Orient Securities·2025-03-09 14:27Investment Rating - The report maintains a neutral investment rating for the automotive and parts industry [5] Core Insights - The report emphasizes the importance of monitoring the humanoid robot industry chain and suggests that related companies are likely to see both profit and valuation increases. It predicts that competitive domestic brands and new forces in autonomous driving technology will continue to expand their market share by 2025 [2][13] - The report highlights the pre-sale success of the Wanjie M8 and M9 models, indicating strong consumer interest and potential for significant sales upon their official launch [12][41] Summary by Sections Investment Recommendations and Targets - The report recommends continued focus on humanoid robot chain investment opportunities, with specific companies expected to benefit from profitability and valuation increases. It suggests monitoring state-owned enterprises in the automotive sector, as well as companies in the Huawei, Xiaomi, T chain, and autonomous driving industry chains [2][13][14] - Suggested companies include SAIC Motor, JAC Motors, BYD, Changan Automobile, China National Heavy Duty Truck Group, GAC Group, Yutong Bus, and various parts suppliers [2][14][17] Market Trends - The report notes that the automotive sector has shown positive growth, with wholesale and retail sales of passenger vehicles in February 2025 increasing by 35% and 26% year-on-year, respectively. The first two months of 2025 also saw a 13% increase in wholesale and a 1% increase in retail sales compared to the same period in 2024 [10][29] - The report indicates that the humanoid robot industry is expected to enter a phase of rapid development, with significant advancements anticipated in the coming years [11][12] Sales Tracking - The report provides data on the sales performance of various automotive companies, highlighting significant year-on-year growth for companies like BYD and SAIC Motor in February 2025 [47][48][52] - It notes that the Wanjie M8 and M9 models received over 41,000 pre-orders within the first 36 hours of their launch, reflecting strong consumer demand [12][41]