Core Viewpoint - The 2025 Shanghai International Automobile Industry Exhibition will be held from April 23 to May 2, 2025, with the theme "Embrace Innovation, Win the Future," showcasing over 1,000 global enterprises and more than 100 new car launches, highlighting the industry's transformation and technological advancements [1][10]. Industry New Technologies - Advanced intelligent driving technologies are accelerating, with high-performance chips and LiDAR becoming mainstream. Geely's Lynk & Co 900 is the first mass-produced model equipped with the Thor chip, while models like Leapmotor B10 are introducing LiDAR technology to the 100,000 yuan market [2][21]. - The adoption of 800V high-voltage fast charging is becoming standard, with companies like BYD and Huawei leading the way, achieving ranges exceeding 700 km and charging efficiencies [2][27]. - The high-end market is seeing significant entries from tech giants like Huawei and Xiaomi, with models like Huawei's Aito S800 and Xiaomi's SU7 Ultra targeting luxury segments [2][3]. New Forces and Trends - Tech giants are reshaping the competitive landscape, with Huawei launching multiple models aimed at the luxury market, while new players like Xiaopeng, Li Auto, and Leapmotor are focusing on intelligent upgrades to penetrate mainstream markets [3][8]. - New energy vehicle brands are showcasing their strengths, with models like Xiaopeng G7 and Li Auto i8 emphasizing advanced intelligent driving capabilities [3][19]. Domestic Brand Trends - Domestic brands are leveraging technology to move upmarket, with BYD's Han L and Tang L featuring advanced intelligent driving systems and extended-range capabilities [4][19]. - Geely is expanding its market presence with models like the Galaxy Star 8 and Lynk & Co 900, focusing on hybrid and intelligent technologies [4][19]. - Companies like Changan, Great Wall, and SAIC are diversifying their product offerings, emphasizing high-end and technologically advanced vehicles [4][19]. Investment Recommendations - The report recommends investing in quality domestic brands that are accelerating in intelligence and globalization, specifically BYD, Geely, Xiaopeng, and Li Auto, while also suggesting to monitor Xiaomi Group [5]. - In the parts sector, it highlights new force supply chains and recommends companies like H Chain, T Chain, and intelligent driving component manufacturers [5].

Investment Rating - The report maintains a positive investment rating for the automotive and automotive parts industry, focusing on domestic autonomous industry chains and key companies such as BYD, Geely, and Xpeng [5]. Core Insights - The report highlights the impact of recent U.S. tariffs on the automotive sector, noting that the tariffs have a limited effect on automotive parts, particularly for companies with overseas operations [2][3]. - It emphasizes the importance of monitoring tariff developments and suggests a focus on domestic autonomous vehicle manufacturers that are less affected by U.S. tariffs [3][24]. - The report recommends a selection of companies in the automotive sector, particularly those involved in smart and electric vehicles, as well as automotive parts suppliers [3][4]. Summary by Sections Weekly Data - In the first week of April 2025, passenger car sales reached 337,000 units, a year-on-year increase of 25.6% but a month-on-month decrease of 30.2%. New energy vehicle sales were 168,000 units, up 37.8% year-on-year but down 30.4% month-on-month, with a penetration rate of 50.0% [1][3]. Market Performance - The automotive sector underperformed the market, with the A-share automotive sector declining by 5.26% from April 7 to April 11, ranking 24th among sub-industries [1][3]. Key Recommendations - The report suggests focusing on a core portfolio that includes companies like BYD, Geely, Xpeng, Xiaomi, Berteli, Top Group, and others [1][3]. - It also highlights the potential of companies involved in the new energy vehicle supply chain and those focusing on smart driving technologies [3][4]. Tariff Impact - The U.S. tariffs, particularly the reciprocal tariffs, are expected to have a significant impact on exports and the economy, with a potential drag on GDP growth [10][19]. - The report notes that the automotive parts sector is less affected by the tariffs, especially for companies with production facilities in Mexico and Southeast Asia [2][24]. Company Focus - The report identifies key companies in the automotive parts sector that are well-positioned to benefit from the current market dynamics, including those involved in smart and electric vehicle technologies [3][4][25].

