Investment Rating - The industry investment rating is maintained at "Overweight" [1][25][26] Core Viewpoints - The report highlights the impact of the EU's decision to impose anti-subsidy tariffs on Chinese electric vehicles, which will affect companies like BYD, Geely, and SAIC with tariffs of 17.0%, 18.8%, and 35.3% respectively [1][14] - In October, BYD achieved sales of 500,000 units, reflecting a month-on-month increase of 19.9% [1][14] - The overall performance of the automotive sector is positioned in the mid-range, with a weekly decline of 0.44% compared to the Shanghai Composite Index's decline of 1.68% [4][5] Summary by Sections Market Review - The automotive sector's weekly performance was -0.44%, ranking 17th among 31 first-level industries [4][5] - The best-performing sub-sectors included motorcycles and others (+4.35%), while passenger vehicles saw the largest decline (-1.76%) [5][6] Industry Data Tracking - For passenger vehicles, retail sales from October 1-27 reached 1.812 million units, a year-on-year increase of 9% [8] - New energy vehicle retail sales during the same period were 946,000 units, up 49% year-on-year [8] Recent Industry/Key Company Dynamics - The EU's anti-subsidy tax on Chinese electric vehicles will take effect on October 30, impacting major manufacturers [14] - BYD's October sales reached 500,500 units, with a year-to-date cumulative sales of 3.237 million units, reflecting a 36.5% year-on-year increase [14][19] - Beijing is promoting the development of smart connected new energy vehicles, focusing on high-level autonomous driving technology [15] Investment Recommendations - For passenger vehicles, focus on companies that are advancing hybrid and overseas markets: BYD, Great Wall Motors, and Changan Automobile [20] - For components, consider companies related to automotive electrification/intelligence: Yinlun, Bertley, and Baolong Technology [20]
汽车与零部件行业周报：欧盟反补贴落地，比亚迪10月销量超50万
Shanghai Securities·2024-11-07 05:55