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 ...

从上市情况来看，2024年中国汽车行业新增34家上市企业，相较2023年有所增长。自动驾驶及智能座舱 等智能化汽车部件、新能源三电系统和充电模块及系统部件等领域仍为市场关注焦点。从上市板块来 看，港交所凭借其国际化优势吸引了12家相关企业成功上市，成为主要上市地;深交所则以8家上市企业 数量位居次席。 报告预计未来内地汽车行业将继续围绕电动化、智能化、网联化等核心趋势发展，解决消费者充电焦 虑、反复运算智驾互联体验、满足个性表达将成为关键。 同时，中国车企需加速"产品出海"向"品牌出海"的转变，建立国家级汽车评价体系，提升国际竞争力。 智通财经APP获悉，4月14日，普华永道发布的《2024年中国汽车行业并购活动回顾及未来展望》报告 显示，尽管面临全球局部地缘博弈深化、产业链重构压力加剧等多重挑战，2024年内地汽车行业并购交 易活动依然展现出稳健态势，全年并购交易金额将近1681亿元人民币，交易数量为528宗，相较2023 年，交易金额和数量降幅分别放缓至32%和3.6%。 当前，内地汽车市场正经历从增量市场向存量市场的转变，市场竞争格局日益激烈。普华永道中国汽车 行业主管合伙人金军表示，在内地汽车行业转型 ...