汽车零部件行业专题：财报颗粒度系列：投入产出篇—资本开支

Investment Rating - The industry investment rating is "Overweight" [1] Core Viewpoints - The analysis of capital expenditure can be considered from two dimensions: 1) Dividend perspective: A decline in capital expenditure may enhance free cash flow and increase the company's willingness to distribute dividends; 2) Growth perspective: An increase in capital expenditure may indicate an upturn in the sector or the company's own business, presenting new growth opportunities, especially when profitability can sustain ongoing growth [4][13] - For the manufacturing sector, the growth attribute of capital expenditure is deemed more important. Companies need to invest in capital expenditure to maintain operational productivity, making it a precursor to future output. When capital expenditure rises, it indicates potential investment opportunities with concurrent improvements in business conditions and growth [4][13] - The report categorizes 216 constituent stocks of the Shenwan Automotive Parts Index into 8 major sectors and 20 sub-sectors, analyzing capital expenditure intensity and growth potential based on the ratio of capital expenditure to operating income [4][13] Summary by Sections Capital Expenditure Intensity - The capital expenditure intensity across the automotive parts industry is approximately 6-9% of operating income. The first tier includes body parts (9-17%), precision parts (8-15%), and molds (4-14%). The second tier includes powertrain parts (6-10%) and electronic parts (5-10%). The third tier includes interior parts (4-6%) [13][14] - The highest capital expenditure intensity is observed in gears (18-39%), other precision parts (10-18%), body parts (9-17%), and tires (6-15%) [13][14] Capital Expenditure Growth Potential - The growth potential of capital expenditure is categorized into five tiers, with the first tier showing expansion and acceleration in other precision parts. The second tier includes tires, gears, and traditional interior parts, while the third tier shows contraction but growth in traditional exterior parts and electronic systems. The fourth tier indicates contraction and decline in safety systems and steering systems, and the fifth tier shows contraction and decline in seats, body parts, and powertrain components [4][13] Investment Recommendations - The main investment theme for the automotive parts sector in 2025 focuses on "new" (new products/new capacities). It is recommended to pay attention to precision parts, tires, traditional interior and exterior parts, and electronic components with high capital expenditure growth potential. Specific stocks to consider include Shuanglin Co., Best, Top Group, and Xinquan Co. [4][13]