Express News | Ideal autos: In the 45th week of 2024 (11.4-11.10), Ideal autos weekly sales reached 0.0117 million vehicles, continuously ranking first in sales among new forces in the China market for 29 consecutive weeks.
China Galaxy Securities: Significant effect of the land compensation policy promoting the recovery of the domestic car market.
According to the data from the Ministry of Commerce, as of October 24, the national automobile scrappage subsidy application reached 1.57 million, while the local automobile replacement and renewal subsidy applications reached 1.26 million. The growth rate of local subsidy applications is significantly faster than the national scrappage renewal application, which significantly boosts domestic demand.
Express News | CAAM: In October 2024, the sales volume of new energy vehicles reached 1.43 million units, a year-on-year increase of 49.6%.
China EV Insurance Registrations for Week Ending Nov 10: Nio 3,000, Tesla 17,300, Xiaomi 5,500, BYD 85,900
Brokerage Focus: First Shanghai maintains a buy rating on Ideal Autos (02015), expecting pure electric models to become the main growth driver next year.
First Shanghai released research reports stating that Ideal Autos (02015) achieved vehicle sales revenue of 41.32 billion yuan in Q3 2024, a year-on-year increase of 22.9% and a quarter-on-quarter increase of 36.3%. The total delivery volume of autos in Q3 2024 was 0.153 million vehicles, a year-on-year increase of 45.4%. The gross margin of vehicles in Q3 increased to 20.9%.
Express News | Sealand Securities: the continuous manifestation of policy effects + the intensive launch of new cars, actively looking forward to the opportunities in the subsequent autos sector.