Investment Rating - The investment rating for the automotive sector is "Outperform the Market" [1] Core Views - The automotive sector experienced an overall increase of 11.07% from September 23 to September 27, underperforming the CSI 300 index by 4.63 percentage points [7][35] - The retail sales of passenger vehicles in September increased by 10% year-on-year, with a total of 1.243 million units sold from September 1 to 22 [36] - The PE-TTM for the automotive industry is 22.5, reflecting a week-on-week increase of 2.25 [9][35] Summary by Sections Market Review - The automotive sector's performance from September 23 to September 27 showed an increase of 11.07%, with the passenger vehicle segment rising by 11.72% and commercial vehicles by 8.37% [7][35] - The automotive parts sector increased by 11.46%, while the automotive services sector rose by 12.19% [7][35] Valuation Levels - As of September 27, the PE-TTM for the automotive industry is 22.5, with sub-segment valuations for passenger vehicles at 25.25, commercial vehicles at 32.8, and parts at 19.62 [9][35] Key Stock Performance - Notable stock performances include Best, Shuanghuan Transmission, and Weichai Power, which saw increases of 23.19%, 17.83%, and 16.67% respectively [20] New Vehicle Launches - A total of 32 new and updated vehicle models were launched during the week of September 23 to September 27, including models from BYD, Dongfeng, and Changan [33][34] Industry News - Significant industry developments include the launch of the Dongfeng Fengshen L7 EV and the pre-sale of the Changan Qiyuan E07, highlighting advancements in electric vehicle offerings [31][32]
9月乘用车终端表现强劲，看好十月延续“金九银十”旺季行情
Great Wall Securities·2024-09-30 04:03