汽车行业周动态：长城汽车2024年业绩预告符合预期，电动两轮车新国标正式稿出台

Investment Rating - The industry investment rating is maintained as "Recommended" [1] Core Viewpoints - The automotive sector is expected to see upward momentum supported by policies such as the continuation of the vehicle trade-in program, which is anticipated to stimulate demand. The retail sales of passenger vehicles are projected to maintain high growth in the first half of 2025 [5][9] - The report highlights that the automotive sector has outperformed the Shanghai Composite Index, with significant weekly gains across various sub-sectors, indicating a positive market sentiment [3][11] Summary by Sections Weekly Dynamics - Great Wall Motors has disclosed its 2024 performance forecast, expecting a net profit of 12.4 to 13 billion yuan, which aligns with market expectations [4][7] - The new national standard for electric two-wheelers has been officially released, modifying the requirements for the installation of the Beidou system [8] Sector Performance - The automotive sector index increased by 4.6% from January 11 to January 17, 2025, outperforming the Shanghai Composite Index, which rose by 2.3% during the same period. The sub-sectors of passenger vehicles, commercial vehicles, auto parts, and automotive services saw respective increases of 3.5%, 4.9%, 4.9%, and 5.3% [3][11] - The automotive sector's PE-TTM (unadjusted) stands at 29.3, with a historical valuation percentile of 69.4%. The PE-TTM for passenger vehicles, commercial vehicles, auto parts, and automotive services are 28.9, 40.5, 27.4, and 304.7 respectively, with historical percentiles of 81.0%, 88.8%, 66.5%, and 56.6% [17][20] Recommendations - The report recommends increasing allocation to the automotive sector, highlighting companies such as BYD, Great Wall Motors, Changan Automobile, and Yutong Bus in the complete vehicle segment. In the auto parts segment, it suggests Fuyao Glass, Jingwei Hengrun, and others due to their strong performance and growth potential [5][9]