根据这笔交易计算，成立仅约7个月的引望估值高达1150亿元。 这家由华为在2024年1月全资成立的公司，承载着华为在汽车智能驾驶解决方案、智能座 舱、智能车控、智能车云、车载光等领域的核心技术。 赛力斯集团董事长张兴海在签约仪式上明确表示，这次投资入股标志着赛力斯与华为的合作关系，从之前的业务合作，全面升级为"业务 股权"的双重绑 定。 他提出，目标是力争在三年内实现问界车型年产销百万辆，并带动引望实现百万台套的供应规模。 在赛力斯发布公告的三天前，也就是2024年8月20日，华为刚刚与长安汽车签署协议，长安汽车旗下的阿维塔科技同样以115亿元的价格，购入了引望10%的 股权。 这意味着，在短短几天内，引望从华为的全资子公司，迅速转变为一家股权多元化的平台型公司，形成了华为持股80%、阿维塔和赛力斯各持股10%的初步 格局。 一家传统车企，掏出115亿元现金，买下华为旗下智能驾驶公司10%的股权。 这笔相当于企业两年净利润总和的交易，发生在2024年8月23日。 赛力斯集团正式公告，其全资子公司赛力斯汽车有限公司以现金方式收购华为技术有限公司持有的深圳引望智能技术有限公司10%股权，交易对价115亿 元。 华 ...

Group 1: Industry Overview - Morgan Stanley reports that capacity reductions in the mainland automotive industry are driving industry consolidation, with luxury car dealers expected to benefit first [1] - It is anticipated that from 2025 to 2026, there will be an acceleration in dealership closures, as the overall profit margin for new cars fell below 1% in the first half of this year, making it unattractive for small dealers [1] - Automakers plan to reduce their dealership networks in mainland China by 10% to 30% by the end of 2026, which will favor financially stable dealers [1] Group 2: Company Insights - Zhongsheng Holdings (00881) is expected to continue dominating the automotive accident repair business, while independent repair shops like Tuhu-W (09690) will capture market share in maintenance and minor repairs [1] - Excluding the pandemic impact from 2020 to 2021, Zhongsheng Holdings' repair service gross profit has a compound annual growth rate of 14% from 2017 to 2024, which is expected to support core profitability in the future [1] - After four years of a downward cycle, Zhongsheng Holdings is believed to be at a turning point, with a projected 67% year-on-year rebound in profit to 4 billion RMB by 2026, driven by the recovery of new car profit margins and increased market share in accident repair [1] Group 3: Financial Projections - The decline in capital expenditure needs suggests that the expected dividend yield of 5% in 2026 still has upside potential; the target price for Zhongsheng Holdings has been raised from 15 HKD to 21 HKD with an upgrade to "overweight" rating [1] - Tuhu is also rated "overweight," with an expected compound annual growth rate of 25% in earnings from 2025 to 2027, based on user growth in its app and expansion of franchise stores; the target price has been increased from 20 HKD to 23 HKD [2] - For Meidong Automotive (01268), the target price has been lowered from 2.2 HKD to 2.1 HKD, maintaining a "market perform" rating [2]