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新能源汽车2024年8月全球销量点评：行业旺季需求抬升，板块迎估值抬升
Guotai Junan Securities·2024-09-27 08:37

Investment Rating - The report assigns an "Overweight" rating to the lithium battery sector, maintaining the previous rating of "Overweight" [3]. Core Insights - In August 2024, China's new energy vehicle (NEV) sales reached 1.1 million units, marking a year-on-year increase of 30.0% and a month-on-month increase of 11.0%. The penetration rate reached 44.8% [5][8]. - The report highlights that the current new energy vehicle supply chain is at the bottom of the cycle, with expectations for gradual improvement in overall demand due to the peak season for NEVs and stronger-than-expected energy storage demand [5][34]. - The report emphasizes the strong performance of leading lithium battery companies and suggests focusing on specific stocks that are expected to benefit from the market recovery [5][34]. Summary by Sections 1. Domestic New Energy Vehicle Sales - In August 2024, China's NEV production and sales were 1.092 million and 1.1 million units, respectively, with year-on-year growth of 29.6% and 30.0%. Cumulatively, from January to August 2024, sales reached 7.034 million units, up 31.0% year-on-year [8][10]. - The penetration rate of NEVs in August reached 44.8%, with significant sales concentrated in the 150,000 to 200,000 price range [11][13]. 2. Global Market Performance - The global power battery installation in July 2024 reached 69.8 GWh, a year-on-year increase of 19.0%. Chinese companies dominate the market, with CATL holding a market share of 44.5% in August [5][17]. - In August, NEV sales in Europe decreased significantly, with a total of 116,700 units sold, down 40.6% year-on-year and 20.2% month-on-month [22][23]. - In the U.S., NEV sales reached 145,000 units in August, showing a year-on-year increase of 20.4% and a month-on-month increase of 14.7% [30]. 3. Investment Recommendations - The report recommends focusing on leading lithium battery companies such as CATL, BYD, and others, as well as companies in the consumer battery sector benefiting from the recovery in consumer electronics and AI innovation [5][34]. - Specific stocks recommended include CATL, BYD, and others, with a focus on those showing strong performance and potential for recovery [5][34].