汽车金融资产规模降超11%，创历史新高

Core Viewpoint - The automotive finance industry in China is undergoing significant changes, with total assets of 24 automotive finance companies declining to 855.134 billion yuan by the end of 2024, marking an 11.37% year-on-year decrease, the largest drop in history [2][5]. Group 1: Industry Overview - The decline in asset scale is attributed to multiple pressures, including the accelerated electrification of the automotive industry, with new energy vehicle sales expected to grow by approximately 40.8% in 2024, while traditional energy vehicle sales are projected to shrink by about 14.1% [2][5]. - The competition from commercial banks in the automotive finance sector is intensifying, as they shift personal consumption loans towards automotive financing due to pressures in the real estate market, further squeezing the market space for automotive finance companies [2][6]. Group 2: Financial Performance - Despite the pressure on asset scale, the automotive finance industry maintains resilience in risk control, with an overall non-performing loan (NPL) rate of 0.65% at the end of 2024, slightly up from 0.58% in 2023, but significantly lower than the commercial banking sector's 1.50% [3][11]. - The industry’s provision coverage ratio remains high at around 450%, well above the commercial banking average of 211.2%, providing a substantial buffer against future risks [3][12]. Group 3: Market Dynamics - The financial penetration rate of automotive finance companies has declined sharply from 29% in 2023 to 23% in 2024, with new energy vehicle financing penetration dropping to 14%, indicating increased competitive pressure in the new energy sector [8][9]. - The total retail financing vehicles issued by automotive finance companies fell by 17.31% year-on-year to 5.299 million units in 2024, with new car retail loans at 3.6634 million units [6][8]. Group 4: Regulatory Environment - Recent regulatory actions have aimed to address the "high interest, high return" practices in automotive loans by commercial banks, which may help improve the competitive environment for automotive finance companies [9]. - A new government subsidy policy for personal consumption loans for purchasing vehicles may pose challenges for automotive finance companies, as it does not include them, potentially diverting some customers to commercial banks [9].