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Auto Industry Equity Research Summary

Date: June 19, 2024
Analyst: Huang XiLi

Investment Highlights Summary

Market Performance Overview

🚗 May Production and Sales:

• For narrow-vehicle passenger cars, May 2024 production reached 1977 vehicles (+ Nearly comply-with-restriction%, MoMo+] comply-with-restriction%) measured � pitched-by-confluence-list-count√ sales recorded at 2031 vehicles (+ comply-with-restriction%, MoMo+] comply-with-restriction%).
• Specifically, new energy vehicle production was 881 vehicles (+ YoY%, MoMo+] comply-with-restriction%)%; sales were 897 vehicles (+ YoY%; MoMo+] comply-with-restriction%)%.
• For June 2024, forecasts estimate production at 2.18 million (MoM+] roughly 10%)%; sales at 2.13 million (MoM+] +49%)%.

⚡ New Energy Vehicle Penetration: New energy sales penetration in May rose to 44.2% on the pitching-by-confluence-list-count√ basis, an increase of 3.9pct YoYo.

• Auto brands (+xposure M9): penetration of 59.8%; Mainstream high-end brands noted 32.7%; Mainstream foreign brands: 8.0%, each showing MoMo+] increases.
  • Plug-in hybrids saw massive sales growth↑; Battery electric vehicles (+BEV+) now outpacing.

🌐 Car Exports: May 2024 exports totaled 3.78 million vehicles (MoM+] +23%), but caution seen in export-weighted manufacturers; new energy vehicle exports slightly decreasedYoYo.

🚙 Wholesale Performance by Manufacturer:

• High-growth brands include: AiWei (507% YoY↑)%, NaChe (+234%↑).
• BYD maintained positive trends in both production and sales alike.

Investment Recommendations

🚗 Light Vehicle Sector: Underpinned by policies, electric vehicle adoption, Level-3 intelligence rollouts, and strong overseas sales.

💼 Stock Picking Strategies:

• A-Share Focus: Huaweixi-related (e.g., BYD, Chang’an Auto, BAIC Blue Valley) + major auto players like Great Wall Motors and Guangzhou Auto.
• H Share Focus: Li Ping, XiaoPeng Auto, Geely Auto.

🔧 Automotive Components Sectors:

• Focus on companies benefiting from Level-3 intelligence advancement: Tesla-related supply chain (e.g., Xinyuan Shares) + intelligent core parts suppliers (e.g., Dasenxiwei).

⚠️ Risk Factors:

• Economic • slowdown possibility internal/external growth deviations technological standards slowdowns geographic-political tensions hindered globalization perspectives.