研報掘金丨開源證券:維持賽力斯“買入”評級,看好公司長期發展
開源證券研報指出,賽力斯2025Q2歸母淨利中值預計同環比+57%/194%,“規模效應+高端化”雙輪驅動。“問界M7大改款+M9等升級ADS4.0+港股IPO加速出海”,發展勢頭強勁展望後續,,公司亮點不斷:(1)擬推出M7大改款:有望在造型、內部空間、智能化技術、底盤、續航等方面提升,大幅增強產品力,進而推動銷量明顯回升;(2)6月22日,華爲宣佈將於9月底分批次推送乾崑智駕ADS 4.0,問界M9 等車型將首批升級。ADS 4.0將採用面向未來自動駕駛時代的“世界引擎+世界行爲模型WEWA 架構”,有望使智駕方案端到端時延降低50%、通行效率提升20%、重剎率降低30%,推動華爲系車型智能化能力繼續領先;(3) 擬港股IPO:爲深入推進全球化戰略佈局,打造國際化資本運作平臺,公司已遞交港股IPO申請,有望加速推進海外渠道、本土化研發及生產體系建設,打造海外市場新成長曲線。鑑於公司M8/M9車型持續發力、M7大改款潛在爆款預期、高端化推升整體盈利能力,看好公司長期發展,維持“買入”評級。
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