3.1 整车： ....................................................................................................................................................12 3.1.1 乘用车：销量同比降幅收窄，环比正增长，尾部企业加速出清 ...........................................................12 3.1.2 货车：重卡销量平稳，利润持续改善................................................................................................14 3.1.3 客车：三季度收入/利润增幅扩大 .....................................................................................................16
3.3 经销商：库存压力减轻，盈利分化继续......................................................................................................33 4、拐点已至，看好四季度重卡及乘用车龙头板块表现。 .......................................................................................... 35 风险提示 ..............................................................................................................................................................35
2019年汽车行业前三季度业绩 数据分析报告
ห้องสมุดไป่ตู้ 内容目录
1、行业前三季度表现：低位运行，估值洼地 ........................................................................................................... 6 2、三季报整体情况：业绩降幅收窄，拐点逐步确立 ................................................................................................. 8 3、细分板块分析 ..................................................................................................................................................12
1、行业前三季度表现：低位运行，估值洼地
上半年板块先扬后抑，下半年持续低位运行。一季度随着对于行业复苏的高预期，板块 走势较为强势，二季度起由于国六切换的影响，行业复苏在表观销量上被证伪，板块回 吐年初涨幅，并持续低位运行。申万汽车行业指数年初至今涨幅为+5.82%，在申万全部 子行业中排名 25/28。
3.2 零部件板块： ..........................................................................................................................................18 3.2.1 NVH：业绩承压，环比改善..............................................................................................................18 3.2.2 动力系统机加工：营收增速转正，利润降幅收窄 ...............................................................................20 3.2.3 轮毂：板块业绩持平，个股经营情况分化 .........................................................................................22 3.2.4 轮胎：原材料价格下降叠加海外产能投放，行业利润空间加大 ...........................................................24 3.2.5 铝合金压铸件：短期业绩承压，长期受益轻量化趋势 ........................................................................26 3.2.6 内外饰件：经营情况持续改善，龙头企业业绩稳健............................................................................28 3.2.7 汽车电子：收入持续增长，盈利水平下滑 .........................................................................................30 3.2.8 热管理：板块业绩持续承压 .............................................................................................................31