汽车行业周报：新能源汽车5月零售同比+33%，小米上调全年交付目标

Investment Rating - The report maintains a "Bullish" outlook for the automotive industry, anticipating a rise in the CSI 300 index by 20% or more over the next six months [40]. Core Insights - The China Passenger Car Association (CPCA) forecasts a 33% year-on-year increase in retail sales of new energy vehicles (NEVs) in May, with a penetration rate of 46.7%. For the period from May 1 to May 19, retail sales of passenger cars reached 900,000 units, down 5% year-on-year, while NEV retail sales were 412,000 units, up 26% year-on-year [6][13]. - The launch of the 2024 NEV countryside promotion campaign aims to boost consumption in lower-tier cities, with 99 participating models priced under 300,000 yuan [6][13]. - XPeng Motors reported a significant increase in gross margin and revenue in Q1 2024, with vehicle deliveries of 21,900 units, a 20% increase year-on-year, and total revenue of 6.55 billion yuan, up 62% year-on-year [8][13]. - Xiaomi has raised its annual delivery target for the Xiaomi SU7 to 120,000 units, with plans to expand production capacity and enhance smart driving features [8][14]. Summary by Sections Investment Highlights - The report highlights the expected recovery in retail sales due to government incentives for trade-ins and the launch of the NEV countryside promotion [6][13]. - XPeng's strategic partnerships and new model launches are expected to drive future growth [8][13]. - Xiaomi's expansion plans and increased delivery targets indicate strong market confidence [8][14]. Market Performance - The automotive sector saw a decline of 4.19% this week, ranking 27th among 31 industries. The overall CSI 300 index fell by 2.08% [8][15]. - Specific segments such as passenger vehicles and automotive parts experienced varied performance, with some segments showing resilience while others faced declines [8][15]. Industry Data Tracking - The CPCA reported a total of 900,000 passenger cars sold in early May, with NEVs showing a strong growth trajectory [24]. - The report includes tracking of raw material prices, which are crucial for manufacturing costs in the automotive sector [27][28]. Company Announcements - Recent announcements from companies like RuiMa Precision and LiZhong Group indicate ongoing investments in production capabilities and strategic partnerships [32][33]. Industry Dynamics - Significant collaborations, such as SAIC's partnership with Audi and NIO's agreement with FAW, highlight the industry's focus on innovation and market expansion [33][36].