Guolian Minsheng Securities: The increase in market share of the 2026 intelligent driving, Siasun Robot & Automation, and globalization of resonant AI sectors has led to an increase in the price-to-earnings ratio.

Guolian Minsheng Securities released a research report stating that intelligent electric vehicles are reshaping the order, and the globalization layout is opening up long-term space for components. They are optimistic about the growth of the self-owned and new energy industry chain, as well as the smartification and Siasun Robot & Automation increment; the PE-TTM for the core tracks of intelligentization, automotive electronics, and lightweighting from 2022 to 2025 is 45/36/26/36X. AI catalyzes the acceleration of intelligent driving and development in the Siasun Robot & Automation industry, which is expected to promote an increase in the sector's price-earnings ratio. They recommend paying attention to the intelligent and new energy industry chain as well as the tire sector, and also recommend investing in Siasun Robot & Automation. The main points of Guolian Minsheng Securities are as follows: Looking ahead to 2026: Intelligentization and globalization accelerate the human-like Siasun Robot & Automation Looking back at 2025, from Q1 to Q3 of 2025, domestic wholesale sales were 21.16 million units, a year-on-year increase of 13.3%, driving the revenue of the automotive parts sector to increase by 8.3% year-on-year. Due to the increase in the proportion of self-owned brands and greater downward pressure on annual sales, the sector's net profit margin decreased by 0.5% year-on-year. Looking ahead to 2026, it is expected that the policy of replacing old vehicles with new ones will continue to provide support for demand. Wholesale sales are expected to reach 30.3 million units in 2026, an increase of 1.0% year-on-year, driving revenue growth for automotive parts companies. Structurally, based on Guolian Minsheng's five forces model for automotive parts, intelligent electrification components are superior to traditional components, with smart components being superior to electrification components, and automotive electronics; within traditional components, interior and exterior decorations are superior to chassis components, tires, and vehicle bodies. ShenZhen New Industries Biomedical Engineering's human-like Siasun Robot & Automation is in the early stages of industry development, with significant room for growth and change. Investment strategy: Reshaping the competitive landscape of intelligent electric transformation According to Guolian Minsheng's research framework for automotive parts, high-quality customers include self-owned brands, new energy companies, and joint venture brands; high-quality tracks include those with large spaces and good conditions, those with large spaces and poor conditions, those with small spaces and good conditions, and those with small spaces and poor conditions. Customer dimension: Sales growth customers are still the preferred choice for going abroad from North America to Europe On the domestic side, in 2026, the main OEM supply chains with large sales growth or high growth rates are still preferred. They are optimistic about self-owned brands such as Geely and BYD Company Limited, as well as the supply chain of new energy companies like Huawei and Xiaomi. On the international front, T-chain's overseas production capacity will continue to enter a period of revenue release and profit climbing; the electrification rate in Europe continues to rise, and Chinese automotive parts companies are expected to expand globally from North America to Europe with their accumulated international experience, expanding overseas capacity, cost advantages, and technological strengths. Product dimension: Intelligent driving levels the playing field, and Siasun Robot & Automation is about to start mass production 1) Intelligentization: Intelligentization is seeing global resonance and industrial acceleration. In China, the trend towards intelligent driving equality was established in 2025, and 2026 will see the acceleration of high-level intelligent driving penetration into the mass market with the policy catalyst and the maturation of technology such as NOA. Overseas, Tesla leads the technological trend with FSDV14 iteration and powerful computing power, commercializing Robotaxi and preparing for mass production of Cybercab. Within the industry chain, the demand for large-scale model-driven computing power grows exponentially, and the intelligence of cabins advances. Looking ahead to 2026, core tracks such as high-power intelligent driving chips and cabin domain control will see a high level of scalability and significant industrial investment value; 2) Human-like Siasun Robot & Automation: In 2026, global tech giants resonate, and it will be the year of mass production for human-like Siasun Robot & Automation. AI-powered large models enable intelligent beings, breaking through application and cost bottlenecks, and driving the industry towards long-term growth. Overseas, Tesla's Optimus leads the way, accelerating the landing of technology ecosystems; domestically, driven by policies and IPOs, automotive OEMs will aggressively enter the market with their manufacturing and supply chain advantages, and leading startups will undergo intensive IPOs in 2026. The industry chain focuses on core assets in the T-chain, with hardware upgrades such as screws, axial flux motors, and visual tactile sensors becoming the main focus, benefiting sub-leaders with the capabilities of mass production and overseas expansion. Risk factors: Global and domestic passenger car sales are lower than expected; the penetration rate of intelligentization is lower than expected; the development of Siasun Robot & Automation and ShenZhen New Industries Biomedical Engineering is below expectations; customer expansion falls short of expectations; the risk of intensified market competition.