汽车行业：24年数据点评系列十九：乘用车：行业库存依然处于低位

Investment Rating - The industry investment rating is "Buy" with a previous rating of "Buy" as well, reported on December 31, 2024 [40]. Core Insights - The automotive industry has seen a significant inventory reduction, with current inventory levels remaining low. As of November 2024, the passenger vehicle industry inventory stood at 3.774 million units, with a dynamic inventory-to-sales ratio of 2.0, indicating a robust inventory clearance [43]. - The domestic demand for passenger vehicles in November 2024 was 2.38 million units, reflecting a year-on-year increase of 24.1% and a month-on-month increase of 3.6%. Cumulative sales from January to November 2024 reached 20.192 million units, with an 8.2% year-on-year growth [40]. - The penetration rate of new energy vehicles (NEVs) continues to rise, with November 2024 NEV sales reaching 1.237 million units, a year-on-year increase of 61.1%. The penetration rates for NEVs were 48.3% and 52.0% for wholesale and insurance registration, respectively [40]. Summary by Sections Section 1: Policy Impact - The implementation of the vehicle replacement policy and local subsidies has shown positive effects, particularly for vehicles priced below 100,000 yuan, which saw significant sales increases [40]. Section 2: Market Performance - The report highlights the strong performance of domestic brands in the NEV segment, with a market share increase to 60.2% in 2024, up 9.0 percentage points from 2023 [40]. Section 3: Investment Recommendations - The report suggests a "shelf-style" investment approach, recommending various companies based on their operational performance. Right-side targets include Geely, BYD, Li Auto, Seres, and Xpeng, while left-side targets include Great Wall Motors and Changan [24].