Investment Rating - The automotive industry is rated as "Outperform the Market" [4] Core Insights - The automotive sector experienced a decline of 4.11% this week, underperforming the CSI 300 index, which fell by 1.08% [4][8] - In May, the average daily retail sales of passenger cars reached 61,000 units, showing a year-on-year increase of 26% [25] - The report highlights significant growth in new energy vehicle sales, with BYD leading the market with 382,476 units sold in May, a year-on-year increase of 15.7% [30] Summary by Sections Market Review - The automotive sector underperformed the CSI 300 index by 3.02 percentage points, with the sector index closing at 6,970.5 points [8] - The automotive services sector saw a gain of 3.38%, while the passenger vehicle sector declined by 9.48% [4][8] Sales Data - In May, the cumulative retail sales of passenger cars from May 1-25 reached 1.358 million units, a year-on-year increase of 16% [25] - The top five new energy vehicle brands by sales in May were BYD, Geely, and Li Auto, with significant year-on-year growth rates [30][29] Company Performance - Xiaomi Group reported a total revenue of 111.3 billion yuan in Q1 2025, with a net profit of 10.92 billion yuan, marking a year-on-year increase of 161.2% [23] - Li Auto's Q1 revenue was 25.93 billion yuan, with a gross margin of 20.5% and a year-on-year increase in vehicle deliveries of 15.5% [21] Investment Recommendations - The report suggests focusing on companies that are advancing in autonomous driving and smart cockpit technologies, specifically recommending Xiaomi Group and Xpeng Motors [54] - For automotive parts, it highlights the rise of domestic supply chains in electric and intelligent core technologies, recommending companies like Kobot and Baolong Technology [54]
汽车行业周报：新势力新车周期来临，高端智能竞争加速-20250604
Shanghai Aijian Securities·2025-06-04 08:20