Huaxin Securities·2025-04-21 00:23Investment Rating - The report maintains a "Buy" rating for the automotive industry, indicating a positive outlook for the sector [10][43]. Core Insights - The automotive industry is experiencing a shift towards electrification and intelligent driving, with significant advancements in technology and product offerings from both joint ventures and domestic brands [8][9]. - The first humanoid robot marathon showcased advancements in humanoid robot technology, highlighting investment opportunities in core components such as actuators and control algorithms [6][10]. - The upcoming Shanghai International Auto Show is expected to feature new models and innovations, particularly in smart vehicle technology, which is becoming a key differentiator among manufacturers [8][9]. Summary by Sections Industry Performance - The automotive sector has shown a mixed performance, with a 1-month decline of 13.8% compared to a 5.1% decline in the Shanghai Composite Index [3][18]. - Over the past 12 months, the automotive sector has outperformed the market with a 17.3% increase, while the Shanghai Composite Index only increased by 6.5% [3][19]. Investment Opportunities - Investment suggestions include focusing on companies involved in algorithms, control systems, motors, and cooling technologies, such as 德昌电机控股, 索辰科技, and 信捷电气 [6]. - Additionally, companies producing joint modules and linear actuators, such as 双林股份 and 嵘泰股份, are recommended for investment due to their critical role in humanoid robotics [6][10]. Upcoming Events - The Shanghai International Auto Show will take place from April 23 to May 2, 2025, with a focus on electric and intelligent vehicle technologies [8]. - Major automotive brands are expected to unveil new models and showcase advancements in smart driving capabilities, with a particular emphasis on local market adaptations [9]. Company Announcements - 双林股份 reported significant revenue growth of 18.64% year-on-year, with a net profit increase of 514.49% [46]. - The company has developed new products for humanoid robots, including planetary roller screws and joint modules, which are expected to enter the market soon [47][49]. Market Trends - The report notes a steady increase in retail and wholesale volumes in the automotive market, driven by government policies promoting consumption [37][38]. - The report highlights the importance of both domestic and international demand in driving the automotive market's growth, particularly in the context of evolving consumer preferences and technological advancements [38].