汽车行业24Q1财报总结：新能源销量增速趋于平稳，车企增收不增利

Investment Rating - The investment rating for the automotive industry is "Positive" [2] Core Insights - The growth rate of new energy vehicle sales is stabilizing, with automakers experiencing revenue growth without profit increase, leading to a decline in net profit [3][17] - The implementation of the vehicle replacement policy and the central enterprise assessment of new energy vehicles is expected to provide a slight boost to sales in Q2 2024 [5][10] - The automotive industry is facing intensified price competition, resulting in increased revenue but decreased profitability, with an overall decline in net profit of 14.3% year-on-year in Q1 2024 [17][21] Summary by Sections Sales Performance - In Q1 2024, new energy passenger vehicle retail reached 1.77 million units, a year-on-year increase of 34.5%, with a penetration rate of 36.6% [8][9] - Companies like BYD and Great Wall Motors showed significant sales growth, while others like BAIC Blue Valley experienced a decline [8][10] Financial Performance - The overall revenue of the industry increased year-on-year but decreased quarter-on-quarter, with notable growth from companies like Seres (421.8%) and Great Wall Motors (47.6%) [13] - The net profit of the industry decreased by 14.3% year-on-year, with BYD, Great Wall Motors, and Seres being exceptions with positive growth [17][21] Cost Structure - The average R&D expense ratio in the industry increased from 3.9% in Q4 2023 to 4.1% in Q1 2024, driven by intensified competition in smart technology [31] - The average sales expense ratio decreased to 5.9%, indicating effective cost control among automakers [31] - Advertising expenses increased significantly for most companies, with BYD, Changan, and GAC seeing increases of 94%, 53%, and 49% respectively [42]