汽车行业双周报：车路云试点推进智驾落地，产能出海减少关税影响

Investment Rating - The report maintains a standard rating for the automotive industry [1] Core Insights - The automotive industry is experiencing a steady growth trajectory, with significant advancements in smart driving technology and increasing penetration of new energy vehicles [1][41] - The report highlights the impact of fluctuating overseas tariff policies and the ongoing push for capacity expansion in international markets [1][41] Industry Performance and Valuation Review - As of July 5, 2024, the Shenwan automotive sector has seen a decline of 4.50% over the past two weeks, underperforming the CSI 300 index by 2.66 percentage points [6] - Year-to-date, the automotive sector has decreased by 5.66%, matching the underperformance against the CSI 300 index [6] - The automotive sector ranks 24th among 31 industries in terms of performance over the last two weeks [6] Industry Data Tracking - In May 2024, China's automotive production and sales reached 2.372 million and 2.417 million units, respectively, with year-on-year growth of 1.7% and 1.5% [14] - Exports totaled 481,000 vehicles, marking a year-on-year increase of 23.9% [14] - The inventory warning index for automotive dealers in June was 62.3%, reflecting an increase of 8.3 percentage points year-on-year [14] Industry News - The Beijing Municipal Government has released a draft for public consultation regarding regulations for autonomous vehicles [20][21] - The China Association of Automobile Manufacturers reported that the total import and export value of automotive goods in May was $26.38 billion, a month-on-month increase of 3.4% [22] - Counterpoint Research forecasts that global sales of pure electric vehicles (BEVs) will exceed 10 million units in 2024, with BYD expected to surpass Tesla in sales [23] Company News - Li Auto delivered 47,774 vehicles in June, a year-on-year increase of 46.66% [29] - NIO reported a record delivery of 21,209 vehicles in June, up 98.09% year-on-year [30] - Geely announced an upward revision of its 2024 sales target to 2 million units, with a new energy vehicle penetration rate exceeding 40% [32] Investment Recommendations - The report suggests focusing on companies with strong performance in new energy exports, such as BYD [41] - It also highlights potential investments in partners of Huawei, including Changan Automobile and Jianghuai Automobile [41] - The report recommends considering high-quality component suppliers with global competitiveness, such as Yinlun and Fuyao Glass [41]