海外零部件三、系列十 民生汽车 崔琰 (SAC NO:S0100523110002) 2025年9月29日 | | 证券研究报告 引言 我们坚定看好智能电动变革造就中国汽车产业做大做强的历史性机遇，传统燃油车时代欧美日整车厂占据主导地位，诞生博世、大陆、采埃孚、麦格纳、李尔、电装、爱 信精机等欧美日零部件巨头，而在智能电动车时代，中国车企有望实现弯道超车，带动产业链共同成长，叠加中国速度和性价比优势，相信必将也会诞生领先全球的自主 车企及零部件巨头。 他山之石可以攻玉，我们将重磅打造海外零部件系列深度，探究全球头部Tier 1的成长历史和转型方向，为中国汽车零部件的发展提供借鉴。本篇报告为《海外零部件巨头 系列十：电装：日系Tier1标杆 借势、精进、全球化 ， 通过复盘全球第二大汽车零部件巨头日本电装的发展历史，深度分析其成功原因，并梳理其在智能电动领域的布局, 发现和研究国产供应商能够学习的先进经验。 通过对具有代表性的海外零部件巨头的崛起过程进行多方位的梳理归纳,我们发现: [ ] 证券研究报告 * 请务必须凌最后一页免费声明 ✔ 德系零部件巨头以技术型为主： 德国汽车工业发展较早，1920s-1930 ...

Investment Rating - The report maintains a positive outlook on the automotive parts industry, particularly in the context of the transition to smart electric vehicles, indicating a historical opportunity for growth in the Chinese automotive sector [3]. Core Insights - The report emphasizes that the shift from traditional fuel vehicles to smart electric vehicles presents a significant opportunity for Chinese automotive companies to leapfrog their competitors, potentially leading to the emergence of leading domestic automotive and parts manufacturers [3][4]. - It highlights the historical development and transformation paths of global Tier 1 automotive parts suppliers, particularly focusing on DENSO as a benchmark for Japanese suppliers [3][4][8]. Summary by Sections 1. Historical Development of DENSO - DENSO was initially part of Toyota's electrical components division and became independent in 1949, relying heavily on Toyota's orders in its early years [10]. - The company gradually diversified its customer base, reducing dependency on Toyota and expanding to clients like General Motors and Ford [8][10]. - DENSO's success is attributed to its lean management practices, strong customer relationships, and significant investments in technology and R&D [8][10]. 2. Growth Pathways of Global Tier 1 Suppliers - The report categorizes the growth of global automotive parts suppliers into three main pathways: technology-driven, dependent rise, and acquisition-driven growth [7][34]. - It notes that German suppliers are primarily technology-focused, while Japanese and Korean suppliers often receive support from their respective automakers [4][7]. - The report identifies that the automotive parts industry is undergoing a transformation, with a shift towards electric and smart technologies, creating new opportunities for both established and emerging players [9][18]. 3. Current Landscape and Future Outlook - The report outlines the competitive landscape, indicating that the transition to electric vehicles is reshaping the supply chain dynamics, with new entrants and traditional manufacturers adapting to the changing market [18][19]. - It highlights the importance of high-value components such as powertrains, automotive electronics, and chassis systems as key growth areas for suppliers [24][28]. - The report also discusses the increasing globalization of Chinese suppliers, with companies like Top Group and New Spring Group expanding their overseas presence [7][9]. 4. Financial Performance and Market Position - DENSO is positioned as the second-largest automotive parts supplier globally, with a diverse product portfolio and a strong focus on innovation and quality [10][32]. - The report provides insights into the revenue distribution among the top global suppliers, indicating that German and Japanese companies dominate the market, while Chinese suppliers have significant growth potential [29][30].

Investment Rating - The report maintains a positive outlook on the automotive parts industry, particularly focusing on the opportunities presented by the transition to smart electric vehicles in China [2]. Core Insights - The report emphasizes the historical opportunity for Chinese automotive companies to leverage the shift from traditional fuel vehicles to electric vehicles, potentially allowing them to surpass established global players [2]. - It highlights the successful growth strategies of global automotive parts giants, particularly in the context of mergers and acquisitions, technological innovation, and market expansion [3][7]. - The report details the evolution of Adient, a leading automotive seating company, from its separation from Johnson Controls to its current status as a global leader in the seating market, driven by strategic acquisitions and a focus on core competencies [7][10]. Summary by Sections Historical Overview - The report outlines the historical development of Adient, detailing its key acquisitions and strategic decisions that have shaped its growth in the automotive seating sector [41][50]. - It notes the transition from being part of Johnson Controls to becoming an independent entity focused on seating solutions, highlighting significant milestones in its journey [10][41]. Success Factors - Adient's success is attributed to its ability to capitalize on market opportunities, strategic mergers and acquisitions, and a strong focus on product innovation and technology [7][10]. - The report identifies three primary growth strategies employed by global automotive parts suppliers: technology-driven growth, reliance on major automotive manufacturers, and expansion through acquisitions [6][33]. Market Outlook - The report anticipates a significant shift in the automotive parts landscape due to the rise of electric and smart vehicles, with a focus on the development of new technologies and products that cater to these trends [8][10]. - It discusses the competitive dynamics of the automotive parts industry, noting the increasing importance of innovation and customer responsiveness in maintaining market leadership [19][28].