汽车汽配：4月新能源车渗透率提升至43.5%，以旧换新补贴细则落地有望新增1-2百万辆新车需求

Investment Rating - The report assigns an "Overweight" rating to the automotive and auto parts industry [2]. Core Insights - In April, the penetration rate of new energy vehicles (NEVs) increased to 43.5%, with retail sales reaching 674,000 units, a year-on-year growth of 27.9% [2]. - The implementation of the vehicle trade-in subsidy policy is expected to generate an additional demand for 1-2 million new cars [4]. - The production and sales of power and energy storage batteries reached 78.2 GWh and 73.5 GWh respectively in April, marking a year-on-year increase of 60.0% and 57.0% [3]. Summary by Sections New Energy Vehicle Sales - In April, NEV retail sales were 674,000 units, a year-on-year increase of 27.9% but a month-on-month decrease of 5.6% [2]. - The cumulative penetration rate for the first four months of the year reached 38.1% [2]. - The top five NEV models in April included BYD Qin Plus (46,314 units), BYD Song Plus (31,809 units), and BYD Seagull (28,797 units) [5]. Battery Production and Sales - The total production of power and energy storage batteries in April was 78.2 GWh, with a year-on-year increase of 60.0% [3]. - Cumulative battery sales for the first four months reached 241.2 GWh, reflecting a year-on-year growth of 41.4% [3]. - In April, the export of power and energy storage batteries was 12.7 GWh, a year-on-year increase of 28.5% [3]. Policy Impact - The new vehicle trade-in subsidy policy, effective until December 31, 2024, offers a subsidy of 10,000 yuan for scrapping eligible vehicles and purchasing new energy vehicles [4]. - It is estimated that around 150,000 new vehicles could be sold under this policy, assuming 10% of eligible vehicles participate [4]. Market Trends - The report notes a slight decline in NEV sales in April due to consumer hesitation amid ongoing price wars and expectations of stronger promotions during the May Day holiday [2]. - The export of NEVs in April was 115,000 units, a year-on-year increase of 26.8% [2].