汽车行业周报：新汽车央企将成立，乘用车行业加速整合
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请认真阅读文后免责条款汽车华龙证券研究所投资评级：推荐（维持）最近一年走势分析师：杨阳执业证书编号：S0230523110001邮箱：yangy@hlzq.com联系人：李浩洋执业证书编号：S0230124020003邮箱：lihy@hlzq.com相关阅读《关注Robotaxi量产&商业化节奏—汽车行业周报》2025.05.19《乘用车&零部件业绩分化，行业有望迎来内外需共振—汽车行业2024年报及2025年一季报综述》2025.05.19《吉利计划全资控股极氪，体系整合应对 市 场 淘 汰 期—汽 车 行 业 周 报 》2025.05.12 摘要：竞争力。 宇通客车，中国重汽，潍柴动力等。风险提示：宏观经济波动风险；相关政策不及预期；原材料价格波动风险；地缘政治风险；重点车型销量不及预期；智能驾驶进展不及预期；第三方数据误差风险；重点关注公司业绩不及预期。EPS（元）2025E2026E2027E2024A2025E13.8418.4022.4726.6626.019.61.481.762.082.3715.112.80.740.811.041.2717.415.91.631.431.772.1811.012.63.946.328.069.6933.821.13.794.876.868.3930.824.0-3.06-0.621.453.29--3.614.836.127.6528.721.51.912.503.163.9228.021.41.241.712.232.8125.718.70.681.091.331.5425.816.11.992.523.194.0726.921.31.432.443.263.9126.715.6-1.11-0.450.220.98--1.782.102.603.1527.123.01.211.491.802.1226.621.60.941.291.621.9427.019.60.210.330.470.82227.6146.80.580.831.031.0342.329.40.971.421.761.9042.128.81.862.102.432.7813.111.61.261.501.772.0614.111.81.311.471.661.8211.610.4数据来源：Wind，华龙证券研究所，港股公司股价单位为港币，其他货币单位均为人民币，贝斯特2027年EPS以及未评级标的盈利预测均来自Wind一致预期。 PE投资评级股价（元）2024A2026E2027E16.013.5买入10.89.5买入12.310.1买入10.18.2未评级16.513.7未评级17.013.9未评级53.923.7未评级16.913.6未评级16.913.6未评级14.311.4买入13.311.4未评级16.813.2增持11.79.8未评级145.933.4未评级18.515.3未评级17.915.1未评级15.613.1增持102.558.9未评级23.723.7买入23.221.5买入10.08.7未评级10.08.6未评级9.18.3未评级 内容目录1本周观点...................................................................................................................................................12行业动态...................................................................................................................................................12.1行业要闻............................................................................................................................................12.2上市车型............................................................................................................................................32.3公司公告............................................................................................................................................33本周行情...................................................................................................................................................34数据跟踪...................................................................................................................................................54.1月度数据............................................................................................................................................54.2周度数据..........................................................................................................................................145投资建议.................................................................................................................................................156风险提示.................................................................................................................................................15图目录图1：本周申万行业涨跌幅..................................................................................................................4图2：申万汽车子板块涨跌幅..............................................................................................................4图3：申万汽车板块PE（TTM）........................................................................................................5图4：申万汽车子板块PE（TTM）....................................................................................................5图5：我国汽车销量..............................................................................................................................6图6：我国汽车销量同比增速..............................................................................................................6图7：我国乘用车批发销量..................................................................................................................6图8：我国乘用车批发销量同比增速..................................................................................................6图9：我国乘用车零售销量..................................................................................................................6图10：我国乘用车零售销量同比增速................................................................................................6图11：我国新能源乘用车批发销量.....................................................................................................7图12：我国新能源乘用车零售销量....................................................................................................7图13：我国新能源乘用车批发销量同比增速....................................................................................8图14：我国新能源乘用车零售销量同比增速....................................................................................8图15：我国新能源乘用车批发渗透率................................................................................................8图16：我国新能源乘用车零售渗透率................................................................................................8图17：我国搭载L2.5及以上功能乘用车销量及渗透率...................................................................9图18：汽车经销商库存系数..........
