Investment Rating - The report maintains a "Buy" rating for the company [4][10] Core Views - The company reported a revenue of 14.576 billion yuan in Q1 2025, representing a year-on-year increase of 9.78% and a quarter-on-quarter decrease of 1.04% [1] - The net profit attributable to the parent company for Q1 2025 was 340 million yuan, up 11.08% year-on-year and up 1694.71% quarter-on-quarter [1] - The company has successfully implemented cost reduction and efficiency enhancement measures, leading to a significant improvement in gross margin, which increased by 1.8 percentage points to 16.3% in 2024 [2] - The company is strategically positioning itself as a "Tier 1" supplier in both the automotive and robotics sectors, aiming to build a complete industrial chain in humanoid robotics [3] Financial Performance - The company expects revenues of 60.999 billion yuan, 65.793 billion yuan, and 70.587 billion yuan for the years 2025, 2026, and 2027 respectively [4] - The projected net profits for the same years are 1.590 billion yuan, 1.902 billion yuan, and 2.307 billion yuan [4] - The basic earnings per share are estimated to be 1.13 yuan, 1.35 yuan, and 1.64 yuan for 2025, 2026, and 2027 respectively, with corresponding P/E ratios of 14.58, 12.19, and 10.05 [4]

局 ——均胜电子(600699)公司点评报告 [Table_Summary] 事件： 公司发布 2025 年一季报，业绩符合预期。2025 年第一季度实现营收 145.76 亿元，同比+9.78%，环比-1.04%；实现归母净利润 3.40 亿元，同比+11.08%， 环比+1694.71%；实现扣非归母净利润 3.20 亿元，同比+2.79%，环比- 6.02%。 [Table_Main] 公司研究|可选消费|汽车与汽车零部件 证券研究报告 均胜电子(600699)公司点评报告 2025 年 05 月 11 日 业绩如期兑现，北美整体转盈 降本增效成效显著，加速"第二曲线"布 报告期内公司降本增效措施成效显著，成本持续优化 报告期内，公司降本增效措施成效显著，成本持续优化。公司 2024 年主营 业务毛利率同比提升 1.8pcts 至 16.3%。公司两大主营业务盈利能力均呈现 持续攀升趋势。其中，汽车安全业务与汽车电子业务毛利率分别增长 2.27 和 0.63pcts。分区域来看，国内外区域毛利率均有所改善，尤其欧洲、美洲 两地盈利能力较去年同期改善明显，目前公司已实现全球四大业务区域全 面盈利。分国内外 ...

汽车和汽车零部件行业周报 20250511 具身智能加速 看好 T 链+强智能化主机厂 2025 年 05 月 11 日 ➢ 本周数据：2025 年 5 月第 1 周（4.28-5.4）乘用车销量 42.4 万辆，同比 +17.7%，环比-6.4%；新能源乘用车销量 20.4 万辆，同比+38.6%，环比-14.1%； 新能源渗透率 48.2%，环比-4.4pct。 ➢ 本周行情：汽车板块本周表现强于市场。本周（5 月 6-5 月 9 日）A 股汽车 板块上涨 2.36%，在申万子行业中排名第 11 位，表现强于沪深 300（2.13%）。 细分板块中，汽车零部件、摩托车及其他、乘用车、汽车服务、商用载货车分别 上涨 3.25%、2.14%、1.61%、1.26%、0.07%，商用载客车下跌 0.17%。 ➢ 本周观点：本月建议关注核心组合【比亚迪、吉利汽车、小鹏汽车、小米集 团、伯特利、拓普集团、新泉股份、沪光股份、春风动力】。 ➢ 机器人产业化进程加速 看好 T 链机器人+强智能化主机厂。近期，星动纪 元今日在官方公众号上宣布，开源首个 AIGC 机器人大模型 VPP；2025 世界机 器人大会将于今年 ...

丨证券研究报告丨 行业研究丨专题报告丨汽车与汽车零部件 [Table_Title] 汽车行业一季度基金持仓分析——板块保持超 配，龙头配置维持高位 报告要点 [Table_Summary] 2025Q1 乘用车批发销量 673.0 万辆，内需稳健，有望支撑全年新能源与总量需求。内资方面， 偏好高景气行业，看好全球化和电动智能变革，高股息龙头强劲。外资方面，持股比例持续提 升，偏好盈利能力强的行业龙头以及高成长个股。2025Q1 乘用车销量平稳增长，新能源车市 场需求旺盛，新能源渗透率同比增长。一季度基金重仓比例维持高位，展望来看，"以旧换新" 政策延续，叠加换购需求，支撑内需韧性，有望带动板块需求超预期。智驾平权再塑整车机会， 机器人转型打开零部件空间，坚定看好汽车板块投资机会。 分析师及联系人 [Table_Author] 高伊楠 王子豪 SAC：S0490517060001 SAC：S0490524070004 SFC：BUW101 请阅读最后评级说明和重要声明 %% %% %% %% research.95579.com 汽车与汽车零部件 cjzqdt11111 [Table_Title 汽车行业一季度 ...

