Group 1 - Aptiv aims to develop a self-controlled technology system and localize its supply chain in China amid a complex macro environment [1][3] - Mobileye showcased its comprehensive driving automation solutions based on Composite Artificial Intelligence Systems (CAIS) at the Shanghai Auto Show, targeting mainstream mass production vehicles [3] - Aptiv's president for China and Asia Pacific emphasized the necessity of creating a fully controllable and complete industrial chain in China [3][4] Group 2 - Aptiv announced the establishment of its Wind River China software headquarters in Shanghai, focusing on developing solutions suitable for the Chinese market and advancing its localization strategy [4] - The company highlighted its locally developed real-time operating system (RTOS) and virtualization platform, which are free from foreign control components and export restrictions [4] - Mobileye noted the accelerated pace of Chinese automakers entering overseas markets, facing stricter safety regulations and dynamic market conditions [4][5] Group 3 - Aptiv is committed to supporting Chinese automotive companies in their global expansion, addressing legal, data security, and compliance issues [5][6] - The future of China's automotive technology is expected to focus on software-defined intelligence, electrification, and digitalization [6] - The Chinese automotive industry has transitioned from "manufacturing" to "creation," emphasizing the need for innovative products to support global automotive development [6]

本报记者 方超 石英婧 上海报道 汇聚诸多明星车企的2025年上海车展上，动作频频的全球零部件巨头也越发受到市场关注。 4月23日，2025年上海车展拉开帷幕，《中国经营报》记者实地走访场馆发现，除了一众车企接连发布 重磅新品外，采埃孚、博世、麦格纳、大陆、佛瑞亚、法雷奥、安波福等全球百强零部件供应商也"组 团"出征，一家零部件企业展台负责人向记者感叹："今年上海Tier 1的车展存在感明显增强。" 与往年车展不同，2025年上海车展上的全球零部件巨头受关注度明显提升。 公开信息显示，博世、采埃孚、麦格纳、摩比斯、大陆、佛瑞亚、法雷奥、安波福、奥托立夫等超半数 世界百强零部件供应商参加2025年上海车展，汽车科技及供应链展区展出面积约10万平方米，参展企业 规模和数量较上届明显增长。 中国汽车流通协会专家委员会委员章弘向记者分析，随着汽车行业向电动化和智能化转型，参加2025年 上海车展的全球零部件巨头规模增加。"从多个维度展示了汽车行业正加速向智能化转型，以及智能科 技在汽车行业中的重要性日益显著。" （采埃孚展台。 受访者/图） "在全球汽车行业格局经历深刻变革的当下，我们正在加速战略转型，推动全球出行变 ...

Core Viewpoint - The company Ambarella is enhancing its localization strategy in China, focusing on developing high-performance, cost-effective solutions tailored for local automotive manufacturers, aiming to create a fully autonomous and controllable smart vehicle ecosystem [1][2]. Group 1: Localization Strategy - Ambarella is advancing its "Localization Strategy 2.0," which aims to build a 100% autonomous and controllable smart automotive technology system using Chinese talent, supply chains, and innovations [2][3]. - The company is investing heavily in China, including the establishment of two new factories: one in Wuhan for high-pressure connector systems and another in Shanghai for localized high-pressure power distribution solutions [2]. - Ambarella is also launching a smart factory for active safety products in China, which will supply key components domestically [2]. Group 2: Software and Testing Capabilities - The company is strengthening its software development and testing capabilities by establishing a new data center and testing center in China, building on the existing Wind River software center in Shanghai [3]. - Ambarella has introduced cross-domain integration solutions based on local chips to maximize cost efficiency for automotive manufacturers and consumers [4][6]. Group 3: Supply Chain and Ecosystem - Ambarella has partnered with over 100 local core suppliers to achieve a 100% domestic supply chain, with a rapid increase in localization rates [5]. - The company showcased highly localized supply chain systems at the auto show, emphasizing products developed in collaboration with local ecosystems [5]. - Key localized innovations include the Wind River Real-Time Operating System (RTOS) and Hypervisor, both developed in China and free from foreign control components [5][8]. Group 4: Globalization Support - Ambarella's "Chinese solution" has successfully assisted several automotive companies in expanding overseas, including significant reductions in software development cycles and costs for GAC [9]. - The company provides comprehensive support for new automotive clients, including compliance data collection, local vehicle maintenance, and rapid response services [9]. - Ambarella aims to enhance the global presence of Chinese automotive companies, transitioning from "Made in China" to "Created in China" by 2027, with plans for global supply chain coverage [11].

