Group 1: Company Overview - The company, Zhejiang Zhaofeng Electromechanical Co., Ltd., focuses on automotive wheel hub bearing units and has expanded its business scale through a "main engine + aftermarket" model [2][3]. - The company has a strong competitive advantage in the automotive wheel hub bearing unit sector, emphasizing technology research and development and intelligent manufacturing [3][4]. Group 2: Competitive Advantages - The company targets the mid-to-high-end market, continuously enhancing its R&D innovation capabilities, which has led to the production of high value-added products [3]. - It maintains a differentiated competitive advantage by developing new products based on market and customer needs, launching hundreds of new product series annually [3]. - The company has extended its industrial chain by engaging in precision forging components for automotive wheel hub bearing units, optimizing cost structures and improving product quality [3]. Group 3: Technological Advancements - The company leads the industry in intelligent manufacturing, integrating digital technologies with industrial applications to enhance production monitoring and control [4]. - It practices refined management across all operational aspects, improving manufacturing capabilities and production efficiency [4]. Group 4: Strategic Developments - The company is actively entering the high-end industrial bearing sector, with products like shield tunneling cutter bearings and high-speed motor bearings in the R&D or testing phases [5]. - In response to the automotive industry's shift towards intelligence and electrification, the company is advancing its automotive electronic control industry layout [6]. - The company is also exploring emerging industries such as humanoid robots and intelligent driving, with plans to establish a subsidiary for related business [7]. Group 5: Future Investment Plans - The company aims to strengthen its core business while expanding into international and domestic markets, with a focus on sustainable growth [9]. - It plans to invest in other industrial layouts based on actual progress, while closely monitoring changes in the upstream and downstream supply chains [9].

Investment Rating - The report does not explicitly state an investment rating for the automotive sunroof industry Core Insights - The automotive sunroof industry is experiencing trends towards lightweight, ultra-thin, modular, and intelligent development, with a focus on the use of healthy materials. The market size is expected to continue growing due to increasing consumer demand and supportive government policies [4][34] Industry Definition - Automotive sunroofs are windows installed on the car roof to allow air circulation and increase fresh air intake. They are complex components that integrate light, mechanics, and electronics, categorized into small sunroofs and panoramic sunroofs [5][6] Industry Characteristics - The industry features include lightweight development, ultra-thin design, modularity, intelligence, and health-oriented materials [8][12] - Lightweight development aims to reduce vehicle weight, improving fuel efficiency and driving performance [8] - Ultra-thin sunroofs enhance headroom and aesthetic appeal, utilizing advanced materials and manufacturing techniques [9] - Modular development allows for independent design and manufacturing of sunroof systems [10] - Intelligent features include automated controls and sensors for enhanced user experience [11] - Health-oriented materials improve air quality and align with consumer preferences for sustainable products [12] Development History - The automotive sunroof industry has evolved from manual sunroofs in 1932 to electric and intelligent sunroofs in recent years, with significant innovations in design and technology [13][17] Industry Chain Analysis - The industry chain consists of upstream raw materials (rails, motors, glass, ECU), midstream manufacturing, and downstream vehicle manufacturers [18][19] - Upstream material supply is sufficient, with domestic suppliers increasingly integrated into global supply chains [20][24] - The midstream sector is characterized by competition among various brands, with a focus on technology and cost efficiency [27][28] - Downstream demand is driven by the growing automotive market, particularly in the electric vehicle segment [31][32] Market Size - The automotive sunroof market is projected to grow from 15.126 billion RMB in 2020 to 20.273 billion RMB in 2024, with a compound annual growth rate (CAGR) of 7.60%. From 2025 to 2029, it is expected to reach 31.738 billion RMB, with a CAGR of 9.45% [33][34] Future Market Drivers - Increasing consumer demand for sunroofs, particularly in the context of rising vehicle sales and the growth of electric vehicles, is expected to drive market expansion [37][38]

