Workflow
新能源乘用车2024年9月销量点评报告：消费信心增强，新能源销量稳步增长
Guotai Junan Securities·2024-10-21 00:10

Investment Rating - The report maintains an "Overweight" rating for the new energy passenger vehicle industry [1][4]. Core Insights - The sales of new energy passenger vehicles are expected to continue growing due to improved consumer confidence and the upcoming traditional peak season in Q4 [4]. - In September, wholesale sales of new energy passenger vehicles reached 1.231 million units, showing a year-on-year increase of 48.1% and a month-on-month increase of 17.2% [4]. - The report highlights that the penetration rate of new energy vehicles in the domestic market has increased significantly, with retail penetration reaching 53.3%, up 16.4 percentage points year-on-year [4]. Summary by Sections Sales Performance - In September, wholesale sales of new energy passenger vehicles were 1.231 million units, with a cumulative total of 7.901 million units from January to September, reflecting a year-on-year increase of 33.7% [4]. - Retail sales in September were 1.123 million units, with a cumulative total of 7.132 million units for the first nine months, marking a year-on-year increase of 37.4% [4]. - Exports in September reached 105,000 units, with a cumulative total of 968,000 units for the year, showing a year-on-year increase of 30.2% [4]. Market Trends - The report notes that all types of new energy vehicles, including pure electric, plug-in hybrid, and range-extended models, experienced both year-on-year and month-on-month sales growth in September [4]. - The report identifies 21 manufacturers with wholesale sales exceeding 10,000 units in September, with BYD, Geely, and Tesla China leading the sales [4]. Recommended Stocks - Recommended stocks for the whole vehicle sector include JAC Motors, BYD, Changan Automobile, Great Wall Motors, and Li Auto [4]. - For the smart vehicle sector, recommended stocks include Xingyu Co., Kebo Da, Desay SV, Huayang Group, Huayi Technology, and Baolong Technology [4]. - For high-growth new energy-related stocks, recommended companies include Top Group, Shuanghuan Transmission, Ruihu Mould, Wuxi Zhenhua, Huguang Co., Songyuan Co., New Spring Co., Aikedi, and Yinlun Co. [4].