【汽车】板块总体业绩符合预期，看好2025E国内销量提振前景——汽车和汽车零部件行业2024年年报及25年一季报总结（倪昱婧）

Core Viewpoint - The automotive sector, particularly the parts segment, has outperformed the complete vehicle segment in 2025, with a notable increase in the performance of component stocks compared to passenger vehicles [3][4]. Group 1: Overall Performance - In 2024, the total revenue of major A-share passenger vehicle and parts companies increased by 8.6% year-on-year, with a gross margin rise of 0.60 percentage points to 16.10%. Net profit attributable to shareholders grew by 4.3%, while ROE decreased by 0.2 percentage points to 7.7% [4]. - For Q1 2025, total revenue rose by 7.4% year-on-year, but gross margin fell by 0.59 percentage points to 15.57%. Net profit attributable to shareholders increased by 12.6%, and ROE improved by 0.3 percentage points to 2.2% [4]. Group 2: Passenger Vehicle Insights - In 2024, domestic passenger vehicle wholesale sales increased by 6.3% to 27.191 million units. For Q1 2025, wholesale sales rose by 11.3% year-on-year but fell by 28.2% quarter-on-quarter to 6.277 million units [5]. - The competition in the domestic market is expected to intensify in the second half of 2024, with the "old-for-new" policy boosting support for new energy vehicles, leading to increased losses for joint venture brands due to slower electrification transitions [5]. - Domestic brands represented by Huawei, BYD, and Geely are expected to achieve sustained profitability through targeting the mid-to-high-end market and expanding overseas [5]. Group 3: Parts Segment Analysis - The automotive parts index is categorized into eight sub-sectors, with humanoid robots and flying cars seeing significant valuation increases due to the robotics theme. Other sub-sectors have experienced valuation declines due to downstream price pressures and short-term impacts from US-China tariff conflicts [6]. - The entry of various automakers and parts companies into the robotics sector is anticipated to lead to a revaluation of the parts segment, as vehicle technologies may be repurposed for robotics applications [6]. Group 4: Future Outlook - The outlook for domestic automotive sales in 2025 is optimistic, driven by the "old-for-new" policy, with a focus on monitoring order volumes and terminal discount changes [8]. - The synergy between intelligent driving and robotics is expected to continue, with a positive outlook for companies that have developed strong self-research capabilities in intelligent driving algorithms and chips, as well as those involved in the supporting robotics supply chain [8].