汽车行业周报（25年第17周）：上海车展新车密集发布，多部门推动智能辅助驾驶规范化

Investment Rating - The automotive industry is rated as "Outperform the Market" [1][4][5] Core Views - The report emphasizes the rise of domestic brands and the opportunities in incremental components driven by electric and intelligent trends [3][12][24] - The automotive industry is transitioning into a technological era, with significant advancements in electrification, intelligence, and connectivity [12][13] - The report forecasts a compound annual growth rate of 2% for the domestic automotive market over the next 20 years, with a strong focus on electric vehicles [13][21] Monthly Production and Sales Data - In March, the retail sales of passenger vehicles in China reached 1.94 million units, a year-on-year increase of 14.4% and a month-on-month increase of 40.2% [1] - Cumulative sales from January to March totaled 5.127 million units, reflecting a year-on-year growth of 6.0% [1] - The wholesale sales of new energy passenger vehicles in March reached 1.128 million units, up 35.5% year-on-year and 35.9% month-on-month [1] Weekly Data - From April 14 to April 20, the number of new passenger vehicle registrations in China was 387,000, a year-on-year increase of 9.4% and a month-on-month increase of 12.1% [2] - Cumulative registrations for April (up to April 20) reached 732,200 units, a year-on-year increase of 10.3% [2] Market Performance - The CS automotive index increased by 4.98% during the week of April 21 to April 25, outperforming the CSI 300 index by 4.6 percentage points [2] - The year-to-date increase for the CS automotive index is 6.99% [2] Key Company Profit Forecasts and Investment Ratings - Leap Motor (9863.HK) is rated "Outperform the Market" with an estimated EPS of -0.05 for 2025 and a PE ratio of -988 [4] - Geely (0175.HK) is rated "Outperform the Market" with an estimated EPS of 1.36 for 2025 and a PE ratio of 12 [4] - Xpeng Motors (9868.HK) is rated "Outperform the Market" with an estimated EPS of -0.84 for 2025 and a PE ratio of -93 [4] Investment Recommendations - The report recommends focusing on domestic brands and the opportunities in incremental components, particularly in the context of electric and intelligent vehicles [3][12][24] - Specific recommendations include Leap Motor, Xpeng Motors, Geely, and Yutong Bus for complete vehicles, and companies like Coboda, Huayang Group, and Junsheng Electronics for intelligent components [3][12][24]