两会前瞻行业点评：25年汽车销量稳步增长，呈现前低后高走势

Investment Rating - The report maintains a "Recommended" rating for the automotive industry [2]. Core Insights - The automotive industry is expected to see steady growth in sales, with a projected increase in domestic passenger car sales to 23.25 million units in 2025, reflecting a year-on-year growth of 2.8% [5]. - The "old-for-new" policy is anticipated to significantly boost automotive consumption, with an expected sales volume of 4-5 million vehicles in 2025, contributing to 17.2%-21.5% of total sales [5]. - The report highlights a shift towards electric vehicles (EVs) and smart technologies, driven by decreasing costs in technology and research and development, which is expected to enhance the market share of EVs [5]. Summary by Sections Market Trends - The report indicates that the automotive market will experience a "U-shaped" growth pattern in 2024, with a total of 22.61 million passenger cars sold, marking a 3.1% increase year-on-year [5]. - The "old-for-new" policy will expand in 2025, with funding support increasing from 150 billion yuan in 2024 to 300 billion yuan [5]. Sales Projections - In 2025, the domestic passenger car sales are projected to reach 23.25 million units, with the "old-for-new" policy expected to drive sales by 4-5 million units [5]. - The report notes that the sales growth will be more pronounced in the latter half of the year due to the implementation of supportive policies [5]. Investment Recommendations - Recommended companies in the automotive sector include BYD, Li Auto, and Geely, with specific recommendations for parts suppliers such as Huayu Automotive, Bertel, and Desay SV [6]. - The report emphasizes the potential for growth in the smart and new energy components sector, recommending companies like Farah Electronics and Zhongrong Electric [6].