证券研究报告 汽车周观点： 6月第1周乘用车环比-22.6%，继续看好汽车板块 证券分析师 ：黄细里 执业证书编号：S0600520010001 联系邮箱：huangxl@dwzq.com.cn 2025年6月16日 请务必阅读正文之后的免责声明部分 核心结论 注：若无特殊说明，"本周"均代表2025.6.9-2025.6.15 2 ➢本周复盘总结：六月第一周交强险35.5万辆，环比上周/上月周度-22.6%/-14.8%。 ◼ 本周细分板块涨跌幅排序:SＷ商用载货车(+10.7%) >SW摩托车及其他(+2.0%) >SW 商用载客车(+0.4%) > SW汽车（-0.8%）>SW汽车零部件(-1.6%)> SW乘用车(+2.0 %) 。本周已覆盖标的江淮汽车、春风动力、威迈斯、上汽集团、中国重汽涨幅前五。 （ ◼ 本周团队研究成果：外发AI+汽车智能化系列之十二——理想汽车核心竞争力剖析、精 锻科技、隆鑫通用、福耀玻璃专题第六篇深度。 ◼ 本周行业核心变化：1）多家车企将供应商支付账期调整至60天以内；2）地方补贴暂 停，目前基于我们统计大概补贴受影响城市占总体汽车销量比例低于10%；3）小鹏G 7亮相， ...

Group 1 - The core viewpoint is that EDA (Electronic Design Automation) is a crucial technological pillar for the entire integrated circuit process, characterized by high technology, talent, and ecological barriers, with the global market dominated by three major players: Synopsys, Cadence, and Siemens EDA, which together hold over 70% market share [1] - In response to the U.S. demand for these EDA companies to cut off core tools to China by May 2025, the acceleration of domestic alternatives is expected, with the domestic EDA market's localization rate increasing from 6.24% in 2018 to 11.48% in 2020, and a projected compound annual growth rate (CAGR) of over 14% from 2021 to 2025 [1] - Domestic EDA companies are driving growth through a dual approach of "self-research + mergers and acquisitions," with firms like Huada Jiutian and Kailun Electronics achieving breakthroughs in niche areas supporting 5nm/4nm processes [1] - Policy support and collaboration within the industry chain are facilitating the replacement of EDA tools, with technology evolving towards AI intelligence and cloud-based solutions, leading to continuous expansion of the industry scale [1] Group 2 - The Consumer Electronics ETF (code: 561310) tracks the Consumer Electronics Index (code: 931494), which is compiled by China Securities Index Co., Ltd., selecting listed companies in the A-share market that are involved in the manufacturing and services of consumer electronic products, covering industries such as smartphones, home appliances, and wearable devices [1] - The Consumer Electronics Index reflects the overall performance of the consumer electronics industry in the A-share market, demonstrating significant industry representativeness and growth characteristics [1]

Group 1 - A-shares opened higher and continued to rise, with major indices showing gains, particularly in non-bank financials, automotive, power equipment, non-ferrous metals, and agriculture sectors [1] - The recent surge in the self-controlled theme is reflected in the performance of ETFs, with the Xinchuang ETF (562570) rising nearly 0.5% and the Sci-Tech Semiconductor ETF (588170) increasing over 1% [1] - EDA (Electronic Design Automation) tools are crucial for the integrated circuit industry, serving as a strategic foundation across the entire industry chain, which includes process platform development, integrated circuit design, and manufacturing [1] Group 2 - The EDA industry is experiencing significant growth, driven by advancements in AI, cloud computing, and system integration, amidst rising design costs due to advanced processes [1] - Domestic EDA companies are innovating and collaborating to overcome challenges posed by the expiration of foreign EDA product licenses and increasing industry cooperation, supported by national policies [1] - The Xinchuang ETF (562570) tracks the CSI Information Technology Application Innovation Industry Index, focusing on domestic alternatives and covering cutting-edge sectors such as AI, data computing, industrial software, and information security [2]

