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

40% 35% 30% 25% 20% 15% 10% 5% 0% -5% -10% 000300.SH 885834.TI 投资要点      请阅读最后评级说明和重要声明 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 2 400 350 300 250 200 150 100 50 0 120% 100% 80% 60% 40% 20% 0% -20% -40% 20192020202120222023H1 营业收入 YOY 5 0 -5 -10 -15 -20 -25 -30 -35 -40 -45 500% 2019 2020 2021 2022 2023H1 0% -500% -1000% -1500% -2000% -2500% -3000% 净利润 YOY 60 80% 2.5 200% 5040 70%60%50% 2.0 150%100% 30 40%30% 1.51.0 50%0% 20 20% -50% 10 10% 0% 0.5 -100% 0 -10% 0.0 -150% 20192020202120222023H1 营业收入YOY 2019 2020 2021净利润 20222023H1 YOY 90 25% 14.0 60% 8070 20% 12.0 50%40% 60 10.0 30% 50 15% 8.0 20% 40 10% 6.0 10% 30 4.0 0% 2010 5% 2.0 -10%-20% 0 0% 0.0 -30% 20192020202120222023H1 营业收入YOY 2019 2020 2021 净利润 20222 YOY 023H1 35 30 25 20 15 10 5 0 70% 60% 50% 40% 30% 20% 10% 0% -10% 20192020202120222023H1 营业收入 YOY 1.2 1.0 0.8 0.6 0.4 0.2 0.0 -0.2 -0.4 -0.6 5000% 4000% 3000% 2000% 1000% 2019 2020 2021 2022 2023H1 0% -1000% -2000% 净利润 YOY