汽车行业研究系列一：问界新M7订单火爆，华为智驾御风前行

请阅读最后评级说明和重要声明 -10%-5%0%5%10%15%20%25%30%35%40%000300.SH885834.TI投资要点 ➢ ➢ ➢ ➢ ➢ 2 一、问界新M7上市销量超预期，华为汽车竞争力凸显................................................................ 3 1.问界新M7产品力提升，上市销量超预期 ................................................................................................... 3 2.华为智选模式优势显著，全方面赋能AITO智能汽车 ................................................................................. 3 二、智选模式日渐成熟，看好华为智驾产业链 ............................................................................. 5 1.赛力斯：华为整车产业链核心标的 .............................................................................................................. 5 2.文灿股份：一体化压铸先行者 ..................................................................................................................... 6 3.星宇股份：国内优秀车灯零部件公司 .......................................................................................................... 7 4.沪光股份：国产线束厂商龙头 ..................................................................................................................... 8 三、风险提示 ............................................................................................................................... 9 ............................................................................................................................................... 3 .................................................................................................................. 3 .................................................................................................................. 4 ................................................................................................................................ 5 .................................................................................................................... 6 ................................................................................................................ 6 ................................................................................................................ 7 ............................................................................................................. 7 ................................................................................................................ 7 ........................................................................................................... 7 .............................................................................................................. 8 ........................................................................................................... 8 3 4 5 6 -40%-20%0%20%40%60%80%100%120%05010015020025030035040020192020202120222023H1营业收入YOY-3000%-2500%-2000%-1500%-1000%-500%0%500%-45-40-35-30-25-20-15-10-50520192020202120222023H1净利润YOY 7 -10%0%10%20%30%40%50%60%70%80%010203040506020192020202120222023H1营业收入YOY-150%-100%-50%0%50%100%150%200%0.00.51.01.52.02.520192020202120222023H1净利润YOY0%5%10%15%20%25%010203040506070809020192020202120222023H1营业收入YOY-30%-20%-10%0%10%20%30%40%50%60%0.02.04.06.08.010.012.014.020192020202120222023H1净利润YOY 8 -10%0%10%20%30%40%50%60%70%0510152025303520192020202120222023H1营业收入YOY-2000%-1000%0%1000%2000%3000%4000%5000%-0.6-0.4-0.20.00.20.40.60.81.01.220192020202120222023H1净利润YOY 9 10