Huaxin Securities·2025-06-16 15:36Investment Rating - The report maintains a "Buy" rating for the automotive industry, highlighting the potential of humanoid robots and the recent changes in the automotive supply chain [1][8][42]. Core Insights - The automotive industry is experiencing a shift towards value-driven competition, with a new 60-day payment term for suppliers aimed at alleviating financial pressure on small and medium-sized enterprises [6][7]. - The first humanoid robot 4S store is set to open in Beijing, providing a new platform for showcasing and selling various humanoid robots, with nearly 30 companies expected to participate [3]. - The Ministry of Industry and Information Technology and the Ministry of Civil Affairs are launching pilot projects for smart elderly care robots, focusing on practical applications and product safety [4][5]. Market Performance - The automotive sector's performance has been mixed, with the CITIC Automotive Index declining by 0.7%, underperforming the broader market [16]. - The average PE ratio for the automotive industry stands at 35.9, indicating a relatively high valuation compared to historical levels [26]. Investment Recommendations - The report suggests focusing on companies involved in humanoid robots, particularly those producing lead screws and linear joint assemblies, with specific recommendations for companies like Shuanglin Co., Ltd. and Reddick [5][8][42]. - For automotive parts suppliers, the report recommends companies with strong bargaining power and close ties to major automakers, particularly in lightweight materials and interior/exterior components [7][43]. Company Announcements and Industry News - Reddick has announced the acquisition of a 51% stake in a precision technology company to enhance its humanoid robot strategy [47]. - The report notes significant developments in the automotive sector, including the upcoming launch of Tesla's Robotaxi service and ongoing trade negotiations between the U.S. and China [61][57].