Chinese automakers have demonstrated robust export performance this year, with high-end models gaining market share, according to a research report.

CMSC International suggests investors focus on companies with strong overseas growth and premiumization strategies, particularly recommending leading exporters.

The firm identifies Geely Auto (HKEX: 00175) as its top pick, citing strong demand for its premium Zeekr brand, and maintains an "Overweight" rating with a target price of HK$36.

BYD Company Limited (HKEX: 01211) is also recommended, with an "Overweight" rating and a target price of HK$130.

Regarding XPeng Inc. (HKEX: 09868), the firm sees valuation resilience driven by its Robotaxi and robotics AI initiatives, but has lowered its revenue and profit forecasts for 2026-2028 due to a higher proportion of mid-to-low-end models and increased R&D investment. Its target price has been reduced from HK$115 to HK$103, while the "Overweight" rating is maintained.

For Li Auto Inc. (HKEX: 02015), revenue forecasts for 2026-2028 have been cut by 12%, 9%, and 5% respectively, reflecting intensified competition in the extended-range electric vehicle segment. Its target price is lowered from HK$74 to HK$61, with a "Neutral" rating kept.

In the auto parts sector, the firm is positive on companies with overseas expansion and new business segment layouts, such as Minth Group Ltd (HKEX: 00425), Fuyao Glass Industry Group Co., Ltd. (HKEX: 03606), and Weichai Power Co., Ltd. (HKEX: 02338), all rated "Overweight".