淡水泉投资表示，中国科技企业具有基本面持续成长潜力，以及抵御国际基本面风险的实力，具体来 看：一是企业与材料、高端制造紧密相关的产业，未来两三年有望广泛受益于AI应用、算力链、汽车 智能化等行业的发展，且深度参与到上下游的产品创新和价值创造。二是国产替代、自主可控方向产 业，例如国产算力和设备供应商，主要靠内需驱动，受宏观经济影响比较小，可能会受益。三是继续看 好电力设备领域，未来有望受益于行业需求回暖、企业产能利用率提高，甚至扩产等景气周期向上的机 会。"后续将持续关注企业中期盈利、市场风险偏好等因素，做好投资评估和预案。" （文章来源：证券日报） 本报讯 （记者王宁）近期，国际贸易形势引发全球股票市场动荡，受此影响，A股和港股整体保持宽幅 震荡态势。近日，淡水泉（北京）投资管理有限公司（以下简称"淡水泉投资"）发布最新研报表示，近 期A股市场呈现出两个特征：一是内需与自主可控类资产获得资金青睐，公用事业、农林牧渔等防御性 品种表现好于大盘。二是多数上市公司股价得到修复，反映出市场已在理性区分"情绪影响"与"基本面 实质影响"的差异。 淡水泉投资认为，当前中国完备的工业体系与高效的供应链，不仅具备成本优势， ...

Group 1 - The U.S. government's tariff policy has caused global market turmoil, with A-shares and Hong Kong stocks showing signs of a rebound after initial declines, while the Shanghai Composite Index fell by 1.7% and the Hang Seng Index dropped by 4.33% [1] - The core factor affecting the market in April was the U.S. tariff policy, particularly aimed at China, with President Trump attempting to achieve multiple goals through comprehensive tariff increases, but facing significant uncertainty due to conflicting objectives [1] - The ongoing U.S.-China trade tensions have led to a stalemate, with both sides likely to seek negotiation opportunities in the near future, especially given the upcoming inflation pressures and debt maturities in the U.S. [1] Group 2 - China's robust industrial system and efficient supply chain provide cost advantages and a strong defense against decoupling risks, as highlighted in the recent political bureau meeting emphasizing long-term strategies and economic stability measures [2] - In response to tariff impacts, the market has shown a preference for domestic demand and self-sufficient assets, with defensive sectors like utilities and agriculture performing better than the broader market [2] - Companies with exposure to U.S. or global markets have experienced indiscriminate declines but have largely recovered, indicating a market differentiation between emotional impacts and fundamental realities [2] Group 3 - There are significant investment opportunities in the technology sector, particularly for quality leaders with reasonable valuations that are either irreplaceable in global supply chains or strong in self-sufficiency [3] - Companies closely related to materials and high-end manufacturing are expected to benefit from developments in AI applications and automotive intelligence over the next two to three years, provided that extreme confrontations in U.S.-China tariffs do not occur [3] - The domestic demand-driven companies, especially in the computing power and equipment supply sectors, are likely to be less affected by the economic environment and may even benefit from external tariff pressures [3]

Core Viewpoint - The company plans to issue convertible bonds to raise up to 330 million yuan for two main projects: upgrading speaker manufacturing technology and industrializing in-vehicle digital audio and video technology [1][2]. Group 1: Project Details - The funds will primarily be allocated to two projects: 1. Speaker Intelligent Manufacturing Technology Upgrade Project with a total investment of 374 million yuan, using 260 million yuan from the raised funds, and a construction period of 3 years. This project aims to upgrade old production lines at the company's Suzhou headquarters with high automation equipment to enhance product consistency and production efficiency while reducing costs [2]. 2. In-Vehicle Digital Audio and Video Technology Industrialization Project with a total investment of 21.465 million yuan, using 20 million yuan from the raised funds, and a construction period of 2 years. This project will leverage existing R&D mechanisms and introduce advanced equipment to develop new LCD display materials for streaming rearview mirrors, AI amplifier systems, and digital speaker ASIC chips [2]. Group 2: Financial Performance - In 2024, the company expects speaker revenue to reach 2.05 billion yuan, a year-on-year increase of 10.84%, accounting for 73.84% of total revenue. Amplifier revenue is projected at 534 million yuan, up 47.97%, making up 19.23% of total revenue. AVAS revenue is anticipated to be 121 million yuan, a 40.10% increase, representing 4.35% of total revenue [3]. - The company has maintained a strong market share in the automotive speaker sector, with global market shares of 12.95%, 13.11%, and 15.24% from 2022 to 2024, and domestic market shares of 20.66%, 23.32%, and 25.42% during the same period [3]. Group 3: Expansion and Market Trends - The company is advancing its production line upgrades in Czech Republic and Mexico to enhance overseas delivery capabilities and reduce supply chain risks. The new factory in Hefei has completed basic construction and will begin trial production and small batch deliveries this year [4]. - The trend towards electric and intelligent vehicles positions in-vehicle acoustics as a preferred choice for smart cockpit enhancements. The company is expected to benefit from this trend, with projected revenues of 3.256 billion yuan, 3.844 billion yuan, and 4.373 billion yuan from 2025 to 2027, alongside net profits of 246 million yuan, 413 million yuan, and 559 million yuan respectively [5][6].

