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]

Core Viewpoint - The company, Jifeng, has secured new orders for passenger car seats, indicating a stable growth trajectory with a total expected project value exceeding 56 billion yuan from multiple contracts [1][2][3] Group 1: New Orders and Revenue Impact - Jifeng's subsidiary, Jifeng Seats (Hefei), received a project order from a leading OEM for front seat assembly, expected to start mass production in September 2025, with a total project value of 25.2 billion yuan [1][2] - In January 2025, Jifeng secured two additional seat assembly projects worth a combined 31 billion yuan, with production expected to begin in April and May 2026 [2] - The total expected project value from the three seat assembly projects since 2025 exceeds 56 billion yuan, contributing positively to the company's revenue [2][3] Group 2: Financial Performance - In Q1 2025, Jifeng reported total revenue of 50.37 billion yuan, a year-on-year decrease of 4.73%, while net profit attributable to shareholders reached 1.04 billion yuan, a significant increase of 447.56% [1][5] - This marks the first time in 15 quarters that Jifeng's net profit has exceeded 1 billion yuan, indicating a recovery in profitability [5] - The company’s revenue from passenger car seats in 2024 was 28.96 billion yuan, accounting for 13.01% of total revenue, with expectations for further growth in 2025 [3] Group 3: Strategic Developments - Jifeng has been expanding its product offerings and global presence since acquiring the German company Grammer in 2019, which has enhanced its product range in both passenger and commercial vehicle segments [4] - The company is focusing on improving its R&D capabilities, with a notable increase in R&D personnel and expenditures, which rose by 24.59% in 2024 and 40.53% in Q1 2025 [5]

公司报告 | 公司点评 继峰股份（603997） 证券研究报告 2025 年乘用车座椅业务盈利能力有望大幅提升。2024 年度乘用车座椅业 务首次实现年度盈亏平衡。2025 年度预计将有 8 个项目进入量产阶段， 乘用车座椅业务营业收入有望大幅攀升。目前仍有多个工厂尚未量产或产 能利用率较低，随着规模效应的产生，乘用车座椅业务盈利能力有望随之 提升。 格拉默整合持续推进，25Q1 已成功扭亏 2024 年公司多措并举优化格拉默经营效率：1）对格拉默人工成本进行优 化，：一是实施裁员计划；二是将工作岗位从高成本地区（如德国）的工作 岗位逐步向低成本国家转移。2）将持有的 TMD LLC 的 100%股权转让予 APC LLC。3）联合采购、产业布局整合、改革考核激励制度等。 格拉默整合已初见成效，2025 年有望随着降本增效措施持续推进，业绩继 续好转。2025Q1 格拉默实现净利润 0.097 亿欧元，实现扭亏。公司将持续 推进格拉默降本工作，进一步加强对格拉默海外业务管控。从中高层管理 人员的任命和考核，到采购成本管控，运营成本管控，产能布局优化等方 面，更全、更细、更深入地去落实和管控。我们认为格拉默业绩 ...

万科A：第一大股东深铁集团拟提供不超过15.52亿元借款 5月14日晚，万科A（000002）发布公告称，公司第一大股东深圳市地铁集团有限公司拟向公司提供借 款，借款金额不超过15.52亿元，用于偿还公司在公开市场发行的债券的本金与利息，借款利率为每笔 借款提款日前一工作日全国银行间同业拆借中心公布的1年期贷款市场报价利率（LPR）减76个基点。 资料显示，万科A成立于1984年5月，主营业务是房地产、物业的开发与服务。 所属行业：房地产–房地产开发–住宅开发 易德龙：一季度净利润4176.98万元 同比增长34.19% 所属行业：房地产–房地产开发–商业地产 大金重工：子公司与欧洲能源企业签10亿元海上风电项目合同 5月14日晚，大金重工（002487）发布公告称，全资子公司蓬莱大金海洋重工有限公司于近日与欧洲某 能源企业签署了价值约10亿元的《单桩基础制造、供应和运输合同》。根据合同，蓬莱大金将为欧洲某 海上风电项目提供超大型单桩产品，并承担海运服务，预计2027年交付完毕。 资料显示，大金重工成立于2003年9月，主营业务是风力发电设备制造。 所属行业：电力设备–风电设备–风电零部件 5月14日晚，易德 ...

