狂热的资本已回归理性，对新势力的价值判断也更为审慎。对更多车圈外的人士来说，如果剥离"出身名门"的光环，一家还没有制造出一款真正意义 上爆款车型的汽车公司，独有的价值点究竟是什么？阿维塔亟需足够有说服力的新叙事。 阿维塔酝酿上市已久。早在 2021 年时，阿维塔高层曾对透露，阿维塔计划于 2024 至 2025 年实现 IPO ，随后时间有所调整。去年，阿维塔明确 2026 年上市的计划，成为首个明确上市时间节点的央企新品牌。 但摆在阿维塔上市眼前的第一关，恐怕是这家公司如何面向更广阔的市场介绍自己。目前，已经上市的新造车企业包括蔚来、理想、小鹏、极氪、零 跑等，其中已经实现盈利的只有理想、零跑、极氪三家。 来源：凤凰网财经《公司研究院》 背靠长安汽车、华为、宁德时代，阿维塔加快港股闯关的步伐。日前阿维塔科技向港交所提交 IPO 申请，中信证券和中金公司为联席保荐人。 阿维塔与华为的合作可追溯至 2019 年 1 月，当时华为智能汽车解决方案业务尚在起步阶段，长安汽车董事长朱华荣与华为轮值董事长徐直军便已 经开始商谈阿维塔的未来。 阿维塔随后成为华为 HI （ Huawei Inside ）模式的早期合作方。 ...

Core Viewpoint - Avita has upgraded its cooperation model with Huawei to the HI PLUS model, enhancing collaboration across various aspects including product development, marketing, and team building [2][3][6]. Group 1: Partnership Development - The partnership between Avita and Huawei began in January 2019, with Avita being an early collaborator in Huawei's HI model [5]. - The HI model allows Avita to define and develop products while Huawei provides a complete set of smart automotive solutions, resulting in the launch of multiple models including Avita 06, 12, 07, and 11 [5][6]. - Avita's sales reached a historical high in October, with a year-on-year growth of 34%, totaling nearly 14,000 vehicles sold [5]. Group 2: Strategic Investments - Avita acquired a 10% stake in Huawei's subsidiary, enhancing strategic collaboration and ensuring revenue growth from any brand associated with Huawei [6]. - As of October, Huawei has partnered with 14 automotive companies, resulting in 33 mass-produced models equipped with Huawei's smart driving and cockpit systems [6]. Group 3: Future Product and Market Strategy - Avita plans to invest 50% of its efforts in enhancing marketing and services, focusing on product technology and service improvements [7]. - The first model under the HI PLUS model will be a flagship large SUV priced at over one million yuan, developed jointly by Avita and Huawei [7]. - Avita aims to accelerate its product launch pace, with four new models planned for next year, while also undergoing significant upgrades to existing products [9][10]. Group 4: Global Expansion - Avita is actively pursuing international markets, having entered 34 countries and regions, with plans to expand into Latin America and the Middle East [11]. - The company's global strategy is aligned with the broader goals of Changan Automobile, emphasizing the importance of international presence for Chinese brands [11].

技术协同是阿维塔与华为合作的核心基石，而 HI PLUS 模式的升级，让双方的技术融合从单一部件赋能走向全栈联合研发。作为华为乾昆系唯一拥有 量产车型的品牌，阿维塔的产品迭代与华为技术升级形成高度同步，构建起 "技术 - 产品 - 市场" 的正向循环。 在智能驾驶领域，双方联合打造的华为乾崑 ADS 4 系统已实现全系车型标配，成为行业首个将高阶智驾全面下放的品牌。以广州车展亮相的阿维塔 12 四激光版为例，其搭载的四激光雷达系统（三颗长距激光雷达+一颗高精度固态激光雷达），实现 360 度无死角感知覆盖，在暴雨天高速行驶、地下车库昏 暗环境等复杂场景中表现卓越 —— 能提前识别缓行车辆主动减速，精准捕捉悬空障碍物避免剐蹭，配合辅助驾驶状态指示灯，大幅提升道路沟通效率。 2025 年 9 月的 AVATR.OS 4.7.0 OTA 升级更让智驾体验再进化，新增车位到车位 2.0、侧向障碍物防碰撞（LOCP）等功能，城区领航辅助（NCA）激活条件 更宽松，停车缴费实现自动扫码即付即走，使辅助驾驶的接管率显著降低，决策逻辑更贴近人类驾驶员习惯。 智能座舱方面，鸿蒙座舱 HarmonySpace 5 的全面落地，实 ...

