Investment Rating - The investment rating for the automotive industry is "Recommended" (maintained) [2]. Core Viewpoints - The phased allocation of funds for the vehicle trade-in program continues to support the growth of passenger car sales. Since mid-June, some regions have suspended the acceptance of vehicle trade-in subsidy applications. However, relevant national departments have stated that the policy for consumer goods trade-in remains unchanged, and the progress of subsidy fund usage is in line with expectations. A total of 162 billion yuan in central funds has been allocated in two batches in January and April 2025 to support local trade-in efforts. An additional 138 billion yuan will be allocated in the third and fourth quarters, which is expected to help maintain the growth trend in domestic passenger car sales [5][15]. Summary by Sections Industry Dynamics - Key industry news includes partnerships such as the collaboration between WeRide and Uber, as well as Waymo's expansion of autonomous taxi services in the San Francisco Bay Area. New vehicle models launched include the SAIC Zhiji LS7 and Leapmotor C16 [5][16]. Market Performance - The automotive sector under the Shenwan index underperformed the CSI 300 index by 2.10 percentage points, with the Shenwan automotive sector declining by 2.56% from June 16 to June 20, 2025. The PE ratio for the Shenwan automotive sector is 25.2 times, down from the previous week [5][35][40]. Data Tracking - In May 2025, retail sales of passenger cars reached 1.9381 million units, a year-on-year increase of 13.66% and a month-on-month increase of 10.02%. Retail sales of new energy passenger cars reached 1.021 million units, with a year-on-year increase of 26.90% and a month-on-month increase of 12.87%, achieving a retail penetration rate of 52.7% [5][42][54]. Investment Recommendations - The ample funding for the vehicle trade-in subsidy is expected to continue supporting the growth of domestic passenger car sales. The report suggests focusing on companies such as BYD, Changan Automobile, Great Wall Motors, and Geely for whole vehicle manufacturing, as well as companies like Desay SV, KOBODA, and Huayang Group for intelligent core components [5][15].

汽车行业 超配（维持） 以旧换新政策持续刺激销量，智能化推动相关零部 件渗透率提升 投 汽车行业 2025 年中期投资策略 S0340521070002 电话：0769-22110619 邮箱： liumenglin@dgzq.com. S0340521070002 电话：0769-22110619 邮箱： liumenglin@dgzq.com.cn 资料来源：iFind，东莞证券研究所 相关报告 证 券 研 究 报 告 S0340124020014 电话：0769-22117626 邮箱： wuzhenjie@dgzq.com.cn 研 究 2025 年 6 月 18 日 资 策 略 投资要点： 本报告的风险等级为中风险。 本报告的信息均来自已公开信息，关于信息的准确性与完整性，建议投资者谨慎判断，据此入市，风险自担。 请务必阅读末页声明。 1 分分析师：刘梦麟 SAC 执业证书编号： 分析师：刘梦麟 SAC 执业证书编号： 业绩：2025Q1汽车行业延续增长趋势。汽车行业2025Q1实现营业收 入8979.62亿元，同比增长5.75%；实现归母净利润390.69亿元，同 比增长9.70%；实现扣非归母净 ...

在汽车的定义权从发动机转向智能座舱的时代，"屏幕"就成为 兵家必争之地，几乎没有人怀疑车载显示的增长潜力。但在高 增长的表象下，车载显示市场提前进入了"高增长与低利润并 存"的结构性困境，单纯的规模扩张已无法带来安全感，竞争 的焦点正迅速转向。 作者： 郑晨烨 封图：图虫创意 6月11日，万创投行的董事总经理吴沛东在接受经济观察报记者采访时，将车载显示市场精准地概 括为"结构性红利与竞争性过剩"并存。Wit Display首席分析师林芝也向记者表达了同样的观点， 称车载显示市场正呈现"高增长与低利润并存"的局面。 结构性困境 在汽车的定义权从发动机转向智能座舱的时代，"屏幕"就成为兵家必争之地，几乎没有人怀疑车载 显示的增长潜力。 "随着汽车智能化、网联化的快速发展，车载显示屏在功能、尺寸、显示效果等方面的需求不断提 升。TCL华星在车载显示领域拥有深厚的技术积累和丰富的产品布局，能够为汽车厂商提供多样 化、高性能的显示解决方案，满足市场对智能座舱显示的需求，也希望能获得在这一领域实现业务 快速增长的机会。"TCL华星副总裁刘小兰在今年3月份接受记者采访时曾这样表达对这一业务领域 增长性的看好。 "坦白讲，还 ...

