汽车：2024年汽车销量3143.6万辆，增长4.5%

Investment Rating - Investment rating: Outperform the market [1] Core Insights - In 2024, China's automotive industry continued to develop with strong resilience and vitality, supported by various national policies. The production and sales of automobiles reached 31.43 million units and 31.28 million units, respectively, with year-on-year growth of 4.5% and 3.7% [3][9] - The domestic sales of automobiles in China were 25.58 million units, a year-on-year increase of 1.6%, while exports reached 5.86 million units, growing by 19.3% [4][18] - The new energy vehicle (NEV) market saw significant growth, with cumulative sales in China reaching 12.87 million units in 2024, up 35.5% year-on-year, and a penetration rate of 40.9% [5][36] Summary by Sections 1. Automotive Market - In 2024, the production and sales of passenger cars were 27.56 million units and 27.47 million units, respectively, with year-on-year growth of 5.8% and 5.2% [3][15] - Commercial vehicle production and sales were 3.87 million units and 3.80 million units, respectively, showing a decline of 3.9% and 5.8% year-on-year due to weak demand [3][16] - December 2024 saw domestic passenger car sales of 2.69 million units, a year-on-year increase of 13.6% [21] 2. New Energy Vehicle Market - Global NEV sales reached 1.84 million units in November 2024, marking a year-on-year increase of 32% [5][28] - In December 2024, China's NEV sales were 1.60 million units, up 34% year-on-year, with a cumulative total of 12.87 million units for the year [32][36] - The penetration rate of NEVs in China reached 45.74% in December 2024 [36] 3. Lithium Battery Market - In 2024, the cumulative production of power and other batteries in China was 1,096.8 GWh, with a year-on-year growth of 41% [5][44] - The cumulative sales of power batteries reached 791.3 GWh, growing by 28.4% year-on-year, with lithium iron phosphate batteries accounting for 66.4% of the total [5][49] - In December 2024, the production of power and other batteries was 124.5 GWh, reflecting a year-on-year increase of 60.2% [44][49]