每周研报

Investment Rating - The report indicates a positive outlook for the domestic new energy vehicle market, with a significant year-on-year sales increase of 36.9% in July 2024, suggesting a strong investment opportunity in this sector [1][13][18] Core Insights - The report highlights that the overall sales performance of new energy vehicle companies in July 2024 was robust, with most companies achieving high growth compared to the same period last year, indicating strong market demand even during the traditional sales off-season [1][13] - BYD continues to lead the market with sales reaching 340,799 units in July, reflecting a 30.5% year-on-year increase, and a cumulative sales figure of 1,947,944 units for the first seven months of 2024, up 29.1% year-on-year [2][3][4] - Li Auto achieved a record monthly sales of 51,000 units in July, marking a 49.4% year-on-year increase, with a total of 239,981 units sold in the first seven months of 2024, up 38.5% year-on-year [5][6] - The report notes a significant disparity in performance among various companies, with some, like Great Wall Motors and GAC Aion, experiencing declines in sales, highlighting the competitive landscape within the industry [1][9][11] Summary by Relevant Sections Sales Performance - In July 2024, BYD's sales reached 340,799 units, with pure electric vehicle sales at 130,000 units and plug-in hybrid sales at 210,799 units [3][4] - Li Auto's sales for July were 51,000 units, with a cumulative total of 239,981 units for the year, driven by the strong performance of the Li L6 model [5][6] - The report indicates that sales for the Wuling brand reached 42,176 units, showing a remarkable year-on-year increase of 508% [6][7] - Leap Motor's sales reached 22,093 units in July, a 54.1% increase year-on-year, with a total of 108,789 units sold in the first seven months, up 84.9% [7][8] Market Trends - The report notes that the penetration rate of new energy vehicles in the domestic market reached 51.1% in July, surpassing traditional fuel vehicles for the first time, indicating a significant shift in consumer preferences [13][18] - The competitive landscape is intensifying, with companies engaging in price wars and launching new models to capture market share [14][18] - The report emphasizes the importance of technological advancements in smart driving, with companies like NIO and Li Auto making significant strides in their autonomous driving technologies [15][16][18]