安徽+常州汽车产业链调研更新 20250518 摘要 • 新能源汽车与智能驾驶领域，拓扑为首选标的；智能化增量零部件方面， 地平线优先，德赛西威、华阳等次之；业绩拐点且估值底部的企业，推荐 翔宇、季风及新权，反映了对汽车产业链细分领域投资机会的关注。 • 江淮汽车 S800 预计本月底上市，入门版预售价调整至七八十万，顶配预 计 100 万出头。2025 年月销保守估计 1,000 辆，稳态或达 2000-3,000 辆，与华为合作累计投入巨大，预计 2027 年实现盈亏平衡，体现了新车 型上市及合作项目进展的关键数据。 • 安徽区域机器人产业与华为合作紧密，安徽合力、艾弗特、聚积和瑞昱等 公司在智能物流、焊接自动化及人形机器人领域积极布局，推进工业 3.0 发展，揭示了区域产业升级的趋势。 • 伯特利 2025 年预计收入增长约 30%，EPB 增长 30%，线控制动增长 40%，轻量化增长 70-80%。墨西哥工厂预计贡献十亿元收入，并迎来利 润释放，摩洛哥工厂 2027 年投产，EMB 产品今年下半年小批量量产，明 年大批量量产，空悬年底量产，展示了公司业绩增长预期及新产品量产计 划。 Q&A 当前汽车 ...

Core Viewpoint - Nexteer launched 23 new projects in Q1 2025, with 60.9% focused on new energy vehicles (NEVs), driven by strong demand from Chinese NEV OEMs and significant bookings from North American clients [1] Group 1: Business Performance - The Company secured bookings totaling US$0.8 billion in Q1 2025, representing 16.0% of its full-year target of US$5.0 billion [1] - New energy vehicle projects accounted for 14 out of 23 new projects, highlighting the Company's focus on this sector [1] - The Company is actively developing new products, including Electro-Mechanical Braking (EMB) and enhancing its Rear Wheel Steering (RWS) systems [1] Group 2: Market Environment - The Company is facing manageable impacts from US tariffs, primarily affecting parts and raw materials from Canada and Mexico, with a 25% tariff on non-compliant automobile parts [1] - Most products exported from Mexico to the U.S. comply with USMCA, allowing them to maintain tariff-free status [1] - The Company is optimizing its supply chain and manufacturing strategies to mitigate market uncertainties and policy risks [1] Group 3: Regulatory Developments - The Trump administration plans to relax regulations on autonomous driving, which will benefit Nexteer's autonomous driving-related business, particularly in high-capacity EPS and advanced SBW and RWS business units [2] - The relaxation of compliance procedures for self-driving vehicles for non-commercial purposes is expected to further support the development of autonomous driving in the U.S. [2] Group 4: Investment Outlook - The Company maintains a "Buy" investment rating with a target price of HK$6.50 per share, reflecting a 15.6x 2025 PER [2]

Group 1 - The company launched 23 projects in Q1 2025, with 60.9% being new energy vehicle projects, totaling 14 projects, which account for 65.2% of all projects in the Asia-Pacific region [1] - Strong orders from Chinese new energy vehicle manufacturers were highlighted, covering REPS, DPEPS, and the latest RWS systems [1] - The company aims for an annual order target of $5 billion, with Q1 orders reaching $800 million, representing 16.0% of the annual target [1] Group 2 - The U.S. government proposed to ease regulations on autonomous vehicles, which will benefit the company's autonomous driving-related business and advanced steering systems [2] - The company is actively collaborating with clients and suppliers to optimize supply chains and production strategies to mitigate market uncertainties, especially regarding U.S. import policies [1] - The company is ensuring compensation from clients to offset costs related to non-exempt tariffs [1]