汽车行业 超配（上调） 汽车行业双周报（2025/05/30-2025/06/12） 行 业 车企积极响应《保障中小企业款项支付条例》 2025 年 6 月 13 日 投资要点： 本报告的风险等级为中风险。 本报告的信息均来自已公开信息，关于信息的准确性与完整性，建议投资者谨慎判断，据此入市，风险自担。 请务必阅读末页声明。 资料来源：iFinD，东莞证券研究所 分析师：刘梦麟 SAC 执业证书编号： S0340521070002 电话：0769-22110619 邮箱： liumenglin@dgzq.com.cn 申万汽车行业指数涨跌幅：截至2025年6月12日，申万汽车板块近两周 下跌0.61%，跑输沪深300指数1.47个百分点，在申万31个行业中排名第 26名；申万汽车板块从6月初至今上涨1.33%，跑输沪深300指数0.02个 百分点，在申万31个行业中排名第19名；申万汽车板块从2025年初至今 上涨10.01%，跑赢沪深300指数11.10个百分点，在申万31个行业中排名 第6名。 周 报 行 业 研 究 研究助理：吴镇杰 SAC 执业证书编号： S0340124020014 电话：0769- ...

Investment Rating - The industry investment rating is "Overweight" [1] Core Viewpoints - The report tracks the changes in operating income, net profit margin, and capital expenditure for the automotive parts sector in 2024A and Q1 2025, indicating that precision parts, chassis components, and electronic components show relatively good growth and capital expenditure intensity [4][10] - The report emphasizes the importance of capital expenditure for manufacturing enterprises to maintain operational capabilities, suggesting that capital expenditure is a precursor to future output and can help identify investment opportunities in sectors with high growth potential [4][10] Summary by Sections 1. Growth Potential - In 2024A, the operating income growth rates are as follows: electronic components (-), chassis components (+), body components (-), exterior components (-), overall industry (+), precision parts (+), powertrain components (+), interior components (+), and molds (-) [10][13] - The net profit margin for 2024 is 5.2%, a decrease of 0.6 percentage points compared to the previous year, while Q1 2025 shows a net profit margin of 5.8%, an increase of 0.6 percentage points [15][19] - The report categorizes the growth potential into four tiers based on operating income growth and net profit margin changes, with precision parts and chassis components performing well [10][11][15] 2. Capital Expenditure Intensity - The capital expenditure as a percentage of operating income for the automotive parts sector in 2024 is 6.9%, which is an increase compared to the previous year, while Q1 2025 shows a decrease to 6.4% [22] - The report identifies different tiers of capital expenditure intensity across various segments, with electronic components and molds showing high capital expenditure intensity [22] 3. Investment Recommendations - The report suggests focusing on sectors with high capital expenditure and growth potential, particularly precision parts (gears, bearings), chassis components (steering systems, suspension), electronic components, and thermal management systems [4][10] - Recommended companies include Shuanglin Co., Guansheng Co., Jifeng Co., and Huayang Group, with additional mentions of Zhejiang Shibao, Zhongding Co., Meili Technology, and others [4][10]

华阳集团电商采购从无到有，从有到优，逐步迈向数字化、智能化、高效化的发展新阶段。 新格局展现新模式 华阳集团持续建设完善物资采购电商平台，全面提升集团供应链管理水平。 近年来，华阳集团持续建设完善阳光透明、便捷高效的物资采购电商平台，解决采购合规与灵活性并 重、集中管控与个性需求兼顾、信息安全与平台稳定并行的管理需求，全面提升集团供应链管理水平。 从无到有到优的进阶之路 2018年，华阳集团顺应"互联网+"发展趋势，勇于创新、积极探索，与京东达成战略合作，共同打造"京 东慧采"平台，成为全国煤炭行业首家开展电商采购的企业。 平台上线当年1至5月，华阳集团采购2846种商品，合计金额750万元，与京东商城比价降幅达4.1%。随 后几年间，华阳集团办公用品类商品采购价格综合降幅进一步扩大。 2020年，华阳集团物资经销公司与纳思达合作，共同打造网上商城一站式采购服务平台，邀请京东、苏 宁、鑫方盛等多家电商入驻，电商平台实现从单一到多元的转变。 此后，面对新的经营发展形势，华阳集团提出建设"自有电商平台"。华阳集团物资经销公司于2023年初 启动"华阳电商平台3.0"项目，与业内领先的阿里云公司合作，自主建设智慧供 ...

