Recently, Lei Jun announced that the annual delivery target for Xiaomi cars in 2025 has been raised to 350,000 units. According to Xiaomi's financial report, the revenue from smart electric vehicles for the year ending December 31, 2024, was 32.1 billion yuan, with 136,854 units of the Xiaomi SU7 series delivered during that year; the ASP for smart electric vehicles was 234,479 yuan per unit.

Everbright SecuritiesIt points out that with many "new forces" joining the car manufacturing industry, on one hand, it has reshaped the interest relationships of the upstream and downstream of the automotive industry chain, and on the other hand, it has also strengthened the pull on the automotive parts industry.

The decision-making level has repeatedly emphasized the development of "intelligent network new energy vehicles." The Development Plan for the New Energy Vehicle Industry (2023-2035) clearly requires increasing the localization rate of key components, with the goal of achieving a sales share of new energy vehicles exceeding 30% by 2025. The Ministry of Industry and Information Technology is promoting the intelligent transformation of automotive parts enterprises, offering a super deduction of up to 15% on R&D expenses for eligible companies.

And as the "dual credit" policy continues to intensify, it forces automakers to accelerate their electrification transformation, driving an increase in demand for the three-electric system (battery, motor, electric control) and lightweight components.

in the "cluster" of the automotive industry chain, such as the Yangtze River Delta region,Shanghai LingangThe new area plans to build an intelligent auto parts industrial park, providing a maximum of 50 million yuan in fixed asset investment subsidies for enterprises that settle down; Zhejiang's Ningbo, Taizhou, and other places focus on lightweight aluminum-magnesium alloy components, with related industry investment increasing by 22% year-on-year in 2024.

By 2024, the domestic new energy vehicle penetration rate has reached 35%, with the demand gap for drive motors and electric control systems continuously expanding; at the same time, integrated die-casting technology has become a competitive barrier, with a clear trend towards lightweighting. Relevant analysis shows that the market space for aluminum alloy die-cast parts is expected to increase from 80 billion yuan in 2023 to 120 billion yuan in 2025.

Looking ahead, institutions expect the global automotive parts market size to exceed $5 trillion by 2025, with intelligence (domain controllers, LiDAR) and electrification (800V high-voltage platforms, thermal management) as the two core tracks, with a compound annual growth rate of over 25%.

Landing on the A-share market, Everbright Securities believes that under the triple drivers of policy dividends, technological upgrades, and global expansion, the auto parts industry is expected to continue its valuation recovery by 2025, following the increase in new energy vehicle production capacity and penetration rate. Attention can be paid to three main lines: new energy incremental components, intelligent core systems, and lightweighting, especially leading enterprises with technological moats and overseas capabilities.