汽车行业：24年数据点评系列十三，1-8 月重卡批发、终端、出口销量同比+0.5%、-6.3%、+6.4%

Investment Rating - The industry investment rating is "Buy" [1] Core Views - The heavy truck industry is at the beginning of an upward cycle, with a rebound in replacement rates expected to provide sufficient upward elasticity for domestic sales, while exports continue to maintain high growth with broad overseas market potential [4][3] - The report highlights that the logistics demand has shown recovery since the beginning of the year, with a cumulative year-on-year growth rate of 3.4% in road freight turnover from January to August 2024 [3][4] Sales Analysis - In August, wholesale heavy truck sales decreased by 13.8% year-on-year to 61,000 units, while cumulative wholesale sales from January to August increased by 0.5% year-on-year to 624,000 units [3][12] - Terminal sales in August fell by 23.2% year-on-year to 40,000 units, with cumulative terminal sales from January to August down by 6.3% year-on-year to 388,000 units [3][14] - Heavy truck exports in August rose by 33.0% year-on-year to 33,000 units, with cumulative exports from January to August increasing by 6.4% year-on-year to 230,000 units [3][32] Inventory Status - The inventory level is considered healthy, with total inventory decreasing both year-on-year and month-on-month as of the end of August 2024 [3][4] Market Share - From January to August 2024, the market share of major heavy truck manufacturers such as FAW Group, Sinotruk, Dongfeng Motor, and Shaanxi Heavy Duty Truck increased year-on-year [4][3] Investment Recommendations - The report recommends investing in companies with strong market share and export performance, including China National Heavy Duty Truck Group, Foton Motor, and FAW Jiefang [4][3]