汽车行业快评报告：9月汽车产销同比下滑，新能源车表现亮眼

Investment Rating - The industry investment rating is "Outperform the Market" [4][7]. Core Viewpoints - In September 2024, China's automobile production and sales showed a month-on-month increase but a year-on-year decline, with production reaching 2.796 million units and sales at 2.809 million units, representing a month-on-month growth of 12.2% and 14.5%, but a year-on-year decrease of 1.9% and 1.7% respectively [1]. - The new energy vehicle (NEV) sector demonstrated strong performance, with production and sales of 1.307 million and 1.287 million units in September, marking year-on-year growth of 48.8% and 42.3%, respectively, and accounting for 45.8% of total new car sales [2]. - Passenger vehicle production and sales experienced both year-on-year and month-on-month growth, while commercial vehicles showed weaker performance, with passenger vehicle sales reaching 2.502 million units and commercial vehicle sales at 294,000 units in September [2]. - Exports of automobiles saw both year-on-year and month-on-month growth, with September exports totaling 539,000 units, a 21.4% increase year-on-year, and NEV exports reaching 111,000 units, up 15.6% year-on-year [3]. Summary by Sections Production and Sales - In September, total automobile production and sales were 2.796 million and 2.809 million units, respectively, with a month-on-month increase of 12.2% and 14.5%, but a year-on-year decline of 1.9% and 1.7% [1]. - From January to September, production and sales reached 21.47 million and 21.571 million units, with year-on-year growth of 1.9% and 2.4% [1]. New Energy Vehicles - NEV production and sales in September were 1.307 million and 1.287 million units, with year-on-year growth of 48.8% and 42.3%, respectively [2]. - For the first nine months, NEV production and sales totaled 8.316 million and 8.32 million units, reflecting year-on-year growth of 31.7% and 32.5% [2]. Passenger and Commercial Vehicles - Passenger vehicle production and sales in September were 2.502 million and 2.525 million units, with year-on-year growth of 0.2% and 1.5% [2]. - Commercial vehicle production and sales were 294,000 and 284,000 units, with year-on-year declines of 16.8% and 23.5% [2]. Exports - In September, automobile exports reached 539,000 units, with a year-on-year increase of 21.4% [3]. - NEV exports in September were 111,000 units, marking a year-on-year growth of 15.6% [3]. - From January to September, total automobile exports were 4.312 million units, a 27.3% increase year-on-year [3].