Core Viewpoints - The automotive sector is expected to continue its upward trend, driven by three main themes: AI robotics, AI intelligence, and favorable market conditions [4][8] - The market showed strong performance in the automotive sector, with passenger vehicles and components leading the gains, influenced by better-than-expected adjustments in US-China tariffs and previous significant corrections in the automotive market [4][8] Weekly Review Summary - In the second week of May, the number of compulsory insurance policies reached 443,000 vehicles, reflecting a week-on-week increase of 6.5% and a month-on-month increase of 29.8% [2][7] - The SW automotive index rose by 2.4%, with the best-performing segments being SW passenger vehicles (+4.4%) and SW automotive components (+2.2%), while commercial vehicles and motorcycles showed declines [2][7] Key Industry Changes - Weipai New Energy launched the 2025 model of the Gaoshan vehicle, equipped with the Coffee Pilot Ultra intelligent driving assistance system [3][7] - BYD was added to the Hang Seng Technology Index [3][7] - Geely Automobile reported Q1 2025 revenue of 72.5 billion yuan, a year-on-year increase of 24.5%, and a net profit of 5.67 billion yuan, up 263.4% year-on-year [3][7] - The acquisition of 100% equity in Wuhu Changpeng was completed, and the company was renamed Wuhu Top [3][7] - Baolong Technology's second phase of the 4.8MW distributed photovoltaic project in Ningguo was completed and accepted [3][7] Sector Configuration Recommendations - The company maintains a positive outlook for 2025, focusing on three main themes: AI robotics, AI intelligence, and favorable market conditions, with the robotics theme expected to have the highest elasticity in May [5][8] - Recommended stocks for the AI robotics theme include Top Group, Junsheng Electronics, and Precision Forging Technology [5][8] - For the AI intelligence theme, preferred stocks include Xpeng Motors, Li Auto, and Xiaomi in Hong Kong, and Seres, SAIC Motor, and BYD in A-shares [5][8] - The favorable market conditions theme includes recommendations for bus manufacturers like Yutong Bus and heavy-duty trucks like China National Heavy Duty Truck and Weichai Power [5][8] Market Performance Tracking - The automotive sector ranked third in A-shares and first in Hong Kong this week, with strong performances in passenger vehicles and components [12][21] - The automotive sector's performance in the SW index showed significant gains, with passenger vehicles leading the way [15][21] Sales Data Overview - In April, the total number of passenger vehicles insured was 443,000, with a year-on-year increase of 29.8% [44] - New energy vehicles accounted for 222,000 units, with a penetration rate of 50.2% [44]

Group 1 - The Shanghai Composite Index decreased by 0.40%, while the CSI 300 Automotive and Parts Index reported at 10,250.88 points [1] - The CSI 300 Automotive and Parts Index increased by 3.26% over the past month, decreased by 2.36% over the past three months, and has risen by 4.75% year-to-date [1] - The CSI 300 Index is categorized into 11 primary industries, 35 secondary industries, over 90 tertiary industries, and more than 200 quaternary industries, providing a comprehensive analysis tool for investors [1] Group 2 - The top ten holdings in the CSI 300 Automotive and Parts Index are BYD (39.29%), Seres (12.08%), Fuyao Glass (10.46%), SAIC Motor (8.91%), Changan Automobile (7.0%), Top Group (3.99%), Sailun Tire (3.85%), Great Wall Motors (3.38%), Huayu Automotive (3.38%), and Desay SV Automotive (3.34%) [1] - The market share of the CSI 300 Automotive and Parts Index is 50.37% from the Shanghai Stock Exchange and 49.63% from the Shenzhen Stock Exchange [2] - The composition of the index by industry shows that passenger cars account for 72.71%, automotive interior and exterior parts for 16.12%, automotive system components for 3.99%, tires for 3.85%, and automotive electronics for 3.34% [2] Group 3 - The index samples are adjusted biannually, with adjustments occurring on the next trading day after the second Friday of June and December each year [2] - Weight factors are generally fixed until the next scheduled adjustment, with temporary adjustments made in response to changes in the CSI 300 Index [2] - Special events affecting sample companies may lead to adjustments in the industry classification of the CSI 300 Industry Index [2]

