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研報掘金丨申萬宏源研究:維持賽力斯“買入”評級,機器人業務有望取得突破
格隆匯 05-08 15:36
申萬宏源研究指出,賽力斯(601127.SH)2025Q1實現總收入191.5億元,同比-27.9%,環比-50.3%;歸母淨利潤7.5億元,同比+240.6%。銷量結構改善下25Q1毛利率表現亮眼。高端化仍為公司最重要標籤,奠定2025年增長基礎。預測2025年中國20萬元以上乘用車市場高階自動駕駛汽車總銷量有望達到223萬輛,相對2024年111萬輛增加112萬輛,同比+100.5%,公司作為智能化第一梯隊有望深度受益。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,M8大定數據亮眼,同時機器人業務有望取得突破。維持“買入”評級。
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