中信建投:當前燃料電池車板塊預期較弱 5—6月旺季可能出現銷量向上拐點
中信建投研報稱,2024年以來,中央財政先後將本輪燃料電池車推廣第一年度至第三年度補貼金額撥付至地方,第三年度補貼4.21已發放,即截至2024年燃料電池車推廣的所有國家補貼已下發完畢。整體來看,補貼撥付速度變快,但推廣目標缺口仍較大,2025年(推廣最後一年)仍有45.4%待推廣缺口。保守預計2025年燃料電池車推廣6300—7000輛,同比增長17%—30% ;樂觀預計2025年完成城市羣目標,推廣15187輛,同比增長181%。2025年3月燃料電池車銷量開始有所回升,銷量303輛,同比增長35.8%,爲今年來首次同比正增長。考慮燃料電池裝機有明顯的季節性,每年6月及四季度爲裝機高峯,今年銷量端能見度還應繼續觀測高峯月份的裝機量。
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