Group 1 - The CSI 300 Dividend Low Volatility Index decreased by 0.07% as of May 15, 2025, with mixed performance among constituent stocks [1] - China Shenhua led the gains with an increase of 1.48%, followed by China Life Insurance at 1.21% and Hangzhou Bank at 0.85%, while GF Securities experienced the largest decline [1] - The CSI 300 Dividend Low Volatility ETF (515300) saw a trading volume of 32.31 million yuan during the session, with an average daily trading volume of 114 million yuan over the past week [1] Group 2 - The latest size of the CSI 300 Dividend Low Volatility ETF reached 5.631 billion yuan, marking a one-year high [1] - Over the past five trading days, there were net inflows on four days, totaling 66.32 million yuan [1] - As of April 30, 2025, the top ten weighted stocks in the index accounted for 37.43% of the total, including China Shenhua, Gree Electric, and China Petroleum [1] Group 3 - Huatai Securities anticipates that a series of policies aimed at stabilizing the market and expectations will support risk appetite, with resilient inflation and export data for April [2] - The recent issuance of the "Action Plan for Promoting High-Quality Development of Public Funds" by the CSRC is expected to reshape the A-share market ecosystem [2] - Sectors such as large-cap stocks, financials, public utilities, and oil & petrochemicals are likely to benefit from the guidance towards long-term capital inflow and asset allocation [2]

Investment Rating - The investment rating for the company is "Buy" and is maintained [6]. Core Views - The company is expected to achieve a revenue of 168.85 billion yuan in 2024, representing a year-on-year growth of 0.2%, while the net profit attributable to the parent company is projected to be 6.69 billion yuan, down 7.3% year-on-year [2][4]. - In Q1 2025, the company achieved a revenue of 40.37 billion yuan, reflecting a year-on-year increase of 9.1%, with a net profit of 1.27 billion yuan, up 0.6% year-on-year [2][4]. - The company is focusing on the smart electric trend, accelerating the development and application of emerging business products, and continuously optimizing its customer structure, indicating a positive outlook for future growth [2]. Summary by Sections Revenue and Profitability - The company’s revenue for 2024 is projected at 168.85 billion yuan, with a slight increase of 0.2% year-on-year. The net profit attributable to the parent company is expected to be 6.69 billion yuan, a decrease of 7.3% year-on-year. For Q1 2025, revenue is expected to reach 40.37 billion yuan, up 9.1% year-on-year, with a net profit of 1.27 billion yuan, an increase of 0.6% year-on-year [2][4][9]. Market Position and Strategy - The company is actively expanding its external customer base, with revenue from customers outside of SAIC Group accounting for 62.2% of its main business in 2024, an increase of 8.4 percentage points year-on-year. The sales growth rate for the top ten external vehicle customers reached 38% year-on-year [9]. - The company is leveraging the trend of electric vehicle transformation, with 75% of the new business orders related to new energy vehicles by the end of 2024, and over 50% of the supporting amount from domestic independent brands [9]. Future Outlook - The company aims for a revenue target of 170 billion yuan in 2025, with an expected year-on-year growth of 0.7% and a planned gross margin of over 12.9%, an increase of more than 0.8 percentage points year-on-year. The dividend payout ratio for 2024 is projected at 37.7%, corresponding to a dividend yield of 4.5% [9]. - Expected net profits for 2025-2027 are projected to be 6.98 billion, 7.31 billion, and 7.77 billion yuan, respectively, with corresponding valuations of 8.2X, 7.8X, and 7.4X [9].

