2021-12-05-瑞士信贷集团-积极的汽车股票_对原始设备制造商的更深层次的供应链关注_27页_760kb

Autos & Auto Parts Sector Review Summary

Key Takeaways:

1. Auto Stocks: Remain positive overall, with slight incremental positivity for GM and Ford.
2. OEM Supply Chain: Legacy OEMs are adopting a deeper, proactive approach to supply chain management, especially in EV and semiconductor sectors. This may impact OEM/supplier relationships.
3. Production Disruption:
   • Comments suggest slight improvement in production, primarily due to better semiconductor availability.
   • Normalized production expected in 2H 2022.
4. Supplier Guidance: Need for cautious expectations ahead of 2022 supplier guidance due to ongoing production challenges.
5. GM's Positives: GM raised its 2021 guidance and reiterated a 10% North America margin target for 2022.

Additional Insights:

• EVs represent a key focus, but supply chain complexity and layered effects need careful management.
• Semiconductor shortage impacts are easing but are still a concern.
• Robotics advancements (e.g., figure-eight looping) are improving text-to-text capabilities, though limitations remain in complex tasks like emotional understanding or logical deduction.
• Retail sector faces challenges, including competitive landscape and margins.
• Subprime auto loan performance is tracking better than feared, suggesting reduced risk.

Summary Provided By:

Dan Levy, Research Analyst