《大行报告》中金:内地3月乘用车销量平稳 新能源车市场保持高景气度
中金发表研究报告指,乘联会产销数据显示,狭义乘用车零售及批发销量分别按年增长67.2%及83.3%,首季累计零售销量增长68.8%,预期是受去年同期疫情和2月份农历新年因素影响,令3月批零数据按年及按月增幅较高。
该行指,今年首季应与2019年同期作比较,今年3月份月零售销量相较2019年同期增长0.7%,首季累计零售销量相较2019年同期增长0.4%,数据符合预期,反映乘用车整体销量表现平稳复苏。中金指,批发端厂家及渠道去库存意愿较高,首季厂商及渠道库存减少19万及34万辆,整体库存水平健康。
中金指出,3月乘用车产量较2019年同期下跌10.1%,首季则下跌5.9%,主要由於上游芯片供应紧张,当中上汽大众、一汽大众、本田受影响较大,预期缺芯事件或在次季继续发酵,要到第三、四季度供应才逐步恢复正常。
上月新能源乘用车批发销量20.2万辆,按月增长101.1%,按年增长261.3%,中金认为今年私人消费占比提升,全年新能源乘用车销量或将达到200万辆,按年增长或超过60%;并预计豪华车市场保持强劲增长。
中金首选长城汽车(02333.HK),,建议关注广汽集团(02238.HK),豪车经销商中推荐中升控股(00881.HK)及永达汽车(03669.HK),全部给予「跑赢行业」评级。
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