Summary of Changan Automobile Conference Call Company Overview - **Company**: Changan Automobile - **Date**: June 18, 2025 Key Points Industry and Market Performance - Changan Automobile's Q1 financial report shows initial signs of integration effects, with actual performance exceeding market expectations despite initial pessimism [2][3] - The company has launched three new energy vehicles (NEVs) that have performed strongly in the market, with significant order volumes and delivery targets [2][4][5] New Energy Vehicle Sales - **Avita 06**: Orders exceeded 12,500 within 48 hours of launch, with over 6,000 units delivered in May and a target of over 8,000 monthly sales [2][4] - **Changan Qiyuan K07**: Orders surpassed 50,000, with over 12,000 units delivered in May and a target of 15,000 monthly sales [2][5] - **Deep Blue S09**: Orders exceeded 21,100, with a target of over 10,000 monthly sales [2][5] Upcoming Product Launches - Changan plans to launch three new NEVs in the second half of 2025: - **Qiyuan A06**: A mid-size sedan with a target of 150,000 to 200,000 monthly sales [2][6] - **B216**: An entry-level compact SUV with a target of 200,000 monthly sales [2][6] - **Deep Blue C518**: A compact sedan with a target of 100,000 to 150,000 monthly sales [2][6] Competitive Strategy - To address industry price wars, Changan is implementing differentiated competition and cost-reduction strategies through platformization [2][7][8] - The "333 strategy" will be employed for new product launches, allowing for rapid marketing adjustments based on market feedback [2][8] International Expansion - Changan's overseas business is performing well, with high-margin business nearly doubling [2][9] - The export target for 2025 is set at a minimum of 700,000 units, aiming for 1,000,000 units, representing a growth of 50% to 100% compared to 2024 [2][10] - The company plans to enter major markets such as Brazil and Algeria, with a focus on expanding local production capacity [2][10] Integration with Military Industry Group - Changan is undergoing a strategic integration with the Military Industry Group, which is expected to enhance its decision-making autonomy and accelerate internationalization [2][11] Financial Projections and Break-even Analysis - The break-even point for Avita is between 20,000 to 25,000 units, with expectations for profitability in the next fiscal year [2][13] - Changan Qiyuan aims to significantly reduce losses this year, with a break-even point of 30,000 to 35,000 units [2][13] Brand Promotion Strategy - Changan emphasizes brand promotion through product diversification and new media marketing, including collaborations with celebrities and influencers [2][15] Production and Delivery Timeline - New products typically require a production ramp-up period of two to three months to reach high-efficiency production levels [2][14] Additional Insights - The integration with the Military Industry Group is a significant strategic move aimed at enhancing Changan's market position and operational efficiency [2][11] - The company's proactive approach to international market expansion and product diversification positions it well for future growth in a competitive landscape [2][10]

