Investment Rating - The report maintains an "Outperform" rating for the automotive industry as of April 7, 2024 [1]. Core Insights - The automotive sector saw a 0.8% increase last week, with the Shanghai and Shenzhen 300 index rising by 0.9%. The automotive industry's PE (TTM) reached 21 times, up by 1.7% from the previous week [2][6]. - In March, wholesale sales of new energy passenger vehicles reached 820,000 units, marking a 33% year-on-year increase and an 84% month-on-month increase. The upcoming Beijing Auto Show is expected to catalyze further sales growth [2][20]. - The report highlights significant opportunities in the automotive sector due to policy catalysts and the increasing presence of companies like Xiaomi and Huawei in the automotive supply chain [2][21]. Summary by Sections 1. Market Review - The SW automotive index closed at 5594.43 points, up 0.8%. The passenger vehicle segment rose by 2%, while commercial vehicles showed mixed results [6][9]. 2. Industry News - In March, passenger vehicle wholesale reached 2.165 million units, a 9% year-on-year increase. Jiangsu province is implementing policies to support vehicle replacement and upgrades, with a projected demand of 900 billion yuan for equipment updates [20][21]. 3. Company News - Notable sales figures for March include: - BYD: 301,631 units, up 46.4% year-on-year - NIO: 11,866 units, up 14.3% year-on-year - Li Auto: 28,984 units, up 39.2% year-on-year [23][24]. 4. New Vehicle Launches - New models launched include: - Xiaomi SU7: Expected price between 215,900 to 299,900 yuan - BYD Seal: Expected price between 179,800 to 249,800 yuan [25][26]. 5. Sales Data from Europe and North America - In February, North American vehicle sales totaled 142.6 thousand units, a 9% year-on-year increase. European markets also showed positive trends, with Germany and France reporting increases in vehicle sales [27][28].
汽车行业周报：SU7/M7/S7深受关注，整车板块或迎来阶段性机会
Southwest Securities·2024-04-07 16:00