Guangda Securities: Pay attention to the post-holiday changes in end-of-terminal discounts in the automotive industry, focusing on the theme of intelligentization.

Guangda Securities research report pointed out that the performance of the car market in April was stable, with the continuous boost in sales of new forces by the launch of new cars and discounts on old models at the terminal. It is expected that the prospect of boosting domestic sales in 2025E through the trade-in drive is still promising, and it is recommended to continue to pay attention to orders and changes in terminal discounts. The resonance of intelligent driving and robots, the intelligent theme is expected to continue to ferment, and it is optimistic about car companies with sufficient self-developed intelligent driving algorithms/chip capabilities already accumulated in the car end, as well as the extended layout of the robot's supporting industry chain.