于回顾期间，本集团进一步整合跨国运营经验与本土化实践，持续优化区域供应链体系，不仅巩固了全 球化运营优势，更在战略布局、技术创新、产品矩阵、资源协同及人才梯队建设等方面形成了独特的竞 争壁垒。于回顾期间，本集团持续搭建资产全生命周期的系统管理流程，进而实现最符合敏实全球运营 的产能布局。本集团结合全球贸易政策变化与业务发展的实际需求适度扩充产能，同时对相关投入的合 理性与有效性进行严格把关，从而减少非必要投资、不断提升资本效率。基于过往新业务承接以及未来 潜在新订单需求，本集团计划有序增加在北美、欧洲和东南亚等地的资本开支，旨在加快该等市场的业 务增长，并进一步完善本集团全球现地化布局，而该等投资的资金来源预计主要来自本集团的营运资金 流入。 于回顾期间，本集团持续深化敏实卓越运营系统，推进全价值链精益管理升级与多维度降本增效专案， 打造极致成本竞争力，实现盈利能力的稳健提升。同时，本集团持续通过工艺、制造技术和生产模式优 化，不断提升产品的综合竞争力，夯实在客户端的全面渗透。本集团持续与客户进行交流互动，从产 品、技术与材料创新等层面洞察客户需求，致力于为客户的燃油车型和新能源车型提供系统化最优解决 方案。 ...

Investment Rating - The industry investment rating is "Overweight" [1] Core Viewpoints - The report tracks the changes in operating income, net profit margin, and capital expenditure for the automotive parts sector in 2024A and Q1 2025, indicating that precision parts, chassis components, and electronic components show relatively good growth and capital expenditure intensity [4][10] - The report emphasizes the importance of capital expenditure for manufacturing enterprises to maintain operational capabilities, suggesting that capital expenditure is a precursor to future output and can help identify investment opportunities in sectors with high growth potential [4][10] Summary by Sections 1. Growth Potential - In 2024A, the operating income growth rates are as follows: electronic components (-), chassis components (+), body components (-), exterior components (-), overall industry (+), precision parts (+), powertrain components (+), interior components (+), and molds (-) [10][13] - The net profit margin for 2024 is 5.2%, a decrease of 0.6 percentage points compared to the previous year, while Q1 2025 shows a net profit margin of 5.8%, an increase of 0.6 percentage points [15][19] - The report categorizes the growth potential into four tiers based on operating income growth and net profit margin changes, with precision parts and chassis components performing well [10][11][15] 2. Capital Expenditure Intensity - The capital expenditure as a percentage of operating income for the automotive parts sector in 2024 is 6.9%, which is an increase compared to the previous year, while Q1 2025 shows a decrease to 6.4% [22] - The report identifies different tiers of capital expenditure intensity across various segments, with electronic components and molds showing high capital expenditure intensity [22] 3. Investment Recommendations - The report suggests focusing on sectors with high capital expenditure and growth potential, particularly precision parts (gears, bearings), chassis components (steering systems, suspension), electronic components, and thermal management systems [4][10] - Recommended companies include Shuanglin Co., Guansheng Co., Jifeng Co., and Huayang Group, with additional mentions of Zhejiang Shibao, Zhongding Co., Meili Technology, and others [4][10]