Investment Rating - The report maintains a "Buy" recommendation for the automotive industry, with an optimistic outlook for sales recovery in late June and the overall year [2][3]. Core Insights - The automotive sector is expected to see a demand recovery in late June, transitioning into a seasonal peak towards the end of the year due to new product launches and subsidies [2][3]. - The report emphasizes the importance of stock selection, suggesting a focus on individual stock characteristics rather than market beta [2][3]. Data Tracking - In April, wholesale passenger car sales reached 2.22 million units, a year-on-year increase of 11% but a month-on-month decrease of 10% [4]. - The new energy vehicle sector showed significant growth, with BYD delivering 380,000 units in May, a year-on-year increase of 15% [4][18]. - The average discount rate in the industry rose to 7.8% in late May, an increase of 0.6 percentage points from the previous period [4][19]. - As of June 13, 2025, the average price of lithium carbonate was 66,306 CNY per ton, down 37% year-on-year [5][22]. Industry News - In May, the retail sales of passenger cars in China reached 1.96 million units, a year-on-year increase of 13.9% [23]. - The production and sales of automobiles in May were 2.649 million and 2.686 million units, respectively, with year-on-year growth of 11.6% and 11.2% [23]. - The report highlights the increasing contribution of the equipment manufacturing sector to China's overall export growth, particularly in electric vehicles [23]. Market Performance - The automotive sector experienced a decline of 0.66% this week, ranking 18th out of 29 sectors [7][26]. - The report notes that 78 stocks in the automotive sector rose while 197 fell, indicating a challenging market environment [26].
汽车行业周报（20250609-20250615）：6月下旬需求有望恢复，全年销量展望乐观-20250615
Huachuang Securities·2025-06-15 14:13