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Investment Tip of this issue: Jingwei Hengrun Company has a high degree of market attention.Crashbandicoot4cortexcastleBut there is the problem of low profit. Looking forward to the 24th full year, the company's revenue growth is expected to increase quarter by quarter. With the gradual expansion of the company's major customers, and drawing lessons from the previous period to reduce costs and increase efficiency, we believe that the second half of this year will be the inflection point of fundamentals, worthy of tracking and continuous attention. Overseas demand of Guansheng shares is better than the company expected. Among them, the North American and European markets are in line with expectations, but the South American market is not as expected and demand has not yet returned to normal levels. Solid-state battery business is developing steadily. SAIC's overall performance this year may be under pressure. Among them, SAIC GM's annual sales pressure is greater.Crashbandicoot4cortexcastleSAIC-Volkswagen new energy is expected to hit bottom and rebound, but fuel vehicles still need to watch the performance of subsequent models. SAIC overseas may become a relatively big bright spot. Among the many independent brands, Changan Automobile has more product reserves, but it also faces the pressure of competition. Although the company will not directly participate in the price war, but will invest in technology to improve product power. At the same time, the company is still promoting cooperation with Huawei, and there is no conflict between the target market and the target products of the two sides. The high growth of Ruihu mould in the future comes from three types of products with the layout of lightweight automotive parts. Integrated die casting, we see curious rising era ET follow-up sales, is expected to continue to exceed expectations in the second half of this year. Precision forming casting dynamic parts, with the improvement of Chery sales of downstream customers, the revenue of this product is expected to grow steadily. Stamping parts, the core of future revenue lies in the sales of matching models. We believe that the scale of the company's spare parts business is expected to grow substantially and enter the volume stage this year. With the continuous breakthroughs of the product line and customers, it is expected to achieve long-term growth. Customers of Songyuan shares have achieved a qualitative breakthrough, and the scale effect is expected to continue to strengthen, driving profit margins to exceed expectations. Looking forward to 24 for the whole year, with the high increase in revenue this year, the scale effect is becoming more and more obvious, and the profit end is expected to double in the first half of the year. Foton Motor covers a full range of commercial vehicles, passenger cars and trucks, mainly light trucks and light passengers, with a high market share. Unswervingly promote the internationalization strategy, export sales hit an all-time high. The main growth points of the company's overseas exports are as follows: the accelerated development of ① industrialization market to achieve increment; the acceleration of breakthroughs and increments in ② high-potential and blank markets; and the leap of ③ 's strategic business of heavy business, pick-up truck and new energy. As Fukuda Daimler reduces losses and exports rise, it is expected to lead to 24 years of rapid profit growth. The core focus of Jifeng shares is the improvement of Grammer's profitability on the one hand. Another core focus is the company's passenger car seat business development. We believe that the overall promotion of the company's seat business is in line with the pace, and the core concern is whether the divestiture of TMD is confirmed. Juyi Technology, which covers intelligent equipment and electronically controlled parts of motors, is expected to have an inflection point this year. The equipment business will continue to optimize the customer and product structure in the future, and the business gross profit margin is expected to gradually return to about 20%. Electric drive business, with the follow-up ideal, Chery and other important designated projects of mass production, is expected to promote the company's product value and profitability. Tesla unbox process is expected to open up the company's equipment business long-term growth space. The core focus of Great Wall is export and tank brands. In terms of exports, we believe that the export target of 500000 vehicles for the whole year is relatively certain. In the aspect of tank brand, it realizes the perfection of product matrix and has a strong advantage in the off-road market. In terms of smart driving planning, Wei Brand, as the high-end brand of the Great Wall, is expected to increase brand sales through NOA technology. Therefore, we expect that tanks and exports will support the company's profits, while smart drivers will further push up the valuation, which is worthy of attention at the current node. Investment analysis: combined with the relative stability of passenger car sales this year and the continuous increase in independent market share.Crashbandicoot4cortexcastleAt the same time, commercial vehicle recovery channel + export expectation, recommend three main lines: ① policy focuses on "trade-in", and undervalued sound operating enterprises, BYD, Geely, Great Wall; Weichai, Sinotruk. ② has core customers and parts companies with strong performance. It is recommended to pay attention to Xingyu, Xinquan, Silver Wheel, Songyuan, Chuanhuan and so on. After the release of robots, smart cars and Xiaomi cars driven by ③ AI, it is recommended to pay attention to Huawei chains such as Cyrus, Jianghuai, Huguang, Xiaopeng Automobile, ideal Automobile, Desai Xiwei, Xiaomi Group, Wuxi Zhenhua and so on. Core risks: raw material price volatility risk, geopolitical risk, industry recovery is not as expected. [disclaimer] this article only represents the views of a third party and does not represent the position of Hexun. Investors operate accordingly, at their own risk.

[disclaimer] this article only represents the views of a third party and does not represent the position of Hexun. Investors operate accordingly, at their own risk.