汽车行业Stellantis集团专题研究报告：电动转型加速，国内供应链有望乘势而起

Investment Rating - The report maintains an "Overweight" rating for the automotive industry, specifically highlighting the growth potential of domestic auto parts suppliers benefiting from Stellantis' accelerated electrification strategy [1][5]. Core Insights - Stellantis' rapid transition to electrification is expected to create significant demand for auto parts, providing growth opportunities for domestic suppliers with strong export capabilities [1][5]. - Stellantis has set an ambitious DF30 plan aiming to double its revenue to €300 billion by 2030, with a focus on maintaining a double-digit operating profit margin [1][29]. - The collaboration with Leap Motor is anticipated to enhance Stellantis' electric vehicle offerings and market presence, particularly in global markets outside of Greater China [2][46]. Summary by Sections Investment Recommendations - The report recommends key domestic companies in the Stellantis supply chain, including Songyuan Co., Shuanghuan Transmission, Xinquan Co., Moulding Technology, and Aikodi, which are expected to benefit from Stellantis' electrification push [5][1]. Stellantis Overview - Stellantis was formed through the merger of PSA and FCA, becoming the fourth largest automotive group globally, with a diverse brand portfolio covering various market segments [7][18]. - The merger has resulted in significant synergies, improving operational efficiency and financial performance, with Stellantis achieving a compound annual growth rate (CAGR) of 8.2% in revenue from 2021 to 2023 [20][18]. Aggressive New Energy Strategy - Stellantis plans to invest €30 billion in electrification and software development over the next decade, aiming to launch over 75 electric models and achieve global electric vehicle sales of 5 million units by 2030 [2][41]. - The company has established four electric vehicle platforms to enhance its electric vehicle lineup, focusing on range, charging time, and affordability [42][41]. Collaboration with Leap Motor - Stellantis has invested €1.5 billion in Leap Motor, acquiring a nearly 20% stake and forming a joint venture to facilitate the export and sales of Leap Motor vehicles globally [46][47]. - This partnership is expected to leverage Stellantis' existing infrastructure to support Leap Motor's international expansion while enhancing Stellantis' electric vehicle technology [46][47].