汽车与零部件行业周报：2月汽车销量同比+34.4%，零跑四季度净利润转正，理想净利润下滑-2025-03-19

Investment Rating - The industry investment rating is "Overweight (Maintain)" [1] Core Viewpoints - The automotive industry has shown significant growth, with February sales increasing by 34.4% year-on-year, driven by enhanced production activities and promotional efforts post-Spring Festival [6][8] - The report highlights strong performance from specific companies, such as Leap Motor achieving a record gross margin of 13.3% in Q4 2024 and turning a profit ahead of schedule [6] - The report suggests a positive outlook for the automotive sector, particularly for companies like BYD, Great Wall Motors, and China National Heavy Duty Truck Group [9] Market Review - The automotive sector's weekly performance showed a gain of 1.66%, ranking 20th among 31 first-level industries in the Shenwan classification [4] - The average daily wholesale volume for domestic passenger car manufacturers was 44,800 units, reflecting a year-on-year increase of 26% [5] - In February, the production and sales of automobiles reached 2.103 million and 2.129 million units, respectively, with year-on-year growth of 39.6% and 34.4% [8] Company Performance - Leap Motor reported a revenue of RMB 32.16 billion for 2024, with a gross margin of 8.4% and total deliveries of 293,700 units, exceeding its annual target [6] - Li Auto's Q4 2024 net profit was RMB 4.03 billion, a decrease of 10% year-on-year, with a revenue of RMB 44.3 billion, reflecting a 6.1% increase [7] - The report notes that Chinese brand passenger cars sold 1.282 million units in February, achieving a market share of 70.6%, up 11.2 percentage points from the previous year [8]