Investment Rating - Investment Rating: Buy (Maintain) [1] Core Views - The company's revenue and profit are under pressure due to challenges in both business segments, with traditional cleaning facing intensified competition and the motor segment experiencing a short-term decline. The company has also paused supply to some overdue customers due to accounts receivable risk and payment term management considerations [5][7] - The Q1 2025 financial results show a revenue of 203 million yuan, down 16.04% year-on-year and 21.44% quarter-on-quarter, with a net profit of 42 million yuan, down 35.48% year-on-year and 16.71% quarter-on-quarter [4][5] - The company is focusing on expanding its product offerings in the cleaning and motor sectors, with new products expected to drive profitability in the long term. The proactive sensing cleaning products are anticipated to enhance market share and revenue growth [6][8] Summary by Sections Business Performance - The revenue decline is primarily attributed to the overall operating environment and fluctuations in downstream customer demand, particularly in the traditional cleaning business. The motor segment has also seen a short-term decline [5] - The gross margin for Q1 was 32.22%, a decrease of 4.57 percentage points year-on-year and 0.28 percentage points quarter-on-quarter, influenced by the pressure on traditional cleaning system products [5][10] Financial Forecast - Revenue projections for 2025 to 2027 are estimated at 1.101 billion yuan, 1.337 billion yuan, and 1.702 billion yuan, respectively, with corresponding net profits of 239 million yuan, 290 million yuan, and 385 million yuan [7][10] - The company is expected to maintain a price-to-earnings ratio (P/E) of 27.76x, 22.84x, and 17.25x for the years 2025 to 2027 [7][10] Product Development - The traditional cleaning business faces challenges, while proactive sensing cleaning is expected to open new opportunities. The company plans to expand its partnerships with automotive manufacturers and enhance its global production layout [8] - The motor business is leveraging its core technologies to expand into various electric motor categories, including high-torque harmonic brushless motors and other automotive applications [8]

具体来看，航盛发布的新品和解决方案包括墨子单芯片跨域融合平台、依智第四代智能座舱域控平台、全新一代全景视域抬头显示和中央域控制器等，展 现出其在汽车智能化领域的强大技术实力与创新能力。 敢为人先，锻造极致单芯片舱驾融合新方案 创立于1993年的航盛，是中国汽车电子行业龙头企业之一，至今已有32年的汽车电子产品研发和交付经验，是汽车产业发展和变革的见证者、参与者。目 前公司已构建包括智能座舱、智能交互、智能网联、辅助驾驶、软件及工程服务、电声系统、新能源及控制电子等领域的核心产品矩阵。 航盛技术中心总经理杨洪坪告诉《中国汽车报》记者，多年来，航盛在研发资金投入上毫不吝啬，每年研发费用投入占销售额的比例呈现稳步上升态势， 研发投入占比始终保持在10％以上，主要集中在智能座舱域控制器、舱驾融合、智能交互、抬头显示等领域。 在前不久闭幕的上海车展上，深圳市航盛电子股份有限公司（以下简称"航盛"）发布了一系列最新技术成果，为汽车行业带来更智能、更高效的产品 和系统性解决方案，受到广泛关注。 高额的研发投入带来了一系列技术创新。其中，在智能汽车迈向舱驾跨域融合的关键时期，航盛此次发布的墨子单芯片跨域融合平台堪称一大亮点。 ...

