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 | | | ...

每经记者｜李星 每经编辑｜孙磊 5月11日，乘联分会发布的最新数据显示，1~4月，全国乘用车市场累计零售量为687.2万辆，同比增长7.9%。其中，4月，全国乘用车市场零售销量为175.5 万辆，同比增长14.5%，环比下降9.4%。 乘联分会数据显示，今年4月的零售销量同比增速是近10年正常年份中同期的最高增速，扭转了近10年4月乘用车零售增速偏低的特点，进一步削弱了汽车市 场的季度周期波动特征。 "2025年国家'以旧换新'政策启动早，补贴政策一步到位，年初市场增长较好，价格战因此相对温和，行业竞争状态因市场增长而改善。"乘联分会秘书长崔 东树解释称。 德系乘用车零售份额下降最明显，自主乘用车市场份额超65% 数据显示，今年4月，国内自主品牌乘用车零售销量为115万辆，同比增长31%，零售份额高达65.5%，同比增长8个百分点。1~4月，国内自主品牌零售市场 份额为64%，较去年同期增长7.9个百分点。 区别于自主品牌的高增长，主流合资品牌和豪华车品牌4月份的销量均出现了不同程度下滑。其中，豪华乘用车4月零售销量为17万辆，同比下降18%，零售 份额为9.5%，同比下降3.7个百分点。 而主流合资品牌乘用 ...

Group 1 - The automotive industry is undergoing a transformation driven by electrification and intelligence, which is reshaping product definitions and competition rules, but these innovations also expose safety vulnerabilities [1][4][5] - The Ministry of Industry and Information Technology (MIIT) is taking action to regulate the new car manufacturing chaos, including soliciting opinions on mandatory national standards for car door handle safety [3][4][11] - The new standards address various safety requirements for car door handles, including installation, strength, and emergency operation, as current standards do not adequately cover electric and hidden door handles [4][5][8] Group 2 - Hidden door handles are increasingly popular due to their aesthetic appeal and technological features, but they also present risks such as insufficient strength and operational difficulties in emergencies [5][8][9] - The MIIT has emphasized the need for safety measures in hidden door handles, including mechanical or power failure protection to ensure functionality during accidents [8][9][10] - The MIIT has also halted misleading advertising related to intelligent driving, requiring companies to clarify the levels of driving automation and adhere to safety standards [10][11][12] Group 3 - The new battery safety requirements for electric vehicles will be implemented next year, focusing on impact resistance and safety during fast charging [12] - The industry is urged to prioritize safety in the development of new technologies to ensure healthy and orderly growth [12]

Group 1 - The core viewpoint is that the automotive sector is experiencing stable growth, while AI products are expected to open a second growth curve for the company [1][4] - The company has deepened its presence in the PCB industry with three major product lines: rigid boards, flexible boards, and metal substrates, covering various fields including automotive, consumer electronics, data centers, and communications [1] - The company is actively expanding its high-end capabilities, with significant progress in ramping up production at its Zhuhai Jinwan HLC and HDI factories, aiming to create high-tech, high-value-added products [1][3] Group 2 - The automotive industry is transitioning towards electrification and intelligence, with electric vehicle penetration still low but expected to rise, and AI technology driving the maturity of intelligent driving solutions [2] - The company has accumulated deep expertise in the automotive board sector and is well-positioned to benefit from the trends of electrification and intelligence in the automotive industry [2] - The demand for AI servers and high-speed network systems is expanding, leading to increased requirements for high-layer PCBs and high-end HDI products [3] Group 3 - The company has begun mass shipments of certain products in the AI server field and holds a leading advantage in emerging applications such as high-speed FPC and ultra-high-layer PTFE [3] - The company has achieved mass production capabilities for 800G optical modules and is preparing for 1.6T optical module production, continuously supplying major optical module clients [3] - The company is expected to maintain high growth in automotive and AI-related businesses over the next few years, with projected net profits of 1.545 billion, 1.984 billion, and 2.507 billion yuan for 2025-2027 [4]

