Guoxin Securities Co., Ltd·2025-05-19 11:08Investment Rating - The report maintains a "Positive" outlook for the automotive industry, expecting the industry index to outperform the market index by over 5% in the next six months [5]. Core Insights - The automotive industry has shown resilience with the Shanghai Composite Index rising by 1.12% and the Shenwan Automotive Industry Index increasing by 2.40%, outperforming the market by 1.29 percentage points, ranking third among 31 primary industries [1]. - The export of Chinese automobiles has been growing significantly, with a year-on-year increase of 6% in the first four months of 2025, and a remarkable 52.6% growth in new energy vehicle exports [4]. - The report highlights a shift in major automotive manufacturers towards exploring export markets due to intense domestic competition, with a notable increase in the export of fuel vehicles [4]. Market Performance - As of May 16, 2025, the Shenwan Automotive Sector's Price-to-Earnings (PE) ratio (TTM) stands at 26.74 times, which is at the 34.72 percentile of the past five years [1]. - Among 294 listed companies in the automotive sector, 192 experienced stock price increases, with the top three gainers being Chengfei Integration (+61.09%), Zhaofeng Co. (+34.78%), and New Coordinates (+26.17%) [1]. Industry Data - The report provides insights into the prices of key raw materials, noting that the price of lithium carbonate averaged 64,500 yuan per ton, with a weekly decline of 1.15% [3]. - The price of float glass (4.8/5mm) is reported at 13,183,000 yuan per ton, reflecting a slight increase of 0.10% [2]. Technological Collaboration - Many automotive companies are collaborating with third-party solution providers like Huawei and DJI for smart driving technology, adopting a "self-research + cooperation" model to enhance competitiveness and innovation [8].