Since mid-June, BYD, Geely, Changan and, most recently, GAC, NIO and XPeng have signed the “Supply-Chain Payment Self-Discipline Statement,” pledging to settle tier-one suppliers within 60 days.
On the first trading day after the announcement (14 July), capital flooded into the sector: 12 auto-parts names—including Tongxin Transmission, Meichen Tech and Shanghai Xishang—hit the daily 10 % limit, while the Wind Auto Parts Index surged 6.32 %.
1、Cash-flow inflection: Industrial Securities estimates that universal 60-day terms could lift average operating cash flow of listed suppliers by 20–30 %.
2、Valuation re-rating: The sector now trades at 19× forward earnings, the 30th percentile of the past five years; analysts see room for a twin re-rating of both valuation and earnings.
3、Polarization ahead: Modular, EV-focused tier-one suppliers are commanding premiums; smaller tier-two and tier-three players face consolidation pressure.
Post time: Jul-14-2025