Group 1: Current Business Performance - Avita has achieved a milestone of "three years and four vehicles," with a total sales volume exceeding 150,000 units since deliveries began at the end of 2022 [1] - In May 2025, Avita's sales reached 12,767 units, marking a year-on-year increase of 179% and setting a new monthly sales record [1] - The company has established over 700 channel touchpoints, covering 212 cities, with a city coverage rate of 82% and a core business district coverage rate of 76% as of the end of May [1] Group 2: Product Development and Future Plans - Avita plans to launch 17 new products by 2030, covering a full spectrum of vehicle types including sedans, SUVs, sports cars, and MPVs [2] - The company has upgraded its service commitment, enhancing service levels across the board [2] Group 3: Global Expansion Strategy - Avita aims to enter over 50 countries by 2025, with a target of 16,000 units in overseas sales and 60,000 units by 2027 [3] - The brand's first model, Avita 11, was successfully launched in Hong Kong, with prices set at HKD 513,800 and HKD 608,800 for the Premium and Max versions, respectively [3] Group 4: Battery Technology and Production Capacity - The company plans to complete the investment in 50GWh battery cell production capacity by 2026, reaching a total capacity of 75GWh [4] - Avita aims to achieve solid-state battery validation by 2026 and gradually ramp up production by 2027, targeting an energy density of 400Wh/kg [4] Group 5: Regional Market Strategies - In Southeast Asia, Avita's Thailand production base commenced operations in May 2025, with a goal to enter the world's top 10 brands by 2027 [5] - In Europe, the company plans to complete marketing and service infrastructure by 2025 and introduce six new energy models by 2027 [5] - Avita aims to enter the Brazilian market in 2025 and achieve top 10 brand status in the region by 2026 [5] - The company is focusing on fuel vehicles in the Middle East and Africa, with plans to establish channels in Egypt, Morocco, and Qatar by 2025 [5]

Investment Rating - The report maintains a "Recommended" rating for the company [6]. Core Views - The company is experiencing a strong product cycle in the new energy sector, with significant growth in sales and a clear strategy for global expansion [2][4]. - The company aims to achieve a total sales target of 3 million vehicles by 2025, with 1 million of those being new energy vehicles [2]. - The report highlights the acceleration of the company's transformation towards electric and intelligent vehicles, supported by partnerships with Huawei [4]. Summary by Sections Sales Performance - In April, the company's wholesale sales were 191,000 vehicles, down 9.3% year-on-year and down 28.9% month-on-month. Cumulative sales from January to April reached 896,000 vehicles, a slight decrease of 0.7% year-on-year [1]. - The company's self-owned passenger vehicle sales in April were 109,000 units, down 11.1% year-on-year and down 33.9% month-on-month. Cumulative sales for the first four months were 562,000 units, up 0.3% year-on-year [1]. New Energy Vehicle Growth - The company saw a significant increase in new energy vehicle sales, with April sales reaching 62,000 units, up 19.8% year-on-year, although down 28.9% month-on-month. Cumulative sales for the first four months were 256,000 units, up 41.9% year-on-year [2]. - The deep blue brand sold 20,000 units in April, up 58.0% year-on-year, while the Avita brand sold 11,681 units, up 122.6% year-on-year [2][3]. Global Expansion Strategy - The company's overseas sales in April were 42,000 units, up 34.0% year-on-year, with cumulative sales for the first four months reaching 202,000 units, up 43.7% year-on-year [4]. - The company plans to establish 8 new operating entities and 16 logistics nodes overseas by 2025, aiming to enhance its global market presence [4]. Financial Forecast - The report projects revenues of 189.6 billion, 209.5 billion, and 233.5 billion yuan for 2025, 2026, and 2027 respectively, with net profits of 8.9 billion, 10.8 billion, and 12.7 billion yuan for the same years [5][21]. - The earnings per share (EPS) are expected to be 0.89, 1.09, and 1.28 yuan for 2025, 2026, and 2027 respectively, with corresponding price-to-earnings (PE) ratios of 14, 11, and 10 [5][21].

