Core Insights - The A-share market experienced a collective decline on September 23, with the automotive parts sector showing resilience and increasing in value [1] - The automotive parts ETF (562700) rose by 0.13% with a trading volume of 17.54 million yuan, leading its category [1] - Key stocks such as Xusheng Group, Yongding Co., and Dayang Motor reached their daily limit up, indicating strong market interest [1] Automotive Parts Sector - The automotive parts ETF tracks the CSI Automotive Parts Theme Index, which includes high-quality component manufacturers across various automotive systems [1] - The sector is benefiting from the trends of electrification and intelligence in the domestic automotive industry, suggesting significant growth potential [1] - Companies involved in robotics are increasingly integrating into the automotive parts sector, with humanoid robots seen as a "second curve" for automotive components [1]

Core Viewpoint - Chery Automobile has officially launched its Hong Kong IPO, aiming to issue 297.4 million H-shares with a price range of HKD 27.75 to HKD 30.75, potentially raising up to HKD 91.45 billion (approximately USD 12 billion) [2][4] Group 1: IPO Details - The IPO is set to be listed on the Hong Kong Stock Exchange on September 25, with the stock code "09973" [2] - The investor lineup for the IPO includes notable institutions such as Hillhouse Capital, Mixed Reform Fund, and Jinglin Capital, with total subscriptions amounting to approximately USD 587 million (HKD 45.725 billion) [4] - The net proceeds from the fundraising are estimated to be around HKD 84.41 billion, allocated as follows: 35% for R&D of various passenger vehicles, 25% for next-generation vehicle and advanced technology development, 20% for overseas market expansion, 10% for upgrading production facilities in Wuhu, Anhui, and the remaining 10% for working capital [4] Group 2: Company Performance - Chery Automobile's revenue is projected to grow from CNY 92.618 billion in 2022 to CNY 269.897 billion in 2024, with a compound annual growth rate (CAGR) of 70.7% [5] - Net profit is expected to increase from CNY 5.806 billion to CNY 14.334 billion during the same period, reflecting a CAGR of 57.1% [5] - In 2024, Chery's global sales are anticipated to exceed 2.6039 million units, with exports accounting for 1.1446 million units, representing 44% of total sales [5] Group 3: Challenges and Strategic Focus - As of September 30, 2024, Chery's debt-to-asset ratio stands at 88.64%, with net current liabilities of CNY 3.401 billion [6] - The company's accounts payable surged from CNY 51.708 billion in 2022 to CNY 89.803 billion [6] - Chery's gross margin has declined from 16.0% in 2023 to 13.5% in 2024, further dropping to 12.4% in Q1 2025, indicating a divergence between profit quality and scale growth [6] - The company plans to invest heavily in R&D, particularly in smart driving and new energy technologies, to close the technological gap with competitors like BYD and Geely [6] - Chery aims to establish three new factories in Europe and Southeast Asia over the next three years, increasing its overseas sales proportion to 50% [6]

Core Insights - The company held an online earnings briefing on September 19, 2025, to address investor inquiries and discuss future growth strategies [1][2]. Group 1: Earnings Briefing Details - The earnings briefing was conducted via the "Investor Relations Interactive Platform" and included participation from various investors [2]. - Key company executives present included Chairman Li Yongxiang, President and CFO Yi Yu, Vice President and Board Secretary Jiang Weilong, and Independent Director Huang Hao [2]. Group 2: Growth Strategies - The company aims to solidify its plastic air conditioning fan business while developing automotive parts as a second growth curve in 2025 [2]. - The strategy includes aligning with trends in automotive electrification and intelligence, enhancing the scale and profitability of the automotive parts business, and optimizing the business structure through smart manufacturing [2]. Group 3: Market and Valuation Concerns - In response to concerns about whether company performance can support its market value, management acknowledged that stock prices are influenced by macroeconomic factors, industry dynamics, and market volatility [2]. - The management emphasized the importance of strong performance in enhancing market value and committed to continuously promoting core business development to solidify fundamentals [2].

