Guoxin Securities·2025-06-03 13:51Investment Rating - The report maintains an "Outperform" rating for the automotive industry [4][5]. Core Views - The report emphasizes the acceleration of Robotaxi commercialization and the launch of new models like Xiaopeng MONA M03, which achieved over 10,000 pre-orders within an hour [1]. - It highlights the long-term focus on the rise of domestic brands and opportunities in incremental components driven by electric and intelligent trends [3][12]. - The report anticipates a strong new product cycle for companies like Huawei and Xiaomi in the automotive sector [3][12]. Monthly Production and Sales Data - In April, automotive production and sales reached 2.619 million and 2.590 million units, respectively, with month-on-month declines of 12.9% and 11.2%, but year-on-year increases of 8.9% and 9.8% [1]. - Passenger vehicle production and sales were 2.257 million and 2.223 million units, with month-on-month declines of 12.4% and 10%, and year-on-year increases of 10.2% and 11% [1]. - New energy vehicle production and sales reached 1.251 million and 1.226 million units, with year-on-year growth of 43.8% and 44.2% [1]. Weekly Data - From May 19 to May 25, domestic passenger car registrations totaled 398,900 units, a year-on-year increase of 11.9% and a month-on-month increase of 2.4% [2]. - New energy passenger car registrations during the same period were 221,100 units, reflecting a year-on-year increase of 22.1% and a month-on-month increase of 1.7% [2]. Market Performance - For the week of May 26 to May 30, the CS Automotive index fell by 4.32%, while the CS Passenger Vehicle index dropped by 8.93% [2]. - The CS Commercial Vehicle index increased by 0.68%, and the CS Automotive Parts index decreased by 2.09% [2]. - The report notes that the automotive sector underperformed the CSI 300 index by 3.24 percentage points [2]. Key Company Profit Forecasts and Investment Ratings - Leap Motor (9863.HK): Outperform, last close at 55.40 CNY, market cap 67.9 billion CNY, 2025E EPS -0.05, PE -1108 [4]. - Geely Automobile (0175.HK): Outperform, last close at 17.62 CNY, market cap 162.8 billion CNY, 2025E EPS 1.36, PE 13 [4]. - Xiaopeng Motors (9868.HK): Outperform, last close at 76.35 CNY, market cap 133.2 billion CNY, 2025E EPS -0.84, PE -91 [4]. - Horizon Robotics (9660.HK): Outperform, last close at 7.12 CNY, market cap 86.1 billion CNY, 2025E EPS -0.14, PE -50 [4]. - Top Group (601689.SH): Outperform, last close at 49.30 CNY, market cap 85.7 billion CNY, 2025E EPS 2.04, PE 24 [4]. Investment Recommendations - The report recommends focusing on domestic brands and the opportunities in incremental components, particularly in the context of electric and intelligent vehicles [3][12][24]. - Specific recommendations include: - Vehicle manufacturers: Leap Motor, Xiaopeng Motors, Geely, Yutong Bus, and Seres [3]. - Intelligent technology companies: Coboda, Huayang Group, Junsheng Electronics, Bertley, and Bolong Technology [3]. - Robotics companies: Top Group, Sanhua Intelligent Control, and Shuanghuan Transmission [3]. - Domestic alternatives: Xingyu Co., Fuyao Glass, Jifeng Co., New Spring Co., and Horizon Robotics [3].