Investment Rating - The report maintains a "Recommended" rating for the company [6]. Core Views - The company reported Q1 2025 revenue of 34.16 billion yuan, a year-on-year decrease of 7.7% and a quarter-on-quarter decrease of 30.0%. The net profit attributable to the parent company was 1.35 billion yuan, up 16.8% year-on-year but down 63.8% quarter-on-quarter. The non-recurring net profit was 780 million yuan, a significant increase of 601.0% year-on-year, but down 13.7% quarter-on-quarter [1][2]. - The company's sales of self-owned passenger vehicles reached 453,000 units in Q1 2025, an increase of 3.5% year-on-year but a decrease of 10.8% quarter-on-quarter. The sales of self-owned new energy passenger vehicles were 194,000 units, up 50.7% year-on-year but down 30.4% quarter-on-quarter [1][2]. - The gross profit margin for Q1 2025 was 13.9%, a decrease of 0.5 percentage points year-on-year and 2.3 percentage points quarter-on-quarter, primarily due to increased terminal discounts and lower cost reductions recognized in the quarter [1][2]. Summary by Sections Financial Performance - Q1 2025 total revenue was 34.16 billion yuan, with a year-on-year decline of 7.7% and a quarter-on-quarter decline of 30.0%. The net profit attributable to the parent company was 1.35 billion yuan, reflecting a year-on-year increase of 16.8% but a quarter-on-quarter decrease of 63.8% [1][2]. - The company’s gross profit margin decreased to 13.9% in Q1 2025, impacted by increased competition and pricing pressures [1][2]. Sales and Market Position - The company’s self-owned passenger vehicle sales reached 453,000 units in Q1 2025, with a year-on-year increase of 3.5% and a quarter-on-quarter decrease of 10.8%. The sales of self-owned new energy vehicles were 194,000 units, marking a year-on-year increase of 50.7% [1][2][3]. - The company plans to launch new models under the Deep Blue and Avita brands, aiming for a global sales target of 500,000 units in 2025 [3]. Future Outlook - The report forecasts revenues of 189.6 billion yuan, 209.5 billion yuan, and 233.5 billion yuan for 2025, 2026, and 2027 respectively, with net profits projected at 8.87 billion yuan, 10.76 billion yuan, and 12.72 billion yuan for the same years [4][5]. - The expected earnings per share (EPS) for 2025, 2026, and 2027 are 0.89 yuan, 1.09 yuan, and 1.28 yuan respectively, with corresponding price-to-earnings (PE) ratios of 14, 11, and 10 [4][5].

Investment Rating - The report maintains a "Recommended" rating for the company [6] Core Views - The company reported Q1 2025 revenue of 34.16 billion yuan, a year-on-year decrease of 7.7% and a quarter-on-quarter decrease of 30.0%. The net profit attributable to shareholders was 1.35 billion yuan, up 16.8% year-on-year but down 63.8% quarter-on-quarter. The non-recurring net profit was 780 million yuan, a significant increase of 601.0% year-on-year, but down 13.7% quarter-on-quarter [1][2] - The company's sales of self-branded vehicles reached 453,000 units in Q1 2025, a year-on-year increase of 3.5% but a quarter-on-quarter decrease of 10.8%. The sales of self-branded new energy vehicles were 194,000 units, up 50.7% year-on-year but down 30.4% quarter-on-quarter [1][2] - The gross profit margin for Q1 2025 was 13.9%, a decrease of 0.5 percentage points year-on-year and 2.3 percentage points quarter-on-quarter, primarily due to increased terminal discounts and lower cost reductions [1][2] Financial Performance Summary - The report forecasts revenues of 189.55 billion yuan, 209.46 billion yuan, and 233.54 billion yuan for 2025, 2026, and 2027 respectively, with corresponding net profits of 8.87 billion yuan, 10.76 billion yuan, and 12.72 billion yuan [4][5] - The earnings per share (EPS) are projected to be 0.89 yuan, 1.09 yuan, and 1.28 yuan for the years 2025, 2026, and 2027 respectively, with price-to-earnings (PE) ratios of 14, 11, and 10 [4][5] - The company plans to accelerate its new energy transition with new models and aims for global sales of 500,000 units in 2025, including 400,000 units domestically and 100,000 units overseas [3][4]

