Investment Rating - The report maintains an "Overweight" rating for the automotive industry, consistent with the previous rating [2][5]. Core Insights - The automotive sector is focusing on high-risk preference areas such as intelligent driving and robotics, with market risk appetite remaining at a high level. The logic of the passenger vehicle sector is shifting from a recovery in the mid-to-low-end market supported by policies to a recovery in overall demand and terminal price adjustments in the mid-to-high-end market [4][5]. - Recommended stocks include Jianghuai Automobile, BYD, Changan Automobile, Great Wall Motors, and Li Auto for complete vehicles. For the intelligentization theme, recommended stocks are Xingyu Co., Kobot, Desay SV, Huayang Group, Huayi Technology, and Baolong Technology. For the high-prosperity new energy theme, recommended stocks include Top Group, Shuanghuan Transmission, Ruihu Mould, Wuxi Zhenhua, Huguang Co., Songyuan Co., Xinquan Co., Aikedi, and Yinlun Co. [4][5]. Summary by Sections Market Trends - The market is witnessing a transition from a recovery in sales volume to expectations of price recovery, with a notable resurgence in orders for passenger vehicles priced between 100,000 to 150,000 yuan since late September [4]. - The demand for passenger vehicles is expected to shift from a policy-supported temporary recovery to a sustained mid-term recovery, improving the profitability of both complete vehicle and component manufacturers [4]. Stock Recommendations - The report lists specific stocks with their closing prices as of October 11, 2024, and their respective earnings per share (EPS) forecasts for 2024 and 2025, all rated as "Overweight": - Jianghuai Automobile (27.4 yuan, EPS 0.2 for 2024) - BYD (300.1 yuan, EPS 12.0 for 2024) - Changan Automobile (13.2 yuan, EPS 0.8 for 2024) - Great Wall Motors (28.9 yuan, EPS 1.2 for 2024) - Li Auto (107.0 yuan, EPS 6.0 for 2024) [6].
汽车行业周报：智能驾驶等高风险偏好赛道仍是主要方向
Guotai Junan Securities·2024-10-12 14:27