Core Viewpoint - The automotive industry is transitioning from distributed to domain-centralized architectures, with Ethernet becoming the backbone for in-vehicle communication, leading to a surge in demand for automotive Ethernet chips [2][3]. Group 1: Market Demand and Product Development - The market for automotive Ethernet chips is expected to explode in the next one to two years due to the increasing consensus on building domestic supply chains and enhancing product competitiveness [3]. - The latest automotive Ethernet TSN switch chips, YT9908 and YT9911, support multiple TSN protocols and include advanced security features, indicating a focus on high-performance communication solutions [3]. - Currently, the usage of Ethernet chips in vehicles is limited, with approximately 10 PHY chips and 1 to 4 switch chips per vehicle, but this is projected to increase significantly as smart vehicle technology evolves [3][4]. Group 2: Technological Evolution and R&D Investment - The evolution of automotive electronic architectures is driven by the demand for high bandwidth, low latency, and reliable communication, particularly for advanced driving assistance systems and smart cabins [4]. - The company plans to accelerate the development of next-generation automotive chips by 2025 to support higher bandwidth and multi-domain integration, with R&D expenses projected to reach 294 million yuan in 2024, accounting for 74.1% of revenue [4][5]. Group 3: International Expansion and Market Trends - The company began its international expansion in 2023, achieving overseas revenue of 73.76 million yuan in 2024, a growth of 157.84% compared to 2023, with a focus on major automotive manufacturers in Europe [5]. - The domestic market for automotive communication chips, particularly Ethernet chips, has a low localization rate of about 5%, attributed to the recent standardization of Ethernet technology and the high safety requirements for automotive applications [6][7]. Group 4: Industry Collaboration and Integration - The relationship between automotive manufacturers and chip companies is evolving from a supply-demand dynamic to deeper collaboration, particularly in the development of automotive Ethernet chips [7][8]. - The changing perceptions of domestic chip manufacturers among automotive OEMs have improved, with increased acceptance of new products over recent years [8]. - The international landscape presents opportunities for domestic chip manufacturers to enhance self-sufficiency in the supply chain, although the core focus remains on technology, product quality, and service to capture market share [9].

● 本报记者 吴玉华 近日，汽车板块持续反弹，截至5月9日，4月9日以来累计涨幅达13.91%，走势明显强于同期大盘。5月 8日，乘联分会发布数据显示，4月全国乘用车市场零售179.1万辆，同比增长17%。 分析人士表示，汽车板块有望进入销量高景气、事件催化、产业趋势共振阶段，具备良好的投资价值， 长期看好汽车板块智能化优质龙头。 多家车企4月销量大增 5月8日，乘联分会发布数据显示，4月1日-30日，全国乘用车市场零售179.1万辆，同比增长17%，较上 月下降8%；今年以来累计零售691.8万辆，同比增长9%。4月1日-30日，全国乘用车新能源车市场零售 92.2万辆，同比增长37%，较上月下降7%，新能源市场零售渗透率达52.3%；今年以来累计零售334.2万 辆，同比增长37%。 从多家车企公布的4月销量数据来看，多数取得明显增长。比亚迪4月乘用车销量达到37.26万辆，同比 增长19.4%，今年以来累计销量已突破138万辆，同比增长47%，位居市场首位。吉利汽车4月总销量达 23.41万辆，同比增长53%，其中新能源汽车销量为12.56万辆，同比增长144%。上汽集团4月整车销量 合计为37.65万 ...

广汽集团方面，4月份，广汽集团汽车产量为10.86万辆，同比下降25.74%，本年累计产量为51.98万 辆，同比下降5.33%。销量方面，4月份，广汽集团汽车销量为11.64万辆，同比下降12.66%，本年累计 销量为48.75万辆，同比下降10.22%。 此前，广汽集团董事长、总经理冯兴亚在接受证券时报记者采访时表示，今年中国汽车市场的竞争更加 激烈，车型的品种、新产品推出的速度更快，整个汽车智能化发展趋势更加明显。 汽车市场的竞争越来越激烈了。5月9日，广汽集团（601238）、江淮汽车（600418）等车企同时披露4 月份产销数据，产销量双降的情况，反映了行业竞争白热化的现实。 其中，江淮汽车4月销量为30764辆，同比下降3.55%；今年累计销量为13.05万辆，同比下降5.9%。产量 方面，江淮汽车4月总产量为31887辆，同比下降14.44%；累计产量为12.76万辆，同比下降9.38%。具体 到新能源汽车层面，江淮汽车新能源乘用车4月销量为1551辆，同比下降35.78%；今年累计销量为5261 辆，同比下降34.57%。 不久前，广汽集团披露的2025一季报也呈现下行状态。公告显示，广汽集团 ...

