Deutsche Bank Research 7T2se3r0Ot6kwoPa Europe Global North America High Yield Corporates Automobiles & Components Relative Value Analysis Table of Exhibits: n Figure 1: Relative Value Charts n Figure 2: Net leverage (risk) vs. OAS (returns) n Figure 3: OAS per turn of net leverage (bp) n Figure 4: LTV (%) Industry Automotive Suppliers Date 10 October 2024 Sean-M Wondrack Research Analyst +1-212-250-8980 Distributed on: 10/10/2024 19:17:17 GMT Deutsche Bank Securities Inc. IMPORTANT RESEARCH DISCLOSURES AND ...

M Update Will Semiconductor Co Ltd Shanghai | Asia Pacific October 10, 2024 07:49 AM GMT 3Q24 beat thanks to more sensors adopted in phones and cars; OW Reaction to earnings Unchanged Modest upside Largely unchanged Impact to our investment thesis Financial results versus consensus Impact to next 12-month consensus EPS Solid 3Q24 earnings growth: Will Semi reported its preliminary 3Q24 net income, which is in the range of Rmb0.9-1.1bn, implying 3Q net income of Rmb1bn (up 24% Q/Q) at the mid-point. This is ...

Morgan Stanley Asia Limited+ Tim Hsiao Equity Analyst Tim.Hsiao@morganstanley.com +852 2848-1982 Cindy Huang Equity Analyst Cindy.Huang@morganstanley.com +852 3963-3568 Stanley Wang Research Associate Stanley.Wang@morganstanley.com +852 2848-7382 Shelley Wang, CFA Equity Analyst Shelley.Wang@morganstanley.com +852 3963-0047 Joey Xu, CFA Equity Analyst Joey.Xu@morganstanley.com +852 3963-0337 October 10, 2024 04:22 PM GMT M Update XPeng Inc. | Asia Pacific Unveiling the P7+: a sporty, smart, and spacious cou ...

| --- | --- | --- | |----------------------------------|-------|-------| | | | | | | | | | | | | | 洞察车主变化，制胜售后未来 | | | | ——经销商车后用户研究报告 2024.09 | | | 随着新车市场的竞争日益激烈，车后业务已成为经销商利润压舱石 2024年上半年经销商相关数据显示： 71.2% 64.6% 未完成销售目标 未能盈利 百强经销商23年收入结构 2.0% 100.0% 2.5% 3.6% 9.8% 82.1% 总收入 售后 金融保险 二手车 新车 其它 百强经销商23年利润结构 26.0% 100.0% 4.3% 24.7% 60.7% -15.6% 其它 总收入 新车 售后 二手车 金融保险 | --- | --- | --- | |-------|-------|-------| | | | | | | | | | | | 2 | 国内车后市场持续增长，但经销商正面临独立汽车服务平台的强力冲击， 亟需构筑业务护城河 553 588 611 641 665 700 732 765 79 ...

汽车+AI 构筑发展核心动力，聚焦高端助力盈利能力提升 20241011 摘要 • 全球 PCB 市场规模预计在 2024 年达到 730 亿美元，到 2028 年将增长至 904 亿美元，年复合增长率为 5%。中国作为全球核心细分市场，预计在 2028 年达到 462 亿美元，年复合增长率为 4%。 • 汽车电子领域对 PCB 的需求持续增长，主要受新能源汽车渗透率提升和自 动驾驶技术发展驱动。新能源汽车电子化程度显著提高，自动驾驶系统需 要搭载更多电子产品，推动对高性能 PCB 的需求。 • AI 服务器需求火爆，对 PCB 提出了更高要求，包括传输速率、密度、精 度设计以及用料规格。GPU 模组数量增加和英伟达 200 系列服务器架构设 计改动，拉动了对更高多层、高端 HDI PCB 的需求，推动了服务器用 PCB 价格上涨。 • 景旺电子是国内领先的 PCB 厂商之一，其产品涵盖硬性、柔性及金属基三 大类 PCBs，广泛应用于汽车电子、服务器、通信、消费电子及工控医疗 等领域。公司在 2023 年的全球排名提升至第十位，中国排名第三，在汽 车领域已成为全球前三大供应商之一。 • 景旺电子近年来不断拓展 ...

