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研報掘金|招商證券:中長線角度整車及零部件首選分別為比亞迪股份及福耀玻璃
招商證券發表報吿指,北京車展及政策落地推動車市回暖,5月出口維持高位,預計6月廠商衝刺半年度目標有望推動行業銷量提升。報吿指,歐盟宣佈將從7月起對從中國進口的電動車徵收額外關税,政策對行業影響有限,不改車廠出海大趨勢。關税額低於此前普遍市場預期,廠商對此已早有防範,加上歐洲車市走弱,東南亞/南美已成為廠家拓展新方向,令整體出口增長保持強勁。招商證券認為市場高度競爭下,全球市場份額向龍頭集中,馬太效應加強,中長線角度比亞迪股份及福耀玻璃分別是整車及零部件首選。首推比亞迪,市場仍低估DM5.0對燃油車的殺傷力,今年全面搭載新技術平台後將加速顛覆市場格局。公司在國內有翻倍市佔率提升空間,出口有數倍的增長空間。歐盟關税政策對公司實質性影響有限。其次,推薦具有破圈效應但短期邊際減弱的跨界造車品牌小米汽車或華為汽車,相關標的賽力斯或小米。零部件該行首推福耀玻璃,看好全球性擴張能力,相對壟斷優勢,定價能力強勁,電動智能化催化的產品創新紅利吸收能力強。
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