Investment Rating - The report maintains a positive outlook on the automotive sector, emphasizing the potential for growth driven by technology innovation and market dynamics [2][3]. Core Insights - The automotive industry is expected to benefit from three main themes: AI, robotics, and favorable market conditions. The report suggests that technological innovation is crucial for the industry to escape the price war dilemma [3][49]. - The report forecasts a retail sales volume of 23.69 million units for 2025, representing a year-on-year growth of 4.1% [49]. - The penetration rate of new energy vehicles is projected to reach 60.6% by 2025, with sales expected to increase significantly [52][53]. Summary by Sections Weekly Review - In the fifth week of May, retail sales of passenger vehicles reached 458,000 units, reflecting a week-on-week increase of 17.1% and a month-on-month increase of 10.1% [2][48]. - The report highlights significant developments in the industry, including collaborations between companies like XPeng and Huawei, and advancements in autonomous driving technology [2][3]. Market Performance - The automotive sector ranked 25th in A-shares and 12th in Hong Kong stocks for the week, indicating moderate performance compared to other sectors [7][9]. - The report notes that the motorcycle segment performed the best within the automotive sector, with a weekly increase of 3.6% [15]. Industry Trends - The report emphasizes the importance of technological advancements, particularly in AI and robotics, as key drivers for the automotive industry's future growth [3][54]. - The report anticipates a strong demand for heavy trucks in 2025, with an expected increase in domestic sales and exports [54][59]. Company Focus - Key companies mentioned include XPeng, Ideal Automotive, and BYD, which are expected to lead in the adoption of AI and smart technologies [3][52]. - The report also highlights investment opportunities in companies involved in robotics and AI, such as Top Group and Jieneng Electronics [64].

Core Conclusion - In the fifth week of May, the compulsory insurance for vehicles reached 458,000 units, with a week-on-week increase of 17.1% and a month-on-month increase of 10.1% [2][6] - The performance of various segments this week ranked as follows: SW motorcycles and others (+3.6%) > SW passenger cars (+0.8%) > SW auto parts (+0.3%) > SW automobiles (+0.2%) > SW commercial passenger vehicles (-2.6%) > SW commercial freight vehicles (-6.7%) [2][6] - The top five stocks covered this week with the highest gains were Changhua Group, Xusheng Group, Chuncheng Power, Li Auto-W, and Changan Automobile [2][6] Industry Changes - Xiaopeng and Huawei collaborated to develop the world's first truly AI-integrated HUD solution, the "Chasing Light" panoramic head-up display system, which will debut on Xiaopeng's G7 model [2][6] - Baolong Technology successfully held the "Baolong Technology Day," enhancing technical exchanges with BMW Group [2][6] - GAC Aion's automatic driving vehicle, equipped with the seventh-generation autonomous driving system from Xiaoma Zhixing, officially received a road test license for intelligent connected vehicles, commencing public road tests in Guangzhou and Shenzhen [2][6] - Xiaoma Zhixing announced an investment of 50 million yuan for a 10% stake in Gelanruo Intelligent Robotics, gaining a board seat [2][6] - Three ministries held discussions with automotive company leaders, advocating against price wars in the industry [2][6] - The head of Tesla's humanoid robot project has left the company [2][6] Market Outlook - The automotive sector is expected to continue benefiting from technological innovation, with a focus on three main lines: AI robots, AI intelligence, and favorable market conditions [3][4] - The market's attention this week was on discussions regarding "anti-involution" in the domestic automotive industry and the changing relationship between Musk and Trump, leading to significant debate about the automotive sector's beta in the second half of the year [3][7] Investment Recommendations - The recommendation is to focus on technological innovation to help the automotive industry escape the price war dilemma, with a positive outlook for 2025 based on three main lines: AI robots, AI intelligence, and favorable market conditions [4][7] - For the "favorable market conditions" line, recommended stocks include Yutong Bus (客车), China National Heavy Duty Truck (重卡), and auto parts companies like Fuyao Glass, Xingyu Co., Xinquan Co., and Jifeng Co. [4][7] - For the "AI intelligence" line, preferred stocks include Hong Kong-listed companies like Xiaopeng Motors-W, Li Auto-W, and Xiaomi Group-W, as well as A-share companies like Seres, SAIC Motor, and BYD [4][7] - For the "AI robots" line, recommended auto parts companies include Top Group, Junsheng Electronics, Jingzhu Technology, Zhongding Holdings, Aikedi, and Ruihu Mould [4][7]