Company Performance - Aptiv PLC (APTV) closed at $53.31, reflecting a +1.97% increase compared to the previous day, outperforming the S&P 500's gain of 1.67% [1] - Over the past month, Aptiv's shares have decreased by 18.93%, which is worse than the Auto-Tires-Trucks sector's loss of 6.08% and the S&P 500's loss of 6.57% [1] Earnings Expectations - The upcoming earnings report for Aptiv is scheduled for May 1, 2025, with an expected EPS of $1.53, representing a 31.9% increase from the same quarter last year [2] - The consensus estimate projects revenue of $4.77 billion, indicating a 2.58% decline from the equivalent quarter last year [2] Full Year Projections - For the full year, the Zacks Consensus Estimates forecast earnings of $7.26 per share and revenue of $19.71 billion, showing changes of +15.97% and 0% respectively from the previous year [3] Analyst Projections - Recent shifts in analyst projections for Aptiv PLC should be monitored, as positive estimate revisions are seen as a good sign for the company's business outlook [4] Zacks Rank and Performance - The Zacks Rank system, which includes estimate changes, currently ranks Aptiv PLC at 3 (Hold), with a 0.8% decline in the Zacks Consensus EPS estimate over the past month [6] - Historically, 1 ranked stocks in the Zacks Rank system have delivered an average annual return of +25% since 1988 [6] Valuation Metrics - Aptiv PLC has a Forward P/E ratio of 7.2, which is lower than the industry's average Forward P/E of 9.52 [7] - The company has a PEG ratio of 0.47, compared to the Automotive - Original Equipment industry's average PEG ratio of 0.81 [7] Industry Context - The Automotive - Original Equipment industry, part of the Auto-Tires-Trucks sector, holds a Zacks Industry Rank of 164, placing it in the bottom 34% of over 250 industries [8] - Research indicates that the top 50% rated industries outperform the bottom half by a factor of 2 to 1 [8]

同时，跨国车企正以"真金白银"加力耕耘中国市场。安波福宣布，其武汉连接器新工厂和上海英凯博自 动化工厂将于下半年投产，进一步强化本土供应链能力。大众汽车集团则深化与地平线的合作，成立合 资公司，研发面向中国市场的L2++级辅助驾驶系统。 外资外企积极参与上海车展并加大在华投资，源于中国市场的多重优势。中国16年蝉联全球最大汽车产 销国，新能源汽车占新车总销量的比重已突破40%，且消费者对智能网联功能的需求强烈；新能源汽车 和智能网联汽车领域快速发展，拥有完整产业链、大量科技人才以及活跃创新生态，吸引外企共同参与 创新合作。 上海市国际贸易促进委员会副会长顾春霆表示，上海车展已成为全球汽车产业发展的重要风向标，外资 外企的积极参与体现了中国市场对全球汽车产业的强大吸引力，也将进一步推动中国汽车产业与全球的 4月23日，第二十一届上海国际汽车工业展览会开幕，来自26个国家和地区的近1000家中外企业，携超 百款新车及前沿技术亮相。 上海车展传递出一个清晰信号：外资企业正以"深度本土化"重构与中国市场的关系，不再局限于技术输 出，而是通过与中国伙伴的协同创新，共同定义下一代智能汽车标准。 在贸易环境复杂多变的背景下 ...

Summary of Key Points from the Conference Call Industry Overview - **U.S. Autos & Mobility**: The industry view has been downgraded to Negative due to multiple near-term pressures including earnings challenges, consumer health risks, and uncertainties surrounding auto tech investments. Auto tariffs are expected to persist, and current valuations do not fully account for these risks [5][13][67]. Core Insights - **Earnings Pressure**: The near-term investment case for the U.S. autos sector is increasingly difficult, with expectations of earnings pressure and potential withdrawal of 2025 guidance due to the uncertain environment. The consensus earnings estimates for Q1 2025 have been revised down to -2% for Europe and 7% for the U.S. [5][19][21]. - **Tariff Impact**: The revised definition of semiconductors under U.S. tariffs could affect an additional $261 billion in imports from major Emerging Asian economies, with Taiwan and Vietnam being the most impacted. This change may reduce the effective tariff rate on China's exports to the U.S. [6][29][27]. - **Sector Preferences**: There is a preference for suppliers over OEMs in the current environment, with favorable traits including low financial leverage, high margins, and strong pricing power. Specific companies like Autoliv (ALV) have been upgraded due to their defensive positioning [5][15][18][67]. Earnings Expectations - **1Q Earnings**: While beats on Q1 EPS are expected due to better-than-anticipated production and pricing, these are likely to be disregarded in the current market context. The overall sentiment suggests that earnings growth is stagnating, with significant downside risks in the event of a recession [5][19][21][22]. - **Valuation Concerns**: European equities are currently pricing in approximately 0% EPS growth, with potential downside if a recession occurs. The market has already reflected a ~10% pullback from February highs, indicating a cautious outlook [20][22]. Additional Insights - **Market Volatility**: The upcoming earnings season is expected to be scrutinized more than usual due to heightened volatility and tariff-related concerns. Investors are advised to focus on companies with relatively cheap or expensive earnings volatility [25][24]. - **Sector Dynamics**: Cyclical sectors are anticipated to drive EPS growth in Europe, but earnings momentum is weakening. Defensive sectors are catching up as revisions for cyclicals remain negative [23][22]. Rating Changes - **Downgrades**: General Motors (GM) has been downgraded to Equal Weight, with a significant reduction in EBIT estimates from $14.4 billion to $8.6 billion for 2025. Other companies like Aptiv (APTV), Mobileye (MBLY), and Visteon (VC) have also been downgraded due to risks associated with auto tech uptake [14][16][67]. Conclusion - The U.S. autos sector faces significant challenges from tariffs, earnings pressures, and macroeconomic uncertainties. The focus on suppliers and defensive positions may provide some resilience, but overall market conditions remain precarious with potential for further downgrades in earnings expectations.

