汽车行业传统车企转型观察：一汽奥迪携手华为推广智能化

Investment Rating - The report maintains an "Overweight" rating for the automotive industry, particularly focusing on the transformation of traditional car manufacturers [1]. Core Insights - FAW Audi collaborates with Huawei to enhance automotive intelligence, which is expected to address Audi's shortcomings in smart technology. This partnership is anticipated to bolster Audi's sales in the luxury car market [5][6]. - The report highlights key beneficiaries in the automotive parts sector, including Jifeng and Kobot, which are expected to gain from Audi's new models and their integration of Huawei's advanced driving assistance systems [5][6]. - By 2025, all new Audi models will feature jointly developed high-level intelligent driving systems, enhancing safety, efficiency, comfort, and luxury for Chinese consumers [5]. Summary by Sections Investment Highlights - Recommended companies in the Audi supply chain include Jifeng Co., Ltd. and Kobot, with Jifeng holding orders for three new energy models from Audi, projected to generate sales of 8-10 billion yuan over their lifecycle [5]. - Kobot is set to receive new orders for Audi's DCDC and thermal management smart actuators in 2024, while FAW Fuwi is expected to have nearly 33% of its receivables from Audi's new energy division by the end of 2024 [5]. Market Performance - Audi's annual sales in China reached 731,000 units at one point, with projections of 663,000 units for 2024 and cumulative sales of 91,000 units for January-February 2025. The growth potential for Audi in China remains significant, especially with the collaboration with Huawei [5].