Group 1: AIGC and Digital Economy - OpenAI launched GPT-4 Turbo at its first developer conference, reigniting market interest in AIGC (Artificial Intelligence Generated Content) and related sectors [2][3] - Chinese online literature company, 中文在线, reported a 179% increase in stock price this year, driven by its AI model "中文逍遥" which aids authors in overcoming writing challenges [2] - 石基信息 highlighted the potential impact of AIGC on the hotel and tourism industries, while focusing on cloud and international strategies rather than immediate AIGC investments [3] Group 2: Smart Driving Developments - Huawei's collaboration with Chery on the智界S7 and the launch of 阿维塔12 with Chang'an reflects significant activity in the smart driving sector [4] - The问界新M7 series achieved 86,000 pre-orders within 50 days, while the未上市问界M9 has over 25,000 reservations [4] - 德赛西威 reported rapid revenue growth from its high-performance smart driving domain controllers, with significant projects in the pipeline [4][5] Group 3: Electronics and Machinery Sector Insights - The electronics sector saw increased attention from brokers, with companies like 江波龙 and 京东方A being heavily researched [6] - 江波龙's stock rose 74% this year, with a 47% year-on-year revenue growth attributed to global market expansion [6] - In the machinery sector, 步科股份 experienced a 122% year-to-date stock increase, focusing on industrial automation and robotics [7]

Core Insights - SERES has emerged as a significant player in China's electric vehicle (EV) market, achieving remarkable sales growth and establishing itself as a leader in the luxury car segment [1][3] - The company reported a record revenue of 145.18 billion yuan in 2024, a year-on-year increase of 305.04%, with a net profit of 5.946 billion yuan [3] - SERES' gross margin for electric vehicles improved to 26.21%, but the company faces challenges in capturing high-value profits within the supply chain due to its deep integration with Huawei [3][6] Group 1: Strategic Positioning - SERES has successfully leveraged its partnership with Huawei, integrating advanced technologies in industrial design, smart cockpit, and marketing, which has differentiated it from competitors [4][5] - The company benefits from a robust manufacturing foundation established during its previous operations in traditional vehicles, enabling it to scale production effectively [4] - SERES' stock price has surged over tenfold since its low in 2022, reaching a market capitalization of over 150 billion yuan, providing it with significant capital for R&D and capacity expansion [5] Group 2: Challenges and Risks - SERES faces a paradox of relying heavily on Huawei for technological advancement while struggling with its own autonomous capabilities, raising questions about its long-term sustainability [6][8] - The global EV market is experiencing a slowdown, and increased competition within China, along with the gradual reduction of government subsidies, poses risks to SERES' high valuation [8] - The company's dependence on Huawei may inhibit its drive for independent brand development and core technology innovation, which are critical for long-term success [8][10] Group 3: Future Outlook - SERES must focus on transforming Huawei's technological advantages into its own innovative capabilities, particularly in core components and software development [9][10] - The company aims to enhance its ecosystem by integrating smart home technologies and exploring vehicle-to-grid (V2G) solutions, which could create new revenue streams [10] - While the current models, especially the M7 and M9, are crucial for revenue generation, SERES needs to build a differentiated competitive edge to ensure sustainable growth beyond its current reliance on Huawei [10]

3 月31 日晚公司发布2024 年度报告，2024 年分别实现营收、归母、扣非归母1451.76、59.46、55.73 亿 元，同比分别+305.04%、+342.72%、+215.71%；销售毛利率26.15%，同比+15.76pct；销售净利率 3.27%，同比+14.87pct。 2024 年公司净利润实现同比扭亏为盈，主要系新能源汽车销量增加，摊薄提升；同时营业毛利率同比 增长，期间费用率同比下降。 2024Q4 营收净利同比增长显著，盈利能力稳步提升。2024Q4，分别实现营收、归母、扣非归母 385.49、19.08、18.10 亿元，同比分别+101.18%、+1325.88%、+200.47%。销售毛利率28.70%，同比 +15.16pct，环比+3.17pct；净利率3.45%，同比+7.13pct，环比-1.48pct。 新能源车销量同比高增，旗下车型销量领先。2024 年，公司新能源汽车销量42.69 万辆，同比 +182.84%。问界凭借产品力与高端化战略，位居中国高端汽车市场第一梯队。2024 年，全景智慧旗舰 SUV 问界M9 累计交付量突破15 万辆，连续蝉联中国50 万元 ...

