Investment Rating - The industry investment rating is "Overweight (Maintain)" [1] Core Viewpoints - The automotive sector has shown a strong performance with a 4.57% increase, ranking 8th among 31 primary industries in the past week [4] - The report highlights the significant growth in new energy vehicle (NEV) sales, with a year-on-year increase of 34.0% in December and a projected 35.5% increase for 2024 [7] - The report anticipates that NEVs will surpass traditional fuel vehicles in sales by 2025, driven by high growth rates in plug-in hybrid and extended-range vehicles [11] Market Review - The automotive sector's performance has outpaced the Shanghai and Shenzhen 300 index, which increased by 2.14% [4] - The best-performing sub-sectors include motorcycles and others (+6.33%), automotive services (+5.34%), and automotive parts (+4.90%) [4] - December automotive sales reached 3.489 million units, a year-on-year increase of 10.5% [6] Sales Data - December passenger vehicle sales were 3.12 million units, up 11.7% year-on-year [6] - December NEV sales reached 1.596 million units, with a penetration rate of 45.8% [7] - The report projects 2024 automotive sales at 31.436 million units, a 4.5% increase year-on-year [6] Export Data - December automotive exports totaled 504,000 units, a year-on-year increase of 1.1% [8] - NEV exports in December were 134,000 units, reflecting a 19.8% increase year-on-year [8] Wholesale Data - January 6-12 wholesale figures show a 6% year-on-year increase, with total wholesale of 393,000 units [9] - NEV wholesale for the same period was 261,000 units, up 45% year-on-year [9] Investment Recommendations - Recommended companies for vehicle manufacturing include BYD, Great Wall Motors, Changan Automobile, and others [13] - Recommended companies for automotive parts include Yinlun Machinery, Bertley, and others [13]
汽车与零部件行业周报：2024年新能源汽车渗透率40.9%，多家车企提出2025年销量目标
Shanghai Securities·2025-01-23 01:36