Shenwan Hongyuan Securities·2025-09-18 12:10Investment Rating - The report suggests a focus on domestic strong alpha manufacturers such as BYD, Geely, and Xpeng, as well as companies involved in intelligent trends like Jianghuai Automobile and Seres, recommending companies like Li Auto, Kobot, Desay SV, and Jingwei Hengrun [2][3] Core Views - The automotive industry shows significant differentiation in mid-term reports, with the complete vehicle sector facing profit pressure due to intensified competition, while the parts sector exhibits positive signals driven by new business initiatives [3][4] - Investment should continue to focus on two main lines: technology (mainly intelligentization and robotics) and overseas expansion [3][4] Summary by Relevant Sections 1. Half-Year Report Summary - The automotive industry is experiencing notable differentiation in performance, with the complete vehicle sector under pressure from competition, while the parts sector shows positive signals due to new business initiatives [3] 2. Company Updates - Sensata Group: Actively expanding into robotics, low-altitude economy, and liquid cooling, with a dedicated team of 60-80 people [4] - Kobot: Expected to achieve revenue of 11-11.5 billion yuan and net profit of 1.45-1.5 billion yuan in the coming year, with strong growth potential in domain control [6] - Fuda Co., Ltd.: Recognized for its mature production processes in robotics, with a dual layout in screw and cycloidal gear reducers [7] - Longsheng Technology: Anticipates a turning point in the second half of the year, with significant value per vehicle for the Seres M7 [8] - Baolong Technology: Transitioning from automotive sensors to robotics, with a projected turning point in the third quarter [8] - Jianghuai Automobile: Transitioning to high-end intelligent vehicles, with projected revenue of 42.2 billion yuan in 2024 and a significant improvement in profitability expected with the launch of the high-end model [9][10] 3. Investment Recommendations - Focus on domestic strong alpha manufacturers and companies with strong performance growth, robotics layout, or overseas expansion capabilities [2][3] - Recommended companies include Fuyou Glass, New Spring Co., Ltd., Fuda Co., Ltd., and others, with a focus on Sensata Group and Top Group [2][3]