丨证券研究报告丨 行业研究丨点评报告丨汽车与汽车零部件 [Table_Title] 英国重启电车补贴，欧洲新能源有望提速 报告要点 [Table_Summary] 英国重启新一轮电动车补贴，政策主要覆盖售价 3.7 万英镑以下的电动车，每辆车最高补贴 3750 英镑，总补贴额度为 6.5 亿英镑，计划持续到 2028 至 2029 年。若按平均单车补贴测算， 计划内预计补贴 24.8 万辆，平均每年 8.3 万辆，看好本轮补贴带动英国新能源渗透率提升。 分析师及联系人 [Table_Author] 高伊楠 王子豪 SAC：S0490517060001 SAC：S0490524070004 SFC：BUW101 请阅读最后评级说明和重要声明 %% %% %% %% research.95579.com 1 汽车与汽车零部件 cjzqdt11111 [Table_Title2] 英国重启电车补贴，欧洲新能源有望提速 [Table_Summary2] 事件描述 2025 年 7 月 15 日，英国交通部宣布了一项价值 6.5 亿英镑的电动汽车补贴计划，为购买售价 不超过 3.7 万英镑电动汽车的消费者提供至多 37 ...

天窗无故开裂？！深蓝SL03车主黄先生在一次洗车后发现，自己车辆的天窗居然裂开一条缝。不过，对于这个现象，深蓝方面及玻璃供应商均表示并非质 量问题。不过受访业内汽车维修专业人士指出，玻璃裂痕为一条直线，未见散射状裂痕，不像外力作用导致。 车主反馈 洗车发现天窗突然出现一道裂痕 多名车主曾反映有类似经历 最近，佛山车主黄先生在黑猫投诉平台反映，自己车辆的天窗无故裂开一条缝，厂商对此表示并非质量问题。黄先生向湾财社记者介绍，2025年6月7日傍 晚，他清洗车辆后擦干的时候，发现车顶有一条很明显的裂痕，从车内观察，该条裂痕更加明显。 "我当时看到这条裂痕，整个人都呆住了。因为这几天我都没有看到这条裂痕，问过曾经坐过我车辆的朋友，也反映没看到。"黄先生称，据他回忆，在用车 过程中，并没有碰撞到任何东西，车顶也没被东西砸到过，晚上停车一直都在地下停车库。他怀疑，这条裂痕是当天或者前一天自然裂开。在他看来，这种 属于质量问题，应该由深蓝汽车方面负责更换。 随后，黄先生联系深蓝汽车经销商及厂家并到店检测。两天后，对方告知，经过玻璃供应商出具检测报告，证明裂痕属于外力作用，并非质量问题。但是黄 先生并不认可这一说法。 t a ...

Core Viewpoint - Fuyao Glass Industry Group Co., Ltd. has shown significant stock performance, reaching a new high, indicating strong market interest and potential growth in the automotive glass sector [1]. Company Overview - Established in 1987 in Fuzhou, China, Fuyao Glass is a large multinational group focused on automotive safety glass, listed on both the Shanghai Stock Exchange and the Hong Kong Stock Exchange [2]. - The company operates under an "A+H" model, allowing it to access both domestic and international capital markets [2]. - Fuyao has developed modern production bases and business institutions in 18 provinces in China and 12 countries, including the USA, Russia, Germany, Japan, and South Korea, employing approximately 30,000 people globally [2]. - The company has been recognized as a "global excellent supplier" by major automotive manufacturers, providing OEM services and complete automotive glass solutions [2]. Innovation and Recognition - Fuyao is a proactive explorer and practitioner of "Industry 4.0," leading in information technology and production automation within its industry [2]. - The company has received numerous awards, including the "China Quality Award" and "National Innovation Demonstration Enterprise," highlighting its commitment to quality and innovation [2]. - Fuyao has consistently ranked among the "Fortune" China 500 and the top 500 private enterprises in China, receiving various social honors [2]. Leadership and Philanthropy - Chairman Cao Dewang has made significant personal donations totaling nearly 20 billion yuan and established a foundation to create Fuyao University, earning him recognition as a leading philanthropist [2]. - Cao has received multiple accolades, including the "Global Entrepreneur Award" and the "Golden Phoenix Award," for his contributions to the automotive glass industry [2].

