大行評級丨交銀國際:需謹慎新一輪車市價格戰 關注比亞迪、蔚來及小鵬
交銀國際發表報吿表示,根據部分已公佈的去年12月內地車企交付量數據,得益於置換政策和報廢更新政策的補貼,加之車企全力衝刺年度銷售目標,去年12月比亞迪、零跑汽車、小鵬汽車和理想汽車銷量創下新高。交銀國際指,內地去年首十一個月新能源汽車滲透率達47%。隨着更多增程/混動車型發佈,該行預計2025年新能源汽車滲透率有望進一步提升。但需謹慎去年12月銷量衝刺後車市進入銷售淡季,車市競爭加劇引發價格戰,繼去年11月理想汽車和極氪推出免息方案,12月比亞迪提供部分車型購車優惠,今年1月1日多家車企開年大促,其中零跑和小鵬針對旗下多款車型推出現金補貼政策。個股方面,建議關注乘用車板塊優質標的比亞迪的DM5.0車型及出口;蔚來旗下螢火蟲和樂道L60上量;小鵬的M03和P7+上量。
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