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 ...

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 | --- | --- | --- | --- | |-------|-------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|---------------------------------------------------------------------------------------------------------------------------------- ...

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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 ...

各位投资者大家好我是银河证券研究院汽车行业分析师石金曼现在由我为大家带来中国银河证券研究院中资出海专题系列研究的汽车方向诚心能源知识诉海外产业集群本次报告我们主要分为五个部分那么第一部分主要讲一下概况产业升级助力汽车出口四年增长四倍 第二部分我们分析新能源汽车出口主要由产品出海到产能出海第三部分是燃油车我们认为具备高性价比产品丰富的优势将会带动燃油车产品出口量价提升第四部分衍生品包括零部件销售渠道运输物流充电桩等领域的 全产业链出海会打到海外新能源汽车产业集群的优势那么剩下第五部分是投资建议首先呢第一部分我们看在当前全球汽车工业正在经历第四次发展窗口期 汽车正在向科技品时代度过随着中国新能源汽车不断提升的产品竞争力2023年中国超越日本躋身全球为最大的汽车出口国在出口销量方面2020年中国汽车出口迎来爆发从108.1万辆提升到了2023年的522.1万辆整车数量出口四年增长四倍 从出口的结构来看那么整车的出口金额增速是远高于零部件的那么这个呢也是这个带动了我国新能源汽车转型以及品牌突破的一个新的趋势我国零部件那么整体实力之前呈现出了大而不强 新能源的转型突破有望助力我国配套类部件产业链实现产品和品牌的升级那这 ...

证明给予的理解和配合谢谢 各位投资者大家上午好我是东森圈的技术分析师黄细莉非常感谢大家能够支持关注我们基本材质的这样会议那么从去年四度开始以来我们团队其实是坚持每个季度做策略报告的一个更新那么今天刚好也是三月的最后一天在假期正式开始之前的话我们也想借大家一个小时主要时间来跟大家详细的汇报一下我们对当前选点七月四度的一个投资对吧总体观点的话我们会认为我们总的选股的速度其实是延续 三级度围绕全球化、持续化这两条主线C度其实我们还是围绕这两条主线下面有些国家优选核心媒体各股那么整体呢更是相比分度我们认为C度是可以从投资角度来说来看是可以更乐观 自治政策和爽的情绪,我们认为非常好,这是一个非常大的前提,尤其其实还有很多在港股的指数股来看,整个流劲的一个就是说服的话也是非常重要的一个爽的前提,那是第一个,所以肯定是非常重要的一个我们认为更乐观的一个点,第二个的话就是其实本身的基本面而言的话,我们会认为 四一度医学环境的政策在四一度无论城市中坎和科特这边都是去体现的是比较明显的只是呢本身技术技能面积是在积极的一个持续的一个向上的一个过程我觉得也是很好的去匹配整个市场现在的一个情绪的一个向上这两个方面综合吧我们会认为是对四 ...

