【汽车零部件&机器人主线周报】宇树IPO获受理，2025年收入&利润同比实现倍数增长

Investment Highlights - The SW auto parts index decreased by 6.20% this week, ranking 5th among SW automotive sectors, with a year-to-date decline of 7.28% [3][12] - The latest PE (TTM) for SW auto parts is at the 70.62% historical percentile, while the PB (LF) is at the 64.82% historical percentile [3][31] Robotics Sector Review - The Wande Robotics Index fell by 5.82% this week, with a year-to-date decline of 9.93%, outperforming the SW auto parts sector by 0.39% [4][33] - The latest PE (TTM) for the robotics sector is at the 22.34% percentile since 2025, and the PB (LF) is at the 30.14% percentile [4][42] Core Coverage Stock Changes - Fuyao Glass: 2025 revenue and net profit attributable to shareholders increased by 16.65% and 24.20% respectively [5][54] - Xinquan Co.: 2025 revenue increased by 17.04%, but net profit attributable to shareholders decreased by 16.54% [5][54] - Xingyu Co.: 2025 revenue and net profit attributable to shareholders increased by 15.12% and 15.32% respectively [5][54] - Feilong Co.: 2025 revenue and net profit attributable to shareholders decreased by 3.77% and 3.85% respectively [5][54] - Sanlian Forging: Plans to invest approximately 400 million RMB in the industrialization of high-temperature alloy blades [5][54] Major Events - On March 20, Yushu Technology's IPO was accepted by the Shanghai Stock Exchange, with projected 2025 revenue of 1.708 billion RMB, a year-on-year increase of 335.36%, and a net profit of 288 million RMB, a year-on-year increase of 204.29% [7][46] Investment Recommendations - For auto parts, focus on structural opportunities by selecting product-oriented companies and those entering high-value sectors to increase ASP, with a priority on companies expanding capacity in Europe, North America, and Southeast Asia [8][56] - For robotics, look for certainty in opportunities, particularly with the anticipated release of Optimus V3 in Q1 2026, and monitor the application deployment by domestic companies like Xiaopeng, Yushu, and Zhiyuan [8][56] - Recommended stocks based on EPS include Fuyao Glass, Xingyu Co., Minshi Group, and Junsheng Electronics, with a focus on Xinquan Co. [8][56] - Recommended stocks based on PE include Top Group, Junsheng Electronics, Shuanghuan Transmission, and Minshi Group, with a focus on Apus Co. and Daimai Co. [8][56]