Shenwan Hongyuan Securities·2025-04-30 09:13Investment Rating - The industry investment rating is "Overweight" indicating that the industry is expected to outperform the overall market performance [27]. Core Insights - The auto show highlighted significant changes in the electric vehicle (EV) industry, showcasing the competitive strength of China's supply chain and the potential for joint ventures to rebound in the EV market [2][4]. - The focus in intelligent driving technology is shifting from battery systems to intelligent chassis, with many manufacturers showcasing advanced chassis solutions [6][7]. - Key players like XPeng, Leap Motor, and Great Wall Motors are demonstrating strong performance across various price segments, indicating a competitive landscape in the EV market [5][16]. Summary by Sections 1. Auto Show Observations - The auto show revealed advancements in technology and intelligence, with Chinese supply chain companies gaining international recognition [3]. - Joint venture brands are integrating more local elements, enhancing their competitiveness in the EV sector [4]. 2. Intelligent Driving Trends - The emphasis on intelligent chassis technology is becoming more pronounced, with many manufacturers presenting innovative solutions [6][7]. - Air suspension systems are increasingly becoming standard in high-end SUVs, reflecting a trend towards enhanced comfort and luxury [7]. 3. Key Company Performances - XPeng showcased its Iron Robot, which has significantly improved in human-machine interaction capabilities, and reported a threefold increase in overseas deliveries [11][12]. - Leap Motor launched the B01 model, targeting the under 150,000 yuan market, with strong potential due to its competitive pricing and features [13][14]. - Great Wall Motors is recovering its market competitiveness through new model launches and is expected to benefit from the application of intelligent driving technologies [16]. 4. Investment Recommendations - The report recommends focusing on domestic leading manufacturers like BYD and XPeng, as well as component suppliers with strong growth potential [2][9]. - Companies like Baolong Technology are highlighted for their expected performance turnaround and significant market opportunities in the air suspension sector [9].