公司3Q25归母净利润22.6亿元（人民币，下同），同比/环比+14.1%/-18.6，基本符合该行预期，但低于VA的27亿元的一致预期。1）收入：3Q25营收118.6亿元，同比/环比+18.9%/+2. ASP提升空间仍大，铝饰条成新增长点，新管理层开始接班 招商证券香港主要观点如下： 三季度业绩符合预期，短期扰动不改长期趋势 1）高附加值产品驱动ASP增长：前三季度高附加值产品占比达52.2%，同比提升4.9ppts，带动ASP同比增长6.9%。全景天幕、HUD抬头显示、钢化夹层、镀膜隔热及ADAS等高附加值产品渗透 风险因素：行业景气度低于预期。 招商证券香港发布研报称，福耀玻璃（03606）汽玻ASP具有长期增长潜力，开拓铝饰条等新业务，令内生增长动力强。维持2025-27年核心利润预测不变（已剔除汇兑对业绩扰动）。维持"增 FY26P/E（维持），略低于公司历史平均向上一个标准差（21x）。维持汽零首推股之一。 责任编辑：史丽君 ...

Core Viewpoint - The article discusses the increasing accessibility and adoption of advanced automotive technologies, particularly rear-wheel steering, which was once exclusive to high-end luxury and performance vehicles. Group 1: Technology Accessibility - Many high-end features that were once exclusive to luxury vehicles are now becoming standard in various models, including electric vehicles [1][2] - Technologies such as air suspension and advanced driving assistance systems have seen significant growth in recent years [2] Group 2: Rear-Wheel Steering - Rear-wheel steering, previously found in high-end models like Porsche 911 and Lamborghini Aventador, is now being standard in many domestic electric vehicles at lower price points [5][7] - Examples include models like the Tengshi N9 and Xiaopeng X9, which offer rear-wheel steering at prices around 400,000 and 300,000 respectively, with some models even exceeding 200,000 [8][10] Group 3: Benefits of Rear-Wheel Steering - Rear-wheel steering significantly enhances maneuverability, allowing larger vehicles to have a turning radius comparable to smaller cars, improving parking and navigation in tight spaces [10][13] - The technology also enables advanced features like crab walking, which relies on rear-wheel steering [14] Group 4: Market Penetration and Challenges - Despite its advantages, rear-wheel steering has a low global penetration rate of only 1.2%, indicating limited adoption compared to other technologies [17] - The complexity and cost of implementing rear-wheel steering systems, along with the need for additional space and maintenance considerations, hinder widespread adoption [53][67] Group 5: Historical Context and Evolution - The evolution of rear-wheel steering began in the late 19th century, with early attempts using simple mechanical systems, leading to its application in agricultural and military vehicles during the 20th century [18][22][24] - The transition to passenger vehicles occurred in the late 20th century, but early systems were passive and had reliability issues, prompting the development of more advanced active systems [29][32] Group 6: Future Prospects - Despite current challenges, domestic companies are investing in rear-wheel steering technology, which may lead to increased accessibility and innovation in the future [70][72] - The potential for domestic suppliers to disrupt the market and drive down costs is highlighted, suggesting a promising outlook for the technology's adoption [72][73]

Group 1 - The article discusses various automotive safety systems, including Anti-lock Braking System (ABS), Electronic Brakeforce Distribution (EBD), and Emergency Braking Assistance (BA/EBA/BAS) [2][5][6] - ABS prevents wheel lock-up during emergency braking by modulating brake pressure at a frequency of 60-120 times per second, allowing for steering control [4] - EBD adjusts brake force applied to each wheel based on their traction with the road surface, enhancing vehicle stability [5] Group 2 - Traction Control System (ASR/TCS/TRC) manages power output to prevent wheel slip on slippery surfaces, ensuring stable vehicle operation [7] - Electronic Stability Program (ESP) integrates ABS, EBD, and ASR functionalities to prevent skidding and maintain vehicle trajectory during emergencies [8][10] - iBooster technology provides brake assistance without relying on vacuum pressure, ensuring consistent brake performance even when the engine is off [11][13] Group 3 - Advanced Driver Assistance Systems (ADAS) utilize various sensors to enhance driving safety through information assistance and control assistance [15] - Autonomous Emergency Braking (AEB) automatically applies brakes when a collision risk is detected, while Emergency Braking Assistance (EBA) boosts braking force when the driver’s input is insufficient [18][20] - Lane Keeping Assist (LKA) and Lane Centering Control (LCC) help maintain vehicle position within the lane, reducing the risk of unintended lane departure [29][33] Group 4 - Traffic Sign Recognition (TSR) identifies road signs and displays relevant information to the driver, aiding in compliance with traffic regulations [36] - Forward Collision Warning (FCW) alerts drivers of potential collisions with obstacles ahead, helping to mitigate crash risks [37] - Automatic Parking Assist (APA) and Automated Valet Parking (AVP) facilitate parking maneuvers, with AVP allowing for fully autonomous parking without driver intervention [43][46]