给原款S09变相降价，又由于价格不变，"一年保价"也成了一句空谈。 难以维权的深蓝S09老车主们纷纷聚集到社交平台中吐槽，本应有机会依靠新车型再提销量的深蓝，如今正身陷"背刺老车主"的指责中。 9月8日，深蓝汽车在一场秋季新品发布会上连发了3款车型，其中，刚刚在5月发布的深蓝S09更新换代出了超长续航超充版，售价与普通版相同。 4个月的时间里，就让一款车型的续航从"中杯"变成"超大杯"，价格还不变，这本应是一件能给深蓝加分的事，但已经购买过深蓝S09的老车主们却坐不 住了。 不少深蓝S09车主在两个月前刚刚提车，新车刚到手就变相贬值，让很多车主无法接受。 更重要的是，今年5月，深蓝汽车董事长邓承浩刚刚在发布S09时向车主承诺"一年保价"，这也成了不少车主最终决定在众多20万以上车型中，选择购买深 蓝S09的主要原因之一。 深蓝汽车在发布会中发布的保价政策，图源深蓝汽车官方微博 每家车企，几乎都有自己的舒适区。从懂车帝显示的情况来看，深蓝的舒适区在10万元-20万元价位段，除了深蓝S09外，只有深蓝G318的最高价超过了 20万元。 因此，当深蓝推出一款起售价就超 ...

9月27~29日，2025年世界新能源汽车大会（WNEVC）在海南海口盛大启幕。从会场上的观点争锋，到展示区的百花齐放，乃至每位参会嘉宾 的"上下班"之路上，深蓝汽车无处不在，成为本届大会的一大焦点。作为世界新能源汽车大会的"老朋友"，深蓝今年再次以"合作伙伴"身份高规格 亮相大会现场，站在世界舞台展现中国智造之魅力。旗下"家庭大六座智慧旗舰SUV"深蓝S09作为大会官方指定用车，收获众多嘉宾高度认可，以实 际行动、硬核实力展现新央企使命担当。 作为汽车产业展示前沿技术、输出行业观点、深化国际合作的全球性盛会，世界新能源汽车大会至今已举办七届。在本届大会期间，深蓝多位领导参加 了聚焦前瞻科技、AI赋能汽车软硬件、整车平台创新与产业链等领域的多个论坛并发表主题演讲，分享对行业趋势的独到见解。 "深蓝融合创新的决心非常大！"在9月28日的召开的"前瞻科技与融合创新"主论坛上，深蓝汽车董事长邓承浩强调，面对产业转型浪潮，深蓝正积极拥 抱并主动加快多领域融合创新。在他看来，车企应当开放合作，拥抱全球顶级行业资源，打造最好的产品，服务用户。本届大会期间，深蓝汽车汽车软件开 发总经理苏琳珂还从AI赋能角度，深入阐述了深蓝 ...

9月27日，2025世界新能源汽车大会在海口举办，深蓝汽车再次以"合作伙伴"的形式高规格亮相，深蓝S09成为世界新能源汽车大会指定用车，与BBA等 传统巨头同台交流，用高规格、高礼遇，成为家用智慧旗舰SUV的"华系代表"，为新能源产业创新升级发挥表率作用。 值得一提的是，若此次成功获评，深蓝汽车将实现连续三年获评全球新能源汽车创新技术。此前，深蓝已凭借"基于脉冲加热的动力电池快速升温关键 技术"、"高性能长寿命增程式燃料电池汽车动力系统技术"在2023年、2024年的世界新能源汽车大会上获评全球新能源汽车创新技术，彰显了深厚的技术积 淀与持续的创新动能。 全球新能源汽车前沿及创新技术评选旨在准确把握全球新能源汽车在前沿科技研究及创新技术应用方面的最新进展，促进国内外关键技术的合作与交 流，引导新能源汽车核心技术的加速突破。深蓝汽车连续三年参加评选，不仅是技术自强的持续体现，更是中国新能源汽车产业核心技术攻关的缩影。深蓝 汽车正以扎实的创新成果，将"中国智造"的品牌形象推向世界级舞台，引领全球新能源汽车技术发展。 同时，全球新能源汽车前沿及创新技术评选也将在9月28日举办，深蓝汽车以"高安全、长寿命乘用车数智电 ...

