SCS(SH:601555) Zhi Tong Cai Jing·2025-12-29 04:05Core Viewpoint - The report from Dongwu Securities indicates that the overall Beta of the sector is expected to weaken by 2026, with structural opportunities being more favorable than overall opportunities. The focus should be on three technological main lines: "Intelligent Driving (L2++/L3/L4) + Liquid Cooling (AIDC) + Humanoid Robots," along with the long-term certainty of "going global" [1]. EPS Dimension - The stock market is seeking alpha through cyclical resilience, prioritizing product companies with high competitiveness that can enhance market share and companies that can increase average selling prices (ASP) by entering high-value sectors through internal and external growth [2]. - Globalization is expected to open growth opportunities in the automotive parts sector, with a focus on enhancing growth potential and risk resistance by prioritizing production capacity in Europe, North America, and Southeast Asia. With profit recovery and deeper customer engagement, companies may transition to global Tier 1/platform leaders between 2026 and 2030. Recommended companies include Fuyao Glass, Xingyu Co., Minth Group, Joyson Electronics, and Xingyuan Magnesium, with New Spring Co. as a focus [2]. PE Dimension - Intelligent Driving: The penetration of L2++ is accelerating, with L3 regulations and urban NOA speeding up, and L4-level smart vehicles rapidly coming to market. The focus should be on chips, domain controllers, core sensors, and drive-by-wire chassis, emphasizing systematic capabilities in cost, algorithms, and safety redundancy. Recommended companies include Horizon Robotics, Black Sesame, and Desay SV, with Bertel and Nexperia as points of interest [3]. - Robotics: Transitioning from "0 to 1" to "1 to 10," benefiting from supply chains involving large models, actuators, reducers, lead screws, and force sensors. The focus should be on automotive parts leaders with "technology synergy + manufacturing collaboration." Recommended companies include Top Group, Joyson Electronics, and Shuanghuan Transmission, with interest in Yapp Automotive Parts and Daimay Co. [3]. - Liquid Cooling: Growth in AI capital expenditure and increased power consumption in AIDC; the liquid cooling temperature control market is projected to reach hundreds of billions by 2030. The automotive parts sector should focus on thermal management, pipelines, and quick connectors, emphasizing system integration and cost reduction capabilities. Recommended companies include Minth Group, Yinlun Co., and Feilong Co. [3].