12月23日，全球电子商务领导者eBay在厦门成功举办"驭见未来・擎动全球"2025年度汽配卖家峰会。 峰会现场，eBay不仅为近百位卓越中国汽配卖家颁发奖项，更重磅发布"2026焕新支持计划"，旨在进一步聚焦美国和欧洲双核市场，并积极拓展大重货 品类、商用车市场等新机会，为卖家2026增长注入强劲动力。在随后的采访环节，eBay高层向记者阐释了2026年eBay将聚焦欧美双核市场、积极拓展大重 货品类及商用车市场赛道。 2025年汽车品类增长亮眼 eBay副总裁，国际跨境电商事业部首席执行官林奕彰（John Lin） 2025年，全球汽配售后市场规模突破2.3万亿美元，汽车保有量超16亿辆，欧美平均车龄超12年，维修、保养及改装需求持续释放，线上趋势为eBay卖 家带来历史性增长窗口。 今年，eBay正值成立30周年，其在汽配领域成绩斐然。2025年北美线上汽摩配市场规模预估达450亿美元。eBay平台数据显示，美国站中国卖家的发动 机总成销售年增长高达5倍，差速器总成增长超60%，保险杠增长45%；欧洲市场同样表现强劲，英国站制动盘增长16倍，德国站减震器销量增长9倍，充电 桩、充电枪增长6.5倍、头灯总 ...

作者丨欧雪 编辑丨袁斯来 在全球汽车保有量持续增长、车辆老龄化趋势日益明显的背景下，汽配售后市场正迎来结构性变革。 近日，全球电商平台eBay在厦门举办的年度汽配卖家峰会上，揭示了这一变革中的关键趋势。 不过，欧美市场虽同为增长核心，但路径和阶段显著不同。北美市场已形成庞大线上基盘，竞争日趋激 烈，增长来源于更深度的专业分化。 eBay方面分析，卖家正进化为三种路径：一是专注海量长尾SKU，满足多样化零星需求；二是聚焦易 损件等最大宗商品，比拼供应链规模与效率；三是独辟蹊径，专攻外观或性能改装件，从"替换"市场进 入"更新"市场。 eBay平台数据显示，当前，全球汽配售后市场迎来结构性机遇，规模突破2.3万亿美元，汽车保有量超 16亿辆。 北美与欧洲作为核心市场，在车辆老龄化与线上化趋势推动下持续释放潜力。欧美平均车龄已超12年， 带动维修、保养及改装需求持续释放。与此同时，线上化趋势正以前所未有的速度重塑行业，为平台卖 家带来历史性增长窗口。 市场机遇伴随着运营门槛的升级。eBay平台数据显示，高价值、高门槛的"大重件"及核心维修部件展现 出惊人的增长潜力。 以美国站为例，中国卖家的发动机总成销售年增长高达 ...

深圳桑椹汽配科技有限公司在2017年开始出海，公司副总经理黎浩宇告诉智通财经，过去一年美国市场 保持稳健增长，动力之一来自"线下转线上"。随着跨境电商生态的完善，现阶段线下交易比重很高的一 些品类正逐步转移到线上，例如"大重件"。 智通财经记者 | 张熹珑 北美地区尤其是美国，是全球最大的汽配市场之一。尽管地缘政治、关税等原因带来不明朗因素，但广 东汽车零部件厂商仍在加速拓展该市场。 "我们今年3月份专门划了一个汽配团队负责美国市场，全年美国市场增长了超过两倍。"12月23日的 eBay 2025年度汽配卖家峰会间隙，深圳欣盛商科技有限公司CEO姜振阳接受智通财经采访时指出，一 方面由于本来美国业务体量不大，另一方面是因为关税劝退了一批卖家，但市场需求还在，反而形成利 好。 姜振阳在2009年入局跨境电商"倒腾"华强北电子产品，并在2012年成立公司，以消费电子起家，逐步拓 宽至汽车配件、电动工具、家居领域。欣盛商科技主营以多媒体播放器为代表的汽车电子件，预计明年 美国市场仍保持增长。 黎浩宇提到，美国汽车后市场会在线下的碰撞中心（Collision Center）进行，既需要买件，又需要另外 的人力服务安装 ...