编号：2025-003 | | □特定对象调研 □分析师会议 | | | --- | --- | --- | | 投资者关系活 | □媒体采访 √业绩说明会 | | | | □新闻发布会 □路演活动 | | | 动类别 | □现场参观 | | | | □其他：(请文字说明其他活动内容) | | | 参与单位名称 及人员姓名 | 线上参与的投资者 | | | 时间 | 年 月 9 19 日（星期五）15:30-17:00 | 2025 | | 地点 | 公司通过全景网"投资者关系互动平台"（http://rs.p5w.net） | | | | 采用网络远程的方式召开业绩说明会 | | | 上市公司接待 | 董事长 李永祥 | | | | 总裁兼财务负责人 易 雨 | | | 人员姓名 | 副总裁兼董事会秘书 蒋卫龙 | | | | 独立董事 黄 浩 | | | 投资者关系活 | 投资者提出的问题及公司回复情况 尊敬的投资者，您好！2025 | | | | 公司就投资者在本次交流中提出的问题进行了回复： | | | | 1．公司有无新的利润增长点，在提质增效上有何新亮点？ | | | | 年，公司在巩固塑料空调风 ...

Group 1 - Dongfeng Motor Group Co., Ltd. announced the establishment of a joint venture focused on manufacturing and selling smart off-road vehicles under the Hummer brand, with a registered capital of RMB 8.47 billion [1] - The joint venture will involve contributions from Dongfeng Group, Dongfeng Motor Co., and other partners, with Dongfeng Group contributing intangible asset usage rights and physical assets [1] - The new joint venture aims to leverage Huawei's technology to enhance the Hummer brand's offerings in the high-end off-road vehicle market [2][4] Group 2 - Dongfeng's high-end new energy brand, Lantu, has seen significant growth, with sales exceeding 80,000 units from January to August, a year-on-year increase of 94.3% [4] - Lantu's financial performance has improved, with a projected tax-adjusted net loss of RMB 180 million in 2024, a significant reduction from RMB 1.472 billion in 2023 [4][6] - The partnership with Huawei has been pivotal for Lantu, with new models featuring advanced Huawei technologies [4][6] Group 3 - Dongfeng is replicating Lantu's success by creating another high-end new energy brand, Hummer, which has already launched two models and achieved sales of 2,451 units from January to August, an increase of 88.8% [7] - The Hummer brand is focusing on the niche off-road market and aims to strengthen its brand recognition through innovation and collaboration with Huawei [7] - The Hummer M817 model, developed in collaboration with Huawei, features advanced technology and is expected to enhance the brand's market presence [7] Group 4 - Dongfeng Nissan's production facility in Xiangyang has faced declining sales, with a 10.6% year-on-year drop in total sales for the first eight months of the year [10][12] - The Xiangyang plant, which has a maximum annual production capacity of over 200,000 vehicles, is undergoing transformation to address overcapacity issues [10][12] - Dongfeng is actively working to optimize production capacity across its facilities, with plans to expand the Xiangyang plant's capacity to 300,000 vehicles in the long term [12]

Core Viewpoint - The restructuring of Aikodi (600933.SH) has received approval from the China Securities Regulatory Commission, marking the beginning of the implementation phase for the acquisition of 71% of Zhuoerbo's shares for 1.118 billion yuan, which is a significant move to strengthen Aikodi's position in the automotive parts industry [1][2]. Group 1: Acquisition Details - Aikodi plans to acquire 71% of Zhuoerbo Precision Electromechanical Co., Ltd. for 1.118 billion yuan through a combination of issuing shares and cash payments, while also raising up to 520 million yuan from specific investors to cover transaction costs [1][2]. - Zhuoerbo's valuation is set at 1.576 billion yuan, with an increase rate of 118.48%, making the acquisition price for the 71% stake 1.118 billion yuan [3]. Group 2: Financial Projections - Zhuoerbo has committed to achieving a net profit of no less than 4.725 billion yuan from 2025 to 2027, with annual targets of 1.415 billion yuan, 1.569 billion yuan, and 1.741 billion yuan respectively [4]. - Following the acquisition, Aikodi's revenue and net profit are projected to increase by 16.24% and 12.02% respectively, with total assets and equity reaching 17.163 billion yuan and 1.004 billion yuan, reflecting growth of 15.95% and 11.78% [8]. Group 3: Business Strategy and Market Position - The acquisition is a strategic move for Aikodi to enhance its core business in automotive parts, focusing on the development of micro-special motors and precision components, which are essential for the automotive sector [4]. - Aikodi has established a competitive advantage in the automotive parts supply chain, emphasizing the development of new products aligned with the trends of electrification and intelligent driving [6]. - The company has a robust product development pipeline, introducing no fewer than 400 new products annually, with a projected sales revenue of over 10 billion yuan from these products [6]. Group 4: Operational Expansion - Aikodi has expanded its manufacturing capabilities globally, with facilities in Mexico, Malaysia, Germany, and Hungary, enhancing its ability to meet customer demands and reduce logistics costs [7]. - The integration of Zhuoerbo into Aikodi's operations is expected to leverage these global advantages, fostering deeper collaborations with international clients [7].