Investment Rating - The report maintains a "Positive" investment rating for the automotive industry [14] Core Insights - The impact of the recent tariffs imposed by the U.S. on China is relatively limited for the automotive sector, primarily affecting parts exports. Strong parts manufacturers have established global production capabilities, particularly in Mexico, which benefits from zero tariffs under the USMCA agreement [2][10] - The overall automotive sales for the week of March 24-30 reached 482,500 units, a 12.3% increase compared to the previous week. New energy vehicle sales were 241,900 units, reflecting an 8.0% increase, with a penetration rate of 50%, down 2.0 percentage points from the previous week [9][10] - The A-share automotive sector experienced a decline of 3.60%, underperforming the CSI 300 index, which fell by 1.37% [9] Summary by Sections Tariff Impact - The U.S. tariffs on Chinese imports have a limited short-term impact on the automotive sector, with parts exports being the primary concern. Companies can potentially shift production to Mexico or other low-tariff regions to mitigate costs [10][23] Market Performance - The automotive sector's performance in the A-share market has been weak, with various sub-sectors showing declines, particularly in commercial vehicle parts and tires [9][11] Sales Data - Total automotive sales for March 2025 reached 1.685 million units, a 23.4% increase year-on-year, with new energy vehicles accounting for 890,000 units, up 27.7% [9][10] Investment Recommendations - The report recommends focusing on the complete vehicle segment and parts manufacturers with strong overseas layouts, particularly those involved in smart driving technologies and robotics [11][12] - Specific companies highlighted for investment include BYD, XPeng Motors, and Geely for smart driving vehicles, and Top Group and Fulin Precision for robotics [11][12] Parts Manufacturing - Some parts manufacturers may face pressure due to declining Tesla sales, but recovery is expected with new vehicle launches in Q2. Companies with operations in Mexico are less affected by the tariffs [12][40]

| 证券代码：603179 | 证券简称：新泉股份 | 公告编号：2025-006 | | --- | --- | --- | | 债券代码：113675 | 债券简称：新 23 转债 | | 江苏新泉汽车饰件股份有限公司 可转债转股结果暨股份变动公告 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。 重要内容提示： 累计转股情况：截至 2025 年 3 月 31 日，累计已有人民币 94,000 元新 23 转债已转换为公司股票，累计转股数为 1,825 股，占新 23 转债转股前公司已 发行股份总额的 0.0004%。 未转股可转债情况：截至 2025 年 3 月 31 日，尚未转股的新 23 转债金额 为人民币 1,159,906,000 元，占新 23 转债发行总量的比例为 99.9919%。 本季度转股情况：自 2025 年 1 月 1 日至 2025 年 3 月 31 日期间，新 23 转债未发生转股情况。 一、可转债发行上市概况 （一）根据中国证券监督管理委员会《关于同意江苏新泉汽车饰件股份有限 公司向不特定对象发 ...

Investment Rating - The report maintains a bullish outlook on the automotive sector, recommending a comprehensive positive stance on the entire vehicle segment and parts sector [5]. Core Insights - The automotive sector is experiencing a positive trend, with passenger car insurance registrations increasing by 15.9% year-on-year in the first week of March 2025 [3]. - The report highlights significant developments in the industry, including the revenue performance of Li Auto and the launch of new models by Leap Motor, indicating a competitive landscape in the smart electric vehicle market [3][5]. - The report emphasizes the importance of smart technology in vehicles, predicting that the competition among automakers will intensify, particularly in the L3 and L2+ autonomous driving segments [38]. Weekly Sector Review - The SW automotive index rose by 0.8%, with the passenger vehicle segment showing the best performance at +2.6% [3]. - The report notes that the passenger vehicle sector is ranked 25th in A-shares and 4th in Hong Kong stocks for the week [9][12]. - Key stocks that performed well include Leap Motor, Fuyao Glass, and King Long Automobile [17]. Industry Trends - The report forecasts a total of 23.83 million passenger vehicles sold in 2025, representing a year-on-year growth of 4.7% [35]. - The penetration rate of new energy vehicles is expected to reach 62% by 2025, with significant growth in both domestic and export markets [36][41]. - The report anticipates that the heavy truck segment will see a 5.5% increase in domestic sales, driven by demand for replacements and policy support [41]. Company Tracking - Li Auto's revenue for Q4 2024 reached 44.27 billion yuan, with a year-on-year growth of 6.1% [3]. - Leap Motor has launched its B10 model, targeting the high-value smart electric vehicle market with competitive pricing [3]. - The report highlights the performance of various automakers, noting that companies like Xpeng and BYD are leading in the smart technology race [5][38].

