汽车和汽车零部件行业2024年年报及2025年一季报总结：板块总体业绩符合预期，看好2025E国内销量提振前景

Investment Rating - The report maintains a "Buy" rating for the automotive and automotive parts sector, indicating an expected investment return exceeding 15% over the next 6-12 months compared to the market benchmark [29]. Core Insights - The overall performance of the automotive sector meets expectations, with a positive outlook for domestic sales in 2025 driven by vehicle replacement policies and the growth of intelligent driving and robotics themes [4][3]. - The automotive index has increased by 9.7% year-to-date, outperforming the CSI 300 index by approximately 11.9 percentage points, with the parts sector showing a stronger performance than the vehicle sector [1][2]. Summary by Sections Overall Performance - In 2024, major listed companies in the passenger vehicle and parts sectors reported a total revenue increase of 8.6% year-on-year, with a gross margin increase of 0.60 percentage points to 16.10% [2]. - For Q1 2025, total revenue increased by 7.4% year-on-year, but gross margin decreased by 0.59 percentage points to 15.57% [2]. Passenger Vehicles - In 2024, domestic wholesale sales of passenger vehicles increased by 6.3% to 27.191 million units, with Q1 2025 showing an 11.3% year-on-year increase [3]. - The report highlights intensified competition in the second half of 2024, with a shift towards new energy vehicles impacting traditional fuel vehicle demand [3]. Automotive Parts - The automotive parts sector's revenue increased by 6.0% in 2024, with a gross margin of 17.48% [2]. - The report categorizes the automotive parts index into eight sub-sectors, noting that humanoid robots and flying cars have seen significant valuation increases due to thematic catalysts [3]. Investment Recommendations - Recommended stocks include Xpeng Motors, with a "Buy" rating, and suggested attention to Geely and BYD in the vehicle sector. In the parts sector, Fuyao Glass is recommended, with attention to Bojun Technology, Huguang Co., and Jifeng Co. [4][5].