汽车行业2024H1&2024Q2业绩综述：内需平淡但结构变化明显，龙头盈利能力表现良好

Industry Overview - The automotive industry in 2024H1 showed steady growth with a revenue increase of 8.4% YoY, driven by strong exports and new energy vehicle (NEV) penetration [4] - NEV penetration reached 9.2% in 2024H1, up 7.4 percentage points YoY, with NEV sales accounting for 469.0 million units, a 1.1% YoY increase [10] - Exports remained a key growth driver, with 2024H1 passenger vehicle exports reaching 2.4 million units, a 1.1% YoY increase, and Q2 exports growing 29.0% YoY [12] Passenger Vehicles - Passenger vehicle revenue in 2024H1 reached 869.6 billion yuan, up 8.4% YoY, with Q2 revenue at 471.65 billion yuan, a 7.8% YoY increase [14] - Leading companies like BYD, Great Wall Motors, and Seres outperformed the industry, with Seres achieving a 547.7% YoY revenue growth in Q2 [16] - Gross margin for passenger vehicles improved to 18.71% in 2024H1, up 2.9 percentage points YoY, with Q2 gross margin at 18.4%, up 2.5 percentage points YoY [24] Auto Parts - Auto parts revenue in 2024Q2 reached 2,925 billion yuan, up 7.1% YoY, with passenger vehicle parts revenue growing 7.7% YoY to 2,200 billion yuan [39][41] - Commercial vehicle parts revenue in 2024Q2 was 725 billion yuan, up 5.2% YoY, despite a 1.0% YoY decline in commercial vehicle production [44] - Key players like Hu Guang, Top Group, and Bethel showed strong performance, benefiting from partnerships with Seres, Geely, and Chery [46] Trucks - Truck industry sales in 2024H1 reached 1.814 million units, up 3.6% YoY, with heavy truck sales at 504,000 units, up 3.0% YoY [67] - Truck exports in 2024H1 were 154,000 units, down 2.0% YoY, but Q2 exports surged 29% QoQ to 86,400 units [67] - Truck revenue in 2024H1 was 708.1 billion yuan, up 5.9% YoY, with Q2 revenue at 52.2 billion yuan, down 4.7% YoY [69][71] Light Trucks and Buses - Bus sales in 2024Q2 reached 28,797 units, up 19.7% YoY, with bus exports at 11,068 units, up 17.2% YoY [84] - Light truck and bus revenue in 2024Q2 was 54.4 billion yuan, up 1.0% YoY, with companies like Yutong Bus and Zhongtong Bus outperforming the industry [86] - The sector benefited from steady domestic demand and expanding overseas markets, with profitability continuing to improve [84]