江苏新泉汽车饰件股份有限公司 关于聘任公司副总经理的公告 | 证券代码：603179 | 证券简称：新泉股份 | 公告编号：2025-005 | | --- | --- | --- | | 债券代码：113675 | 债券简称：新 23 转债 | | 江苏新泉汽车饰件股份有限公司董事会 2025 年 3 月 13 日 附简历： 王利军：男，1973 年 9 月出生，中国国籍，无永久境外居留权，MBA 硕士学 历，1997 年毕业于武汉科技大学，机械工程专业；1998 年-2000 年就职于万宝 1 至机电有限公司担任管理员，2001 年-2002 年就职于普思电子有限公司担任生产 主管；2003 年-2018 年就职于慧鱼汽车系统有限公司担任高级经理；2018 年-2020 年就职于宁波舜宇精工股份有限公司担任总经理；2020 年 4 月加入本公司，担 任公司全资子公司新泉（上海）汽车零部件有限公司总经理，现任本公司副总经 理、新泉（上海）汽车零部件有限公司总经理。 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。 江苏新泉汽车 ...

Summary of the Conference Call for Xinquan Co., Ltd. Industry and Company Overview - The conference call pertains to Xinquan Co., Ltd., a company involved in the automotive parts industry, particularly focusing on components for electric vehicles, including those for Tesla [3][4][6]. Core Insights and Arguments - **Stock Price Adjustment**: The recent adjustment in Xinquan's stock price is attributed to external factors, particularly Tesla's disappointing sales data in February in China and Europe, mainly due to the Model Y redesign affecting production lines. However, the company believes these factors will not significantly impact long-term growth [3]. - **Future Growth Drivers**: Xinquan's future growth is expected to stem from globalization and product diversification. The company has made progress in establishing factories in Mexico, the U.S., and Europe, which has led to new projects with Tesla in North America and exceeded profit margin expectations [4][5]. - **Revenue and Profit Projections**: Xinquan anticipates revenue growth of over 30% annually in the coming years, with projected profits reaching between 1.35 billion to 1.4 billion yuan by 2025, corresponding to a market valuation of approximately 17 to 18 times earnings [4][5]. - **Response to Trade Barriers**: The company is actively addressing trade barriers and tariff issues by establishing manufacturing facilities in Mexico and the U.S. to mitigate uncertainties arising from trade tensions. Additionally, a factory in Slovakia has begun production to serve European clients [6]. - **Product Diversification**: Xinquan is expanding its product offerings from interior components to exterior parts and plans to enter the seating market. The exterior parts segment is expected to grow significantly, with higher profit margins due to increased automation [7]. - **Client Relationships**: The company has demonstrated strong capabilities in binding clients and meeting their needs, maintaining close relationships with high-quality domestic clients such as Chery, Geely, Li Auto, SAIC, and BYD, which provide ongoing order support [8]. - **Market Trends and Investment Potential**: The current investment trend in the automotive parts market is heavily focused on robotics and smart technologies. Xinquan is viewed as a company with the potential to innovate and expand beyond traditional automotive parts, positioning itself for long-term growth [9]. Other Important Insights - **Tesla's Sales Impact**: While Tesla's sales in North America have shown slight declines, the company is managing tariff impacts through negotiations, indicating a collaborative approach to market challenges [3]. - **Investment Opportunity**: The recent stock price adjustment is seen as a potential buying opportunity for investors, given the company's strong fundamentals and growth prospects [8].

