Investment Rating - The report maintains a "Buy" recommendation for the automotive sector, particularly focusing on Tesla's robotics chain and related technologies [2][3]. Core Insights - The automotive sector is witnessing significant opportunities in robotics, AI/Intelligent driving, and liquid cooling technologies, with a bullish market backdrop. The current technical routes for Tesla's robotics are still being defined, and future catalysts are expected to be abundant [2][3]. - The report emphasizes the importance of monitoring leading companies and new opportunities in the sector, suggesting that adjustments have made it more suitable for investment [2][3]. Data Tracking - In August, new energy vehicle deliveries showed significant growth, with BYD delivering 374,000 units (+0.1% YoY, +8.5% MoM), Leap Motor at 57,000 units (+88% YoY, +14% MoM), and Xpeng at 38,000 units (+170% YoY, +2.7% MoM) [4][23]. - Traditional automakers also reported strong sales, with SAIC Group at 363,000 units (+41% YoY, +7.7% MoM) and Geely at 250,000 units (+38% YoY, +5.2% MoM) [4][26]. - The average discount rate in early September was 9.2%, down 1.1 percentage points from late August, with an average discount amount of 21,492 yuan [4][10]. Industry Research - Recommendations for automotive parts and robotics include top companies like Top Group, Yinlun, and Haoneng, with additional attention to Junsheng Electronics and Fosa Technology [7]. - In AI/Intelligent driving, Horizon Robotics is highlighted, with a focus on companies like Hesai Technology and Nexperia, expected to benefit from L4 developments [7]. - Liquid cooling technology recommendations include Yinlun and Lingyun [7]. - For complete vehicles, the report suggests waiting for beta stocks while recommending Jianghuai and Li Auto [7]. - Heavy-duty trucks continue to show strong data, with recommendations for Weichai Power and China National Heavy Duty Truck [7]. Market Performance - The automotive sector saw a weekly increase of 3.43%, ranking 4th out of 29 sectors. The overall market performance showed the Shanghai Composite Index down 1.30%, while the automotive index rose [10][36]. - The report notes that 143 stocks in the automotive sector rose, while 136 fell, indicating a generally positive sentiment [36]. Industry News - The Ministry of Industry and Information Technology released a plan to boost automotive consumption, emphasizing the importance of trade-in programs and second-hand vehicle sales [32]. - New models such as the Enjoy S9T and Geely Galaxy M9 were launched, showcasing advancements in electric and hybrid technologies [32][34].

Investment Rating - The investment rating for the company is "Outperform" (maintained) [1] Core Views - The report indicates that a turning point has been reached for the company, suggesting that it is well-positioned for a significant transformation [1] - The company has shown strong performance in the first half of 2025, with total revenue of 299.59 billion yuan, a year-on-year increase of 5.2%, and a non-recurring net profit of 5.43 billion yuan, up 432.2% year-on-year [7] - The company is expected to benefit from its three main growth drivers: self-owned brands, new energy vehicles, and international operations, which will facilitate the transition from old to new business models [7] Financial Data and Profit Forecast - Total revenue forecast for 2025 is 700.95 billion yuan, with a year-on-year growth rate of 11.7% [5] - The net profit attributable to the parent company is projected to be 11.40 billion yuan for 2025, reflecting a significant year-on-year increase of 584.2% [5] - Earnings per share are expected to rise to 0.99 yuan in 2025, with a projected price-to-earnings ratio of 19 [5] - The company’s gross margin is anticipated to improve to 10.0% in 2025, with a return on equity (ROE) of 3.9% [5] Market Performance - The company maintained its position as the leading domestic automaker, with retail sales reaching 2.207 million vehicles, including 1.304 million from self-owned brands, a 21.1% increase year-on-year [7] - The sales of new energy vehicles reached 646,000 units, marking a 40.2% increase year-on-year [7] - The company has successfully navigated challenges in the European market, achieving a 16% year-on-year increase in deliveries for its MG brand [7]

