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新能源汽车2024年4月全球销量点评：中国需求韧性足，欧美销量待改善
Guotai Junan Securities·2024-05-21 11:31

Investment Rating - The report assigns an "Overweight" rating for the industry, consistent with the previous rating [1]. Core Viewpoints - In April 2024, China's new energy vehicle (NEV) sales reached 850,000 units, a year-on-year increase of 33.5%. The total sales for the first four months of 2024 reached 2.94 million units, up 32.3% year-on-year. The report anticipates that annual sales in China will exceed 11.5 million units, with global sales expected to reach 18 million units [3][6][29]. - The report highlights that while domestic demand remains resilient, sales in Europe and the U.S. are experiencing a slowdown. The recent "trade-in" policy in China and a new round of rural NEV initiatives in 2024 are expected to boost demand [3][29]. - The report suggests focusing on stable segments within the power battery sector, recommending companies such as CATL and EVE Energy, while also highlighting beneficiaries like Guoxuan High-Tech [3][29]. Summary by Sections 1. April Domestic NEV Sales - In April 2024, NEV production and sales in China were 870,000 and 850,000 units respectively, marking increases of 35.9% and 33.5% year-on-year. The penetration rate for NEVs reached 36% [6][8]. - Plug-in hybrid vehicle sales saw significant growth, with production and sales increasing by 108.5% and 95.7% respectively [8][9]. 2. European and U.S. Market Performance - In Europe, NEV sales in April totaled 154,000 units, a year-on-year increase of 12.6%, while the U.S. saw sales of 126,500 units, up 8.8% year-on-year [19][25]. - The report notes that the European market is recovering, while the U.S. market remains relatively sluggish, with a penetration rate of 9.1% [19][25]. 3. Investment Recommendations - The report recommends focusing on the power battery segment, with specific stock picks including CATL and EVE Energy. It also suggests looking at companies benefiting from the recovery in consumer electronics, such as Zhuhai Coslight and Xiamen Tungsten [29][32]. - The report emphasizes the potential of solid-state battery technology and recommends companies like DONGSHENG Technology, while also highlighting the supply chain for Tesla's 4680 battery [29][32].