汽车行业2025年投资展望：混动化趋势持续，智能化有望加速落地

Investment Rating - The report maintains a positive outlook on the automotive industry, emphasizing the ongoing trends of hybridization and the acceleration of smart technology adoption [14][19][30]. Core Insights - The automotive industry is experiencing a sustained trend towards hybridization, supported by government policies promoting vehicle trade-in programs, which have positively impacted consumer demand [31][55]. - The penetration rate of new energy vehicles (NEVs) continues to rise, reaching 43.8% from January to November 2024, an increase of 9.4 percentage points compared to 2023 [34][58]. - The sales volume of hybrid vehicles has significantly increased, with wholesale sales reaching 4.493 million units from January to November 2024, marking a year-on-year growth of 89.3% [89]. - The report highlights the advancements in Tesla's Full Self-Driving (FSD) system, which has accumulated over 20 billion miles driven, showcasing its safety performance compared to traditional driving methods [44][73]. Summary by Sections 1. Hybridization Trend - The government has implemented policies to boost the automotive market, including increased subsidies for trade-in vehicles, which are expected to enhance domestic sales stability in 2025 [31][55]. - The market share of hybrid vehicles is on the rise, with a notable increase in sales volume and consumer acceptance due to advantages in cost and range compared to pure electric vehicles [89]. 2. Smart Technology Acceleration - The automotive industry is entering a phase of rapid development in smart technology, with leading companies like Tesla and Huawei establishing competitive advantages in data training and smart driving ecosystems [46][47]. - Huawei has significantly invested in smart automotive solutions, achieving substantial revenue growth in this sector, indicating a strong market presence and future potential [74]. 3. Automotive Parts Industry - The profitability of the automotive parts sector is steadily improving, with a gross margin of 17.9% reported for the first three quarters of 2024, up from 17.6% in the previous year [85]. - The total asset scale of automotive parts companies continues to grow, although at a slower pace, indicating a need for improved operational efficiency and cost control [80][88].