Soochow: Globalization Deepening and AI Breaking, Automotive Components Opens Second Growth Pole.

Soochow's research report stated that from a total perspective, the plate Beta of 2026 as a whole weakened, and structural opportunities are superior to total opportunities. Siasun Robot&Automation opens up the valuation elasticity of automotive parts, focusing on the long-term certainty of "smart driving (L2++/L3/L4) + liquid cooling (AIDC) + Siasun Robot&Automation" three technological main lines and "going global" with priority. Traditional advantage tracks choose to lay out with "performance realization + mass production of new orders". Soochow's main points are as follows: EPS dimension 1) In the stock market, look for companies that can cross the cycle with high competitive advantage bringing market share enhancement products as well as companies entering high-value tracks through internal and external expansion. 2) Globalization opens up growth space for automotive parts, with a focus on the growth and risk resistance capability of automotive parts capacity in Europe/North America/Southeast Asia, with profitability recovery and deepening of customer relationships, expected to become global Tier1/platform leaders in 2026-2030. Recommended: 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. PE dimension 1) Smart driving: L2++ penetration speeds up, L3 regulations and urban NOA accelerate, L4 intelligent cars quickly land; prioritize chip + domain control + core sensor + line control chassis (cost/algorithm/safety redundancy system), recommend Horizon, Nanfang Black Sesame Group, Desai, pay attention to Bethel Automotive Safety Systems, NEXTEER, etc. 2) Siasun Robot&Automation: Moving from "0 1" to "1 10", the supply chain benefits from large models + actuators/gearboxes/screw rods/force sensors, prioritizing automotive parts leaders with "technological origins + manufacturing coordination", recommend 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 rise; liquid cooling temperature control space reaches hundreds of billions by 2030, automotive parts to enter with heat management/pipe systems/quick connectors, focus on system integration and cost reduction capabilities, recommend MINTH GROUP, Zhejiang Yinlun Machinery, Feilong Auto Components. Risk warning: Emerging industry expansion is below expectations, downstream demand is below expectations, geopolitical uncertainties increase risks.