豪华车市场专题研究：自主中高端汽车发力，销量有望持续突破

Industry Investment Rating - The report maintains an Overweight rating for the automotive industry, driven by the strong performance of domestic mid-to-high-end car brands [2][4] Core Views - Domestic mid-to-high-end car brands are gaining momentum, with significant growth in sales and market share, particularly in the SUV and MPV segments [4][11] - The luxury car market in China is substantial, with 30+ RMB models accounting for 18.6% of total passenger car sales in 2023, reaching 4.162 million units, a 23.5% YoY increase [11][12] - German luxury brands still dominate the market, but domestic brands are rapidly catching up, especially in the 30-40 RMB price range, where sales grew by 129.5% in 2023 [16][28] - Smart driving and intelligent cabins are becoming key differentiators for domestic luxury brands, with brands like Huawei, Li Auto, and NIO leading the charge [41][42] Market Size and Growth - The 30+ RMB passenger car market in China reached 4.162 million units in 2023, with a 23.5% YoY growth, driven by strong demand for mid-to-high-end models [11][12] - The 30-40 RMB segment saw the highest growth, with sales increasing by 35.8% to 2.203 million units, while the 40-60 RMB segment grew by 14.3% to 1.456 million units [12] - Domestic brands accounted for 22.3% of the 30+ RMB market in 2023, up from 12.5% in 2022, indicating rapid market penetration [28] Competitive Landscape - German brands (BMW, Mercedes-Benz, Audi) still lead the luxury car market in China, with a combined market share of 55.2% in the 30+ RMB segment [16][17] - Domestic brands like Li Auto, NIO, and Huawei's Harmony Smart Drive are rapidly gaining traction, with Li Auto's L series and NIO's ES6 leading in the SUV segment [20][21] - In the MPV segment, Denza D9 leads with 119,000 units sold in 2023, followed by Toyota Sienna with 77,000 units [22] Profitability and Pricing - Luxury car brands like BMW, Mercedes-Benz, and Audi maintain strong profitability, with BMW's net profit per vehicle at 36,000 RMB in 2023, and Mercedes-Benz's EBIT per vehicle at 53,000 RMB [25][26] - Domestic brands like Li Auto and Zeekr are improving profitability, with Li Auto achieving a 22.2% gross margin in 2023, up 2.8 percentage points YoY [32][33] Smart Driving and Intelligent Features - Smart driving and intelligent cabins are becoming key selling points for domestic luxury brands, with brands like Huawei, Li Auto, and NIO leading in innovation [41][42] - Li Auto's AD Max system and Huawei's Harmony Smart Drive are pushing the boundaries of autonomous driving, with plans for nationwide coverage and advanced AI integration [42] Global Luxury Car Market - The global luxury car market is dominated by BMW, Mercedes-Benz, and Audi, with combined sales of 6.49 million units in 2023, accounting for 10-12% of the global passenger car market [43][44] - Asia, particularly China, is the largest market for luxury cars, with BMW and Mercedes-Benz each selling over 750,000 units annually in China [45][47] Historical Performance and Market Expansion - BMW's historical performance shows significant growth during market expansion phases, such as its rapid growth in the North American market from 1995-1998 [52][53] - Toyota's success in the luxury car market was driven by differentiated product offerings and targeted marketing, as seen with the Lexus brand [55][56]