《大行報告》中金:上海車展各車企新品發布頻繁 料可帶動行業情緒回暖
中金發表報告表示,據中汽協數據,今年3月中國新能源汽車總體銷量為22.6萬輛,按年增長2.58倍,按月上漲106%。其中乘用車、客車、貨車銷量分別達21.2萬輛、7,300輛、6,500輛,按年增長2.72倍、1.51倍、1.09倍,按月上漲99.8%、224.1%、396.6%。內地今年首季度新能源車整體銷量達51萬輛,按年增長300.6%,同期汽車整體按年為45%,體現節後新能源車品類相對高增長彈性。
滲透率方面,整體新能源車滲透率達8.9%,創歷史新高,其中純電動車的滲透率為7.5%,插電混動的滲透率為1.4%。3月內地新能源汽車銷量超過預期,體現節後需求快速恢復。分析原因,該行認為主要驅動力仍是供給端優質車型推動了客戶端需求釋放,包括五菱Mini EV、特斯拉國產車型等,後續更多智能電動車型上市,也將推動新能源滲透率持續提升
中金指,內地新能源乘用車格局穩定,上通五菱、特斯拉、比亞迪(01211.HK)分列月銷前三。純電動乘用車銷量排名,上汽通用五菱繼續位列第一,月銷量4.27萬台,佔比24%,之後依次為特斯拉(3.55萬輛,佔比20%)、比亞迪(1.63萬輛,9%)、長城汽車(02333.HK)(1.3萬輛,佔比8%);插電混動乘用車銷量方面,比亞迪領先,月銷量7,600輛,銷量佔比21%,之後的上汽(600104.SH)乘用車與理想汽車(LI.US)銷量分別為6,900輛、4,900輛,銷量佔比分別為19%與14%。
就近期上海車展各公司新品發布頻繁,該行料可帶動行業情緒回暖。中期看,中金認為新能源汽車今年將呈現先抑後揚的「U型」走勢,步入第三、四季度,更多智能表現較強的新車陸續量產,疊加新能源汽車行業在年底的翹尾效應,基本面向上是確立的。投資標的上,建議關注優質車型拉動需求釋放的蔚來汽車(NIO.US)、理想汽車,以及產業鏈中受益全球新能源汽車滲透率提升的三花智控(002050.SZ)、拓普集團 (601689.SH)。
Follow us
Find us on
Facebook,
Twitter ,
Instagram, and
YouTube or frequent updates on all things investing.Have a financial topic you would like to discuss? Head over to the
uSMART Community to share your thoughts and insights about the market! Click the picture below to download and explore uSMART app!

Disclaimers
uSmart Securities Limited (“uSmart”) is based on its internal research and public third party information in preparation of this article. Although uSmart uses its best endeavours to ensure the content of this article is accurate, uSmart does not guarantee the accuracy, timeliness or completeness of the information of this article and is not responsible for any views/opinions/comments in this article. Opinions, forecasts and estimations reflect uSmart’s assessment as of the date of this article and are subject to change. uSmart has no obligation to notify you or anyone of any such changes. You must make independent analysis and judgment on any matters involved in this article. uSmart and any directors, officers, employees or agents of uSmart will not be liable for any loss or damage suffered by any person in reliance on any representation or omission in the content of this article. The content of the article is for reference only and does not constitute any offer, solicitation, recommendation, opinion or guarantee of any securities, virtual assets, financial products or instruments. Regulatory authorities may restrict the trading of virtual asset-related ETFs to only investors who meet specified requirements. Any calculations or images in the article are for illustrative purposes only.
Investment involves risks and the value and income from securities may rise or fall. Past performance is not indicative of future performance. Please carefully consider your personal risk tolerance, and consult independent professional advice if necessary.