Investor Presentaiton

Shuanghuan Driveline-NEV and industrial robot-driven growth play We estimate the automatic transmission gear market size for traditional vehicles, BEVS, PHEVs, and heavy-duty vehicles will see CAGRS of 9.8%, 24.7%, 45.7%, and 64.5% in 2021-2025E. 2016 2017 Automatic transmission gear market size for traditional vehicles, PHEVs, BEVs, and heavy-duty trucks, 2016-2025E Automatic transmission for vehicles 21-25E 2018 2019 Sales volume of Auto, units '000 28,028 Penetration % (RHS) 50% 28,879 55% 28,081 60% 25,769 65% 2020 2021E 2022E 2023E 25,311 26,100 27,500 28,000 70% 75% 80% 85% 2024E 2025E 29,000 30,000 90% CAGR 95% Sales volume of automatic transmission, 14,014 15,883 16,848 16,750 17,718 19,580 22,000 23,800 26,100 28,500 units '000 Market size, RMB m 21,021 YoY growth % (RHS) 23,825 25,272 25,125 13.3% 6.1% -0.6% 26,577 29,370 5.8% 10.5% 33,000 35,700 12.4% Auto - PV 2016 2017 2018 2019 2020 2021E 2022E 8.2% 2023E Sales volume of BEV, units '000 259 470 790 824 949 2,723 Sales volume of PHEV, units '000 79 111 265 226 256 BEV market size, RMB m 130 235 395 412 475 596 1,362 YoY growth % (RHS) 81.2% 68.1% 4.3% 15.2% PHEV market size, RMB m 8 YoY growth % (RHS) Total PV market size, RMB m 138 YoY growth % (RHS) 11 40.5% 246 78.9% 27 138.7% 422 71.3% 23 -14.7% 435 3.1% 26 13.3% 500 15.1% 186.9% 60 132.8% 1,421 184.2% 26.9% 39,150 9.7% 2024E 3,312 4,202 5,342 6,577 1,170 1,695 2,189 2,686 1,656 2,101 2,671 21.6% 42,750 9.2% 2025E 9.8% 3,289 24.7% 27.1% 23.1% Heavy duty truck 2016 2017 2018 2019 2020 Sales volume, units '000 728 1,112 1,138 1,174 1,617 Penetration rate of AMT for heavy-duty truck Market size, RMB m 2021 1,393 10% 557 117 96.3% 1,773 24.8% 2022E 2023E 2024E 2025E 1,533 1,686 1,855 2,040 20% 30% 40% 50% 1,226 2,023 2,967 4,080 170 44.9% 2,271 3,557 28.1% 27.3% 23.1% 219 269 45.7% 29.1% 2,890 22.7% 64.5% Source: Macquarie Research, May 2023 19

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