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周观点 | 车企承诺降低账期 整零关系走向双赢【民生汽车 崔琰团队】
汽车琰究·2025-06-15 10:08

Core Viewpoint - The automotive industry is experiencing a shift towards a more collaborative relationship between manufacturers and suppliers, with a focus on reducing payment terms to enhance cash flow and stability in the supply chain [5][10]. Weekly Data - In the first week of June 2025, passenger car sales reached 362,000 units, representing a year-on-year increase of 12.4% but a month-on-month decrease of 22.3%. New energy vehicle sales were 202,000 units, up 18.9% year-on-year and down 18.4% month-on-month, with a penetration rate of 55.7%, an increase of 2.6 percentage points from the previous month [2][40]. Market Performance - The automotive sector underperformed the market in the week of June 9-13, 2025, with a decline of 0.37%, ranking 18th among sub-industries. Commercial vehicles, motorcycles, and other segments saw increases of 9.38%, 0.95%, and 0.56%, respectively, while passenger cars, automotive services, and auto parts declined by 0.99%, 0.88%, and 1.29% [3][31]. Investment Recommendations - The focus is on high-quality domestic brands that are accelerating in smart technology and globalization, with recommendations including Geely, BYD, Xiaopeng Motors, and others. In the parts sector, specific recommendations include companies involved in new energy and smart driving technologies [4][7][12]. Supplier Payment Terms - Multiple automakers, including Dongfeng, GAC, and Geely, have committed to standardizing supplier payment terms to within 60 days, responding to new regulations aimed at supporting small and medium enterprises. This shift indicates a move from price competition to "payment term competition," which may lead to the exit of financially weaker players from the market [5][10]. Huawei Developer Conference - The upcoming Huawei Developer Conference on June 20, 2025, is anticipated to catalyze advancements in embodied intelligence, particularly in AI and robotics. The focus will be on hardware innovations that could significantly impact the industry [6][16]. Motorcycle Market - The motorcycle market is seeing growth, with sales of 250cc and above motorcycles reaching 93,000 units in April 2025, a year-on-year increase of 28.0%. The cumulative sales from January to April 2025 reached 298,000 units, up 58.3% year-on-year [17][19]. Heavy Truck Market - Heavy truck sales in May 2025 were 83,000 units, a year-on-year increase of 6.0%. The expansion of the vehicle replacement subsidy program is expected to stimulate demand for new trucks [21][22]. Tire Industry - The tire industry is experiencing a high operating rate, with domestic PCR tire operating rates at 78.11% and TBR rates at 62.46%. The demand for tires remains strong, supported by both domestic and international markets [25][51].