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 article provides an overview of new vehicle models set to launch in January 2026, detailing specifications, pricing, and market segments for various manufacturers, highlighting the competitive landscape in the automotive industry. Group 1: New Vehicle Launches - BYD's Song Pro DM-i is scheduled for release on January 10, 2026, positioned as an A SUV with a price range of 12.28 to 13.08 million yuan, featuring a 1.5L plug-in hybrid engine and a pure electric range of 220 km [9]. - Chery's QQ Ice Cream will also launch on January 10, 2026, classified as an A00 HB, with a price range of 4.39 to 4.99 million yuan, powered by a pure electric engine and offering a range of 220 km [17]. - The Chery Little Ant is set to debut on the same day, with a price range of 5.49 to 6.09 million yuan and a pure electric range of 271 km [25]. - Dongfeng Nissan's Qichen D V DD-i will launch on January 13, 2026, as an A SUV, priced between 12.99 and 14.99 million yuan, featuring a 1.5T plug-in hybrid engine [33]. - BAIC's ARCFOX Kaola S will also be released on January 13, 2026, as an A SUV, with prices ranging from 9.98 to 11.98 million yuan and a pure electric range of 520 km [41]. Group 2: Specifications and Features - The Song Pro DM-i has dimensions of 4,735 mm in length, 1,860 mm in width, and 1,690 mm in height, with a wheelbase of 2,712 mm [9]. - The QQ Ice Cream measures 3,030 mm in length, 1,496 mm in width, and 1,637 mm in height, with a wheelbase of 1,960 mm [17]. - The Little Ant has dimensions of 3,242 mm in length, 1,670 mm in width, and 1,550 mm in height, with a wheelbase of 2,150 mm [25]. - The Qichen D V DD-i features dimensions of 4,620 mm in length, 1,917 mm in width, and 1,629 mm in height, with a wheelbase of 2,700 mm [33]. - The ARCFOX Kaola S has dimensions of 4,500 mm in length, 1,870 mm in width, and 1,675 mm in height, with a wheelbase of 2,820 mm [41]. Group 3: Market Positioning - The Song Pro DM-i targets the A SUV segment, indicating a focus on the growing demand for hybrid vehicles in the SUV market [9]. - The QQ Ice Cream and Little Ant are positioned in the A00 HB segment, appealing to budget-conscious consumers seeking electric vehicles [17][25]. - The Qichen D V DD-i and ARCFOX Kaola S are also targeting the A SUV segment, reflecting the competitive nature of this market with multiple new entrants [33][41].

Core Insights - The company achieved revenue of 4.184 billion yuan in the first half of 2025, representing a year-on-year increase of 40.0%, and a net profit attributable to shareholders of 31.17 million yuan, up 19.0% year-on-year [1] Revenue and Profit Analysis - Revenue growth was primarily driven by increased sales in the automotive and motorcycle segments [1] - The net profit attributable to shareholders decreased significantly to -130 million yuan after deducting non-recurring items, a decline of 903.9% year-on-year, indicating that the core business profitability still needs improvement [1] - The company received 170 million yuan in government subsidies and 30 million yuan from the disposal of long-term equity investments, contributing to non-recurring gains of 160 million yuan [1] - Gross margin was 8.3%, down 0.33 percentage points year-on-year, affected by product mix [1] - R&D expenses increased by 59.7% to 290 million yuan, accounting for 6.9% of revenue, while sales expenses decreased by 21.2% [1] - The company reported a strong cash flow performance with net cash flow from operating activities of 1.32 billion yuan, up 396.3% year-on-year [1] Business Segments - The automotive and motorcycle segments are the core support for stable performance, with the automotive sector focusing on integrated charging and swapping capabilities [2] - The automotive segment has established deep ties with B-end operational markets like Cao Cao Mobility, ensuring base sales, and is accelerating international market expansion, particularly in Europe and Indonesia [2] - The motorcycle segment emphasizes international expansion, with export business becoming a major growth driver, covering 87 countries and entering emerging markets like Brazil and Egypt [2] - Technological upgrades are being pursued, including hybrid power solutions and advanced driver assistance systems, enhancing product competitiveness [2] Technology Initiatives - The company is focusing on "AI + vehicle" integration, aiming to commercialize its technology business [3] - In the intelligent driving sector, the company released the "Qianli Zhijia 1.0" system, with plans for L3 and L4 level solutions in the near future [3] - The company is leveraging its AI capabilities to develop next-generation smart cockpit products, enhancing market competitiveness [3] - A joint venture named "Qianli Zhijia" has been established to integrate resources and promote Robotaxi commercialization, with plans for L4 level customized vehicles by the end of 2026 [3] Valuation and Investment Outlook - The company is compared with five peers in the motorcycle, passenger vehicle, and intelligent driving sectors, with an average PS ratio of 1.3X for comparable companies [4] - The transition towards an "AI + vehicle" technology platform is expected to be a core growth driver, with a reference PS ratio of 23.04X for intelligent driving peers [4] - The deep integration with Geely's automotive ecosystem and advancements in intelligent driving and cockpit technology are anticipated to accelerate growth [4]

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]