汽车行业专题研究：行业销量整体平稳，汽零板块盈利改善

Investment Rating - The automotive industry is rated as "Outperform" [4] Core Insights - The overall sales in the automotive industry remain stable, with significant improvements in the profitability of auto parts [1][29] - The passenger vehicle sector shows revenue growth without profit increase, while commercial vehicles face overall pressure [1][49] - The automotive sector has outperformed the market, with a notable increase in the commercial vehicle segment [2][15] Summary by Sections 1. Market Performance - As of November 6, 2024, the automotive sector has increased by 18%, outperforming the CSI 300 index by 0.9 percentage points [2][15] - The passenger vehicle and commercial vehicle segments have shown significant excess returns, with increases of 32% and 64% respectively [2][15] 2. Sales Stability and Growth - Total automotive sales for the first three quarters of 2024 reached 21.57 million units, a year-on-year increase of 2.37% [29] - In Q3 2024, total automotive sales were 7.52 million units, with passenger vehicle sales at 6.70 million units, down 2.33% year-on-year [29][34] - New energy passenger vehicle sales in Q3 2024 reached 3.24 million units, up 34.40% year-on-year [34] 3. Company Performance - In Q3 2024, passenger vehicle companies generated revenue of CNY 510.42 billion, a year-on-year increase of 2.36% [1][38] - Commercial vehicle companies reported revenue of CNY 74.44 billion, down 12.33% year-on-year [49] - The profitability of auto parts companies improved, with a net profit of CNY 184 billion, up 15.2% year-on-year [1][49] 4. Investment Recommendations - For passenger vehicles, focus on electric intelligence, domestic brands, and export opportunities, recommending companies like BYD, Li Auto, and Geely [7] - For commercial vehicles, pay attention to export and vehicle replacement policies, recommending companies like FAW Jiefang and China National Heavy Duty Truck [7][8]