免责声明：本文内容与数据仅供参考，不构成投资建议，使用前请核实。据此操作，风险自担。 每经AI快讯，开源证券10月9日发布研报称，给予赛力斯（601127.SH，最新价：160元）"买入"评级。 评级理由主要包括：1）旗下赛力斯凤凰与火山引擎签署具身智能合作协议，深入布局第二成长曲线； 2）M7大改款全方位升级、7天大定破6万台，M8上市5个多月交付破10万台；3）发行H股获中国证监会 备案，港股IPO临近，全球化业务发展加速。风险提示：新能源车销量、海外开拓进程、具身智能业务 发展不及预期，境外发行上市不确定性等。 每经头条（nbdtoutiao）——天水麻辣烫、淄博烧烤、荣昌卤鹅⋯⋯"泼天流量"退去后，这些城市怎么 样了？ （记者 王晓波） ...

鉴于公司目前海外业务规模较小，未来海外业务有望成为公司重要业绩增长点。 旗下赛力斯凤凰与火山引擎签署具身智能合作协议，深入布局第二成长曲线公司发布公告称，旗下赛力 斯凤凰与火山引擎签署《具身智能业务合作框架协议》。双方将围绕"面向多模态云边协同的智能机器 人决策、控制与人机增强技术"项目协同攻关，构建"技术研发——场景验证"闭环机制。双方还聚焦汽 车产业生态数智化升级需求，打造"技术+场景"融合新模式，为汽车产业全面赋能。火山引擎提供智能 算法与算力支撑；公司发挥产业优势推动人工智能的产业化应用落地。本协议签订对公司2025 年财务 状况及经营成果不会产生重大影响。 风险提示：新能源车销量、海外开拓进程、具身智能业务发展不及预期，境外发行上市不确定性等。 鉴于公司新车持续放量，积极布局具身智能领域，全球化发展加速，我们维持公司2025-2027 年业绩预 测，预计2025-2027 年归母净利润分别为103.1/138.3/169.1亿元，当前股价对应的PE 分别为 25.4/18.9/15.5 倍，维持"买入"评级。 M7 大改款全方位升级、7 天大定破6 万台，M8 上市5 个多月交付破10 万台公司正经 ...

Summary of Conference Call Records Industry Overview: Automotive Sector Key Points - The automotive sector is experiencing a divergence in profitability, with strong performers like BYD and Geely expected to recover in Q3, while companies like Changan and BYD face challenges due to increased sales and R&D expenses [1][2] - The overall performance of the automotive sector in Q2 showed improvement in retail and wholesale data compared to Q1, with a notable increase in new energy vehicle penetration, surpassing 50% [1][8] - Concerns regarding the reduction of new energy vehicle purchase tax and subsidy cuts are present, but stable pricing and new model launches may drive demand [1][5] Company-Specific Insights - **BYD**: Expected to see better profitability recovery in Q3, with a focus on sales alpha without significant price wars [2] - **Geely**: Q2 operating profit was 31.8 billion yuan, with new models expected to launch in Q3 and Q4, aiming for a profit target of 20 billion yuan for the year [13] - **Li Auto**: Q2 performance was under pressure with sales of approximately 110,000 vehicles, but Q3 delivery is expected to be between 90,000 and 95,000 vehicles [9] - **Great Wall Motors**: Q2 net profit was approximately 4.6 billion yuan, with new product cycles expected to provide opportunities [12] - **Xpeng Motors**: Q2 performance slightly exceeded expectations, with a gross margin over 14%, and profitability expected in Q4 2025 [16] Automotive Parts Sector Key Points - The automotive parts sector showed moderate growth in Q2, with a self-owned market share reaching 68.5% [19] - Companies like Fuyao Glass and Huguang Electronics exceeded expectations due to customer structure optimization and scale effects [3][19] - The overall revenue growth of the parts sector was 7.6% year-on-year, lagging behind the 13% growth in passenger vehicle wholesale sales [19] Company-Specific Insights - **Fuyao Glass**: Expected to see improved profitability in H2 2025 due to enhanced production efficiency and increased industry demand [20] - **Huguang Electronics**: Q2 performance exceeded market expectations, with significant contributions from new models [21] - **Yuanpu**: Anticipated to see sustained growth in H2 2025, with new business developments in the seating assembly and robotics sectors [22] Robotics Industry Key Points - The robotics industry has a positive outlook, driven by new technology iterations and upgrades in customer relationships among several companies [6][7] - Companies like Haoneng Fuda and Wuxi Zhenhua are highlighted for their strong performance and advantageous customer structures [6] Heavy Truck Sector Key Points - The heavy truck sector's performance in Q2 was in line with expectations, but profitability did not show significant surprises due to intense competition [31] - The sector is viewed as defensive, with steady but slow growth anticipated, supported by high dividend rates [31][32] Financial Automotive Sector Key Points - Financial Automotive reported a positive performance in Q2, marking a significant turnaround in profitability [33] - The company aims to improve its profitability to match competitors, indicating substantial growth potential if successful [33]

