Investment Rating - The report maintains a "Recommended" rating for the automotive industry [1] Core Insights - The automotive industry is experiencing rapid growth in vehicle recycling due to the "old-for-new" policy, with significant demand for new models like the Xiaopeng MONA M03, which achieved over 30,000 pre-orders within 48 hours of its launch [1][10] - The report highlights a positive outlook for September, driven by new vehicle launches and enhanced consumer incentives [13] - The long-term growth potential of the automotive sector is supported by trends in domestic brand emergence, smart technology, and globalization [6][13] Summary by Sections Recent Developments - The "old-for-new" policy has led to a significant increase in vehicle scrappage, with over 350.9 million vehicles recycled in the first seven months of 2024, marking a 37.4% year-on-year increase [10] - Xiaopeng MONA M03 was launched on August 27, 2024, with a price range of 119,800 to 155,800 CNY and a maximum electric range of 620 km [10] Market Performance - From August 26 to August 30, 2024, the automotive sector outperformed the Shanghai Composite Index, with the automotive index rising by 2.7% compared to a decline of 0.4% in the Shanghai Composite [14] - Key stocks in the automotive sector showed varied performance, with Xiaopeng Motors rising by 17.3% during the same period [14][21] Recommendations - The report recommends focusing on domestic brands benefiting from the recovery in passenger vehicle demand, including BYD, Great Wall Motors, and Li Auto [13] - For commercial vehicles, Yutong Bus is highlighted as a key player benefiting from the "old-for-new" policy [13] - In the parts sector, companies like Xingyu Co. and Ruiguang Mould are recommended due to their ties to the Huawei ecosystem and the smart driving industry [13]
汽车行业周报：以旧换新政策带动报废汽车回收量快速增长，小鹏MONAM03上市48小时大定破3万台
Guohai Securities·2024-09-02 16:36