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《大行報告》大摩:車股次季風險上升 疫情防控限制長三角周邊零部件供應
摩根士丹利發表報告表示,蔚來(09866.HK)(NIO.US)公佈因新冠疫情導致供應緊張,內地多個城市的封鎖導致物流中斷和生產,令蔚來整車生產已經暫停。 該行認爲相關情況或可能延遲蔚來銷售表現,但料公司銷售復甦並未脫軌。上述蔚來汽車在上海的產銷量中斷(約佔蔚來汽車銷量的15%),抑制公司現有SUV和新推出的ET7銷售動力。然而,該行相信疫情所帶來障礙只會延遲,反非降低了蔚來汽車銷售表現。 展望行業第二季前景,大摩認爲因疫情下長期的封鎖社交距離措施的風險增加,指更嚴格的遏制疫情措施也將限制長三角周邊零部件供應,因不少零部件分佈在杭州、蘇州、寧波、嘉興等城市,該行最近進行的調查顯示,料原始設備製造商的來自地區的零部件庫存仍有數週,如果封鎖持續時間若長,相關風險將會上升。除了華東地區,汽車製造商也需保持密切關注北京及廣州疫情防政策,這也可能導致一些深遠的供應鏈影響。
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