Investment Rating - The industry investment rating is "In line with the market" [4][11] Core Viewpoints - The "Trade-in" policy continues to show effects, with November retail and wholesale sales of passenger cars reaching new highs, indicating a strong market recovery [2][10] - In November, retail sales of passenger cars reached 2.423 million units, a year-on-year increase of 16.5% and a month-on-month increase of 7.1% [6][7] - The penetration rate of new energy vehicles (NEVs) in the domestic retail market reached 52.3% in November, an increase of 11.9 percentage points compared to the same period last year [6][7] Summary by Relevant Sections Investment Recommendations - The report suggests focusing on companies such as BYD, Changan Automobile, Yinlun Holdings, Top Group, Xinquan, Junsheng Electronics, Desay SV, and Baolong Technology due to the positive impact of the trade-in policy and other supportive measures [11] Key Stock Performance - Key stocks and their projected earnings per share (EPS) and price-to-earnings (PE) ratios for 2023A, 2024E, and 2025E are as follows: - Yinlun Holdings: EPS 0.74 (PE 23.91), 0.97 (PE 18.24), 1.33 (PE 13.30) - Rating: Buy - Changan Automobile: EPS 1.14 (PE 12.26), 0.88 (PE 15.89), 1.02 (PE 13.71) - Rating: Hold - Junsheng Electronics: EPS 0.77 (PE 20.65), 1.00 (PE 15.90), 1.25 (PE 12.72) - Rating: Buy - Top Group: EPS 1.28 (PE 42.48), 1.71 (PE 31.80), 2.21 (PE 24.60) - Rating: Hold [3][11] Market Trends - The wholesale sales of passenger cars in November reached 2.94 million units, a year-on-year increase of 15.3% and a month-on-month increase of 7.6%, marking a historical high [7] - The cumulative wholesale of passenger cars from January to November was 24.115 million units, a year-on-year increase of 5.6% [7] - The export of passenger cars continued to show strong growth, with November exports reaching 396,000 units, a year-on-year increase of 5.0% [7]
汽车行业点评：以旧换新政策效果持续显现，11月乘用车零售及批发销量均创新高
Caixin Securities·2024-12-11 10:10