汽车行业研究周报：9月新能源汽车表现亮眼

Investment Rating - The report maintains an "Overweight" rating for the automotive industry [2][3]. Core Insights - In September 2024, the automotive market showed positive performance driven by national consumption promotion policies and promotional discounts from car manufacturers, leading to a sustained release of car purchase demand and new model launches. The overall automotive sales are expected to reach a historical high for the year [2][9]. - Total automotive sales in September were 2.809 million units, a year-on-year decrease of 1.7%. Cumulatively, from January to September, total sales reached 21.571 million units, reflecting a year-on-year growth of 2.4% [2][9]. - In the new energy vehicle (NEV) sector, September sales reached 1.287 million units, marking a year-on-year increase of 42.4%, with a penetration rate of 45.8%. For the first nine months of 2024, NEV sales totaled 8.32 million units, up 32.5% year-on-year, with a penetration rate of 38.6% [2][9]. Summary by Sections 1. Monthly Performance - The automotive market's performance in September was buoyed by government policies and promotional activities, with NEV sales maintaining high growth rates [2][9]. - The inventory situation for automotive dealers showed a comprehensive inventory coefficient of 1.3 in September, a year-on-year decrease of 14.6% [2][9]. 2. Investment Strategy and Key Focus - The report suggests focusing on undervalued leading companies in the automotive sector, particularly those with improved performance, and key players in the NEV and intelligent vehicle sectors [3][23]. - Recommended companies include BYD, Changan Automobile, Geely, and Li Auto, with a focus on stable, undervalued parts suppliers like Huayu Automotive and Fuyao Glass [3][23][24]. 3. Market Review - The automotive sector experienced a weekly decline of 4.57%, ranking 11th among 31 sectors in the market. The sector underperformed compared to the CSI 300 index [3][25]. - The top five gaining stocks in the automotive sector for the week included Jingu Co., Xingmin Zhito, and Jianghuai Automobile, while the top five losing stocks included Huayang Racing and Tongxin Transmission [3][25][29].