《大行報告》中金料車用芯片緊缺影響漸緩 主要車企全年銷量目標未下調
中金髮表報告,指受全球芯片緊缺影響,今年1至5月主要車企廠商渠道庫存分別減少50萬輛左右,去庫存幅度高於歷年同期。據該行與核心車企溝通,芯片緊缺問題6月仍有持續,但7,8月有望開始逐步緩解,主要車企仍保持全年銷量目標不變,預計全年銷量仍達到2,200萬輛以上,走勢前低後高,建議關注下半年量價增長帶來的盈利彈性。
該行指,自主品牌推行四大變革,將提升產品力和運營效率,包括以模塊化平臺作爲基礎,產品迭代速度加快;內部推進組織架構扁平化,產品規劃、研發和生產、銷售一體化,更好更快地對於細分市場需求進行響應;激勵更加充分,整體體現爲多家車企開展新一輪股權激勵,內部體現爲形成以車型爲單位的團隊負責制,便於考覈和獎勵; 銷售模式升級,以傳統經銷渠道爲基礎,輔助線上APP,直營門店的多點觸達模式,消費者數據從共域流量向私域流量轉化,消費者需求到車企形成數據閉環。
對比合資品牌,中金認爲國內自主品牌電動化轉型佈局更積極,基本全面具備基於新能源專屬平臺開發車型的能力,並已取得一定先發優勢。智能化方面,主要自主車企採用以自研爲基礎、開放合作的模式,依託高級別自動駕駛能力,良好的智能座艙體驗,逐步實現品牌的重塑。除了新勢力品牌已經成功打上高端新能源品牌標籤外,主要傳統車企都發布獨立高端智能電動品牌,發力產品和品牌向上突破等,認爲中國自主車企黃金機遇已經開啓,推薦自主品牌主流車企,包括長安汽車(000625.SZ),蔚來(NIO.US),理想(LI.US)等。
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