从中证红利回报指数持仓的市场板块来看，上海证券交易所占比62.84%、深圳证券交易所占比 37.16%。 据了解，中证红利回报指数选取累计分红融资比和过去三年平均分红融资比高的上市公司证券作为指数 样本，以反映分红回报高的上市公司证券的整体表现。该指数以2004年12月31日为基日，以1000.0点为 基点。 从指数持仓来看，中证红利回报指数十大权重分别为：贵州茅台（14.72%）、五粮液（9.37%）、格力 电器（8.3%）、伊利股份（6.69%）、三一重工（4.33%）、万华化学（4.0%）、海尔智家（3.74%）、 福耀玻璃（3.51%）、国电南瑞（3.38%）、泸州老窖（3.38%）。 金融界7月16日消息，上证指数低开震荡，中证红利回报指数 (红利回报，H30073)报7857.85点。 数据统计显示，中证红利回报指数近一个月上涨2.66%，近三个月下跌0.78%，年至今下跌2.89%。 从中证红利回报指数持仓样本的行业来看，主要消费占比39.27%、可选消费占比18.78%、工业占比 13.74%、原材料占比10.27%、医药卫生占比6.42%、信息技术占比3.73%、能源占比3.32%、通信服务 ...

机构：中银国际 研究员：LOU Jia/Olivia NIU Strong rally in Euro helps boost bottom line to record high. Despite a moderate depreciation of USD against RMB, we believe Fuyao's monetary assets exposure to the Euro (over EUR600m) will enjoy a strong rally in FX gains given the appreciation of EUR by 8% against RMB in 2Q25. We estimate the company may score FX gains of more than RMB300m, lifting the attributable net profit to RMB2.5-2.6bn as another quarterly high. Overseas manufacturing profitability likely to improve con ...

Investment Rating - The automotive industry is rated as "Neutral" for the next six months, indicating expected performance in line with the market [53]. Core Insights - In June, retail sales of passenger vehicles increased by 18.1% year-on-year, with new energy vehicles seeing a growth of 30% [4][44]. - The automotive sector experienced a decline of 0.41% from July 7 to July 11, 2025, underperforming the CSI 300 index by 1.23 percentage points [10][44]. - The overall PE-TTM for the automotive industry as of July 11 is 25.83, down by 0.12 from the previous week [11][44]. Summary by Sections Market Overview - The automotive sector's performance from July 7 to July 11 showed a decline across various segments, with the passenger vehicle segment down by 1.43% and commercial vehicles down by 0.99% [10][44]. - The automotive services sector, however, increased by 3.13%, outperforming the CSI 300 index [10][44]. Valuation Levels - As of July 11, the PE-TTM for passenger vehicles is 25.11, for commercial vehicles is 36.01, and for automotive parts is 24.33 [11][44]. - The passenger vehicle segment saw a decrease of 0.37% in valuation, while the automotive parts segment increased slightly by 0.02% [11][44]. New Models and Industry News - 尚界汽车 has released a teaser for its first SUV model, which is expected to launch in the fall of 2025 [3][44]. - A total of 29 new and updated vehicle models were launched during the week of July 7 to July 11 [40][41]. Sales Performance - In June, the total retail sales of passenger vehicles reached 2.084 million units, marking an 18.1% increase year-on-year [7][44]. - Cumulative retail sales for the first half of the year reached 10.901 million units, up 10.8% compared to the same period last year [7][44].

Group 1 - The core viewpoint of the report is that Fuyao Glass is expected to see a revenue growth of 13% to 14% year-on-year in Q2, reaching 10.7 to 10.8 billion RMB, driven by a significant increase in domestic automotive glass revenue and steady growth in overseas sales [1] - The target price for Fuyao Glass has been raised from 65 HKD to 72 HKD based on a projected 20 times P/E ratio for 2025, indicating a positive outlook for the company's stock performance [1] - The company is anticipated to achieve a net profit of 2.5 to 2.6 billion RMB in Q2, setting a new quarterly record, supported by improved gross margin and cost savings from reduced raw material prices and shipping costs [1] Group 2 - The net profit forecast for Fuyao Glass for 2025 to 2026 has been increased by 5% to 11%, reflecting better-than-expected cost reductions and additional foreign exchange gains [2] - Fuyao Glass has demonstrated resilience and risk management capabilities in the current geopolitical environment due to its flexible overseas production and export supply layout, particularly in the U.S. market [2] - The company is expected to achieve an annual automotive glass shipment volume of 5.1 million sets, with an operating profit margin projected to exceed the initial target of 13% [1][2]

Investment Rating - The report maintains a "Recommended" rating for the automotive industry [1] Core Views - The automotive sector is expected to benefit from the continuation of the vehicle replacement policy, which is anticipated to support consumer demand and sales growth in 2025 [16] - The report highlights a new phase of domestic brands entering a strategic offensive towards high-end development, with companies offering quality products priced above 300,000 yuan likely to benefit significantly [16] - The report emphasizes the potential for high-level intelligent driving technologies to become more affordable, which could increase their penetration rates [16] Summary by Sections Recent Trends - The automotive sector underperformed compared to the Shanghai Composite Index, with a weekly decline of 0.4% from July 7 to July 11, 2025, while the Shanghai Composite Index rose by 1.1% [17] - In June 2025, the wholesale volume of automobiles reached 2.904 million units, a year-on-year increase of 13.8% [30] Key Company Recommendations - Recommended companies include: - Li Auto, JAC Motors, Geely, SAIC Group, BYD, Great Wall Motors for high-end supply [16] - XPeng Motors, Huayang Group, Desay SV, and Coboda for intelligent driving technologies [16] - Top Group, Sanhua Intelligent Control, and Beite Technology for robotics production [16] - Fuyao Glass, Xingyu Co., and Yinlun Co. for quality auto parts [16] - Foton Motor and China National Heavy Duty Truck for commercial vehicles [16] Earnings Forecasts - Key companies and their projected earnings per share (EPS) for 2024, 2025E, and 2026E include: - Yinlun Co.: 0.92, 1.28, 1.59 [49] - Baolong Technology: 1.44, 2.56, 3.22 [49] - BYD: 13.84, 18.15, 22.13 [49] - Li Auto: 4.16, 5.43, 8.33 [49]

