汽车行业周报：12月车市延续高景气，鸿蒙智行、小米等25年目标销量翻倍

Investment Rating - Industry Rating: Outperform the market (maintained rating) [4] Core Insights - The automotive market continues to show high prosperity in December, with a projected 35% year-on-year increase in wholesale sales of new energy passenger vehicles, reaching approximately 1.5 million units [2][9] - Domestic manufacturers are rapidly rising, with BYD and Geely exceeding their 2024 targets, and new forces in the market, such as NIO and Xiaomi, expanding their monthly sales to over 30,000 units [2][3][9] - The "old-for-new" vehicle replacement policy has significantly boosted market demand, with over 2.7 million vehicles scrapped and more than 3.1 million vehicles replaced nationwide as of December 19 [3] Summary by Sections Market Performance - The A-share automotive sector experienced a decline of 7.45% in the week from December 30, 2024, to January 3, 2025, underperforming the CSI 300 index, which fell by 5.17% [14] - The automotive parts sector dropped by 7.96%, while automotive services fell by 9.84% [14] Sales Data - BYD's total sales for 2024 reached 4.27 million units, a year-on-year increase of 41.26%, achieving 118.67% of its annual target [10] - Geely's total sales for 2024 were approximately 888,235 units, with a significant year-on-year growth of 92% [10] - Other notable sales figures include Changan Automobile and Li Auto, with respective sales of 243,894 and 500,508 units for 2024 [10] Investment Recommendations - Focus on the Chery supply chain and sectors such as lightweight materials, steer-by-wire systems, lighting, and cockpit technologies [3] - Recommended stocks include: - Ruihu Mould (32.93 CNY, Buy) - Top Group (46.10 CNY, Buy) - Bertley (42.30 CNY, Buy) [8] Future Outlook - Companies like Avita, Deep Blue, and Xiaomi have optimistic sales targets for 2025, with growth rates exceeding 100% [11][12] - The overall sentiment in the automotive sector is expected to gradually improve, driven by policy support and new product launches [3]