Investment Rating - The report maintains a "Buy" rating for several companies in the automotive sector, including 双林股份, 雷迪克, 江淮汽车, 爱柯迪, 赛力斯, 北特科技, 新泉股份, 嵘泰股份, 开特股份, 骏创科技, and 易实精密 [12][10][40]. Core Insights - 恒而达's acquisition of SMS marks a significant trend in the industry towards upstream equipment integration, particularly in high-precision CNC grinding machines [4][5]. - 吉利汽车's plan to fully privatize 极氪 aims to enhance internal integration and reduce costs, with expected savings of 10% to 20% in R&D expenditures [8][9]. - The automotive industry is experiencing a robust sales cycle, with 吉利集团's Q1 2025 total sales reaching 946,627 units, a year-on-year increase of 31% [9]. Summary by Sections Market Performance and Valuation - The automotive sector's performance is lagging slightly behind the broader market, with the 中信汽车指数 rising by 1.8% compared to the 沪深 300's 2.0% [17][26]. - The automotive industry's PE ratio stands at 31.0, indicating a relatively high valuation compared to historical levels [26]. Company Announcements and Industry News - 吉利汽车 announced its intention to acquire all shares of 极氪, which will lead to a complete merger and enhance resource efficiency [50][8]. - 恒而达's acquisition of SMS is expected to accelerate the development of intelligent CNC equipment and core components [5][4]. Industry Data Tracking and Commentary - In April 2025, the average daily retail of passenger cars showed a significant year-on-year growth of 17%, indicating a recovery in the market [34]. - The report highlights that the demand for screw rods is expected to surge, driven by Tesla's production goals, while many manufacturers face capacity constraints [6][5]. Recommended Stocks - The report recommends关注 companies in the automotive sector, particularly those with strong R&D capabilities and strategic partnerships, such as 赛力斯 and 江淮汽车 [10][40].
汽车行业周报：恒而达收购磨床企业SMS布局上游设备，吉利拟全资私有化极氪内部整合加速-20250511
Huaxin Securities·2025-05-11 11:14