Priced as of April 17, 2025 In this note, we include the latest comp sheet and valuation metrics for global automotive OEMs (page 3), auto parts suppliers (page 5), auto auction service providers (page 13), tire manufacturers (page 14), auto rentals (page 15), and auto dealers (page 16). J P M O R G A N North America Equity Research 21 April 2025 Autos Valuation Comp Sheet Autos & Auto Parts Ryan Brinkman AC (1-212) 622-6581 ryan.j.brinkman@jpmorgan.com Rajat Gupta AC (1-212) 622-6382 rajat.gupta@jpmorgan.c ...

| | 雷诺 | 153.84 | | 53.26 | | --- | --- | --- | --- | --- | | 2 | 长安汽车 | 147.9 | 1 +0.72 | 1.69 | | | Rivian | 136.7 | 1 +3.28 | 12.09 | | | 斯巴鲁 | 131.95 | 1 +0.87 | 18.05 | | | 广汽集团 | 112.09 | 1 +0.42 | 1.1 | | | 和泰汽车 | 104.73 | 1 +0.86 | 18.8 | | JAC | 江淮汽车 | 103.55 | 1 +0.27 | 4.74 | | ISUZU | 五十铃 | 94.64 | 1 +0.42 | 13.29 | | | 蔚来汽车 | 90.52 | 1 +5.41 | 4.18 | | F(C) | 福特奥托生 | 84.23 | +0.73 | 24 | | | 日产 | 82.97 | +2.42 | 2.38 | | | VinFast Auto | 77.64 | 1 +2.11 | 3.32 | | UP | Leapmotor | 75.69 | 1 +2. ...

编前：受宏观经济、政策走向等多重因素影响，2025年第一季度，全球主要汽车市场呈现区域分化的特点，走势差异显著。其中，作为全球最大的新车市 场，中国车市迎来开门红，伴随一系列提振消费政策加速落地，汽车产销实现两位数增长。美国车市虽然开局疲软，但由于不少消费者抢在4月初进口车 关税生效前购车，使得其3月车市呈现火爆态势。至于欧洲，在减排压力下，纯电动汽车市场回暖，油电混合动力车销售火热。另外，印度、日本、巴西 等市场均实现平稳增长，俄罗斯市场则出现暴跌。 美国 / 关税效应带来短期火爆 自4月3日起，美国对所有进口乘用车和轻型卡车加征25％的关税。多家机构预计，如果关税持续一段时间，美国市场上新车售价将会上涨数千美元甚至上 万美元。为此，不少消费者赶在关税生效前匆忙购车，掀起了美国车市3月销售狂潮，与车市年初以来的疲软表现形成鲜明对比。全球汽车信息平台 MarkLines的统计数据显示，3月美国新车销量为159万辆，同比增长9％，环比增长逾20％。 企业方面，通用汽车表示，该公司第一季度美国销量同比增长近17％，其中，从墨西哥和韩国进口的部分车型销售更为强劲。丰田汽车表示，今年前两个 月公司在美销量出现下滑，但 ...

智通财经APP获悉，全球多家企业的首席执行官近期警告称，从奇巧巧克力、纸尿裤，到汽车在内的多 种消费品价格都将上涨。企业为应对高企的关税与原材料成本，不得不将部分成本转嫁至消费者，势必 对全球消费需求造成新一轮冲击，并加剧通胀风险。 这波涨价潮不仅对消费者钱包构成压力，也给美国总统特朗普和其他国家领导人带来政治挑战。特朗普 近日不断淡化贸易战带来的影响，但多项数据和企业行动却显示，现实远没有他描绘得那么轻松。 日用消费品巨头宝洁(PG.US)在最新财报中估算，目前已生效和即将实施的关税预计将使其年度成本增 加10亿至15亿美元。公司首席执行官Jon Moeller在接受采访时直言："关税本质上就是通胀推动因 素。"宝洁已计划对旗下产品涨价以部分抵消成本压力。 摩根大通分析师Andrea Teixeira在电话会议中指出，为应对关税冲击，宝洁或需平均将商品售价提高1% 至2%。公司首席财务官Jon Moeller表示赞同，但指出具体涨幅会因产品类型、品牌定位、销售地区和 原材料来源而有所不同。 联合利华(UL.US)和雀巢(NSRGY.US)已经开始上调部分产品价格，以应对原材料成本上涨。雀巢首席执 行官Lau ...

As I write this, the stock market, as measured by the S&P 500 index of 500 of America's biggest companies, is down about 10%. That qualifies as a correction -- a drop of between 10% and 20%.Some fear a recession is around the corner, and some may want to increase their cash position in their portfolio, but many long-term investors may be looking for attractively priced "monster stocks" -- stocks with great performance records and/or great growth potential. Here are five to consider. 1. SoFi TechnologiesSoFi ...

