Shenwan Hongyuan Securities·2026-01-21 08:27Investment Rating - The report maintains a positive outlook on the automotive industry, indicating an "Overweight" rating, suggesting that the industry is expected to outperform the overall market [2][12]. Core Insights - Yongda Automotive shows strong recovery signals with cash flow and dividend yield attractiveness, benefiting from support from manufacturers like BMW, and is expected to see significant performance improvements in 2025 [3]. - Tianzhun Technology's core business is experiencing robust growth, but the industry faces cost pressures due to memory shortages, particularly in high-end DDR5 memory [4]. - Longsheng Technology has significant untapped potential in the commercial aerospace sector, with a solid market position in satellite components and a clear growth trajectory in its robotics business [5]. - Yinlun Technology is positioned to benefit from the growth of data center liquid cooling solutions, with expected significant market elasticity by 2027 [5]. - Fuda Co., Ltd. has issued convertible bonds, indicating positive signals for business certainty and valuation support, with a focus on expanding production capacity [6]. - Tiancai Control is strategically positioned in the low-altitude economy, with ongoing efforts to secure key clients and certifications, which could lead to substantial market share gains [6]. Summary by Relevant Sections Yongda Automotive - The company is a key dealer for BMW, showing strong recovery signals with a projected net cash flow exceeding 1.1 billion yuan in the first half of 2025, supported by manufacturer subsidies and a reduction in inefficient dealerships [3]. Tianzhun Technology - The company focuses on intelligent driving and embodied intelligence, with strong growth momentum, but faces challenges from memory supply shortages impacting vehicle production costs [4]. Longsheng Technology - The company has significant growth potential in the commercial aerospace sector, with a strong foothold in satellite components and a clear growth strategy in its robotics business [5]. Yinlun Technology - The company is focusing on data center liquid cooling modules, with expectations for significant market growth by 2027, while also being a key supplier in the robotics sector [5]. Fuda Co., Ltd. - The issuance of convertible bonds at a conversion price of 17.5 yuan signals positive business prospects, with a focus on expanding production capacity and addressing market concerns regarding client structure [6]. Tiancai Control - The company is well-positioned in the low-altitude economy, actively working on client acquisition and technical certifications, which could lead to significant market share in the future [6].