Email：hejy02@zts.com.cn 执业证书编号：S0740524070006 执业证书编号：S0740523020004 乘用车 | | | Email：baizz@zts.com.cn | 基本状况 | | | --- | --- | | 总股本(百万股) | 1,633.37 | | 流通股本(百万股) | 1,509.78 | | 市价(元) | 130.12 | | 市值(百万元) | 212,533.60 | | 流通市值(百万元) | 212,533.60 | 相关报告 1、《赛力斯（601127.SH）：鸿蒙智 行合作典范，高确定性豪华 SUV 龙 头》2025-02-20 赛力斯（601127.SH） 证券研究报告/公司点评报告 2025 年 07 月 16 日 | 评级： | 买入（维持） | 公司盈利预测及估值 | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | 指标 | | 2023A | 2024A | 2025E | 2026E | 2027E | | 分析师：何俊艺 | ...

Core Viewpoint - The article highlights the significant growth in delivery numbers for the company, indicating a strong market position and potential for revenue growth in the upcoming quarters [1][5][8]. Delivery Performance - The company achieved a weekly delivery of 11,734 units, with M8 and M5 models showing steady increases, while M9 remained stable around 3,100 units [5]. - The order backlog stands at 69,000 units with a delivery cycle of approximately 2 months, indicating a healthy demand [5]. - The second quarter revenue is projected to be between 43 billion and 45 billion, with total deliveries expected to exceed 105,000 units [5]. Competitive Analysis - The company's weekly revenue gap with the second competitor has widened from 20 billion to 26 billion, with the company reaching a weekly revenue of 49.8 billion [8]. - Compared to competitors, the company's delivery numbers are on the rise, while another competitor, Li Auto, reported a year-on-year decline of 24% in deliveries [7][8]. Production Capacity - The production capacity for M9 and M8 has increased to a maximum of 8,800 units per week, reflecting a 10% improvement from the previous capacity of 8,000 units [1][5].

Summary of Conference Call Notes Companies and Industry Involved - **Companies**: SaiLisi (赛力斯) and HuGuang Co., Ltd. (沪光股份) - **Industry**: Automotive and Robotics Key Points and Arguments SaiLisi (赛力斯) - The M8 model has exceeded expectations with daily orders reaching 32,000 and weekly orders hitting 50,000, suggesting a potential monthly sales of over 20,000 units, significantly higher than the initial M9 performance [2][4] - SaiLisi's stock performance was weak at the beginning of the year due to overall automotive industry downturn and underwhelming earnings forecasts, but the market's pessimism has been fully priced in, leading to a rapid rebound following the successful launch of new models [2][4] - The company has ambitious sales targets, aiming for 1 million units by 2027, with projected sales of 450,000 to 500,000 units in 2025, indicating substantial growth potential [2][5] - The M8 model's strong market acceptance and improved supply chain readiness are expected to drive significant sales growth [2][4] - New product launches, including models priced below 250,000, are anticipated to further enhance sales elasticity and market presence [4][5] HuGuang Co., Ltd. (沪光股份) - HuGuang, as a key supplier to SaiLisi, benefits from the latter's sales growth and is actively expanding its customer base, with an estimated valuation of 13 to 15 times earnings [2][6] - The company has made significant advancements in the connector field, addressing low domestic production rates and enhancing its competitive edge in harness systems [6][7] - In the robotics harness sector, HuGuang is in contact with key clients and is leading the development of relevant standards, although the market has yet to reflect the potential of its robotics business [6][8] - Despite short-term stock performance challenges, HuGuang's strong capabilities and growth trajectory in the automotive wiring sector position it for future success, with a potential market value of 20 billion [6][8] - For investors concerned about SaiLisi's growth potential, HuGuang presents a more attractive risk-reward profile due to its lower valuation and high growth prospects in the robotics sector [9] Other Important but Possibly Overlooked Content - The automotive market's overall performance and the impact of external factors such as tariffs have been acknowledged, with the expectation that these influences will stabilize [4] - The strategic importance of timing and valuation in HuGuang's vehicle business is emphasized, particularly in relation to market conditions earlier in the year [2]

