资源描述：
《德银-中国-汽车与配件行业-中国汽车行业要点》由会员上传分享，免费在线阅读，更多相关内容在行业资料-天天文库。
1、dbAccessChinaDeutscheBankMarketsResearchAsiaIndustryDateChina18January2018dbAccessChinaAutomobiles&ComponentsIndustryUpdateAutotourtakeawaysVincentHa,CFAContinualadvancementbylocalbrands;NEVsalesboomtocontinueResearchAnalystAtourdbAccessChinaConferencelastweek,wespenttwodaysvisitingautoplantsa
2、nd4Sstoresofleadinglocalbrands.Wealsometwithanew+852-22036247energyvehicle(NEV)industryexpert.Insummary,weobservedthattherapidFeiSun,CFAdevelopmentofafewlocalbrandsinrecentyearshasmadethemmoreResearchAnalystcompetitivebutalsomeansfiercercompetition.Sinceweforeseeonly4%overall+852-22036130autosa
3、lesgrowthin2018,werecommendthatinvestorslookatthemoreresilientpremiumcarsegment,wherewepreferBrilliance.WealsopreferYutongBusforYukiLuitsNEVtheme,inviewofitssustainableelectricbusleadership.ThisstemsfromResearchAssociateouranticipationofthegovernment’spushforNEVpenetrationbeingconducive+852-22
4、035925totheemergenceofmanynewplayers/passengercarmodelsstarting2018E.ToppicksLocalbrands-significantadvancementbutcompetitionintensifiesBrillianceChina(1114.HK),HKD19.42BuyWevisitedtheplantsofGreatWallMotor(GWM)andSAICMotor.GWMYutongBus(600066.SS),CNY22.70Buyreinstateditsplantosellc.250kunitsofu
5、pscaleWEY-brandedvehiclesinSource:DeutscheBank2018,withWEY'scurrentgrossprofitmarginsalreadyhigherthanthecompanyCompaniesfeaturedaverage.In2018,GWMexpectsmargintofurtherimprove,thankstoVV5’ssalesGreatWallMotor(2333.HK),HKD9.53Sellramp-up.ForSAIC,managementcommentedthatmorethan40%ofitspopularGre
6、atWallMotor-ASellRoeweRX5SUVordersareembeddedwithInternetconnectivityfunctionsand(601633.SS),CNY12.31thebrandhasbenefitedfromanincreasingSUVmix.GeelyAuto(0175.HK),HKD25.75HoldSAICMotor(600104.SS),CNY32.34HoldNEV–centralgovernmentpushissalesdriverfornow,butthiscouldchangeBrillianceChina(1114.HK)
7、,HKD19.42BuyThecentralgovernment’spushforNEVdevelopmenthasgivenrisetomanynewYutongBus(600066.SS),CNY22.70Buyentrants.However,theexpertwemetthinksitwilltakealongtimeforNEVstoSource:DeutscheBankreplacetraditionalcars.SheestimatesannualNEV