Core Viewpoint - Jingzhuan Technology is accelerating its overseas expansion as a leading manufacturer of precision forged gears, positioning itself in the new robotics sector through strategic investments and partnerships [1] Group 1: Financial Performance - The company is raising funds through private placements and convertible bonds to invest in projects such as differential assemblies and new energy electric drive components, leading to rapid capacity growth [1] - Revenue from assembly products is projected to reach 492 million yuan in 2024, representing a year-on-year growth of 18.84%, accounting for 24.3% of total revenue, making it the second-largest revenue source [1] Group 2: Strategic Initiatives - The company is strategically aligning with the trend of integrated solutions in the new energy vehicle sector, highlighting its growth certainty [1] - In 2025, the company plans to establish Jiangsu Pacific Intelligent Joint Company in partnership with Tianjin Aima, focusing on the development of robotic joint components [1] - The company has also invested in Wuhan Gelanruo Intelligent Robot Co., Ltd., successfully delivering module samples, which may open a second growth curve [1] Group 3: Market Position - As a leader in precision forged gears, the company continues to expand its product offerings and customer base, with new products like differential assemblies entering the scaling phase and accelerating overseas market deployment [1] - The company has received an initial coverage rating of "Buy" due to its ongoing expansion and market strategies [1]

Investment Rating - The report gives a "Buy" rating for the company, marking its first coverage [2]. Core Views - The company is a leading player in the precision forging gear industry, actively expanding into new products and markets, particularly in the electric vehicle sector [2][12]. - The company is transitioning from a single gear business to a more comprehensive assembly business, enhancing its product structure and value [2][35]. - The company is also venturing into the lightweight aluminum components for electric vehicles and the robotics sector, which is expected to create a second growth curve [2][3]. Summary by Sections 1. Company Overview - The company has over 30 years of growth, with a rich product matrix including automotive differential gears and components for electric vehicles [12]. - It has a clear shareholding structure and a diversified subsidiary layout, with 10 wholly-owned subsidiaries covering the entire industry chain [21][17]. - The customer base includes major domestic and international OEMs and Tier 1 suppliers, with ongoing efforts to expand into overseas and new energy markets [23][25]. 2. Business Expansion - The company is upgrading from individual gear components to complete differential assemblies, which increases the value per vehicle [2][35]. - The assembly business is projected to generate revenue of 492 million yuan in 2024, a year-on-year increase of 18.84%, becoming the second-largest revenue source [2][35]. 3. Lightweight and Robotics Initiatives - The company is tapping into the lightweight demand driven by the electric vehicle trend, focusing on key components that meet lightweight and low-noise requirements [2][19]. - It is also entering the robotics sector, establishing a joint venture to develop robotic joint components, which is expected to enhance growth opportunities [2][3]. 4. Financial Projections - The projected net profits for 2025-2027 are 153 million, 204 million, and 252 million yuan, respectively, with corresponding growth rates of -4.3%, 33.5%, and 23.5% [2][3]. - The company’s revenue is expected to reach 2.149 billion yuan in 2025, reflecting a growth rate of 6.1% [3][4].

Core Viewpoint - Dongshi Precision Gear (Wuhan) Co., Ltd. is enhancing its market position in the differential gear sector through collaboration with QYResearch, focusing on customized electronic lock differentials and improving product performance and innovation [1][2]. Group 1: Company Overview - Dongshi Precision Gear specializes in the research and production of new energy differential gears, with an annual production capacity of 1 million sets of differential gears and 600,000 sets of differential assemblies [2]. - The company has successfully passed IATF169, ISO14001, and ISO45001 certifications, ensuring product quality and environmental safety [2]. - Dongshi has established 8 cold precision forging production lines, with an automation rate of 5%, capable of producing up to 10 million pieces annually [2]. Group 2: Market Insights - QYResearch predicts that by 2030, the scale of China's construction machinery market will reach $63.1 billion, accounting for 37% of the global market share [5]. - The new energy construction machinery market is projected to reach $3.571 billion in 2024, with a compound annual growth rate (CAGR) of 148.6% from 2018 to 2024, significantly outpacing traditional construction machinery growth rates of 5-8% [6]. - The growth rate for new energy construction machinery is expected to stabilize between 30% and 45% from 2025 to 2030, driven by advancements in battery technology [6]. Group 3: Research and Analysis - QYResearch provides in-depth market research services across the mechanical industry, addressing data gaps that official statistics cannot cover [3]. - The company analyzes various aspects of the market, including market size, share, trends, driving factors, and industry policies, to support client decision-making [3]. - QYResearch's research scope includes multiple mechanical sectors, offering detailed reports on production capacity, output, sales volume, and revenue for the differential gear market [3].