Investment Rating - The report maintains a "Buy" rating for the company [2] Core Views - The company has shown signs of a performance turnaround in Q1 2025, with significant improvements in net profit and operational efficiency following overseas integration efforts [7] - The company reported a revenue of 50.37 billion yuan in Q1 2025, a year-on-year decrease of 4.7%, but achieved a net profit of 1.04 billion yuan, reflecting a substantial increase of 448% compared to the previous year [5][6] - The divestiture of TMD and restructuring in Europe have impacted the company's performance in 2024, leading to a net loss, but the first quarter of 2025 indicates a recovery trend [7] Financial Data and Earnings Forecast - The company achieved total revenue of 222.6 billion yuan in 2024, a year-on-year increase of 3.2%, but reported a net loss of 5.67 billion yuan [5] - For 2025, the estimated total revenue is projected to be 24.58 billion yuan, with a net profit forecast of 626 million yuan, indicating a recovery from previous losses [6] - The company’s gross margin is expected to stabilize around 15% for the next few years, with a projected return on equity (ROE) of 11.9% in 2025 [6][9]

Investment Rating - The industry investment rating is "Overweight," indicating that the industry is expected to outperform the overall market [2][17]. Core Insights - The report highlights a significant performance turnaround for Jifeng Automotive Interiors in Q1 2025, with a net profit of 104 million yuan, a year-on-year increase of 448%, despite a slight decline in revenue [3][4]. - BYD has initiated a price adjustment strategy to enhance the competitiveness of its intelligent driving models, focusing on overseas market expansion and leveraging its unique insurance capabilities to quantify autonomous driving performance [3][8][10]. - The report emphasizes the growth potential of Jifeng's seat business and the integration benefits from Grammer, projecting substantial revenue and profit growth through 2027 [7][6]. Summary by Sections Jifeng Automotive Interiors Update - In 2024, Jifeng's revenue was 6.431 billion yuan, a year-on-year increase of 60.27%, with a net profit of 279 million yuan, up 41.82% [4]. - The seat business achieved breakeven for the first time, with revenue of 3.110 billion yuan, and the company has set ambitious targets for 2025 and 2026 [6][7]. - The integration of Grammer is expected to enhance profitability, with a projected net profit of 626 million yuan for 2025 and 1.106 billion yuan for 2026 [7]. BYD Update - BYD's price adjustment in May aims to improve the competitiveness of its intelligent driving models, particularly in the mid to high-end market segments [8][9]. - The company's overseas strategy focuses on leveraging engineering efficiency for profitability, with a strong emphasis on data-driven insurance pricing models [9][10]. - The report suggests that BYD's autonomous driving capabilities may become a key competitive advantage in the next 2-3 years [10].

Group 1: China-Brazil Cooperation - The National Development and Reform Commission of China signed three cooperation documents with Brazilian authorities, focusing on transportation, mining, and artificial intelligence, aimed at enhancing practical cooperation in various sectors including healthcare and renewable energy [1][1][1] - The People's Bank of China and the Central Bank of Brazil signed a financial strategic cooperation memorandum and renewed a bilateral currency swap agreement worth 190 billion RMB / 157 billion Brazilian Reais, effective for five years, to facilitate trade and investment [1][1][1] Group 2: E-commerce and Market Regulation - Five Chinese government departments held discussions with major food delivery platforms like JD.com, Meituan, and Ele.me, emphasizing the need for fair competition and compliance with relevant laws to protect consumer rights and promote a healthy market environment [1][1][1] Group 3: Economic Indicators and Corporate Performance - JD.com reported a 15.8% year-on-year increase in revenue for Q1 2025, reaching 301.1 billion RMB, with net profit attributable to ordinary shareholders rising by 52.7% to 10.9 billion RMB [1][1][1] - The IDC reported that China's tablet market shipped 8.52 million units in Q1 2025, with Huawei holding a 34.5% market share, reflecting a 13.6% year-on-year growth in shipments [1][1][1] Group 4: Corporate Developments - Dongshan Precision announced the acquisition of French GMD Group and plans for debt restructuring [6] - Zongyi Co. is planning a major asset restructuring to gain control of Jilai Micro [6] - Luan'an Huaneng reported a 17.75% year-on-year increase in coal sales for April [6]

