瀚川智能(688022.SH)：雖然上半年換電行業整體表現不佳，但換電模式的行業趨勢並未發生變化
格隆匯10月9日丨瀚川智能(688022.SH)接受特定對象調研時，有投資者問：今年換電站落站未如研究機構預測的那樣有大規模放量，請問公司如何看待充換電行業的行業趨勢？
答：尊敬的投資者您好！今年上半年宏觀經濟處於恢復性增長階段，各大企業對於如車輛購置以及換電站投資等重大資產投資持謹慎態度，雖然上半年換電行業整體表現不佳，但換電模式的行業趨勢並未發生變化，主要由於：
1)發現市場需求，解決市場痛點，增量可期：隨着電動車普及，目前國內充電網絡設施無法完全滿足新能源汽車使用者，尤其是出租巡遊車、網約車以及輕卡、重卡等商用車的補能效率需求。而換電模式將有效解決用户補能效率問題。
2)換電模式經濟性已驗證，換電行業新老參與者持續佈局換電賽道：從已投入運營的乘用車與商用車換電站的日常運營數據，以及各大研究機構發佈的驗證數據來看，換電模式具備較好的盈利性水平及投資回報率。基於此，近年來新能源汽車主機廠、第三方換電運營商、電池廠商、換電設備廠商、能源商及各方資本等紛紛佈局換電領域，換電車型數量、換電站建設快速增長，換電模式已開始規模化推廣。
3)國家雙碳戰略依託，換電支持政策逐步完善，換電行業前景廣闊：從2006年開始，國家就已經開始發佈相關政策探索新能源車換電模式的運行。但先期由於新能源車市場容量不足，直到2020年，隨着"雙碳"戰略的提出，換電模式可實現動力電池梯次利用的商業模式被驗證，國家各部委及各地方政府開始發佈一系列利好換電模式的政策，大力推進換電商業模式落地。近期，仍有大量利好換電模式的政策仍頻繁推出，如2023年6月由財政部、國家税務總局以及工業和信息化部3部門發佈的《延續和優化新能源購置税減免政策》明確了換電車型電池與車身各單獨計税；2023年7月份由國家發改委等13部門聯合發佈《關於促進汽車消費的若干措施》將持續推動換電基礎設施相關標準制定並積極開展公共領域車輛換電模式試點等持續推動換電模式落地等。
4)換電是形式，補能是實質：目前換電模式開始運用在車端市場中，但換電模式的本質為一項便捷的補能方式，未來補能市場並不侷限於車端，還可運用於無人機、船舶等交通工具上，市場前景將更為廣闊。感謝您的關注！
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