According to the Futu Securities App, on July 15th, the Passenger Vehicle Association released the June 2024 Pickup Manufacturer Wholesale Sales Ranking Report. In June 2024, the pickup market sold 0.044 million vehicles, a year-on-year decrease of 2.9% and a decrease of 2% month-on-month, which is at a high level in the past five years. Due to the relatively high base of pickups in June of last year, this year's growth rate is still good. From January to June of this year, pickup sales reached 0.262 million units, a year-on-year increase of 1.8%, and the overall performance is good.

Considering that the effect of pickup entering the city is far inferior to that of pickup going to the countryside, pickup entering the city is a false proposition. The pickup markets in northwest, southwest, central, and northeast regions continue to be strong. As the national consumption promotion policies become more intense and unreasonable restrictions are gradually lifted, demand for pickups in cities with purchase restrictions and traffic restrictions has entered a downturn period. Due to the insufficient production capacity of international automakers and the huge supply-demand gap, the overseas demand for Chinese pickups continues to surge, driving the continuous growth of China's pickup exports since 2022. From January to June of this year, exports still show a strong year-on-year growth trend, with strong performance from Great Wall, SAIC Datong, and JAC.

In June of this year, the pickup production was 0.039 million, a year-on-year decrease of 15.9%, and the pickup sales of 0.044 million slightly decreased year-on-year. In June, pickups accounted for 49% of total commercial vehicle exports, becoming the category with the strongest export proportion. Under the pressure of the downturn in the real estate market, China's pickup production and sales have remained relatively stable in the past two years, relying on the contribution of exports.

Great Wall Motors has continued to maintain its leadership in the strong pickup market, both domestically and internationally. The performance of Great Wall Motors (02333), Jiangling Motors (000550.SZ), Zhengzhou Nissan, and Jiangxi Isuzu in the domestic pickup market has remained relatively strong. In the past two years, there have been great opportunities in the pickup export market, and some pickup companies have seized the opportunity to achieve strong incremental growth. The export scale of Changan Automobile (000625.SZ), SAIC Datong, Great Wall Motors (601633.SH), and JAC is large, with exports accounting for more than 40% of their total sales.

The pattern of the domestic pickup market is relatively stable, with Great Wall, Jiangling, Zhengzhou Nissan, and Jiangxi Isuzu maintaining a dominant position. The domestic electric pickup truck market is gradually starting, with Jili Radar and other electric pickup trucks gradually cultivating the market. More new energy pickup truck products are expected to meet domestic and foreign demand in the future.