Group 1 - In April, China's new energy vehicle (NEV) exports reached 200,000 units, a year-on-year increase of 76%. From January to April, NEV exports totaled 642,000 units, up 52.6% year-on-year [1] - The export of Chinese cars to the U.S. is minimal, particularly for domestic brands, which are not affected by U.S. tariffs [1] - Central state-owned enterprises' strategic restructuring is expected to enhance supply chain integration and reduce inefficient brand competition, thereby increasing market share for NEV brands [1] Group 2 - The automotive industry is showing signs of recovery, supported by economic normalization and various stimulus policies, with production and sales expected to continue rising [1] - Investment opportunities are emerging in undervalued leading companies in the vehicle and parts sectors due to performance improvements, as well as in high-quality segments of NEV electrification and intelligence [1] - Multiple automakers are accelerating the iteration of intelligent driving technology, with L3-level autonomous driving systems set for mass production within the year, which will drive growth in related component manufacturers [2]

Core Viewpoint - The article discusses the transformation of joint venture car manufacturers in China, highlighting their shift from dominance to a reactive stance against the rise of domestic brands, and their recent efforts to reclaim market leadership through new energy vehicles and local partnerships [1][12][22]. Group 1: Historical Context - Joint venture brands held a 66% market share in China's passenger car market in 2014, while new entrants like NIO and Xpeng were just emerging [1]. - By 2024, the market share of joint venture brands is projected to drop below 35%, contrasting with the rise of domestic brands like BYD and Xpeng, which have capitalized on electric and intelligent vehicle technologies [12][14]. Group 2: Recent Developments - In 2025, joint venture brands are actively seeking to regain influence by launching new energy sub-brands, such as SAIC-GM's high-end brand "Zhijing" and Dongfeng Honda's independent brand "Lingxi" [1]. - Collaborations with local companies are also emphasized, with models like Audi A5L and Dongfeng Nissan N7 integrating advanced driving systems developed with Huawei and Momenta [2][23]. Group 3: Market Dynamics - The Shanghai Auto Show has seen increased foot traffic for joint venture brands, indicating a renewed interest as they adapt to local market demands [2]. - Buick's appeal in the Middle East is noted, as the brand meets local consumer expectations for quality and comfort, leading to potential partnerships for new model introductions [5]. Group 4: Strategic Shifts - Joint venture manufacturers are shifting their development focus to be more localized, with decision-making authority being transferred to Chinese teams to better align with consumer needs [22][25]. - The article highlights the importance of safety and technology integration, with companies like SAIC-GM and Dongfeng Nissan emphasizing local development and collaboration with leading suppliers [24][26]. Group 5: Challenges Ahead - Despite the positive momentum, joint venture companies face challenges in sustaining R&D investments while balancing profitability, as seen with Volkswagen's projected 33.5% revenue decline in China for 2024 [25]. - The need for a cohesive strategy that integrates local market demands with global standards remains a critical challenge for these manufacturers [27].

投资要点： 本报告的风险等级为中风险。 本报告的信息均来自已公开信息，关于信息的准确性与完整性，建议投资者谨慎判断，据此入市，风险自担。 请务必阅读末页声明。 汽车行业 标配 （维持） 营收和盈利同比双增，以旧换新政策持续刺激消费 潜力 业 绩 综 述 汽车行业 2024 年报及 2025 年一季报业绩综述 2025 年 5 月 12 日 数据来源：iFind，东莞证券研究所 目 录 | 1.汽车行业：2024 | 年和 年 Q1 营收和盈利同比均双增 5 | 2025 | | --- | --- | --- | | 1.1 2024 | 年汽车行业营收和盈利同比双增，摩托车及其他板块表现最优 5 | | | 1.2 2025Q1 | 汽车行业延续增长趋势，摩托车及其他板块增长领先 8 | | | 2.细分领域业绩分化 | 12 | | | 2.1 汽车服务：2024 | 板块业绩有所下滑，2025Q1 业绩逐步修复 12 | | | 2.2 | 汽车零部件：业绩持续增长 17 | | | 2.3 | 乘用车：板块内业绩分化 22 | | | 2.4 商用车：2025Q1 | 盈利有所下滑 27 | | | ...