电力设备行业点评报告：电动车销量点评：国内12月创新高，24年销量超预期，欧洲24年销量平稳

Investment Rating - The report maintains an "Accumulate" rating for the electric power equipment industry [1]. Core Insights - In 2024, the sales of new energy vehicles (NEVs) reached 12.87 million units, a year-on-year increase of 35.5%, exceeding market expectations. December 2024 saw a record high of 1.596 million units sold, with a month-on-month increase of 34% [4][6]. - The penetration rate of new energy vehicles in December 2024 was 49.0%, up 11.3% month-on-month, with an annual cumulative penetration rate of 40.9% [4][6]. - The report highlights a significant decline in the proportion of pure electric vehicles, with sales of 7.11 million units in 2024, a year-on-year increase of 16%, accounting for 58% of total sales, down 11 percentage points [4][12]. - The report emphasizes the strong performance of plug-in hybrid vehicles, which saw sales of 3.94 million units, a year-on-year increase of 91% [4][12]. - The report suggests that the industry is at a valuation bottom, supported by performance, with an upcoming peak season indicating a supply-demand reversal, particularly favoring the lithium battery supply chain [4]. Summary by Sections Industry Performance - In 2024, the production of electric vehicles reached 12.89 million units, a year-on-year increase of 34.4%, with December production at 1.53 million units, reflecting a month-on-month increase of 30.5% [4][6]. - The report notes a 7% year-on-year increase in NEV exports, with 1.284 million units exported in 2024 [4][15]. Market Dynamics - The report indicates a clear differentiation among domestic car manufacturers, with new energy vehicle sales for independent brands reaching 610,000 units in December, a month-on-month increase of 37% [4][21]. - The report also highlights the performance of key players, with BYD selling 4.27 million units in 2024, a year-on-year increase of 41% [4][21]. European Market Insights - In 2024, the European market saw stable sales, with a total of 2.214 million new energy vehicles registered, a year-on-year decrease of 4% [4][25]. - The report notes that the sales in Germany dropped significantly due to subsidy reductions, while the UK market showed recovery [4][25].