德意志银行的分析师Edison Yu在本周发布的一份报告中指出，汽车制造商的反应不尽相同。福特计划 下月上调新车价格，特斯拉据称暂停了进口CyberCab和Semi项目的零部件，并暂停了在美国生产的 Model X和S车型在海外的销售，沃尔沃卡车工厂预计将裁员。 德银预计，美国年初汽车需求强劲，因为消费者会赶在价格上涨前购车，随后在下半年因关税影响而放 缓。预计2025年美国汽车销量将降至1540万辆，低于2024年的1600万辆。 各大车企反应不一，分化加剧 尽管特朗普政府暗示可能会提供缓解措施，但目前具体细节仍不明确。 据新华社，美国总统特朗普此前宣布的对进口汽车加征25%关税的措施于4月3日正式生效。 对此，美国汽车制造商正在采取各种策略应对这种不确定性，包括调整定价、激励措施和生产计划。 德意志银行目前假设，除了符合美墨加协定(USMCA) 规则的汽车外，所有进口汽车都将面临25%的关 税，直到海关完全评估非美国产零部件为止。进口零部件预计将从5月3日开始受到关税影响。这给汽车 制造商带来了极大的不确定性。 德银表示，汽车制造商的反应各不相同。例如，特斯拉暂停了在美国生产的Model X和S车型在海外 ...

本报讯(记者刘钊)4月23日，在2025上海车展上，福特品牌以一场突破传统的沉浸式展台设计，携新福 特F-150猛禽及烈马复古特别版完成中国首秀。通过"篝火广场""狂野巴哈"等六大主题展区，福特将户 外越野场景直接搬入展馆，展现品牌"Fun天性，去野行"的核心理念。 本次展台设计彻底打破常规汽车展台模式，将2000平方米空间转化为沉浸式户外体验场。核心区域"狂 野巴哈"模拟荒漠赛道场景，新F-150猛禽在此完成动态展示，其3.5TV6双涡轮增压发动机与10速变速箱 的动力组合，配合全进口FOX减震器及百路驰全地形轮胎，展现出征服极端地形的硬核实力。相邻 的"雷神之锤"展区，烈马复古特别版以经典双色涂装致敬初代车型，知更鸟蛋蓝色车身与白色复古轮毂 形成强烈视觉对比，模块化硬顶设计延续可拆卸基因。 展台特设的"极速赛道"区，展示MustangDarkHorse改装版与蒙迪欧运动版。前者搭载机械增压5.0升V8 引擎，爆发800匹马力，将在浙江赛车场进行动态首秀。福特同步宣布，将于2026赛季重返F1，2027年 回归勒芒顶级组别，延续品牌百年赛道传承。 自2017年进入中国以来，F-150猛禽已连续8年蝉联进口皮 ...

Ford is launching a program that aims to give its "Platinum Plus" pickup truck customers a more curated, exclusive experience.DEARBORN, Mich. — Ford Motor is launching a program that aims to give its most premium pickup truck customers a more curated, exclusive experience.The Detroit automaker's new ownership experience is for its "Platinum Plus" customers. The program ranges from offering a personal concierge and virtual tutorial tours to gifts, accessory discounts and a "Ford Protect Premium Maintenance P ...

Ford (F 2.06%) is at the epicenter of rising tariffs, and the business could face enormous consequences.*Stock prices used were the afternoon prices of April 20, 2025. The video was published on April 22, 2025. ...

Core Viewpoint - The current volatility in the stock market presents an opportunity for investors to consider high-yield dividend stocks, particularly Ford and Pfizer, which have yields averaging 7% and are positioned well for long-term growth despite short-term challenges [1][6][14]. Group 1: Market Context - Over the past two months, major indices like the Dow Jones and S&P 500 have entered correction territory, with the Nasdaq Composite officially in a bear market [2]. - The S&P 500 experienced significant volatility, including its 12th largest four-day decline and fifth largest two-day drop in history [3]. Group 2: Dividend Stocks Performance - Historically, dividend stocks have outperformed non-payers, with an annualized return of 9.2% compared to 4.31% for non-dividend stocks over a 51-year period [5]. - The S&P 500 contains numerous dividend-paying companies, with fewer than 20 offering ultra-high yields, defined as four times greater than the S&P 500's current yield of 1.47% [6]. Group 3: Ford Motor Company - Ford has a current yield of 6.23%, which can approach 8% when including a recent special dividend of $0.15 per share [7]. - The company faces short-term challenges, including tariff uncertainties and higher warranty costs, but these are expected to be temporary [8]. - Under new CEO Jim Farley, Ford has shown improvements in vehicle quality, as evidenced by its ranking in the U.S. Initial Quality Study [10]. - The F-Series trucks have been the best-selling in America for 48 years, contributing significantly to Ford's profitability [11]. - Ford is adjusting its electric vehicle investment strategy to align with market demand, which is a positive sign for long-term profitability [12]. - The stock appears undervalued at approximately 7 times the consensus earnings per share for 2026 [13]. Group 4: Pfizer Inc. - Pfizer's yield is currently at 7.77%, with expectations for sustainability in the coming years [14]. - The company has faced challenges due to a decline in COVID-19 related sales, but overall net sales have increased by 52% over the past four years [16]. - The acquisition of Seagen for $43 billion is expected to enhance Pfizer's oncology portfolio, with one-time expenses now behind [17]. - Demand for Pfizer's products remains stable regardless of economic conditions, making it a defensive investment [18]. - Pfizer's forward price-to-earnings ratio of just over 7 indicates a historically low valuation for a well-established pharmaceutical company [19].