【环球网智驾报道 记者 心月】在第21届上海国际车展期间，全球科技公司安波福首发多款为中国市场量身定制的本地化创新方案，深度赋能中国车企向更 高水平的智能化、电动化进军。环球网记者与安波福中国及亚太区总裁杨晓明就本土化战略布局、面临的行业挑战以及未来愿景等方面进行了深入探讨交 流。 安波福全力推进"在中国，为中国"战略，持续加大投资。杨晓明介绍，在去年设立新的风河上海软件中心、常熟汽车技术研发中心和投资中国本土企业智驾 科技MAXIEYE之后，今年车展又宣布多项重大投资。如今年下半年，两座聚焦新能源汽车的全新工厂将投产，中国主动安全产品线智能黑灯工厂也将落 地，中国数据中心、测试中心等已进入规划筹备阶段。 在完善布局的同时，安波福深度推进国产化，完善本土供应链配套能力。目前已开发百余家本土核心供应链伙伴，目标是实现核心物料百分百国产化。杨晓 明称："我们正在全力、全速推进本地化战略2.0，构建起全面、彻底、完整的中国方案。"通过带动本土供应链发展，安波福助力国内合作伙伴接入全球汽 车供应链，预计2027年实现中国供应链的全球覆盖。 应对行业挑战：从容布局，化解难题 面对地缘政治带来的关税问题和潜在芯片短缺风险 ...

上海车展期间，安波福（APTV：NYSE)表示，将支持全面芯片国产化。安波福是一家跨国汽车零部 件供应商，中国及亚太区总裁杨晓明表示："我们正在全力、全速推进本地化战略2.0，构建起全面、 彻底、完整的中国方案。"汽车电动化和智能化变局中，芯片发挥越来越重要作用。安波福基于国产 SoC芯片开发的ADAS方案已经获得国内头部新势力车企的定点。 ...

上海车展期间，安波福表示，将支持全面芯片国产化。安波福是一家跨国汽车零部件供应商，中国及亚 太区总裁杨晓明表示："我们正在全力、全速推进本地化战略2.0，构建起全面、彻底、完整的中国方 案。"汽车电动化和智能化变局中，芯片发挥越来越重要作用。安波福基于国产SoC芯片开发的ADAS方 案已经获得国内头部新势力车企的定点。(一财科技) ...

Group 1 - The Shanghai Auto Show is set to attract numerous car manufacturers and major industry suppliers, with global technology company Aptiv (安波福) holding a media sharing event on April 22 to unveil several localized innovative solutions tailored for the Chinese market [1] - Aptiv has announced significant investment initiatives, including the establishment of two new factories in China focused on electric vehicles, which are expected to commence production in the second half of this year [2] - The new Aptiv Wuhan connector factory will serve as the largest intelligent production base for high-voltage products in its connector systems, while the Shanghai automation factory will provide localized solutions for high-voltage power distribution [2] Group 2 - At the auto show, Aptiv will debut a series of localized innovative solutions, including the Wind River real-time operating system (RTOS) and virtualization platform Hypervisor, both developed locally in China and free from foreign control components [3] - The company aims to integrate advanced AI technologies into its new generation of smart automotive solutions, which will include end-to-end advanced driver assistance systems and AI-enabled perception systems, all based on a fully domestic supply chain [3] - Aptiv is recognized as a leading global automotive parts supplier, with 140 production bases and 11 technology centers across 49 countries, and its products are featured in 12 of the top 20 best-selling car models in China for 2024 [3] Group 3 - Aptiv's strategy emphasizes a comprehensive localization approach, leveraging Chinese technology, talent, speed, cost, and supply chains to create a complete Chinese solution and foster seamless collaboration with local partners [5]