Summary of the Conference Call for Jingduan Technology Company Overview - Jingduan Technology is a leading precision gear manufacturer in China, holding approximately 10% of the global bevel gear market and 30% of the domestic market share. Major clients include Volkswagen and Tesla, which recognize the company's precision manufacturing capabilities, laying a foundation for future collaborations [2][4][5]. Core Business and Financial Performance - The company's differential assembly business is gradually increasing, with a gross margin of about 24%. In 2024, revenue is expected to be around 2 billion yuan, a year-on-year decline of 3.7%, with a net profit of approximately 160 million yuan. Revenue is anticipated to recover in 2025 due to new projects from Volkswagen, NTN, BYD, and Huawei, with the Thai factory starting small-scale production [2][6][7]. - The company has seen significant growth in revenue and profit from 2020 to 2023. The revenue for 2024 is projected to be around 2 billion yuan, with a net profit of about 160 million yuan. The gross margin is expected to remain around 24% [7][9]. Strategic Initiatives and Market Opportunities - Jingduan Technology is transitioning from differential gears to humanoid robot reducers, having invested in Wuhan Granrobo, which is expected to lead to mass production of planetary reducer products. The company is well-positioned in the humanoid robot market, particularly appealing to North American clients [3][10]. - The company is also developing cycloidal pinwheel reducers to balance the disadvantages of harmonic and planetary reducers, enhancing torque and impact resistance [3][10]. - The Thai factory's completion eliminates additional depreciation costs, marking a turning point for the company's fundamentals [4][12]. Collaborations and Client Relationships - The collaboration with Tesla is progressing well, with the company's precision manufacturing capabilities being recognized, potentially allowing for quick integration into Tesla's humanoid robot projects. Other deep partnerships include BYD, Huawei, and Xiaomi, which may further enhance development opportunities [8][9]. - The company has established a strong presence in the overseas new energy market, which is rapidly expanding, providing good opportunities for development in Europe [9]. Industry Landscape and Competitive Position - The domestic new reducer market is favorable, with competitors like Shuanghuan, Haoneng, and Jingda. Jingduan Technology's existing collaborations and support from invested companies position it well for accelerated growth in the new reducer segment [13][14]. - The domestic differential assembly market is estimated to be around 7.3 billion yuan, with Jingduan's current revenue from this segment at only 24%, indicating significant room for market share growth [9]. Conclusion - Jingduan Technology is strategically positioned for growth in both the automotive and robotics sectors, with a strong focus on precision manufacturing and innovative product development. The company's collaborations with major clients and its expansion into new markets present promising investment opportunities moving forward [2][3][4][8][9].

Macro Strategy - The report highlights that the merger and acquisition (M&A) market is entering a "fast lane," driven by a favorable macroeconomic environment, policy support, and the need for industrial upgrades, similar to the M&A boom from 2013 to 2015 [1][14][16] - The current macroeconomic conditions, characterized by loose liquidity and a strong demand for economic transformation, are conducive to M&A activities, which can enhance production efficiency and optimize resource allocation [1][14][16] - The report notes that the policy environment for M&A has improved significantly since the introduction of the new "National Nine Articles" in 2024, which aims to support strategic emerging industries and ensure orderly market operations [1][14][16] Industry Insights - The report indicates that the focus of M&A activities is shifting towards emerging technology sectors, with significant transactions occurring in the TMT (Technology, Media, and Telecommunications) and high-end manufacturing industries [1][14][16] - It is projected that the M&A market will see a surge in activity, with completed projects in 2025 already surpassing the total for 2024, reflecting a robust policy-driven environment [1][14][16] - The report emphasizes the importance of state-owned enterprises in the current M&A landscape, with 50% of completed projects involving state-owned entities, which are expected to concentrate resources in key strategic sectors [1][14][16] Company Recommendations - The report recommends "Guoquan" (锅圈) as a strong investment opportunity, projecting revenues of 72.8 billion, 83.4 billion, and 94.4 billion yuan for 2025-2027, with corresponding net profits of 3.3 billion, 4.0 billion, and 4.9 billion yuan, indicating a strong growth trajectory [10] - "Precision Forging Technology" (精锻科技) is highlighted as a leader in the precision gear industry, with expected revenues of 23.06 billion, 26.52 billion, and 31.19 billion yuan from 2025 to 2027, and a focus on expanding into robotics components [11] - "Longxin General" (隆鑫通用) is noted for its growth potential, with projected revenues of 208.8 billion, 240.2 billion, and 264.2 billion yuan for 2025-2027, driven by the strength of its "Wuji" brand [12]

