上海车展开幕，关注华为链及1季度业绩超预期公司

Investment Rating - The investment rating for the automotive and parts industry is maintained at Neutral [5] Core Insights - The report emphasizes the continued focus on the Huawei supply chain and the performance of companies in the first quarter, highlighting the competitive advantage of domestic brands and new forces in intelligent driving technology [2][3][14] - The report suggests that some central state-owned enterprises may reverse their difficulties through reforms and enhanced cooperation [3][14] Summary by Sections Investment Recommendations and Targets - The report recommends ongoing attention to the Huawei supply chain, autonomous brands with competitive advantages by 2025, and companies leading in intelligent driving technology [3][14] - Suggested companies for investment include SAIC Motor, JAC Motors, BYD, Changan Automobile, China National Heavy Duty Truck Group, GAC Group, Yutong Bus, and various parts suppliers such as Newquay, Yinlun, Daimay, and others [3][15][16] Market Performance - The automotive sector outperformed the CSI 300 index, with a weekly increase of 5.0%, ranking second among 29 primary industries [17] - The automotive parts sector saw a significant increase of 6.72%, while other segments also reported positive returns [17] Quarterly Performance Highlights - BYD reported a first-quarter revenue increase of 36.3% and a net profit increase of 100.4% year-on-year [12] - Changan Automobile's net profit increased by 16.8%, while its non-recurring net profit surged by 601.3% [12] - Tesla's first-quarter revenue decreased by 9.2%, with a notable drop in net profit by 70.6% [13] Sales Tracking - In April 2025, the wholesale sales of passenger cars reached 993,000 units, a year-on-year increase of 14% [28] - Cumulative wholesale sales for the year reached 7.271 million units, reflecting a 12% year-on-year growth [28] Industry Dynamics - The Shanghai Auto Show showcased approximately 1,300 vehicles, with over 100 global debuts, indicating a vibrant market environment [11] - New models from various manufacturers, including Huawei's ADS 4 technology, are expected to boost sales for collaborative models [11][12]