Core Viewpoint - The Ministry of Industry and Information Technology (MIIT) of China is soliciting public opinions on the draft of a mandatory national standard for "Automotive Door Handle Safety Technical Requirements," aiming to enhance safety performance and ensure the standard reflects industry needs and technological trends [2] Group 1: Industry Trends - The popularity of hidden door handles in electric vehicles (EVs) is driven by design aesthetics, aerodynamic optimization, and competitive differentiation among automakers [3][4] - Among 14,341 models on the AutoHome platform, 1,578 models feature hidden door handles, with 74% being new energy vehicles, indicating a strong trend towards this design [4] - Hidden door handles can reduce vehicle drag coefficient by 0.01 to 0.03 Cd, which is significant for EVs where every kilometer of range matters [4][5] Group 2: User Experience and Safety Concerns - Despite their aesthetic and aerodynamic advantages, hidden door handles pose safety risks, including failure in extreme weather conditions and during accidents, which can delay rescue efforts [5][6] - Incidents have been reported where electric door handles failed to operate during emergencies, leading to tragic outcomes, highlighting the need for improved safety measures [6][7] - The reliance on electronic control systems for hidden door handles can lead to vulnerabilities in critical situations, contrasting with traditional mechanical handles [7] Group 3: Regulatory Response - The MIIT's new standard focuses on three core areas: mechanical redundancy for emergency access, standardized emergency device visibility, and strength testing for extreme conditions [8] - The standard emphasizes "anti-misoperation" design to prevent accidental activation of door handles during vehicle rollovers, reflecting a proactive approach to safety [8] - The evolution of hidden door handles symbolizes the automotive industry's shift from mechanical products to intelligent terminals, balancing engineering, marketing, and user experience [8]

Core Points - The 2024 Annual General Meeting of Kobot Technology Co., Ltd. is scheduled for May 16, 2025, with both on-site and online voting options available for shareholders [1][2][4] - The company reported a net profit of 772.27 million yuan for 2024, representing a year-on-year growth of 26.81% [28] - The company plans to distribute a cash dividend of 6.5 yuan per 10 shares, amounting to a total of approximately 262.53 million yuan, which reflects a cash dividend ratio of 33.99% [30] Meeting Agenda - The meeting will include the signing of resolutions, reports from independent directors, and voting on various proposals [3][4][5] - A total of nine ordinary resolutions will be reviewed during the meeting [7] Financial Performance - The company's net assets increased by 12.50% year-on-year, reaching 524.11 million yuan [28] - The average return on equity rose to 15.60%, up from 13.82% the previous year [28] Business Development - Kobot has secured new projects with major clients such as Mercedes-Benz, BMW, and Audi, with an expected total lifecycle sales volume of over 120 million units [9][10] - The company is focusing on expanding its global presence and enhancing its product offerings in the automotive electronics sector [12][19] Governance and Compliance - The board of directors has strengthened governance practices and compliance with relevant laws and regulations, holding seven meetings and passing 36 resolutions throughout the year [13][14] - The supervisory board has conducted thorough reviews of the company's operations and financial management, ensuring compliance with legal standards [24][25] Future Outlook - The company aims to achieve further growth by diversifying its customer base and enhancing its product lines to meet evolving market demands [17][19] - Kobot plans to accelerate its globalization strategy, establishing production bases in Europe and enhancing its supply chain capabilities [17][19]

Core Viewpoint - The Ministry of Industry and Information Technology of China has initiated a public consultation for revising the mandatory national standard for automotive door handles, focusing on safety issues related to hidden door handles in extreme scenarios [1][5]. Group 1: New Regulations - The new regulations emphasize the need for enhanced safety redundancy designs, ensuring that doors can still be manually opened in accidents, thereby reducing rescue difficulties [2]. - The regulations cover M1 (passenger vehicles), N1 (cargo vehicles), and multipurpose trucks, establishing a comprehensive safety standard across the industry [2]. - Key technical directions include mandatory mechanical or power failure protection devices, standardized visibility and structure strength of safety markings, dynamic strength testing, and improved control logic to prevent accidental operations [2]. Group 2: Industry Response - Multiple accidents have highlighted the safety risks associated with hidden door handles, prompting the need for regulatory reform [3]. - New energy vehicle manufacturers are actively participating in the drafting of these standards, indicating a shift towards prioritizing safety over merely technological appeal [4]. - Companies like XPeng Motors and Great Wall Motors are developing more reliable door handle designs and emphasizing safety in their vehicle offerings [4]. Group 3: Market Implications - The implementation of these standards is expected to reshape consumer preferences, with a growing focus on the reliability of door handles, potentially leading to a resurgence of traditional mechanical handles [4]. - The new regulations will create pressure for manufacturers lacking safety redundancy designs to make necessary adjustments, which may lead to a reshaping of the supply chain [4]. - The industry is moving towards a balance between safety and technology, with the potential for innovative designs that combine aesthetics with safety features [4][5].