《大行報告》匯豐研究:內地新能源車定價壓力可能會持續 偏好比亞迪(01211.HK)及理想汽車(LI.US)
匯豐研究發表報告指出,根據乘聯會數據,11月份電動車銷量達84.05萬輛,按年增長41%,按月升9%,意味著在促銷和降價力度加大的推動下,電動車的滲透率約達40%。整體而言,11月汽車市場銷量按年增長26%至208萬輛,按月升2%。而12月1至10日,整體需求增長乏力,零售按年增長7%,按月升6%,而電動車零售按年增長8%,按月升3%。該行相信,定價及去庫存壓力依然存在,年底降價促銷情況或將持續。
該行預期,隨著新車型的不斷推出和潛在的更優惠定價,電動車的滲透率將在明年進一步提高。同時,鑑於鋰價格調整,電動車電池成本將進一步優化,可能部分緩解電動車定價競爭問題。此外,該行認為內地電動車補貼政策門檻略有提高,惟對明年電動車銷量影響有限,因該行料內地電動車需求受車型供應及先進的智能和連網產品的推動的影響更多。
在電動車中,該行看好比亞迪(01211.HK)和理想汽車(LI.US),認為他們的月銷量持續強勁,盈利能力勝同業,均予以「買入」評級,目標價分別為391元及56美元。另預期他們強勁的銷量勢頭將於12月持續,部分原因是基於降價。該行預計理想的新款MPV純電動車型MEGA將帶來增量銷量,而比亞迪的高端品牌(仰望U8和方程豹BAO5)將在明年增加銷量,支持其整體產品結構。
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