Core Viewpoint - The glass insulator market in China is experiencing rapid growth driven by the continuous development of the power infrastructure and the rise of smart grids and renewable energy, with the market size expected to reach 2.641 billion yuan in 2024, a 2.56% increase from 2023 [1][15]. Industry Overview - Insulators are essential components of power systems, providing electrical insulation and mechanical support, typically made from solid insulating materials like ceramics, glass, and composite materials [3]. - Glass insulators, made from tempered glass, are crucial for supporting wires and preventing current leakage, exhibiting excellent resistance to harsh conditions [5]. Market Demand and Supply - The total electricity consumption in China is projected to grow from 7,511 billion kWh in 2020 to 9,852 billion kWh in 2024, leading to increased demand for glass insulators due to accelerated grid construction [9]. - The production of glass insulators is expected to reach 282,500 tons in 2024, reflecting a 1.22% year-on-year increase, driven by significant energy projects [17]. Investment Trends - China's investment in power grid construction is projected to rise from 469.9 billion yuan in 2020 to 608.3 billion yuan in 2024, with a 19.80% increase in the first five months of 2025, indicating a growing demand for glass insulators [13]. Competitive Landscape - The glass insulator market is fragmented, with major players including well-known domestic power equipment manufacturers and specialized insulator manufacturers, leading to intense competition [19]. - Key companies in the industry include Jinlihua Electric, Nanjing Electric Group, Sediver Glass Insulators, and Shandong Ruitai Glass Insulators, among others [20]. Future Development Trends - The glass insulator market is expected to expand due to increasing global energy demands and the need for reliable and efficient power transmission systems, particularly in emerging markets [24]. - The industry's future will focus on green and low-carbon transformations, aligning with national carbon reduction goals, while enhancing international competitiveness through expanded global trade [24].

Core Insights - The report maintains an "Outperform" rating for the automotive sector, highlighting the expected boost in market sentiment due to a surge in new product launches and the upcoming earnings reports [1][5][12] - The automotive industry is transitioning towards a technology-driven era, with significant advancements in electrification, intelligence, and connectivity, which are expected to create new demand [12][13] - The report emphasizes the growth potential of domestic brands and the opportunities in incremental components driven by electric and intelligent trends [22][23] Sales Tracking - In June 2025, retail sales of passenger vehicles in China reached 2.084 million units, a year-on-year increase of 18.1% and a month-on-month increase of 7.6% [1] - Cumulative retail sales from January to June 2025 totaled 10.901 million units, reflecting a year-on-year growth of 10.8% [1] - The new energy vehicle market saw retail sales of 1.111 million units in June, marking a year-on-year increase of 29.7% and a cumulative total of 5.468 million units for the first half of the year, up 33.3% [1] Market Performance - In June, the CS automotive sector experienced a slight decline of 0.13%, with the CS passenger vehicle index down 2.34% [2] - Year-to-date, the automotive sector has risen by 28.88%, outperforming the Shanghai Composite Index by 14.17 percentage points [2] - The report notes a decrease in the inventory warning index for automotive dealers, indicating improved market conditions [2] Investment Recommendations - The report suggests focusing on domestic brands and the opportunities in incremental components, particularly in the context of the electric and intelligent vehicle trends [22][23] - Recommended companies include Leap Motor, JAC Motors, and Geely for vehicle manufacturing, and companies like Kobot, Huayang Group, and Junsheng Electronics for intelligent components [3][22] - The report highlights the potential of new entrants like Huawei and Xiaomi in the automotive sector, emphasizing their strong channel and software ecosystem capabilities [22][23] Company Earnings Forecasts - Leap Motor is projected to have an EPS of -0.05 in 2025, with a PE ratio of -1200, while Geely is expected to achieve an EPS of 1.36 with a PE of 12 [4] - JAC Motors is forecasted to have an EPS of 0.11 in 2025, with a PE of 380, indicating significant growth potential [4] - The report provides a detailed earnings forecast for several key companies, reflecting their expected performance in the evolving automotive landscape [4][30]