Auto Parts & Battery 2Q26 preview

研报英文原文证据摘录

Auto Parts & Battery 2Q26 preview

J P M O R G A N Asia Pacific Equity Research

12 July 2026

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Auto Parts & Battery

2Q26 preview

Continued weakness in China auto demand has driven an 15-30% retracement in Asia Autos & EV Battery

ACauto parts stocks since FY25 results or 1Q26 earnings releases. We expect a Rebecca Wen

challenging 2Q26 earnings season for auto parts suppliers, as slower revenue (852) 2800-8505

growth and margin pressure from FX losses, raw material inflation and rising labor rebecca.y.wen@jpmorgan.com

costs weigh on results. Battery supply chain stocks have corrected 25-40% from J.P.MorganMorganBrokingSecurities(Hong (AsiaKong)Pacific)LimitedLimited/ J.P.

their April 2026 peaks as investors shift focus from near-term 2026 earnings

Shirley Feng

execution to 2027 demand visibility. While we expect 2Q26 results to remain solid, (86-21) 6106-6149

supported by strong shipment growth and recovering unit profitability, limited shirley.x.feng@jpmorgan.com

visibility on growth sustainability beyond 2026, particularly ESS demand, has SAC Registration Number: S1730524040001

become the key overhang for sector sentiment. Our preferred picks are CATL J.P. Morgan Securities (China) Company Limited

in battery supply chain and Minth among auto parts. We summarize our Cathy Liu

2Q26/1H26 result estimates for battery and auto part stocks under coverage in (852) 2800-8629

Table 1-2. cathy.xiao.liu@jpmorgan.com

J.P. Morgan Securities (Asia Pacific) Limited/ J.P.