Minsheng Securities·2025-06-02 03:23Investment Rating - The report maintains a positive investment outlook for the electric vehicle (EV) sector, particularly for companies with strong autonomous driving capabilities and competitive pricing strategies [13]. Core Insights - The overall automotive market showed steady growth in May 2025, with a year-on-year increase of 8.5% and a month-on-month increase of 5.4%, driven by a surge in consumer demand during the "May Day" holiday [5]. - The penetration rate of new energy vehicles (NEVs) reached approximately 52.9%, indicating a recovery in market interest and adoption [5]. - New energy vehicle deliveries from key players in May 2025 demonstrated significant growth, with companies like Li Auto and Xiaopeng achieving notable year-on-year increases [4][6][9]. Summary by Relevant Sections New Energy Vehicle Deliveries - Leap Motor delivered 45,067 units in May, a year-on-year increase of 148.1% and a month-on-month increase of 9.8% [4]. - Xiaopeng delivered 33,525 units, marking a year-on-year increase of 230.4% but a month-on-month decrease of 4.3% [9]. - Li Auto's deliveries reached 40,856 units, up 16.7% year-on-year and 20.4% month-on-month [7]. - Aion's deliveries fell to 26,777 units, down 33.2% year-on-year and 5.4% month-on-month [4]. - NIO delivered 23,231 units, reflecting a year-on-year increase of 13.1% but a month-on-month decrease of 2.8% [10]. - Zeekr delivered 18,908 units, with a slight year-on-year increase of 1.6% and a month-on-month increase of 37.7% [11]. - Xiaomi delivered over 28,000 units, with expectations for its new SUV YU7 to be competitive in the market [11]. Market Trends and Technology - The report highlights the acceleration of autonomous driving technology, with companies like Xiaopeng and Huawei leading the charge in promoting and iterating on smart driving capabilities [12]. - The anticipated advancements in autonomous driving technology are expected to lower hardware costs and expand applications in the mainstream market [12]. - The report emphasizes that the smart driving capabilities will become a critical competitive factor for automotive companies, with a focus on those that are leading in technology and product cycles [13]. Investment Recommendations - The report recommends investing in companies that are well-positioned in the smart driving and electric vehicle sectors, specifically highlighting Geely, BYD, Xiaopeng, Li Auto, and Seres as key players to watch [13][14]. - It also suggests monitoring Xiaomi for its potential in the competitive EV market [13].