SERES(SH:601127) Huaxin Securities·2025-03-09 14:11Investment Rating - The report maintains a "Buy" rating for the automotive industry, indicating a positive outlook for the sector [10][44]. Core Insights - The government work report emphasizes the importance of robotics and intelligent manufacturing, highlighting the potential growth in the robotics industry and smart connected vehicles [6][53]. - The launch of new models, such as the AITO M8 and M9, is expected to drive sales for Seres, with significant pre-order numbers indicating strong market interest [8][9]. - The report suggests that the automotive industry is entering a golden period for domestic parts manufacturers due to reshaping market dynamics and technological advancements [10]. Summary by Sections Market Performance - The automotive sector's performance over the past month shows a 5.2% increase, outperforming the CSI 300 index, which rose by 1.3% [3][16]. - The automotive index has shown a 37.7% increase over the past year, significantly higher than the CSI 300's 11.3% [3][17]. Industry Data Tracking - In February, the average daily retail of passenger cars showed fluctuations, with a notable increase in the last week, indicating a recovery trend in the market [33][34]. - The wholesale data for February also reflects a positive growth trajectory, with a 35% year-on-year increase in passenger car wholesale [34]. Investment Recommendations - The report recommends focusing on companies with strong ties to Huawei, such as Seres, JAC Motors, and BAIC Blue Valley, as they are expected to capture market share in the high-end segment [10][44]. - Key companies in the automotive parts sector include New Spring Co., Daimei Co., and Mould Technology, which are positioned to benefit from the industry's growth [10][43]. Company Announcements and Industry News - The report highlights significant announcements from companies like Top Group and Desay SV, indicating ongoing investments in smart driving and automotive electronics [45][46]. - The EU's decision to extend the carbon emission compliance deadline provides a buffer for automotive manufacturers, aiding their transition to electric vehicles [51].