汽车行业定期报告：宁德时代启动巧克力换电生态，蔚来举办NIO Day 2024

Industry Investment Rating - The industry maintains a "Stronger than the Market" rating [47] Core Views - The automotive industry is experiencing significant growth in new energy vehicle (NEV) sales, with NEV penetration rates reaching 45.6% in November [70] - The industry is benefiting from government policies such as "large-scale equipment updates and consumer goods replacement," which have driven sales of vehicles, home appliances, and other consumer goods [21] - The sector is also seeing rapid development in the electric vehicle (EV) ecosystem, particularly in battery swapping technology led by CATL [27][28] Market Performance - From December 16 to December 20, 2024, the automotive sector underperformed the CSI 300 index by 0.9 percentage points, with a decline of 1% compared to the CSI 300's 0.1% drop [40] - Year-to-date, the automotive sector has risen by 18%, ranking 7th among the 31 Shenwan sectors [40] Key Data Highlights Sales Data - In November, total vehicle sales reached 3.316 million units, up 11.7% year-over-year (YoY) and 8.6% month-over-month (MoM) [69] - NEV sales in November were 1.512 million units, a 47.4% YoY increase, with a market penetration rate of 45.6% [70] - From December 1-15, passenger vehicle retail sales were 1.083 million units, up 34% YoY and 14% MoM, while NEV retail sales were 536,000 units, up 71% YoY and 6% MoM [87] Inventory and Export - The dealer inventory coefficient in November was 1.11, below the warning line, indicating improved inventory management [69] - Vehicle exports in November were 490,000 units, down 9.5% MoM but up 1.6% YoY [69] Industry News - CATL launched its "Chocolate Battery Swap" ecosystem, aiming to build 1,000 self-operated swap stations by 2025 and expand to 30,000 stations through partnerships [28] - NIO unveiled its third brand, Firefly, targeting the high-end smart compact car market, with the first model set to launch in April 2025 [31] - Avita Technology completed its Series C funding round, raising over 11 billion yuan, with investments from Changan Automobile and other strategic investors [18] Key New Vehicle Launches - NIO ET9, a premium electric sedan, was launched with a starting price of 788,000 yuan, featuring advanced technologies such as a 900V high-voltage architecture and a 100 kWh battery pack [50][39] - Other notable launches include the iCAR V23, Fengyun A8L, and Mercedes-Benz GLC PHEV, catering to various segments from compact SUVs to luxury vehicles [60] Valuation and Sector Performance - The automotive sector's PE-TTM is 25.77x, at the 61.33% historical percentile, while the PB ratio is 2.43x, at the 67.65% historical percentile [86] - Sub-sectors such as passenger vehicles and commercial vehicles are trading at higher valuations compared to historical levels [86]