Guoxin Securities·2025-06-04 01:25Investment 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 in one 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]. - New energy vehicles (NEVs) saw production and sales of 1.251 million and 1.226 million units, with year-on-year growth of 43.8% and 44.2% [1]. - NEVs accounted for 47.3% of total new vehicle sales, with exports reaching 517,000 units, reflecting a 2% month-on-month and 2.6% year-on-year increase [1]. Weekly Data - From May 19 to May 25, domestic passenger car registrations totaled 398,900 units, up 11.9% year-on-year and 2.4% month-on-month, with NEV registrations at 221,100 units, marking a 22.1% year-on-year increase [1][2]. Market Performance - For the week of May 26 to May 30, the CS Automotive index fell by 4.32%, with the CS Passenger Vehicle index down 8.93% [2]. - The CS Automotive sector underperformed the CSI 300 index by 3.24 percentage points [2]. Company Profit Forecasts and Investment Ratings - Key companies such as Leap Motor, Geely, and Xiaopeng Motors are rated as "Outperform" with respective earnings per share (EPS) forecasts for 2025 and 2026 [4]. - Leap Motor is projected to have an EPS of -0.05 in 2025, while Geely is expected to have an EPS of 1.36 [4]. Investment Recommendations - The report recommends focusing on domestic brands and the opportunities in incremental components, particularly in the context of electric and intelligent vehicle trends [3][12][24]. - Specific recommendations include: - Vehicle manufacturers: Leap Motor, Xiaopeng Motors, Geely, Yutong Bus, and Seres [3][12]. - Intelligent technology firms: Coboda, Huayang Group, Junsheng Electronics, Bertley, and Baolong Technology [3][12]. - Robotics companies: Top Group, Sanhua Intelligent Control, and Shuanghuan Transmission [3][12]. - Domestic alternatives: Xingyu Co., Fuyao Glass, Jifeng Co., New Spring Co., and Horizon Robotics [3][12].