关注 「电动车公社」 和我们一起重新思考汽车 大家好，我是电动车公社的社长。 关注汽车行业的朋友应该很熟悉下面这句话了，今年是汽车行业的政策大年 。 工信部 先是发布新国标，要求动力电池热失控不起火不爆炸，没过多久又开始整顿辅助驾驶夸大宣传问题，紧接着又在主动安全AEB等方面发布新规…… 如今，对 车辆刹车系统的要求 ，也越来越严了！ 7月4日，工信部发布强制性国家标准 GB 21670—2025《乘用车制动系统技术要求及试验方法》 ，将于明年1月1日起正式实施。 要知道，目前正在实施的老国标 ， 是在2008年颁布的。 在过去的这17年里，新车的马力越来越大、重量越来越沉，刹车系统的负荷也越来越重。 再加上"动能回收""线控转向"这类新技术层出不穷，工信部 推出新规，正是为了让政策能够跟紧、甚至引领新时代的步伐。 而其中 对"单踏板模式"的规范化， 也引发了不小的关注度。 今天，社长就借此机会，和大家聊聊新国标到底改了啥？又会对新能源乃至整个汽车行业的发展，带来哪些深远的影响？ 01. 安全，是立项的初衷？ 在开启这个话题之前，我们不妨先讲讲单踏板的争议究竟在哪里。 说起单踏板，可能大部分人第一个都会想到特 ...

Core Concept - The article discusses the evolution and significance of drive-by-wire technology in the automotive industry, highlighting its advantages over traditional mechanical systems and its applications in modern vehicles [1][3][4]. Group 1: Definition and Origin of Drive-by-Wire Technology - Drive-by-wire technology refers to the replacement of traditional mechanical connections with electronic signals for vehicle control, enhancing precision and responsiveness [1][3]. - This technology originated from the aviation sector in the 1980s, specifically from fly-by-wire systems, which aimed to reduce weight and improve control capabilities [1][3]. Group 2: Applications of Drive-by-Wire Technology - The technology has expanded from initial applications in anti-lock braking systems (ABS) to include steering, throttle, and suspension systems, collectively known as drive-by-wire chassis technology [3][4]. - Examples of drive-by-wire systems include brake-by-wire, steer-by-wire, and electronic parking brakes, which replace traditional mechanical components with electronic controls [4][6][10][12]. Group 3: Advantages of Drive-by-Wire Technology - Drive-by-wire systems simplify mechanical structures, improve vehicle response times, and allow for more flexible control strategies, paving the way for advanced driver assistance systems [3][4]. - The modular design enabled by drive-by-wire technology offers cost-effective solutions for automotive manufacturing [3][4]. Group 4: Redundancy and Safety Measures - The article emphasizes the importance of redundancy in drive-by-wire systems to ensure safety in case of component failures, with examples such as the iBooster brake system and steer-by-wire systems employing multiple sensors for data validation [17][18]. - In extreme failure scenarios, these systems can still function through backup mechanisms, ensuring that vehicles can be safely controlled even when primary systems fail [17][18].

June 20, 2025 04:03 AM GMT 中国的新兴前沿 从轮式到步式⸺汽车如何跨 足人形机器人 汽车公司，从主机厂到供应商和经销商，都在利用汽车行业 经验在蓬勃发展的人形机器人市场中分得一杯羹。在行业发 展初期，我们更看好具有订单可见性或业务协同性的公司。 我们将三花的评级上调至超配 (OW)，将旭升的评级上调至平 配 (EW)。 我们认为人形机器人将为汽车零部件供应商带来第三波增长：过去十年，汽车行 业出现了两次机遇，培育了一批优质零部件供应商：1）2021-22年汽车电动化推动 三电系统相关供应商的收入增长和估值提升；2）自2022年以来，汽车智能化一直 是汽车电子供应商的主要推动力。 从长远来看，我们认为人形机器人提供了第三个机会。 在本报告中，我们希望推 动人形机器人的讨论。我们利用摩根士丹利在人形机器人和中国新兴前沿领域的 研究，探索中国汽车行业的机遇。我们识别潜在的参与者，应用SWOT框架来评估 竞争，形成投资结论。 汽车公司可以将哪些优势用于人形机器人？ 特斯拉和小鹏汽车等车企采用智能驾 驶基础模型来训练人形机器人"大脑"，并且机器人最初可以在车间工作。汽车 零部件供应商生产车规级 ...

Core Viewpoint - Top Group's major shareholders plan to reduce their stakes amid a decline in net profit for Q1 2025, attributed to adjustments in key customer vehicle models [2][3] Financial Performance - In Q1 2025, Top Group reported revenue of 5.768 billion yuan, a year-on-year increase of 1.40%, compared to previous years' growth rates of 100.80%, 54.34%, 19.32%, and 27.29% [3] - The company achieved a net profit of 565 million yuan, a year-on-year decrease of 12.39%, and a non-recurring net profit of 487 million yuan, down 18.36% [3] - The company indicated that while Q1 performance was impacted by product iterations from some automakers, there is a noticeable improvement in orders for Q2 [3] Customer and Market Strategy - Top Group's customer base includes major global automakers, particularly in the electric vehicle sector, and the company is focused on diversifying its client portfolio to reduce reliance on a few high-contribution customers [3] - The company is implementing innovative business models and international strategies to expand its customer base and market presence [3] Robotics Business Development - Despite a slowdown in the electric vehicle components business, Top Group's robotics segment is experiencing significant growth [4][5] - The global humanoid robot market is projected to reach 1.24 million units and 6.339 billion yuan in 2025, with further growth expected by 2030 and 2035 [4][5] - Top Group has developed a strong technical foundation in various fields related to its intelligent braking system (IBS) and is expanding into other robotics-related products [5] - The company plans to complete the construction of its robotics industry base project in the near future [5]

| 投资要点 | | --- | 事件： 公司发布2024年年报，2024年公司实现营收 266亿元，同比+35.02%，归属于上市公司股东的 净利润 30亿元，同比+39.52%，实现扣非归母净利润27.3亿元，同比+35.0%，利润率方面， 2024年公司实现毛利率20.8%，实现净利率11.3%；2024年公司销售/管理/研发/财务费用率分别 为1.0%/2.3%/4.6%/0.6%。24Q4公司实现营收72.5亿元，同比+30.63%/环比+1.66%；24Q4归母 净利润达7.67亿元，同比+38.47%/环比-1.45%，实现扣非归母净利润7.1亿元，同比+35.5%；利 润率方面，实现毛利率19.8%，同比-4.29pct/环比-1.06pct；24Q4净利率达10.58%，同比 +0.60pct/环比-0.33pct，24Q4公司销售/管理/研发/财务费用率分别0.6%/2.1%/5.0%/0.7%。 24年业绩高速增长，汽车电子贡献增量： 分业务看，1）内饰业务营收84.34亿元，同比+28.24%，毛利率18.12%，同比-1.79pct；2）底 盘业务营收82.03亿元，同比+33.98 ...