Investment Rating - The report maintains a "Buy" rating for the company with a target price of 15.87 CNY [3][6]. Core Views - The establishment of the new Changan Automotive Group is expected to enhance operational efficiency and internal collaboration [11]. - The company is experiencing a significant increase in sales of its new energy vehicles, with a 49.1% year-on-year growth in the first half of the year [11]. - The global expansion strategy is progressing steadily, with plans to achieve over 1 million global sales by 2027 and 1.8 million by 2030 [11]. Financial Forecasts - The forecasted net profit attributable to the parent company for 2025-2027 is 68.70 billion CNY, 79.16 billion CNY, and 93.04 billion CNY respectively [3]. - The company's revenue is projected to grow from 151.30 billion CNY in 2023 to 219.51 billion CNY by 2027, reflecting a compound annual growth rate [5]. - The gross margin is expected to improve from 17.3% in 2023 to 17.8% in 2027, indicating a positive trend in profitability [5]. Key Financial Metrics - The company's earnings per share (EPS) is projected to increase from 1.14 CNY in 2023 to 0.94 CNY in 2027 [5]. - The price-to-earnings (P/E) ratio is expected to decrease from 10.7 in 2023 to 13.1 in 2027, suggesting a potential undervaluation [5]. - The net profit margin is forecasted to improve from 7.5% in 2023 to 4.2% in 2027 [5].

Investment Rating - The report assigns a "Buy" rating to the company with a target price of 15.40 CNY for the next six months, based on a current price of 12.11 CNY [1]. Core Insights - The report highlights the company's focus on expanding its new energy vehicle (NEV) offerings, alongside its globalization and smart technology initiatives, which are expected to create new growth opportunities [1][8]. Financial Performance Summary - In the first half of 2025, the company achieved a revenue of 72.69 billion CNY, a year-on-year decrease of 5.3%, while the net profit attributable to the parent company was 2.29 billion CNY, down 19.1% year-on-year [6][22]. - The company’s sales volume increased by 1.6% to 1.355 million units, marking the highest level for the same period in eight years [6][22]. - The gross margin improved to 14.6%, up 0.8 percentage points year-on-year, indicating enhanced profitability in core operations [6][22]. Business Analysis - The company’s NEV sales reached 452,000 units in the first half of 2025, representing a 49.1% year-on-year increase, outperforming the industry average [6][22]. - The company plans to launch 35 new smart NEV models over the next three years, establishing a strong product pipeline for long-term growth [6][22]. - The traditional fuel vehicle segment remains stable, with key models maintaining market leadership, while overseas sales grew by 5.1% to 299,000 units in the first half of 2025 [6][22]. Profit Forecast and Investment Recommendations - The report forecasts EPS of 0.77 CNY, 0.95 CNY, and 1.12 CNY for 2025, 2026, and 2027, respectively [6][68]. - Given the anticipated rapid growth in NEV sales and the expansion of overseas markets, the report assigns a 20x PE ratio for 2025, leading to a target price of 15.40 CNY [6][68].

最近，深蓝汽车引入了荣耀前中国区首席营销官姜海荣接任总裁一职，邓承浩则升任董事长。迎接他们的不是欢呼，而是老车主的吐槽。 今年5月，深蓝汽车战略旗舰车型深蓝S09发布，邓承浩在发布会上承诺"一年保价" 。仅仅4个月，深蓝S09就推出了超长续航超充版，价格虽不 变，但电池配置却有显著提升。在老车主们看来，这是典型的变相降价。在深蓝汽车App中，怨声已经刷屏。 深蓝汽车客服向《次世代车研所》栏目表示，目前暂未收到补偿解决方案的相关通知。对于老车主们提出的免费换电池的诉求，客服直言有难 度。 值得注意的是，这并不是深蓝S09第一次翻车。今年4月和5月，深蓝S09先后陷入了电梯广告风波以及车机推送广告争议。原深蓝汽车CEO邓承 浩的言论也频频引发争议，他喊出的销量目标，已经连续两年未达标。今年的目标是36万辆，但今年1—8月的销量完成率仅为55.17%，余下的4 个月挑战巨大。 变相降价？老车主怒了 今年5月22日，深蓝汽车的战略旗舰车型深蓝S09正式上市，定位家庭大六座智慧SUV，官方指导价23.99万元起。 作为深蓝汽车冲击高端市场的车型，时任深蓝汽车CEO邓承浩对其寄予厚望。在发布会上，他提到现在行业降价现象比 ...

