汽车行业周报：节能降碳行动方案出台，利好新能源中重卡发展
Southwest Securities·2024-06-03 11:01

Investment Rating - The report maintains an "Outperform" rating for the automotive industry as of June 2, 2024 [1]. Core Insights - The automotive sector saw a 1.7% increase last week, while the Shanghai and Shenzhen 300 index decreased by 0.6%. The automotive industry's PE (TTM) reached 21 times, up 2% from the previous week [2][8]. - The retail sales of passenger vehicles from May 1 to 26 were 1.208 million units, a decrease of 2% month-on-month and a 6% year-on-year decline. However, the cumulative retail sales for the year reached 7.575 million units, reflecting a 5% year-on-year increase [2][23]. - The introduction of the "old-for-new" policy and various local measures are expected to boost the automotive market. The State Council's "2024-2025 Energy Conservation and Carbon Reduction Action Plan" aims to enhance energy consumption standards for vehicles and promote the use of new energy vehicles [2][21]. Summary by Sections Market Review - The SW automotive sector closed at 5490.73 points, with a 1.7% increase. The passenger vehicle segment rose by 5.1%, while commercial vehicles saw a decline of 1.9% [8][24]. - The domestic liquefied natural gas market price was 4,300.70 yuan/ton, showing a year-on-year decrease of 0.2% [3]. Investment Opportunities - The report suggests focusing on the opportunities arising from the "old-for-new" policy and the promotion of new energy vehicles in rural areas. Additionally, the sustained low prices of natural gas are expected to benefit the heavy-duty truck sector [2][3]. - Key stocks to watch include GAC Group, Aikodi, and Fuyao Glass, among others [2][3]. Company News - The report highlights the performance of various companies, with notable sales figures for major automakers in April. For instance, BYD's passenger vehicle sales reached 31.2 thousand units, reflecting a 49% year-on-year increase [23][24]. - The report also mentions the strategic cooperation between Beiben Heavy Truck and Huawei Cloud to develop smart transportation solutions [21][22].