Tesla(US:TSLA) Soochow Securities·2025-05-05 15:16Investment Rating - The report maintains a positive outlook on the automotive sector, particularly focusing on the growth potential in AI intelligence and robotics within the industry [3]. Core Insights - The automotive sector is experiencing a rebound, with a notable increase in vehicle insurance registrations, which rose by 16.9% week-on-week in the fourth week of April [2][50]. - The report highlights significant growth in electric vehicle deliveries, with XPeng delivering 35,045 vehicles in April, marking a 273% year-on-year increase [2][63]. - The report emphasizes the importance of the easing of the US-China trade tensions, which is expected to positively impact the automotive market by alleviating concerns over external demand and potential price wars [3]. Summary by Sections Weekly Market Review - The automotive sector index increased by 0.5% this week, with the best-performing segments being automotive parts (+2.3%) and motorcycles (+1.8%) [2]. - The report notes that the overall automotive sector ranked 8th in A-shares and 23rd in Hong Kong stocks this week [7][9]. Industry Changes - The report outlines key changes in the industry, including the performance of major companies such as SAIC Motor, which reported a total revenue of 140.86 billion yuan in Q1 2025, with a year-on-year net profit increase of 11% [2][63]. - The report predicts a total retail sales volume of 23.83 million vehicles in 2025, reflecting a 4.7% year-on-year growth [51]. Company Performance Tracking - XPeng and Li Auto both reported significant year-on-year growth in vehicle deliveries, with XPeng achieving a 273% increase and Li Auto a 31.6% increase in April [63]. - BYD's wholesale volume reached 380,000 units in April, reflecting a 21% increase year-on-year [63]. - The report also highlights the performance of other companies, such as Geely and Leap Motor, which reported year-on-year increases of 53% and 174% in April deliveries, respectively [63].