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《大行》里昂:看好比亞迪(01211.HK)海外市場和高階市場增長前景
里昂發表研報指,上週市場熱絡,因汽車製造商發布了一波車型週期。蔚來(09866.HK)的更新版ES8獲得了強勁的訂單量,吉利(00175.HK)旗下吉利銀河上週也推出了M9,但該行認為,吉利銀河M9因價格範圍和動力系統不同,避免了與ES8的直接競爭。里昂相信,理想汽車(02015.HK)本週的新i6將考驗該公司在新推出的產品上實現規模化的能力,因為SUV市場即將變得更加擁擠。 里昂表示,比亞迪(01211.HK)上週訂單總計82,000輛,較前週下降8%。但認為比亞迪訂單將持續增長,這得益於改款(將高級配置引入大眾市場車型)和其新車型週期,提升了成本效益;相信2026年比亞迪將對其車型進行改款,以與其他具有更強週期的汽車製造商競爭,例如升級其插電式混合動力車的電池續航里程。 蔚來上週訂單總計66,000輛,較前週增長834%。改款ES8的受歡迎程度超出市場預期,部分原因是BaaS電池訂閱計劃,將價格降至人民幣298,800元至338,800元,相較於無BaaS的406,800元至446,800元。里昂估計,ES8在2025年的生產能力約為40,000至50,000輛,約每月10,000輛。 里昂預期,比亞迪的垂直整合模式將在日益激烈的價格戰環境中提供更大靈活性,看好其明顯的海外市場和高階市場增長前景。有關里昂對中國汽車公司的評估及目標價,詳見另表。
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