证券研究报告 | 公司点评报告 2025 年 04 月 03 日 赛力斯（601127.SH） 2024 业绩高增，领跑高端 SUV 市场 中游制造/汽车 2024 年 11 月，公司发布全新一代赛力斯超级增程系统。该系统采用赛翼 （C2E）增城架构，实现 RoboREX 智能控制，热效率达 44.8%，综合油耗 降低 15%，1 升油可发电超 3.6 度，处于行业量产增程器的领先水平。2024 年，公司增程器销量达 47 万台。 此外，智能座舱及智能驾驶领域，公司与华为联合开发并量产的鸿蒙座舱和 ADS 智驾系统，率先实现全国无图智驾。公司深度融合整车控制技术，持续 优化智驾体验，实现全维安全进化。智能测试领域，公司运用大数据、自动 化和 AI 技术，构建 VTS+VHR+IDS 三大系统，提供全链路、全生命周期主动 智慧服务。 强烈推荐（维持） 目标估值：NA 当前股价：125.82 元 基础数据 | 总股本（百万股） | 1633 | | --- | --- | | 已上市流通股（百万股） | 1510 | | 总市值（十亿元） | 205.5 | | 流通市值（十亿元） | 190.0 | | 每股净 ...

长江商报消息 ●长江商报记者 沈右荣 动作频频的赛力斯（601127.SH）重磅消息一个接一个。 3月31日晚，赛力斯披露了2024年年报，公司实现营业收入约1452亿元，同比增逾3倍；归属母公司股东的净利润 （以下简称"归母净利润"）59.46亿元，在连亏四年后终于实现了扭亏为盈。 截至2024年底，公司资产负债率达87.38%，公司债务不到20亿元，货币资金达459.55亿元，但应付票据及应付账 款达684.51亿元。 当晚，赛力斯正式宣布，拟赴港上市，深入推进全球化战略布局，打造国际化资本运作平台。 赛力斯还披露出资115亿元入股引望事项进展，目前，引望10%股权已经转让至子公司赛力斯汽车名下。 此外，赛力斯还宣布，子公司赛力斯汽车引战投融资不超过50亿元，工银投资等三家机构入股，已完成部分价款 支付。 终结四连亏盈利59亿 华为携手的赛力斯营业收入大幅增长，实现了扭亏为盈。 根据年报，2024年，赛力斯实现营业收入1451.76亿元，同比增长305.04%，主要系公司新能源汽车销量倍增。当 年，公司新能源汽车销量42.69万辆，同比增长182.84%。 赛力斯称，2024年，公司全景智慧旗舰SUV问界 ...

全年归母净利润规模近60亿元"官宣"全球第四家盈利新能源车企 在爆款车型持续放量和高端站位加速企稳的双重加持下，赛力斯盈利水平水涨船高，终于在2024年财报中正式宣布全年业绩扭亏为盈，奠定全球第四家盈利 的新能源车企地位。 3月31日晚，赛力斯发布2024年全年业绩，官宣成为全球第四家盈利新能源车企。 财报显示，去年全年，赛力斯实现营业收入1451.76亿元，同比增长305.04%，创历史新高；归属于上市公司股东的净利润达59.46亿元；新能源汽车毛利率 提升至26.21%。 亮眼的财务数据背后，是赛力斯全年销量实现倍增，其中，爆款车型问界新M7系列2024全年交付量近20万辆；问界M9累计交付超15万辆，已连续11个月荣 膺50万级以上豪华车月度销冠，持续刷新中国豪华车市场销量纪录。 在新能源汽车价格比拼的魔咒中，赛力斯走了一条技术升级、品牌提档、服务做优的竞争之路，才以领先于同行平均扭亏时间的速度实现首次盈利。在品牌 质量、资产质量、技术质量多维提升的预期下，赛力斯有望以智慧重塑豪华，让更多的中国人驾乘中国造豪华汽车。 赛力斯的向好趋势早有预兆。早在去年一季度数据披露后，赛力斯就成为又一家率先扭亏的新能源 ...