Group 1 - The core viewpoint of the news is that the CSI Intelligent Automotive Theme Index has shown mixed performance, with a recent decline despite a monthly increase [2] - The CSI Intelligent Automotive Theme Index has increased by 4.99% in the last month, decreased by 8.25% over the last three months, and has risen by 4.22% year-to-date [2] - The index includes companies that provide terminal perception and platform applications for intelligent vehicles, reflecting the overall performance of the intelligent automotive industry [2] Group 2 - The top ten weighted companies in the CSI Intelligent Automotive Theme Index include Keda Xunfei (5.11%), Weir Shares (5.1%), Top Group (4.72%), and others [2] - The market share of the CSI Intelligent Automotive Theme Index holdings is 51.55% from the Shenzhen Stock Exchange and 48.45% from the Shanghai Stock Exchange [2] - The industry composition of the index holdings shows that Information Technology accounts for 55.20%, Consumer Discretionary for 34.06%, and Communication Services for 10.74% [2] Group 3 - The index samples are adjusted quarterly, with adjustments implemented on the next trading day after the second Friday of March, June, September, and December [3] - Public funds tracking the CSI Intelligent Automotive Index include Tianhong CSI Intelligent Automotive A, Tianhong CSI Intelligent Automotive C, and several ETFs [3]

Investment Rating - The report maintains a "Buy" rating for the company with a target price of 27.69 CNY, based on a projected EPS of 2.13, 2.23, and 2.27 CNY for 2025-2027 respectively [4][7]. Core Views - The company is expected to achieve a revenue of 178.79 billion CNY in 2025, reflecting a year-on-year growth of 5.9%. The net profit attributable to the parent company is projected to be 6.72 billion CNY, with a slight increase of 0.5% [6][10]. - The customer structure is continuously optimized, with an increasing share of revenue from new energy vehicle orders, which is expected to enhance profitability [10]. - The company is focusing on new business areas such as intelligent cockpits, intelligent chassis, and electric drive systems, which are anticipated to drive future growth [10]. Financial Summary - The company's revenue for 2023 is reported at 168.59 billion CNY, with a year-on-year growth of 6.5%. The operating profit is 8.82 billion CNY, down 3.2% from the previous year [6][10]. - The gross margin for 2024 is expected to be 12.1%, a decrease of 1.0 percentage points year-on-year, while the net profit margin is projected to be 4.0% [6][10]. - The company plans to distribute a cash dividend of 8 CNY for every 10 shares to shareholders in 2024 [10].

Investment Rating - The report maintains a "Buy" rating for the company with a target price of 27.69 CNY, based on a projected EPS of 2.13, 2.23, and 2.27 CNY for 2025-2027 respectively [4][7]. Core Views - The company is expected to achieve a revenue of 178.785 billion CNY in 2025, reflecting a year-on-year growth of 5.9%. The operating profit is projected to be 9.652 billion CNY, with a significant increase of 17.5% compared to the previous year [6][10]. - The customer structure is continuously optimizing, with an increasing share of revenue from new energy vehicle orders, which is expected to enhance profitability [10]. - The company is focusing on new business areas such as intelligent cockpits, intelligent chassis, and electric drive systems, which are anticipated to drive future growth [10]. Financial Summary - The company's revenue for 2023 is reported at 168.594 billion CNY, with a slight increase to 168.852 billion CNY in 2024, representing a year-on-year growth of 0.2% [6][10]. - The gross margin for 2024 is expected to be 12.1%, a decrease of 1.0 percentage points from the previous year, while the net profit margin is projected to be 4.0% [6][10]. - The company plans to distribute a cash dividend of 8 CNY for every 10 shares to shareholders in 2024 [10].

