汽车行业2024年中报总结：以旧换新提升景气度，AI驱动自动驾驶落地

Investment Rating - The automotive industry is rated "Outperform" compared to the market [2] Core Insights - The "old-for-new" policy is expected to support the automotive industry's overall performance, with a gradual recovery in sales and profitability anticipated after the price wars in the passenger vehicle sector [2][3] - The automotive sector's valuation remains at a relatively high level due to strong production and sales in the first half of 2024 [1][2] Summary by Sections 1. Industry Overview - In H1 2024, the domestic automotive sales reached 14.05 million units, a year-on-year increase of 6.1%. The total revenue for the automotive manufacturing industry was 47,672 billion yuan, also up 6.1% year-on-year, with a total profit of 2,377 billion yuan, reflecting a 9.2% increase [1][11][12] 2. Segment Analysis 2.1 Passenger Vehicles - Passenger vehicle sales in H1 2024 were 11.98 million units, up 6.3% year-on-year. The SUV segment accounted for 52.7% of total sales, with SUV sales increasing by 11.5% [13][15] - The revenue for the passenger vehicle sector in Q2 2024 decreased by 11.6% year-on-year, while net profit increased by 28.1% [15] 2.2 Commercial Vehicles - In H1 2024, commercial vehicle sales reached 2.07 million units, a 4.9% increase year-on-year, with truck sales at 1.82 million units, up 4.4% [17][18] - The bus segment saw a 9.3% increase in sales, indicating a gradual recovery in demand [17] 2.3 Trucks - Truck sales in H1 2024 totaled 1.82 million units, with a breakdown showing heavy trucks at 27.7% of sales. The overall segment is experiencing a slow recovery [24][28] 2.4 Auto Parts - The auto parts sector reported a revenue of 250.5 billion yuan in H1 2024, a 7.5% increase year-on-year, with net profit rising by 16.7% [32] 2.5 New Energy Vehicles - New energy vehicle production and sales reached 4.929 million and 4.944 million units respectively in H1 2024, marking a year-on-year increase of 30.1% and 32.0% [34][36] - However, the revenue for the new energy vehicle sector decreased by 3.6% year-on-year, with net profit down by 33.7% [34][36] 3. Investment Recommendations - The report recommends focusing on companies benefiting from the "old-for-new" policy and those with strong growth potential in the commercial vehicle sector, such as China National Heavy Duty Truck Group and Yutong Bus [2][3]