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《大行報告》中金:內地自主品牌新能源汽車滲透率保持領先優勢 關注3月新增訂單及銷量
中金發表研究報告指出,內地自主品牌新能源汽車滲透率保持領先優勢,1月新能源乘用車批發41.2萬輛,按年增長141.4%、按月則跌18.5%,按月降幅較大,主因傳統購車淡季、補貼退坡透支等因素。 報告認為,從銷量結構來看,1月B級純電車型批發量佔比提升3個百分點至30%;分車企看,11家廠商批發銷量破萬,比亞迪(01211.HK)、特斯拉(TSLA.US)繼續領跑;受益於奇瑞QQ冰淇淋及小螞蟻放量,奇瑞1月新能源銷量21,179萬輛,創歷史新高;新勢力車企按年及按月的表現整體較優,小鵬(09868.HK)、理想(02015.HK)、哪叱突破萬輛,零跑月銷突破8,000輛。1月自主品牌新能源滲透率達32%,主流合資品牌僅為2.7%,其中59%份額由南北大眾貢獻,其他合資品牌尚待發力。 此外,中金指在電池漲價、補貼退坡背景下,目前看品牌提價向消費者傳導成本壓力是趨勢,新勢力及自主強勢品牌在手訂單較為充裕,但市場對需求高增開始有所擔憂,3月的新增訂單和銷量較為關鍵。 中金建議關注車企如小鵬、理想、蔚來(NIO.US)、長城(02333.HK)、長安(000625.SZ)、吉利(00175.HK)。
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