9月5日，2025世界智能产业博览会在重庆盛大开幕。赛力斯集团首次以企业展馆形式亮相，展馆面积超 过1万平方米，设立整车业务、动力业务、智能制造、赛力斯产业链伙伴等七大展区，系统呈现赛力斯 在整车智能化、技术智能化和制造智能化三大领域的创新实践。 技术智能化层面，赛力斯集中展示了多项行业领先的技术成果，显示出其在发展新质生产力方面的巨大 内生动力。 赛力斯创新自研的魔方技术平台是全球首个全栈式多动力兼容平台，该平台率先实现超增、纯电、超混 三种新能源动力形式的兼容。平台采用SOA服务化架构，为用户提供"越开越新鲜，越开越聪明"的智能 体验，真正实现了新能源汽车智能化和电动化融合发展。 据悉，赛力斯集团展馆是本届智博会规模最大的企业展馆之一，展出内容包括问界等新能源汽车产品及 赛力斯魔方技术平台、超级增程、智能安全等众多前沿技术。此外，赛力斯还首次携手19家产业链生态 伙伴共同参展，全方位展示在智能网联新能源汽车产业链协同成果。 整车品牌齐亮相 展示新能源高端化探索成果 此次大会赛力斯展出了包括问界在内的众多新能源汽车产品，覆盖旗下乘用车和商用车品牌。 问界全系产品参展亮相。新款问界M7在现场吸引大量观众驻足体 ...

Investment Rating - The report maintains a "Buy" rating for the company [5][10] Core Views - The company continues to experience high growth in profitability, with a significant increase in net profit by 81.03% year-on-year for the first half of 2025, despite a 4.06% decrease in total revenue due to declining automobile sales and product mix [1][2] - The company's high-end product series, particularly the "Wenjie" models, have solidified its position in the premium market, with over 14.7 million units delivered in the first half of 2025 and an average selling price exceeding 400,000 yuan [1][2] Financial Performance Summary - For the first half of 2025, total revenue was 624.02 billion yuan, with a net profit of 29.41 billion yuan [1] - In Q2 2025, total revenue reached 432.55 billion yuan, marking a 12.4% year-on-year increase, while net profit grew by 56.09% to 21.93 billion yuan [1] - The company sold a total of 198,600 vehicles in the first half of 2025, including 172,100 new energy vehicles [1] Research and Development - The company has significantly increased its R&D investment by 154.9% year-on-year, resulting in a total of 6,826 authorized patents, a 19.8% increase [2] - The implementation of digital twin technology in the company's super factory has enhanced operational efficiency, covering 90% of business processes [2] Revenue and Profit Forecast - The company is projected to achieve revenues of 1925.3 billion yuan, 2211.4 billion yuan, and 2595 billion yuan for the years 2025, 2026, and 2027, respectively [2] - Expected net profits for the same years are 97.7 billion yuan, 129.7 billion yuan, and 155.5 billion yuan [2] Key Financial Metrics - The company is expected to have an EPS of 5.98, 7.94, and 9.52 for the years 2025, 2026, and 2027, respectively [4] - The projected P/E ratios for the same years are 24.6, 18.5, and 15.4 [4]

Core Viewpoint - Huawei's automotive business derives its core competitiveness from its values centered on customer focus, dedication to employees, and value-driven principles. Unlike other automakers, Huawei leverages its ICT technology foundation and possesses three systematic capabilities: IPD (R&D), ISC (supply chain), and IPMS (marketing and sales) [2][7]. Group 1: Review of Huawei's Automotive Business (2020-2025) - The development of the Smart Selection model has outperformed the HI model, attributed to the past five years where the automotive sector has been influenced by smartphone methodologies, leading to high efficiency in partnerships, particularly with Seres, and capturing opportunities in the high-end market [3][7]. - The internal differences within the Smart Selection model arise from the increasing innovation requirements in the high-end market, making it more challenging to disrupt foreign brands, which may require more time for establishment [3][7]. Group 2: Outlook for Huawei's Automotive Business (2025-2030) - The next five years will focus on creating a commercial closed loop around computing power, algorithms, and data, as the automotive industry transitions into an era of intelligence. Smart cars will not merely replicate smartphones but will become crucial terminals in the AI era. Huawei's ability to maintain technological leadership and achieve a commercial closed loop will be key [4][7]. - Future successful smart cars must excel in three dimensions: aesthetic design, advanced technology (intelligent driving experience), and cost-effectiveness [4][7]. Group 3: Key Highlights for Huawei's Automotive Business in the Second Half of 2025 - Key highlights include the launch of the first new car under the "Shangjie" brand (in collaboration with SAIC) priced below 200,000 yuan, the updated M7 model under the "Wenjie" brand (in collaboration with Seres), the S9 shooting brake version under the "Xiangjie" brand (in collaboration with BAIC), and the first MPV model under the "Zunjie" brand (in collaboration with Jianghuai) [5][7]. - The year 2026 is anticipated to be a significant product year for Huawei's automotive business, with multiple new models across various brands [5][7].