Investment Rating - The automotive industry is rated as "Outperform" compared to 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, 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 a current index level of 6,970.5 points [8] - The automotive services sector saw a positive growth of 3.38%, while the passenger vehicle segment 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 volume for the week of May 19-25 were Li Auto (10,500 units), AITO (8,800 units), Leap Motor (7,200 units), Xiaomi (6,800 units), and Xpeng (5,700 units [28] 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% [21] - The report emphasizes the high gross margin of Xiaomi's automotive business at 23.2%, surpassing competitors like Tesla and Xpeng [4] Investment Recommendations - The report suggests focusing on companies that are advancing in autonomous vehicle technology and smart cockpit innovations, specifically recommending Xpeng Motors and Xiaomi Group [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
Shanghai Aijian Securities·2025-06-04 08:23