Core Viewpoint - The Roewe M7 DMH stands out in the automotive market due to its exceptional range capabilities, making it an attractive option for consumers seeking a vehicle that meets both daily commuting and long-distance travel needs [1][10]. Summary by Categories Range Performance - The Roewe M7 DMH achieves a pure electric range of 160 km under the CLTC standard, making it the longest-range plug-in hybrid sedan priced under 150,000 yuan [3]. - Industry tests have shown that the actual pure electric range can reach up to 166.5 km, demonstrating a "reverse exaggeration" of its capabilities [3]. - In real-world conditions, the vehicle was tested with a load of approximately 180 kg, with 20% of the route in congested urban areas, maintaining an average speed of around 50 km/h, effectively meeting the commuting needs of family users [3]. Daily Commuting Efficiency - According to a report, plug-in hybrid users typically drive an average of 32 km daily, which translates to about 160 km over a five-day workweek. This means the Roewe M7 DMH can meet weekly commuting needs with just one charge [5]. - The cost of commuting in pure electric mode is estimated to be less than 7 yuan per week, leading to significant long-term savings [5]. Comprehensive Range and Fuel Efficiency - The Roewe M7 DMH boasts a comprehensive range exceeding 2050 km, with a low fuel consumption rate of 2.91 L/100 km when running out of battery [7]. - This performance alleviates concerns about finding charging stations during long trips, providing users with convenience for both weekend outings and spontaneous long-distance travel [7]. Design and Aesthetics - The vehicle features a striking design with a waterfall-style front face and multiple chrome strips, giving it a commanding presence among competitors [9]. - The vehicle also includes a unique welcome lighting feature that enhances the user experience at night, adding a sense of prestige [9].

Core Viewpoint - The article highlights the launch of the new Roewe M7 DMH, designed by a former Rolls-Royce designer, emphasizing its unique aesthetic and luxurious features. Design and Aesthetics - The vehicle's design showcases a masterful aesthetic, with every line reflecting a high level of craftsmanship [1] - The vector light track crystal day running lights enhance the front face's visual appeal, creating a luxurious and technological effect [3] - The straight waterfall front face is not merely decorative but embodies a powerful presence, merging luxury with understated elegance [5][6] Space and Comfort - The Roewe M7 DMH features an impressive length of nearly 5 meters, a wheelbase of 2820mm, and a width of 1890mm, providing ample space for passengers [8] - The mousse cloud wing seats are designed for ultimate comfort, utilizing Ultra Touch skin-friendly material and Surflex® high rebound foam for a cloud-like experience [10] Overall Experience - The Roewe M7 DMH combines stunning aesthetics with exceptional comfort, redefining high-end travel and making every journey an enjoyable experience [10]

Core Viewpoint - The launch of the Roewe M7 DMH marks the realization of the design team's vision, showcasing a blend of concept and reality in automotive design [1][7]. Design and Aesthetics - The Roewe M7 DMH inherits the aesthetic principles of the Pearl concept car, featuring a technologically advanced design with vector light tracks and a distinctive front face that conveys confidence and presence [3]. - The vehicle includes signature design elements such as multiple chrome strips that enhance its stature, reflecting the strength conveyed by the original concept [3]. - The "Honor Welcome Light Carpet" adds a sense of ceremony and exclusivity to each journey, enhancing the overall user experience [3]. Interior Space and Comfort - The Roewe M7 DMH offers spacious legroom and headroom in both front and rear seats, eliminating the feeling of confinement [5]. - It features a 256-color immersive ambient light system that replicates the "concept cabin atmosphere," with dynamic lighting effects that evoke the original design's flowing light and shadow [5]. Craftsmanship and Material Quality - The vehicle exemplifies that good design is not merely theoretical; it combines innovative ideas with exceptional craftsmanship and material quality [7].