Investment Rating - The report maintains an investment rating of "Outperform the Market" for the automotive industry [4][8]. Core Insights - The automotive industry is experiencing growth, with March 2025 production and sales reaching 3.0058 million and 2.9155 million vehicles, respectively, representing year-on-year increases of 11.86% and 8.2% [28][41]. - The penetration rate of new energy vehicles (NEVs) is increasing, with March 2025 NEV production and sales at 1.277 million and 1.237 million units, showing year-on-year growth of 47.93% and 40.11% [64]. - The report emphasizes the importance of the ongoing smart driving technology upgrades among various automakers, which is expected to drive investment opportunities in the industry [4][8]. Summary by Sections 1. Industry Performance Review - As of April 21, 2025, the automotive (CITIC) industry index has decreased by 6.62%, underperforming the Shanghai Composite Index by 3.99 percentage points [12][18]. - The automotive sector has seen a year-to-date increase of 3.93%, outperforming the Shanghai Composite Index by 7.75 percentage points [12][18]. - The industry valuation levels have declined, with the PE (TTM) at 28.56 times, ranking 13th among 30 CITIC primary industries [22][23]. 2. Key Industry Data Tracking 2.1 Industry Overview - In March 2025, the automotive industry produced 3.0058 million vehicles and sold 2.9155 million vehicles, with month-on-month increases of 42.93% and 36.97% [28]. - The inventory coefficient for automotive dealers was 1.56, indicating a slight decrease from the previous month [28]. 2.2 Passenger Vehicles - March 2025 saw passenger vehicle production and sales of 2.5745 million and 2.4682 million units, respectively, with year-on-year increases of 14.43% and 10.37% [41]. - The market share of domestic brands in passenger vehicle sales reached 66% in March 2025, with a year-on-year increase of 6.7 percentage points [48]. 2.3 Commercial Vehicles - Commercial vehicle production and sales in March 2025 were 431,400 and 447,300 units, respectively, showing year-on-year declines of 1.37% and 2.38% [56]. - The heavy truck market is experiencing a significant increase in new energy heavy trucks, with sales up 183% year-on-year [59]. 2.4 New Energy Vehicles - The NEV market is rapidly growing, with a penetration rate of 42.43% in March 2025, up 0.54 percentage points from the previous month [64]. - Cumulative NEV production and sales from January to March 2025 reached 3.182 million and 3.075 million units, respectively, with year-on-year increases of 50.43% and 47.11% [64]. 3. Important Industry Company News - The report highlights various new vehicle launches and the ongoing development of smart driving technologies among major automotive manufacturers [85][86]. - The report also notes the significant growth in the number of charging stations across China, which has reached over 13 million, reflecting a 47.6% year-on-year increase [90].

Investment Rating - The report maintains an investment rating of "Outperform the Market" for the automotive industry [4][8]. Core Insights - The automotive industry is experiencing growth, with March 2025 production and sales reaching 3.0058 million and 2.9155 million vehicles, respectively, representing year-on-year increases of 11.86% and 8.2% [28]. - The penetration rate of new energy vehicles (NEVs) has increased, with March 2025 NEV production and sales reaching 1.277 million and 1.237 million units, respectively, showing year-on-year growth of 47.93% and 40.11% [64]. - The report highlights the ongoing shift towards intelligent driving technologies, with several automakers accelerating the development of L3 level autonomous driving systems [4]. Industry Performance Review - As of April 21, 2025, the automotive (CITIC) industry index has decreased by 6.62%, underperforming the Shanghai Composite Index by 3.99 percentage points [12]. - The automotive sector has seen a year-to-date increase of 3.93%, outperforming the Shanghai Composite Index by 7.75 percentage points [12]. - The automotive industry is ranked 27th among 30 CITIC primary industries [12]. Key Data Tracking Industry Overview - In March 2025, the automotive industry produced 3.0058 million vehicles and sold 2.9155 million vehicles, with month-on-month increases of 42.93% and 36.97% [28]. - The inventory coefficient for automotive dealers in March 2025 was 1.56, indicating a slight decrease from the previous month [28]. Passenger Vehicles - In March 2025, passenger vehicle production and sales reached 2.5745 million and 2.4682 million units, respectively, with year-on-year increases of 14.43% and 10.37% [41]. - The market share of domestic brand passenger vehicles reached 66% in March 2025, with sales of 1.629 million units, reflecting a year-on-year increase of 22.85% [48]. Commercial Vehicles - Commercial vehicle production and sales in March 2025 were 431,400 and 447,300 units, respectively, showing year-on-year decreases of 1.37% and 2.38% [56]. - The report notes a recovery trend in commercial vehicles, particularly in the truck segment, which saw production and sales of 381,100 and 394,200 units, respectively [59]. New Energy Vehicles - The report indicates that NEV production and sales in March 2025 reached 1.277 million and 1.237 million units, with a penetration rate of 42.43% [64]. - NEV exports in March 2025 totaled 158,000 units, reflecting a year-on-year increase of 26.8% [36]. Investment Recommendations - The report suggests maintaining the "Outperform the Market" rating and emphasizes the importance of monitoring the progress of intelligent upgrades in the automotive sector [4].

