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《大行》大華繼顯:內地嚴格打擊掠奪性定價、供應商剝削及庫存欺詐 有利汽車行業長遠發展
大華繼顯發表報告指,內地當局正嚴厲打擊掠奪性定價、供應商剝削及庫存欺詐,有利汽車行業的長期健康發展。然而,產能過剩仍是結構性問題,短期內影響行業利潤率。 該行認為,政策將利好創新中小型OEM及規範的供應商,但對依賴銷量的大型企業如比亞迪(01211.HK)構成挑戰,維持對汽車業「與市場同步」看法,首選吉利(00175.HK)與小鵬-W(09868.HK)。 報告指,內地汽車供應商付款新規下,2025年修訂的中小企業付款條例要求60天內完成供應商付款,而行業慣例為90至180天,並禁止強制商業票據,並對延遲付款處以每日0.05%的罰款。全國投訴平台將對屢犯企業撤銷市場准入資格。 反掠奪性定價方面,報告指,內地禁止低於成本的傾銷行為,如比亞迪海鷗EV定價55,800元人民幣,中國汽車工業協會要求企業通過研發而非折扣競爭。內地同時打擊庫存欺詐,商務部遏制「零公里二手車」,即虛假銷售,以及OEM強迫經銷商過量庫存的行為。至於廣告規範下,亦禁止在高級駕駛輔助系統ADAS廣告中使用「自動駕駛」等誤導性術語。 對汽車製造商影響方面,該行指,比亞迪需從價格驅動轉向創新驅動,適應更短的付款週期,並將過剩庫存轉向海外市場。吉利與小鵬因專注研發,受惠於折扣壓力減輕。吉利的高端電動車有望提升市場份額,小鵬的技術優勢將進一步凸顯。 對汽車零部件供應商影響方面,一級供應商如敏實(00425.HK)現金流壓力減輕,並受惠於60天付款政策。二、三級供應商面臨「質量罰款」漏洞風險,若無法滿足電動車及ADAS技術要求,可能面臨破產風險。
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