> **来源：[研报客](https://pc.yanbaoke.cn)** ### Morgan Stanley China Auto Parts Suppliers: Global Expansion Analysis Summary **Key Findings:** 1. **Motivation for Global Expansion** - Domestic market pressures (price competition, margin deterioration) push suppliers to seek opportunities abroad. - Quality & tech upgrades enable access to global OEMs, particularly for electric vehicle (EV) components. 2. **Overseas Strategy Comparison** - **Exports**: Higher margins but limited long-term scalability. - **Offshore Plants**: Lower margins initially due to costs (labor, regulation), but better project stickiness and global presence. 3. **Preferred Suppliers** - **Xingyu (601799.SS), Desay (002920.SZ)**: High growth potential with expanding overseas presence. - **Minth (0425.HK), Keboda (603786.SS)**: Sizeable overseas exposure and improving efficiency. - **Downgrades** for Sanhua (002050.SZ), Tuopu (601689.SS): EV and AC growth slowing. 4. **Opportunity Size** - China suppliers to capture **US$240bn in overseas market share** by 2030 (10% of non-China market). **Valuations & Risks** - Valuation driven by global tech adoption (autonomous driving, AIDC) and manufacturing efficiency. - Geopolitical tensions and production costs are risks, but diversified supply chains may mitigate impact. **Actionable Insights** - Focus on traditional suppliers (auto glass, lighting) for shorter-term gains. - Monitor progress in autonomous domain controllers for long-term exposure.