Core Viewpoint - The article highlights the significant role of active safety systems in the automotive industry's transition towards electrification and intelligence, emphasizing the importance of domestic production for industry autonomy and global competitiveness [2][8]. Company Overview - 瑞立科密 has evolved from a follower to a leader in the domestic commercial vehicle active safety system market over 20 years, establishing itself as a key player in the industry [2][4]. - The company is one of the few in China capable of developing various active safety systems, including ABS, ESC, EBS, EPB, and ECAS, covering mainstream technical routes in braking safety for commercial vehicles, passenger cars, and motorcycles [3][4]. Market Position - 瑞立科密 has maintained the top position in the production and sales of ABS and other braking systems for ten consecutive years, with market shares of 24.00%, 23.72%, and 27.92% for ABS, ESC, and EBS in the commercial vehicle sector, respectively [3][4]. - The company has established strategic partnerships with major domestic vehicle manufacturers, including FAW Jiefang, Dongfeng Group, and SAIC, and has begun exporting to Europe and the United States [4][6]. Financial Performance - The company reported revenues of 1.326 billion yuan, 1.760 billion yuan, and 1.977 billion yuan for 2022, 2023, and 2024, respectively, with net profits of 96.96 million yuan, 236 million yuan, and 269 million yuan during the same period [4][6]. - The active safety system business accounted for 74.24%, 82.37%, and 82.49% of the company's main business revenue from 2022 to 2024, indicating a strong focus on this segment [4]. Technological Advancements - 瑞立科密 has developed core technologies in active safety systems, breaking the international monopoly held by companies like ZF, Knorr, Bosch, and Continental, thus contributing to the domestic automotive industry's self-sufficiency [6][7]. - The company has achieved significant technological milestones, including the development of various advanced control technologies and has been recognized with numerous patents and industry awards [7][8]. Market Opportunities - The global automotive industry is shifting towards emerging markets, with significant growth potential in new energy vehicles, as evidenced by a compound annual growth rate of 47.03% in China's new energy vehicle production from 2015 to 2024 [8][9]. - New regulations mandating the installation of electronic stability control systems and electronic braking systems in commercial vehicles are expected to create a market space of approximately 3 billion yuan, which 瑞立科密 is well-positioned to capitalize on [9]. Future Outlook - The company plans to leverage its upcoming IPO to enhance its research and development capabilities and strengthen its market position in the global automotive intelligent electronic control system sector [9].

Core Insights - The automotive parts industry in China is experiencing growth driven by the increasing penetration of electric vehicles, which reached 44.3% in the first half of 2025, alongside the acceleration of smart technology and international market expansion [2] - Companies are actively seeking new growth points in emerging fields while enhancing supply chain management and production efficiency to mitigate rising raw material costs and intensifying market competition [2] Group 1: Company Performance - Weichai Power achieved revenue of 113.15 billion yuan, a year-on-year increase of 0.59%, with net profit of 5.64 billion yuan, down 4.4% [3] - Huayu Automotive reported revenue of 84.68 billion yuan, up 9.55%, and net profit of 2.88 billion yuan, up 0.72%, with a significant increase in orders for new energy vehicles [4] - Top Group's revenue reached 12.935 billion yuan, a 5.83% increase, but net profit fell by 11.08% due to high accounts receivable [4] - Fuyao Glass recorded revenue of 21.447 billion yuan, up 16.94%, and net profit of 4.805 billion yuan, up 37.33%, driven by high-value products [5] Group 2: Battery and Electric Drive Sector - CATL reported revenue of 178.886 billion yuan, a 7.27% increase, with net profit of 30.485 billion yuan, up 33.33% [6] - Guoxuan High-Tech achieved revenue of 19.394 billion yuan, up 15.48%, and net profit of 367 million yuan, up 35.22% [6] - The solid-state battery sector is gaining traction, with companies like Guoxuan High-Tech establishing pilot lines and planning for mass production [7] Group 3: Intelligent Configuration and Market Trends - The penetration rate of automotive combination auxiliary driving functions rose to 32% in the first half of 2025 [9] - Desay SV reported revenue of 14.644 billion yuan, a 25.25% increase, with net profit of 1.223 billion yuan, up 45.82% [10] - Horizon achieved revenue of 1.567 billion yuan, a 67.6% increase, driven by significant growth in product and solution sales [10] Group 4: Traditional Parts and Market Dynamics - The domestic multi-cylinder diesel engine sales reached 2.1541 million units, a 3.84% increase in the first half of 2025 [12] - Dong'an Power reported revenue of 2.479 billion yuan, a 25.72% increase, with a net profit turnaround due to increased automatic transmission orders [13] - The tire industry showed steady growth, with significant export increases, although profit margins are under pressure due to raw material price fluctuations [14]