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大家好欢迎参加这双汽车重点板块和公司系列汇报目前参会者均处静音状态下面开始播片则声明声明完毕后主持人可请开始这项证券研究所提醒您一本次电话会已经面向这项证券研究所签约的机构投资者以及受邀客户 第三方嘉宾发言内容仅代表其个人观点所有信息或所表述的意见均不构成对具体证券在具体价位、具体时点、具体市场表现的判断或投资建议二、嘉宾所说信息或所表述的意见均不构成浙商证券研究所研究观点如果嘉宾发布的观点和浙商研究所发布的观点有分歧或不一致这也仅作为一种不同的研究视角供投资者参考 3、依照监管要求和保密原则未经合法授权严禁录音、记录、转发感谢您的理解和配合若本次交流内容不慎流出或涉嫌违反上述情形的我们将保留追究法律责任的权利再次感谢您对这张证券的理解和配合谢谢 嗯好的嗯各位投资者大家晚上好呃我是智商汽车分析师张颖啊那么今天晚上呢是呃由我和我的同事那个景奕然后来讲解三个公司那么我这边呢主要是讲这个龙生科技和金达股份那么景奕这块呢后面会讲一下这个XD啊 那么呃我们其实其实前面啊就是整个这个一系列的这个技能产业的会议啊我们今天其实选择三家公司呢其实有一定的这个相似性啊特别是像这个金达和这个龙盛啊基本是跟这个电机相关性还是比较大的 ...

EQUITY RESEARCH | October 09, 2024 | 7:41PM CST BYD (002594.SZ) Emerging leader in global auto market | --- | --- | --- | --- | |-------|-------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|---------------------------------------------------------------------------------------------------------------------------------- ...

Investment Rating - The report does not explicitly state an investment rating for the European car market, but it provides insights into market performance and trends that could inform investment decisions. Core Insights - Passenger car sales in the major five European countries decreased by 4.7% year-on-year to 489,000 units in September 2024, and were down 17% compared to pre-COVID levels in September 2019 [2] - The decline in sales is attributed to seasonal demand changes, following a period of recovery from supply disruptions caused by semiconductor shortages and COVID-19 restrictions [2][3] - Non-private consumer demand has been driving car sales in Europe, showing a double-digit increase of 5% year-on-year in FY23, while private demand has only increased in single digits [2] - The production recovery in Europe is slowing, with a forecasted global production increase of 1.8% in FY24, contrasting with a decline of 2.0% in the S&P [3] Summary by Sections Sales Performance - In September 2024, car sales fell across all EU5 countries for the second consecutive month, with Germany down 7%, Italy down 10.7%, and France down 11.1%, while the UK saw a slight increase of 1% and Spain an increase of 6.3% [2][3] - Year-on-year performance varied significantly among manufacturers, with Honda, Skoda, Tesla, Toyota, BMW Group, Hyundai, VW Group, and Kia outperforming the market, while brands like VW, Mercedes, and Ford underperformed [3] Production Trends - European production grew by 10% in 2023 but saw a decline of 2% in Q1 and 5% in Q2 of 2024, with expectations of a slight slowdown of approximately -3% year-on-year in September [3] - Orders in France and Germany have shown mixed results, with a return to modest positive growth in recent months, particularly in France [3] Pricing Dynamics - Pricing power for internal combustion engine vehicles in Europe remained disciplined in September 2024, slightly stronger than in previous months, despite price cuts by Tesla and discount pressures [4] - The report indicates that the next few months will be critical for observing pricing patterns as OEMs gain visibility on order backlogs into the second half of 2024 [4] Market Comparison - The report compares current sales to pre-COVID levels, highlighting that the overall market is still down significantly, with the Big 5 countries collectively down 17% compared to 2019 [13][14] - Specific country performance shows Germany down 7%, France down 11.1%, and Italy down 10.7% compared to September 2019, while Spain is down 11% [14]

乘新能源之势，塑海外产业集群（新能源汽车产业链）20241009 摘要 • 中国汽车出口在过去几年中取得了显著成就，2023 年超越日本成为全球 最大的汽车出口国。自 2020 年以来，中国汽车出口量增长了 4 倍，达到 522.1 万辆。出口结构方面，整车出口金额增速远高于零部件，推动了中 国新能源汽车转型和品牌突破。 • 中国新能源汽车在海外市场表现出色，以欧洲、美洲和东南亚为主要市场。 欧洲市场尤为重要，2023 年欧洲乘用车市场销量超过 1,200 万辆，欧洲 国家积极发展新能源汽车并提供优惠政策支持。美洲和东南亚地区也为中 国车企产品导入提供了机遇。 • 未来，新能源汽车将继续从产品出海向产能出海过渡，新能源车型占比将 持续提升。混合动力（PHEV）车型有望替代燃油车，扩大市场空间。新兴 市场如东南亚、拉丁美洲等地也将成为重要目标区域。 • 燃油车凭借高性价比和丰富的产品线，在中东、俄罗斯等地区仍具有竞争 优势。这些地区经济水平、气候条件及能源资源决定了对燃油车的需求。 中国车企通过本地化改进，提升了燃油车型的竞争力。 • 中国自主品牌通过资本收购、技术合作、本地化建厂以及 KD 组装工厂模 式加快 ...