撰 文 / 周 洲 与此同时，被特朗普的关税闪电战伤到的盟友日本，由丰田汽车、日产汽车和本田汽车组成的财团 ASRA正在牵头讨论下一代汽车芯片的标准化设计，并希望在2029年3月前完成，欲在一片乱局中 抢回丢失的汽车智能化机会。 设 计 / 赵昊然 来 源 / Bloomberg,by Catherine Thorbecke;NIKKEI，by Ryohtaroh Satoh 在美国宣布限制专供中国市场的H20芯片之后，芯片巨头英伟达创始人兼CEO黄仁勋紧急来华。 4月17日，现身北京首都国际机场的黄仁勋罕见地脱下了皮衣，换上西装，以示规格与重视。 这是继1月春节年会、3月商务洽谈后，黄仁勋三个月内第三次来华。 皮衣黄变身为西装黄的背后，是他在贸易战的压力下对中国市场的力争。 中国区贡献了英伟达全球13%的营收，约171亿美元（1245亿元人民币），且过去三年增速超过 495%。中国市场在其数据中心业务中占比约20%—25%。 腾讯、阿里巴巴、字节跳动等中国科技大公司是英伟达的重要客户，同时，英伟达与理想汽车、长 城汽车、极氪、小米、比亚迪等车企在智能辅助驾驶系统以及汽车芯片方面有合作。 黄仁勋表态称："中国 ...

Investment Rating - The report maintains a "Buy" rating for the company [6] Core Insights - The company achieved a revenue of 1.13 billion yuan in 2024, representing a year-over-year increase of 23.72%, with a net profit of 253 million yuan, up 68.4% year-over-year [4] - The automotive CIS segment is identified as a key growth driver, with significant increases in chip packaging and testing revenue, which reached 817 million yuan in 2024, a 33.55% increase year-over-year [8] - The company is actively expanding its optical device business and investing in overseas manufacturing bases to enhance its global presence and meet international customer demands [8] Financial Summary - The company forecasts total revenue of 1.56 billion yuan for 2025, with a year-over-year growth rate of 38.2% [7] - The projected net profit for 2025 is 399 million yuan, reflecting a year-over-year increase of 57.7% [7] - The gross margin is expected to improve to 45.4% in 2025, up from 43.3% in 2024 [7]

| 投资要点 | | --- | 事件： 公司发布2025年一季度报告。2025年一季度公司实现营业收入99.10亿元，同比增长12.16%， 环比下降9.40%；实现归母净利润20.30亿元，同比增长46.25%，环比增长0.52%；实现扣非后 归母净利润19.87亿元，同比增长30.90%，环比增长4.83%。公司2025Q1业绩整体符合我们的预 期。 2025Q1业绩符合预期，营收同比持续增长： 营收端，公司2025Q1实现营收99.10亿元，同比增长12.16%。与下游汽车行业相比，公司营收 同比增速持续跑赢全球汽车行业，体现出公司作为全球汽车玻璃龙头企业的强大竞争优势。 毛利率方面，公司2025Q1单季度毛利率为35.40%，同比下降1.42个百分点，预计主要系包装费 从销售费用调整至营业成本+折旧摊销有所提升所致。 费用率方面，公司2025Q1期间费用率为10.64%，同比下降5.25个百分点；分项来看，2025Q1 销售/管理/研发/财务费用率分别为3.02%/6.89%/4.27%/-3.53%，同比分别-1.37/-1.15/+0.01/-2.75 个百分点；其中，销售费用率同比下降主要系包 ...

Investment Rating - The report maintains an "Overweight" rating for the automotive industry, particularly focusing on the transformation of traditional car manufacturers [1]. Core Insights - FAW Audi collaborates with Huawei to enhance automotive intelligence, which is expected to address Audi's shortcomings in smart technology. This partnership is anticipated to bolster Audi's sales in the luxury car market [5][6]. - The report highlights key beneficiaries in the automotive parts sector, including Jifeng and Kobot, which are expected to gain from Audi's new models and their integration of Huawei's advanced driving assistance systems [5][6]. - By 2025, all new Audi models will feature jointly developed high-level intelligent driving systems, enhancing safety, efficiency, comfort, and luxury for Chinese consumers [5]. Summary by Sections Investment Highlights - Recommended companies in the Audi supply chain include Jifeng Co., Ltd. and Kobot, with Jifeng holding orders for three new energy models from Audi, projected to generate sales of 8-10 billion yuan over their lifecycle [5]. - Kobot is set to receive new orders for Audi's DCDC and thermal management smart actuators in 2024, while FAW Fuwi is expected to have nearly 33% of its receivables from Audi's new energy division by the end of 2024 [5]. Market Performance - Audi's annual sales in China reached 731,000 units at one point, with projections of 663,000 units for 2024 and cumulative sales of 91,000 units for January-February 2025. The growth potential for Audi in China remains significant, especially with the collaboration with Huawei [5].

