Morgan Stanley：2025年中国汽车零部件：拓展海外市场-零部件供应商走向全球化报告（英文版）

mproving product quality yet deteriorating domestic margins are causing China parts suppliers to seek global opportunities. We prefer suppliers with low but expanding (Xingyu, Desay), sizable and improving (Minth, Keboda) overseas exposure. Downgrade Sanhua and Tuopu on slowing EV parts outlook.