汽车行业跟踪报告：汽车行业2024三季报综述，行业总体平稳运行，整车有所分化

Investment Rating - The automotive industry is rated as "Outperforming the Market" [5][33]. Core Insights - The automotive industry showed stable performance in Q1-Q3 2024, with the auto parts sector performing well, while the complete vehicle segment exhibited some differentiation. The growth momentum of new energy vehicles remains strong, becoming a significant driver for the industry's growth. The ongoing "trade-in" policy in China is expected to further release replacement demand in the stock market, coupled with the clear cost-performance advantage of Chinese cars, which is likely to sustain export growth. It is recommended to focus on high-quality automotive companies with brand and market advantages, as well as those actively expanding into overseas markets [1][6]. Summary by Sections 1. Automotive Industry Performance - In Q1-Q3 2024, the automotive sector achieved revenue of CNY 27,458.78 billion, a year-on-year increase of 3.09%, and a net profit attributable to shareholders of CNY 1,139.89 billion, up 9.49% year-on-year. The overall gross margin and net margin for the sector were 16.41% and 4.36%, respectively, reflecting an increase of 1.28 and 0.15 percentage points compared to the same period in 2023. Despite facing market competition and cost pressures, companies improved profitability through product structure optimization and enhanced production efficiency [2][12]. 2. Subsector Revenue and Profitability - For the first nine months of 2024, the revenue and net profit of various subsectors were as follows: passenger cars (+6.06%), auto parts (+7.74%), commercial vehicles (-1.13%), automotive services (-46.07%), and motorcycles & others (+13.51%). The net profit for these subsectors showed mixed results, with auto parts achieving a 23.64% increase, while passenger cars experienced a decline in profit despite revenue growth, influenced by price wars and rising raw material costs. The gross and net margins for the auto parts sector improved significantly [3][16]. 3. Automotive Production and Sales Data - In Q1-Q3 2024, China's automotive production and sales saw slight year-on-year growth, with total production reaching 21.47 million vehicles and sales at 21.57 million vehicles, marking increases of 1.9% and 2.4%, respectively. New energy vehicles (NEVs) maintained a high growth rate, with production and sales of 8.316 million and 8.32 million units, reflecting year-on-year growth of 31.73% and 32.53%. NEVs accounted for 38.57% of total new vehicle sales, underscoring their role as a key growth driver in the automotive sector [4][18]. 4. Export Performance - The automotive export maintained positive growth, with 4.312 million vehicles exported in the first nine months of 2024, a year-on-year increase of 27.3%. NEV exports reached 928,000 units, growing by 12.5%. Although the growth rate of NEV exports has slowed in recent years, this growth is crucial for enhancing the competitiveness of China's automotive industry on the international stage [6][27]. 5. Investment Recommendations - The report highlights that the government's support for replacing old vehicles and increasing subsidies for new energy buses and battery replacements will likely stimulate replacement demand in the market. The competitive pricing of Chinese vehicles, along with continuous technological advancements and improved services, is expected to sustain export growth. The synergy between domestic and international demand is anticipated to drive steady development in the automotive industry, with a focus on high-quality companies with brand and market advantages [6][28].