Investment Rating - The automotive industry maintains a "Recommended" investment rating, indicating a positive outlook for the sector's fundamentals and expectations for the industry index to outperform the benchmark index [5][30]. Core Insights - The automotive industry experienced an overall decline of 0.6% from April 13 to April 19, with significant new car launches ahead of the Shanghai Auto Show, including models from Zeekr, AITO, and NIO [1][2]. - Huawei and SAIC jointly launched the "Shangjie" brand, with an initial investment of 6 billion yuan and plans for a dedicated factory, aiming to introduce their first model priced between 180,000 to 250,000 yuan by mid-year [1][24]. - The automotive sector is witnessing a global expansion, with companies like BYD entering new markets in Europe and Southeast Asia, and Xpeng planning local production in Indonesia [21][23][27]. Market Performance Overview - The automotive sector's performance was mixed, with some sub-sectors like automotive services and motorcycles showing gains of 1.9% and 1.3%, while passenger vehicles and auto parts saw declines of 1.0% and 1.2% respectively [2][11]. - Notable individual stock performances included Huayang Racing (+19.4%), Jianbang Technology (+18.1%), and Jiuzhi Co. (+17.8%), while Xinquan Co. (-9.1%) and Meili Technology (-7.7%) faced significant declines [3][13]. Recent Developments - Several new models were launched, including the BYD Han L and Tang L, as well as the AITO Wenjie M8 and NIO Firefly, with prices ranging from 119,800 to 449,800 yuan [18][20]. - The industry is also seeing advancements in smart driving technology, with Xpeng aiming for L3 level autonomous driving by the end of 2025 [21]. - The establishment of the "Shangjie" brand by Huawei and SAIC is seen as a strategic move to capture a significant share of the growing market for new energy vehicles [24].

Investment Rating - The report maintains a "Recommended" rating for the company, with a target price of 12.20 CNY per share, corresponding to a PE ratio of 14 for 2025 [4][6]. Core Views - The company reported total revenue of 159.73 billion CNY for 2024, a year-on-year increase of 5.6%, and a net profit attributable to shareholders of 7.32 billion CNY, up 104.5% year-on-year [1]. - The company is accelerating its transition to new energy vehicles, with significant sales growth in its self-branded models, particularly in the new energy segment [4]. - The report forecasts revenues of 189.55 billion CNY, 209.46 billion CNY, and 233.54 billion CNY for 2025, 2026, and 2027 respectively, with net profits projected at 8.87 billion CNY, 10.76 billion CNY, and 12.72 billion CNY for the same years [4][12]. Summary by Sections Financial Performance - In Q4 2024, total revenue reached 48.77 billion CNY, reflecting a 13.2% year-on-year increase and a 42.5% quarter-on-quarter increase. The net profit attributable to shareholders for the same period was 3.74 billion CNY, up 159.0% year-on-year and 400.3% quarter-on-quarter [1][3]. - The average selling price (ASP) for vehicles in Q4 2024 was 96,000 CNY, with a gross margin of 16.2%, showing a slight improvement from the previous quarter [2]. Sales and Market Dynamics - The company sold 507,000 self-branded passenger vehicles in Q4 2024, a 21.3% increase year-on-year and a 49.7% increase quarter-on-quarter. The sales of self-branded new energy vehicles reached 279,000 units, up 66.6% year-on-year and 87.7% quarter-on-quarter [2][3]. - The report highlights the launch of new models under the Deep Blue and Avita brands, with ambitious sales targets for 2025, including a goal of 500,000 units globally [4]. Cost and Expense Management - The report notes an increase in sales expenses due to the launch of new models, with sales, management, R&D, and financial expense ratios reported at 5.8%, 1.8%, 4.2%, and -0.4% respectively for Q4 2024 [3].