汽车行业周报：预计1月行业销量预期内同比下降，建议关注年报业绩超预期公司

Investment Rating - The report maintains a neutral rating for the automotive and parts industry [5] Core Insights - January sales are expected to decline year-on-year, with a forecast of approximately 1.75 million narrow passenger vehicles sold, representing a 14.6% decrease compared to the previous year [10][11] - The report suggests focusing on companies that exceed performance expectations in their annual reports, particularly those with competitive domestic brands and leading new forces in intelligent driving technology [2][13] Summary by Sections Investment Recommendations and Targets - The report recommends paying attention to companies that are expected to exceed performance forecasts for 2024, including SAIC Motor, JAC Motors, BYD, Changan Automobile, China National Heavy Duty Truck Group, GAC Group, and Yutong Bus [2][14] - It also highlights companies in the Huawei supply chain, Xiaomi supply chain, T chain, intelligent driving industry chain, and robotics industry chain [2][13] Market Trends - The automotive sector's performance has outpaced the broader market, with a 4.4% increase in the automotive sector compared to a 2.1% increase in the CSI 300 index [17] - The report notes significant growth in the motorcycle and other segments, as well as in automotive sales and services [17] Sales Tracking - For January, the report indicates a total wholesale volume of 689,000 narrow passenger vehicles, a 14% year-on-year increase, but a 23% decrease compared to the previous month [25] - Retail sales for the same period are projected at 533,000 units, reflecting a 21% year-on-year decline [25] Company Performance - Several companies have released their 2024 performance forecasts, with notable expected growth in net profits for companies like Bojun Technology, which anticipates a 90.0%-120.0% increase in net profit [11][44] - GAC Group is expected to establish a project company with Huawei to enhance collaboration in product development and marketing strategies [12][13]