Core Viewpoint - DeepWay is actively engaging with Sacramento's municipal representatives to expand its smart new energy heavy truck applications in North America, emphasizing its commitment to AI-driven green transformation in logistics [1][3]. Group 1: Company Overview - DeepWay has introduced multiple innovative products aimed at efficient transportation scenarios, serving major logistics sectors such as express delivery, dedicated logistics, port transportation, and bulk short-distance transport [8]. - The company has achieved significant technological advancements, including the application of L2-level combined auxiliary driving systems across its heavy truck lineup, with L4-level intelligent platooning systems set to enter mass production soon [5][6]. Group 2: Strategic Initiatives - The discussions highlighted the importance of DeepWay's role in reducing costs and enhancing efficiency in the North American logistics sector, while also contributing to the region's clean and zero-carbon development [3][10]. - DeepWay's ongoing collaboration with Sacramento's representatives aims to explore sustainable development paths for new energy heavy trucks in the North American market, aligning with California's investments in clean energy and smart transportation [10][12]. Group 3: Market Position - As a leading player in global heavy truck deliveries, DeepWay is recognized for its rapid growth and strong market leadership, providing comprehensive transportation solutions to well-known companies such as Shentong, CATL, Mengniu, SF Express, and IKEA [8]. - The company is making strides in international markets, having already established partnerships in the Asia-Pacific and Middle East regions, with the recent visit to Sacramento further supporting its entry into the North American market [12].

Core Conclusion - The insurance sales for compulsory traffic insurance reached 381,000 vehicles in the second week of May, showing a week-on-week decrease of 14.0% and a month-on-month increase of 0.8% [2][7] - The SW automotive index increased by 1.2%, with the best-performing segments being SW commercial cargo vehicles (+9.4%) and SW passenger vehicles (+4.3%) [2][7] - The top five stocks covered this week include Jianghuai Automobile, Jingwei Hengrun-W, Seres, Huguang Co., and Fuyao Glass, all showing significant gains [2][7] Industry Changes - BYD's Ocean Network announced a limited-time car purchase discount of up to 53,000 yuan, with the starting price for 12 models in the Dynasty Network dropping to 63,800 yuan [3][7] - Xiaopeng Motors reported Q1 revenue of 15.81 billion yuan, a year-on-year increase of 141.5%, with a net loss of 660 million yuan [3][7] - Leap Motor's Q1 revenue was 10.02 billion yuan, with a year-on-year increase of 187.1% [3][7] - The S800 model from Zun Jie is expected to officially launch at the end of May [3][7] - Fuda Co.'s joint venture, Guilin Fuda Alfen, completed the transfer of 25% equity, with Fuda holding 25% and Alfen holding 75% [3][7] Sector Outlook - The automotive sector remains optimistic, focusing on three main lines: AI robotics, AI intelligence, and favorable market conditions [4][8] - The automotive sector continues to lead the A-H share market, with passenger vehicles and components performing well [4][8] - Recommended stocks for the AI robotics line include Top Group, Junsheng Electronics, and Precision Forging Technology [4][8] - For the AI intelligence line, preferred stocks include Xiaopeng Motors-W, Li Auto-W, and Xiaomi Group-W in Hong Kong, and Seres and SAIC Group in A-shares [4][8] - The favorable market conditions line includes Yutong Bus, China National Heavy Duty Truck, and Fuyao Glass [4][8] Weekly Market Review - The automotive sector ranked fourth in A-shares and Hong Kong stocks this week, with a notable performance in commercial cargo vehicles [11][12] - The SW commercial cargo vehicle segment showed the best performance this week [16][28]

