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《大行報告》大摩:歐盟對中國電動車展開反補貼調查 料比亞迪(01211.HK)股價波動較大
摩根士丹利發表報告指,歐盟對中國電動車展開反補貼調查,不太可能影響中國品牌在全球擴充的計劃,即使歐盟推出保護措施,令發展步伐放慢,亦不會煞停計劃,不過在歐盟的政策不明朗、以及中美關係緊張下,可能令中國品牌,增加在其他新興地區發展,特別是東南國家協會(ASEAN)地區。中國品牌亦可能重新聚焦本地市場,令本地價格競爭加劇。 報告指,中國對電動車廠商的補貼,大多涉及研發及生產設施的支援,難以量化多少屬於出口相關。 該行相信事對今年銷量的直接影響輕微,在中國有較高市佔率、對歐洲發展有野心的公司,例如比亞迪(01211.HK),股價可能有較大波動,短期而言,蔚來(09866.HK)及小鵬(09868.HK)可能受影響,但在中國有充份增長,可以抵銷負面影響。在歐洲已有業務的零部件廠商或會受惠,包括敏實(00425.HK)及福耀玻璃(03606.HK)。
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