With the adjustment of international spare parts structure and the slowdown of the domestic auto market, relying on the dividends of engineers and blue-collar workers, with the help of mergers and acquisitions and management incentives, Chinese parts and components companies are expected to create a group of world-class parts and components companies with huge investment opportunities. We propose to look for investment opportunities for parts and components in two dimensions in the future. First, the transformation and upgrading of traditional enterprises will take the hard road of EPS growth; the second is to explore emerging market areas and be a leader in new technologies and new markets. The accelerating internationalization of parts and components companies under the new normal of China's auto industry: China's auto sales reached CAGR 24.1% in 2000-2010, which led to the prosperity of China's domestic parts and components companies. A group of industry leaders began to have an international technology and product base; The CAGR of China's auto sales started at about 7% in 2011. Under the new normal, some leading auto parts companies have begun to accelerate the internationalization process. They have continued to invest in overseas factories or mergers and acquisitions to explore the international market. These companies are expected to be among the world's leading component companies. After the readjustment of the international spare parts structure, Chinese companies welcomed the opportunity: After the financial crisis, the international spare parts system began to undergo major adjustments; European and American companies began to gradually withdraw from low-cost, low-margin business, relying on the dividends of engineers and blue-collar workers, domestic parts companies began To undertake the strategic transfer of global parts and components business, it is expected that further expansion will be carried out in the segments of interior and exterior trims, glass, and car lights. M&A and management incentives are in full swing. Second-time entrepreneurship is in the ascendant: Since 2012, 69 A-listed auto parts and components companies have acquired M&A rights to seek control, amounting to 56.6 billion yuan; 13 listed parts companies have implemented Management equity incentives. Under the pattern of slowdown in the growth of the industry, mergers and acquisitions and management incentives have become the main driving force for the secondary growth of China's spare parts companies. In the new phase, new industries and new technologies bring new opportunities: With the rapid development of China's new energy automotive industry, the new energy auto parts industry chain will usher in rapid development; motor, electric air conditioning is expected to grow rapidly. While China's overall automobile market has entered the inventory phase, the post-market industry chain has ushered in large investment opportunities. Intelligent transportation represented by ADAS has also become the next track for the automotive industry.
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