Auto industry titan Henry Ford once said, “A business absolutely devoted to service will have only one worry about profits. They will be embarrassingly large.” So it goes in the increasingly lucrative auto parts industry, where the auto aftermarket sector is set to expand by 5.1% in 2025 (to $413.7 billion), after growing by 5.7% in 2024, according to S&P Global Mobility. Industry analysts point to multiple reasons for the auto parts market’s burgeoning growth rate. For starters, U.S. vehicle owners ar ...

Key Points The auto parts retailer posted encouraging growth figures in its second quarter. It broadly met analyst estimates on both the top and bottom lines for the period. 10 stocks we like better than O'Reilly Automotive › O'Reilly Automotive (NASDAQ: ORLY) is a stock that's really motored ahead recently. In early September the auto parts supplier hit its all-time high, which is saying something given that its shares rolled onto the exchange way back in 1993. An accelerating stock price, however ...

AutoZone, Inc. (NYSE:AZO) is one of the stocks Jim Cramer highlighted recently. Cramer called its buyback “legendary” and said: “But let’s cut to one that I am predisposed to, AutoZone, AZO, the auto parts chain, which does very well in a slowdown because more people want to fix up their old cars, saves them money rather than have to go buy a new one. AutoZone’s got a legendary buyback. I checked out the share count over the last decade, and it’s astounding. 10 years ago, it had roughly 31 million shares. ...

It's time for Overlook Stocks. Joining us now is George Tillis, our senior markets correspondent. And George, we're looking at Aptive.You know, Barlay's upgraded them this morning. Shares hit a new 52- week high before pulling back on the day. But you know, what should we know about this one.Well, I think this is certainly an overlooked stock. I think it's also overlooked in the automotive industry. So, Aptive is a is actually a Swissbased company or Switzerland based company that actually has two divisions ...

涉及的行业和公司 * 公司为PHINIA (NYSE:PHIN) 一家专注于燃油喷射系统及售后市场的多元化工业公司[3][6] * 行业涉及汽车（轻型车、商用车）、非公路机械、航空航天、船舶及国防工业 并积极拓展替代燃料应用（氢能、乙醇、甲醇、氨）[8][9][59][62][81][86] 核心观点和论据 业务多元化与市场拓展 * 公司业务高度多元化 汽车作为终端市场仅占总收入的27%且占比预计将持续下降[5] * 售后市场业务是公司的稳定基石 占总收入的34% 提供持续现金流 当主机厂（OE）业务下滑时 售后市场往往表现更好[5][22] * 正利用现有工程师和产线（原生产轻型车柴油产品）成功拓展至航空航天和非公路机械市场 首个航空航天项目将于Q4和Q1启动 无需大量新增研发或资本支出[9][10][11] * 新市场（航空航天、非公路机械）的总目标市场规模（TAM）与公司全球商用车业务一样大 是一个价值数十亿美元的市场 目前渗透率很低 预计到本十年末将占公司总收入的中高个位数百分比[14][15] * 在轻型车领域 汽油直喷（GDI）技术是增长点 特别是在中国 公司看到理想、长安、比亚迪等客户对混合动力GDI喷射器的强劲需求 公司2024年在北美GDI市场份额已略低于20%[29][30] 财务表现与资本配置策略 * 公司资产负债表稳健 现金流生成能力强 致力于高效利用自由现金流为股东创造价值[7] * 自拆分以来已回购近20%的股份 因认为自身价值被严重低估 将收购目标与自身估值倍数对比 优先考虑回购[19][20] * 2025年上半年自由现金流约为2000万美元 但维持全年1.8亿美元中点的指引 意味着下半年将产生约1.6亿美元自由现金流 计划支付2000万美元股息 完成5000万美元的SEM收购后 剩余约9000万美元可用于股份回购或其他收购[37] * 净债务为14亿美元 略低于目标水平 现金状况良好[38] * 关税对公司损益表（P&L）影响为中性 预计收入因关税增加5000-6000万美元 但EBITDA影响为零 因此EBITDA利润率中点从14.1%降至13.9% 但EBITDA中点保持在4.7亿美元不变[36] 技术优势与行业趋势 * 公司燃油喷射技术精密复杂 控制精度达±0.5微米（略大于病毒） 工作压力高达3000巴（约45,000 PSI） 产品需在恶劣燃料环境下持续运行50万英里[51][52] * 认为内燃机在整个世纪都将是交通领域的一部分 但燃料将过渡到碳中性燃料（如乙醇、甲醇、氢） 公司对燃料类型持不可知论 能适应多种燃料[59][62] * 氢燃烧业务时间框架变得更现实 预计在2030年代之前不会对收入产生实质性贡献 主要机会在印度和中国[64][71][78][80] * 超过三分之二的工程支出是应用工程 即在现有核心产品基础上为客户特定需求进行适配 而非从零开发[17] 运营与战略 * 战略是“设计、开发、采购、生产、销售 within region” 超过80%的业务已在区域内完成 目标是通过将亚洲供应商本地化等方式提升至90-95%[42] * 正在推进数十个AI项目 专注于分析生产效率、保修、库存和软件校准 拥有超过400名软件和校准工程师 每年向客户收取近1亿美元的软件校准和网络安全费用[43][47] * 正进行IT系统整合 从多个遗留数据中心整合至一个全球SAP S/4HANA实例 以实现标准化并节省成本[48][49] * 售后市场业务中 60%收入来自内部生产的产品 40%通过采购符合规格的产品并利用德尔福（Delphi）品牌进行销售[22][23] 其他重要内容 * 商用车（CV）市场面临挑战 北美重型卡车市场仍不足公司收入的10% 公司认为市场已触底 但复苏需等待货运需求和利率改善 预计2027年排放法规前不会有大量提前购买[6][33][34][35] * 通过征服竞争对手份额获得增长 2023-2024年赢得50%的征服机会 目前回落至更正常的20-30%范围[25][26] * 航空航天与国防领域利润率更高 客户更关注质量与交付保证而非价格 并且售后市场（MRO）将带来持续的收益流[88][90][91] * 公开可比公司包括 Allison Transmission、Timken、Dorman Products、Donaldson Company、Oshkosh Corporation、Atmus 和 Gates Industrial 等多元化工业公司[97][98][102]

