Investment Rating - The report maintains an "Outperform" rating for the industry [1] Core Insights - In September 2024, European new energy vehicle (NEV) sales reached 232,000 units, a year-on-year increase of 8.1% and a month-on-month increase of 84.2%. The cumulative sales from January to September 2024 totaled 1.583 million units, reflecting a year-on-year decline of 4.4% [2][4] - The penetration rate of NEVs in Europe reached 25.5% in September 2024, up 2.5 percentage points year-on-year and 3.0 percentage points month-on-month [2][4] - The report highlights that the UK, Germany, and France are the top three countries in terms of NEV sales in September 2024, with the UK showing a significant year-on-year growth of 26.6% [2][25][16] - The report anticipates rapid growth in NEV sales in Europe from 2025 to 2030 due to carbon emission assessment policies [2] - Emerging markets are experiencing a rapid increase in electrification rates, with strong competitiveness from domestic quality supply [2] Summary by Sections European Market - In September 2024, NEV sales in Europe were 232,000 units, with a year-on-year increase of 8.1% and a month-on-month increase of 84.2%. Cumulative sales from January to September were 1.583 million units, down 4.4% year-on-year. The penetration rate was 25.5%, up 2.5 percentage points year-on-year [2][4] - The UK led with 81,000 units sold in September, a year-on-year increase of 26.6% and a month-on-month increase of 224.8%. The penetration rate was 29.4%, up 6.0 percentage points year-on-year [2][25] - Germany's NEV sales were 49,415 units in September, up 4.9% year-on-year and 21.7% month-on-month, with a penetration rate of 23.7% [2][6] - France saw NEV sales of 38,376 units, down 16.3% year-on-year but up 99.1% month-on-month, with a penetration rate of 27.6% [2][16] US Market - In September 2024, NEV sales in the US were 127,000 units, down 3.4% year-on-year and 13.6% month-on-month. Cumulative sales from January to September were 1.146 million units, up 6.5% year-on-year [2] Emerging Markets - In August 2024, NEV sales in emerging markets were 85,000 units, up 17.0% year-on-year but down 2.5% month-on-month. Cumulative sales from January to August were 640,000 units, up 24.3% year-on-year [2] Investment Recommendations - The report suggests focusing on companies such as Leap Motor, BYD, CATL, and others, as China's battery industry is globally leading and expected to benefit from overseas market growth [2]
海外新能源车销量月报：9月欧洲销量同比转正
Haitong Securities·2024-10-20 02:08