Investment Rating - The industry maintains a "Market Perform" rating [3] Core Views - The automotive industry is experiencing stable revenue but facing pressure on net profit due to intensified competition [6][42] - The "old-for-new" policy is driving a recovery in passenger vehicle sales, while commercial vehicle demand remains weak [32][47] - The overall automotive sales in Q3 2024 reached 7.524 million units, with a slight year-on-year increase of 2.67% [6][32] Summary by Sections 1. Automotive Industry Overview - The automotive sector achieved total revenue of CNY 915.87 billion in Q3 2024, reflecting a year-on-year increase of 0.61% and a quarter-on-quarter increase of 2.70% [42] - The net profit attributable to shareholders was CNY 35.42 billion, down 10.75% year-on-year and 14.02% quarter-on-quarter [42] 2. Passenger Vehicles - Passenger vehicle sales in Q3 2024 totaled 6.70 million units, with a quarter-on-quarter increase of 6.50% despite a year-on-year decrease of 2.33% [6][47] - The revenue for the passenger vehicle segment was CNY 508.59 billion, up 2.36% year-on-year and 7.83% quarter-on-quarter [42] 3. Automotive Components - The automotive components sector maintained stable operations, with total revenue of CNY 284.57 billion in Q3 2024, reflecting a year-on-year increase of 3.39% [7][42] - The net profit for the components sector was CNY 15.97 billion, showing a slight increase of 1.58% year-on-year [42] 4. Commercial Vehicles - Truck sales in Q3 2024 were 706,000 units, down 16.35% year-on-year and 22.08% quarter-on-quarter, leading to a revenue decline of 12.56% [8][42] - The bus segment saw sales of 118,000 units, with a year-on-year decrease of 9.92% [8][42] 5. Investment Recommendations - The report suggests focusing on companies benefiting from domestic sales recovery and increasing penetration of new energy vehicles, such as BYD, Changan Automobile, and others [10]
汽车行业2024年三季报总结：以旧换新推动需求回暖，行业整体经营维持稳定
Caixin Securities·2024-12-04 07:50