HONGTA SECURITIES·2025-04-18 10:23Investment Rating - The investment rating for the industry is "Outperform" [1] Core Insights - The overall automotive market in China is maintaining a good development trend, particularly in the new energy vehicle (NEV) sector, which continues to show high growth [4][30] - In March 2025, automotive production and sales reached 3.006 million and 2.915 million units, respectively, with year-on-year growth of 11.9% and 8.2% [10][19] - From January to March 2025, total automotive sales in China were 7.47 million units, reflecting a year-on-year increase of 11.2% [4][10] - The NEV market in China saw production and sales of 1.277 million and 1.237 million units in March 2025, with year-on-year growth of 47.9% and 40.1% [38][43] - The market share of NEVs reached 42.4% of total new car sales in March 2025 [43] Summary by Sections 1. Automotive Market - In March 2025, the domestic automotive sales reached 2.409 million units, with a month-on-month increase of 42.7% and a year-on-year increase of 9.9% [15][16] - The sales structure shows that Chinese brands accounted for 66% of passenger car sales in March 2025, up 6.7 percentage points year-on-year [23][24] - The inventory warning index for automotive dealers was 54.6% in March 2025, indicating a slight improvement in market conditions [26][28] 2. New Energy Vehicle Market - Global NEV sales reached 1.217 million units in February 2025, a year-on-year increase of 49%, with pure electric vehicle sales growing by 58% [31][34] - In China, NEV sales from January to March 2025 totaled 3.182 million units, reflecting a year-on-year increase of 50.4% [43][49] - The export of NEVs from China in March 2025 was 158,000 units, with a year-on-year growth of 26.8% [47][50] 3. Lithium Battery Market - In March 2025, the total production of power and other batteries in China was 118.3 GWh, with a month-on-month increase of 18.0% and a year-on-year increase of 54.3% [55]