汽车海外销量点评：9月北美同环比下滑，欧洲降幅收窄

Investment Rating - The report maintains a positive outlook on the automotive industry, particularly on companies with strong export capabilities and competitive advantages in the global market [5]. Core Insights - Global light vehicle sales in September were approximately 6.78 million units, showing a year-on-year decline of 3.2% but a month-on-month increase of 10%. Overseas sales totaled about 4.1 million units, down 4.9% year-on-year but up 7.3% month-on-month [2][3]. - North America experienced a significant drop in sales, with 1.45 million units sold in September, reflecting a year-on-year decrease of 10% and a month-on-month decline of 15%. This was attributed to fewer sales days, hurricanes, high vehicle prices, and worsening credit conditions [2][3]. - In Europe, sales reached approximately 1.43 million units, down 3.9% year-on-year but up 44% month-on-month, indicating a narrowing decline due to potential boosts from interest rate cuts by the European Central Bank [2][3]. - China saw sales of 2.68 million units in September, a slight year-on-year decrease of 0.5% but a month-on-month increase of 16%, supported by trade-in incentives [3][5]. Summary by Sections Global Light Vehicle Sales - September global light vehicle sales were approximately 6.78 million units, with a year-on-year decline of 3.2% and a month-on-month increase of 10% [2]. - North America sales were 1.45 million units, down 10% year-on-year and 15% month-on-month [2][3]. - European sales were about 1.43 million units, down 3.9% year-on-year but up 44% month-on-month [2][3]. - China recorded 2.68 million units sold, down 0.5% year-on-year but up 16% month-on-month [3][5]. Electric Vehicle Sales - Global electric vehicle sales in September reached approximately 1.64 million units, up 25% year-on-year and 16% month-on-month. In China, sales were 1.21 million units, reflecting a year-on-year increase of 43% [3][4]. Future Projections - The report forecasts that overseas light vehicle sales will reach 48.49 million units in 2024, a year-on-year decline of 1.1%, while global sales are expected to be 77.92 million units, up 0.8% [4][5]. - For North America, the 2024 sales forecast has been revised down from a growth of 1.4% to 0.6% due to weakening automotive consumption [4][5]. - In Europe, the sales forecast for 2024 has been adjusted from a decline of 4.0% to a decrease of 1.7% [4][5]. Investment Recommendations - The report recommends focusing on companies with strong export capabilities, such as Geely, BYD, and Great Wall Motors, while also suggesting attention to emerging players like Leap Motor [5]. - For auto parts, companies with solid performance and clear growth paths, such as Top Group and New Spring, are highlighted as investment opportunities [5].