Shengang Securities·2025-03-26 02:49Investment Rating - The report maintains an "Overweight" rating for the automotive sector [6] Core Insights - BYD has launched the groundbreaking Super e platform, featuring innovations such as a fast-charging battery, a 30,000 RPM motor, and a new generation of automotive-grade silicon carbide power chips, marking multiple global records [1][15] - The Super e platform aims to achieve "oil-electric synchronization" by enabling ultra-high voltage and ultra-large current charging [2][16] - The platform includes the world's first mass-produced 30,000 RPM motor, which significantly enhances vehicle speed while reducing motor weight and size [3][17] - BYD's self-developed liquid-cooled megawatt fast-charging terminal system can output up to 1,360 kW, with plans to build over 4,000 megawatt charging stations nationwide [3][17] - The pre-sale prices for the first models on the Super e platform, Han L and Tang L, are set between 270,000 to 350,000 CNY and 280,000 to 360,000 CNY respectively, with an official launch scheduled for April [3][17] Investment Strategy and Focus - The report suggests focusing on undervalued leading automakers and parts manufacturers due to performance improvements, as well as high-quality core targets in the new energy and intelligent sectors [4][18] - Recommended companies include BYD, Changan Automobile, Geely Automobile, and Li Auto in the new energy sector, along with stable, undervalued parts leaders like Huayu Automotive and Fuyao Glass [4][21] - The report highlights the potential benefits from domestic substitution opportunities and the positive impact of strong automakers on core components [4][21] Weekly Focus Portfolio - The report emphasizes a focus portfolio consisting of BYD (20%), Li Auto (20%), Top Group (20%), Desay SV (20%), and Shangsheng Electronics (20%) [5][20] Market Review - The automotive sector experienced a weekly decline of 0.75%, outperforming the Shanghai Composite Index and other major indices [20][23] - The report notes that the automotive industry is expected to rebound as economic conditions normalize and stimulus policies take effect, with production and sales likely to continue rising [18]