东兴证券晨报-2025-03-27

Core Insights - The domestic automotive market is experiencing strong recovery, with February 2025 sales reaching 1.688 million units, a year-on-year increase of 39.9% [2] - The market share of domestic brands has exceeded 70.6%, reflecting a significant growth in consumer preference for local manufacturers [2][3] - New energy vehicles (NEVs) accounted for 45.1% of total domestic sales, marking a 12.4 percentage point increase compared to the same period last year [2] Domestic Market Performance - In February 2025, traditional fuel vehicle sales were 927,000 units, up 14.3% year-on-year, while NEV sales reached 760,000 units, a remarkable 92.6% increase [2] - The total domestic automotive sales for February 2025 were 2.129 million units, with NEVs contributing significantly to this growth [1][2] - The expected subsidy scale for vehicle replacements is projected to exceed 400 billion yuan, accounting for 8% of total automotive sales [2] Export Performance - In February 2025, total vehicle exports reached 441,000 units, a year-on-year increase of 16.9%, with NEVs making up 29.7% of total exports [4] - Traditional fuel vehicle exports were 310,000 units, growing by 4.9%, while NEV exports surged to 131,000 units, a 60.5% increase [4] - BYD showed the most significant growth in exports, reaching 71,000 units, doubling its export volume compared to the previous year [4] Investment Strategy - The domestic automotive market is expected to continue its upward trajectory driven by policy incentives and technological innovations [5] - The report highlights the importance of focusing on companies with strong cost advantages and market positioning in the automotive sector [8] - Key players in the supply chain, such as Chuanhuan Technology and Ningbo Gaofa, are identified as potential beneficiaries of the ongoing market trends [7]