点击 最 下方 " 推荐"、"赞 "及" 分享 "，"关注"材料汇 添加 小编微信 ，遇见 志同道合 的你 4 汽车玻璃业务收入增长的驱动因素拆分 7 东吴证券 ■ 我们对福耀玻璃汽车玻璃业务营收增长的驱动因素进行了拆分，包括四大影响因素：【全球汽 车销量及保有量】、【福耀全球汽玻份额】、【汽玻单车面积】、【汽玻单平米价格】。其中, 后面三个因素是公司汽玻业务成长性的主要贡献来源。 正文 の东吴证券 一、汽车玻璃是具备持续升级能力的优质零部件赛道 图1:福耀汽车玻璃营收增长因素拆分 全球汽车销量 全球汽车产销量低速缓慢 增长,保有量持续提升 及保有量 汽玻销量 竞争对手扩张意愿低;福耀 福耀全球汽玻 当前仍在持续开本开支,未 份额 来市场份额有望持续提升 汽车玻璃营收 小天窗→全景天窗→全景天 汽玻单车面积 幕的升级贡献了汽车玻璃单 车面积提升的最大增量 汽玻单车ASP 汽玻单平米 汽车玻璃功能性提升带动汽 价格 玻单平米价格持续提升 数据来源:公司公告,东吴证券研究所绘制 汽车玻璃功能在行业电动智能化的趋势下持续升级 7 东吴证券 ■ 随着汽车电动智能化的发展和消费升级,汽车玻璃产品的功能也在持续升级的过程 ...

证券研究报告 | 公司深度 | 汽车零部件 均胜电子(600699) 报告日期：2025 年 05 月 22 日 全球汽车安全+电子头部 Tier 1，人形机器人有望打开成长空间 ——均胜电子深度报告 投资要点 | [Table_Forcast] (百万元) | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | | 营业收入 | 55,864 | 64,530 | 66,450 | 71,023 | | (+/-) (%) | 0.2% | 15.5% | 3.0% | 6.9% | | 归母净利润 | 960 | 1,534 | 1,833 | 2,161 | | (+/-) (%) | -11.3% | 59.7% | 19.5% | 17.9% | | 每股收益(元) | 0.7 | 1.1 | 1.3 | 1.5 | | P/E | 28.4 | 17.8 | 14.9 | 12.6 | | ROE | 4.9% | 7.4% | 8.2% | 8.9% | 资料来源：Wind，浙商证券研究所 投资评级: 买入(维持) 分析 ...

Market Performance - The Shanghai and Shenzhen 300 Index increased by 2.00%, while the automotive sector rose by 1.85%, ranking 20th among A-share industries [1] - The SW passenger vehicle index saw a rise of 1.83%, whereas the SW commercial vehicle index decreased by 0.18% [1] - The SW automotive parts index increased by 2.42%, with Chengfei Integration and Wanxiang Qianchao leading the gains [1] Industry Highlights - Hongmeng Zhixing's total order volume during the May Day holiday increased by 100% year-on-year, surpassing 22,000 units [2] - Leap Motor achieved record high orders during the May Day holiday, exceeding 18,000 units, with a single-day order of over 3,700 units on the last day [2] - BYD's cumulative sales of new energy vehicles from January to April increased by 46.98%, totaling 1.3809 million units [2] - Chinese automakers are increasing their plug-in hybrid vehicle offerings in Europe to mitigate tariffs on pure electric vehicles [2] - Chery Automobile plans to raise approximately $1.5 billion through an IPO in Hong Kong [2] - SAIC Motor reported a year-on-year sales increase of 4.6% in April, marking four consecutive months of growth [2] - Geely plans to privatize Zeekr by acquiring all its shares, aiming for a complete merger [3] - BYD's registered capital increased from approximately 2.909 billion RMB to about 3.039 billion RMB [3] - BYD aims for 50% of its sales to come from overseas markets by 2030, focusing on expansion in Europe and Latin America [3] - UK automotive manufacturers will benefit from a 10% preferential tariff rate on exports to the US under a new trade agreement [3] - SAIC-GM-Wuling plans to adopt solid-state battery technology by 2027 [3] - iFlytek and Chery have established a joint venture to enhance collaboration in the automotive acoustic technology sector [3] - The Ministry of Industry and Information Technology is soliciting opinions on safety standards for automotive door handles [4] Future Outlook - The acceleration of electric and intelligent vehicle development among major automakers, combined with favorable policies, is expected to sustain steady growth in industry sales [5] - The inclusion of National IV heavy trucks in the subsidy program may catalyze domestic sales in the heavy truck sector [5] - Recommended companies for investment include BYD, Great Wall Motors, Leap Motor, and others in the passenger vehicle segment, as well as major players in the commercial vehicle and parts sectors [5]

汽车行业跟踪（2025.5.5-2025.5.9）：极氪或将被私有化退 市，零跑汽车五一期间订单量创新高 [Table_Industry] 汽车行业 [Table_ReportDate] 2025 年 5 月 11 日 2 证券研究报告 行业研究 [行业周报 Table_ReportType] [Table_StockAndRank] 汽车 投资评级 看好 上次评级 看好 邓健全 汽车行业首席分析师 执业编号: S1500525010002 联系电话: 13613012393 邮箱: dengjianquan@cindasc.com 赵悦媛 汽车行业联席首席分析师 执业编号：S1500525030001 联系电话：13120151000 邮箱：zhaoyueyuan@cindasc.com 赵启政 汽车行业高级分析师 执业编号：S1500525030004 邮箱：zhaoqizheng@cindasc.com 丁泓婧 汽车行业分析师 执业编号: S1500524100004 联系电话: 13062621910 邮箱: dinghongjing@cindasc.com 徐国铨 汽车行业研究助理 邮箱: xugu ...