Core Insights - The automotive industry experienced stable revenue growth in Q1 2025, with a year-on-year increase of 6.8%, while total profit decreased by 8.9% to 946.5 billion yuan [11][12] - The report highlights that leading companies in the automotive sector, particularly those with efficient management, have shown better-than-average performance in terms of net profit and operating cash flow [3][8] - The anticipated release of new models and the impact of local consumption promotion policies are expected to support a gradual recovery in automotive company performance in Q2 2025 [3][12] Revenue and Profit Analysis - In 2024, the automotive industry generated a total revenue of 10.65 trillion yuan, reflecting a 5.4% year-on-year growth, while total profit fell by 9.1% to 462.26 billion yuan [11][12] - The Q1 2025 revenue for the automotive industry was 2.40 trillion yuan, with a profit total of 946.5 billion yuan, indicating a continued decline in profitability [11][12] Profitability Comparison - The profitability of passenger vehicle companies showed significant differentiation in Q1 2025, with some companies like BYD and Seres maintaining strong growth, while others like GAC Group and JAC Motors faced challenges [17][18] - In 2024, the overall profit margin for the automotive industry was 12.4%, down 0.9 percentage points year-on-year, and further decreased to 12.1% in Q1 2025 [12][27] Inventory Management - Inventory levels in the automotive sector showed improvement for bus and parts companies, while passenger vehicle companies faced slight increases in turnover pressure [8][12] - By the end of Q1 2025, the inventory of the automotive industry accounted for 20.9% of current assets, a 1.2 percentage point increase year-on-year [8][12] Cash Flow Analysis - The overall cash flow in the automotive industry faced pressure, with the net cash flow from operating activities for the vehicle sector turning negative at -22.19 billion yuan in Q1 2025 [8][12] - The cash flow for parts companies showed a decline, with a total of 123.05 billion yuan in Q1 2025, down 1.4% year-on-year [8][12] Investment Recommendations - The report suggests focusing on leading automotive companies and those involved in the Huawei and Xiaomi supply chains, as well as companies in the humanoid robot and intelligent driving sectors [3][8] - Recommended companies include SAIC Motor, JAC Motors, BYD, Changan Automobile, and several parts manufacturers such as New Spring Co., Silver Wheel Co., and Top Group [3][8]

证券代码：600741 证券简称：华域汽车 公告编号：临 2025－010 华域汽车系统股份有限公司 关于参加 2025 年上海辖区上市公司年报 集体业绩说明会的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈 述或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 （二） 会议召开地点：上海证券交易所上证路演中心 （http://roadshow.sseinfo.com/） （三） 会议召开方式：上证路演中心网络互动 重要内容提示： 华域汽车系统股份有限公司（以下简称"公司"）已于 2025 年 4 月 29 日发布了公司 2024 年年度报告和 2025 年第一季度报告。为使 投资者更加全面、深入地了解公司的经营成果、财务状况，公司计划 于 2025 年 5 月 15 日下午 15:00~16:30 参加 2025 年上海辖区上市公司 1 会议召开时间： 2025 年 5 月 15 日（星期四）下午 15:00~16:30 会 议 召 开 地 点 ： 上 海 证 券 交 易 所 上 证 路 演 中 心 （ 网 址 ： http://roadshow.sseinfo.com/ ...

Industry Overview - The automotive parts industry includes all components and parts excluding the vehicle chassis, with parts being indivisible components and assemblies being combinations of parts [1] - The industry has evolved from imitation production to technological research and transformation, with significant improvements in production processes and product quality over the years [8][10] Industry Chain Analysis - The automotive parts manufacturing industry involves various upstream and downstream sectors, including raw material suppliers and vehicle manufacturers [4] - Key upstream suppliers include steel, non-ferrous metals, and electronic components, while downstream includes vehicle manufacturers and repair shops [6] Market Demand and Supply - China's automotive ownership is projected to reach 353 million vehicles by 2024, reflecting a growth of 5.06% [17] - The automotive parts market in China is expected to exceed 4.5 trillion yuan in 2023, with a forecast of 5 trillion yuan in 2024 [20][23] Competitive Landscape - The competitive landscape is fragmented, with leading companies like CATL, Huayu Automotive, and Weichai Power showing strong market positions [24][26] - CATL holds approximately 6% market share in the automotive parts sector, while Huayu Automotive and Weichai Power each exceed 2% [29] Development Trends and Future Outlook - The industry is expected to focus on high technology, green environmental practices, and intelligent development, particularly in electric vehicles and automated driving technologies [31] - The automotive parts industry is projected to maintain steady growth, with an estimated compound annual growth rate of about 7% from 2025 to 2030, potentially exceeding 7.5 trillion yuan by 2030 [33]