汽车零部件-汽车零部件行业研究框架

Investment Rating - The report rates the automotive parts industry as "Overweight" [2] Core Viewpoints - The rise of domestic automotive brands is driving the upstream automotive parts industry, with expectations for China to cultivate world-class parts giants [2] - The industry is experiencing significant growth in smart, electric, and lightweight components, with domestic manufacturers gaining market share and opportunities for international expansion [2] - The automotive parts sector has shown steady revenue and profit growth, with a CAGR of 12% in revenue and 26% in net profit from 2020 to 2023 [2] Summary by Sections 1. Industry Review and Outlook - The automotive parts industry is benefiting from the rise of new energy vehicles and domestic brands, leading to an upward shift in the supply chain [2] - The industry is expected to continue growing, with domestic Tier 1 suppliers expanding their product categories and exploring international markets [2] 2. Key Sub-sectors: Smart Technology - Smart technology is becoming a key differentiator for vehicles, with increasing penetration of L2 and L2+ level autonomous driving systems [2] - Domestic manufacturers are expected to accelerate their market share in smart cockpit technologies, enhancing driving and riding experiences [2] 3. Key Sub-sectors: Electrification & Lightweighting - The electric drive system market is currently fragmented, with significant market share held by domestic manufacturers [2] - Lightweighting is becoming increasingly important due to regulatory pressures on fuel consumption, with domestic companies having a competitive edge in manufacturing [2] 4. Financial Characteristics of the Automotive Parts Industry - The automotive parts industry has maintained a steady increase in sales net profit margin, rising from 2.6% in 2019 to 4.9% in 2023 [2] - The PE/PB ratios are at historical lows, indicating potential undervaluation in the market [2] 5. Valuation of the Automotive Parts Industry - The report highlights that the automotive parts sector is currently at a ten-year historical low in valuation metrics, suggesting potential investment opportunities [2] 6. Key Companies in the Automotive Parts Industry - Recommended companies include Jingwei Hengrun, Huayang Group, Desay SV, and others, with a focus on their growth potential in the evolving market [3]