Core Viewpoint - The Shanxi Huayang Group successfully passed evaluations for three projects at the 2025 Annual First Batch of Coal Technology Innovation Achievement Transfer and Transformation Project Evaluation Conference, indicating advancements in coal mining technology and innovation [1][6]. Group 1: Project Evaluations - The high-strength adjustable electric blasting volume fracturing and permeability enhancement equipment for coalbed methane extraction was rated as first-level, showcasing its effectiveness in improving gas extraction efficiency and reducing operational costs [1]. - The coal mine rock tunnel shield tunneling technology and equipment received a second-level rating, demonstrating its ability to shorten construction periods and address safety and efficiency issues in traditional tunneling methods [2]. - The temperature control method for managing spontaneous combustion of gob and smart dynamic management monitoring technology was rated third-level, highlighting its role in environmental protection and effective monitoring [4]. Group 2: Technological Applications - The high-strength adjustable electric blasting equipment is implemented by Xinyu Geotechnical Company, which enhances gas extraction efficiency while minimizing costs related to transportation, lifting, power supply, and ventilation [1]. - The coal mine rock tunnel shield tunneling technology has been tested in three mines, contributing to safer and more efficient coal mining operations [2]. - The temperature control method for gob management is advanced by Jiuzhou Company, utilizing a self-developed temperature control device for effective heat extraction and integrating a dynamic monitoring system for intelligent management [4][6].

市场表现方面，机构买入型评级个股今日平均上涨1.55%，表现强于沪指。股价上涨的有21只，涨幅居 前的有天铁科技、欧圣电气、乐鑫科技等，今日涨幅分别为14.31%、11.75%、5.23%。跌幅较大的个股 有孩子王、国科微、比亚迪等，跌幅分别为6.33%、4.63%、3.28%。 33只个股今日获机构买入型评级，华阳集团最新评级被调高，13股机构首次关注。 证券时报·数据宝统计显示，今日机构研报共发布35条买入型评级记录，共涉及33只个股。孩子王关注 度最高，共获3次机构买入型评级记录。 今日获机构买入型评级个股中，共有10条评级记录中对相关个股给出了未来目标价。以公布的预测目标 价与最新收盘价进行对比显示，共有6股上涨空间超20%，迎驾贡酒上涨空间最高，6月9日海通国际预 计公司目标价为66.00元，上涨空间达63.16%，上涨空间较高的个股还有孩子王、卫星化学等，上涨空 间分别为40.09%、35.36%。 从机构评级变动看，今日机构买入型评级记录中，有13条评级记录为机构首次关注，涉及并行科技、华 虹公司等13只个股。 机构今日买入型评级记录 | 代码 | 简称 | 机构名称 | 最新评级 | 上次评级 ...

Investment Rating - The investment rating for the company is upgraded to "Buy" [6][4]. Core Viewpoints - The company has demonstrated resilience through cycles, driven by both automotive electronics and precision die-casting businesses [1]. - The company leads the domestic market in automotive electronic products, with a market share of 23.4% for HUD products and 25.3% for in-car wireless charging products [2]. - The precision die-casting business is experiencing steady growth, with significant increases in orders from major clients such as Bosch and BYD [3]. - The company is expected to see strong earnings growth in 2024, with a projected net profit of 979 million yuan, reflecting a 50.3% year-on-year increase [4]. Summary by Relevant Sections Company Overview - Established in 1993, the company transitioned from a state-owned enterprise to a private limited company in 2003, shifting focus from multimedia to automotive industries [1]. Automotive Electronics - The company holds the top market share in HUD and in-car wireless charging products, with ongoing upgrades in domain control products expected to expand market share further [2]. Precision Die-Casting - The precision die-casting segment is robust, with applications in key automotive components and significant order increases from major clients, particularly in the areas of smart automotive parts and electric vehicle systems [3]. Financial Projections - The company’s net profit forecasts for 2025 and 2026 are adjusted to 979 million yuan and 1.266 billion yuan, respectively, with expected growth rates of 50.3% and 29.3% [4][10].

证券研究报告 | 2025年06月08日 汽车行业 2025 年 6 月投资策略 优于大市 RoboX 商业化落地加速，关注板块二季度业绩 销量跟踪：乘联会初步统计 5 月全国乘用车市场零售 193 万辆，同比去年 5 月增长 13%，较上月增长 10%，今年以来累计零售 880.2 万辆，同比增长 9%； 5 月 1-31 日，全国乘用车厂商批发 232.9 万辆，同比去年 5 月增长 14%，较 上月增长 6%，今年以来累计批发 1079.7 万辆，同比增长 12%。上险数据看， 5 月（5.5-6.1)：5 月国内乘用车累计上牌 170.86 万辆，同比+12.5%；其中 新能源乘用车累计上牌 91.17 万辆，同比+23.9%。 本月行情：5 月 CS 汽车板块上涨 1.88%，其中 CS 乘用车上涨 1.12%，CS 商用车上涨 1.6%，CS 汽车零部件上涨 2.52%，CS 汽车销售与服务上涨 3.26%，CS 摩托车及其它上涨 1.89%，同期沪深 300 指数上涨 1.85%，上 证综合指数上涨 2.09%，CS 汽车板块跑赢沪深 300 指数 0.04pct，跑输 上证综合指数 0.2pc ...