国君汽车|自主中高端汽车发力,销量有望持续突破

Investment Rating - The report maintains an "Overweight" rating for the automotive industry, particularly focusing on domestic mid-to-high-end brands [1] Core Insights - Domestic mid-to-high-end automotive brands are accelerating their entry into the market, with an increase in quality supply expected to lead to simultaneous growth in volume and price for both complete vehicles and parts [1] - The domestic market for passenger vehicles priced above 300,000 RMB reached 4.162 million units in 2023, reflecting a year-on-year growth of 23.5%, indicating a continuous upgrade in consumer preferences [1] - There is a notable preference for larger space models (B-class, C-class) within the mid-to-high-end vehicle segment, with brands like Li Auto, Huawei Hongmeng, and others achieving rapid sales growth in this category [1] - German luxury brands still hold a significant market share, particularly in the large space, long wheelbase luxury sedan market, with BMW and Audi's single-vehicle net profits reaching 36,000 RMB and 25,000 RMB respectively in 2023 [1] - The ongoing advancement in smart technology is expected to enhance consumer recognition of domestic brands, with improvements in hardware configurations narrowing the gap with traditional foreign luxury brands [1] Summary by Sections Market Overview - The mid-to-high-end passenger vehicle market in China is substantial, with a clear trend towards larger models and increasing sales of domestic brands [1] Competitive Landscape - German luxury brands maintain a strong presence, but domestic brands are making significant inroads, particularly in the SUV and MPV segments [1] Consumer Trends - Smart technology is becoming a critical factor in consumer purchasing decisions, with domestic brands leveraging advancements in intelligent driving and cockpit systems to improve brand perception [1]