国泰海通｜汽车：5月乘用车销量同环比增长，出口表现亮眼

Core Viewpoint - The domestic wholesale sales of passenger cars in May showed a month-on-month and year-on-year increase, with a notable decrease in inventory by 110,000 units, and strong export performance. It is recommended to focus on companies that are in a new car cycle and are leading in intelligence [1][2]. Group 1: Sales Performance - In May, the wholesale sales of passenger cars reached 2.31 million units, representing a year-on-year increase of 12.8% and a month-on-month increase of 5.5% [2]. - Cumulative wholesale sales from January to May totaled 10.784 million units, reflecting a year-on-year growth of 11.5% [2]. Group 2: Inventory Trends - The overall inventory of passenger car manufacturers decreased by 110,000 units in May, compared to a decrease of 90,000 units in the same month last year [2]. - The cumulative inventory for the industry from January to May remained flat compared to the same period last year, marking a change from the continuous inventory reduction seen in the past two years [2]. Group 3: New Energy Vehicle (NEV) Insights - In May, the penetration rate of new energy vehicles reached 52.6%, an increase of 8.0 percentage points year-on-year and 0.9 percentage points month-on-month [3]. - The wholesale sales of new energy passenger vehicles in May were 1.216 million units, showing a year-on-year increase of 33.0% and a month-on-month increase of 7.0% [3]. - Cumulative sales of new energy vehicles from January to May reached 5.2 million units, with a year-on-year growth of 40.0% [3]. Group 4: Export Performance - In May, the total export of passenger vehicles (including complete vehicles and CKD) was 448,000 units, representing a year-on-year increase of 13.5% and a month-on-month increase of 6.0% [3]. - Cumulative exports from January to May reached 2 million units, reflecting a year-on-year increase of 3.0% [3]. - The export of new energy passenger vehicles was 200,000 units in May, showing a year-on-year increase of 80.9% and accounting for 44.6% of total passenger vehicle exports, an increase of 16.6 percentage points year-on-year [3].