| 证券代码：603997 | 证券简称：继峰股份 公告编号：2025-038 | | --- | --- | | 转债代码：110801 | 转债简称：继峰定 01 | 宁波继峰汽车零部件股份有限公司 关于获得乘用车座椅总成项目定点的公告 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。 重要内容提示： 一、定点函概况 公司的全资子公司继峰座椅（合肥）于近期收到客户的定点邮件，继峰座椅 （合肥）获得某头部主机厂（限于保密协议，无法披露其名称）的座椅总成项目 定点，将为客户开发、生产前排座椅总成产品。 根据客户规划，本项目预计从 2025 年 9 月开始量产，项目生命周期 5 年， 预计生命周期总金额为 25.2 亿元。 二、对公司的影响 1 宁波继峰汽车零部件股份有限公司（以下简称"公司"）的全资子公司继峰 座椅（合肥）有限公司（以下简称"继峰座椅（合肥）"）于近期收到定点邮 件，继峰座椅（合肥）获得某头部主机厂（限于保密协议，无法披露其名称， 以下简称"客户"）的座椅总成项目定点，将为客户开发、生产前排座椅总 成产品。 本项 ...

Core Viewpoint - Jifeng Co., Ltd. has secured a seat assembly project with a total value of 2.52 billion yuan, expected to start mass production in September 2025 and last for five years [1] Group 1: Project Details - The project involves the development and production of front seat assembly products for a leading OEM [1] - The total project lifecycle value is estimated at 2.52 billion yuan [1] - Mass production is anticipated to commence in September 2025, with a project lifespan of five years [1] Group 2: Financial Impact - This project is not expected to have a significant impact on the company's performance for the current year [1] - However, it is projected to enhance the company's business revenue for the current year and positively influence operational performance [1]

Industry Investment Rating - The industry investment rating is maintained at "Outperform the Market" [1] Core Insights - Gramer has turned profitable after divesting loss-making assets, with a net profit of 0.097 billion yuan in Q1 2025 and an expected operating profit of 60 million euros for the year [3][13] - The passenger car seat market is projected to exceed 50 billion USD, with significant potential for domestic substitution as the market is currently dominated by foreign companies [6][26] - The company has a robust order backlog, having delivered 330,000 passenger car seats in 2024, generating revenue of 3.11 billion yuan, a substantial increase from 655 million yuan in 2023 [31][35] Summary by Sections Market Overview - The global automotive seat market was valued at 52.5 billion USD in 2023 and is expected to reach 53.4 billion USD in 2024, with a forecast of 58.9 billion USD by 2031 [6][20] - The automotive seat industry has a high concentration, with a CR5 of approximately 78% in 2023, indicating a strong presence of foreign firms [26][21] Company Performance - The company achieved breakeven in its passenger car seat business in 2024, with a total of 21 projects in hand, representing a total lifecycle sales value exceeding 90 billion yuan, primarily in the new energy sector [31][35] - The average selling price (ASP) for passenger car seats reached 8,695.5 yuan in 2024, significantly higher than commercial vehicle seats [31][32] Strategic Moves - Gramer's divestment of the loss-making TMD business in the U.S. is part of a strategy to focus on core operations and improve profitability [3][13] - The company is actively expanding its customer base in Europe, having secured a project order from BMWAG for passenger car seats [35]