Investment Rating - The investment rating for the company is "Buy" [1] Core Views - The company's Q1 performance exceeded expectations, driven by increased sales from core clients such as Xiaopeng and Leap Motor, with Xiaopeng Mona selling 47,000 units and Leap Motor delivering 91,000 units, a year-on-year increase of 170.4% [2] - The company is expected to continue benefiting from scale effects, with Q4 2024 gross margin at approximately 30.22%, a year-on-year increase of about 2.08 percentage points, and net margin at approximately 17.98%, a year-on-year increase of about 3.88 percentage points [2] - The company possesses comprehensive technical reserves, sufficient capacity layout, and significant cost advantages, indicating strong long-term growth potential [2] Financial Performance Summary - The company forecasts a net profit attributable to shareholders of 1.3-1.6 billion yuan for Q1 2025, representing a year-on-year growth of 30%-60% [1] - Revenue projections for 2025-2027 are 5.76 billion yuan, 7.95 billion yuan, and 9.94 billion yuan, respectively, with corresponding net profits of 830 million yuan, 1.09 billion yuan, and 1.41 billion yuan [3] - The expected EPS for 2025-2027 is 1.98 yuan, 2.60 yuan, and 3.35 yuan, with P/E ratios of 13 times, 10 times, and 7 times, respectively [2][3]

Investment Rating - The report rates the industry as "Overweight," indicating an expectation for the sector to outperform the overall market [15]. Core Insights - 2025 is anticipated to be a pivotal year for the penetration of intelligent driving (ID) technology, with BYD significantly enhancing consumer awareness of ID features, particularly among users in the 100,000 to 200,000 yuan and above 400,000 yuan price segments [5][6]. - Both Seres and Xpeng Motors are positioned as leaders in the high-end ID sector, benefiting from their technological maturity and user experience, despite competition from companies like Geely and Chery [5][6]. - The product iteration and market performance of both companies are noteworthy, with Xpeng planning multiple model upgrades and new launches, while Seres has seen strong pre-sale orders for its flagship models [7][8]. - The robotics business is emerging as a significant avenue for valuation expansion for both companies, with Xpeng's bionic robot set to be mass-produced by 2026 and Seres leveraging Huawei's technology for its robotics initiatives [8]. Summary by Sections Intelligent Driving Technology - The report highlights that 2025 will mark the acceleration of ID technology adoption, with BYD leading in consumer education and awareness [5][6]. - Seres and Xpeng are expected to benefit significantly from this trend due to their advanced ID technologies and positive user feedback [5][6]. New Vehicle Cycle - Xpeng plans to launch several upgraded models, including the G6, G9, X9, and P7i, alongside new models like G7 and G01, which are expected to stimulate market demand [7]. - Seres has received an overwhelming response for its M9 and M8 models, with pre-sale orders exceeding expectations, indicating strong market interest [7]. Robotics Business - Xpeng's bionic robot is already operational in its Guangzhou factory, with plans for mass production of an L3 humanoid robot by 2026 [8]. - Seres is also advancing in the robotics field, supported by Huawei's technology and local government initiatives, aiming for significant progress within the year [8]. Market Outlook - The combination of advancements in ID technology, new vehicle launches, and robotics initiatives is expected to drive sales and performance growth for both Seres and Xpeng in 2025 [8].