Group 1 - The automotive market is currently experiencing a surge in demand for large SUVs, with models like NIO ES8, Li Auto i8, and Ledo L90 capturing significant attention due to their size and features [2][3] - More large vehicles are set to launch next year, indicating a sustained trend towards larger models in the market [2][3] - The profitability of large SUVs is highlighted by NIO's CEO, who notes that these vehicles can be produced with minimal additional costs while yielding higher margins [2][5] Group 2 - The success of large SUVs is attributed to their spaciousness, strong performance, advanced technology, and competitive pricing, making them appealing to consumers [3][4] - The increase in family sizes due to relaxed birth policies has made 6-7 seat SUVs a preferred choice for family travel, enhancing comfort and reducing travel costs [4][6] - The current market for large SUVs is less competitive, allowing manufacturers to maintain higher profit margins [6][7] Group 3 - The competition in the large SUV segment is intensifying, with potential price wars looming as more models enter the market [7][8] - Traditional luxury brands are facing pressure from large electric SUVs, which are attracting consumers who might have otherwise chosen premium brands [8][9] - The future of the large SUV market will likely see increased competition, necessitating manufacturers to enhance product quality and brand service to meet evolving consumer expectations [9]

最近，深蓝汽车引入了荣耀前中国区首席营销官姜海荣接任总裁一职，邓承浩则升任董事长。迎接他们 的不是欢呼，而是老车主的吐槽。 今年5月，深蓝汽车战略旗舰车型深蓝S09发布，邓承浩在发布会上承诺"一年保价"。 仅仅4个月，深蓝S09就推出了超长续航超充版，价格虽不变，但电池配置却有显著提升。 在老车主们看来，这是典型的变相降价。在深蓝汽车App中，怨声已经刷屏。 深蓝汽车客服向《次世代车研所》栏目表示，目前暂未收到补偿解决方案的相关通知。对于老车主们提 出的免费换电池的诉求，客服直言有难度。 值得注意的是，这并不是深蓝S09第一次翻车。 今年4月和5月，深蓝S09先后陷入了电梯广告风波以及车机推送广告争议。原深蓝汽车CEO邓承浩的言 论也频频引发争议，他喊出的销量目标，已经连续两年未达标。 今年的目标是36万辆，但今年1—8月的销量完成率仅为55.17%，余下的4个月挑战巨大。 变相降价？老车主怒了 今年5月22日，深蓝汽车的战略旗舰车型深蓝S09正式上市，定位家庭大六座智慧SUV，官方指导价 23.99万元起。 值得注意的是，新版本不仅升级了更大的电池，充电速度也进行了提升，可以说是加量不加价，这让老 车主们十 ...

变相降价？老车主怒了 今年5月22日，深蓝汽车的战略旗舰车型深蓝S09正式上市，定位家庭大六座智慧SUV，官方指导价 23.99万元起。 文|《次世代车研所》栏目 张俊 最近，深蓝汽车引入了荣耀前中国区首席营销官姜海荣接任总裁一职，邓承浩则升任董事长。迎接他们 的不是欢呼，而是老车主的吐槽。 今年5月，深蓝汽车战略旗舰车型深蓝S09发布，邓承浩在发布会上承诺"一年保价"。仅仅4个月，深蓝 S09就推出了超长续航超充版，价格虽不变，但电池配置却有显著提升。在老车主们看来，这是典型的 变相降价。在深蓝汽车App中，怨声已经刷屏。 深蓝汽车客服向《次世代车研所》栏目表示，目前暂未收到补偿解决方案的相关通知。对于老车主们提 出的免费换电池的诉求，客服直言有难度。 值得注意的是，这并不是深蓝S09第一次翻车。今年4月和5月，深蓝S09先后陷入了电梯广告风波以及 车机推送广告争议。原深蓝汽车CEO邓承浩的言论也频频引发争议，他喊出的销量目标，已经连续两年 未达标。今年的目标是36万辆，但今年1—8月的销量完成率仅为55.17%，余下的4个月挑战巨大。 作为深蓝汽车冲击高端市场的车型，时任深蓝汽车CEO邓承浩对其寄予厚望。 ...