Group 1: Overall Market Trends - In 2024, the Chinese automotive industry is expected to show resilience amid geopolitical tensions, supply chain restructuring, and evolving consumer demand, with M&A activity projected at nearly 168.1 billion yuan and 528 transactions, reflecting a slowdown in decline compared to 2023 [1] - The overall M&A transaction value and volume in the automotive sector are expected to decrease by 32% and 3.6% respectively compared to the previous year [1] Group 2: Vehicle Manufacturing - The commercial vehicle manufacturing sector has become a new focus, with 54 M&A transactions totaling 47.8 billion yuan in 2024, marking a significant decline of nearly 52% from the previous year [3] - Investment and M&A activities are primarily centered around new energy vehicles, with the transaction value for new energy passenger vehicles rising from 89% to 100% of total investments [3] - Traditional fuel commercial vehicle transactions have seen a notable rebound, driven by energy transition and strategic upgrades, as exemplified by Guangqi Hino's increased investment in hydrogen fuel cell technology [3] Group 3: Auto Parts Sector - The auto parts sector is projected to have 404 transactions with a total value exceeding 105.9 billion yuan in 2024, reflecting a 16% decline from the previous year [4] - The electric vehicle parts segment has experienced a significant drop in both transaction volume and value, with average transaction values decreasing by 59% due to supply-demand imbalances [6] - The intelligent automotive parts segment has seen a substantial increase, with average transaction values rising by nearly 110%, driven by technological advancements and market expansion [6] Group 4: Aftermarket Services - The aftermarket service sector has seen a decrease in M&A activity, with transaction values dropping by 31% compared to the previous year, primarily due to reduced investment in automotive trading activities [7] - Despite the decline, areas such as vehicle maintenance and charging services remain active, with significant opportunities arising from the increasing number of vehicles on the road [7] - The charging and battery swap station markets continue to attract capital, supported by the development of new energy vehicle infrastructure [7]

| 投资要点 | | --- | 公告要点： 公司发布2025年一季报，业绩符合我们预期。2025Q1公司实现营业收入24.9亿元，同环比 +25.0%/-24.9%，归母净利润 1.6亿元，同环比+9.3%/-16.7%，扣非归母净利润 1.5亿元，同环比 +8.8%/-16.8%。 营业收入同比高增，客户群扩大订单拓展成果显著： 2025Q1公司营收在核心客户赛力斯销量承压的基础上同比高增，公司客户矩阵丰富，汽车电子 及压铸业务均实现了正向增长。汽车电子业务获得新势力车企及合资、国际车企客户的重要突 破，包括大众汽车集团、上汽奥迪、小鹏、理想、蔚来、现代-起亚等多家知名企业，多个产 品订单大幅增加；精密压铸业务也获得了包括采埃孚、博世、比亚迪等重要客户的新项目，铝 合金业务新突破法雷奥、尼得科客户，新能源三电系统、智能驾驶系统、光通讯模块等项目订 单大幅增加。 年降压制毛利率同环比降低，规模效应显现期间费用率同比下降： 未经许可，不得转载或者引用。 考虑到会计准则调整对毛利率和销售费用的影响，追溯后公司2025Q1整体毛利率18.2%，同环 比-2.7pct/-0.9pct，同比下降较多主要为一季度下游车 ...

Group 1 - The core viewpoint of the report indicates that despite challenges such as geopolitical tensions and supply chain restructuring, the M&A activity in China's automotive industry is expected to remain robust in 2024, with a projected transaction value of nearly 168.1 billion RMB and 528 deals, showing a slowdown in the decline of transaction value and volume compared to 2023, which were 32% and 3.6% respectively [1] - The automotive market in mainland China is transitioning from an incremental market to a stock market, leading to intensified competition. Key trends include electrification and intelligentization, which are essential for the industry's upgrade and transformation [1] - Companies in the automotive sector are encouraged to focus on advanced technology research and explore new business growth paths to adapt to market structural changes, while also considering global expansion as a strategic direction for long-term development [1] Group 2 - In 2024, 34 new companies are expected to be listed in the automotive sector, indicating growth compared to 2023. Key areas of market interest include intelligent automotive components such as autonomous driving and smart cockpit systems, as well as new energy systems and charging modules [2] - The Hong Kong Stock Exchange has attracted 12 related companies to successfully list, making it the primary listing venue, while the Shenzhen Stock Exchange ranks second with 8 listed companies [2] - The report anticipates that the automotive industry will continue to develop around core trends of electrification, intelligentization, and connectivity, addressing consumer concerns such as charging anxiety and enhancing intelligent driving experiences [2] Group 3 - Chinese automotive companies need to accelerate the transition from "product going abroad" to "brand going abroad" and establish a national automotive evaluation system to enhance international competitiveness [3]