Core Viewpoint - Avita aims to redefine luxury in the automotive industry with a focus on distinctive design, solid core technology, and smart travel experiences, as highlighted during the launch of the Avita 12 four-laser radar version [2][24]. Group 1: Product Features - The Avita 12 is the first coupe model from Avita, featuring advanced driver assistance capabilities with three laser radars, significantly exceeding the configurations of mainstream models at the time [2]. - The new model offers six configurations with prices ranging from 269,900 to 429,900 yuan, with limited-time discounts further reducing prices by 10,000 yuan [2][3]. - The vehicle's perception range has been enhanced to 360 degrees with the addition of a rear solid-state laser radar, improving long-distance and angle coverage [3]. - The Avita 12 has achieved top rankings in third-party AEB tests, demonstrating its ability to stop reliably at high speeds in various conditions [5]. Group 2: Technology and Safety - Avita's partnership with Huawei has led to the development of the CAS 4.0 system, which has successfully prevented over 3 million collision events [8]. - The new intelligent driving system imposes strict safety requirements, such as requiring seatbelt use to activate the assistance features and monitoring driver engagement with the steering wheel [10]. - The vehicle is equipped with a comprehensive sensing system, including four laser radars, three millimeter-wave radars, 12 ultrasonic radars, and 11 cameras for all-around perception [12]. Group 3: User Experience - The Avita 12 features the HarmonyOS 5.0 cockpit, which maintains a consistent user interface with Huawei devices, enhancing user interaction [11]. - The vehicle includes a health oxygen cabin that purifies the air and maintains humidity balance for a safer breathing environment [22]. - The sound system, featuring 25 speakers and a peak power of 2016 watts, provides an immersive audio experience, typically found in higher-end models [20]. Group 4: Market Strategy and Goals - Avita has set an ambitious annual sales target of 220,000 units by 2025, with recent sales data showing a consistent monthly sales increase, reaching 11,028 units in September [24]. - The company is transitioning from being a high-end electric vehicle manufacturer to a smart mobility technology company, as indicated by its strategic partnerships and future model plans [24][25]. - By 2030, Avita plans to launch 17 models across various segments, implementing a fully intelligent service system to enhance long-term competitiveness [24].

新能源、海外市场持续发力，前瞻布局飞行汽车、人形机器人、无人商用等 公司三大新能源品牌新车周期延续，启源A06、全新启源Q05、深蓝L06、阿维塔12 四激光雷达版2025 年内均有望上市，阿维塔与华为合作新阶段将迎来中大型五座、大六座SUV、中大型轿车等新产品。同 时，公司注重海外市场发展，加速开拓东南亚、中东非、中南、欧洲等市场，尤其是新能源产品的导 入。此外，公司积极布局飞行汽车、人形机器人、无人商用等领域，打造新成长曲线。10月15 日，公 司与京东签署合作协议，将在无人物流车等领域展开深度合作。 风险提示：新能源汽车销量及华为合作不及预期、海外市场开拓不及预期等。 Q3 营收同环比明显增长，净利润同比小幅提升 公司发布2025 年三季报，前三季度实现营收1149.27 亿元，同比+3.6%；归母净利润30.55 亿元，同 比-14.7%；扣非归母净利润20.18 亿元，同比+20.1%。单Q3实现营收422.36 亿元，同环比 +23.4%/+9.6%；归母净利润7.64 亿元，同环比+2.1%/-18.6%；扣非归母净利润5.42 亿元，同环比 +5.8%/-21.9%。鉴于行业竞争激烈背景下公司 ...