2025年3月31日，赛力斯（601127）发布2024年年报，公司实现营业收入1451.76亿元，同比增长 305.04%；新能源汽车销量42.69万辆，同比增长182.84%。归属于上市公司股东的净利润为59.46亿元， 首次实现利润转正，成为全球第四家盈利的新能源车企。然而，尽管营收和销量大幅增长，赛力斯的净 利润表现仍存在一定隐忧。 然而，尽管问界系列车型在市场上取得了显著成功，赛力斯的净利润表现仍存在一定隐忧。虽然公司首 次实现利润转正，但净利润率仅为4.1%，远低于行业平均水平。这表明赛力斯在成本控制和盈利能力 方面仍有较大提升空间。 净利润首次转正，但盈利能力仍待提升 赛力斯2024年实现归属于上市公司股东的净利润59.46亿元，首次实现利润转正。这一成绩主要得益于 公司高端品牌问界的成功和新能源汽车销量的快速增长。然而，赛力斯的净利润率仅为4.1%，远低于 行业平均水平。 赛力斯在2024年通过技术创新和软件定义汽车，构建了集生态、智能、超级效率为一体的超级工厂智能 制造平台。公司通过全生命周期精准触达和主动服务用户，持续提升用户体验，构建新豪华服务。这些 举措为赛力斯在高端市场的成功奠定了基 ...

Core Insights - In February, the sales performance of various new energy vehicle companies was released, with BYD leading the market significantly, followed by strong performances from Xiaopeng Motors and other new forces in the industry [1][3][8] BYD Performance - BYD sold 322,846 vehicles in February, representing a year-on-year increase of 164%. The sales of the Dynasty and Ocean series accounted for 304,673 units [1] - BYD's overseas sales also saw a significant boost, with 67,025 vehicles sold in February [2] Xiaopeng Motors - Xiaopeng Motors maintained its position as the top new force in vehicle deliveries, with 30,453 units delivered in February, marking a 570% year-on-year increase [3] - The cumulative delivery for Xiaopeng Motors in January and February reached 60,803 units, up 375% year-on-year [3] - Xiaopeng's XNGP urban intelligent driving feature achieved an 86% monthly active user penetration rate in February [3] Li Auto - Li Auto delivered 26,263 vehicles in February, a year-on-year increase of 29.7%, with a total cumulative delivery of 1,190,062 vehicles as of February 28 [3] - The company announced the design of its first pure electric SUV, the Li i8, which has received positive market feedback [3] Leap Motor - Leap Motor reported a delivery of 25,287 vehicles in February, reflecting a year-on-year increase of 285% [4] - The launch of the new T03 model contributed to the sales growth [4] Hongmeng Intelligent Driving - The total delivery of Hongmeng Intelligent Driving vehicles was stable at 21,517 units in February, with the AITO M9 model leading the luxury segment [4] Xiaomi SU7 Ultra - The newly launched Xiaomi SU7 Ultra saw overwhelming demand, with over 6,900 pre-orders in 10 minutes and exceeding 10,000 in 2 hours [5] - Xiaomi's SU7 model delivered over 20,000 units in February, maintaining a streak of five consecutive months with deliveries above 20,000 [7] Other New Forces - NIO delivered 13,192 vehicles in February, a year-on-year increase of 62.2% [8] - Zeekr reported a total delivery of 31,277 vehicles, with the Zeekr brand achieving a year-on-year growth of 86.9% [8] - Lantu Motors sold 8,013 vehicles in February, marking a year-on-year increase of 152% [8]

撰 文 / ABR编辑部 设 计 / 琚 佳 1月车市热度不及往年，狭义乘用车零售179.4万辆，同比-12.1%、环比-31.9%的开门黑，使得汽车 人对2月充满期待。 理由是，春节前后各省份新一轮置换更新政策的落地，节后新能源市场热度回升，会助推车市在节 后加速恢复至正常水平。 中国汽车流通协会乘用车市场信息联席分会结合1月厂商目标完成率情况综合估算，初步推算2月狭 义乘用车零售总市场规模约为125.0万辆左右，同比增长13.6%，环比-30.3%，其中新能源零售预计 可达60万，渗透率回升至48%左右。 从3月1日造车新势力发的捷报来看，2月销量中，蔚小理中最风光的是，连续4个月销量过3万辆、 连续2个月超越理想拿下新势力销冠的小鹏汽车。小鹏在两款相对平价的新车MONA M03和P7+的 加持下——尤其是MONA M03扎准了10万-15万元的市场节奏，月销量均过3万辆，风头正盛。 同时，理想交付26263辆，同比增长29.7%；零跑交付25287辆，同比增长285%；鸿蒙智行交付 21517辆；蔚来公司交付新车13192辆，同比增长62.2%，其中蔚来品牌交付新车9143辆，同比增长 12.4%，乐道 ...