汽车与零部件行业周报（2024.10.8-2024.10.11）：9月汽车销量281万辆，特斯拉发布Cybercab

Investment Rating - The industry investment rating is "Overweight (Maintain)" [3] Core Viewpoints - The automotive industry experienced a slight decline in September 2024, with total vehicle sales of 2.81 million units, reflecting a year-on-year decrease of 1.7% but a month-on-month increase of 14.5% [6][19] - New energy vehicle (NEV) sales reached 1.287 million units in September, showing a significant year-on-year increase of 42.3%, with a penetration rate of 45.8% [25] - The report highlights the performance of various automotive segments, with commercial vehicles showing the best performance among sub-sectors [5][12] Summary by Sections Market Review - The automotive sector's performance was down by 4.57% over the past week, ranking 11th among 31 primary industries [12] - The best-performing companies included Jingu Co., Fulin Precision, and Xingmin Zhitong, with increases of +12.01%, +11.23%, and +9.46% respectively [5][18] - The worst-performing companies included Tongxin Transmission and Jinlong Automobile, with declines of -16.97% and -15.57% respectively [17][18] Industry Data Tracking - In September 2024, total automotive sales were 2.809 million units, with a cumulative total of 21.571 million units for the first nine months, reflecting a year-on-year increase of 2.4% [19] - Passenger vehicle sales in September were 2.525 million units, with a year-on-year increase of 1.5% [20] - The export of vehicles in September was 539,000 units, marking a year-on-year increase of 21.4% [23] Recent Industry/Key Company Dynamics - Tesla unveiled the Cybercab, a fully autonomous vehicle expected to begin mass production in 2026-2027, with an anticipated operational cost of approximately $0.20 per mile [6][35][37] - The report notes that major manufacturers have seen a rebound in orders during the National Day holiday, with significant orders reported for various models [31][32] - Horizon Robotics has passed the listing hearing for the Hong Kong Stock Exchange, indicating its entry into the market [38] Investment Recommendations - For passenger vehicles, it is recommended to focus on companies that are advancing in hybrid and overseas markets, such as BYD, Great Wall Motors, and Changan Automobile [7][44] - In the parts sector, attention should be given to companies related to automotive electrification/intelligence and lightweighting, including Yinlun Co., Bertley, and Lingyun Co. [7][44]