Investment Rating - The report gives a "Buy" rating for Qianli Technology (601777) for the first time [1]. Core Insights - The company is undergoing a significant transformation from traditional manufacturing to smart mobility, with a focus on AI-driven technologies and strategic partnerships [12][15]. - Financial performance is gradually improving, with revenue expected to grow significantly in the coming years, driven by the automotive and AI sectors [6][27]. - The strategic partnership with Geely and the establishment of Qianli Smart Driving are key to enhancing the company's competitive edge in the smart driving market [70][75]. Summary by Sections 1. Business Transformation and Financial Analysis - Qianli Technology has shifted from a motorcycle-focused business to a smart mobility company, with a new name and strategic direction since 2025 [12][95]. - The company has shown signs of financial recovery, with revenue expected to reach 70.35 billion yuan in 2024, a 3.94% increase year-on-year [1][27]. - The automotive business is projected to contribute significantly to revenue, with a forecast of 42.17 billion yuan in 2024, reflecting a 12.9% increase [6][27]. 2. Strategic Partnerships and Ecosystem Development - The company has formed a stable three-way equity structure involving Geely, local government, and AI technology partners, enhancing its strategic capabilities [19][75]. - Qianli Technology aims to build an "AI Smart Mobility Open Platform" through partnerships with Geely and other industry players, focusing on smart driving solutions [70][75]. 3. Revenue and Profitability Forecast - Revenue forecasts for 2025, 2026, and 2027 are 89 billion yuan, 106 billion yuan, and 128 billion yuan respectively, with corresponding PS valuations of 5.86, 4.89, and 4.06 times [1][6]. - The company expects to achieve a net profit of 89.39 million yuan in 2025, with significant growth anticipated in subsequent years [1][27]. 4. Technology and Product Development - Qianli Technology is advancing its smart driving technology, with plans to launch L3 level solutions and Robotaxi technology by 2026 [80][89]. - The company is focusing on developing next-generation intelligent cockpit systems and enhancing its AI capabilities through strategic investments and partnerships [70][80].

Core Viewpoint - The 21st Shanghai International Automobile Industry Exhibition showcases the innovative capabilities and product value of Geely's new energy brand, Ruiblan, highlighting its commitment to creating superior travel experiences for users [1] Group 1: Product Highlights - Ruiblan showcased four different versions of its star models, Ruiblan 7 and Ruiblan 8, emphasizing their innovation in the new energy sector [1] - The Ruiblan 7, positioned as a "smart rear-drive coupe SUV," features a sleek design inspired by natural crystal aesthetics, achieving a drag coefficient of 0.238Cd, which enhances its range [3][5] - The Ruiblan 8, a "fully capable seven-seat pure electric MPV," offers a spacious interior with a maximum cargo capacity of 1798L, catering to various travel needs [7][9] Group 2: Performance and Technology - The Ruiblan 7 is equipped with a high-performance liquid-cooled motor producing 180kW and a peak torque of 385N.m, achieving a top speed of 190km/h and a 0-100 km/h acceleration in just 6.8 seconds [5][6] - The Ruiblan 8 offers two battery options (50.4kWh and 68.03kWh) with a maximum CLTC range of 515km, making it suitable for long-distance travel without the need for recharging [9] Group 3: Market Strategy and Pricing - Ruiblan is implementing significant purchase incentives, with subsidies up to 50,000 yuan, making the Ruiblan 7 available from 75,700 yuan and the Ruiblan 8 from 97,800 yuan [11] - The brand emphasizes a long-term strategy focused on "high-value inclusivity," achieving a sales volume of 59,094 units in 2024, a 40% year-on-year increase [11][13] Group 4: Industry Positioning - Ruiblan aims to redefine the value benchmark in the new energy vehicle market by integrating high-end features into the 100,000 yuan segment, targeting young consumers [3][11] - The brand's approach to "technology empowerment" and ecosystem integration is seen as a sustainable competitive advantage, moving away from short-term price wars [13]