HONGTA SECURITIES·2025-05-14 09:11Investment Rating - The investment rating for the automotive industry is "Outperform" [1] Core Insights - The automotive market in China is showing resilience with a significant increase in production and sales, achieving a total of 2.619 million vehicles produced and 2.590 million sold in April 2025, representing year-on-year growth of 8.9% and 9.8% respectively [4][13] - The first four months of 2025 saw total production and sales surpassing 10 million units for the first time, indicating strong vitality and resilience in the automotive industry [4][13] - The global new energy vehicle (NEV) market registered a growth of 24.37% in March 2025, with total registrations reaching 1.635 million units, and NEVs accounting for 25% of the overall automotive market [6][33] - In April 2025, China's NEV production and sales reached 1.251 million and 1.226 million units respectively, with year-on-year growth of 43.8% and 44.2% [6][43] Summary by Sections 1. Automotive Market - In April 2025, domestic vehicle sales were 2.073 million, a month-on-month decrease of 13.9% but a year-on-year increase of 11.7% [5][18] - The total vehicle production and sales from January to April 2025 were 8.123 million and 8.106 million respectively, with year-on-year growth of 12% [5][18] - The export of complete vehicles in April was 517,000 units, showing a year-on-year increase of 2.6% [5][18] 2. New Energy Vehicle Market - In April 2025, NEVs accounted for 47.3% of total new vehicle sales in China, with a total of 1.025 million NEVs sold [46] - The export of NEVs reached 200,000 units in April, reflecting a month-on-month increase of 27% and a year-on-year increase of 76% [50] - The cumulative production and sales of NEVs from January to April 2025 were 4.429 million and 4.300 million respectively, with year-on-year growth of 48.3% and 46.2% [46] 3. Lithium Battery Market - In April 2025, the total production of lithium batteries in China was 118.2 GWh, with a year-on-year increase of 49% [60] - The cumulative production of lithium batteries from January to April 2025 reached 444.6 GWh, reflecting a year-on-year growth of 67.1% [60] - The export of lithium batteries in April was 22.3 GWh, showing a year-on-year increase of 64.2% [65]