Summary of Conference Call Records Industry Overview - The automotive industry is expected to experience significant growth in 2023, comparable to the surge seen in 2020, driven by the onset of a new era of smart vehicles over the next three to five years [1] - The passenger vehicle and parts sectors are both viewed positively, with a return to a solid growth phase anticipated for passenger vehicles [1] Key Insights on Passenger Vehicles - January production figures for the passenger vehicle sector were approximately 2.1 million units, while retail sales were reported at 1.778 million units, showing a decline both year-on-year and month-on-month [3] - Exports in January reached 380,000 units, with notable growth driven by BYD, which exported 65,000 units, up from 56,000 units in December [3] New Energy Vehicle (NEV) Insights - The retail penetration rate for new energy vehicles in January was 39.6%, influenced by seasonal factors and significant price reductions in December [4] - The penetration rate for L3 intelligent driving in new energy vehicles was 14.1%, showing good growth despite a general decline in new energy penetration [5] Technology and Innovation - BYD's new technology initiatives, such as the "Tian Shen Zhi Yan B" plan, have introduced advanced computing capabilities at competitive price points, enhancing the functionality of their vehicles [8] - The penetration rates for advanced driver-assistance systems (ADAS) are increasing, with models like the AITO Wenjie achieving an impressive 88.3% penetration for L3 capabilities [6] Market Dynamics - The overall market for passenger vehicles is experiencing fluctuations due to seasonal effects, with January typically being a slower month due to the Chinese New Year [16] - The inventory levels in January increased by 18,000 units, indicating a strategic buildup by manufacturers to prepare for the new year [17] Competitive Landscape - Tesla's sales in both China and the U.S. saw a decline in January compared to December, but the overall mileage for its Full Self-Driving (FSD) feature continues to grow, nearing 3 billion miles by December 2024 [7] - The competitive landscape remains dynamic, with various manufacturers adjusting their strategies in response to market conditions and consumer demand [19] Additional Observations - The commercial vehicle sector, particularly buses, is showing signs of recovery, with expectations for improved demand in the first quarter despite a decline in January sales [12] - The overall sentiment in the automotive industry remains optimistic, with expectations for a strong performance in the upcoming months driven by technological advancements and market recovery [15]

Summary of Conference Call Notes Industry Overview - The conference call primarily discusses the automotive industry, focusing on electric vehicle manufacturers and their supply chains, particularly in the context of component suppliers and their performance in Q1 2025. Key Points and Arguments Company Performance - **Xiaomi**: Did not report Q1 results due to deliveries starting in April, but is expected to contribute significantly to component growth later in the year [1] - **Xpeng**: Achieved nearly double growth year-on-year, leading the market with a growth rate of approximately 139% [1] - **Geely and Li Auto**: Expected to see annual growth rates around 25% and 20-35% respectively, with Geely showing slightly faster growth [2] - **Wuxi Zhenhua**: Anticipated to benefit from Xiaomi's strong market position, projecting a profit of around 500 million with a 30% growth rate in Q1 [5] - **Aikidi**: Projected to generate approximately 1.2 billion in revenue with a 12% growth rate in Q1 [7] - **Bote Li**: Expected to see a 50% increase in shipments due to strong demand from Geely's new models [14] - **Desai**: Anticipated to achieve over 30% growth, driven by the automated driving business and strong demand from Xiaomi [15] Supply Chain Dynamics - The supply chain is experiencing explosive growth, particularly in the context of component suppliers adapting to the changing automotive landscape [2] - The performance of component suppliers is closely tied to the success of electric vehicle manufacturers, with significant contributions expected from companies like Xiaomi and Xpeng [3] - The overall sentiment is that the automotive supply chain is poised for a strong year, with potential for exceeding expectations in component performance [2] Market Trends - The automotive industry is undergoing a transformation, with a shift towards electric vehicles and smart technologies, which is expected to drive demand for components [2][20] - The growth of autonomous driving technology is highlighted as a key area for future investment and development, with companies like Desai leading the charge [15][20] Financial Metrics - **Profit Projections**: Companies like Bote Li and Desai are expected to see significant profit increases, with projections of 1 billion and 1.9-2 billion respectively for Q1 [15][19] - **Valuation Metrics**: Current valuations for several companies are noted, with Wuxi Zhenhua at 17 times earnings and Aikidi at 20 times earnings, indicating potential for growth as they capitalize on new business opportunities [5][6] Risks and Considerations - The automotive sector faces challenges such as supply chain disruptions and fluctuating demand, particularly in the context of international markets [11][19] - Companies are advised to monitor currency fluctuations and their impact on procurement costs, especially for those heavily reliant on imported components [19] Additional Important Content - The call emphasizes the importance of strategic positioning within the supply chain, particularly for companies that can leverage relationships with major automotive brands [3][7] - There is a focus on the potential for new technologies, such as humanoid robots and smart driving systems, to create new revenue streams for component suppliers [6][8] - The overall outlook for the automotive industry remains positive, with expectations of continued growth driven by innovation and increased consumer demand for electric vehicles [20]

