Soochow: Globalization deepens x AI disrupts, automotive parts open second growth pole.

Soochow released a research report stating that from a total perspective, the automotive parts sector Beta is overall weak in 2026. Structural opportunities are more favorable than total opportunities; humanoid Siasun Robot&Automation opens up valuation elasticity in the automotive parts and components, focusing on "Intelligent Driving (L2++/L3/L4) + Liquid Cooling (AIDC) + Humanoid Siasun Robot&Automation" three technology themes and "going international" for long-term certainty; traditional advantage tracks prioritize layout with "Performance Realization + New Order Mass Production." Soochow's main points are as follows: (1) EPS Dimension: 1) In the stock market, find the that crosses the cycle, preferring companies with high competitiveness that increase market share and companies that enter high-value tracks internally and externally to increase ASP. 2) Globalization opens up growth space in the automotive parts sector, with priority layout of growth and risk resistance capabilities in Europe/North America/Southeast Asia, with the potential to become global Tier1/platform leaders from 2026 to 2030 with profit recovery and deepening of customer relationships. Recommendation: Fuyao Glass Industry Group, Changzhou Xingyu Automotive Lighting Systems, MINTH GROUP, Ningbo Joyson Electronic Corp., Ningbo Sinyuan Zm Technology, pay attention to Jiangsu Xinquan Automotive Trim. (2) PE Dimension: 1) Intelligent Driving: L2++ penetration accelerates, L3 regulations and city NOA accelerate, L4 level intelligent vehicles quickly land; prioritize chip + domain control + core sensor + wire control chassis (systematic cost/algorithm/safety redundancy capabilities), recommend Horizon Robotics, Nanfang Black Sesame Group, Desay, pay attention to Bethel Automotive Safety Systems, NEXTEER, etc. 2) Siasun Robot&Automation: Moving from "01" to "110", benefiting from the supply chain of large models + actuators/reducers/screws/force sensors, prioritizing automotive leading companies with "common technology + manufacturing coordination", recommending Ningbo Tuopu Group, Ningbo Joyson Electronic Corp., Zhejiang Shuanghuan Driveline, pay attention to Yapp Automotive Systems, Shanghai Daimay Automotive Interior. 3) Liquid Cooling: AI capital expenditure growth, AIDC power consumption lifting; liquid cooling temperature control to reach a space worth billions by 2030, automotive parts access through thermal management/piping/quick connectors, emphasizing system integration and cost reduction capabilities, recommended MINTH GROUP, Zhejiang Yinlun Machinery, Feilong Auto Components. Risk Warning: Emerging industry expansion is lower than expected, downstream demand is lower than expected, geopolitical uncertainties increase risks.