来自华为问界经销商的实时反馈-Real-time Feedback from Huawei Aito Dealers

Summary of Conference Call Notes Industry Overview - Industry: China Auto Dealers - Company: Huawei Aito Key Points and Arguments Dealer Sentiment - Aito dealers are optimistic about the upcoming launch of the new M7 model, scheduled for September [1] - Despite the M7 launch, dealers are conservative about 2025 sales volume, targeting only flat growth [1] - The new M9 and M8 models are expected to compete with Li Auto i8 and NIO's Onvo L90, but not with Xiaomi, as M9/M8 target customers over 35 years old, while Xiaomi targets younger consumers [1] Customer Profile - The typical customer for the M9 is identified as high-net-worth individuals, while the M8 targets the middle-income group [1] Dealer Margins - Aito dealers earn sales commissions from Huawei and delivery commissions from Seres [2] - Compared to Xiaomi, Aito dealers have more flexibility in selling new car accessories, auto finance, and insurance products, contributing to a 4-5% margin on new car sales [2] Dealer Network Expansion - The Aito dealer network is still expanding, although the pace has slowed since Q4 2024, when Zhongsheng and Yongda rapidly added Aito stores [2] Additional Important Information - The report includes analyst certifications and disclosures regarding potential conflicts of interest, emphasizing that Morgan Stanley may have business relationships with companies covered in the research [3][4] - The document outlines the stock ratings distribution and methodology used by Morgan Stanley, indicating a relative rating system without assigning traditional buy/sell recommendations [23][28] Conclusion - The sentiment among Aito dealers is cautiously optimistic, with expectations for new model launches but conservative sales targets for 2025. The dealer network continues to grow, albeit at a slower pace, and margins remain healthy due to flexible sales strategies.