汽车行业周报：中高端市场国产替代有望继续提速

Investment Rating - The report maintains an "Overweight" rating for the automotive industry, consistent with the previous rating [1]. Core Insights - The domestic replacement in the mid-to-high-end passenger car market is expected to accelerate, driven by brands like Huawei, Xiaomi, and new energy vehicle manufacturers [2][3]. - The report highlights that luxury brands such as BBA are implementing volume control and price protection measures, which may enhance the competitiveness of domestic brands in the mid-to-high-end market [3]. - The anticipated launch of new models under Huawei's smart selection initiative in Q3 2024 is expected to stimulate growth in the automotive supply chain [3]. - The report emphasizes the strong performance of the automotive electronics sector, particularly in smart driving technologies, which are expected to continue to catalyze growth [3]. Summary by Sections Investment Recommendations - The report recommends several automotive manufacturers for investment, including Jianghuai Automobile, Changan Automobile, BYD, Spring Power, Great Wall Motors, and Li Auto [5]. - For the smart technology sector, recommended stocks include Desay SV, Xingyu Co., Kobot, Huayang Group, Huayi Technology, and Baolong Technology [5]. - In the high-growth new energy sector, recommended stocks include Wuxi Zhenhua, Ruihu Mould, Huguang Co., Songyuan Co., Top Group, Shuanghuan Transmission, Xinquan Co., Aikedi, and Yinlun Co. [5]. Key Company Metrics - Jianghuai Automobile (600418.SH): Closing price 19.6, 2023A PE 279.9, 2024E PE 93.3, Rating: Overweight [6]. - Changan Automobile (000625.SZ): Closing price 15.4, 2023A PE 13.4, 2024E PE 19.0, Rating: Overweight [6]. - BYD (002594.SZ): Closing price 264.1, 2023A PE 25.6, 2024E PE 22.1, Rating: Overweight [6]. - Spring Power (603129.SH): Closing price 146.7, 2023A PE 21.9, 2024E PE 17.6, Rating: Overweight [6]. - Great Wall Motors (601633.SH): Closing price 26.3, 2023A PE 32.1, 2024E PE 21.2, Rating: Overweight [6]. - Li Auto (2015.HK): Closing price 77.3, Rating: Overweight [6]. - Desay SV (002920.SZ): Closing price 99.8, 2023A PE 35.5, 2024E PE 27.5, Rating: Overweight [6]. - Xingyu Co. (601799.SH): Closing price 128.0, 2023A PE 33.1, 2024E PE 23.9, Rating: Overweight [6]. - Kobot (603786.SH): Closing price 54.3, 2023A PE 35.8, 2024E PE 23.7, Rating: Overweight [6]. - Huayang Group (002906.SZ): Closing price 28.0, 2023A PE 29.8, 2024E PE 25.2, Rating: Overweight [6]. - Huayi Technology (688071.SH): Closing price 20.6, Rating: Overweight [6]. - Baolong Technology (603197.SH): Closing price 32.3, 2023A PE 17.7, 2024E PE 13.5, Rating: Overweight [6]. - Wuxi Zhenhua (605319.SH): Closing price 17.2, 2023A PE 15.5, 2024E PE 11.5, Rating: Overweight [6]. - Ruihu Mould (002997.SZ): Closing price 31.6, 2023A PE 29.3, 2024E PE 20.5, Rating: Overweight [6]. - Huguang Co. (605333.SH): Closing price 27.0, 2023A PE 207.9, 2024E PE 61.4, Rating: Overweight [6]. - Songyuan Co. (300893.SZ): Closing price 28.4, 2023A PE 32.3, 2024E PE 22.9, Rating: Overweight [6]. - Top Group (601689.SH): Closing price 39.2, 2023A PE 20.1, 2024E PE 15.9, Rating: Overweight [6]. - Shuanghuan Transmission (002472.SZ): Closing price 22.0, 2023A PE 22.7, 2024E PE 17.7, Rating: Overweight [6]. - Xinquan Co. (603179.SH): Closing price 43.2, 2023A PE 26.2, 2024E PE 19.2, Rating: Overweight [6]. - Aikedi (600933.SH): Closing price 14.0, 2023A PE 13.6, 2024E PE 11.2, Rating: Overweight [6]. - Yinlun Co. (002126.SZ): Closing price 17.0, 2023A PE 22.1, 2024E PE 16.5, Rating: Overweight [6].