Lear (NYSE:LEA) FY Conference September 11, 2025 01:00 PM ET Company ParticipantsAdam Jonas - Head - Global Auto & Shared Mobility ResearchJason Cardew - Senior VP & CFOFrank Orsini - Executive VP & President of SeatingAdam JonasWhen did you guys get us? Oh, we're live. Okay. Yeah. Let's go. All right. We good?All right. Really happy to have the Lear team joining us today. We have Frank Orsini, Executive Vice President of Seating, and Jason Cardew, Senior Vice President and Chief Financial Officer. We're go ...

更多资料加入知识星球：水木调研纪要 关注公众号：水木纪要 September 10, 2025 04:01 AM GMT Investor Presentation | Japan M Foundation Auto Parts & Tires: Tide of Industry Changes We maintain In-Line industry view on Auto Parts and Attractive industry view on Tires. Highlighting Toyoda Gosei in Auto Parts, and Toyo Tire in Tires. • Auto Parts industry: In-Line Morgan Stanley MUFG Securities Co., Ltd.+ Shinji Kakiuchi Equity Analyst Shinji.Kakiuchi@morganstanleymufg.com +81 3 6836-5416 Hayato Takashima Research Associate Hayato.Takashima@ ...

By Rachel More MUNICH (Reuters) -Introducing a minimum requirement for European content in cars sold in the EU is vital for keeping the region's auto sector competitive, Christophe Perillat, chief executive of French car parts supplier Valeo, said on Wednesday. The European Commission is in talks with carmakers and their suppliers on ways to secure the sector's future as it navigates an expensive shift to electric vehicles, stiff competition from China and tariff uncertainty. For car executives, the foc ...

With a market cap of $71.2 billion, AutoZone, Inc. (AZO) is the nation’s leading retailer and distributor of automotive replacement parts and accessories. Operating across the U.S., Puerto Rico, Mexico, Brazil, and with sourcing offices in Shanghai, the company serves both Do-It-Yourself (DIY) and Do-It-for-Me (DIFM) markets. Companies worth more than $10 billion are generally labeled as “large-cap” stocks and AutoZone fits this criterion perfectly. AutoZone provides a wide range of automotive hard parts, ...

Genuine Parts Company (GPC) FY 2025 Conference September 04, 2025 10:20 AM ET Company ParticipantsKate McShane - Managing DirectorWilliam Stengel - President, CEO & DirectorHerbert Nappier - EVP & CFOKate McShaneHi, everybody. It's my pleasure to introduce Genuine Parts Company. Today, we have with us Will Stengel, President and Chief Executive Officer and we have Bert Napier, who's been Executive Vice President and Chief Financial Officer since May 2022. Thank you so much for joining us today.William Steng ...