港股2024年年报披露完毕，整体上看，港股整体盈利增速继续回升，确认上行趋势。结构上，港股信息 技术、金融与医疗保健板块盈利改善最明显。 在盈利驱动下，相关指数表现更优。港股科技50ETF（159750）跟踪的港股科技指数（CNY）为例， 截至5月7日，近一年涨幅38.04%，同期恒生科技、恒生指数涨幅为29.75%、22.14%。 全局视角：整体盈利修复，行业结构分化 2024年港股上市企业整体营收增速1.2%，归母净利润同比增长9.8%，较上半年7.5%进一步改善。从结 构上看，这一增长主要由科技、金融和消费板块驱动，对冲了传统行业的下滑压力。 高增长行业主要集中在以下领域： 科技与AI产业链： 受益于ChatGPT、DeepSeek等AI技术取得突破性进展，港股信息技术板块业绩持续改善，子行业中，技 术硬件与设备行业盈利增速靠前且改善明显，信息技术技术硬件与设备2024年归母净利同比76.4%，软 件与服务行业归母净利同比77.4%。 新能源汽车： 在国内两新政策支持及部分抢出口影响下，汽车与汽车零部件行业2024年归母净利同比53.5%。 医疗保健： 医疗保健行业全年归母净利润同比增长20.5%，其中 ...

Core Viewpoint - The Hong Kong stock market shows structural strengths with significant profit improvements in the information technology and automotive sectors, driven by strong performances from major companies like Geely and Li Auto [1][4]. Group 1: Market Performance - On May 8, the Hong Kong stock market opened lower but rebounded, with strong performances in the automotive and internet sectors, including Geely and Li Auto rising over 5% [1]. - The Hong Kong Technology 50 ETF (159750) followed the upward trend of the index [1]. Group 2: Financial Results - The recent earnings season revealed structural highlights, particularly in the information technology and automotive sectors, with projected net profit growth rates for 2024 of 76.4% for technology hardware, 77.4% for software and services, and 53.5% for automotive and auto parts [1]. - The "Top Ten Technology Stocks" in China reported impressive earnings, with Tencent's net profit at 194.1 billion RMB, a 68.44% increase, and Meituan's net profit at 35.8 billion RMB, a 158.43% increase [2][3]. Group 3: Sector Insights - The information technology sector is experiencing a strong recovery, with companies in internet platforms, semiconductors, and software services exceeding expectations [4]. - Geely's net profit for 2024 is projected to reach 16.6 billion RMB, a substantial increase of 213%, with electric vehicle sales expected to rise by 92% to 888,000 units [4]. - The Hong Kong stock market is expected to maintain high overall profitability in 2025, benefiting from a concentration of leading companies like Tencent, Alibaba, Meituan, and Xiaomi [4].

Core Viewpoint - The overall inventory cycle in the U.S. is likely transitioning towards an active destocking phase by 2025, with significant implications for various industries [1][2][3]. Overall Inventory Cycle - In February, U.S. total inventory increased by 2.45% year-on-year, compared to a previous value of 2.25%. Sales increased by 3.45% year-on-year, down from 3.69% [2][3]. - The inventory cycle remains in a passive restocking phase due to "import grabbing," with Q1 net imports increasing by $359.26 billion year-on-year, of which over one-third ($129.71 billion) converted into inventory [2][3]. Industry Inventory Cycle - Among 14 major industry categories, 8 are in a passive restocking phase, including upstream chemical products, building materials, midstream electrical equipment, and downstream durable consumer goods [4]. - Historical inventory percentiles show that total inventory is at a historical percentile of 30.5%, with building materials at 71.5%, automotive parts at 67.8%, and paper and forestry products at 53.8% [4]. Upstream Inventory Status - Half of the upstream industries are in passive restocking, while the other half are in active destocking [5][6][7][8]. - Specific sectors like oil, natural gas, and consumer fuels are in active destocking as of February 2025 [5]. Midstream Inventory Status - Inventory status is mixed, with paper and forestry products in active restocking, while electrical equipment and transportation are in passive restocking [9][10]. - Mechanical manufacturing is currently in passive destocking [9]. Downstream Inventory Status - The current passive restocking phase is prolonged, indicating potential "import grabbing" demand [11]. - Automotive parts are transitioning to active destocking as of February 2025, while other sectors like household durable goods and textiles remain in passive restocking [11].

