Investment Rating - The report maintains an "Overweight" rating for the industry, indicating a positive outlook for the growth of new energy passenger vehicle sales [1]. Core Insights - New energy passenger vehicle sales are expected to continue growing, supported by economic recovery and the traditional peak season in Q4 [1]. - In September, wholesale, retail, and export sales of new energy passenger vehicles all showed month-on-month growth, with wholesale sales reaching 1.231 million units, a year-on-year increase of 48.1% and a month-on-month increase of 17.2% [1]. - The penetration rate of new energy vehicles in the domestic market increased significantly, with retail penetration reaching 53.3%, up 16.4 percentage points year-on-year [1]. Summary by Sections Sales Performance - In September, wholesale sales of new energy passenger vehicles were 1.231 million units, with a year-on-year growth of 48.1% and a month-on-month growth of 17.2%. Cumulatively, from January to September 2024, wholesale sales reached 7.901 million units, a year-on-year increase of 33.7% [1]. - Retail sales in September were 1.123 million units, reflecting a year-on-year increase of 50.9% and a month-on-month increase of 9.6%. For the first nine months of 2024, retail sales totaled 7.132 million units, up 37.4% year-on-year [1]. - Exports in September amounted to 105,000 units, with a year-on-year increase of 19.3% and a month-on-month increase of 6.0%. Cumulatively, exports from January to September 2024 reached 968,000 units, a year-on-year increase of 30.2% [1]. Market Penetration - The penetration rate of new energy passenger vehicles in the domestic market reached 53.3% in September, an increase of 16.4 percentage points year-on-year. For domestic brands, the penetration rate was 74.9% [1]. - The wholesale penetration rate for new energy passenger vehicles was 49.1%, up 15.0 percentage points year-on-year, with domestic brands achieving a penetration rate of 64% [1]. Model Performance - In September, sales of pure electric, plug-in hybrid, and range-extended models all experienced growth. Pure electric vehicle wholesale sales reached 723,000 units, a year-on-year increase of 27.1% and a month-on-month increase of 22.5% [1]. - Plug-in hybrid electric vehicle (PHEV) wholesale sales were 394,000 units, reflecting a year-on-year increase of 102.2% and a month-on-month increase of 12.3% [1]. - Range-extended vehicle wholesale sales reached 114,000 units, with a year-on-year increase of 68.4% and a month-on-month increase of 4.5% [1].
国君汽车|消费信心增强,新能源销量稳步增长
Guotai Junan Securities·2024-10-22 08:03