Group 1 - The core viewpoint of the article highlights the strong performance of Minth Group, with a stock price increase of over 5%, reaching 33.6 HKD and a trading volume of 517 million HKD [1] - CITIC Securities indicates that Minth Group is expected to benefit from the global trends of electrification and intelligent transformation in the automotive industry, leveraging its leading position in new energy battery box business and intelligent exterior systems [1] - The company is well-positioned to capitalize on the opportunities presented by Chinese automotive companies expanding overseas, while its domestic business structure optimization will enhance profitability [1] Group 2 - The projected net profit for Minth Group is expected to be 2.66 billion and 2.94 billion CNY for 2025-2026, corresponding to PE ratios of 13.94 and 12.60 times, respectively, with a "buy" rating recommended [1] - Shenwan Hongyuan notes that after the TMT sector leads the market, technology-driven sectors, including robotics and low-altitude economy, are likely to follow suit, suggesting a focus on Minth Group [1] - The recommendation emphasizes the importance of companies with strong performance growth, robotics layout, and overseas expansion capabilities in the automotive parts sector [1]

Core Viewpoint - The electric power steering (EPS) system is increasingly replacing traditional hydraulic systems in vehicles due to its efficiency, integration capabilities with electronic control units, and support for advanced driving assistance systems (ADAS) [1][13][14]. Market Overview - The global EPS market is projected to reach $21.66 billion by 2031, with a compound annual growth rate (CAGR) of 1.8% in the coming years [2]. - The top five manufacturers are expected to hold approximately 78.0% of the market share by 2024 [5]. Product Segmentation - The column-type EPS currently dominates the market, accounting for about 38.7% of the total share [8]. - Passenger vehicles represent the largest application segment, making up approximately 88.2% of the demand [10]. Driving Factors - Growing demand for energy-saving and emission-reducing technologies is pushing the adoption of EPS systems, which consume power only when needed [13]. - The rapid development of electric and hybrid vehicles is leading to EPS becoming the standard steering solution [13]. - EPS systems facilitate easy integration with ADAS, enhancing the functionality of smart vehicles [14]. - Stricter emission regulations are encouraging manufacturers to adopt EPS to reduce engine load and emissions [15]. - EPS enhances driving comfort and safety by adjusting assistance levels based on speed and driving conditions [16]. Challenges - High research and integration costs are significant barriers to transitioning from hydraulic to EPS systems, especially for older vehicle platforms [17]. - Reliability issues may arise in extreme environments, affecting the stability of electronic components in EPS systems [17]. - Some EPS designs may provide weaker feedback compared to hydraulic systems, potentially impacting the driving experience of high-performance vehicles [18]. - The complexity of EPS systems can lead to higher costs and difficulties in maintenance and diagnostics [19]. - Increased integration with ADAS and connected vehicle systems raises cybersecurity risks [20]. Industry Opportunities - Emerging markets present significant growth potential as automotive manufacturing capabilities and safety standards improve [21]. - The demand for electric and autonomous vehicles is driving the need for EPS, which is crucial for precise steering control [21]. - Integration with artificial intelligence and predictive systems could lead to personalized and adaptive steering solutions [21]. - The aftermarket for retrofitting older vehicles with EPS systems is becoming a new opportunity for manufacturers [21]. - The trend towards lightweight vehicles aligns with the smaller and lighter EPS systems, enhancing overall vehicle performance and efficiency [21].