| 投资要点 | | --- | 未经许可，不得转载或者引用。 入局机器人减速器赛道，合资公司落地兑现预期： 行星减速器是机器人关节的核心部件，与公司主业行星齿轮在工艺和设备上具有协同性。公司 于2023H2开始推进研发工作，截至2024年11月已开发出相关样品。2025年3月公司与工业机器 人知名品牌天津爱码信成立合资子公司太平洋关节，2025年6月3日以5000万元获得格蓝若智能 机器人10%的股份，加快布局机器人关节、精密减速器、控制电驱动、丝杠等领域。公司卡位 机器人核心部件，积极推进机器人智能关 盈利预测与投资评级： 深耕精密齿轮三十余载，锥齿轮赛道隐形冠军深耕精密齿轮三十余载，锥齿轮赛道隐形 冠军： 公司成立于1992年，于2011年在深交所创业板上市，当前公司已形成以汽车差速器锥齿轮、差 速器总成、变速器结合齿齿轮+铝合金轻量化锻件、机器人减速器双擎驱动的发展格局。2024 年公司营业收入达20.25亿元，同比-3.7%；实现归母净利润1.60亿元，同比-32.8%。2025Q1营 收为5.12亿元，同比+1.7%；实现归母净利润0.40亿元，同比-14.4%。 精锻齿轮领军企业，差速器总成步入 ...

Investment Rating - The report assigns a "Buy" rating for the company, marking the first coverage of the stock [1]. Core Views - The company is a leader in the precision gear industry, focusing on the automotive sector and expanding into the robot reducer market, which is expected to drive future growth [7][12]. - The company has a strong market position in the differential gear segment, with a significant market share and a growing revenue stream from its complete differential assembly business [12][22]. - The transition towards electric vehicles is creating new opportunities for the company, particularly in lightweight aluminum components and robot joint technology [57][69]. Summary by Sections 1. Company Overview - Established in 1992 and listed in 2011, the company specializes in precision gears for automotive applications, including differential gears and transmission components [12]. - The company has a diverse customer base, including major domestic and international automotive manufacturers [18]. 2. Financial Performance - The company reported total revenue of 20.25 billion yuan in 2024, a decrease of 3.7% year-on-year, with a net profit of 1.60 billion yuan, down 32.8% [20]. - Revenue is projected to grow to 23.06 billion yuan by 2025, with net profit expected to reach 2.41 billion yuan [1]. 3. Market Position - The company holds the largest market share in the differential gear sector in China, benefiting from high entry barriers in the capital-intensive industry [42][43]. - The market for differential assemblies is expected to grow significantly, with projections of 71.51 billion yuan by 2025 [54]. 4. Product Development - The company is expanding its product offerings to include lightweight aluminum components, which are crucial for meeting the demands of electric vehicles [57][69]. - The company has initiated projects to produce aluminum alloy parts, with planned capacities of 700,000 and 800,000 units for steering knuckles and control arms, respectively [71]. 5. Strategic Initiatives - The company is actively pursuing partnerships in the robotics sector, having established a joint venture to develop precision reducers for robotic applications [12][56]. - The company is enhancing its production capabilities through capital increases and convertible bonds to support its growth in the differential assembly market [55].