Industry Investment Rating - The report does not explicitly provide an investment rating for the industry [1] Core Viewpoints - The passenger car market has entered a phase of "micro-growth," with manufacturers exploring new growth opportunities beyond new energy vehicles (NEVs), focusing on the potential of replacement and additional purchase users [2] - Replacement and additional purchase users are seen as a new driving force for the industry, with a significant base of 345 million vehicles in China offering substantial market potential [2] - However, consumer income expectations remain pessimistic, raising questions about the effectiveness of government policies aimed at stimulating replacement demand [2] - Replacement users exhibit unique behavioral characteristics and preferences, which manufacturers can leverage to capture market opportunities [2] - The report highlights interesting trends, such as some NEV users switching back to fuel vehicles during replacement, and questions whether this trend will persist and impact the NEV market [2] Replacement and Additional Purchase User Trends - The replacement cycle is typically over 8 years, with a peak expected between 2024 and 2026, though concerns remain about prolonged replacement cycles due to poor income expectations [3] - Replacement subsidies can aid in converting user intentions, but users often lack clear understanding of these policies, and the threshold for effective subsidy amounts has increased [3] - Replacement users tend to first select their desired vehicle model or even complete the new car purchase before selling their old car, making it challenging to predict the timing of replacements [5] - Replacement users have a broader selection range, with twice as many vehicle models considered compared to first-time buyers, and they prefer content such as reviews and user experiences to aid decision-making [5] - Replacement users are divided into three groups: economically driven, experience-driven, and demand-driven, with price and size upgrades remaining the main trend, though mid-range users (10-300k RMB) show signs of upgrade fatigue [5] - Additional purchase users show distinct preferences: those buying fuel vehicles prioritize brand and reputation, while those buying NEVs focus on experiencing intelligent features [5] Replacement User Demographics and Preferences - Replacement users are predominantly male, aged 30-50, and married with children, with over 40% having a household income of 200-500k RMB [9][11] - Replacement users are concentrated in first-tier and new first-tier cities, with a significant middle-class demographic [11] - Replacement users are categorized into three groups: economically driven, experience-driven, and demand-driven, with further segmentation into eight subgroups based on income, age, and preferences [12] - Economically driven users are sensitive to price and prefer Chinese or joint-venture fuel vehicles, while experience-driven users prioritize advanced technology and intelligent features [15][17] - Demand-driven users focus on reliability, brand reputation, and safety, with preferences varying by income level and location [20] Replacement User Behavior and Decision-Making - Replacement users exhibit cautious and rational behavior, with a broader selection range, longer browsing times, and higher interaction rates compared to first-time buyers [31] - Replacement users prioritize safety, price, and brand reputation when purchasing vehicles, with a greater focus on comfort, intelligent features, and technical upgrades compared to first-time buyers [44] - Replacement users are less loyal to their previous brands, with 90% considering other brands during replacement, driven by a desire to try new brands or dissatisfaction with their previous vehicle [45] - The concentration of brand preferences among replacement users is declining, with independent NEV brands rapidly gaining market share, particularly in the mid-range segment [49][60] Additional Purchase User Trends - Additional purchase users are typically older, with a higher proportion of middle-aged and high-income individuals, and a preference for NEVs, especially pure electric vehicles [66][69] - Additional purchase users are divided into two groups: those preferring NEVs, who are younger and more focused on intelligent features, and those preferring fuel vehicles, who are more influenced by price and brand reputation [71][76] - Additional purchase users of fuel vehicles are more economically driven, while those purchasing NEVs are more influenced by experience and technological advancements [77] Market Dynamics and Trends - Price and size upgrades remain the main trend in the replacement market, with an average price increase of approximately 40k RMB, though mid-range users (10-300k RMB) show signs of upgrade fatigue [36][39] - The preference for NEVs among replacement users is growing, with plug-in hybrid and range-extended vehicles expected to surpass pure electric vehicles in the next 1-2 years [50] - The phenomenon of NEV users switching back to fuel vehicles is minimal (less than 2%) and not expected to significantly impact the NEV market [52] - Independent NEV brands are rapidly gaining market share, particularly in the mid-range segment, while Tesla's share among replacement users has declined [60][61]

Summary of Geely Auto Conference Call Company Overview - Geely Holding Group is a privately held company almost entirely owned by the Li Shufu family, with two core automotive groups: Geely Auto Group and Volvo Cars. The group also owns several brands including Polestar, Lotus, smart, and Zeekr, and holds stakes in Daimler, Volvo Trucks, and Aston Martin [1][2][5] Financial Performance - In the first half of 2024, Geely Holding Group achieved total revenue of 260 billion RMB, with 40% (approximately 104 billion RMB) from Geely Auto and 50% (approximately 130 billion RMB) from Volvo Cars. The group reported a profit of about 13 billion RMB [3] - Geely Auto's total sales reached 960,000 units in the first half of 2024, representing a 40% year-on-year increase, primarily driven by export markets and fuel vehicle sales. Revenue grew by 47% year-on-year, with a gross margin of 15.1% [7][8] - Geely Auto's profit for the first half of 2024 was close to 10 billion RMB, including a one-time gain of approximately 7 billion RMB from a joint venture with Renault. Excluding this, the net profit from core operations was about 3 billion RMB, up from 1.3 billion RMB in the same period last year [9] Strategic Developments - Geely has undergone internal strategic integration, notably merging its cockpit and autonomous driving departments. All models will now use Meizu's cockpit solution, while autonomous driving technology will focus on Nvidia's solution and a lower-end, volume-driven autonomous solution [10] - The company has set a sales target of 2 million units for the year, with expectations to exceed this target, potentially reaching around 2.05 million units. Projected net profit for the year, excluding one-time gains, is estimated to be between 7 to 8 billion RMB [11] Technological Advantages - Geely's primary technological advantage lies in platformization, which supports multi-model development through economies of scale. The company currently utilizes four main platforms: CMA, SPA, Haohan Electric, and GGA, enhancing R&D efficiency and market competitiveness [6] Brand Relationships - The relationship between Geely's brands and listed companies is complex. Volvo is fully owned by the Swedish listed company Volvo Cars AB, while Polestar is held by Polestar Automotive Holding UK PLC, and Lotus is owned by Lotus Technology Inc. Zeekr is consolidated into Geely's Hong Kong-listed entity while also being independently listed in the US [5] Future Outlook - Zeekr, listed on the NYSE, reported revenue of 34.8 billion RMB in the first half of 2024, with 62% from vehicle sales and a gross margin of 14.9%. The company aims for a sales target of 230,000 units for the year, with projected total revenue of 82.6 billion RMB [12][13] - Despite intense market competition, Geely and its subsidiaries are viewed positively due to strong technological capabilities and platform advantages. The company has a solid base of over 1 million fuel vehicles, and its new energy models are gradually becoming profitable, enhancing overall profitability [14]