Investment Rating - The report maintains a positive outlook on the automotive sector, particularly focusing on the growth potential in the passenger vehicle segment and related technologies [2][3]. Core Insights - The report highlights a week-on-week increase in passenger vehicle insurance registrations by 6.5%, with a total of 443,000 units for the second week of May 2025, indicating a strong recovery trend [2][48]. - The SW automotive index rose by 2.4%, with the passenger vehicle segment leading the gains at 4.4%, suggesting robust market performance [2][3]. - Key developments include the introduction of new models and technologies by major players such as Weipai and Geely, alongside significant financial performance from Geely with a 24.5% year-on-year revenue increase in Q1 2025 [2][3]. Market Performance - The automotive sector ranked third in A-shares and first in Hong Kong stocks for the week, reflecting strong investor interest and market dynamics [7][9]. - The report notes that the passenger vehicle segment outperformed other categories, with a focus on the positive impact of tariff adjustments between the US and China [3][15]. Sector Trends - The report emphasizes three main investment themes for 2025: AI robotics, AI smart technologies, and favorable market conditions, with a particular focus on the robotics segment showing the highest elasticity [3][49]. - The anticipated growth in the domestic retail sales volume for 2025 is projected at 23.83 million units, a year-on-year increase of 4.7%, driven by new policies and market recovery [49][50]. Company-Specific Developments - Notable companies such as BYD and Geely are highlighted for their strong performance, with Geely reporting a net profit increase of 263.4% year-on-year in Q1 2025 [2][3][62]. - The report tracks significant movements in the stock prices of covered companies, with notable gains for companies like Naisite and Junsheng Electronics [2][24][62]. Future Outlook - The report predicts a continued upward trend in the automotive sector, supported by favorable policies and technological advancements, particularly in the areas of smart driving and electric vehicles [3][54][59]. - The expected penetration rate for new energy vehicles is projected to reach 62% by 2025, indicating a strong shift towards sustainable automotive solutions [50][52].

Core Viewpoint - Daotong Technology has demonstrated a strong commitment to shareholder returns through significant cash dividends and stock repurchases, achieving record-high distributions in 2024, reflecting the company's robust financial performance and growth strategy [2][3]. Group 1: Dividend and Share Repurchase - In 2024, Daotong Technology distributed a total of 546 million yuan in cash dividends and stock repurchases, marking the highest total in the company's history [2]. - The company implemented a cash dividend of 5 yuan per 10 shares and a stock increase of 4.9 shares per 10 shares, resulting in a total cash dividend payout of 223 million yuan and a stock increase of 218 million shares [2]. - Over the past three years, the cumulative cash dividends and repurchases reached 822 million yuan, accounting for 89.17% of the net profit attributable to shareholders [3]. Group 2: Financial Performance - Daotong Technology reported a revenue of 3.932 billion yuan in 2024, representing a year-on-year growth of 21%, and a net profit of 641 million yuan, a significant increase of 258% [2]. - In the first quarter of 2025, the company continued to show high-quality growth with revenues of 1.094 billion yuan, up 27% year-on-year, and a net profit of 199 million yuan, up 60% [4]. Group 3: Strategic Focus and Innovation - The company is focused on AI-driven sustainable development, with a strategic emphasis on "AI intelligence" and has developed various solutions in automotive diagnostics, smart charging networks, and energy management [3][4]. - Daotong Technology is actively integrating generative AI technologies into its product solutions, enhancing its capabilities in automotive diagnostics, charging, and energy applications [4]. - The company plans to maintain its commitment to enhancing shareholder returns and aligning capital expenditures with cash dividends and stock repurchases to ensure long-term, stable, and sustainable shareholder value [5].

证券之星消息，2025年5月13日深康佳A(000016)发布公告称深圳青朴资本管理有限公司严朴、深圳市泽 源私募基金有限公司孙岩、识局控股有限公司邹德琪、深圳荣信泰私募证券基金管理有限公司曹伟万 欢、深圳市南方汇金投资管理有限公司刘吉洪、深圳市人工智能产业协会AIGC委员会曾伦兴、信诚睿 远企业管理咨询(深圳)有限公司蒋艳、北京大成(深圳)律师事务所徐瑶于2025年5月13日调研我司。 (二)优化产品结构各子工厂专注提高研发及制造能力，围绕自身发展规划打造精益化工厂； 问：请介绍下公司彩电代工业务情况？ 问：关注到近期华润入股康佳，请公司后续在战略规划上有无跟华润集团资源整合的计划，对整体业务 板块业绩或者战略布局上有无新的展望跟目标？ 答：关于控股股东筹划重大事项，公司将严格按照信息披露要求，持续关注有关进展，并根据相关法律 法规的要求及时履行信息披露义务。 问：请介绍下公司PCB业务情况。 具体内容如下： 答：公司PCB业务由深圳市康佳电路有限责任公司作为统一管理运营主体，下辖4家专业化工厂，产品 涉及金属基板、双面板、多层板、5G高频高速板及HDI(高密度互连技术)等。 目前，公司PCB业务积极践行专 ...