汽车行业周报：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 report maintains a neutral investment rating for the automotive and parts industry [5] Core Insights - The report emphasizes the importance of focusing on the Huawei supply chain and companies with strong Q1 performance, predicting that competitive domestic brands and new forces in intelligent driving technology will continue to expand market share by 2025 [3][14] - The report highlights the significant growth in Q1 earnings for several automotive companies, with BYD's revenue, net profit, and net profit excluding non-recurring items increasing by 36.3%, 100.4%, and 117.8% year-on-year, respectively [12] - The report notes that Tesla's Q1 performance was under pressure, with a 9.2% year-on-year decrease in revenue, and emphasizes the need to monitor new models and autonomous driving developments [13] Summary by Sections Investment Recommendations and Targets - The report suggests continued attention to the Huawei supply chain, humanoid robot chain, and certain state-owned enterprises in the automotive sector, which are expected to reverse their current difficulties through reforms and external collaborations [3][14] - Recommended companies include SAIC Motor, JAC Motors, BYD, Changan Automobile, China National Heavy Duty Truck Group, GAC Group, Yutong Bus, and several parts manufacturers such as Newquay, Silver Wheel, and Top Group [3][15] 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] Sales Tracking - In April 2025, the wholesale sales of passenger cars reached 993,000 units, a year-on-year increase of 14%, while retail sales were 897,000 units, also up 12% year-on-year [28] - The report indicates that the penetration rate of new energy vehicles reached 46.8% in March, reflecting a year-on-year increase of 9.2 percentage points [34]