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected stock price increase of over 15% compared to the benchmark index within the next six months [3][9]. Core Views - The company has achieved expected performance in its first quarter of 2025, with revenue of 34.161 billion yuan, a year-on-year decrease of 7.73%, but a net profit attributable to shareholders of 1.353 billion yuan, reflecting a year-on-year increase of 16.81% [1]. - The company is advancing its electric and intelligent vehicle strategies, with significant growth in overseas sales and partnerships with key industry players [2]. - The financial forecasts predict revenues of 188.517 billion yuan, 211.403 billion yuan, and 231.613 billion yuan for 2025, 2026, and 2027 respectively, with net profits of 7.777 billion yuan, 9.913 billion yuan, and 11.792 billion yuan for the same years [3][5]. Summary by Sections Financial Performance - In Q1 2025, the company reported revenue of 34.161 billion yuan, down 7.73% year-on-year, and a net profit of 1.353 billion yuan, up 16.81% year-on-year. The net profit excluding non-recurring items was 783 million yuan, a significant increase of 601.31% year-on-year [1]. - For the full year 2024, the company achieved revenue of 159.733 billion yuan, a 5.58% increase year-on-year, but a net profit decrease of 35.37% to 7.321 billion yuan [1]. Electric and Intelligent Vehicle Strategy - The company is accelerating its "Shangri-La" plan in the electric vehicle sector, with a projected sales volume of 674,900 new energy passenger vehicles in 2024, representing a year-on-year increase of 53.56% [2]. - The "Beidou Tianshu" plan for intelligent vehicles is also being upgraded, with strategic collaborations with Huawei across various technological domains [2]. Global Expansion - The "Haina Baichuan" plan is driving significant growth in overseas vehicle sales, with 536,200 units sold abroad in 2024, a year-on-year increase of 49.59% [2]. - The company is establishing localized operations in regions like the Middle East and Africa and is set to launch its first overseas new energy vehicle manufacturing base in Thailand in May 2025, with an annual capacity of 100,000 units [2]. Financial Projections - The company forecasts revenues of 188.517 billion yuan for 2025, with net profits expected to reach 7.777 billion yuan, translating to earnings per share of 0.78 yuan [3][5]. - The projected price-to-earnings ratios for 2025, 2026, and 2027 are 15.40, 12.08, and 10.16 respectively, indicating a favorable valuation outlook [3][5].

行业研究|可选消费|汽车与汽车零部件 证券研究报告 汽车与汽车零部件行业 周报、月报 2025 年 04 月 28 日 [Table_Title] 电动智能持续，关注欧洲新动向 [Table_Summary] 报告要点： 4 月下半月销量优于上半月 与上半月相比，进入四月下半月后乘用车与新能源车销量同比增速扩大， 环比上月负增长收窄，行业进入月底发力期。批发仍然保持高增速，新能 源渗透率达到 53.3%。 乘用车：4 月 1-20 日，全国乘用车市场零售 89.7 万辆，同比去年 4 月 同期增长 12%，较上月同期下降 9%，今年以来累计零售 602.4 万辆，同 比去期增长 7%；4 月 1-20 日，全国乘用车厂商批发 99.3 万辆，同比去 年 4 月同期增长 14%，较上月同期下降 12%，今年以来累计批发 727.1 万 辆，同比增长 12%。 新能源：4 月 1-20 日，全国乘用车新能源市场零售 47.8 万辆，同比去 年 4 月同期增长 20%，较上月同期下降 11%，零售渗透率 53.3%，今年 以来累计零售 289.8 万辆，同比增长 33%；4 月 1-20 日，全国乘用车厂 商新能源 ...

行业研究|可选消费|汽车与汽车零部件 证券研究报告 汽车与汽车零部件行业 周报、月报 2025 年 04 月 28 日 [Table_Title] 电动智能持续，关注欧洲新动向 [Table_Summary] 报告要点： 4 月下半月销量优于上半月 与上半月相比，进入四月下半月后乘用车与新能源车销量同比增速扩大， 环比上月负增长收窄，行业进入月底发力期。批发仍然保持高增速，新能 源渗透率达到 53.3%。 乘用车：4 月 1-20 日，全国乘用车市场零售 89.7 万辆，同比去年 4 月 同期增长 12%，较上月同期下降 9%，今年以来累计零售 602.4 万辆，同 比去期增长 7%；4 月 1-20 日，全国乘用车厂商批发 99.3 万辆，同比去 年 4 月同期增长 14%，较上月同期下降 12%，今年以来累计批发 727.1 万 辆，同比增长 12%。 新能源：4 月 1-20 日，全国乘用车新能源市场零售 47.8 万辆，同比去 年 4 月同期增长 20%，较上月同期下降 11%，零售渗透率 53.3%，今年 以来累计零售 289.8 万辆，同比增长 33%；4 月 1-20 日，全国乘用车厂 商新能源 ...