Summary of New Spring Co., Ltd. Conference Call Company Overview - New Spring Co., Ltd. specializes in automotive components, including medical board assemblies and door panel assemblies, with a high per-vehicle value of approximately 3,000 yuan [3][4] - The company has been expanding its product line, increasing the proportion of instrument panel assemblies, while door panel assemblies account for about 10% [4] Core Insights and Arguments - Significant progress has been made in overseas markets, with one large overseas automaker becoming the top client among the company's top five clients [3][4] - Domestic quality clients such as Geely, Chery, and BYD are also becoming key customers [3] - The company has established factories in Malaysia, Mexico, Slovakia, and the United States, with overseas assets now accounting for 10% of total assets [4][5] - The Mexico factory has shown impressive performance, generating revenue of 330 million yuan in 2023, with expectations to double this in 2024, indicating successful global expansion and profitability [4][6] Growth Potential - New Spring Co., Ltd. is actively expanding into exterior parts (bumpers, plastic tailgates, etc.) and seating business, aiming to increase per-vehicle value to 5,000 yuan, enhancing its position as a platform supplier [4][5] - Revenue forecasts indicate strong growth, with expectations of reaching 12 billion yuan in 2024, over 17 billion yuan in 2025, and exceeding 20 billion yuan in 2026; profits are projected to be 1.4 billion yuan in 2025 and 1.9 billion yuan in 2026, with growth rates between 30%-40% [4][7] Financial Performance and Valuation - The company has successfully controlled costs and improved profit margins through automation and personalized management, particularly in the Mexico factory, which has exceeded profit expectations [4][6] - The current valuation for 2025 is only 16 times earnings, which is considered attractive given the company's strong growth potential and successful global strategy [4][7] Additional Important Points - The global expansion strategy has significantly enhanced market competitiveness and performance, with the Mexico factory contributing revenue since 2022 and expected to double its income in 2024 [6] - Collaborations with major international automakers, such as Sogea and Anfenglin, are helping to expand global market share [6]

Group 1 - Investment Rating: Buy (Maintain) [7] - Current Price: 42.55 Yuan [7] Group 2 - The company is accelerating its globalization process by establishing a wholly-owned subsidiary in Germany, investing 36 million Euros in Munich to set up Xinquan (Europe) Co., Ltd., and an additional 30 million Euros in Bavaria for Xinquan (Bavaria) Automotive Parts Co., Ltd. [5][12] - This overseas expansion is expected to enhance product quality and responsiveness, further expanding the customer base among high-end foreign brands in Bavaria [5][12] Group 3 - The company reported a record high revenue of 3.44 billion Yuan in Q3 2024, representing a year-on-year increase of 28.1% and a quarter-on-quarter increase of 10.4%. The net profit attributable to the parent company was 270 million Yuan, up 48.0% year-on-year and 33.1% quarter-on-quarter [12] - Key customers such as Geely, Chery, Li Auto, and BYD have shown significant sales growth, with respective sales of 2.177 million, 2.604 million, 501 thousand, and 4.25 million units, reflecting year-on-year growth rates of 32.0%, 38.4%, 33.1%, and 41.3% [12] Group 4 - The company is a leading manufacturer of interior components, with ongoing global expansion and diversification strategies. Recent developments include establishing a joint venture in Malaysia and improving profitability in Mexico, with H1 2024 revenue reaching 325 million Yuan [13] - The company aims to expand its product range beyond dashboards and door panels to include seat back panels and exterior components [13] Group 5 - Revenue forecasts for 2024-2026 are projected at 132.1 billion Yuan, 172.0 billion Yuan, and 208.5 billion Yuan, with year-on-year growth rates of 25.0%, 30.2%, and 21.2% respectively. Net profit attributable to the parent company is expected to be 10.2 billion Yuan, 14.0 billion Yuan, and 18.7 billion Yuan, with growth rates of 26.7%, 37.2%, and 33.7% respectively [14] - The company’s financial metrics indicate a strong growth trajectory, with a projected CAGR of 32.4% from 2023 to 2026 [14]