汽车行业2025Q3业绩综述：国内盈利承压，全球化贡献增量

Investment Rating - The report maintains a "Positive" investment rating for the automotive industry [3] Core Insights - The automotive industry is experiencing pressure on profitability domestically, while globalization is contributing to incremental growth [9] - The overall wholesale sales of passenger vehicles in Q3 2025 reached 7.686 million units, a year-on-year increase of 14.7%, with a total of 21.212 million units sold in the first three quarters, up 13.6% year-on-year [9][13] - The penetration rate of new energy vehicles (NEVs) reached 51.8% in Q3 2025, with wholesale sales of NEVs at 3.982 million units, up 23.8% year-on-year [9][18] Summary by Sections Passenger Vehicles - The passenger vehicle segment shows good overall growth, but profitability is under pressure. Q3 2025 revenue was CNY 546.8 billion, up 7.5% year-on-year, while net profit was CNY 12.4 billion, down 18.6% year-on-year [9][34][43] - The segment's net profit margin was 2.3%, a decrease of 0.7 percentage points year-on-year [43][45] Auto Parts - The auto parts sector is experiencing continued differentiation, with revenue reaching CNY 326.6 billion in Q3 2025, a year-on-year increase of 10.7% [10] - The net profit for the auto parts segment was CNY 15.9 billion, up 21.2% year-on-year, with a net profit margin of 6.3% [10][43] Trucks - The truck segment saw significant recovery due to the vehicle replacement policy, with Q3 2025 sales of 848,000 units, a year-on-year increase of 20.1% [10] - Revenue for the truck segment was CNY 35.58 billion, up 48.4% year-on-year, with net profit reaching CNY 960 million, up 95.9% year-on-year [10] Light Trucks and Buses - The light truck and bus segment benefited from the vehicle replacement policy, with Q3 2025 bus wholesale sales at 46,000 units, up 11.8% year-on-year [10] - The segment's revenue was CNY 59.7 billion, up 15.3% year-on-year, with net profit of CNY 1.26 billion, up 18.6% [10] Two-Wheelers - The market for mid-to-large displacement motorcycles is expanding rapidly, with Q3 2025 sales of 5.046 million units, up 5.9% year-on-year [10] - Revenue for the two-wheeler segment was CNY 11.2 billion, with net profit of CNY 970 million, reflecting a year-on-year increase of 21.0% [10][43]