6月新能源汽车交付环比趋缓，小米YU7热销潜力凸显

Investment Rating - The report assigns a "Buy" rating to several companies in the automotive sector, including BYD (1211 HK), XPeng Motors (9868 HK), and Geely Automobile (175 HK) [8]. Core Insights - The report highlights that the new energy vehicle (NEV) market continues to grow, with a penetration rate exceeding 50% for three consecutive months, although the month-on-month growth rate has slowed [2][4]. - BYD remains the industry leader with June sales of 377,628 units, a year-on-year increase of 11.0% and a month-on-month increase of 0.2% [2][7]. - Xiaomi's new SUV model YU7 shows strong market potential, with over 240,000 orders within 18 hours of launch, indicating robust brand appeal [3]. - The report anticipates continued growth in NEV sales in July, driven by new model launches and promotional activities [4]. Summary by Relevant Sections Company Performance - BYD: June sales reached 377,628 units, with a year-on-year growth of 11.0% and a month-on-month increase of 0.2%. Exports surged by 230% year-on-year [2][7]. - Xiaomi: Delivered over 25,000 units in June, with a slight decline due to capacity allocation for the YU7 launch [3]. - XPeng: Achieved 34,611 units in June, marking a year-on-year increase of 224% and a month-on-month increase of 3.2% [3][7]. - Li Auto: Delivered 36,279 units in June, with a year-on-year decrease of 24.1% and a month-on-month decrease of 11.2% [3][7]. - NIO: Reported 24,925 units in June, a year-on-year increase of 17.5% [4][7]. - Leap Motor: Delivered 48,006 units in June, with a year-on-year increase of 138.6% [4][7]. Market Outlook - The report suggests that July will see the launch of several new models, including XPeng G7, NIO L90, and Li Auto i8, which will enhance market supply [4]. - The NEV market is expected to maintain growth momentum, although the month-on-month growth rate may continue to slow [4].