研報掘金丨申萬宏源:賽力斯全年業績符合預期,維持“買入”評級
申萬宏源研究指出,賽力斯(601127.SH)2024年實現總銷量49.7萬輛,同比+97.0%。其中根據中汽協數據,問界系列2024年總銷量38.9萬輛,同比+275.8%;實現總收入1451.8億元,同比+305.0%;歸母淨利潤59.5億元,扭虧為盈,全年業績符合預期。認為M7/M9之間價格跨度大,預估定位在35-45萬元區間的M8 有望在4月上市後為賽力斯帶來純增量,鞏固今年汽車業務增長基礎。此外,機器人業務為今年重點發力方向。公司已作為重慶首批具身智能機器人項目入選企業,有望在機器人領域實現厚積薄發。公司為豪華品牌新勢力,旗下問界系列主打中高端新能源市場,公司智駕能力已成國內第一梯隊,深度受益智駕浪潮,3月新款M9廣受好評,4月M8上市在即,同時機器人業務有望取得突破。維持“買入”評級。
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