【出版时间及名称】：2010年2月台湾汽车零部件行业研究报告
        【作者】：摩根斯坦利
        【文件格式】：PDF
        【页数】：65
        【目录或简介】：

Contents
Investment Case: The Worst Is Over............................................................................................................................ 3
Taiwan Auto Industry: Attractive.............................................................................................................................................................................. 3
Taiwan Auto Parts Industry: Attractive .................................................................................................................................................................... 3
Expect Upside Surprises for Domestic Auto Sales ................................................................................................................................................. 3
Potential Catalysts for the Auto OEM Industry ........................................................................................................................................................ 4
Taiwan Has Strong Position in Global Auto Parts Market ....................................................................................................................................... 4
What You Need to Know about the Taiwan Auto OEM Industry............................................................................................................................. 5
What You Need to Know about the Taiwan Auto Parts Industry............................................................................................................................. 5
Stock Recommendations .............................................................................................................................................. 6
Taiwan Auto Makers............................................................................................................................................................................6
Taiwan Auto Parts...............................................................................................................................................................................7
Taiwan Auto Investment Debate: Will Demand Recovery Be Weaker than Expected? We Don’t Think So.......... 8
Scenario Assumptions .................................................................................................................................................. 9
Key Macro Assumptions......................................................................................................................................................................9
Key Company Assumptions for Taiwan Auto Manufacturers: CMC (2204.TW), Hotai (2207.TW), and Yulon (2201.TW) .................10
Key Company Assumptions for Taiwan Auto Parts Manufacturers: Tong Yang (1319.TW) and Depo (6605.TW) ............................10
Taiwan Auto Market: Steady Recovery in Auto Shipments...................................................................................... 11
ECFA Suggests Potential Upside for Taiwan’s Auto Industry ................................................................................. 13
ECFA to Create New Opportunity for “Made in Taiwan” Global Brand Auto OEMs to Export to China..............................................13
Global Auto Parts Market & Taiwan’s Positioning..................................................................................................... 14
Taiwan Auto Parts Overview.............................................................................................................................................................14
Taiwan’s Positioning in the China OEM Market ................................................................................................................................14
Replicating Global AM Success in China ..........................................................................................................................................15
China Opportunities for Taiwan Auto Parts Players ...........................................................................................................................15
Impact of ECFA on Taiwan Auto Parts Industry.................................................................................................................................................... 15
Future Taiwan Auto & Auto Parts Opportunity: Electric Vehicles ........................................................................... 16
Major Risks to Our View: Forex, Oil Prices, Weather ................................................................................................ 18
Company Analysis ....................................................................................................................................................... 20
China Motor: Attractive Valuation: Overweight ......................................................................................................... 21
Hotai Motor: Continued Market Share Dominance: Overweight .............................................................................. 29
Yulon Motor: Likely Beneficiary of ECFA: Overweight ............................................................................................. 37
Tong Yang: Fruitful Year Ahead in China: Overweight............................................................................................. 45
Depo Auto Parts: China Turnaround to Light Up Year Ahead: Overweight............................................................ 53