国内整车、零部件、后市场等投资并购活动2024年均放缓

Group 1: Overall Market Trends - In 2024, the Chinese automotive industry is expected to show resilience amid geopolitical tensions, supply chain restructuring, and evolving consumer demand, with M&A activity projected at nearly 168.1 billion yuan and 528 transactions, reflecting a slowdown in decline compared to 2023 [1] - The overall M&A transaction value and volume in the automotive sector are expected to decrease by 32% and 3.6% respectively compared to the previous year [1] Group 2: Vehicle Manufacturing - The commercial vehicle manufacturing sector has become a new focus, with 54 M&A transactions totaling 47.8 billion yuan in 2024, marking a significant decline of nearly 52% from the previous year [3] - Investment and M&A activities are primarily centered around new energy vehicles, with the transaction value for new energy passenger vehicles rising from 89% to 100% of total investments [3] - Traditional fuel commercial vehicle transactions have seen a notable rebound, driven by energy transition and strategic upgrades, as exemplified by Guangqi Hino's increased investment in hydrogen fuel cell technology [3] Group 3: Auto Parts Sector - The auto parts sector is projected to have 404 transactions with a total value exceeding 105.9 billion yuan in 2024, reflecting a 16% decline from the previous year [4] - The electric vehicle parts segment has experienced a significant drop in both transaction volume and value, with average transaction values decreasing by 59% due to supply-demand imbalances [6] - The intelligent automotive parts segment has seen a substantial increase, with average transaction values rising by nearly 110%, driven by technological advancements and market expansion [6] Group 4: Aftermarket Services - The aftermarket service sector has seen a decrease in M&A activity, with transaction values dropping by 31% compared to the previous year, primarily due to reduced investment in automotive trading activities [7] - Despite the decline, areas such as vehicle maintenance and charging services remain active, with significant opportunities arising from the increasing number of vehicles on the road [7] - The charging and battery swap station markets continue to attract capital, supported by the development of new energy vehicle infrastructure [7]