Core Viewpoint - This week, three new stocks will be available for subscription in the A-share market, including Tianyouwei, Jiangshun Technology, and Zhongjie Automobile, with Tianyouwei having the highest issue price of 93.5 yuan per share in the year [2][3]. Group 1: Tianyouwei - Tianyouwei's issue price is 93.5 yuan per share, with a single account subscription limit of 12,500 shares, requiring a market value of 125,000 yuan in the Shanghai market for maximum subscription [2]. - The company is a leading supplier of automotive instrument panels, serving clients such as BYD, Changan Automobile, and FAW Bestune, and is expanding into the smart cockpit sector [2][3]. - Projected revenues for Tianyouwei from 2022 to 2024 are 1.972 billion yuan, 3.437 billion yuan, and 4.465 billion yuan, with net profits of 397 million yuan, 842 million yuan, and 1.136 billion yuan respectively [3]. Group 2: Jiangshun Technology - Jiangshun Technology's issue price is 37.36 yuan per share, with a single account subscription limit of 15,000 shares, requiring a market value of 150,000 yuan in the Shenzhen market for maximum subscription [4]. - The company specializes in the research, design, production, and sales of aluminum profile extrusion molds and related equipment, having established long-term partnerships with major domestic and international aluminum manufacturers [4][5]. - Projected revenues for Jiangshun Technology from 2022 to 2024 are 892 million yuan, 1.043 billion yuan, and 1.136 billion yuan, with net profits of 139 million yuan, 146 million yuan, and 155 million yuan respectively [5]. Group 3: Zhongjie Automobile - Zhongjie Automobile's issue price is 16.5 yuan per share, with a single account subscription limit of 7,000 shares, requiring a market value of 70,000 yuan in the Shenzhen market for maximum subscription [7]. - The company focuses on the research, production, and sales of precision components for automotive thermal management systems, with a strong emphasis on lightweight aluminum products [7][8]. - Projected revenues for Zhongjie Automobile from 2022 to 2024 are 713 million yuan, 822 million yuan, and 978 million yuan, with net profits of 78 million yuan, 83 million yuan, and 95 million yuan respectively [9].

Summary of New IPOs in A-Share Market - This week, three new stocks will be available for subscription in the A-share market, including Tianyouwei, Jiangshun Technology, and Zhongjie Automotive [1] - Tianyouwei has the highest IPO price of the year at 93.5 yuan per share, with a subscription limit of 12,500 shares per account [1] - Jiangshun Technology's IPO price is set at 37.36 yuan per share, with a subscription limit of 15,000 shares [3] - Zhongjie Automotive's IPO price is 16.5 yuan per share, with a subscription limit of 7,000 shares [4] Company Profiles Tianyouwei - Tianyouwei is a leading supplier of automotive instrument panels, serving clients such as BYD, Changan Automobile, and FAW [1][2] - The company focuses on the research, design, production, and sales of automotive instruments, with plans to expand into the smart cockpit sector [1] - Projected revenues for 2022 to 2024 are 1.972 billion yuan, 3.437 billion yuan, and 4.465 billion yuan, respectively, with net profits of 397 million yuan, 842 million yuan, and 1.136 billion yuan [2] Jiangshun Technology - Jiangshun Technology specializes in aluminum profile extrusion molds and related equipment, having established long-term partnerships with major manufacturers [3][4] - The company has projected revenues of 892 million yuan, 1.043 billion yuan, and 1.136 billion yuan from 2022 to 2024, with net profits of 139 million yuan, 146 million yuan, and 155 million yuan [4] Zhongjie Automotive - Zhongjie Automotive focuses on precision components for automotive thermal management systems, with a product range that includes heat exchangers and cooling systems [4][5] - The company has over 3,000 product models and an annual shipment volume exceeding 100 million units, serving major global automotive brands [5][6] - Projected revenues for 2022 to 2024 are 713 million yuan, 822 million yuan, and 978 million yuan, with net profits of 78 million yuan, 83 million yuan, and 95 million yuan [6]