GS Asia Mobility Tech Company Call Series: Expect industry beta improvement around September and margin trough in 2Q

研报英文原文证据摘录

GS Asia Mobility Tech Company Call Series: Expect industry beta improvement around September and margin trough in 2Q

Equity Research

6 July 2026 | 4:05PM CST

GS Asia Mobility Tech Company Call Series: Expect industry beta

improvement around September and margin trough in 2Q

We hosted nine company management teams during our GS Asia Mobility Tech Tina Hou

+86(21)2401-8694 |

Company Call Series on Jul 2-3. tina.hou@goldmansachs.cn

Goldman Sachs (China) Securities

Company Limited

Key takeaways

Do Hyoung Kim

+82(2)3788-1376 |

Overall, we observed four key themes: (1) Management teams expect domestic PV dohyoung.kim@gs.com

Goldman Sachs (Asia) L.L.C., Seoul Branch

industry beta to improve around September, with a narrowing yoy decline and

Jenny Du

potentially turning positive by year-end; (2) Most companies expect a margin trough +86(21)2401-8978 |

jenny.x.du@goldmansachs.cn

to occur in 2Q26, followed by sequential improvement into 2H26; (3) OEMs are Goldman Sachs (China) Securities

focusing more on overseas expansion, with most of them emphasizing Europe and

Joshua Kimplanning to establish local production or local JVs towards potential IAA +82(2)3788-1791 | joshua.kim@gs.com

requirements, while still maintaining cost advantages through supply chain Goldman Sachs (Asia) L.L.C., Seoul Branch

management; (4) Most OEMs expect a disciplined capex pace while allocating higher

R&D spend to intelligence technology development.

1. Management teams expect domestic PV industry beta to improve around

September: Compared to Jan when management teams generally expected

-5%~+1% yoy growth for domestic passenger vehicle retail sales in 2026, all

companies mentioned that industry growth is weaker than prior expectations at

-20% yoy for the domestic retail market in 1H26.